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<br />M I NUT E S <br /> <br />o F <br /> <br />S E P T E M B E R <br /> <br />1 2, <br /> <br />1 988 <br /> <br />The Board received a Report from Bob Barnes for consideration in the <br />final decision on revaluation. The State and County recommended <br />consideration of an adjustment in the land valuation from $60,500.00 <br />to $55.000.00 to be consistent with valuations of other water front <br />parcels within this bay. Mr. Barnes' report included (1) An Income <br />Analysis based on Actual Reported Income for 1987 - $103,000.00; (2) <br />An estimated Income Analysis based on recent data - $125.000.00; and. <br />(3) a Market Approach Analysis based on the sale of Pleasant Harbor <br />Marina II and III in 1988. <br /> <br />BOE-88-006-C <br />PLEASANT HARBOR MARINA I <br /> <br />Parcel Number: 502-104-019 <br />Parcel Number: 502-104-020 <br /> <br />PETITIONER: MARK LITCHMAN <br />Let the record show that the Board was on site at 10:36 a.m. on August <br />29. 1988 and met with Mr. Bob Barnes (State Department of Revenue), <br />Bob Sho1d (Assessor's Office) and the Petitioner Mark Litchman to <br />inspect the Marina. It was noted that there were approximately 35 <br />boats in slips on the docks. Mr. Litchman acknowledged that the <br />Marina of 83 slips has been 40 percent occupied in the winter months <br />and 80 percent occupied in the summer months with rental rates of <br />between $1.80 and $2.00 per foot. The docks and slips are in poor <br />repair. It was agreed at this meeting that Mr. Barnes would review <br />past valuations and more current information and prepare an amended <br />recommendation of valuation prior to the final meeting af the Board on <br />this matter in the beginning of September. <br /> <br />The Board concurred that: since Mr. Litchman is continuing to rent <br />slips, the petitioners request to re-value the parcels on the basis of <br />water front building sites only, would be improper. The Board <br />considered the valuation recommendation af the State Revenue <br />Department under the Market Approach to be the most realistic at <br />$160,000.00. A Motion was moved and passed to adjust the valuations <br />of these parcels as follows: <br />Parcel: 502-104-019 1) Reduce the land valuation from <br />$60,500.00 to $55.000.00 to be consistent <br />with the valuation of other water front in <br />the Bay. <br />2) Reduce the improvements valuation of <br />the docks. slips and upland rest rooms <br />from $94.500.00 to $59.000.00 due to <br />continued depreciation of the docks and <br />slips. <br />Parcel: 502-104-020 1) Reduce the land valuation from <br />$60.500.00 to $55,000.00 to be consistent <br />with the valuation of other water front in <br />the Bay. <br /> <br />2 <br />