2022-09-27 Minutes - Laserfiche WebLink

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Board members reviewed the information. Board asked questions of both appellants and the county. Mr. Harano asked the Board if there were any more questions for the County or appellants. Asked for a motion for discussion. Mr. Harano moved to keep the market land value at $8,565,000 plus building value of $100 same as year 2021 for a total taxable 8,565,500. Ms. Blancett-Maddock seconded the motion for discussion. Mr. Harano stated he made the motion to keep the land and assessed building value the same as 2021 as the entertainment facility and not taking into account the economic and current conditions of the United States, the theatre is struggling. I propose to keep the same 2021 value. Ms. Blancett-Maddock referred to the appeal form and that the land value is not under appeal. The appellant maintained it should remain at $10,279,500. Appellant only asked to decrease the building value to $100. I would agree to their appeal documentation. Mr. Okumoto stated his motion is different than both of theirs. Mr. Harano called for the vote to keep the valuation the same as 2021. Motion did not pass with a vote: 2:1. Mr. Okumoto being the nay vote. Mr. Harano asked for a new motion Mr. Okumoto made a motion to sustain the County recommended building values of $4,298,600 and land of $8,223,600. No second to the motion. Motion fails Mr. Okumoto renewed the motion for discussion. Mr. Harano seconded the motion for discussion. Mr. Okumoto stated for consistency the County recognized the decrease in revenue and just wanted to have consistency with their methodology. Recognizing that whatever values that has been put forth still probably would not sustain the market as it is now. Mr. Harano to Mr. Okumoto can you please clarify your last sentence for everyone. Mr. Okumoto stated the theatre business is operating at a loss, unless you can say that we are going to assess at zero then whatever number we put forth, an income below zero is not going to sustain any value. Mr. Harano stated based on the per forma, he had an increase in attendance on page #13 of the packet of 44,627, I feel the increase of the valuation of $2 million increase, it would make Regal say we are going to close up due to the increase in the tax burden as the theatre is a social outlet for residents in the community. Ms. Blancett-Maddock recalled this case from last year, we agreed to the assessed value due to the same circumstances, attendance and revenues were down. Giving them another year to get up to speed might sustain this theatre for the community.