City Board of Assessment Review.

Today is uh Wednesday, February eleventh.

Um, a roll call.

My name is Joe Sayer.

Thank you.

Okay.

So with that, I think we had uh um the first two uh properties uh postponed to another day.

Um so the first one up today is uh 319 325 North Salina Street.

Good morning.

How are you?

I feel like you've been here before, not necessarily for this property, but maybe for this property.

I have been here for this property, that is correct.

Okay.

All right.

We're not gonna hold that against you.

Uh okay.

So what I'm gonna do is I'm gonna swear both you and uh uh Ann in uh and then I'll read the property in and then uh probably turn it over to you, ask a few questions, that kind of thing.

Uh very informal.

Um so if you can both raise your right hands, state your name for the record.

Michael Spellman and Gallagher.

You both affirm to tell the truth and give accurate information to the best of your ability.

I do.

I do.

Okay, great.

Thank you very much.

Again, uh 319 319-25 North Salina Street.

Let me just pull the uh application.

Okay, so uh this is a uh what is this?

This is a mixed-use building.

Okay, so it's a mixed-use building.

Um what do we have for uh is it uh uh office space on so the ground floor is comprised of predominantly retail space and then three unit three stories above is apartment units.

So there's approximately 25 apartment units, and on the ground floor there's four or five retail units.

Okay.

And 319 North Salina is uh what's the nearest cross street?

Uh Salt Street and Pearl Street.

It is right it's right next to the Helio Health Facility if you're familiar with that.

Okay.

And it's a couple blocks west of uh St.

John's um St.

Joseph's Hospital, I'm sorry.

Okay.

All right, fair enough.

I got you.

Um, so uh we have a current tentative assessed value of 1,141,000, 1,141,000 with a land value of $60,000.

That would be a uh market uh uh uh fair market value of two million one hundred ninety-four thousand uh yes two million one hundred and ninety-four thousand two thirty-one.

Uh petitioner believes the fair market value is four hundred and ninety-six thousand eighty-seven dollars, and that would be an assessed value of two hundred and fifty-seven thousand nine hundred and sixty-five dollars.

Let me just see if I can pull anything out of here.

It doesn't look like I can.

Okay.

Is this in litigation?

Yes, it is.

So there is active petitions filed on this property for both 24 and 25 years.

Okay.

Thank you.

Um I have copies that I'd like to present to the board that just recent annual rent rolls of the property, as well as the income and expense statements for the most three recent calendar years as well.

Okay.

I could take them all if you like.

Okay.

So as you alluded to, I have been here before on behalf of the property owner, and um in my analysis that I present it, I rely on an income capitalization approach based on the act properties actual financial collections, which um I've just handed to you.

And um it demonstrates that um the market value that should be significantly lower than the current market value at which the property is currently assessed at.

Um you say you analyze per what you've actually received.

Yes, that is correct.

So you put no value on the things that are unoccupied.

We did we did uh use uh seven percent uh vacancy and collection loss per net percentage in our analysis um to account for those vacant units.

Um I don't know how well you recall this property has been subject to persistent vacancies, uh evictions, um non-paying tenants.

Um the property owner either attended a board hearing last year or the year prior, and he um pretty much alluded to the fact that the neighboring mental health and substance abuse center.

Um that's what it's bringing back.

He has um, okay, so this is to me.

Yes.

Uh that's uh as you said next to Helial Health and there's issues uh with that.

Yes, and there's been he has um been adamant that there's been disruptive um behavior and loitering around the premises, which is adversely um impacted his ability to retain new tenants and um find new ones.

So what is the actual voting?

So uh according to the latest rent roll which I had supplied to you, um six of the dwelling units, there are about approximately 25 dwelling units.

One that is um for the super, and then the remaining units are all rented to individuals.

Six of the units are either in not being rented right now or vacant or in eviction proceeded.

And for the commercial units, there are two uh units that are currently vacant as well.

So two out of four and two out of five.

Uh two out of five uh commercial units are currently vacant.

Two out of five are currently vacant, and uh then uh six out of twenty-five are currently vacant of the apartments.

That is correct.

How long they've been vacant.

Um just roughly.

He's had persistent vacancies.

I can't um attest to the fact that it's been the same units year over year, but he has had the same it's been roughly the same, if not higher for the previous years as well.

Um anything else you want to add initially, or I'll go over to Ann.

Um I think I also enclose a copy of the one of the commercial leases for the board to consider.

Um, but as I um mentioned um the financials as well as um the surrounding character of neighborhood, I believe adversely impacts the overall market value of the property and should be taken into consideration.

We'll go through all your information, of course.

Uh that you provided and appreciate your providing uh a packet for everybody uh individually, which is nice.

Because it's in litigation, I'm just gonna uh give you some comms.

They they there was a reduction in the assessment uh to the current 1.14 back in 24, it was lowered by 209,000 uh just you know for the record, but because it's in litigation that I think I'll just rest with that.

To my knowledge, no, in the last two years, no.

So let's see here we will, if there's any new information, obviously we will review it.

Income and expense, you know, for the last year.

We will review it to see if there's something.

But I've I've spoken with the property owner.

I was able to supply one of the commercial leases, but he's in the midst of relocating.

Um but he indicated to me that um he could forward that once he has the opportunity to, and I'd be happy to supplement that to the board as well.

And I guess it could be noted that uh in uh uh uh this was purchased for 1.5 million uh on May 31st of 2018.

Uh not two year point as far as what's on the market, but or it being on the market, but uh the current owner paid 1.5 million uh on May 31st of 2018.

Just as an FYI.

I assume that was an arms length.

Yes, actually.

Okay.

All right.

Uh okay.

Um anything else you want to add.

Um I think that's it.

Um once you have the opportunity to review if you require any additional information, I could be in contact with the property owner.

five million uh on May 31st of twenty eighteen just as an FYI I assume that was an arms length transaction okay all right uh okay um anything else you want to add um I think that's it um once you have the opportunity to review if you require any additional information I could be in contact with the property owner your numbers on here yes but I think um you just wanted me to reiterate um the pro the consistent problems he's been challenged with to the board um I think he just wanted me to reiterate the persistent problems that he's been facing um to the board yes you're make sure you're aware of that yes and I guess uh uh this is a good question I think uh for for me to ask uh counsel um the when something's in litigation uh I mean are our hands tied also no so uh so if we wanted to uh make a change we could um uh usually defer to litigation but I just wanted to know where we stood as far as that was concerned um so it is something that we can uh make decisions on uh irrespective of it being in litigation okay um okay uh so I wanted to get uh standing on that uh so thank you very much for coming in and uh we will um uh review everything that uh both you and the city submitted and then uh the city will send a notice out first week of uh April.

Thank you for your time.

Yeah thanks for coming in.

And you got your thing there that's good your chain.

Oh yes thank you for that good guy said he was going to try to sell it or something and I was like oh well you better get down there yes something did feel a little off thank you yeah thank you have a good day did you attend it my son and I went to the Wednesday correct us wrong 1141 as a part of this oh I'm sorry the time okay I was thinking the address okay thank you very much you can cross off the a lead that the uh property at 1140 eleven forty today was on another day so uh you can cross that off for today yeah uh I'll ask her when she comes in yeah before I pass it off on this time good morning how are you good thank you got a few properties here yes um I'm gonna swear you in in a second but is there any particular order that you want us to go in as far as these are concerned oh as a matter of fact why don't I give you this just to don't take it with you but um just take a peek and uh um see if uh they're in the order that uh uh is somewhat acceptable because I know that that's how she has these excuse me one second are you also representing 3068 Erie Boulevard?

Yes oh okay all right thank you I believe they're by time which is how I'm organized as well so that is perfect.

I think it's good.

Okay all right I think I'll leave that here just in case for future and uh okay then I will in fact start off with uh 3068 Erie Boulevard and then work my way down as far as these are concerned.

Okay that sounds good um so if I could swear you in if you could raise your right hand uh state your name for the record Natalie Macintosh do you affirm to tell the truth and give accurate information to the best of your ability I do okay great and we got Anne so we're all set there.

Alright so let me just uh what I'll end up doing is just reading in uh each property uh first uh but we'll do them one at a time because I assume they're separate situations and arguments and what have you okay very good just get this to this is three zero six eight Erie Boulevard East let me just sign the petition here okay 3068 Erie Boulevard East uh commercial building uh current tenative assessed value five hundred and seventy six thousand dollars with a land value of two hundred and ninety two thousand five hundred um that would be a uh fair market value of one million one hundred and seven thousand six hundred and ninety two dollars

Okay, three zero six eight Erie Boulevard East, uh commercial building.

