The Lake County Value Adjustment Board met in regular session on Friday, October 3, 1997, at 9:00 a.m., in the Board of County Commissioner's Meeting Room, Lake County Administration Building, Tavares, Florida. Commissioners present at the meeting were: William "Bill" H. Good, Chairman; Richard Swartz, Vice Chairman; and Rhonda H. Gerber (Commr. Gerber departed at 9:35 a.m. due to another commitment); Welton Cadwell (arrived at 10:00 a.m.). School Board members present were: Jimmy Conner; and Kyleen Fischer (arrived at 10:00 a.m.). Others present were Sanford "Sandy" Minkoff, County Attorney (afternoon session); Valerie Fuchs, Assistant County Attorney; Ed Havill, Property Appraiser; Frank Royce, Chief Appraiser; Robbie Ross, Director, Tangible Personal Property and Agricultural Operations; and Marlene S. Foran, Deputy Clerk.

PETITION NO. 1997-133 EAST LAKE APARTMENTS LTD.

Mr. Frank Royce, Chief Appraiser, informed the VAB that the petitioner, East Lake Apartments, Ltd., was appealing the assessment of value of an apartment complex in the City of Umatilla.

Mr. Chris Hines, Real Estate Tax Services, Inc., representing East Lake Apartments Ltd., appeared before the Board and distributed a packet of information that had been previously submitted to the Property Appraiser's Office. He explained that East Lake Apartments was a Section 8 subsidized property and was comprised of 42 units with an occupancy rate of 97.62% as of December 1996. He stated that he has supplied actual income and expense information and a rent roll. At this time, he reviewed the income worksheet which indicated a real estate value of $350,189 or $8,338 per unit. He stated that the actual income supports far lower value than the property would support if it were not a Section 8 subsidized property.

Mr. Royce distributed a copy of comparable properties and a copy of a letter, dated August 24, 1989, from Mr. Stephen M. Martin, Attorney, regarding East Lake Apartments, which states that the Property Appraiser was not required to consider voluntarily self-imposed restrictions in arriving at the value of a parcel of real property and that the use of the income approach results in a low and much less realistic value than the cost approach. He explained that the Property Appraiser, by law, must consider all three approaches to value. At this time, he discussed comparable apartment properties and discussed the per unit sale prices for said comparables, and the total project cost to build the projects by the Florida Housing Finance Agency. He stated that the Property Appraiser's Office has considered the sales of the properties, the market value, the cost value, and the income approach. He explained that, in arriving at the cost approach, they must look at market rents, and using the same expenses that Mr. Hines has prepared, the Property Appraiser has established the value of the East Lake Apartments to be $1,035,724 or $24,660 per unit. He stated that the current assessment of value was $22,802 per unit, and Mr. Hines was requesting that the property be assessed at $8,500 per unit. He stated that by using market rent, sales of the properties, and cost to build the properties, the Property Appraiser's assessment was fair and just.

On a motion by Mr. Conner, seconded by Commr. Swartz and carried unanimously by a 4 - 0, the VAB upheld the recommendation of the Property Appraiser and approved the assessment of value in the amount of $22,802 per unit for East Lake Apartments, Ltd., Petition No. 1997-133, based on findings of fact and lack of sufficient evidence to overturn the Property Appraiser's recommendation.

Ms. Fischer was not present for the discussion or vote.

PETITION NO. 1997-134 THE RIDGE AT MT. DORA

Mr. Frank Royce, Chief Appraiser, informed the VAB that the petitioner, The Ridge at Mt. Dora, was appealing the assessment of value of an apartment complex located in the City of Mount Dora.

Mr. Chris Hines, Real Estate Tax Services, Inc. representing The Ridge at Mt. Dora, appeared before the VAB, and explained that The Ridge at Mt. Dora was a Section 8 subsidized property. He distributed a packet of information that had been previously submitted to the Property Appraiser's Office that contained actual income and expense information and a rent roll.

Mr. Royce explained that using the market rent on the property and using the expenses as reported for The Ridge At Mt. Dora, the Property Appraiser's Office has established a market value of $1,039,783, which was $23,631 per unit. He stated that the current assessment of value was $20,782 per unit.

On a motion by Mr. Conner, seconded by Commr. Swartz and carried unanimously by a 4 - 0 vote, the VAB upheld the recommendation of the Property Appraiser and approved the assessment of value in the amount of $20,782 per unit for The Ridge At Mt. Dora, Petition No. 1997-134, based on findings of fact and lack of sufficient evidence to overturn the Property Appraiser's recommendation.

