Modification: SHR St. Francis, LLC v. City and County of San Francisco

SHR ST. FRANCIS, LLC, et al.,

Plaintiffs and Appellants,

v.

CITY AND COUNTY OF SAN FRANCISCO,

Defendant and Respondent.

No. A163847

(City & County of San Francisco County Super. Ct. No. CGC-20- 582772)

California Court of Appeal

First Appellate District

Division Five

Filed September 13, 2023

ORDER MODIFYING

OPINION; AND ORDER

DENYING REHEARING [NO

CHANGE IN JUDGMENT]

BY THE COURT:

The opinion filed August 17, 2023, is modified as follows:

The second and third sentences and the citation that follows the third sentence of the second full paragraph on page 15 are replaced with the following sentence and citation:

Although the Board claimed that it increased the capitalization rate, in part, "to further account for the value of the intangibles," there is nothing in the record indicating that the quarter-point increase captured the full value of the management agreement or that the capitalization rate may be used to remove the value of a particular nontaxable, intangible asset from the assessed value of a property. (See Cal. Code Regs., tit. 18, § 313, subd. (e) ["The Board may act only upon the basis of proper evidence admitted into the record"].)

This order does not effect a change in the judgment.

Defendant and respondent City and County of San Francisco's (City) Request for Judicial Notice in Support of Petition for Rehearing is granted.

The City's September 1, 2023 petition for rehearing is denied.