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<br />MINUTES <br /> <br />o F <br /> <br />AUGUST <br /> <br />THIRD <br /> <br />was also present. After being informed of the procedures of the Board <br />Mr. Harris was sworn in. <br />ASSESSOR: ROBERT SHOLD was present as a representative of the <br />Assessor's Office. <br />DEPARTMENT OF REVENUE: MR. ROBERT BARNES was present for these <br />proceedings. <br /> <br />The current valuation on these two parcels is: <br /> <br />Land: <br />Improvements: <br />Total Valuation: <br /> <br />$ 800,000.00 <br />$ 444,000.00 <br />$ 1,244,000.00 <br /> <br />The property known as the Pleasant Harbor Marina II and III. It is <br />desc::ibed as being 19.5 acres located at 34751 Hwy. 101, Brinnon, <br />Wash~ngton 98320. There are two units per acre with community water, <br />these are zoned residential. There are three buildings consisting of <br />two restroom and shower buildings and one storage and shop building. <br />The,property includes what are known as Marina II [$128,000.00] and <br />Mar~na III [$316,000.00]. Mr. Harris listed the purchase price of his <br />property as ~700,0~0.~0 cash. He purchased this property June 7, 1988. <br />He has not l~sted ~t w~th a broker, The property was appraised by Larry <br />Shorett [(206) 682-0630)] in 1979-1980 for securing a Small Business <br />Administration (SBA) loan, Mr. Harris included Real Estate Listings, <br />Purchase Agreements and other "supporting documents" with his petition <br />as Exhibit ilL <br /> <br />Mr. Harris believes the subject properties should be assessed at: <br />Land: $ 455,000.00 <br />Improvements (buildings: $ 70,000.00 <br />Improvements(docks): $ 175,000.00 <br />Total Valuation: $ 700,000.00 <br />Mr. Shold felt that the propertv should be considered all toqether as <br />they were separated out for purposes of sellinq one marina <br />separatelY from the others. <br /> <br />The Board, Mr. Harris and Mr. Barnes aqreed with Mr. Shold. <br /> <br />Mr. Harris:"As I indicated in my petition, your probably aware that I <br />just recently purchased the Marina and ah..." <br /> <br />Interruption from person in hallway. <br /> <br />Mr. Harris:"Uh, and we just took over on the loth of June of this year. <br />I have been endeavoring to purchase the property however, since October <br />of 1986 when I first visited the property and began making offers to the <br />former owners prior to the SBA foreclosure. I guess I've never done <br />this before so I'm not sure how I should proceed other than to tell you <br />in terms of what I paid for it being a fair market value, ah because it <br />was on the market for seyeral years, advertised extensively both in <br />local publications or real estate brokers, even the wall street journal <br />at one time. So I feel that I purchased it at the fair market value <br />even though it was in a foreclosure operation as far as the SBA is <br />concerned. And I felt that with the history of the Marina and the fact <br />that it has not, ah, well it's been in default <br />on its taxes, as you know, on its DNR Lease, on its bank payments for <br />the last five or six years that I'm aware of. I'm trying to pull this <br />out and make it a viable business. I feel that I paid the fair market <br />value for it and that the taxes should be levied accordingly. I don't <br />mind paying the taxes and I would feel that probably in the future they <br />would increase because I anticipate the property would increase in value <br />because I would be making improvements on it. But at this point in <br />time, with the back taxes I owe, and the fact that the Marina is in, ah, <br />position of a lot of deferred maintenance, has gone downhill over the <br />last five years. Nothing's been done to it. Ah, there's going to be <br />a lot of outlay before we really start to see some income coming in. <br />And that's really the basis of my argument at this point in time." <br /> <br />Mr. Harris went on to state that there have been previous appraisals <br /> <br />2 <br />