RECESS & REASSEMBLY

At 9:25 a.m., the Chairman announced that the VAB would recess for five minutes and reconvene at 9:30 a.m.

At 9:30 a.m., Commr. Good reconvened the VAB, and noted that there were no petitioners present to address the VAB; therefore, the VAB would recess until 10:00 a.m.

VALUE ADJUSTMENT BOARD (CONTINUED)

It was noted that Commr. Gerber had departed the meeting at 9:30 a.m., and that Commr. Welton Cadwell would be sitting on the VAB in her absence for the remainder of the meeting.

PETITION NO. 1997-122 BURR WOLFF, L.P.

PETITION NO. 1997-123 BURR WOLFF, L.P.

Mr. Frank Royce, Chief Appraiser, informed the VAB that the petitioner, Burr Wolff, L.P., was appealing the assessment of value of the Palisades Golf Club.

Mr. Harry Spell, Real Estate Agent representing Burr Wolff, L.P., appeared before the Board and distributed a packet of information that had been previously submitted to the Property Appraiser's Office, and explained that Petition No. 1997-122 and Petition No. 1997-123 were one property and would be presented as one petition. He stated that appeal was on Palisades Golf Club which was purchased by the petitioner in 1996 for a value of $3,281,000. At this time, he discussed the financial details of the purchase and explained that, after total adjustments to the sale were made, the adjusted purchase price was $2,041,161. He discussed the direct capitalization approach, which was capitalizing the income generated by the golf course and results in an indicated property value of $1,896,567 for a seven month period. He stated that, based on the information that he has furnished, the fair value for both parcels would be a little over $2,000,000.

Mr. Royce discussed the financial details sheet that had been distributed by Mr. Spell and questioned the $300,000 for Club House Security, and stated that the business value, in the amount of $455,899, should be included in the value of the property. He expressed concern that he had no confirmation that the figures were correct. He stated that the assessment of value for Palisades Golf Club was $2,714,317. He explained that the actual income figure shown on the summary of income from operations was $1,432,673 and using one year, the actual income figure, and the total expenses reported, there was a value of $4,742,745. He stated that the broker has verified that the case equivalent price in the sale was $4,200,000. He stated that the Property Appraiser's Office has looked at sales from the Counties of Lake, Volusia, Seminole, and Marion; the cost to build a golf course per hole; and the actual income figures to determine the assessment of value.

Mr. Spell stated that the Property Appraiser's Office has not verified the sales with either the buyer or seller and getting a sheet from the broker, that does not indicate all of the entities that were included in the purchase price, was not a fair argument to question the numbers presented. He expressed concern that the Property Appraiser has not shown how they have calculated the value on the property other than using a range of value per acre.

On a motion by Commr. Cadwell, seconded by Commr. Swartz and carried unanimously by a 5 - 0 vote, the VAB upheld the recommendation of the Property Appraiser and approved the assessment of value in the amount of $2,714.317 for Burr Wolff, L.P. (Palisades Golf Club), Petition No. 1997-122 and Petition No. 1997-123, based on the findings of fact and lack of sufficient evidence to overturn the Property Appraiser's recommendation

Commr. Good noted, for the record, that Commr. Cadwell has taken Commr. Gerber's seat on the VAB and that Ms. Kyleen Fischer was present at this time.

PETITION NO. 1997-200 HARBOR HILLS COUNTRY CLUB, L.P. DBA

HARBOR HILLS COUNTRY CLUB LTD.

Mr. Frank Royce, Chief Appraiser, informed the VAB that the petitioner, Harbor Hills Country Club Ltd., was appealing the assessment of value of the Harbor Hills Country Club.

Mr. Jimmy Crawford, Attorney, representing Harbor Hills Country Club, L.P., appeared before the VAB and requested that the VAB reconsider his request for a postponement of this appeal. He stated that, if his request for postponement was denied, he would have to withdraw the appeal at this time. He stated that Mr. Scott Hutchinson, Vice President of Harbor Hills County Club, was his chief and only witness in this case, and was in Canada visiting his ill mother. He stated that he had informed Mr. Hutchinson on Monday that this case had been postponed and to visit his mother in Canada. He stated that there were extenuating circumstances in this case.

