Board of Tax Appeals — Burlington, VT
Date: 2024-09-18
Time: 14:00

Board of Tax Appeals




Wednesday, September 18, 2024, 2:00 PM, Green Mountain Room,1st Floor, City Hall




1. Agenda
  Subject 1.1. Motion to adopt agenda
  Meeting September 18, 2024 - Board of Tax Appeals Hearings - Wednesday, September 18,
 2024, 2:00 PM, Green Mountain Room,1st Floor, City Hall


  Category 1. Agenda

  Department Council and Board


  Type Action
 Procedural


  Recommended Action Motion to adopt agenda

2. August 7, 2024 Draft Minutes
  Subject 2.1. August 7, 2024 Draft Minutes
  Meeting September 18, 2024 - Board of Tax Appeals Hearings - Wednesday, September 18,
 2024, 2:00 PM, Green Mountain Room,1st Floor, City Hall
  Category 2. August 7, 2024 Draft Minutes
  Department Council and Board


  Type Action
 Minutes
 Information



3. Hearings
  Subject 3.1. Prelco, Inc., 11-17 Church Street, 044-4-010-000 (2:00 pm)
 Meeting September 18, 2024 - Board of Tax Appeals Hearings - Wednesday, September 18,
 2024, 2:00 PM, Green Mountain Room,1st Floor, City Hall


 Category 3. Hearings

 Department Clerk/Treasurer's Office


 Type Action
 Procedural


 Recommended Action open the hearing
 close the hearing

 Subject 3.2. Bigger Boat, LLC, 37-43 Church Street, 044-4-005-000 (2:30 pm)
 Meeting September 18, 2024 - Board of Tax Appeals Hearings - Wednesday, September 18,
 2024, 2:00 PM, Green Mountain Room,1st Floor, City Hall


 Category 3. Hearings

 Department Clerk/Treasurer's Office


 Type Action


 Recommended Action open the hearing
 close the hearing

 Subject 3.3. 100 BANK LLC, 100 Bank Street, 044-2-137-000 (3:00 pm)
 Meeting September 18, 2024 - Board of Tax Appeals Hearings - Wednesday, September 18,
 2024, 2:00 PM, Green Mountain Room,1st Floor, City Hall


 Category 3. Hearings

 Department Clerk/Treasurer's Office


 Type Action
 Procedural


 Recommended Action open the hearing
 close the hearing

4. Adjournment
 Subject 4.1. Motion to adjourn
 Meeting September 18, 2024 - Board of Tax Appeals Hearings - Wednesday, September 18,
 2024, 2:00 PM, Green Mountain Room,1st Floor, City Hall


 Category 4. Adjournment

 Department Council and Board


 Type Action
 Procedural


 Recommended Action Motion to adjourn

Board of Tax Appeals




Wednesday, September 18, 2024, 2:00 PM, Green Mountain Room,1st Floor, City Hall




1. Agenda
  Subject 1.1. Motion to adopt agenda
  Meeting September 18, 2024 - Board of Tax Appeals Hearings - Wednesday, September 18,
 2024, 2:00 PM, Green Mountain Room,1st Floor, City Hall


  Category 1. Agenda

  Department Council and Board


  Type Action
 Procedural


  Recommended Action Motion to adopt agenda

2. August 7, 2024 Draft Minutes
  Subject 2.1. August 7, 2024 Draft Minutes
  Meeting September 18, 2024 - Board of Tax Appeals Hearings - Wednesday, September 18,
 2024, 2:00 PM, Green Mountain Room,1st Floor, City Hall
  Category 2. August 7, 2024 Draft Minutes
  Department Council and Board


  Type Action
 Minutes
 Information



3. Hearings
  Subject 3.1. Prelco, Inc., 11-17 Church Street, 044-4-010-000 (2:00 pm)



 Page 1 of 48
 Meeting September 18, 2024 - Board of Tax Appeals Hearings - Wednesday, September 18,
 2024, 2:00 PM, Green Mountain Room,1st Floor, City Hall


 Category 3. Hearings

 Department Clerk/Treasurer's Office


 Type Action
 Procedural


 Recommended Action open the hearing
 close the hearing

 Subject 3.2. Bigger Boat, LLC, 37-43 Church Street, 044-4-005-000 (2:30 pm)
 Meeting September 18, 2024 - Board of Tax Appeals Hearings - Wednesday, September 18,
 2024, 2:00 PM, Green Mountain Room,1st Floor, City Hall


 Category 3. Hearings

 Department Clerk/Treasurer's Office


 Type Action


 Recommended Action open the hearing
 close the hearing

 Subject 3.3. 100 BANK LLC, 100 Bank Street, 044-2-137-000 (3:00 pm)
 Meeting September 18, 2024 - Board of Tax Appeals Hearings - Wednesday, September 18,
 2024, 2:00 PM, Green Mountain Room,1st Floor, City Hall


 Category 3. Hearings

 Department Clerk/Treasurer's Office


 Type Action
 Procedural


 Recommended Action open the hearing
 close the hearing

4. Adjournment
 Subject 4.1. Motion to adjourn
 Meeting September 18, 2024 - Board of Tax Appeals Hearings - Wednesday, September 18,
 2024, 2:00 PM, Green Mountain Room,1st Floor, City Hall


 Category 4. Adjournment

 Department Council and Board


 Type Action
 Procedural


 Recommended Action Motion to adjourn



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Page 7 of 48
 CITY OF BURLINGTON, VERMONT
 NOTICE OF BOARD OF TAX APPEALS HEARING

Notice is hereby given that the Board of Tax Appeals of the City of Burlington will meet on
Wednesday, September 18, 2024, at 2:00 pm at Burlington City Hall, 149 Church St,
Burlington Vermont, to hear the grievance of:

 Prelco, Inc., c/o Hans G, Huessy, Esq.
for the property located at:
 11-17 Church Street, 044-4-010-000

who is aggrieved by the action of the Board of Assessors and filed a written grievance with the
City Clerk/Treasurer.

 * A brief statement of the grounds for appeal is required by law and is essential to
 efficiently deal with appeals received each year. You must submit 5 copies of the
 statement and any documents or written evidence to be submitted to the Board at
 least fourteen (14) days before the hearing, or such documents may not be
 considered at the hearing. If you submitted documents online with your appeal request,
 you do not need to resubmit them, but you will need to submit a statement of the grounds
 for your appeal. The Board may subpoena documents it deems material to the appeal; the
 failure to provide requested records in response to a subpoena shall result in the dismissal
 or deemed withdrawal of this appeal and no further appeal shall be available.

 * A Hearing Panel of at least three board members will hear the appeal. Property
 owners will have up to 10 minutes to address the panel, explaining the reasons for the
 appeal and an opinion of the fair market value of the property. The City Assessor will
 also have up to 10 minutes. Please refer to the enclosed brochure for more details on the
 hearing.

 * At the close of the hearing, the parties will decide whether or not a site visit will be
 held. A site visit is mandatory unless waived by the property owner(s), the Assessor, and
 the Panel. If the property owner(s) refuses to allow an inspection of the property, the
 appeal shall be dismissed and no further appeal shall be available.

 * The Board of Tax Appeals will issue a written decision no later than December 31,
 2024. You will receive a corrected tax bill once the Board makes a decision if there is
 any change. You should continue to make payments as billed until then.

 * Please arrive early. Your hearing will be held in the Green Mountain Room, 1st
 Floor at City Hall. If you are unable to locate the hearing room, please consult the City
 Clerk's office.

Burlington Board of Tax Appeals
By:

___________________________
Lori Olberg, Clerk
Burlington Board of Tax Appeals
802 865-7136
Date of mailing: 08/12/24



 Page 8 of 48
Page 9 of 48
 Burlington Board of Tax Appeals
 149 Church Street
 Burlington, VT 05401
 (802)865-7136

 State of Vermont
 Chittenden Country, SS

In re: Appeal of Prelco Inc.
 (Name of Property Owner)
 Hans G. Huessy, Esq.
 (Representative)
 044-4-010-000, 11-17 Church Street
 (Parcel ID & Address)


 SUBPOENA
Greetings: Hans Huessy representative for Prelco Inc., owner of 11-17 Church Street,
Burlington, VT
Parcel ID: 044-4-010-000
___________________________________________________________________________
 (Taxpayer Name, Address, and Parcel ID Number)


Pursuant to Section 92(b) of the City’s Charter, you are hereby commanded to provide the
Burlington Board of Tax Appeals the following records which are material to a determination of
a property owner’s appeal:

The current rent roll and IRS Schedule E or Form 8825 for the years 2021-2022, along with
any professionally conducted property appraisals in last three years. Please provide
comparable properties listed in appeal and fill out the attached income and expense form
from the Burlington City Assessor’s Office.
 (Description of Records Being Requested)


Such records are to be delivered to the Clerk of the City of Burlington, City Hall, 149 Church
Street, Burlington, VT 05401 by August 23th, 2024, and will be regarded as confidential and
used only for the purpose of deciding the appeal. Failure to provide the requested records by the
specified date will result in the Board deeming that the appeal is withdrawn or dismissed and no
further appeal shall be available to taxpayer. Any request for an extension must be in writing;
the BTA may grant an extension if good cause is shown.

Dated in Burlington, Vermont this 7th Day of August, 2024.

Burlington Board of Tax Appeals
By Its Attorney

/s/: Erik Ramakrishnan

Erik Ramakrishnan Esq.
Assistant City Attorney



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 OFFICE OF THE ASSESSOR
 City of Burlington
 ________________________________________
 City Hall, Room 17, 149 Church Street, Burlington, VT 05401 Voice (802) 865-7114
 Fax (802) 865-7116
 www.burlingtonvt.gov/assessor MailAssessor@burlingtonvt.gov


Apartment Income and Expense Survey
PROPERTY ADDRESS: _____________________________
PARCEL ID: ______ - __ - ______ - ______
Owner Name (Principal if business): _____________________________________
Business Name (if applicable): _____________________________________
Mailing Address: _____________________________________
Form Prepared by / Title _____________________________________
Telephone Number: ___________________
Information provided will be used for assessment purposes only and will not be
made available to the public

Income Data
Unit Floor Apartment Monthly Total Rooms/ Included in Rent Additional
 # Level Square Base Rent Total Bedrms/ Heat Hot Annual Income
 feet Total Baths Water
 ($)
 Laundry
 Parking
 Fees
 Storage
 Vending
 Other




Unit # - If unit is vacant provide assumed lease amount and typical lease terms.
Parking - If parking is additional income, put the income amount in the box.
Utilities - Heat and hot water. Please indicate Yes or No.

