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Home My WebLink About20132130August 8, 2013 CLERK TO THE BOARD PHONE (970) 336-7215, EXT 4226 FAX (970) 352-0242 WEBSITE: www.co.weld.co.us 1150 O STREET P.O. BOX 758 GREELEY CO 80632 S G TRUST 0/O GEORGE T SANDERS COMPANY 10201 W 49 AVE WHEAT RIDGE, CO 80033 RE: THE BOARD OF EQUALIZATION 2013, WELD COUNTY COLORADO APPROVAL OF STIPULATION BETWEEN PETITIONER AND ASSESSOR ACCOUNT NO.: R6295986 Dear Petitioner: On August 01, 2013, the Board of County Commissioners of Weld County Colorado convened and acting as the Board of Equalization, pursuant to C.R.S. Section 39-8-101 et seq., considered your request to approve and adopt a valuation of your property arrived at by a Stipulation between you and the Weld County Assessor, for the year 2013. The Board of Equalization found that the evidence presented at the hearing supported the stipulated value placed upon the above -described property as set forth below. Such evidence indicated the value was reasonable, equitable, and derived according to the methodologies, percentages, figures and formulas dictated by law. ACTUAL VALUE AS STIPULATED VALUE DETERMINED BY ASSESSOR APPROVED BY BOARD $823,200.00 $780,000.00 The above `Stipulated Value' is the value which will be used in the calculation of your property taxes for 2013. This value is not appealable. If you have questions concerning the above information, please call me at (970) 336-7215, Ext. 4226. Very truly yours, --t9;40: Esther E. Gesick, Deputy Clerk Weld County Board of County Commissioners Cc: Christopher Woodruff, Weld County Assessor DOWNEY & ASSOCIATES 383 INVERNESS PARKWAY SUITE 300 ENGLEWOOD, CO 80112 ciy. `ref sg( 01 2013-2130 AS0085 COUNTY BOARD OF EQUALIZATION WELD COUNTY Single County Schedule Number R6295986 STIPULATION (As To Tax Year_2013_ Actual Value) RE PETITION OF : NAME: S G Trust ADDRESS: 726 Baseline P1. Brighton Petitioner (s) and the Weld County Assessor hereby enter into this Stipulation regarding the tax year 2013 valuation of the subject property, and jointly move the Board of Equalization to enter its order based on this Stipulation. Petitioner (s) and Assessor agree and stipulate as follows: 1. The property subject to this Stipulation is described as: L9 BLK1 BRIGHTON INDUSTRIAL PARK LIMITED 2. The subject property is classified as Commercial property. 3. The County Assessor originally assigned the following actual value to the subject property for the tax year 2013: Total $823,200.00 4. After further review and negotiation, Petitioner (s) and Weld County Assessor agree to the following tax year 2013 actual value for the subject property: Total $780,000.00 5. The valuation, as established above, shall be binding only with respect to tax year 2013. 6. Brief narrative as to why the reduction was made: Further review of the Income Approach indicated an adjustment. 