Uh current tentative assessed value five hundred and seventy-six thousand dollars with a land value of two hundred and ninety-two thousand five hundred.

Um that would be a uh fair market value of one million one hundred and seven thousand six hundred and ninety-two dollars.

Uh petitioner believes the fair market value is seventy-two thousand dollars, and that would be an equitable assessed value of thirty-seven thousand four hundred and forty dollars.

And uh so this is uh this this is this an auto zone?

Yes.

So this is an auto zone, it's a ground lease property with owner-occupied freestanding auto parts retail store.

Um it also has about twenty spaces of accessory parking.

There was a reduction from the board uh last year, which we're just seeking a rollback on this property.

Um seeking what?

A rollback to last year's uh fair market value.

Oh I okay.

So there was a reduction last year and then an increase this year?

No.

No, but with the equalization rate, the market value increased.

So we're seeking to bring the market value back to 1,1,739, which would be an AV of 520,904 for 2026.

Okay, all right.

Uh and okay, all right.

I gotcha.

And and the equalization rate is fifty-two?

Correct.

52, not 525.

52.

Yes.

Okay.

Uh okay, all right, very good.

And you use that, I assume.

Yes.

Okay.

Okay.

Um, so nothing's changed, it's just you're asking uh to bring it back to last year's numbers.

Okay, okay.

And uh excuse me.

Um I do have some comps, um, and I was gonna mention it was reduced, so now that we know that again I don't believe this is currently in litigation, right?

No, I don't believe so.

Excuse me.

Um I'll give you some comps now that we know that I can discuss it with the, you know, if if the commissioner wants to make a recommendation or go we'll go from there, but anything else you want to add?

That on this property.

Okay, then we have three oh eight North McBride Street.

And that's what that is.

Okay.

So three oh eight North McBride Street.

Uh this is uh a commercial building.

No.

No, it's not.

This is the parking lot or one of okay.

I was wondering uh commercial but uh parking lot.

So 308 North McBride and 600 James, 600 James Street is an apartment building.

And I believe 308 North McBride is the accompanying parking.

All right, let me just note that uh 600 James is the building and uh 308 North McBride Street is the parking lot.

Okay.

As for numbers, we have a current tentative assessed value of sixty thousand dollars with a land value of sixty thousand dollars.

That would be a market value of a hundred and fifteen thousand three eighty-five.

Petitioner believes the fair market value is seventy-five hundred dollars.

And uh that would be an assessed value of thirty-nine hundred dollars.

Okay.

Uh and again, this is the uh parking lot.

Is this uh if you think of it, if any of these are in litigation, um if you can let us know and or I might remember to ask.

Absolutely.

So for this property specifically, I have um aggregate numbers.

I don't have them individually.

Um so I have it together with six hundred James.

Okay.

Uh do you want me to read six hundred James in and then we do them together?

That would be wonderful.

Based on your numbers?

Please.

Okay.

Uh so we've got that read in there.

And then let's go to six hundred James Street.

So this is the commercial building.

End of things.

That would be an assessed value of four million.

I'm sorry, that would be a full market value of four million two hundred and thirty thousand seven hundred and sixty-nine dollars.

Uh petitioner believes the fair market value is two hundred and seventy-five thousand dollars, which would be an assessed value of one hundred and forty-three thousand dollars.

Okay.

So we got those two then.

I'll turn it over to you.

Absolutely.

So as just merely jurisdictional for the rest of these properties, um, we are seeking for a ten percent value just to uh retain our claim for any future litigation.

Um so that's why that number is at ten percent there.

Um this is a seven-story apartment building, sixty-three units, we have thirty studios, twenty-six one bedrooms, and seven two bedrooms.

Is there any submitted a bunch of stuff so but it pertains to both properties?

I've got it in the one file, but I do believe so, but I can double check and follow up after the conferences.

Okay.

Yeah, if you can just confirm that, and this is the uh apartment building.

Anything else you want to add here?

Sorry.

Uh and you gave me something for no, not yet.

Uh this, but for the for the parking lot, you didn't know.

So I just want to make a note that um we do need you said these aren't actual profit and loss statements, they're averages.

I did not prepare um the documents that were initially sent in.

I've only reviewed them, so I'm unsure, but I can follow up with the attorney who has and get back to you on that as well.

Okay, I'm gonna submit again in litigation.

I will submit some comparables.

Will we will review any new information?

If there's uh any, you know, discussion with the commissioner.

Um we'll take that into consideration.

But yeah, as long as we have actual profit and loss, not the averages.

Okay, so and again three hundred six eight was not in litigation, but uh uh these next two are three oh eight okay.

I think I got my notes.

Uh next one I have is one hundred thirty-two Highland Ave.

Yes, so I have here one hundred thirty-two Highland, nine forty-one forty-seven James, and nine twenty-three James, all as one economic unit.

Okay.

So I'm assuming that you want these read in together then.

Yes, please.

Okay, one hundred thirty-two Highland Ave.

So is this the commercial building?

Okay, it's a vacant lot.

This is a vacant lot.

Okay, and I didn't look at the assessed value before I asked that question.

So thank you.

If it is, we're in trouble.

Yes.

I'm trying to go out and buy some lots.

Uh okay, so I'll look at that uh going forward here.

Um but uh this here is a vacant lot, one hundred thirty-two Highland Av.

Uh and uh we have a current tentative assessed value of twenty five hundred dollars, land value of twenty-five hundred dollars.

That would be a uh fair market value of four thousand eight hundred and eight dollars.

Uh petitioner believes the fair market value is three hundred and twelve dollars, and that would be a uh equatable assessed value of a hundred and sixty-two dollars.

Okay.

Uh then we have uh nine forty-one dash forty-seven James Street.

Uh this here.

Uh I'm gonna assume this is a commercial building.

Yes.

And what is it apartments?

Is it yeah?

So this is a three-story apartment complex.

It has a hundred and thirty-five units in total, eighty-nine studios, and forty-six one bedrooms.

There are this is nine twenty-three, correct, that we're speaking on.

Uh this is actually nine forty-one forty six.

So there are eighty-two units located at that location.

Okay.

All right, let me just read in some numbers.

It's just on the sheet, it just has commercial checked off, and so I'm just going by the assessed value to see what we're dealing with.

Uh again, uh assessed value uh current tenant of two two million four hundred thousand dollars uh with a land value of three hundred and fifteen thousand one hundred dollars.

That would be an equitable assess.

I'm sorry, that would be a fair market value of four million six hundred and fifteen thousand three hundred and eighty-five dollars.

Petitioner believes the fair market value is three hundred thousand dollars.

Okay.

And this now is nine twenty-three James Street.

Uh and this is an apartment complex also.

Yes, there are fifty-three units at this location.

So numbers wise, current tentative assessed value one million five hundred and sixty thousand dollars with a land value of a hundred and forty-five thousand three hundred dollars.

That would be a fair market value of three million dollars.

Uh petitioner believes the fair market value is a hundred and ninety-five thousand dollars, and that would be uh an assessed value of one hundred and one thousand four hundred dollars.

Okay.

Um so you told us what they were, what uh uh any other feedback.

Nothing on this one.

Nothing on this one or or the the other two.

Okay.

And these are also in litigation as long as we have the original profit and losses income and expense.

Uh there's some comps, but we will review anything that's new.

And the equalization rate is fifty-two, not fifty-two five.

Fifty-two.

Excellent, thank you.

Okay, one thirty two.

Yeah, there was some question on that yesterday.

That's why I was asking.

Then you got me wondering.

Yeah, no, it was not uh I was not questioning you.

Oh you can.

It was uh yesterday uh uh fifty-two five came up, and then uh Sue pointed out uh she checked and it was fifty-two, and that's why I wanted to just confirm.

Confirm the confirm.

Um so next up is what?

Is it a single price?

Is it uh I hit well I have I should have said this.

I have eight oh seven eight oh nine lodi, but is there it looks like okay?

Yes, so it's eight oh seven oh nine lodi, eight oh five lodi, and seven fifty-three James Street.

Okay is one unit.

Sure.

Okay, then I'll read those three in.

Let me just make uh a couple notes here.

Okay.

So let's see, I'll go in the order that we have.

Okay, I'm gonna assume this is a vacant lot.

Or seven fifty-three?

Actually, eight oh seven, eight oh nine load high.