Parking Available to tenants: ___________ Total Spaces

Total Annual Gross Income $____________


 Page 11 of 48
 Parcel ID #__________
 Assessor Office Use Only
Annual Operating Expenses (tax not included)

1. Building Insurance $ _____________ 1. __
2. Trash Removal $_____________
 2. __________________
3. Grounds (lawn & snow) $ _____________
 3. __________________
4. Utilities
 4.___________________
 a. Sewer & Water $_____________
 b. Electric, Oil & Gas $_____________

5. Management $ _____________ 5. __________________
 (Includes advertising, accounting,
  Legal & commissions if applicable)
 6.__________________
6. City Inspection Fees $ _____________
 7.__________________
7. Repairs & Maintenance $ _____________
  (Repair expenses necessary to
  keep the property operating)

8. Replacement & Reserves $_____________ 8.__________________
 (replacement of short-lived items
 such as roof covers, heating systems,
 refrigerators, floor coverings, etc.)
 OR 9.__________________
 Replacement & Reserves Account $______________
  (amount annually set aside)

9. Other Expense: $______________
 _________________________ TOTAL $___________
  (description)



Total Operating Expenses $ ___________

Comments: ____________________________________________________________




Signature Date




 Page 12 of 48
 CITY OF BURLINGTON
 OFFICE OF THE ASSESSOR
 Joe Turner, City Assessor

Assessor’s Report to the Board of Tax Appeals Fiscal Year 2025

Property Valuation Appeal: 11-17 Church Street, Burlington Vermont
 For Tax Year 2024, Fiscal Year 2025

Estimated Value for Tax Year 2024: $1,230,600

Summary of Subject Facts
Property Location: The subject property is located at the northern end of Church
 Street in the City of Burlington’s Central Business District. The
 property has the address of 11-17 Church Street and can be
 further identified is parcel number 044-4-010-000.

Owner: PRELCO INC.

Site Description: The property consists of 0.1542 acres of primarily flat topography

Improvement Description: The property is a one story office building classified as
 Commercial. The building consists of a total of 10,434 square feet
 with approximately 7,743 square feet of leasable space.

Transfer History: The current owner PRELCO INC. purchased the property over
 twenty years ago.




Purpose of the Value Analysis

The purpose of this value analysis is to develop an opinion of the Market Value for the real property for
the ad valorem tax value. Vermont statute 32 V.S.A. § 4601 states “Taxes shall be uniformly assessed on
the lists of the persons taxed unless otherwise provided by law”. In order to create an equitable,
uniform distribution of the tax burden, the market value of all properties are set at a specific effective
date. This normalizes market conditions and all external factors that have an effect on value.

According to A Handbook on Property Tax Assessment Appeals, published by the Vermont Tax
Department, “the (current) value must be equalized so that the listed-value-to-market-value of the
appealed property corresponds to the listed-value-to-fair-market-value of comparable properties”.




 Page 13 of 48
Currently, all property values in the City of Burlington are set as of April 1st, 2021, which is the date of
the last city wide revaluation and what would be considered the “fair-market-value date of comparable
properties”.

The Market Value that is analyzed in this report is the “fair-market-value of comparable properties”
which carries an effective date of April 1st, 2021. There are two ways to achieve this retrospective fair
market value of real property which would create a value consistent with comparable properties.

The first way is to use valuation information from the retrospective date of value. For this valuation
analysis, we would use comparable sales or income and expense information from on or before April 1st,
2021. This method removes the use of any type of adjustment factor that would have been derived from
market sales post the effective date of value, such as the Common Level of Appraisal (CLA) or the Level
of Appraisal (LOA). This is the cleanest most direct way to create a retrospective value opinion that
would correspond with the “fair-market-value of comparable properties”.

The second way is to develop a current value of the property and adjust it back to the retrospective
value date, which would be considered the “fair-market-value of comparable properties”. This
adjustment would be developed through a factor derived from arms-length property transfers that
occurred after the retrospective value date. This is considered a market adjustment or a “time”
adjustment. The use of a market factor adjustment is not the most direct way to create a retrospective
value opinion due to assumptions associated with the factor. For instance, if a property was valued at
$100,000 on April 1st 2021 and then sold on April 1st 2022 for $105,000, a factor of 0.95 could be used
($100,000/ $105,000). This would adjust a 2022 value back to 2021.

An assumption in the creation of this factor would be that the properties used to create the market
factor adjustment are similar to the property in question. Another assumption would be that the
properties used to create the market factor adjustment sold in the exact same condition as the previous
value. The fact that there are built in assumptions associated with market factor adjustments creates
potential flaws and inaccuracies in this method.

The purpose of this value analysis is to develop an opinion of value that is adjusted for the “fair-market-
value of comparable properties”. This value analysis will be developing the opinion of value by using
retrospective market data on or before April 1, 2021.




 Page 14 of 48
Site Analysis


 Subject Aerial View




Size and Shape
The property is a rectangular shaped parcel containing 0.1542 acres or 6,720 square
feet. There is not excess or surplus land located on the site.

Access
Access to the site is provided by Church Street. Overall, the property has good access with close
proximity to a downtown garage.

Topography
The property site is flat in topography and at equal grade with the adjacent streets. The
property is an interior lot with typical topography.

Neighborhood
The property is located on Church Street which is an active pedestrian outdoor marketplace. The
property on Church Street are close to parking garages and have historically experienced high
demand.




 Page 15 of 48
 Subject Front View




Approaches to Value
The Cost Approach is based on the “Principle of Substitution” which states that no rational person
would pay more for a property than the amount for which he can obtain, by purchase of a site and
construction of improvements, without undue delay, a property of equal desirability and utility.
The subject property consists of a one story, retail building, which is in good condition.
Due to the limited number of similar land sales in the area and the difficulty in estimating the
depreciation from various factors, the Cost Approach was not considered to be a reliable indicator
of value and was not utilized in this valuation.
In my opinion, the omission of this approach does not affect the credibility of the value estimate
contained herein since the Income Approach provides reliable indicators of value for the subject
property.
The Sales Comparison Approach is based on the "Principle of Substitution" which indicates that
an informed purchaser would pay no more for a property than the cost of acquiring an equally
desirable substitute property with the same or similar utility. This approach is most applicable
when an active market provides sufficient quantities of reliable data that can be verified from
authoritative sources. Since there are not an adequate number of similar improved sales in the
subject’s market area, the Sales Comparison Approach was not considered to be a reliable indicator
of value in this instance. Therefore, the Sales Comparison Approach was not developed in this
value opinion of the subject property.
The Income Approach is based on the principle of anticipation in which the purchaser is buying
in anticipation of receiving any future benefits of property ownership. When analyzing income-
producing properties, the physical characteristics may be less significant than the property's
ability to generate income. This approach is most applicable when there is a sufficient amount of
verifiable market activity. Sufficient market data was available for the Income Approach to
provide a reliable indicator of value in this instance and therefore was developed in this value
opinion.




 Page 16 of 48
Income Approach to Value

The Income Capitalization Approach is a valuation method based on the principal of anticipation.
This technique assumes a relationship between potential future returns and the value of a property.
The subject property consists of an eight story office buildings which contain 10,434 square feet
and 7,743 square feet of Gross Leasable Area.

Typically, income and expense statements are received by the owner and are compared to the
market. Minimal information was received by the owner. When information is not readily available
from the owner, market data is used to develop the opinion of value.

Market rental information was used in the opinion of value based on typical retail rents. Reasonable
vacancy and expenses were deducted which results in the net operating income for the subject
property. The net operating income was then capitalized at an overall rate which was estimated
by reference to an analysis of overall rates for other office properties located in the subject’s market
area.

Market Rental Rate Conclusion
The subject property is located in the Burlington Central Business District and would typically be
leased on a triple net (NNN) basis. A NNN lease represents a full pass through of operating
expenses to the tenant.
In December of 2020 transactions noted of similar retail properties in the Burlington CBD
presented a range of $25 to $35 per square foot of lease-able area on a NNN basis. This could
have the subject property potentially grossing between $193,575 and $271,005 annually based on
the 7,743 square feet of leasable area.
Vacancy and Collection Loss
The vacancy rate is a percentage of available units in a rental property that are vacant or
unoccupied at a particular time. This rate is removed from the potential gross income of the
property to estimate the effective gross income before expenses are removed. In December of 2020
Burlington’s Central Business District retail vacancies were reported at approximately 8% to 11%.
These vacancies were on an upward trend and expected to increase throughout 2021. It would be
reasonable to apply a 15% vacancy rate to the subject property.

Expenses

Retail leases in this area are typically structured on a triple net basis which means that they are
passed through to the tenant. This leaves what is considered common area maintenance fee or
CAM. As of December 2020 these fees typically range from $3.40 to $4.15 for retail properties in
the Burlington CBD. This would show a range of approximately $35,475 to $43,300 in total
expenses. These fees include real estate taxes which should be removed before application to the
effective gross rents.




 Page 17 of 48
It is common practice in tax assessment to remove the actual property tax amount from the
expenses when analyzing property value. Including the property tax in the annual expenses would
create a circular argument. Instead of including property tax as an expense item, the effective tax
rate is applied or “loaded” into the appropriate capitalization rate for a particular property type in
a particular market area. This gives a property tax component influence on the final value, but it’s
not used as an operating expense and it’s not used as an actual number, such as the prior year’s tax
amount.