7. Both parties agree that: [The hearing scheduled before the Board of Equalization on (Date) at (Time) be vacated. MA hearing has not yet been scheduled before the Board of Equalization. R6295986 2013-2130 DATED this 12th day of July, 2013. llW , w.uc Gad ti"� f etitioner(s) or Agent or Attoj Attorney for Petitioner Attorney Reg. No. 9686 y DOWNEY & ASSOCIATES, PC 383 Inverness Parkway Suite 300 Englewood, CO 80112 — Telephone: :%3 13 i d / L" Docket Number n/a Stip-1.Frm R6295986 --'(Assistant) County' Attorney for Respondent, Weld County Board of Commissioners Address: 1150 "O" Street P.O. Box 758 Greeley, CO 80632 Telephone:(970) 336-7235 County Ass Address: 1400 N.17th Avenue Greeley, CO 80631 Telephone: (970) 353-3845 ext. 3697 ssor 2 NOTICE OF DETERMINATION Christopher M. Woodruff Weld County Assessor 1400 N 17th Ave Greeley, CO 80631 ACCOUNT NO. TAX YEAR TAX AREA LEGAL DESCRIPTION/ PHYSICAL LOCATION R6295986 2013 2032 BRI BIP1-9 L9 BLK1 BRIGHTON INDUSTRIAL PARK LIMITED 726 BASELINE PL BRIGHTON, CO PROPERTY OWNER S G TRUST C/O GEORGE T SANDERS COMPANY 10201 W 49 AVE WHEAT RIDGE, CO 80033 PROPERTY CLASSIFICATION ASSESSOR'S VALUATION ACTUAL VALUE PRIOR TO REVIEW ACTUAL VALUE AFTER REVIEW COMMERCIAL 823,200 823,200 TOTAL $823,200 $823,200 The Assessor has carefully studied all available information, giving particular attention to the specifics included on your protest. The Assessor's determination of value after review is based on the following: CM05 - The law requires that all of 2011 and the first 6 months of 2012 data be used to establish current values. We have considered al/ (3) three approaches to value in arriving at your current valuation. We have denied your appeal based upon this data. If you disagree with the Assessor's decision, you have the right to appeal to the County Board of Equalization for further consideration, § 39-8-106(1)(a), C.R.S. The deadline for filing real property appeals is July 15. The Assessor establishes property values. The local taxing authorities (county, school district, city, fire protection, and other special districts) set mill levies. The mill levy requested by each taxing authority is based on a projected budget and the property tax revenue required to adequately fund the services it provides to its taxpayers. The local taxing authorities hold budget hearings in the fall. If you are concerned about mill levies, we recommend that you attend these budget hearings. Please refer to last year's tax bill or ask your Assessor for a listing of the local taxing authorities. Date of Notice: 6/27/2013 Telephone: (970) 353-3845 Fax: (970) 304-6433 Office Hours: 8:00 AM - 5:00 PM Please refer to the reverse side of this notice for additional information. DOWNEY & ASSOCIATES 383 INVERNESS PARKWAY SUITE 300 ENGLEWOOD, CO 80112 RECEIVED JUL I 0 2013 WELD COUNT" COMMISSIC `' 15-DPT-AR PR 207-08/13 R6295986 17425 County Board of Equalization Hearings will be held from July 1 through August 5 at 1400 N 17 AVE. To appeal the Assessor's decision, complete the Petition to the County Board of Equalization shown below, and mail or deliver a copy of both sides of this form to: Weld County Board of Equalization 1150 O Street, P.O. Box 758 Greeley, CO 80631 Telephone: (970) 356-4000 ext, 4225 To preserve your appeal rights, your Petition to the County Board of Equalization must be postmarked or delivered on or before July 15 for real property — after such date, your right to appeal is lost. You may be required to prove that you filed a timely appeal; therefore, we recommend that all correspondence be mailed with proof of mailing. You will be notified of the date and time scheduled for your hearing. The County Board of Equalization must mail