Yes.

Okay.

Okay.

So once again, eight hundred seven-09 Lodi Street uh vacant lot, current tenative assessed value seventeen thousand nine hundred with a land value of seventeen thousand nine hundred.

Um that would be a market value of thirty-four thousand four twenty-three petitioner believes the fair market value is two thousand two hundred and thirty-seven dollars, and that would be an equatable assessed value of one thousand one hundred sixty-three dollars.

Then we have eight oh five Lodi Street.

Uh I'll assume that this is a vacant lot also.

Yes.

Uh current tentative assessed value twenty thousand nine hundred and twenty-five dollars with a land value of twenty thousand nine hundred and twenty-five dollars.

That would be a uh market value of forty thousand two hundred and forty dollars.

Uh petitioner believes the fair market value is two thousand six hundred and fifteen dollars, which would be an assessed value of one thousand three hundred and sixty dollars.

And then we have the commercial building.

Is this the skyline?

Yes.

I do believe so.

Yes, this is Skyline Apartments.

Okay, current tenative assessed value, eight million eight hundred and fifty thousand dollars with a land value of eight hundred and fifty thousand dollars.

That would be a market value of seventeen million nineteen thousand two hundred and thirty-one dollars.

Petitioner believes the fair market value is one million one hundred and six uh thousand two hundred and fifty dollars.

That would be an assessed value of five hundred and seventy-five thousand two hundred and fifty dollars.

Um so with that, I turn it over to you.

So this is a vacant twelve-story apartment high-rise.

It has three hundred and sixty-seven units, sixty-three units are studios, two hundred and ninety-seven are one bedrooms, and seven are two bedrooms.

Uh, this property's been vacant for at least two years, a hundred percent vacant.

It is not ready for occupancy, and it's currently undergoing repairs.

Um we have not they have not maintained a rent roll due to these vacancies, and the only expense on the property is a cell tower.

Cell tower, the only income.

I have that listed as an expense, but I can follow up.

Assuming the same.

If there's a cell tower, I'm sure they're getting something.

Right.

Right.

Yeah, just confirm that because there's got to be you know um income coming from you know whoever owns the cell tower.

Absolutely.

Uh okay.

Uh and in litigation, um, I would like to clear up the cell tower that may have been presented prior to, but I don't have any information on the bank.

Normally it's a it's a higher spot, so I'm assuming there's some coming in.

Yes.

Um I think that was just a typo, and you can get that information, that would be good.

Absolutely.

Okay.

Let me just uh plug these in the okay.

Then I it looks like I have two final, are they together?

Yes.

Right.

Okay.

I'll read those and let me just make a couple uh notes.

He's in litigation also.

Yes.

Okay.

So if I'm correct, the only one that's not in litigation is the three hundred six eighty boulevard east and Thompson Road.

Understanding, yes.

Okay.

Okay, let me read both of these in then.

These are apartment complex.

Yes.

Okay, first one four twenty.

James Bill Ave.

Current tenative assessed value, two million eight hundred and eighty thousand dollars with a land value of ninety-eight thousand three hundred dollars.

That would be a market value, fair market value of five million five hundred thirty-eight thousand four hundred and sixty two dollars.

Uh uh estimate of fair market value of three hundred and sixty thousand dollars.

And that would be an equatable assessed value of one hundred and eighty-seven thousand two hundred dollars.

And then we have uh four hundred thirty-eight Jamesville have current tenant of assessed value of five million seventy thousand dollars with a land value of two hundred and eighteen thousand three hundred.

Okay.

So this is an apartment complex with eight three-story buildings, two hundred and sixty-seven units in total.

There are a hundred and thirty-one one bedroom units and one hundred and thirty-six two bedroom units.

It is also one hundred percent vacant and not ready for occupancy.

Uh and do we have um uh well let me stay with this one for a second, and then I'll go back to uh the skyline.

Um do we have uh uh a time frame on uh renovations and when this will be up and running?

Not to my knowledge, no.

I just know that they're having many issues with the property in terms of renovations.

So about the skyline.

Similarly.

Okay.

Which one?

The skyline.

By the thirtieth of what?

April is I don't know how realistic.

I know there's been conversation.

Um getting them available as soon as possible, but I'm unsure of a timeline at this time.

Okay.

That would be uh I go by it every day, of course, as you do.

Um actually just yesterday I noticed that um there's less boarded up windows.

So they're they're definitely uh moving on that.

Um there was a lot of boarded up stuff and uh now um looks like newer windows and and uh so uh things are the wheels are turning.

Um but that would be uh real aggressive, I think.

Um just because uh uh maybe the apartments, but I don't know about the commercial spaces downstairs.

But anyway, I was just curious as to you know if there was a time frame based on uh you know uh what you have.

Um and uh same you know, repeat, but um there's some comps again, there's really on these there's nothing to review as far as new information, but they are in litigation.

We similarly haven't maintained rent rolls for this property because of the vacancy, so uh we s as the previous property we don't have rent rolls because of the renovations.

Okay.

Okay.

Anything you want to add in closing?

I mean, we pretty much uh um you know uh did everything in cluster individual.

Um I just in review, um what would be a good email to forward any documents to?

Your email to forward documents too if she has to do that.

Yeah, I can do that.

Oh wonderful.

And then so we're looking for the actual profit and loss, not averages for 8850, not oh I apologize, that's my file number.

Uh 600 James 308 North McBride, as well as 923 James, 94147 James, and 132 Highland, and then the cell tower information for 753 James and Lodi, 805 Lodi, 80709 Lodi.

Was there anything else that the board uh needs for me at this time?

Yeah, I think it's yeah, that'd be great.

And uh if you want to uh want to uh if you want to go over to the shelf desk uh thank you very much for coming in.

Thank you so much for your time, everyone.

The pen collapse.

Oh yeah.

I think it was wouldn't you have to have that?

Yeah.

Okay, because he's four here.

No, yeah, I think like a hundred and eighty maybe.

Right.

I just want to read it.

Um as much as you can drones is away.

Let's try and find out agents out if you don't really want to try to close other things.

You know, and it has more value than I wouldn't think we'd have to shoot them down.

I'm thinking I guess when I when I heard drones, I'm thinking reverse, but it could be problems.

Unless it's the big ones.

We have blocking.

It just basically kills the signal.

I see.

Well, I don't find this.

Now those are nation states.

And there's that's big money.

Less expensive than there's a bunch or something.

So think the you know.

Usually one of the big problems with signals.

Okay, so I don't like spelling that.

Um then also net technology.

I think they're also researching basically drawing drones.

You send up a drone to disable that drawing.

Um I haven't seen it.

Oh well.

That's the first thing.

So thank you for coming up.

I saw a video.

Yeah.

Well, or someone took a drone.

It is a modified fire pistol.

I mean, I was nobody.

So they could take it around just shoot it.

It was basically a proof of concept to say well, yes, they don't get them.

How are you?

A little bit steep in the morning.

That's all right.

That's all right.

I got it.

I'm here for uh San Win.

Yeah.

Yeah, I got it.

It's a note.

Yep.

That's fine.

Yeah, thank you.

Uh no problem.

Um so I'm gonna swear you in in one second here.

Right, sure.

Uh but uh yes, I got that and uh call you off as soon as I ready for you.

Yeah, though too many times I you know when you when you're ace going older, so just give it away, or maybe sell it.

Don't take too much on your hand.

Well, yeah, we'll we'll get into that.

Yeah.

Um if you can raise your right hand.

Uh uh state your name for the record.

Uh my name is Tuan Wynn.

Okay.

Uh do you affirm to tell the truth and give accurate information to the best of your ability?

Yes, anything too.

Okay.

All right, very good.

Um saying that's my sister.

Your sister, yeah.

Okay, all right, very good.

Uh okay.

The different debt.

What's that?

That's a different debt.

Yeah, okay.

All right.

Uh okay, so I got authorization here, so no problem there.

Um this is 825-29 Butternut Street.

I'm just gonna read it in.

Oh, okay.

Yeah, that's right.

Um so this is the old uh the KFC building.

Yeah, that's a bog.

Okay, yeah, because she's come in before, I think.

Yes, correct.

Yeah.

Okay.

Yeah.

All right.

Um so let me read in some numbers here.

So current tentative assessed value is 150,000 with a land value of a hundred thousand dollars.

Um that would be an assessed uh no, a uh full market value of two hundred and eighty-eight thousand four sixty-two.