In 2021 the City of Burlington saw tax expenses of retail properties in a range from approximately
$2 to $5.50 per square foot. Elements such as location as well as quality and condition of the
improvements are factors in the tax expense per square foot. For this opinion of value $2.10 will
be deducted from the CAM expenses and the tax rate will be applied to the capitalization rate.

Reserve accounts are used for large-scale repairs and replacements, as well as unexpected expenses
or emergencies. Reserve expenses for retail properties typically range from $0.10 to $0.25 per
square foot. The higher end of the reserve account range will be used for this opinion of value. The
calculation for reserve account is as follows: 10,434 x $0.25 = $2,608.

Income and Expense Summary
When analyzing the typical retail market rents and the estimated downward projection in retail
demand, the subject property would produce rents on the lower side of the $25 to $35 range. For
this value opinion a rate of $25 will be applied which would include the full pass through of
operating expenses to the tenant.

After the removal of real estate tax and adding replacement and reserves, the overall annual
operating expense of the subject property is $23,997.

The following is a summary of the Net Operating Expense (NOI) calculation:



 Operating Income Summary
 Potential Gross Income
 7,743 sf x $25 193,575
 Less Vacancy and Collection Loss
 15% of PGI $29,036
 Effective Gross Income $164,539

 Expenses
 General Operation Expense $21,389
 Replacement Reserves $2,608
 Total Expenses ($23,997)

 Net Operating Income $140,542




 Page 18 of 48
Capitalization
Capitalization is the process of converting the net income of a property into a value estimate.
This is done through a capitalization rate which is derived from the market. The capitalization
rate range in Chittenden County on all retail property ranges from approximately 6.2% to 11.5%.
More specifically, office properties in the City of Burlington range from 6.9% to 10.6%. Some
market conditions that affect capitalization rates are typical lease terms and property location.
Given the downward projection in retail, an appropriate capitalization rate to apply to the subject
would fall toward in the higher side of the range. For the purpose of this value opinion a rate of
9.3% will be used.

As stated above, due to the property taxes being removed from the operating expense, the tax
rate for the valuation year should be applied to the market derived capitalization rate. The tax
rate for tax year 2021 is 2.12%. This would lead to a total capitalization rate of 9.3% + 2.12% =
11.42%.

Conclusion
The following is the final opinion of value for the property located at 100 Bank Street,
Burlington VT, as of April 1 st, 2021

 Net Operating Income / Overall Rate (loaded) = Value
 $140,542 11.42% $1,230,600

*All information used in this report was from on or before April 1 st, 2021

* Some information used in this report was from Allen, Brooks & Minor Report, December 2020




 Page 19 of 48
044 4 010 000 044-4-010-000 BURLINGTON, VT Card: 1 of 1 Total Card Total Parcel
Sheet Lot Unit# Bldg# Parcel ID Building Location APPR 1,281,400 / 1,281,400
PROPERTY LOCATION IN PROCESS APPRAISAL SUMMARY USE + IMP 1,281,400 / 1,281,400
11-17 CHURCH ST Use Code Building Val Yard Items Land Size Land Val Total Val USE LAND 1,281,400 / 1,281,400
BURLINGTON, VT 05401 C 538,500 2,600 0.00 740,300 1,281,400 ASSESSED 1,537,680 / 1,537,680
OWNERSHIP LEGAL DESCRIPTION
PRELCO INC
2564 SNIPE IRELAND ROAD Building Total 538,500 2,600 0.00 740,300 1,281,400
RICHMOND, VT 05477-0000 Parcel Total 538,500 2,600 0.00 740,300 1,281,400
 Source 2 - Inc (appr) Tot Val SF/Bld 165.49 Tot Val SF/Prcl 165.49 Lot Size
 Total Land 6,720.00
 PREVIOUS ASSESSMENTS Property ID: 5309 Land Unit Type SF
 Tx Yr Cat Use Bld Value Yard Items Land Size Land Val Total Appr Assessed Notes Date
 2024  FV C 538,500 2,600 0 740,300 1,281,400 1,537,680 2024/LDS 06/14/24 11:54:51 AM;
 06/14/2024
Occ C Type DID DISTRICT 2023  FV C 538,500 2,600 0 740,300 1,281,400 1,537,680 2023/LDS 07/07/23 9:47:36 AM;
 07/07/2023
 FV ran by Caitlin
 UseratAccount
 Patriot
PREVIOUS OWNER 2022  FV C 538,500 2,600 0 740,300 1,281,400 1,537,6802022/LDS 08/25/22 10:15:25 AM;
 08/25/2022
 Year End 15309
PRELCO INC 2021  FV C 100 100 6,720 822,500 822,700 987,240 DS Patriot Support 01/11/2022 GIS Coord 1
CO WRIGHT PRESTON 2020  FV C 706,500 3,700 6,720 359,100 1,069,300 1,283,160 post BOA 06/23/2020 313724722476.00000000
2564 SNIPE ISLAND ROAD GIS Coord 1
 2019  FV C 706,500 3,700 6,720 359,100 1,069,300 1,283,160 9.23.2019 09/23/2019
RICHMOND, VT 05477-0000
 Insp Date
 05/30/2024
 Print Date / Time
 9/13/2024 10:56 am
 SALES INFORMATION Last Date / Time
NARRATIVE DESCRIPTION 6/14/23 3:49 pm
This parcel contains 6720.00000 SF of land mainly classified as Grantor Legal  Ref Type Date Sale Price TSF Verif. NAL Notes
 BURLINGTON\jturner
Commercial It has 1 building(s) first built in 1899 with a total of PRELCO INC 1289-745 OTHER 09/30/2015 0 No 19 LICENSE AGREEMENT FOR SPACE USED FOR SIGN ABOVE THE HEIG
 USER DEFINED
7,743 square feet. There are 1commercial unit(s), 3 Half Baths.
 RAD:
 270
 OLD PID:
OTHER ASSESSMENTS 167965
 Code Desc Amt Comm Int Amt State District:
 3-03
 BUILDING PERMITS ACTIVITIES CAD:
 Date Number Desc Amount Closed Status Fed. ID Notes Last Visit Date Result By 500
 05/10/2024 CEP-24-556 Electrical 6,000 A Electrical demo &amp; Rework related to
 05/30/2024
 &quot;preliminary&quot; fit up for new tenants,
 BOA SPAN:light switch
PROPERTY FACTORS
 05/09/2024 CBP-24-305 Building 50,000 A Separate east side of 11-17 Church from
 03/04/2022
 west section.
 10 &nbsp;Includes new metal framed
 114-035-15309demising wall
 Item Code Item Code %
 09/21/2021 CMP-21-467 Mechanical 34,688 12/01/2021 CLOSED Replacement of three Lenox RTU units, 03/03/2022
 2 units are 10
 model KGB060S4BH BF141 <br>5 Accessory
 ton, andDwlone unit is
 Util 1 Dis 1 B 100.00000000
 Util 2 Dis 2 SN 09/20/2021
 100.00000000 CEP-21-1439 Electrical 45,000 A Electrical fit-up for Black Diamond,  11/06/2019
 new lighting, rooftop
 REVL  units, and misc power  and  outlets
 09/15/2021 CBP-21-1022 Building 250,000 12/10/2021 CLOSED Fit up interior space for new Black Diamond Equipment store. &nbsp;Includes new ceiling, PriorID1cpatch and p
 Util 3 Dis 3
 Census Zone 1 FD6 100 08/02/2021 CBP-21-915 Building 10,000 10/05/2021 CLOSED Demolition of existing ACT ceiling and grid and existing built in shelving units previously00 installe
 08/02/2021 CEP-21-1166 Electrical 3,950 12/09/2021 CLOSED Perform demo work on lighting and power at cash wraps. PriorID2c
  F. Haz Zone 2 00
 Topo Zone 3 07/28/2021 ZP-21-583 Zoning 25,000 A Replace aluminum door frame and restore existing wood doors; replace existing awnings; replace exist
 PriorID3c
 Street 03/09/2015 2015 206472 00000
 Fire
 SSSprink 600 A Change (5) corroded sprinkler heads. 00
 Traffic 10/04/2013 2013 175749 00000 PP
 Plumbing 2,500 A Install new plumbing system to serve public drinking fountain in the street. RPZ BFP will
 Assessor  be Map
 install
 Exempt 09/13/1999 00-00148 250 10/08/1999 Z
LAND SECTION
 LUC LUC Desc Ft. # Units Depth U. Type L. Type Ft. Base V. Unit Prc Adj Prc NBC Ft. Mod. Inf 1 % Inf 2 % Inf 3 % Appr Alt LUC % Spec L.V. Juris L. Ft. Assessed Notes
 C Commercial 1 6,720 SF SITE 1 136 110.16 500 1 740,300 0 1 888,360