a written decision to you within five business days following the date of the decision. The County Board of Equalization must conclude hearings and render decisions by August 5, § 39-8-107(2), C.R.S. If you do not receive a decision from the County Board of Equalization and you wish to continue your appeal, you must file an appeal with the Board of Assessment Appeals by September 12, § 39-2-125(1)(e), C.R.S. If you are dissatisfied with the County Board of Equalization's decision and you wish to continue your appeal, you must appeal within 30 days of the date of the County Board's written decision to ONE of the following: Board of Assessment Appeals District Court 1313 Sherman Street, Room 315 Contact the District Court in the County Denver, CO 80203 where the property is located. See your (303) 866-5880 local telephone book for the address and www.dola.colorado.gov/baa telephone number. Binding Arbitration For a list of arbitrators, contact the County Commissioners at the address listed for the County Board of Equalization. If the date for filing any report, schedule, claim, tax return, statement, remittance, or other document falls upon a Saturday, Sunday, or legal holiday, it shall be deemed to have been timely filed if filed on the next business day, § 39-1-120(3), C.R.S. PETITION TO COUNTY BOARD OF EQUALIZATION What is your estimate of the property's value as of June 30, 2012? (Your opinion of value in terms of a specific dollar amount is required for real property pursuant to § 39-8-106(1.5), C.R.S.) $ ( n3 lDJ ©cmo What is the basis for your estimate of value or your reason for requesting a review? (Please attach additional sheets as necessary and any supporting documentation, i.e., comparable sales, rent roll, original installed cost, appraisal, etc.) See Attached ATTESTATION I, the undersigned owner or agents' of the property identified above, affirm that the statements contained herein and attachme ereto are true and complete. D .3403— 1. —i 1 I 1 Telephone Number Date Attorney for Petitioner Attorney Reg. # 9686 Email tom a downevlawpc.com 51 Attach letter of authorization signed by property owner. q}ao73 Address 15-DPT-AR PR 207-08/13 R6295986 17425 EXHIBIT "A" ATTACHMENT TO COUNTY BOARD OF EQUALIZATION PETITION OF SG TRUST - SCHEDULE NO. R6295986 1. The Assessor has failed to give appropriate consideration to all the requisite approaches to valuation in determining the value of the property. 2. The current year actual value assigned by the assessor does not reflect the actual value of the subject property during the 18 month period ending June 30, 2012. 3. Upon consideration of all the approaches to value, values given to comparable land and improvements and upon consideration of the requirements of Colorado law that require that assessments be uniform, just and equitable, a reduction in the current year actual value of this property is warranted. 