Uh petitioner believes the fair market value is a hundred thousand dollars, and that would be an assessed value of fifty-two thousand dollars.

Uh hence the fifty-two percent.

Um we have authorization for you to speak on behalf of your sister.

Thank you.

So we're okay there.

And uh yeah, I don't know if she came in last year or the year before, but I know she's been in before.

And I think we lowered it.

Uh yeah.

A little bit.

She told me about that.

I think if any uh uh when was that uh okay, all right, no problem.

Uh just uh trying to recall memory.

But uh okay, so there's nothing in the uh file as far as information is concerned, other than the application, and it doesn't look like you brought anything.

Yeah.

Um so you don't have anything to submit um paperwork wise.

Yeah.

Okay, so you just have some commentary.

Yeah, thank you.

Okay, go ahead.

And uh, you know, the the problem is he told me is um before when I get here, so it's uh that's building is right now it's a bargain, so you have a lot of things to fix and uh you know, and another thing is uh homeless, they're always you know, broken down window or you know, the roof and getting inside, and I saw a lot of maths inside, so that's a bad thing.

This is the this the I mean this is going on too long.

Yeah, exactly.

Uh uh the uh this was you know uh again if she came in last year or the year before um we were um sympathetic to the situation um and we gave her a lot of suggestions as to what she should do.

Um what has she done?

Right, right.

No, I'm asking you.

What what what has she done since that time to the property?

Oh i is the foot thing uh so you have to hire people and you know to clean up the the mass inside and then something she needs to do that, yeah, and then see you know so it's so the out the inside is all cleaned up.

Yeah.

And and she has it boarded up.

Yeah.

Um so nobody can get in.

Yeah, right now what I'm saying, but you know, later on after vacations you get back home.

I don't know, I'm not sure.

But I I'm always gonna go that way to keep an eye on, see, you know, what they open.

That's all she's on vacation currently.

Yeah, you have to, you know, take uh, you know, to go back to California to visit, you know, his family.

So that's all right.

Um so the the I think you uh you know uh not making any decisions, okay, today, uh, but I'm not real excited that you know nothing's really happening on her end.

Right, right.

Uh okay.

Okay, two thousand twenty-three.

Wow.

Uh two thousand twenty-three, so I didn't know if it was well two or so three years ago.

Two years, yeah.

Uh she came in, I remember and we redu we reduced it fifty thousand dollars.

Wow at that time.

Yeah, that's so it must have been uh at two hundred thousand.

Uh and so just you know uh I I know I think you understand, but um, you know, when she came in uh uh you know, this is twenty twenty-six, so this was three years ago.

Right, right.

She came in with the same information.

Yeah.

Okay.

And you know, we were sympathetic at that time um to you know, her situation and tried to do our part um by reducing it, you know, the fifty thousand dollars.

Right.

So, you know, you're telling me in three years she basically cleaned up the inside.

Yeah.

That doesn't work.

Yeah.

She's gotta do, you know, she's gotta do much more.

I understand uh I live over there.

Right, right.

So, you know, I'm by there, my wife teaches around the corner in Franklin, so we're there.

Uh I know what the situation is.

Yeah.

But it is what it is.

Yeah.

She bought the property, you know, you gotta deal with it.

Yeah.

Um so you know, in that regard, you know, I'm not speaking for anybody on the board, but you know, uh I'm you know, I'm gonna say I'm not too interested in another reduction.

Yeah, uh, at this time.

She's gotta do something.

Right, right, right.

So you know what I what I tried to say if I get back, you know, w once you get back home authentication.

And I told her if you do something more, and you can, you know, uh try to concern to the church again, so and see what they try to say.

But the cleanup is not a big deal, you know.

Absolutely, it's an ongoing deal.

It's an ongoing process.

Exactly.

That's that's what you know, yeah, uh property ownership is.

Okay.

All right.

That's uh there's no two ways about it.

I know.

I told I told her before when she got that, and uh, you know, she don't listen because I know that no size going down a lot.

Yeah, yeah.

So it's that you know, the she's gotta get, you know, she's gotta go, she's either gotta go gun-ho and uh renovate and get a business in there.

Right, right.

Right.

And then the homeless won't be sitting on the step.

Yeah.

And you know, there won't be garbage all over the place because there's a business there.

With nothing there, this is what's happening.

Yeah.

So, you know, it's it's uh um more the the you have to you have to do different things to get different results.

Otherwise nothing's gonna change.

Sometimes you try to get uh more people to get to arrange that place.

To what?

To rent that place.

Yeah, that's okay too.

But they don't.

Understood.

Yeah, understood.

Yeah.

Then the other alternative is she needs to bite the bullet and sell it.

Yeah, that's to somebody that is gonna go, you know, gone.

I mean, that it's there's no two ways of it.

No reason, yeah.

Exactly.

Yeah I understand.

So you're kind of hearing where I'm coming from.

I'm not sure where the rest of the board is, but I know where I am.

Yeah.

Um so I think that's a good thing.

She hasn't offered it for sale, correct?

Uh she tried a lot of offer from now on, because you know, currently listed.

Uh I don't know.

I'm not sure.

I didn't answer.

Okay.

That's her property.

And just so the board is aware, so the land value is a hundred.

Oh that.

So there's only fifty thousand on the building.

Obviously, to reflect the the the condition of the building.

So there's a there's more value in the land.

No, that's a that's a that's a great corner.

Yeah.

Uh you know, again, I know what the issues are.

Um, but they're they're not gonna disappear until somebody gets in there.

Yeah, right.

And starts either renting or ownership, it turns it back into something.

Yeah, but it's a great corner.

Um, you know, I mean, Burger King still thrives down the road.

That's not good either.

Oh, it doesn't?

It's not a burger.

And then they knock all the window down too.

The glass so I I apologize.

No, because you don't keep an eye on that's a mass.

That's I'm telling you that Burger King's thriving and it's gone.

Yeah, I'm so sorry about that.

Scratch that.

Yeah.

Um but no, so we recognize the area, but yeah.

How long is the owner owned?

Uh quite some time, I think.

Uh four or five years.

Oh, yeah.

Properly.

Okay.

So she bought it, yeah.

So she bought it in October or October 20th of 2020.

Uh for 175,000.

Something like that.

Yeah.

So uh five and a half years, yeah.

Roughly.

Yeah.

Uh coming on five and a half years.

Before she got a good deal for that, but she thought like the business deal will go back up.

But it's nothing going on.

Well, it's the the and and that's okay.

And that is uh um if if that's her thoughts that you know it's too far gone.

Right.

Um that's okay.

She might not be wrong.

Um, but then you know, the city can't subsidize the issue.

Right, right.

She's just gotta, you know, bite the bullet, you know, uh give it away and get rid of the problem.

Yeah, uh that's somebody that's gonna attack it and put the money into it.

Yeah, that's all we can do.

So and I apologize about bringing up Burger King when it's closed.

It makes me look stupid.

Yeah.

So and and that was a stupid comment.

Yeah.

Uh I should have known.

So anyway, for the on the record, I I'm sorry about that.

The thing that we don't worry is uh the Franklin score, you know, that's a big worry.

So, you know.

It's a big worry as far as what you know, people mess it up around, you know.

So that's all I I'm you know, I just don't want you know the kid to get hurt.

Yeah, absolutely.

Yeah, absolutely.

And the library right there too.

So that's bad.

I told the CD, you know, cop all the time, you know, you pay you know, it ten years before you can clean it up to no sign.

And right now you don't do that.

That's that's bad.

That's a bad thing.

Oh, yeah.

No, there's challenges and and uh, you know, when when uh the better weather rolls around, all hell breaks loose.

So I I know it's it's uh it's a it's a problem.

Yeah, it's a problem.

Um but but um to um you know wish it away isn't gonna happen.

Hopefully, yeah.

So she's just gotta take some action.

Yeah, whatever that might be.

Thank you.

Research it.

Now you see your guy, and then it's the first time I'm here.

So yeah, no, I appreciate you coming in on her behalf and uh uh we'll uh you know we'll definitely take everything into consideration.

Um again though I had to bring up what we did um a few years ago.

Right.

Um and you know uh there was uh um some agreement on her end that she was going to do this, that, and the other thing, but it doesn't look like much of that happened.

Yeah, yeah.

Uh that's so you know I understand.

Yeah.

Thank you.

But we're coming in and the city will send a notice first week of April.

Okay, thank you.

Thank you so much.

Yeah.

Thank you for everybody.

Oh, yeah.

Enjoy it in.

Thank you for coming out.

