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<br />~\ tQU~e <br />A;) ~ON~ ~ <br />~/~~ O~\ ~ <br />'-' !~ \. '1.~ ~ <br />~(~I ~I ~ <br />~ ~/ <br />~'Y <br /> <br />1820 Jefferson Street <br />P.O. Box 1220 <br />Port Townsend, WA 98368 <br /> <br />James A. DeLeo <br /> <br />William S. Marlow <br /> <br />Richard A. Broders <br /> <br />MINUTES <br />November 21,2005 <br /> <br />William S. Marlow <br />Richard A. Broders <br />James A. DeLeo <br /> <br />Chairman <br />Vice-Chairman <br />Member <br /> <br />Chairman William S. Marlow called the meeting to order at 9:30 a.m. in the presence of Vice-Chairman <br />Richard A. Broders and Member James A. DeLeo. <br /> <br />HEARINGS <br /> <br />Discovery View Associates <br />c/o Property Research Ltd., <br />W. Scott Phinney/Christopher Robinson <br />1 Mount Jefferson Terrace <br />Lake Oswego, W A 97035 <br /> <br />BOE: 05-36-C <br /> <br />PN: 948332903 <br /> <br />No representative was present on behalf of Discovery View Associates. Appraiser Robert Shold <br />represented the Assessor's office and was sworn in by Chairman Marlow. The property under appeal <br />consists of a low-income housing development known as Discovery View Apartments located at 1051 <br />Hancock Street, Port Townsend. On the petition form the appellant stated: 'This is a low-income housing <br />project subject to government restrictions. It should be valued based upon proper consideration ofthe <br />impact ofthose restrictions. The capitalization rate should be higher than that for conventional properties <br />to reflect the increased risk relating to government control of many of the owner's traditional ownership <br />rights. The Washington Court of Appeals has ruled that these restriction must be considered in the <br />valuation process. Actual, not market, income must be used for valuation. The rental income shown on <br />the operating statement reflects the maximum rents the project can charge as of the assessment date <br />pursuant to its governmental regulatory agreements. Tax credits and interest subsidies, if any, should be <br />ignored as intangibles or financing provisions that are not part of the real property valuation under <br />Washington law." Letters and additional documentation was provided as evidence with this appeal. <br />Currently, the property is assessed at $1,671,330 ($749,760 for the land and $921,570 for the <br />improvements). The appellant's estimate of value is $1,100,000 ($749,760 for the land and $350,240 for <br />the improvements). <br /> <br />Phone (360)385-9100 Fax (360)385-9382 <br />