 Total AC/HA 0.00 Total SF/SM 0.00 Parcel LUCC - Commercial P. NBC Desc CHURCH ST MKTot 740,300 Tot 0 Tot 888,360
Disclaimer: This Information is believed to be correct but is subject to change and is not guaranteed Property: 5309 | Bld: 11777 | Seq: 1 | Year: 2024 | Data As Of Date: 09/13/2024 | User: BURLINGTON\jturner | DB: Assess50Burlington
 Page 20 of 48
Parcel ID 044-4-010-000 Comments Sketch
Exterior Information Condo Information post COVID effected valuation. New Tenant Black Diamond 100%
 Type 200 - RETAIL GEN Location occupied as of 4/1/2022.
  Stry Hght 1 - One Sty Tot Units
 (Liv) Units Tot 1 Floor
 Found BS - BRICK/STONE
 % Own
 Frame C - FireResistAV
 Name
 P. Wall SC - STUCCO
  Sec Wall Bath Features Res Breakdown Remodeling
  Roof Str FL - FLAT Full Bath Rtng Floor No. Unit Rooms Bdrms Exterior
  Roof Cvr RM - RUBBER MEMB Add Full Rtng Interior
 Color 3/4 Bath Rtng Add.
 View Kitchen
 Add. 3/4 Rtng
 Shape Bath
 1/2 Bath 3 Rtng Plumb
 Bld Name Add. 1/2 Rtng Bld Total Electric
General Information Other Fix Rtng Prcl Total Heating
  Grade VG - VERY GOOD General
 Year Blt 1899 Eff Yr Other Features Calc Ladder
 Alt LUC Kitchens Rtng Base Rate 59.10 Depr 237,777
  Juris Add Kit. Rtng Size Adj 1.00000 Depr'd Total 945,195
 Con Mod Fireplaces Rtng Con Adj 1.11545 Juris Ft. 1.0000
 WS Flues Rtng Adj Prc $ 65.92 Spec. Features $0
Interior Information
  Avg Ht / Fl 12.00 Grade Ft. 1.51000 Lump Sum
 Depreciation
  P. Int Wall DW - DRYWALL Phys Con VG 20.1 Other Feat $ 87,983 Final Total $ 945,200
 Sec Int Wall Functional NBH Mod 1.0000 Override Val
 Partition T - TYPICAL Economic NBC Infl 1.6700 Assmnt Ft. 1.2000
 P. Floor SL - SLATE Special LUC Ft. 1.0000 Assessed Val $ 1,134,240
  Sec Floor Override Adj Tot (RCN) 1,182,972 Total $/SF $ 146.48 Mobile Home
 Bmt Floors Total 20.1% Depr % 20.1% Undepr $/SF 99.53920 Make Model Serial Year Color
 Sub Floors
 Bmt Garage
 Comparable Sales Sub Areas Alt Areas
 Rtng Parcel ID Type Sale Date Price Code Desc Net Area Gross A. F. Area Sz Adj A. Rate AV Undepr Val S. Area Alt Type % Alt Tenants Qual %U
 Electric T - TYPICAL
 FFL 1ST FLOOR 5,180 5,180 5,180 5,180 65.92 341,466 BMT STG 64 100
  Insulation T - TYPICAL
 BMT BASEMENT 4,042 4,042 2,563 0 14.02 60,042
  Int Vs Ext
 OFP OPEN PORCH 37 37 0 0 43.57 1,612
  Heat Fuel G - GAS
 SLAB SLAB FNDTN 1,175 1,175 0 0 6.59 7,743
 Heat HA - HOT AIR
 # Heat Sys
  Heated % AC % 100
  Sol HW % Ctrl Vac %
 Com Wall % Sprink % 100 Avg Rtng Ind Val Building Totals 10,434 10,434 7,743 5,180 410,863
 Parcel Totals 10,434 10,434 7,743 5,180 410,863
Special Features / Yard Items
 Code Desc A Y/S Qty Size Qual Con Year Unit Prc D/S Depr % LUC Ft. NBC Ft. Juris Ft. Appr Val Assessed Image




 Building Totals Yard Item Appr Special Feature Appr
 Parcel Totals Yard Item Appr 2,600 Special Feature Appr 2,600 3,120
Disclaimer: This Information is believed to be correct but is subject to change and is not guaranteed Property: 5309 | Bld: 11777 | Seq: 1 | Year: 2024 | Data As Of Date: 09/13/2024 | User: BURLINGTON\jturner | DB: Assess50Burlington
 Page 21 of 48
 CITY OF BURLINGTON, VERMONT
 NOTICE OF BOARD OF TAX APPEALS HEARING

Notice is hereby given that the Board of Tax Appeals of the City of Burlington will meet on
Wednesday, September 18, 2024, at 2:30 pm at Burlington City Hall, 149 Church St,
Burlington Vermont, to hear the grievance of:

 Bigger Boat, LLC, c/o Hans G, Huessy, Esq.
for the property located at:
 37-43 Church Street, 044-4-005-000

who is aggrieved by the action of the Board of Assessors and filed a written grievance with the
City Clerk/Treasurer.

 * A brief statement of the grounds for appeal is required by law and is essential to
 efficiently deal with appeals received each year. You must submit 5 copies of the
 statement and any documents or written evidence to be submitted to the Board at
 least fourteen (14) days before the hearing, or such documents may not be
 considered at the hearing. If you submitted documents online with your appeal request,
 you do not need to resubmit them, but you will need to submit a statement of the grounds
 for your appeal. The Board may subpoena documents it deems material to the appeal; the
 failure to provide requested records in response to a subpoena shall result in the dismissal
 or deemed withdrawal of this appeal and no further appeal shall be available.

 * A Hearing Panel of at least three board members will hear the appeal. Property
 owners will have up to 10 minutes to address the panel, explaining the reasons for the
 appeal and an opinion of the fair market value of the property. The City Assessor will
 also have up to 10 minutes. Please refer to the enclosed brochure for more details on the
 hearing.

 * At the close of the hearing, the parties will decide whether or not a site visit will be
 held. A site visit is mandatory unless waived by the property owner(s), the Assessor, and
 the Panel. If the property owner(s) refuses to allow an inspection of the property, the
 appeal shall be dismissed and no further appeal shall be available.

 * The Board of Tax Appeals will issue a written decision no later than December 31,
 2024. You will receive a corrected tax bill once the Board makes a decision if there is
 any change. You should continue to make payments as billed until then.

 * Please arrive early. Your hearing will be held in the Green Mountain Room, 1st
 Floor at City Hall. If you are unable to locate the hearing room, please consult the City
 Clerk's office.

Burlington Board of Tax Appeals
By:

___________________________
Lori Olberg, Clerk
Burlington Board of Tax Appeals
802 865-7136
Date of mailing: 08/12/24



 Page 22 of 48
Page 23 of 48
 Burlington Board of Tax Appeals
 149 Church Street
 Burlington, VT 05401
 (802)865-7136
 State of Vermont
 Chittenden Country, SS

In re: Appeal of Bigger Boat LLC.
 (Name of Property Owner)
 Hans G. Huessy, Esq.
 (Representative)
 044-4-005-000, 37-43 Church Street
 (Parcel ID & Address)


 SUBPOENA
Greetings: Hans Huessy representative for Bigger Boat LLC., owner of 37-43 Church Street,
Burlington, VT
Parcel ID: 044-4-005-000
___________________________________________________________________________
 (Taxpayer Name, Address, and Parcel ID Number)


Pursuant to Section 92(b) of the City’s Charter, you are hereby commanded to provide the
Burlington Board of Tax Appeals the following records which are material to a determination of
a property owner’s appeal:

The current rent roll and IRS Schedule E or Form 8825 for the years 2021-2022, along with
any professionally conducted property appraisals in last three years. Please provide
comparable properties listed in appeal and fill out the attached income and expense form
from the Burlington City Assessor’s Office.
 (Description of Records Being Requested)


Such records are to be delivered to the Clerk of the City of Burlington, City Hall, 149 Church
Street, Burlington, VT 05401 by August 23, 2024, and will be regarded as confidential and used
only for the purpose of deciding the appeal. Failure to provide the requested records by the
specified date will result in the Board deeming that the appeal is withdrawn or dismissed and no
further appeal shall be available to taxpayer. Any request for an extension must be in writing;
the BTA may grant an extension if good cause is shown.

Dated in Burlington, Vermont this 7th day of August, 2024.

Burlington Board of Tax Appeals
By Its Attorney

/s/: Erik Ramakrishnan

Erik Ramakrishnan, Esq.
Assistant City Attorney



 Page 24 of 48
 OFFICE OF THE ASSESSOR
 City of Burlington
 ________________________________________
 City Hall, Room 17, 149 Church Street, Burlington, VT 05401 Voice (802) 865-7114
 Fax (802) 865-7116
 www.burlingtonvt.gov/assessor MailAssessor@burlingtonvt.gov


Apartment Income and Expense Survey
PROPERTY ADDRESS: _____________________________
PARCEL ID: ______ - __ - ______ - ______
Owner Name (Principal if business): _____________________________________
Business Name (if applicable): _____________________________________
Mailing Address: _____________________________________
Form Prepared by / Title _____________________________________
Telephone Number: ___________________
Information provided will be used for assessment purposes only and will not be
made available to the public

Income Data
Unit Floor Apartment Monthly Total Rooms/ Included in Rent Additional
 # Level Square Base Rent Total Bedrms/ Heat Hot Annual Income
 feet Total Baths Water
 ($)
 Laundry
 Parking
 Fees
 Storage
 Vending
 Other




Unit # - If unit is vacant provide assumed lease amount and typical lease terms.
Parking - If parking is additional income, put the income amount in the box.
Utilities - Heat and hot water. Please indicate Yes or No.

Parking Available to tenants: ___________ Total Spaces

Total Annual Gross Income $____________


 Page 25 of 48
 Parcel ID #__________
 Assessor Office Use Only
Annual Operating Expenses (tax not included)

1. Building Insurance $ _____________ 1. __
2. Trash Removal $_____________
 2. __________________
3. Grounds (lawn & snow) $ _____________
 3. __________________
4. Utilities
 4.___________________
 a. Sewer & Water $_____________
 b. Electric, Oil & Gas $_____________

5. Management $ _____________ 5. __________________
 (Includes advertising, accounting,
 Legal & commissions if applicable)
 6.__________________
6. City Inspection Fees $ _____________
 7.__________________
7. Repairs & Maintenance $ _____________
  (Repair expenses necessary to
  keep the property operating)

8. Replacement & Reserves $_____________ 8.__________________
 (replacement of short-lived items
 such as roof covers, heating systems,
 refrigerators, floor coverings, etc.)
 OR 9.__________________
 Replacement & Reserves Account $______________
  (amount annually set aside)

9. Other Expense: $______________
 _________________________ TOTAL $___________
  (description)



Total Operating Expenses $ ___________

Comments: ____________________________________________________________




Signature Date




 Page 26 of 48
 CITY OF BURLINGTON
 OFFICE OF THE ASSESSOR
 Joe Turner, City Assessor

Assessor’s Report to the Board of Tax Appeals Fiscal Year 2025

Property Valuation Appeal: 37-43 Church Street, Burlington Vermont
 For Tax Year 2024, Fiscal Year 2025

Estimated Value for Tax Year 2024: $5,455,000

Summary of Subject Facts
Property Location: The subject property is located on the northern corner of Bank
 Street and Pine Street in the City of Burlington’s Central Business
 District. The property has the address of 37-43 Street and can be
 further identified is parcel number 044-4-005-000.