On a motion by Commr. Cadwell, seconded by Mr. Conner and carried by a 4 - 1 vote, the VAB approved the request to postpone Petition No. 1997-200, Harbor Hills Country Club, L.P., until October 30, 1997 at 9:00 a.m.

Commr. Swartz voted in opposition.

PETITION NO. 1997-179 HAROLD F. MILLER/SUE T. MILLER

Mr. Frank Royce, Chief Appraiser, informed the VAB that the petitioners, Harold and Sue Miller, were appealing the assessment of value of their home.

Ms. Sue Miller appeared before the VAB and explained that the assessed value of the home that they purchased a year ago has increased by $4,000. She displayed photographs of the parcel in question illustrating a lift station, metal boxes installed by the cable company, and one palm tree that has died. She stated that the assessed value of the parcel should not have been raised due to the unsightly problems illustrated the photographs. She noted that they had been misinformed and failed to file for homestead exemption this year; therefore, would be paying on the full value of the home for 1997.

Mr. Royce explained that the Miller's purchased the property in 1996 for $144,500, and that the parcel has been assessed at 80% of the sale for an assessment of value of $114,968, which was fair and just. He stated that the property was located on a canal in Venetian Village Third Addition. He noted that the house had been assessed at $60,452.

Mr. Conner made a motion, which was seconded by Ms. Fischer, to uphold the recommendation of the Property Appraiser and approve the assessment of value in the amount of $114,968 for Harold F. and Sue T. Miller, Petition No. 1997-170, based on the findings of fact and lack of sufficient evidence to overturn the Property Appraiser's recommendation.

Commr. Swartz explained that the petitioner has the ability to research and show that there were other comparables that would suggest that the Property Appraiser's assessment was too high, and that the Property Appraiser has the ability to change the assessment. At this time, it was noted that the Miller's have filed for homestead exemption for 1998.

The Chairman called for a vote on the motion, which carried unanimously by a 5 - 0 vote.

RECESS & REASSEMBLY

At 10:55 a.m., the Chairman announced that the VAB would recess and reconvene at 11:15 a.m.

At 11:15 a.m., the Chairman announced that the 11:15 a.m. cases were not present; therefore, the VAB would recess and reconvene at 1:00 p.m.

PETITION NO. 1997-152 VIRGO INVESTMENTS, INC.

PETITION NO. 1997-153 VIRGO INVESTMENTS, INC.

Mr. Clark Mann, Easley, McCaleb & Associates, Inc., representing several clients, appeared before the VAB and stated that he has been in the process of contacting his client, Virgo Investments, Inc., and that he did not want to withdraw Petition No. 1997-152 and Petition No. 1997-153 if it would remove his rights for continuing an appeal in circuit court if he should choose to do so.

Ms. Valerie Fuchs, Assistant County Attorney, informed Mr. Mann that, if he were to withdraw Petition No. 1997-152 and Petition No. 1997-153, Virgo Investments, Inc., he would have nothing to appeal in circuit court.

On a motion by Commr. Swartz, seconded by Mr. Conner and carried unanimously by a 4 - 0 vote, the VAB upheld the recommendation of the Property Appraiser and approved the assessment of value in the amount of $1,984,770 for Virgo Investments, Inc., Petition No. 1997-152 and Petition No. 1997-153, due to lack of sufficient evidence to overturn the Property Appraiser's recommendation.

Ms. Fischer was not present for the discussion or vote.

It was noted that Commr. Gerber was present for the vote.

PETITION NO. 1997-154 MID-FLORIDA FREEZER WAREHOUSE, LTD.

Mr. Frank Royce, Chief Appraiser, informed the VAB that the petitioner, Mid-Florida Freezer Warehouse, Ltd, was a property located in the City of Leesburg and no information has been provided to the Property Appraiser within the required specified time.

Mr. Clark Mann, Easley, McCaleb & Associates, Inc., representing Mid-Florida Freezer Warehouse, Ltd., stated that he has been trying to verify the Property Appraiser's assessment of value of the property in question.

Mr. Royce clarified that the Property Appraiser's assessment of value for the property in question was $1,292,063, and that the value has not changed in four (4) years.

Mr. Mann questioned a slight discrepancy in the assessment of value and his estimated value of $1,000,000.