I just gotta run the restaurant.

It sold for a hundred and fifty less.

I'm gonna go.

Last year.

Never know.

Yeah, right.

This year's special.

Yeah.

I don't know whether it's you both in Louisiana for middle of nowhere.

It's like um the uh training facility at um in California.

Um basically nothing.

It's like forty five minutes to get to a real person.

So really yeah, it's just the military crazy.

And every time I'd get a a list of place I could go, it's always on there.

I'm like, it's always on there.

I think one of the cooler ones I had was uh they were together in an island that was two miles long, four mile wide.

If it was eight hundred and something miles southwest of Hawaii with Gears Land.

And it's called Johnson Cole.

It was part of the island campaign three or two jumping.

But they ended up turning it into a construction.

Yes, that was the first place we did it.

And so I was out there for that single one I ever saw in my life.

It used to be actually it was first found by uh one, basically.

And they used to go there and mine it would be a good thing.

That was its first really good.

They also used it to launch nuclear weapons for testing in the 50s and 60s.

Oh, that's the best food in the military.

Recreation, everything was free.

Even you can get a boat.

You had to pay for the gas for the boat, but the boat was free.

Outright's scuba diving, outdoor movie theater.

There was contractors that did actual burning of it, but it was military that protected it and moved the munitions around.

She's all about it.

I used to tell people I would never thought I would have walked into a bunker and it's got fifty-five gallon drums all of EX.

Okay.

Yeah, no, she's all about them were artillery shells.

We still had the VX land lines.

We had one tongue containers and must have engines still.

Thankfully, they used to have rockets and the rocket, the proponent still rocket.

So they wouldn't leak.

But they got rid of them all, it was the first thing they had.

But you don't when they were still at that one when they would have to leak every couple months because it was just probably and when they had those while I was there, we only really did shipment of the munitions six days a week.

Um at that point they were doing 247.

Because at any time something goes terribly wrong.

But it was a beautiful place I remember.

Even middle of the keys.

Oh, that is good.

Yeah.

Yeah.

We should be on Montgomery, I believe.

A lot of people do get out.

It's like just because the money's just better.

You get bonuses for it, but it's uh this would be a good thing.

Is this Montgomery in general?

Yeah.

That's like Washington.

And I wonder which one is all set for you.

Yes.

I thank you.

So you're here for 201 Montgomery Street in Washington and Washington Street.

Okay.

Uh all right.

Let me just square you both in if I could, if you could both raise your right hands, state your name for the record.

Christopher Montante.

Do you refer him to tell the truth and uh give accurate information to the best of your ability?

Yes.

Okay.

Very good.

Uh all right.

So 201 Montgomery Street.

Surface parking lot.

Uh let me just read a little information in here if I could.

Uh we've got a current tentative assessed value of 180,000 with a land value of 180,000.

Uh let's see, I got two different figures.

Let me go with what the city says 3464 as far as market value is concerned.

We'll check that and confirm it.

Petitioner believes the fair market value is a hundred thousand dollars, and that would be an assessed value of 52,000.

So if I'm going out, is this uh the one next to Key Bank or directly across the street from City Hall?

Okay, from the front door, so it's that lot there.

Okay, so it's across from the Key Bank parking lot.

Former section of Genesee Street before it was removed.

Okay, it's that kind of diagonal little area right opposite City Hall, where it's city employees park, and we have the lot next door, and we have the Hills building next door to that.

So we have adjoining property.

Okay, all right.

Uh okay.

And we bought this little sliver from the city last year.

And that's that's this 201.

That's correct.

Yeah.

Okay.

All right.

Uh let me just take a look, see if uh okay.

So I see uh April 9th of 2025, you paid 240,000 uh cash deal for this piece here.

And then responded to an RFP from the city, and we won that bid.

Okay.

All right, very good.

Okay.

So it sounds like so you paid uh 240.

240, okay.

And um, and now we're thinking it's worth 100.

That's right.

Okay.

Um how do we get to that?

Okay.

Uh we bid on the entire site.

We had proposed a future project that we would build a multi-story building on both parcels, and they wanted to see that, so they said, Well, we'll sell you this land, but in the interim, before you develop it, we want to maintain our parking spaces.

So that was a negotiation after the appraisal that the city got.

It was a negotiation after we had bid.

Uh and so the impact of that is uh a deed restriction that runs with the land, so any future owner would have to provide half of the spaces for free to the city forever, as long as it is a surface parking lot.

That's a requirement.

So this was a uh a difference in the from the original bid from the original expectation from the original bargain.

And we're agreeable because we're adjoining owners, because we have this plan to develop, we in essence overpaid for it through assemblage premiums that uh make sense to us.

We're able to uh secure access now from Washington.

We also now have two dual access, and we have a larger development site.

We had a nice development site already with our existing parking lot, but with this other one, it provided us that dimension and that ability to so it has value to us.

As a standalone, however, it's effectively 11 parking spaces along a very small narrow stretch of former Genesee Street, and if I may, just to illustrate that.

Is it 11 parking spaces in total or plus the 10 that the city uses?

So this is this is the parcel.

And the city occupies 10 spaces here on the widest part.

This is the former Genesis Street piece that's adjacent to our parking lot.

We have 11 spaces along here.

Okay.

That's it.

And then we have a much larger parking lot beyond that.

But it's its own independent tax parcel.

If we were to sell it to someone, they would have to provide free parking for it.

Okay.

And notably, you really can't build anything on here.

It's highest and best use is as a service parking lot unless it was purchased by an adjoining owner.

So we had a very good exchange with the city and the mayor, and everything was fine.

Um, and we agreed to pay that premium.

But when they um imposed this deed restriction that runs with the land, they effectively reduced dramatically the income potential.

I've provided a performa that shows the income capitalization as a full parcel with 21 spaces versus the uh result with the restrictive easement of just 11 spaces.

And that's where we had capitalized it to a value conclusion of 100,000.

So on this page we have what the value would was to us with 21 spaces and on that column is the value that we have with just the 11 spaces.

We have to also provide maintenance insurance pay taxes on the other 10.

So it really reduced our NOI or net operating income by 60%.

So we feel that that's a commensurate reduction in value.

So if the city wants free spaces they can't also say that claim that it's it's valuable to us to the tune of 3000 or 340 wherever it was so we had a nice conversation with Matt and he's I I don't want to speak for him but he seemed very agreeable with this notion of assemblage value and this whole income thought but he's one of the free parkers there.

So he had to defer to the defer to the board so we think it's pretty cut and dry we have uh effectively more than half of our spaces that were just fronting for a period of time and before we decide to go forward and develop the the site the rub for us is that if the assessment stays where it is we will actually have a negative NOI.

The the taxes would exceed our ability to produce income so it's kind of we have to we have to approach the board with this one and we're willing to kind of go through a whole process beyond this if if necessary because we're pretty certain that the methodology followed here is in keeping with the standards of professional appraisal practice and assessment valuing it in use without any speculative valuation or assemblage premiums and things like that.

So we kind of like our our argument think that it's very supportable and would ask and and this was part of a purchase of many lots did you say we just we just purchased this one sliver last year but we already had owned the adjoining parking lot and the adjoining building to that.

So we have we own the Hills building and the parking lot next to the Hills building and we assembled this little sliver okay and we won the bid and I think the next highest bid was like 1500.

And you won the bid prior to knowing that the city was going to want 10 spaces and the appraisal that the city had gotten didn't also did not contemplate that there was going to be a deed restriction that ran with the land.

So now you're into it and then hey if you want to close and you're not going to build this thing right away and we don't have that ability yet we have to it takes more than a couple of years to build something like that.

This is over a hundred million dollar project so they said in the interim why don't we cut a cut a deal keep everything status quo which is we we agreed to that we paid that amount but now when looking at it from an assessment standpoint it really is as a standalone very restricted by this easement.

And and do you have a uh you know subject to change of course but do you have a time frame with respect to uh actually doing the project that you're planning so we're marketing this and we had um uh represented at the time that it's probably about a five year window when we were negotiating this and that was there they wanted us to accelerate they they're trying to incentivize us I guess to to speed up that process so they're like we're going to keep our parking then if you want to close it so that we we you know we did that so you're looking at maybe 2030 or something that's that's but that's about the timeline unless we attract I mean with everything going on in this town which seems to be favorable you know it seems like maybe maybe we'll get some activity in in downtown and we have a beautiful development site there that we can we can tie in with historic uh this historic hills building and we presented our in our RFP our concept plan which they really really liked.