Owner: Bigger Boat, LLC.

Site Description: The property consists of 0.5825 acres of primarily flat topography

Improvement Description: The property is one story retail building classified as Commercial.
 The building consists of a total of 48,081 square feet with 24,121
 square feet on the first floor and 23,960 square feet of basement.

Transfer History: The current owner Bigger Boat LLC purchased the property on
 December 31, 2014 from Antonio B Pomerleau LLC for
 $5,000,000.




Purpose of the Value Analysis

The purpose of this value analysis is to develop an opinion of the Market Value for the real property for
the ad valorem tax value. Vermont statute 32 V.S.A. § 4601 states “Taxes shall be uniformly assessed on
the lists of the persons taxed unless otherwise provided by law”. In order to create an equitable,
uniform distribution of the tax burden, the market value of all properties are set at a specific effective
date. This normalizes market conditions and all external factors that have an effect on value.

According to A Handbook on Property Tax Assessment Appeals, published by the Vermont Tax
Department, “the (current) value must be equalized so that the listed-value-to-market-value of the




 Page 27 of 48
appealed property corresponds to the listed-value-to-fair-market-value of comparable properties”.
Currently, all property values in the City of Burlington are set as of April 1st, 2021, which is the date of
the last city wide revaluation and what would be considered the “fair-market-value date of comparable
properties”.

The Market Value that is analyzed in this report is the “fair-market-value of comparable properties”
which carries an effective date of April 1st, 2021. There are two ways to achieve this retrospective fair
market value of real property which would create a value consistent with comparable properties.

The first way is to use valuation information from the retrospective date of value. For this valuation
analysis, we would use comparable sales or income and expense information from on or before April 1st,
2021. This method removes the use of any type of adjustment factor that would have been derived from
market sales post the effective date of value, such as the Common Level of Appraisal (CLA) or the Level
of Appraisal (LOA). This is the cleanest most direct way to create a retrospective value opinion that
would correspond with the “fair-market-value of comparable properties”.

The second way is to develop a current value of the property and adjust it back to the retrospective
value date, which would be considered the “fair-market-value of comparable properties”. This
adjustment would be developed through a factor derived from arms-length property transfers that
occurred after the retrospective value date. This is considered a market adjustment or a “time”
adjustment. The use of a market factor adjustment is not the most direct way to create a retrospective
value opinion due to assumptions associated with the factor. For instance, if a property was valued at
$100,000 on April 1st 2021 and then sold on April 1st 2022 for $105,000, a factor of 0.95 could be used
($100,000/ $105,000). This would adjust a 2022 value back to 2021.

An assumption in the creation of this factor would be that the properties used to create the market
factor adjustment are similar to the property in question. Another assumption would be that the
properties used to create the market factor adjustment sold in the exact same condition as the previous
value. The fact that there are built in assumptions associated with market factor adjustments creates
potential flaws and inaccuracies in this method.
The purpose of this value analysis is to develop an opinion of value that is adjusted for the “fair-market-
value of comparable properties”. This value analysis will be developing the opinion of value by using
retrospective market data on or before April 1, 2021.



Final Conclusion of Value

The owner of the subject property provided two credible appraisals by certified Vermont appraisers.
One appraisal was dated March 11, 2022 and the other was dated May 10, 2024. Due to the statutory
requirement to “uniformly assess” all properties in association with “fair-market-value of comparable
properties”, the appraisal dated March 11, 2022 was chosen. This was chosen as it represents a similar
market condition as comparable properties set on the grand list. All properties on the grand list
represent values associated with market conditions as of April 1, 2021.




 Page 28 of 48
044 4 005 000 044-4-005-000 BURLINGTON, VT Card: 1 of 1 Total Card Total Parcel
Sheet Lot Unit# Bldg# Parcel ID Building Location37-43 CHURCH ST APPR 6,994,500 / 6,994,500
PROPERTY LOCATION IN PROCESS APPRAISAL SUMMARY USE + IMP 6,994,500 / 6,994,500
37-43 CHURCH ST Use Code Building Val Yard Items Land Size Land Val Total Val USE LAND 6,994,500 / 6,994,500
BURLINGTON, VT 05401 C 5,770,500 0 25,375.00 1,224,000 6,994,500 ASSESSED 8,393,400 / 8,393,400
OWNERSHIP LEGAL DESCRIPTION
BIGGER BOAT LLC
37 CHURCH ST Building Total 5,770,500 0 25,375.00 1,224,000 6,994,500
BURLINGTON, VT 05401-0000 Parcel Total 5,770,500 0 25,375.00 1,224,000 6,994,500
 Source 2 - Inc (appr) Tot Val SF/Bld 145.47 Tot Val SF/Prcl 145.47 Lot Size
 Total Land 25,375.00
 PREVIOUS ASSESSMENTS Property ID: 5304 Land Unit Type SF
 Tx Yr Cat Use Bld Value Yard Items Land Size Land Val Total Appr Assessed Notes Date
 2024  FV C 5,770,500 0 25,375 1,224,000 6,994,500 8,393,400 2024/LDS 06/14/24 11:54:51 AM;
 06/14/2024
Occ C Type DID DISTRICT 2023  FV C 5,770,500 0 25,375 1,224,000 6,994,500 8,393,400 2023/LDS 07/07/23 9:47:36 AM;
 07/07/2023
 FV ran by Caitlin
 UseratAccount
 Patriot
PREVIOUS OWNER 2022  FV C 5,770,500 0 25,375 1,224,000 6,994,500 8,393,4002022/LDS 08/25/22 10:15:25 AM;
 08/25/2022
 Year End 15304
ANTONIO B POMERLEAU LLC 2021  FV C 5,770,500 0 25,375 1,224,000 6,994,500 8,393,400 DS Patriot Support 01/11/2022 GIS Coord 1
69 COLLEGE STREET 2020  FV C 2,806,300 0 25,375 918,800 3,725,100 4,470,120 post BOA 06/23/2020 313636722097.00000000
P O BOX 6 GIS Coord 1
 2019  FV C 2,806,300 0 25,375 918,800 3,725,100 4,470,120 9.23.2019 09/23/2019
BURLINGTON, VT 05402-0000
 Insp Date
 05/30/2024
 Print Date / Time
 9/13/2024 10:52 am
 SALES INFORMATION Last Date / Time
NARRATIVE DESCRIPTION 6/14/23 3:49 pm
This parcel contains 25375.00000 SF of land mainly classified as Grantor Legal Ref Type Date Sale Price TSF Verif. NAL Notes
 BURLINGTON\jturner
Commercial It has 1 building(s) first built in 1956 with a total of ANTONIO B POMERLEAU LLC 1266-133 WD 12/31/2014 5,000,000 No 3 BUYER WAS TENANT OGE. NOT A MARKETED SALE BUT A NEGOTIAT
 USER DEFINED
48,081 square feet. There are 1commercial unit(s), 2 Half Baths. POMERLEAU ANTONIO B TRUSTEE894-695 WD 11/03/2004 0 No 9 RAD:
 POMERLEAU ANTONIO B 777-610 TD 01/07/2003 0 No 9 270
 OLD PID:
OTHER ASSESSMENTS 166735
  Code Desc Amt Comm Int Amt State District:
 3-03
 BUILDING PERMITS ACTIVITIES CAD:
 Date Number Desc Amount Closed Status Fed. ID Notes Last Visit Date Result By 500
 02/10/2022 CMP-22-76 Mechanical 35,000 02/23/2022 CLOSED Replace old Carrier 48HJ008-014 Packaged
 05/30/2024RTU-1BOA w/new Trane DHC120 with curb adapter.
 SPAN: Disconnect a
PROPERTY FACTORS
 10/01/2020 2020 292045 00000 PP
 Plumbing 10,000 A Install new plumbing system to serve new
 11/05/2019
 employee REVL
 bath rooms with pump station. 114-035-15304
 Item Code Item Code %
 09/10/2020 2020 292043 00000 BP
 Building 32,000 A Specific to VT Fire & Building Safety Code: Construct two employee bathrooms, showerAccessory andDwlutilities
 Util 1 Dis 1 B 100.00000000
 Util 2 Dis 2 SN 07/24/2018
 100.00000000 2018 269487 00000
 Mechanical
 MP 7,121 02/25/2019 CLRC Ductwork modifications@fitting rooms, overhead door and basement office.
 07/05/2018 2018 268819 00000 PP
 Plumbing 11,000 02/25/2019 CLRC Install new plumbing system to serve 2 new gender friendly restrooms. (House & Senate PriorID1c
 bill H.333) a
 Util 3 Dis 3
  Census Zone 1 FD6 100 06/05/2018 2018 267612 00000 BP
 Building 10,000 02/25/2019 CLRC Install new overhead door for loading dock use. Relocate existing man door. Both doors00 on west eleva
 F. Haz Zone 2 05/18/2018 18-1030CA Zoning I 10,000 02/25/2019 CLRC Install new overhead door and move existing door to be flush with wall. All work is toPriorID2c
 be on west f
 00
 Topo Zone 3 04/18/2018 2018 263652 00000
 Fire
 SSSprink 3,500 02/25/2019 CLRC Final inspections will be conducted by the City Fire Marshal's Office. Renovations and correction of
 PriorID3c
 Street 03/30/2018 2018 264794 00000 PP
 Plumbing 4,000 02/25/2019 CLRC Relocate DWV and water for (2) bath room groups. 00
 Traffic 03/30/2018 2018 264793 00000 EP
 Electrical 600 02/25/2019 CLRC Demolition of bathroom only. All other work will require an other permit. All work shall be perMap
 Assessor the
  Exempt 03/29/2018 2018 264971 00000 EP
 Electrical 12,000 02/25/2019 CLRC Changing lights to LED, move track lighting for new layout, wire new break room, add receptacles. Al
LAND SECTION
 LUC LUC Desc Ft. # Units Depth U. Type L. Type Ft. Base V. Unit Prc Adj Prc NBC Ft. Mod. Inf 1 % Inf 2 % Inf 3 % Appr Alt LUC % Spec L.V. Juris L. Ft. Assessed Notes
  C Commercial 1 25,375 SF SITE 1 136 48.24 500 1 1,224,000 0 1 1,468,800