On a motion by Commr. Gerber, seconded by Mr. Conner and carried unanimously by a 4 - 0 vote, the VAB upheld the recommendation of the Property Appraiser and approved the assessment of value in the amount of $1,292,063 for Mid-Florida Freezer Warehouse, Ltd., Petition No. 1997-154, based on findings of fact and lack of sufficient evidence to overturn the Property Appraiser's recommendation.

Ms. Fischer was not present for the discussion or vote.

PETITION NO. 1997-154 ROSEMONT MANOR, LTD.

Mr. Frank Royce, Chief Appraiser, informed the VAB that the petitioner, Rosemont Manor, Ltd., was appealing the assessment of value of a 36 unit apartment complex and no information has been submitted to the Property Appraiser's Office within the required specified time.

Mr. Clark Mann, Easley, McCaleb and Associates, Inc., representing Rosemont Manor, Ltd., appeared before the VAB and explained that he had submitted financial information on the property on October 2, 1997 and noted that this property was subsidized housing.

Mr. Royce stated that the Property Appraiser's Office would not accept the above noted information because it had not been submitted within the time limitations. He explained that Rosemont Manor was assessed at $24,463 per unit or a total of $880,660, noting that building permits, in the amount of $1,386,000, were pulled in 1995.

On a motion by Commr. Swartz, seconded by Mr. Conner and carried unanimously by a 4 - 0 vote, the VAB upheld the recommendation of the Property Appraiser and approved the assessment of value in the amount of $880,660 for Rosemont Manor Ltd., Petition No. 1997-152, based on findings of fact and lack of sufficient evidence to overturn the Property Appraiser's recommendation.

PETITION NO. 1997-162 FOXWOOD, LTD.

Mr. Frank Royce, Chief Appraiser, informed the VAB that the petitioner, Foxwood, Ltd., was appealing the assessment of value of a 36 unit apartment complex in the City of Eustis and no information has been submitted to the Property Appraiser's Office within the required specified time.

Mr. Clark Mann, Easley, McCaleb and Associates, Inc., representing Foxwood, Ltd., appeared before the VAB and stated that this was a subsidized housing project. He stated that he had submitted the income information to the Property Appraiser on October 2, 1997.

Mr. Royce stated that the Property Appraiser's Office would not accept the above noted information because it had not been submitted within the time limitations.

On a motion by Commr. Swartz, seconded by Commr. Gerber and carried unanimously by a 4 - 0 vote, the VAB upheld the recommendation of the Property Appraiser and approved the assessment of value in the amount of $690,322 for Foxwood, Ltd, Petition No. 1997-162, based on findings of fact and lack of sufficient evidence to overturn the Property Appraiser's recommendation.

Ms. Fischer was not present for the discussion or vote.

PETITION NO. 1997-163 LEESBURG R.H., LTD. II

Mr. Frank Royce, Chief Appraiser, informed the VAB that the petitioner, Leesburg R.H., Ltd, II, was appealing the assessment of value of a 42 unit apartment complex , known as Griffin Manor II, located in the City of Leesburg. He stated that the assessment of value was $20,760 per unit.

Mr. Clark Mann, Easley, McCaleb and Associates, Inc., representing Leesburg R.H., Ltd. II, appeared before the VAB and stated that Griffin Manor, II was a subsidized housing project He stated that he had submitted the income information to the Property Appraiser on October 2, 1997.

Mr. Royce stated that the Property Appraiser's Office would not accept the above noted information because it had not been submitted within the time limitations.

On a motion by Commr. Swartz, seconded by Mr. Conner and carried unanimously by a 4 - 0 vote, the VAB upheld the recommendation of the Property Appraiser and approved the assessment of value in the amount of $20,760 per unit for Leesburg R.H., Ltd. II, Petition No. 1997-163, based on findings of fact and lack of sufficient evidence to overturn the Property Appraiser's recommendation.

Ms. Fischer was not present for the discussion or vote.

PETITION NO. 1997-164 PENDRYVILLAS, LTD

Mr. Frank Royce, Chief Appraiser, informed the VAB that the petitioner, Pendryvillas, Ltd., was appealing the assessment of value of a 32 unit apartment complex located in the City of Eustis. He stated that the assessment of value was $17,952 per unit.

Mr. Clark Mann, Easley, McCaleb and Associates, Inc., representing Pendryvillas, Ltd., appeared before the VAB and stated that Pendryvillas, Ltd. was a subsidized housing project. He stated that he had submitted the income information to the Property Appraiser on October 2, 1997.