4. The value of $823,200/$68.60sf assigned to the property for 2013, which is an increase of 9% over the 2012 value, is excessive and should be reduced. Although analysis of this property is on -going, we offer the following preliminary comments in support of our request for a lower value. An income approach utilizing CoStar submarket industrial data including a rental rate of $6.17 SF, 13.3% vacancy, 9% expenses and a 9% cap rate yielded an indicated value of $649,059. A second income approach utilizing CoStar submarket data for flex buildings including a rental rate of $6.60 SF, 22.8% vacancy, 9% expenses and a 9% cap rate yielded an indicated value of $618,218. A third approach utilizing CoStar submarket data for warehouses including a rental rate of $5.97sf, vacancy rate of 12.20%, 9% expenses and a 9% capitalization rate indicated a value of $635,988. Copies of these income approaches are attached hereto. An average of these values is $634,422/$52.86sf. 5. We also do not believe the assigned value is supported by sales during the base period. The attached CoStar report of sales of industrial properties in Weld County having between 9,000sf and 15,000sf between January 1, 2009 and June 30, 2012 indicates a median selling price of $52.98sf. 6. Petitioner respectfully requests that the value of the subject property be reduced to, $636,000/$53.00sf. 7. Pursuant to C.R.S. § 39-8-107(3), Petitioner requests that the Assessor supply all data supporting the Assessor's determination of actual value to the undersigned no later than two working days prior to the CBOE hearing. SG Trust 726 Baseline- Weld County Assessed Total Sq Ft Imprvmnt 12,000 $ 2013 Value 2013 Price/sf 823,200.00 $68.60 726 BASELINE -INDUSTRIAL SUB -MKT INCOME APPROACH Income Rent Per Sq FT Vacancy/Collection EGI Expenses Management Repl Rsry Total NOI Cap Rate Base Actual Value Alternate Cap Rates $6.17 13.30% 4.00% 5.00% 9.00% 8.50% Total $74,040.00 -$9,847.32 $64,192.68 $2,567.71 $3,209.63 $5,777.34 $58,415.34 $687,239.28 9.00% $649,059.32 9.20% $634,949.33 2012 Value %Change $ 754,600.00 8.33% 2010 Value $754,600.00 SG Trust 726 Baseline - Weld County Assessed Total Sq Ft Imprvmnt 2013 Value 2013 Price/sf 2012 Value % Change 12,000 $ 823,200.00 $ 68.60 $754,600.00 8.33% 726 BASELINE -FLEX SUB -MKT INCOME APPROACH. Income Rent Per Sq FT Vacancy/Collection EGI Expenses Management Repl Rsry Total NOI Cap Rate Base Actual Value Alternate Cap Rates $6.60 22.80% 4.00% 5.00% 9.00% 9.00% 8.50% 9.20% Total $79,200.00 -$18,057.60 $61,142.40 $2,445.70 $3,057.12 $5,502.82 $55,639.58 $618,217.60 $654,583.34 $604,778.09 2010 Value $754,600.00 SG Trust 726 Baseline- Weld County Assessed Total Sq Ft Imprvmnt 12,000 $ 2013 Value 2013 Price/SF 823,200.00 $ 68.60 726 BASELINE -WAREHOUSE SUB -MKT INCOME APPROACH Income Rent Per Sq FT Vacancy/Collection EGI Expenses Management Repl Rsry Total NOI Cap Rate Base Actual Value Alternate Cap Rates $5.97 12.20% 5.00% 4.00% 9.00% 9.20% Total $71,640.00 -$8,740.08 $62,899.92 $3,145.00 $2,516.00 $5,660.99 $57,238.93 $622,162.25 8.50% $673,399.14 9.00% $635,988.08 2012 Value %Change $754,600.0O 8.33% 2010 Value $754,600.00 2 3 5 6 10 11 12 13 14 ress ,i z `'... Etty Rf4Aerty inlot ' SaleIn 1324 N 7th Ave Greeley 300 8th Ave; Greeley. • 700 27th St Garden City 13,182 SF Industrial • :11,544 SF Industrial/Warehouse 10,868 SF IndustrialNVarehouse 923 937A St _ Greeley . 