 Total AC/HA 0.58 Total SF/SM 25,375.00 Parcel LUCC - Commercial P. NBC Desc CHURCH ST MKTot 1,224,000 Tot 0 Tot 1,468,800
Disclaimer: This Information is believed to be correct but is subject to change and is not guaranteed Property: 5304 | Bld: 5509 | Seq: 1 | Year: 2024 | Data As Of Date: 09/13/2024 | User: BURLINGTON\jturner | DB: Assess50Burlington
 Page 29 of 48
Parcel ID 044-4-005-000 Comments Sketch
Exterior Information Condo Information DBA- Outdoor Gear Exchange
 Type 210 - FRAN RETAIL Location
  Stry Hght 1 - One Sty Tot Units
 (Liv) Units 0 Tot 1 Floor
 Found C - CONCRETE
 % Own
 Frame C - FireResistAV
 Name
 P. Wall BR - BRICK
  Sec Wall MT - STEEL/META20 Bath Features Res Breakdown Remodeling
  Roof Str FL - FLAT Full Bath 0 Rtng Floor No. Unit Rooms Bdrms Exterior 2001
  Roof Cvr RM - RUBBER MEMB Add Full 0 Rtng Interior 2000
 Color 3/4 Bath 0 Rtng Add.
 View Kitchen 2000
 Add. 3/4 0 Rtng
 Shape Bath
 1/2 Bath 2 Rtng Plumb 2000
 Bld Name Add. 1/2 0 Rtng Bld Total Electric 2000
General Information Other Fix 0 Rtng Prcl Total Heating 2000
  Grade G - GOOD General 2000
 Year Blt 1956 Eff Yr Other Features Calc Ladder
 Alt LUC Kitchens 0 Rtng Base Rate 79.10 Depr 1,539,393
  Juris Add Kit. 0 Rtng Size Adj 1.00000 Depr'd Total 6,119,278
 Con Mod Fireplaces 0 Rtng Con Adj 1.18552 Juris Ft. 1.0000
 WS Flues 0 Rtng Adj Prc $ 93.77 Spec. Features $0
Interior Information
  Avg Ht / Fl 16.00 Grade Ft. 1.23000 Lump Sum
 Depreciation
  P. Int Wall DW - DRYWALL Phys Con VG 20.1 Other Feat $ 404,113 Final Total $ 6,119,300
 Sec Int Wall Functional NBH Mod 1.0000 Override Val
 Partition L - LIGHT Economic NBC Infl 1.6700 Assmnt Ft. 1.2000
 P. Floor TL - TILE Special LUC Ft. 1.0000 Assessed Val $ 7,343,160
  Sec Floor Override Adj Tot (RCN) 7,658,671 Total $/SF $ 152.72 Mobile Home
 Bmt Floors TL - TILE Total 20.1% Depr % 20.1% Undepr $/SF 115.33710 Make Model Serial Year Color
 Sub Floors
 Bmt Garage 0
 Comparable Sales Sub Areas Alt Areas
 Rtng Parcel ID Type Sale Date Price Code Desc Net Area Gross A. F. Area Sz Adj A. Rate AV Undepr Val S. Area Alt Type % Alt Tenants Qual %U
 Electric G - GOOD
 FFL 1ST FLOOR 24,121 24,121 24,121 24,121 93.77 2,261,826 BMT RTLB 50 100
  Insulation T - TYPICAL
 BMT BASEMENT 23,960 23,960 23,960 0 47.34 1,134,266 BMT STG 50 100
  Int Vs Ext
 LDK LOADING DK 75 75 0 0 29.87 2,241
  Heat Fuel G - GAS
 SLAB SLAB FNDTN 161 161 0 0 9.38 1,510
 Heat HA - HOT AIR
 # Heat Sys 1
  Heated % 100 AC % 100
  Sol HW % Ctrl Vac %
 Com Wall % Sprink % 100 Avg Rtng Ind Val Building Totals 48,317 48,317 48,081 24,121 3,399,843
 Parcel Totals 48,317 48,317 48,081 24,121 3,399,843
Special Features / Yard Items
 Code Desc A Y/S Qty Size Qual Con Year Unit Prc D/S Depr % LUC Ft. NBC Ft. Juris Ft. Appr Val Assessed Image




 Building Totals Yard Item Appr Special Feature Appr
 Parcel Totals Yard Item Appr Special Feature Appr
Disclaimer: This Information is believed to be correct but is subject to change and is not guaranteed Property: 5304 | Bld: 5509 | Seq: 1 | Year: 2024 | Data As Of Date: 09/13/2024 | User: BURLINGTON\jturner | DB: Assess50Burlington
 Page 30 of 48
 CITY OF BURLINGTON, VERMONT
 NOTICE OF BOARD OF TAX APPEALS HEARING

Notice is hereby given that the Board of Tax Appeals of the City of Burlington will meet on
Wednesday, September 18, 2024, at 3:00 pm at Burlington City Hall, 149 Church St,
Burlington Vermont, to hear the grievance of:

 100 BANK LLC
for the property located at:

 100 Bank Street, 044-2-137-000

who is aggrieved by the action of the Board of Assessors and filed a written grievance with the
City Clerk/Treasurer.

 * A brief statement of the grounds for appeal is required by law and is essential to
 efficiently deal with appeals received each year. You must submit 5 copies of the
 statement and any documents or written evidence to be submitted to the Board at
 least fourteen (14) days before the hearing, or such documents may not be
 considered at the hearing. If you submitted documents online with your appeal request,
 you do not need to resubmit them, but you will need to submit a statement of the grounds
 for your appeal. The Board may subpoena documents it deems material to the appeal; the
 failure to provide requested records in response to a subpoena shall result in the dismissal
 or deemed withdrawal of this appeal and no further appeal shall be available.

 * A Hearing Panel of at least three board members will hear the appeal. Property
 owners will have up to 10 minutes to address the panel, explaining the reasons for the
 appeal and an opinion of the fair market value of the property. The City Assessor will
 also have up to 10 minutes. Please refer to the enclosed brochure for more details on the
 hearing.

 * At the close of the hearing, the parties will decide whether or not a site visit will be
 held. A site visit is mandatory unless waived by the property owner(s), the Assessor, and
 the Panel. If the property owner(s) refuses to allow an inspection of the property, the
 appeal shall be dismissed and no further appeal shall be available.

 * The Board of Tax Appeals will issue a written decision no later than December 31,
 2024. You will receive a corrected tax bill once the Board makes a decision if there is
 any change. You should continue to make payments as billed until then.

 * Please arrive early. Your hearing will be held in the Green Mountain Room, 1st
 Floor at City Hall. If you are unable to locate the hearing room, please consult the City
 Clerk's office.

Burlington Board of Tax Appeals
By:

___________________________
Lori Olberg, Clerk
Burlington Board of Tax Appeals
802 865-7136
Date of mailing: 08/12/24

 Page 31 of 48
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Page 39 of 48
 CITY OF BURLINGTON
 OFFICE OF THE ASSESSOR
 Joe Turner, City Assessor

Assessor’s Report to the Board of Tax Appeals Fiscal Year 2025

Property Valuation Appeal: 100 Bank Street, Burlington Vermont
 For Tax Year 2024, Fiscal Year 2025

Estimated Value for Tax Year 2024: $7,868,500

Summary of Subject Facts
Property Location: The subject property is located on the northern corner of Bank
 Street and Pine Street in the City of Burlington’s Central Business
 District. The property has the address of 100 Bank Street and can
 be further identified is parcel number 044-2-137-000.

Owner: 100 Bank LLC.

Site Description: The property consists of 0.2525 acres of primarily flat topography

Improvement Description: The property is an eight story office building classified as
 Commercial. The building consists of a total of 80,720 square feet
 with approximately 73,161 square feet of leasable space.

Transfer History: The current owner 100 Bank Street LLC purchased the property on
 December 22, 2017 from MP Vermont LLC for $10,500,000 under
 what appears to be an arm’s length transaction.




Purpose of the Value Analysis


The purpose of this value analysis is to develop an opinion of the Market Value for the real property for
the ad valorem tax value. Vermont statute 32 V.S.A. § 4601 states “Taxes shall be uniformly assessed on
the lists of the persons taxed unless otherwise provided by law”. In order to create an equitable,
uniform distribution of the tax burden, the market value of all properties are set at a specific effective
date. This normalizes market conditions and all external factors that have an effect on value.

According to A Handbook on Property Tax Assessment Appeals, published by the Vermont Tax
Department, “the (current) value must be equalized so that the listed-value-to-market-value of the




 Page 40 of 48
appealed property corresponds to the listed-value-to-fair-market-value of comparable properties”.
Currently, all property values in the City of Burlington are set as of April 1st, 2021, which is the date of
the last city wide revaluation and what would be considered the “fair-market-value date of comparable
properties”.

The Market Value that is analyzed in this report is the “fair-market-value of comparable properties”
which carries an effective date of April 1st, 2021. There are two ways to achieve this retrospective fair
market value of real property which would create a value consistent with comparable properties.

The first way is to use valuation information from the retrospective date of value. For this valuation
analysis, we would use comparable sales or income and expense information from on or before April 1 st,
2021. This method removes the use of any type of adjustment factor that would have been derived from
market sales post the effective date of value, such as the Common Level of Appraisal (CLA) or the Level
of Appraisal (LOA). This is the cleanest most direct way to create a retrospective value opinion that
would correspond with the “fair-market-value of comparable properties”.

The second way is to develop a current value of the property and adjust it back to the retrospective
value date, which would be considered the “fair-market-value of comparable properties”. This
adjustment would be developed through a factor derived from arms-length property transfers that
occurred after the retrospective value date. This is considered a market adjustment or a “time”
adjustment. The use of a market factor adjustment is not the most direct way to create a retrospective
value opinion due to assumptions associated with the factor. For instance, if a property was valued at
$100,000 on April 1st 2021 and then sold on April 1st 2022 for $105,000, a factor of 0.95 could be used
($100,000/ $105,000). This would adjust a 2022 value back to 2021.