Mr. Royce stated that the Property Appraiser's Office would not accept the above noted information because it had not been submitted within the time limitations.

On a motion by Commr. Gerber, seconded by Commr. Swartz and carried unanimously by a 4 - 0 vote, the VAB upheld the recommendation of the Property Appraiser and approved the assessment of value in the amount of $17,952 per unit for Pendryvillas, Ltd., Petition No. 1997-164, based on findings of fact and lack of sufficient evidence to overturn the Property Appraiser's recommendation.

Ms. Fischer was not present for the discussion or vote.

PETITION NO. 1997-165 AFFORDABLE HOUSING, LTD.

Mr. Frank Royce, Chief Appraiser, informed the VAB that the petitioner, Affordable Housing, Ltd., was appealing the assessment of value of a 34 unit apartment complex known as Sunny Hills, located in the City of Clermont. He stated that the assessment of value of the apartment complex was $17,092 per unit.

Mr. Clark Mann, Easley, McCaleb and Associates, Inc., representing Affordable Housing, Ltd., appeared before the VAB and stated that Affordable Housing, Ltd, was a subsidized housing project, and that he had submitted the income information to the Property Appraiser on October 2, 1997.

Mr. Royce stated that the Property Appraiser's Office would not accept the above noted information because it had not been submitted within the time limitations.

On a motion by Commr. Swartz, seconded by Mr. Conner and carried unanimously by a 4 - 0 vote, the VAB upheld the recommendation of the Property Appraiser and approved the assessment of value in the amount of $17,092 per unit for Affordable Housing, Ltd., Petition No. 1997-165, based on findings of fact and lack of sufficient evidence to overturn the Property Appraiser's recommendation.

Ms. Fischer was not present for the discussion or vote.

PETITION NO. 1997-169 SOUTHEAST CENTERS ASSOCIATES, LTD.

Mr. Clark Mann, Easley, McCaleb and Associates, Inc., representing Southeast Centers Associates, Ltd., appeared before the VAB and explained that the petitioner, Southeast Centers Associates, Ltd., was appealing the assessment of value on a shopping center. He stated that the retention pond on the parcel should be excluded from the assessment.

Mr. Frank Royce, Chief Appraiser, stated that Mr. Mann has not furnished information to the Property Appraiser's Office regarding the retention pond, and that the retention pond was a part of the shopping center and creates value as a whole. He stated that the land was assessed at $2.30 per square foot.

On a motion by Commr. Swartz, seconded by Mr. Conner and carried unanimously by a 4 - 0 vote, the VAB upheld the recommendation of the Property Appraiser and approved the assessment of value in the amount of $2.30 per square foot for Southeast Centers Associates, Ltd., Petition No. 1997-169, based on findings of fact and lack of sufficient evidence to overturn the Property Appraiser's recommendation.

PETITION NO. 1997- 167 SOUTHEAST CENTERS ASSOCIATES, INC.

PETITION NO. 1997-168 SOUTHEAST CENTERS ASSOCIATES, INC.

PETITION NO. 1997-170 SOUTHEAST CENTERS ASSOCIATES, INC.

Mr. Clark Mann, Easley, McCaleb and Associates, Inc., stated that he had no argument on the assessment of value on Petition No. 1997-167, Petition No. 1997-168, and Petition No. 1997-170, Southeast Centers Associates, Inc.

On a motion by Commr. Swartz, seconded by Mr. Conner and carried unanimously by a 4 - 0 vote, the VAB upheld the recommendation of the Property Appraiser and approved the assessment of value for Petition No. 1997-167, Petition No. 1997-168, and Petition No. 1997-170, Southeast Centers Associates, Inc., based on findings of fact and lack of sufficient evidence to overturn the Property Appraiser's recommendation.

Ms. Fischer was not present for the discussion or vote.

Commr. Swartz requested that Mr. Mann, in the future, provide information on behalf of his clients, to the Property Appraiser's Office before he comes before the VAB.