345 Basher Dr Johnstown 4063 County Road '6 Erie 18302 Highway 392 13025 Highway 85 33247 Hwy 85 11,430 SF Industrial/ arehouse 14,337 SF Industrial/Manufacturing 9,925 SF Industrial/Warehouse Greeley 11,460 SF Industrial Fort Lupton 13.816 SF Industrial• Sold. $650,000 ($49.31 /SF) Sold: $325,000 ($28.15/SF) Sold: $350,000 ($32.20/SF) Sold. $299,000 ($26.16/SF) Sold: $745,000 ($51.96/SF) Sold: $550,000 ($55.42/SF);• Lucerne 9,955 SF Industrial/Warehouse 7 JoeP Martinez Ln . ;` Ault 14479 Mead Ct 3762 Puritan Way 3690 Stagecoach Rd 10,972 SF. IndUstrialNVarehouse Longmont 11,375 SF IndustrialNVarehouse Frederick • 14,721 SF Industrial/Warehouse Longmont 11,596 SF IndustrialNVarehouse Sold: $650,000 ($56.72/SF) Sold: $775,000 ($56.09/SF) Sold: $515,000 ($51.73/SF) Sold: $660,000. ($60:15/SF): Sold: $660,000 ($58.02/SF) Sold: $795,000 ($54/SF) Sold: $800,000 ($68.99/SF) 4738 Weld County, Road- 12, -.! .Dacono ; 13,645 SF Industrial . Sold: $260,000 ($19.05/SF) 7/912013 Industrial. 9.000sf to 15,000sf Weld County.1/1/2009 to 6/30/12 This copyrighted report contains research licensed to Downey & Associates, P.C. - 453936. Page 1 1324 N 7th Ave Greeley, CO 80631 Class C Industrial Building of 13,182 SF Sold on 12/15(2010 for $650,000 - Research Complete buyer Constance Tiezen 3130 Rockwood Dr Fort Collins, CO 80525 (970) 223-5810 seller Dcp Mldsteam 370 17th St Denver, CO 80202 (970) 353-6362 vital data-- Escrow/Contract: 120 days Sale Date: 12/15/2010 Days on Market: 225 days Exchange: No Conditions: Land Area SF: 328,007 Acres: 7.53 $/SF Land Gross: $1.98 Year Built, Age: 1974 Age: 36 Parking Spaces: 17 Parking Ratio: FAR 0.04 Lot Dimensions: - Frontage: - Tenancy: Comp ID: 2027303 Sale Price: Status: Building SF: Price/SF: Pct Office: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: income expense data, Listing Broker $650,000 Confirmed 13,182 SF $49.31 55.1% 3739987 No 1-3 2 51.1% Weld County Ind 080332000040 Industrial Wheeler Management Group, Inc. 1130 38th Ave Greeley, CO 80634 (970) 352-5860 Ron Randel Buyer Broker Pro Realty, Inc. 806 8th St Greeley, CO 80631 (970) 353-1117 Mike Ramstack financing 1st New West Bk Bal/Pmt: $760,719 Industrial. 9,000sf to 15,000sf Weld County.1/1/2009 to 6/30/12 This copyrighted report contains research licensed to Downey & Associates, P.C. - 453936. 7/9/2013 Page 1 300 8th Ave Greeley, CO 80631 Class C Warehouse Building of 11,544 SF Sold on 7/16/2009 for $325,000 - Research Complete buyer County Of Weld (970) 353-3845 seller Robert Stanley Company 6600 W 20th St Greeley, CO 80634 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: 7/16/2009 436 days No 45,738 1.05 $7.11 1972 Age: 37 10/1000 SF 0.25 140 feet on 8th Ave (with 0 curb cut) Multi 1746480 Sale Price: Status: Building SF: Price/SF: Pct Office: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: Percent Improved: Submarket: Map Page: Parcel No: Property Type: income expense data {Listing Broker Expenses - Taxes - Operating Expenses Total Expenses $2,712 financing $2,712 RE/MAX Alliance 5586 W 19th St Greeley, CO 80634 (970) 330-5000 Ron Kohl Buyer Broker $325,000 Confirmed 11,544 SF $28.15 15.6% 3636972 No I -M 60.3% Weld County Ind 096105224020 Industrial Wheeler Management Group, Inc. 1130 38th Ave Greeley, CO 80634 (970) 352-5860 Ron Randel Industrial. 9,000sf to 15,000s, Weld County.1/1/2009 to 6/30/12 This copyrighted report contains research licensed to Downey & Associates, P.C. - 453936. 