But then it was like well to close it we want you to start on it right away like well that's not how it works.

So in this interim period we've got this little standalone piece with effectively 11 parking spaces on it.

Okay.

Thank you for for all that.

Appreciate it.

Okay.

Anything you want to add?

Okay.

Uh Ann.

It was my understanding that that the 10 spots were presented at the beginning of the the negotiation in the RFP.

If you've spoken to Matt, I have not.

So we're gonna stand at the at the current assessment and and it I'll talk to Matt if if he's if he indicated a different value.

I can go back, come back and present the board with the RFP.

It does not say we'll be providing 10 parking spaces.

Absolutely not.

So if you want, we'll do that right now.

We can go through with it though, still.

I mean you because we think I explained the reason and why.

And that speculative type of value and that assemblage value is not subject to assessed assessments in New York State.

It can has to be a value in use.

But if you could send over the original RFP, that would be great.

Yeah, there's a and and please follow up with Matt.

Yeah, no, we'll disrespect, but please follow up with Matt.

He knows that that this was switched over as a as a lengthy negotiation.

We've been uh trying to acquire this for decades.

And in the last three years, three, four years, we've had all kinds of scenarios, and finally the city um uh proposed straight up sale.

And um it did not contemplate free parking for the city.

Um that was after the appraisal and after the negotiation.

Okay.

Um you can provide your email address uh for that, yeah.

Oh for that.

Uh okay.

And so uh Matt's out sick, I think.

Uh so um we'll definitely check with him uh uh based on what you're saying as well, and um see what can be put together here.

Um I don't know.

Uh anybody have any questions?

Any confirmation or no?

Anything else you want to add?

Uh no, we'll submit the the RFP initially and I don't think we uh definitely would like that, but anything else uh no?

Okay.

And what when did you uh confer with Matt?

Two weeks ago.

Okay.

We talked to him about this informally and he was very respectful and and just said that he's kind of conflicted because he has one of these parking spaces.

Right, right.

Um but obviously he knows about everything.

Yeah, I don't I don't you just told us.

I don't believe he'll push back on any of this, but we'll we'll see.

Okay, all right, all right.

That sounds good.

Uh okay.

With that then, uh we'll look for the RFP to Michelle, we'll uh uh go through all this stuff, uh check with Matt, and uh and then the city will send you a notice first week of April.

Fantastic.

Okay, thank you all.

Thank you for coming in.

Um is your father still alive?

Yeah, he's still uh okay.

The uh my father and him were friends back in the day.

Uh did some stuff at Shop City and so on and so forth.

Yeah, good, good.

Tell him Joe say a set.

Yes, thank you.

Thank you.

Take care.

Thank you.

Yeah, but I can put a building.

Right.

If we put a building in there, there won't be any spots.

Oh you're not about parking.

Okay, yeah, this is ready to go.

I got Answer for me.

Obviously.

Gentlemen here.

Yeah.

That's the fixing jacking.

Uh all right, someone big here.

Auto zone or whatever uh if that's maybe they got them.

How are you, sir?

Good morning.

Good morning.

Um just want to confirm I'll swear you in a minute, but um I have in my hand 407 James 1000 West J.

14 Ainsley.

Yes.

All right.

That is correct.

And I have them in this order, which is what we have on the sheet.

Any order sponsored as far as every okay, that sounds good.

Um we just make uh a couple notes here.

Okay, if I could square you in, uh yep.

Uh raise your right hand, uh state your name for the record.

Nicholas Connolly.

You firm tell the truth and give accurate information to the best of your ability.

I do.

Okay, thank you very much.

And so let's go ahead and uh take the first property then if no particular order is uh requested 407 James Street.

I think James Street is correct.

And let me just uh get the uh petition out here.

Okay.

407 James Street.

This is a gas station.

Uh current tenant of assess value eight hundred and seventy thousand dollars with a land value of two hundred and fifty thousand dollars.

The uh equitable market value is one million six hundred and seventy-three thousand seventy-seven dollars.

And there would be an equitable assessed value of eighty-seven thousand dollars.

Uh right.

And uh are any uh well, is this one in litigation by chance?

Um yes, I believe that there are pending there are pending years, uh I believe.

Are all of them in litigation?

I believe yes.

That's my it's just for my note-taking and uh um is all right.

This is in litigation 407 James Street.

Okay.

Um I'll turn this over to you.

This property, 47 James Street is consists of a 711 convenience store with a gas station.

It is it contains a 2,000 square foot convenience store with eight fuel pumps.

It has not been purchased in the past few years, and it has not had any recent renovation work.

There are no mortgages on the property, and the property is self-insured.

This particular location is operated as a wholesale run store, meaning a wholesale runs and manage the retail sales, and the applicant that I'm here on behalf of owns the property, but leases the building only to an operator, and I believe that that lease was provided uh to the city board of assessment review.

And what has also been provided is an assessment of analysis which values a property for our purposes and what was done in this in this workup was a component was derived for the square footage of the building.

And because the building has 2,000 square feet, an amount of a market rate of $25 was used.

And that was added with a land component of $25 per square foot for the land.

And the actual assessment is $1.6 million.

So what was provided was the lease, the valuation showing our opinion of value.

And we're happy to provide any other information that may be requested, and we intend to fully cooperate with the Board of Assessment Review.

And we can and we appreciate your consideration of the application.

And any information on your Again in litigation, but you said your value came up at $1.5.

Is that what I'm sorry?

$1.19 million.

Okay.

And are the current uh $25 income and expenses in there?

Or are you just going by the Um Well what I that was based off of was just what we feel the market value would be based on uh on the market rent and uh and but for market rent for both the improvement and for the land.

Okay, but not but so but the actuals are not in your petition or not in the petition.

Well, the it's it's an owner occupied, but for the uh but for the wholesale component.

Um so we provided everything that that our that our client has.

Okay, so the the he has not given you like the the income and expenses as far as he's concerned or I guess I'm just looking for the actuals.

Um not um you know um again could be better, could be worse.

Okay, you know okay.

Yeah, I will um I will see if if the client can provide that information.

Um it may not exist to the extent that it would pertains to the real estate um because the convenience store itself is is owner occupied.

Um but I I I will attempt to clarify that.

Okay.

The convenience store is owner occupied or um I thought the convenience store.

No, I'm sorry, I'm referring to I'm confusing the two seven elevens.

Yes, this one in particular is it is operated as a wholesale run store, and we did provide the the lease for that.

So that one is right that there is a rental component.

Okay.

So I think we're looking for uh a breakdown of uh all the actual uh numbers.

Expend yes.

Okay.

Shell will provide you with uh her email address for that uh information.

Okay.

Okay, guys, have the email address or should I do that at the end or thank you?

Okay, yeah, she'll give it to you at the end, sure.

Uh okay.

We got some information from the city as well.

So I think we're in good shape there as to what we're looking for.

And when do you think you can get that information to us?

Uh try to get as soon as possible.

Hopefully within a week, but we'll do the best we can.

Okay.

I would uh specific deadline.

I I know your year.

Let me use uh uh next Friday the 20th.

Uh because that could be the last day that we're uh that's looking like it's the last day that we're going to be uh in public session, if you will.

Um so that would be before we go into executive session and then start making decisions.

So if you would be able to uh uh get that to us by uh uh so that's you know roughly 10 days that should be sufficient.

Uh so February 20th, Friday, February 20.

Thank you.

Yes, thank you.

Uh okay.

So then we have uh 1,000 West Genesee Street, and um just want to read some information in here.

Uh 1,000 West Genesee Street is a convenience store.

Um current tentative assessed value 1 million one hundred thousand dollars with a land value of six hundred and thirty-nine thousand dollars.

Um that would be a fair market value of two million one hundred and fifteen thousand three hundred and eighty-five dollars.

Uh petitioner believes the fair market value is two hundred and eleven thousand five hundred and thirty-eight dollars.

That would be an assessed value of a hundred and ten thousand dollars.

Uh this is a seven eleven, I believe.

And uh that's basically the uh all of the information with respect to uh the uh application.

This matter is a seven eleven convenience store similar to the last one.

Unlike last one, this one is fully owner occupied.

It contains a three thousand five hundred and twenty square foot convenience store with twelve fuel pumps, and assessment analysis was provided, and it concludes a market value of two million, just about two million even, and the assessment is two point one million.

So our um assessment work up here is not showing a significant reduction, but but still something.