PETITION NO. 1997-60 MARK CARSON

Mr. Frank Royce, Chief Appraiser, informed the VAB that Petition No. 1997-60, Upson Downs Ltd. Partnership, was a continuance from the September 29, 1997 VAB meeting. Discussion had occurred regarding the current assessment and the problems that Mr. Mark Carson, the petitioner, was having in completing the subdivision and that the question presented by the Property Appraiser's Office was the cost to cure to bring the subdivision up to the standard that the County would issue Certificates of Occupancy. He stated that there were 81 lots belonging to Upson Downs Ltd. Partnership that were currently assessed at $20,000 per lot, and that after further review, it was the recommendation of the Property Appraiser's Office to reduce the assessment of value to $15,000 per lot.

Mr. Mark Carson, representing Upson Downs Ltd. Partnership, appeared before the VAB and directed the VAB's attention to a memorandum from Ms. Sharon Farrell, which directs staff not to issue any type of zoning clearance nor development order until further notice for Phase I of the Upson Downs Subdivision. He stated that, as of December 21, 1995, he had perfected the zoning on Upson Downs Phase I and that on July 2, 1996 the zoning was altered and the property was zoned from PUD (Planned Unit Development) to unbuildable. He stated that Mr. Sandy Minkoff, County Attorney, has represented that there was no ability on behalf of the County to issue the memorandum from Ms. Farrell and revoke the zoning.

Commr. Swartz clarified that Mr. Minkoff also stated that the applicant would have had the opportunity to appeal that decision but did not. Extensive discussion occurred regarding the issue of not having the ability to pull a building permit as of January 1, 1997. Commr. Swartz stated that corrective action was later taken, permits were allowed to be pulled; however, at this point, a Certificate of Occupancy still could not be obtained for any building permits that might be pulled because the necessary infrastructure has not been completed.

Mr. Royce stated that Mr. Carson was requested to present an official statement from the County on the problems that he was having at the time that he informed the Property Appraiser's Office of his difficulties; however, the Property Appraiser's Office had not received any information from Mr. Carson or from the County until September 29, 1997. He stated that, as of January 1, the Property Appraiser's Office did not take into consideration a problem with the property being buildable; and explained that they used current and previous sales on the property, and newer subdivisions in similar startup processes to value the property.

Mr. Carson stated that, as of January 1, 1997, he had no right to cure, the lots were unbuildable, and it could not have had a valuation for more than what he had paid for the property prior to the ability to zone the property and build on the property.

Commr. Good asked Mr. Royce to confirm, for the record, that he had received information to his satisfaction from Mr. Frank Gaylord, Attorney, that has resulted in a reduced assessment of value of the lots. Mr. Royce confirmed that he had received information to his satisfaction from Mr. Gaylord. He stated that, if Mr. Carson has not given Mr. Gaylord the ability to speak on his behalf, the Property Appraiser would have to stand by the original assessment of $20,000 per lot.

Commr. Gerber stated that she was very familiar with the difficulties that Mr. Carson has had and that Mr. Carson has stated the facts as they have occurred.

Mr. Conner stated that he has seen no documentation presented that overturns the memorandum from Ms. Sharon Farrell. He stated that Mr. Royce has indicated that the value of a parcel was affected if a building permit could not be pulled and that the assessment of value did not take into consideration that building permits could not be pulled on January 1, 1997.

Mr. Carson stated that he respectfully requests that the Property Appraiser's Office provide a comparable value on an unbuildable lot in a bonded, platted, fully zoned subdivision and, if the Property Appraiser could not give him a comparable value, he would suggest that the Property Appraiser has not provided a comparable to support the assessed value.

Commr. Swartz made a motion, which was seconded by Commr. Gerber for purposes of discussion, to uphold the recommendation of the Property Appraiser and approve the reduced assessment of value in the amount $15,000 per lot for Upson Downs Ltd. Partnership, Petition No. 1997-60, based on findings of facts and lack of sufficient evidence to overturn the Property Appraiser's recommendation.

Commr. Gerber stated that she disagrees with the actions that the County has taken and would not support the motion.

The Chairman called for a vote on the motion which failed by a 2 - 2 vote.

Commr. Gerber and Mr. Conner voted in opposition.

Mr. Carson stated, for the record, that, because of the knowledge and willful disregard of his property rights and the temporary taking that the County has done on his property, there was potential that part of the VAB was biased and may or may not have voted without bias.

Mr. Conner made a motion to rehear Petition No. 1997-60, Upson Downs Ltd. Partnership, on October 30, 1997 based on the fact that the petitioner was entitled to a five member VAB vote.

The motion died for a lack of a second.