7/9/2013 Page 2 700 27th St Garden City, CO 80631 Class B Warehouse Building of 10,868 SF Sold on 12/29/2010 for $350,000 - Research Complete buyer . •., John Garber 5047 W 14th St Greeley, CO 80634 (970) 218-2759 seller First Team Real Estate 1019 37th Ave Ct Greeley, CO 80634 (970) 396-1156 vital'data:, Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: S/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: rr. 210 days 12/29/2010 652 days No 33,977 0.78 $10.30 2001 Age: 9 12 0.32 Multi 2024612 Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: income expense data Listing Broker First Team Real Estate 1019 37th Ave Ct Greeley, CO 80634 (970) 396-1156 Chris King er tiOker First Team Real Estate 1019 37th Ave Ct Greeley, CO 80634 (970) 396-1156 Chris King financing 1st New West Bank Bal/Pmt: $315,000 $350,000 Confirmed 10,868 SF $32.20 $35,000 10.0% 3742226 $35 No C 1 Weld County Ind 096117323026 Industrial Industrial. 9,000st to 15,000sf Weld Caunty.1/1/2009 to 6/30/12 This copyrighted report contains research licensed to Downey & Associates, P.C. - 453936. 7/9/2013 Page 3 923-937 A St Greeley, CO 80631 Class C Warehouse Building of 11,430 SF Sold on 6/24/2011 for $299,000 - Research Complete Darwin Brady 617 Alpine Ave Ault, CO 80610 (970) 834-1795 seller Advantage Bank 1475 N Denver Ave Loveland, CO 80538 (970) 613-1982 vital data Escrow/Contract: 46 days Sale Date: 6/24/2011 Days on Market: 2 days Exchange: No Conditions: REO Sale Land Area SF: 28,750 Acres: 0.66 S/SF Land Gross: $10.40 Year Built, Age: 1977 Age: 34 Parking Spaces: - Parking Ratio: - FAR 0.40 Lot Dimensions: - Frontage: - Tenancy: Multi Comp ID: 2158703 Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: Percent Improved: Submarket: Map Page: Parcel No: Property Type: income expense data Expenses fnancing - Taxes - Operating Expenses Total Expenses 1st Advantage Bank Bal/Pmt: $269,100 $7,106 $10,058 $17,164 Listing Broker $299,000 Confirmed 11,430 SF $26.16 $29,900 10.0% 3784557 $29.90 No IL 77.5% Weld County Ind 096105205009 Industrial Sperry Van Ness/The Group Commercial 2020 Caribou Dr Fort Collins, CO 80525 (970) 207-0700 Julius Tabert, Mike Eyer Buyer,BrOcer , Sperry Van Ness/The Group Commercial 2020 Caribou Dr Fort Collins, CO 80525 (970) 207-0700 Jerry Chilson Cassidy Turley Colorado 772 Whalers Way Fort Collins, CO 80525 (970) 776-3900 Cole Herk Industrial. 9,000sf to 15,000sf Weld County.1/1/2009 to 6/30/12 This copyrighted report contains research licensed to Downey & Associates, P.C. - 453936. 7/9/2013 Page 4 345 Basher Dr Johnstown, CO 80534 Class B Manufacturing Building of 14,337 SF Sold on 6/11/2012 for $745,000 - Research Complete x ; 0Y xt� '.l �+ w �` ,i I� `.:�**I . it F'fr�tle 7 ., £ d5 x ^ic �, q; ,,,r buyer s s C & T Custom Fabrication a ,gyp k _" yb 1 t "n. 345 Bather Dr `( Johnstown, CO 80534 (970) 532-2444 ��, '�"t' ,v" r seller Farmers Bank 1191st St Ault, CO 80610 5; ES C , � (970) 834-2121 vital=data kry - ; Escrow/Contract: 121 days Sale Price: $745,000 Safe Date: 6/11/2012 Status: Confirmed Days on Market: 621 days Building SF: 14,337 SF Exchange: No Price/SF: $51.96 Conditions: REO Sale Pro Forma Cap Rate: - Land Area SF: 87,229 Actual Cap Rate: - Acres: 2 Down Pmnt: $42,100 S/SF Land Gross: $8.54 Pct Down: 5.7% Year Built, Age: 2005 Age: 6 Doc No: 3852280 Parking Spaces: 21 Trans Tax: - Parking Ratio: - Corner: No FAR 0.16 Zoning: I Lot Dimensions: - Percent