And that value is derived by applying $25 per square foot to the $3,500 uh square foot improvement and subtracting 10% for expenses, as well as adding $25 a square foot for the land value and capitalizing that value, applying the equalization rate and coming to a value of $2 million, as I had said.

Umce again, similar to last property that this property was not purchased in the past three years.

There has not been significant renovations recently, and there are no more it is on the property, and the property is self-insured.

I'm happy to answer any questions you have or review further with the client if there's any if further information that you may need.

I mean, same thing.

Actual P and L's or income and expense versus an analysis of but you're basically saying we're off by $100,000, correct?

And these are currently in uh litigation.

Um but we do normally request the actuals, not uh you know, an analysis.

Okay.

So probably gonna be the uh same request for all of them, I would guess.

I'm gonna guess you have everything set up the same way, I assume.

Um this one the property is owner occupied, so there's not rental information.

Um I'm not sure if that's what the city's requesting.

Is the city requesting the rental data?

But there is uh not if it's owner occupied.

But you still have expense, I mean there's there's still income in that the business is generating.

But what about your losses and even just your expenditures on the building itself?

That you would normally show on uh any type of income and or expense if there's if something exists.

Uh okay.

And submitted.

Okay, next property sixteen twenty-five Erie Boulevard East.

Uh this is a supermarket.

Uh 1625 Erie Boulevard East.

Uh we have a current tentative assessed value of three million four hundred and eighty-three thousand one hundred and fifty dollars with a land value of eight hundred thousand five hundred and forty dollars.

That would be a market value of six million six hundred and ninety-eight thousand, three hundred and sixty-five dollars.

Petitioner believes the fair market value is six hundred and sixty-nine thousand eight hundred and thirty-seven dollars, and that would be an assessed value of three hundred and forty-eight thousand three hundred and fifteen dollars.

Three hundred and forty-eight thousand three hundred and fifteen dollars.

Okay.

Uh what can you tell what what uh supermarket is this?

This is the price right?

Okay.

And it consists of thirty-six thousand three hundred and sixty square feet.

And Wake Fern net leases this graph with supermarket and subleases it to price right.

Uh we have provided the lease agreement between the owner and wake fern as well as the sublease between Wake Fern and Price right.

We provided a valuation uh analysis which demonstrates our opinion of value and explains how we how we arrived at that value and we did arrive at that value by applying a rental square foot, a mark around top dollars per square foot to the thirty-six thousand three hundred and sixty square feet, which resulted in gross rent total of four hundred and thirty-six thousand.

And applied a seven and a half percent vacancy loss to arrive at effective gross income of four hundred and three thousand and applied fifteen percent expenses to arrive at net operating income of three hundred and forty-three thousand, uh using a base capitalization rate of eight point five percent, and applying an effective tax rate.

And after applying that to the net operating income of three hundred and forty-three thousand, concluded an indicated value of two point nine million.

And that is our opinion of value on this property.

Again, this is a thirty-six thousand three hundred and sixty square foot lease supermarket, and we've we provided the lease and we provided the sublease.

And there's are also two years pending on this matter, two thousand twenty-four and two thousand twenty-five.

Um this matter I as well as all of the matters that are on uh before the court, I'm more than happy to discuss with this with the city, whether it's a city attorney or or if they have uh uh higher tax recharge counsel or the assessor whom whomever the the city um has handled their tax charts.

Um more than happy to discuss in the coming days uh all of the pending years on this matter.

Um again, please don't are willingly willingness to satisfy the board's request, and if there's any further information we can provide, please let us know.

Okay.

So there's a lease and then a sub-lease, you said, right?

That's correct.

That's the file's pretty thick, so I'm assuming that's the end of the additional on this?

No.

All right, that sounds good.

All right, then we have four hundred three East Fayette Street.

Petitioner on that, could you uh um advise to the petitioner on that, the owner?

Uh AT communications.

We have reviewed that matter and are decided to no longer pursue that, so we will withdraw that matter.

We are we are hereby withdrawing that matter.

Okay.

That application.

So four hundred three uh East Fayette Street, we're gonna withdraw.

That's A.

The ATT.

Uh ATT communications.

Yep, okay.

Um let me just make a note here.

Um just uh uh withdrawn, Michelle uh verbally is okay.

Uh doesn't have to do anything as far as written email or anything.

So last property done.

Okay.

Uh self storage unit three fourteen dash sixteen Ainsley Drive.

Current tentative assessed value of four million seventy thousand dollars with a land value of five hundred and fifteen thousand dollars.

That would be a a uh market value of seven million eight hundred and twenty six thousand nine twenty three, nine hundred and twenty three dollars.

Uh petitioner believes the fair market value is seven hundred and eighty-two thousand six hundred and ninety-two dollars, and that would be an assessed value of four hundred and seven thousand dollars.

Okay, and this is uh yeah, self-storage facility.

So this m property uh consists of a self-storage facility, it has it contains seven hundred and forty rent rental units and we have provided the two thousand twenty-five rent roll showing the seven hundred and forty units and I I believe I believe it contains the the size and the and the rental for each.

Um outlining all the income and all the expenses and the net income the net operating income, I believe it shows five hundred and four thousand on the statement and the rental income itself and before the expenses is one point four seven million.

Um we provide all the available information regarding the rent roll and income expense and please don't are willing willingness to satisfy the board's request and there's any further information you would like to see uh we'll be happy to try to obtain that.

Um because it's in litigat is this in litigation?

This is in litigation.

Um you do ten percent.

That's where you get your market value as far as the petition is concerned.

Uh ten percent of this uh current tenant of assessed value.

I just want to verify that it is in litigation, but um you're pretty sure okay.

It wasn't on my list, but I mean I know we've reviewed the the a mini warehouse.

I mean the self-storage in the last couple of years.

So I remember uh you said you you did review, yeah, we did.

Uh you did.

So well I'll confirm that and I just are in there we'll obviously take if it's not.

I mean we'll take them up.

Okay.

Uh so we're not sure about this being in litigation.

I can't okay.

If he's mentioned it all every time the commissioner.

Call Matt.

Okay.

So you would call Matt OJ uh and uh what's the main number?

Uh four four eight eight two seven zero.

He's probably won't be until next week though.

Right.

Oh, that's fine.

He's the commissioner of the assessment uh uh office.

And uh if you did need to reach out, um so we're gonna be looking for a bunch of information, you know, uh by the February twenty.

On the matters we discussed earlier.

Yes, yes.

Okay.

And uh uh and then going forward though, um uh he's out six, so it might be in Monday or Tuesday.

Um but uh yeah, th this way you got a point of contact if there's any issue with respect to that information as well as uh anything else you have.

And uh I'm sorry, how do you spell his last name?

OJ A.

O.

J.

A, okay.

And but as far as who to send the information to.

It's gonna go to Michelle for next week.

Okay, yeah.

Anything else you want to add on?

Thank you.

Thank you for your time, and I appreciate uh you taking the time to meet with us.

Thank you.

Thank you.

And then you're good on everything.

Um, you're always good, so what's happening with the the next are we scheduled?

Uh so then uh the next three name texted me and said that she called she had just landed at the airport.

She should be here by eleven o'clock.

Okay.

No, it's uh I said her kids gotta be money.

Well her one daughter's the other kids I think are gonna still in high school.

But yeah, that's a funny thing there.

Where uh she used to be a little bit of a it used to just happen to fall on a snow day, right?

She always got him.

I felt the tire was like you know, with friends like this, who needs a just calling.

Well, you know, I I understand.

Oh, I should have known.

My point is that he said that she she he thought that she had been trying, but who wants to buy it?

I understand.

Yes, I can see that.

She probably doesn't have that much.

I know.

You know, we called it the rail.

It was up within a week, yeah.

It was never ended.

I did this one.

Yeah.

Uh she's had so many things.

Um just the app.

That's the only one that they would ask out.

But that's what I'm thinking about.

Right.

Well, yeah, she uh texted me uh eleven oh two.

Good, how are you?

So you just flew in.

I did.

How was the flight?

Um it was fine, bumpy, but it's okay.

From where?

City way here.

Okay.

Yeah.

Okay.

Well good.

Yes, short flight.

Yeah.

Yeah.

Good.

Maybe a little windy, but uh.

Uh okay, so they're just to confirm and then I'm gonna square you in the three properties.

Yes.

Okay.

And is there any particular order that you wanted them to be read in?

No.

No.

Whatever works for everybody.

Okay.

There is a uh uh sheet here and uh I think they're right here.

Um so I'll read them in in that order.