Mr. Conner made a motion to overturn the Property Appraiser's recommendation and adjust the assessment from $15,000 to $10,000 for Petition No. 1997-60, Upson Downs Ltd. Partnership, based on the overwhelming information presented by Mr. Mark Carson with regard to the lack of buildability of his property.

It was noted that the VAB only had the ability to uphold the recommendation of the Property Appraiser or overturn the recommendation of the Property Appraiser and did not have the ability to change the assessment.

Commr. Good noted, for the record, that Mr. Carson had agreed for the case to be heard prior to the advertised time.

RECESS & REASSEMBLY

At 2:09 p.m., the Chairman announced that the VAB would take a short recess.

PETITION NO. 1997-194 PACIFIC ACE CORPORATION

PETITION NO. 1997-195 PACIFIC ACE CORPORATION

PETITION NO. 1997-196 PACIFIC ACE CORPORATION

PETITION NO. 1997-197 PACIFIC ACE CORPORATION

PETITION NO. 1997-198 PACIFIC ACE CORPORATION

PETITION NO. 1997-199 PACIFIC ACE CORPORATION

Mr. Frank Royce, Chief Appraiser, informed the VAB that the petitioner, Pacific Ace Corporation, was appealing the assessment of value of 379 acres of property located in south Lake County. He stated that the Property Appraiser's Office has corrected the number of wetlands versus dry acres on the property, and that it was the recommendation of the Property Appraiser to reduce the assessment from $1,851,575 to $1,434,512.

Mr. John Percy, Senior Planner, Platting Jackson, representing Pacific Ace Corporation, appeared before the Board and explained that the issue was the number of acres of wetlands on the property, and stated that the Planned Unit Development (PUD) approval stated that half of the property was wetlands. He stated that they surmise that the number of acres of wetlands was approximately 187 acres; at which time Mr. Royce stated that the Property Appraiser's Office has 179.7 acres of wetlands.

On a motion by Commr. Swartz, seconded by Commr. Gerber and carried unanimously by a 4 - 0 vote, the VAB upheld the recommendation of the Property Appraiser and approved the reduced assessment of value in the amount of $1,434,512 for Pacific Ace Corporation, Petition No. 1997-194, Petition No. 1997-195, Petition No. 1997-196, Petition No. 1997-197, Petition No. 1997-198, and Petition No. 1997-199, based on the findings of fact and lack of sufficient evidence to overturn the Property Appraiser's recommendation.

On a motion by Commr. Swartz, seconded by Mr. Conner and carried unanimously by a 4 - 0 vote, the VAB upheld the recommendation of the Property Appraiser and approved the following petitions based on the findings of fact and lack of sufficient evidence to overturn the Property Appraiser's recommendation:

Petition No. 1997-161 Ray Smith

Petition No. 1997-128 Sun Communities, Water Oak

Petition No. 1997-207 Robert H. Hershberger

Petition No. 1997-156 Robert M. Ribar, Agent

Petition No. 1997-157 Robert M. Ribar, Agent

Petition No. 1997-158 Robert M. Ribar, Agent

Petition No. 1997-159 Robert M. Ribar, Agent

Petition No. 1997-76 William Oleyar

Petition No. 1997-40 Lakeport Properties

Petition No. 1997-41 Lakeport Properties

Petition No. 1997-42 Lakeside Properties

Petition No. 1997-54 Delmar & Nelle Rose Rasmus

Petition No. 1997-59 Christopher D. Richter

Petition No. 1997-78 Cutrale Citrus Juices

Petition No. 1997-81 Genesis

Petition No. 1997-110 Malcolm & Kelly Brinson

Petition No. 1997-125 Winn Dixie Store #2224

Petition No. 1997-149 Devon Tax Group, L.L.C.

Petition No. 1997-150 Devon Tax Group, L.L.C.

Petition No. 1997-166 Orlando Tennis Associates, Ltd.

Petition No. 1997-171 Orlando Tennis Associates, Ltd.

Petition No. 1997-172 Orlando Tennis Associates, Ltd.

Petition No. 1997-173 Orlando Tennis Associates, Ltd.

Ms. Fischer was not present for the discussion or vote.

There being no further issue to be brought to the attention of the VAB, the meeting recessed at 2:20 p.m. and would reconvene on October 30, 1997.

WILLIAM "BILL" H. GOOD, CHAIRMAN

ATTEST:

JAMES C. WATKINS, CLERK

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