Improved: 79.2% Frontage: - Submarket: Weld County Ind Tenancy: Single Map Page: - Comp ID: 2504894 Parcel No: 106103419001 Property Type: Industrial income expense data Listing Broker Expenses - Taxes $21,174 - Operating Expenses Sperry Van Ness/The Group Commercial 2020 Caribou Dr Fort Collins, CO 80525 Total Expenses $21,174 (970) 207-0700 Mike Eyer, Julius Tabert gyer Broker• "r Sperry Van Ness/The Group Commercial 2020 Caribou Dr Fort Collins, CO 80525 (970) 207-0700 Steve Kawulok, Dan Leuschen financing 1st Home St Bk Bal/Pmt: $390,500 2nd Home St Bk Bal/Pmt: $312,400 Industrial. 9,000sf to 15,000sf Weld County.1/1/2009 to 6/30/12 This copyrighted report contains research licensed to Downey & Associates, P.C. -453936. 7/9/2013 Page 5 4063 County Road 6 Erie. CO 80516 Class C Warehouse Building of 9,925 SF Sold on 3/26/2012 for $550,000 - Research Complete buyer I Wendells Fertilizer Inc -rr • Kearney, NE 68847 . {.. -,tz ..� ya g , > '":3 ,r (308) 352-4224 ' , 4th,. 4,1 tsa rx seller Adams Bank & Trust 7800 S Highway 287 Fort Collins, CO 80525 667-4308 'a . . (970) vital data - . Escrow/Contract: - Sale Price: $550,000 Sale Date: 3/26/2012 Status: Full Value Days on Market: - Building SF: 9,925 SF Exchange: No Price/SF: $55.42 Conditions: - Pro Forma Cap Rate: - Land Area SF: 188,615 Actual Cap Rate: - Acres: 4.33 Down Pmnt: - S/SF Land Gross: 52.92 Pct Down: - Year Built, Age 1979 Age: 33 Doc No: 3834684 Parking Spaces: 30 Trans Tax: - Parking Ratio: 3.02/1000 SF Corner: No FAR 0.05 Zoning: I Lot Dimensions: - No Tenants: 2 Frontage: - Percent Improved. 65.5% Tenancy: Single Submarket: Weld County Ind Comp ID: 2292739 Map Page: Pierson Graphics Corp 261-JW64 Parcel No: 146723300083 [Partial List] Property Type: Industrial income expense data USUflg Broker Buyer Broker financing prior sale Date/Doc No: 2/10/2005 Sale Price: $437,750 ComplD: 1016577 Industrial 9,000sf to 15,000sf Weld County.1/1/2009 to 6/30/12 Thfs copyrighted report contains research Ifcensed to Downey & Associates, P.C. - 453936. 7/9/2013 Page 6 Buyer Broker 18302 Highway 392 Bld 2 Greeley, CO 80631 Class C Industrial Building of 11,460 SF Sold on 11/15/2010 for $650,000 buyer Saylor Properties, LLC 302 Habitat Cv Windsor, CO 80550 seller Michael B Willits 18132 Hwy 392 Greeley, CO 80631 (970) 352-2818 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: 90 days 11/15/2010 200 days No High Vacancy Property 469,141 10.77 $1.39 1976 Age: 34 56 0.02 Single 2003907 Sale Price: $650,000 Status: Confirmed Building SF: 11,460 SF Price/SF: $56.72 Pro Forma Cap Rate: - Actual Cap Rate: Down Pmnt: $10,000 Pct Down: 1.5% Doc No: 3753481 Trans Tax: - Corner: No Zoning: - No Tenants: 1 Percent Improved: 46.5% Submarket: Weld County Ind Map Page: Parcel No: 080319200055 Property Type: Industrial income expense data (Listing Broker RE/MAX Alliance 5586 W 19th St Greeley, CO 80634 (970) 330.5000 Blaine Herdman financing Industrial. 9,000sf to 15,000sf Weld County.1/1/2009 to 6/30/12 This copyrighted report contains research licensed to Downey & Associates, P.C. - 453936. 