An assumption in the creation of this factor would be that the properties used to create the market
factor adjustment are similar to the property in question. Another assumption would be that the
properties used to create the market factor adjustment sold in the exact same condition as the previous
value. The fact that there are built in assumptions associated with market factor adjustments creates
potential flaws and inaccuracies in this method.
The purpose of this value analysis is to develop an opinion of value that is adjusted for the “fair-market-
value of comparable properties”. This value analysis will be developing the opinion of value by using
retrospective market data on or before April 1, 2021.




 Page 41 of 48
Site Analysis


 Subject Aerial View




Size and Shape
The property is a primarily rectangular shaped parcel containing 0.2525 acres or 11,002 square
feet. There is not excess or surplus land located on the site.

Access
Access to the site is provided by both Bank Street and Pine Street. Overall, the property has
good access with close proximity to a downtown garage.
Topography
The property site is flat in topography and at equal grade with the adjacent streets. The
property is an interior lot with typical topography.




 Page 42 of 48
 Subject Front View




Approaches to Value
The Cost Approach is based on the “Principle of Substitution” which states that no rational person
would pay more for a property than the amount for which he can obtain, by purchase of a site and
construction of improvements, without undue delay, a property of equal desirability and utility.
The subject property consists of an eight-story, office building, which was constructed in 1983
and is in average condition.
Due to the limited number of similar land sales in the area and the difficulty in estimating the
depreciation from various factors, the Cost Approach was not considered to be a reliable indicator
of value and was not utilized in this valuation.
In my opinion, the omission of this approach does not affect the credibility of the value estimate
contained herein since the Income Approach provides reliable indicators of value for the subject
property.
The Sales Comparison Approach is based on the "Principle of Substitution" which indicates that
an informed purchaser would pay no more for a property than the cost of acquiring an equally
desirable substitute property with the same or similar utility. This approach is most applicable
when an active market provides sufficient quantities of reliable data that can be verified from
authoritative sources. Since there are not an adequate number of similar improved sales in the
subject’s market area, the Sales Comparison Approach was not considered to be a reliable indicator
of value in this instance. Therefore, the Sales Comparison Approach was not developed in this
value opinion of the subject property.
The Income Approach is based on the principle of anticipation in which the purchaser is buying
in anticipation of receiving any future benefits of property ownership. When analyzing income-
producing properties, the physical characteristics may be less significant than the property's
ability to generate income. This approach is most applicable when there is a sufficient amount of
verifiable market activity. Sufficient market data was available for the Income Approach to
provide a reliable indicator of value in this instance and therefore was developed in this value
opinion.




 Page 43 of 48
Income Approach to Value

The Income Capitalization Approach is a valuation method based on the principal of anticipation.
This technique assumes a relationship between potential future returns and the value of a property.
The subject property consists of an eight story office buildings which contain 80,720 square feet
and 73,161 square feet of Gross Leasable Area.

The property owner provided income and expense data for the three years prior to April 1, 2021.
These numbers were compared against typical market income and expense data. Reasonable
vacancy and expenses were deducted which results in the net operating income for the subject
property. The net operating income was then capitalized at an overall rate which was estimated
by reference to an analysis of overall rates for other office properties located in the subject’s market
area.


Market Rental Rate Conclusion

The subject property is located in the Burlington Central Business District and leased on a triple
net (NNN) basis. A NNN lease represents a full pass through of operating expenses to the tenant.

 In December of 2020 transactions noted of similar office properties in the Burlington CBD
presented a range of $17.50 to $25 per square foot of lease-able area on a NNN basis. This could
have the subject property potentially grossing between $1,280,300 and $1,829,000.


Vacancy and Collection Loss
The vacancy rate is percentage of available units in a rental property that are vacant or unoccupied
at a particular time. This rate is removed from the potential gross income of the property to estimate
the effective gross income before expenses are removed. In December of 2020 Burlington’s
Central Business District office vacancies were at approximately 10%. Due to what the owner has
expressed as higher than usual vacancies, a rate of 20% will be used for the opinion of value.

Expenses

Office leases in this area are typically structured on a triple net basis which means that they are
passed through to the tenant. This leaves what is considered common area maintenance fee or
CAM. As of December 2020 these fees typically range from $6.50 to $8.25 for office properties
in the Burlington CBD. This would show a range of approximately $475,000 to $603,000 in total
expenses.

The property owner provided a three year history of actual expenses. These expenses were
analyzed and adjusted to what a typical buyer would consider annual operation expenses. After




 Page 44 of 48
adjustments, the reported expenses fell in line with what would be considered typical for the
market.

It is common practice in tax assessment to remove the actual property tax amount from the
expenses when analyzing property value. Including the property tax in the annual expenses would
create a circular argument. Instead of including property tax as an expense item, the effective tax
rate is applied or “loaded” into the appropriate capitalization rate for a particular property type in
a particular market area. This gives a property tax component influence on the final value, but it’s
not used as an operating expense and it’s not used as an actual number, such as the prior year’s tax
amount.

Capital expenses are one-time expenditures of tangible or nontangible assets. These assets usually
have a lifespan of more than one year and bring longer-term value to the business. These
expenditures are typically reported by spreading the cost out over the economic life of the asset.
In developing an opinion of value, these expenditures are accounted for in a reserve account.
Reserve expenses for office properties typically range from $0.15 to $0.30 per square foot. For the
purposes of this value opinion, reserve account expenses were used. The higher end of the reserve
account range will be used due to information provided by the owner. The calculation for reserve
account is as follows: 80,720 x $0.30 = $24,216.

Income and Expense Summary

When analyzing the information provided by the owner, and including estimated vacancy and
collection loss, the subject property would produce rents on the higher side of the $17.50 to $25
range. For this value opinion a rate of $24 will be applied which would include the full pass
through of operating expenses to the tenant.

After analyzing the information provided by the owner and market data, the overall annual
operating expense of the subject property is $521,839. This is in line with the typical annual
operating expense of office properties in the Burlington CBD.

The following is a summary of the Net Operating Expense (NOI) calculation:




 Page 45 of 48
 Operating Income Summary
 Potential Gross Income
 73,161 sf x $24 $1,755,864
 Less Vacancy and Collection Loss
 20% of PGI $351,173
 Effective Gross Income $1,404,691

 Expenses
 General Operation Expense $497,623
 Replacement Reserves $24,216
 Total Expenses ($521,839)

 Net Operating Income $882,852

Capitalization

Capitalization is the process of converting the net income of a property into a value estimate.
This is done through a capitalization rate which is derived from the market. The capitalization
rate range in Chittenden County on all commercial property ranges from approximately 6.2% to
11.5%. More specifically, office properties in the City of Burlington range from 7% to 11.4%.
Some market conditions that affect capitalization rates or typical lease terms and property
location. An appropriate capitalization rate to apply to the subject would fall somewhere in the
middle of the range. For the purpose of this value opinion a rate of 9.1% will be used.

As stated above, due to the property taxes being removed from the operating expense, the tax
rate for the valuation year should be applied to the market derived capitalization rate. The tax
rate for tax year 2021 is 2.12%. This would lead to a total capitalization rate of 9.1% + 2.12% =
11.22%.

Conclusion
The following is the final opinion of value for the property located at 100 Bank Street,
Burlington VT, as of April 1 st, 2021

 Net Operating Income / Overall Rate (loaded) = Value
 $882,852 11.22% $7,868,500

*All information used in this report was from on or before April 1 st, 2021

* Some information in this report was from Allen, Brooks & Minor Report, December 2020