Okay.

Okay.

Let me just make a couple notes here and it'll be that uh Sue this is uh twenty.

Um if you could raise your right hand and state your name for the record.

Nicole Forcelli of Forcelli Deegan Tirana.

You affirm to tell the truth and and give accurate information to the best of your ability.

I do.

Okay, thank you.

All right, so we have three ninety-four of Lasco Road and Anadaga Boulevard, it looks like uh three ninety-four of Alaska Road.

Okay, so this is a Walgreens?

Yes.

Okay.

Okay, three ninety-four of Alasco Road.

This is a Walgreens current tentative assessed value one million three hundred thousand dollars with a land value of two hundred and fifty-four thousand five hundred dollars.

Yes.

Okay, and that would be a uh uh fair market value of uh based on that assessment of uh two million five hundred thousand dollars.

Yes.

Um but it's worth noting.

You might have been about to say this.

Um that uh you go first.

You're right.

Um this particular Walgreens you'll notice is much lower value than the other two.

The reason for that is because part of this building is located in the town of Gates.

So the assessment.

Yes.

Uh oh, okay.

Yeah, there's the C line goes right through the direction.

Yeah, I was gonna say exactly.

I have so many Walgreens and I get them mixed up.

Um sorry.

Um so anyway, that's the assessment a portion of the building, I guess you would say.

All right, so no problem.

Let me just finish in those numbers then.

Uh shit believes the fair market value is seven hundred and fifty thousand dollars based on that, and uh the equitable assessed value is three hundred and ninety thousand.

Uh okay, okay.

Okay.

And if I could ask uh is this one in litigation?

Uh yes, so all three of these we filed.

I was up here at the Board of Assessment Remo last year.

Um there wasn't any reduction, so we've we do have um a pending case for the 2025 tax year.

Okay.

Uh which usually means you guys don't want to talk about it, which is fine.

I don't take it personally.

Well we and I just confirmed that, but uh no, we we are free to talk about it and uh uh discuss and make decisions so on and so forth.

Um but the city uh um you know we'll just say a um uh a thing or two and and uh that'll be that uh because of the litigation okay fair enough.

I turn it over to you then or okay.

Um so I I uh submitted a fairly large package.

Um so I think hopefully you guys have enough materials to kind of see where we're coming from, but um yeah, we're just hoping for a reduction.

I I would just also point out, you know, on our grievances, we have to put very, very low values because it would be malpractice not to, if God forbid someone were to find out down the road that the property has environmental contamination or something.

Um but what we do feel the property is worth uh um if there hadn't been an environmental contamination or anything like that is is in our package, um, which we're seeing a lot of comparable sales.

Um I'm sure you've seen on the news that Walgreens is doing very, very poorly, they're closing twelve hundred stores, um uh so they're not selling for what they once were.

Um and just as an example, one of the other properties that we'll discuss later, and also in Syracuse is was vacant for years, and then they now they're subleasing to Dollar Tree for a fraction of what the rents that they used to get.

Um so we're hoping for a value, you know a full market value of roughly two million dollars on uh the whole building.

So for this particular property, since only I think about two-thirds of the building is in the city, um we would say a fair market value of around 1.3 million, which equates to an assessed value of around 760,000.

Okay.

All right, fair enough.

Um maybe I'm not allowed, but are you filing in Gettys to the other half of the the other third of the store?

Um their dates and everything are different than right, right.

Um I I actually don't remember if we filed last year in Gettys or not.

Um I would have to check that, and I know they're I believe they're a May July jurisdiction.

Umbrevian is normally the fourth Tuesday May.

Yeah, I think they might do it differently because it is yeah, um, yeah, I th I think you're right.

So um I don't know yet if we're gonna file, I would have to wait still to the assessment comes out in May.

Um and I I can't recall if we if we filed last year on the other third.

Um but I couldn't look that up and get back to you.

I just I was just yeah, yeah.

I I don't remember if the you know I actually have another Walgreens um in the Rochester area where part of it is in gates.

Um and we we filed in one municipality and not the other because we felt that one municipality was high and we felt that the other municipality was fair.

So I just can't remember for this one.

But what are you trying to say?

All right.

Uh the city submitted some stuff uh in general.

And um uh I think and anything you want to add or uh pretty good shape as far as the other thing.

Well, I think uh I tried to be thorough in my package.

So I think yeah, I think everything's in there, and um if anyone has any questions, I'm happy to answer them.

Yeah, we'll go through uh what you submitted certainly.

Uh okay.

So next one then is 401 West Seneca Turn Pike.

Okay, and this is a Walgreens also.

401 West Seneca Turnpike and Bailey Drive.

Uh current tentative assessed value two million one hundred and eighty thousand dollars with a land value of four hundred and fifty thousand dollars.

That would be a market value of four million one hundred and ninety-two thousand three hundred and eight dollars.

Petitioner believes the fair market value is one million two hundred and fifty-seven thousand six hundred and ninety-two dollars, and that would be a uh assessed value of six hundred and fifty-four thousand dollars.

Okay, and we've got a bunch of information that you submitted pretty much same information, same argument.

Yeah, same situation, although um just to point out this um this is the property that's subleased to Dollar Tree.

Um they're only paying an annual rent of a hundred and forty-five thousand dollars a year.

Um so our feeling is if anything this particular property should certainly be lower.

Okay, and this is the Dollar Tree uh one.

Yes, sir.

Okay, uh Ann is in litigation.

Um and also my package has my email address on it, so anything you guys ever need, you can give me a call or shoot me an email, and usually pretty available.

Okay, and submitted uh in 20 and three.

Yeah, yeah, I agree.

I had that uh uh on your sheet.

So April twelfth of twenty twenty-one uh I've got a data twelve three, twenty twenty, but thereabouts um four million one hundred and fifty thousand dollars.

Um but and that's prior to the when they were still Walgreens.

Right.

And I I would also just point out that you know case it's pretty well settled case law that if a sale is older than three years, it's stale and not supposed to be relevant to the value because the market changes so much over the years.

Um and I I kind of tried to address that by putting um also all the articles at the end of my package about just kind of showing the tremendous financial changes and hardships that Walgreens has encountered over the last couple of years and how much the situation has changed.

Uh last one here is twenty-three twenty-nine James Street.

And this is a Walgreens also.

Uh current tentative assessed value of one million nine hundred and fifty thousand dollars with a land value of one million one hundred and fifty thousand dollars.

Uh that would be a market value of three million seven hundred and fifty thousand dollars.

Uh petitioner believes the fair market value is one million one hundred and twenty-five thousand dollars, and that would be an equitable assessed value of uh five hundred and eighty-five thousand dollars.

And same thing here.

Yeah, same thing here.

I included um I don't know, maybe nine or ten comparable sales of other Walgreens that sold in like the two million dollar range.

Um also submitted a package, and if anyone has any questions or needs any further information, I'm happy to help with whatever I can.

Okay.

Um litigation.

I mean we'll review any new information.

Yeah, I did put that um anything you want to add in closing.

Uh I don't think so.

Just um I'm available if anyone needs anything further.

And okay.

All right.

Actually, the next flight isn't till four, so maybe we'll hang out at the airport for a little while.

Yeah.

Um safe travel service.

Thank you.

And uh we've got uh your information as far as CATEC, but uh I think we're in pretty good shape at this point given the litigation and so on.

Right.

We on our end will still go through uh everything that you submitted.

Um the city will send out uh notices uh first week of reset.

Okay, great.

All right.

Thanks, everybody.

Thank you.

Safe travel.

Thank you.

Have a good one.

You as well.

Okay.

Would I would do what you want for us, but might want to course on back and say, I don't know if they'll take it for a fair couple of years.

In this one, there should be a client to pay for a play ticket, so we're gonna have to go to circus.

Yes.

Yes.

Well, what's going on with these?

I believe uh these are gonna be moved to the 20th.

Well, you sh if you don't show it, they can take it back to what I could have contacted an attorney here.

Oh, that's year for or something.

There has to be some kind of stuff like she did.

You could still consider it all.

Right.

Some places just have some.

Yes, yep.

Shell made us aware as well.

I'm just gonna uh just gonna close up the uh meeting here uh and uh yep, got that uh as far as tomorrow's concerned.

Um we have uh uh four more properties that uh got uh we're not gonna read them in because we believe they've been moved to uh February 20th, Friday, February 20th.

Um so we'll take care of that at that time.

And uh that'll uh uh complete all the hearings for today.

And uh thank you very much.