 Page 46 of 48
044 2 137 000 044-2-137-000 BURLINGTON, VT Card: 1 of 1 Total Card Total Parcel
Sheet Lot Unit# Bldg# Parcel ID Building Location100 BANK ST APPR 7,978,500 / 7,978,500
PROPERTY LOCATION IN PROCESS APPRAISAL SUMMARY USE + IMP 7,978,500 / 7,978,500
100 BANK ST Use Code Building Val Yard Items Land Size Land Val Total Val USE LAND 7,978,500 / 7,978,500
BURLINGTON, VT 05401 C 6,808,500 0 11,002.00 1,170,000 7,978,500 ASSESSED 9,574,200 / 9,574,200
OWNERSHIP LEGAL DESCRIPTION
100 BANK LLC
C/O REDSTONE Building Total 6,808,500 0 11,002.00 1,170,000 7,978,500
PO BOX 790 Parcel Total 6,808,500 0 11,002.00 1,170,000 7,978,500
Burlington, VT 05402-0000 Source 6 - Override Tot Val SF/Bld 116.17 Tot Val SF/Prcl 116.17 Lot Size
USA Total Land 11,003.00
 PREVIOUS ASSESSMENTS Property ID: 4998 Land Unit Type SF
 Tx Yr Cat Use Bld Value Yard Items Land Size Land Val Total Appr Assessed Notes Date
 2024  FV C 6,808,500 0 11,002 1,170,000 7,978,500 9,574,200 2024/LDS 06/14/24 11:54:51 AM;
 06/14/2024
Occ C Type DID DISTRICT 2023  FV C 6,808,500 0 11,002 1,170,000 7,978,500 9,574,200 2023/LDS 07/07/23 9:47:36 AM;
 07/07/2023
 FV ran by Caitlin
 UseratAccount
 Patriot
PREVIOUS OWNER 2022  FV C 4,822,500 70,800 11,002 1,170,000 6,063,300 7,275,9602022/LDS 08/25/22 10:15:25 AM;
 08/25/2022
 Year End 14998
100 BANK LLC 2021  FV C 4,822,500 70,800 11,002 1,170,000 6,063,300 7,275,960 DS Patriot Support 01/11/2022 GIS Coord 1
C/O REDSTONE 2020  FV C 7,396,000 0 11,002 486,300 7,882,300 9,458,760 post BOA 06/23/2020 313084721871.00000000
PO BOX 790 GIS Coord 1
 2019  FV C 7,396,000 0 11,002 486,300 7,882,300 9,458,760 9.23.2019 09/23/2019
Burlington, VT 05402-0000
 Insp Date
USA
 04/26/2023
 Print Date / Time
 9/13/2024 10:58 am
 SALES INFORMATION Last Date / Time
NARRATIVE DESCRIPTION 6/14/23 3:49 pm
This parcel contains 11003.00000 SF of land mainly classified as Grantor Legal Ref Type Date Sale Price TSF Verif. NAL Notes
 BURLINGTON\jturner
Commercial It has 1 building(s) first built in 1983 with a total of 100 BANK LLC 1723-110 ED 09/29/2023 436,632 No 12
 USER DEFINED
68,680 square feet., 14 Half Baths. 100 BANK LLC 1374-324 WD 12/22/2017 10,500,000 No 2 kk validated sale RAD:
 BURLINGTON SEVEN ASSOCIATION
 1032-282 WD 04/22/2008 10,200,000 No 2 270
 DONOHOE O`BRIEN BURLINGTON 548-734 WD 07/09/1996 0 No OLD PID:
OTHER ASSESSMENTS 028464
  Code Desc Amt Comm Int Amt State District:
 3-03
 BUILDING PERMITS ACTIVITIES CAD:
 Date Number Desc Amount Closed Status Fed. ID Notes Last Visit Date Result By 510
 04/17/2024 RS-24-46 Building Permit - Roof/Siding
 111,187 A re-roofing canopy on 7th floor and a section
 04/26/2023
 of the main
 14 roof SPAN:
PROPERTY FACTORS
 04/01/2024 CEP-24-371 Electrical 04/29/2024 CLOSED 04/26/2023 114-035-14998
 Item Code Item Code %
 03/23/2024 CMP-24-130 Mechanical A 03/10/2023 11 Accessory Dwl
 Util 1 Dis 1 B 100.00000000
 Util 2 Dis 2 SN 11/13/2023
 100.00000000 RS-23-205 Building Permit - Roof/Siding
 35,525 12/05/2023 CLOSED Roof replacement of patio roof area06/29/2021 BOA
 10/19/2023 CEP-23-1478 Electrical 2,750 08/27/2024 CLOSED Provide and install two L6-30&nbsp; 12/06/2019
 receptacles for
 REVL
 repeater equipment. PriorID1c
 Util 3 Dis 3
 06/02/2023 CEP-23-803 Electrical 50,000 A Install 200 amp 120/240 circuit from existing meter to new Dish wireless platform on roof.  00Install (
  Census Zone 1 FD6 100 PriorID2c
 F. Haz Zone 2 03/23/2023 CEP-23-410 Electrical 1,500 07/07/2023 CLOSED Install power for 3 heat pumps and subpanel&nbsp;
 00
 Topo Zone 3 02/20/2023 CEP-23-241 Electrical 6,500 A Low voltage security system installation
 PriorID3c
 Street 02/06/2023 CEP-23-163 Electrical 841 04/19/2023 CLOSED Demo and replace of VAV controls for 6th floor AON space fit-up. Class 2 wiring for DDC00controls.
 Traffic 01/12/2023 CEP-23-59 Electrical 205,000 06/27/2023 CLOSED 6th floor fit-up to include lighting, temporary power, panel, feeder, receptacles, and fire alarm.
 Assessor Map
  Exempt 01/11/2023 CPP-23-15 Plumbing 46,000 04/05/2023 CLOSED New break room sinks and single use bathroom&nbsp;
LAND SECTION
 LUC LUC Desc Ft. # Units Depth U. Type L. Type Ft. Base V. Unit Prc Adj Prc NBC Ft. Mod. Inf 1 % Inf 2 % Inf 3 % Appr Alt LUC % Spec L.V. Juris L. Ft. Assessed Notes
  C Commercial 1 11,002 SF SITE 1 100 106.34 510 1 1,170,000 0 1 1,404,000




 Total AC/HA 0.25 Total SF/SM 11,002.00 Parcel LUCC - Commercial P. NBC Desc CBD Tot 1,170,000 Tot 0 Tot 1,404,000
Disclaimer: This Information is believed to be correct but is subject to change and is not guaranteed Property: 4998 | Bld: 5177 | Seq: 1 | Year: 2024 | Data As Of Date: 09/13/2024 | User: BURLINGTON\jturner | DB: Assess50Burlington
 Page 47 of 48
Parcel ID 044-2-137-000 Comments Sketch
Exterior Information Condo Information PCL #13 (LAND UNDER #7 BURL SQ)
 Type 312 - OFFICE ELVTR Location
  Stry Hght 8 - 8 Story Tot Units
 (Liv) Units 0 Tot 0 Floor
 Found C - CONCRETE
 % Own
 Frame B - FireResistGD
 Name
 P. Wall MG - METAL/GLASS
  Sec Wall 0 Bath Features Res Breakdown Remodeling
  Roof Str FL - FLAT Full Bath 0 Rtng Floor No. Unit Rooms Bdrms Exterior
  Roof Cvr RM - RUBBER MEMB Add Full 0 Rtng Interior
 Color 3/4 Bath 0 Rtng Add.
 View Kitchen
 Add. 3/4 0 Rtng
 Shape Bath
 1/2 Bath 14 Rtng Plumb
 Bld Name Add. 1/2 0 Rtng Bld Total Electric
General Information Other Fix 0 Rtng Prcl Total Heating
  Grade A - AVERAGE General
 Year Blt 1983 Eff Yr Other Features Calc Ladder
 Alt LUC Kitchens 0 Rtng Base Rate 84.10 Depr 3,257,265
  Juris Add Kit. 0 Rtng Size Adj 1.00000 Depr'd Total 11,028,985
 Con Mod Fireplaces 0 Rtng Con Adj 1.25288 Juris Ft. 1.0000
 WS Flues 0 Rtng Adj Prc $ 105.37 Spec. Features $ 72,900
Interior Information
  Avg Ht / Fl 12.00 Grade Ft. 1.00000 Lump Sum
 Depreciation
  P. Int Wall DW - DRYWALL Phys Con AV 22.8 Other Feat $ 491,587 Final Total $ 11,101,900
 Sec Int Wall Functional NBH Mod 1.0000 Override Val
 Partition T - TYPICAL Economic NBC Infl 1.6700 Assmnt Ft. 1.2000
 P. Floor TL - TILE Special LUC Ft. 1.0000 Assessed Val $ 13,322,280
  Sec Floor Override Adj Tot (RCN) 14,286,250 Total $/SF $ 193.98 Mobile Home
 Bmt Floors Total 22.8% Depr % 22.8% Undepr $/SF 105.37000 Make Model Serial Year Color
 Sub Floors
 Bmt Garage 0
 Comparable Sales Sub Areas Alt Areas (9 of 18)
 Rtng Parcel ID Type Sale Date Price Code Desc Net Area Gross A. F. Area Sz Adj A. Rate AV Undepr Val S. Area Alt Type % Alt Tenants Qual %U
 Electric T - TYPICAL
 UFL UPPR FLOOR 50,832 50,832 46,257 46,257 105.37 5,356,168 UFL SUP 9 100
  Insulation T - TYPICAL
 TFL 3RD FLOOR 10,368 10,368 9,435 9,435 105.37 1,092,476 UFL SUP 9 100
  Int Vs Ext
 SFL 2ND FLOOR 9,024 9,024 8,212 8,212 105.37 950,859 UFL SUP 9 100
  Heat Fuel G - GAS
 FFL 1ST FLOOR 5,248 5,248 4,776 4,776 105.37 552,982 UFL SUP 9 100
 Heat HVAC
 BMT BASEMENT 5,248 5,248 0 0 21.07 110,575 UFL SUP 9 100
 # Heat Sys 0
  Heated % AC % 100 UFL SUP 9 100
  Sol HW % Ctrl Vac % UFL SUP 9 100
 Com Wall % Sprink % 100 Avg Rtng Ind Val Building Totals 80,720 80,720 68,680 68,680 8,063,060 UFL SUP 9 100
 Parcel Totals 80,720 80,720 68,680 68,680 8,063,060 UFL SUP 9 100
Special Features / Yard Items
 Code Desc A Y/S Qty Size Qual Con Year Unit Prc D/S Depr % LUC Ft. NBC Ft. Juris Ft. Appr Val Assessed Image
 GEN GENERATOR D S 2 1.00 C AV 2005 32,640.00 T 22.4% 1 1.44 1 72,900 87,480
 ELVP ELEV.PASS. M Y 1 8.00 C AV 1983 5,000.00 T 53.2% 1 1.44 1 70,800 84,960




 Building Totals Yard Item Appr 70,800 Special Feature Appr 72,900 143,700 172,440
 Parcel Totals Yard Item Appr 70,800 Special Feature Appr 72,900 143,700 172,440
Disclaimer: This Information is believed to be correct but is subject to change and is not guaranteed Property: 4998 | Bld: 5177 | Seq: 1 | Year: 2024 | Data As Of Date: 09/13/2024 | User: BURLINGTON\jturner | DB: Assess50Burlington
 Page 48 of 48

Meeting Convened 2:10pm
Members in attendance: Alan, David, Sonja, Dot, Emily
Others: Attorneys Erik Ramakrishnan & Hayley McClenahan;
Joe Turner

1.1 Adopt Agenda, moved by David, 2nd by Sonja, approved Unan

2.1 Minutes, Moved by Sonja, 2nd by David. Amended to spell Dot Commo’s last name “Commo.”
Approved Unan

3.1 Hearing held
Wright Preston and Liam Murphy for the Appellant, Joe Turner and Atty Erik Ramakrishnan for the City
Commenced 2:17pm. Ended 3:10pm. Evidence to be held open to allow for measurement of floor area.
Site visit to be scheduled if no agreement.

3.2 Hearing Postponed to Sept 25 @ 2:00pm.

3.3 Hearing Postponed to a date to be scheduled.

4.1 Adjournment, moved by David, 2nd by Emily. Approved Unan.