7/9/2013 Page 7 11/10/2011 No 148,104 3.4 $5.23 1965 Age: 46 0.09 Single 2233056 - Taxes - Operating Expenses Total Expenses 7 $9,312 Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: Listing Broker $775,000 Full Value 13,816 SF $56.09 3806169 No 1 72.8% Weld County Ind 130929000035 Industrial 13025 Highway 85 Fort Lupton, CO 80621 Class B Industrial Building of 13,816 SF Sold on 11/10/2011 for $775,000 - Research Complete buyer A&W Water Service, Inc. 13025 Highway 85 Fort Lupton, CO 80621 (303) 659-6523 seller Eagle Pipeline Construction, Inc. 71 Allegiance Cir Evanston, WY 82930 (307) 703-5025 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $ISF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data Expenses $9,312 Industrial. 9,000sf to 15,000sf Weld County.1/1/2009 to 6/30/12 This copyrighted report contains research licensed to Downey & Associates, P.C. -453936. 7/9/2013 financing Page 8 33247 Hwy 85 Lucerne, CO 80646 Class C Warehouse Building of 9,955 SF Sold on 513/2010 for $515,000 - Research Complete ^.,,1 Wikum Ents Llc 35607 County Road 49 Eaton, CO 80615 seller North Weld Cnty Water District vital data Escrow/Contract: - Sale Price: Sale Date: 513/2010 Status: Days on Market. 482 days Building SF: Exchange. No Price/SF: Conditions: - Pct Office: Land Area SF: 108,900 Pro Forma Cap Rate: Acres: 2.5 Actual Cap Rate: $/SF Land Gross: $4.73 Down Pmnt: Year Built, Age: 1976 Age: 34 Pct Down: Parking Spaces- - Doc No: Parking Ratio: - Trans Tax: FAR 0.09 Corner: Lot Dimensions - Zoning: Frontage. - Percent Improved: Tenancy: Single Submarket: Comp ID: 1917803 Map Page: Parcel No: Property Type: $515,000 Full Value 9,955 SF $51.73 28.9% - - $165,000 32.0% 3691299 - No - 69.9% Weld County Ind - 080318000005 Industrial income expense data Listing Broker Expenses - Taxes $3,878 - Operating Expenses RE/MAX Alliance 5586 W 19th St Greeley, CO 80634 (970) 330-5000 Blaine Herdman Total Expenses Buyer Broker financing 1st New West Bank Bal/Pmt: $350,000 Industrial. 9,000sf fa 15,000sf Weld CounD.1/1/2009 to 6/30/12 This copyrighted report contains research licensed to Downey & Associates, P.C. -453936. 71912013 Page 9 7 Joe P Martinez Ln Ault, CO 80610 Class C Warehouse Building of 10,972 SF Sold on 4/27/2012 for $660,000 - Research Complete buyer Brent Holcombe 7 Joe P Martinez Ln Ault, CO 80610 (970) 834-1414 seller Ron Richardson 25109 WCR 46 Kersey, CO 80644 (970) 353-9939 vital data Escrow/Contract: 30 days Sale Date: 4/27/2012 Days on Market: Exchange: No Conditions: Purchase By Tenant Land Area SF: 95,832 Acres: 2.2 $/SF Land Gross: $6.89 Year Built, Age: 1998 Age: 14 Parking Spaces: - Parking Ratio: - FAR 0.11 Lot Dimensions: - Frontage: - Tenancy: Single Comp ID: 2313033 income expense data Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: Listing Broker Expenses - Taxes - Operating Expenses Total Expenses $10,089 $10,089 No Listing Broker on Deal Buyer Broker financing 1st US Bank (Conventional) Bal/Pmt: $584,000 $660,000 Confirmed 10,972 SF $60.15 $76,000 11.5% 3842242 $66 No Industrial 1 75.2% Weld County Ind 070713215011 Industrial No Buyer Broker on Deal Industrial. 9,000sf to 15,000sf Weld County.1/1/2009 to 6/30/12 This copyrighted report contains research licensed to Downey & Associates, P.C. -453936. 7/9/2013 Page 10 14479 Mead Ct Sekich Business Park Longmont, CO 80504 Class B Warehouse Building of 11,375 SF Sold on 12/31/2009 for $660,000 - Research Complete ',:buyer seller 14479 Mead Court LIc Escrow/Contract: - Sale Date: 12/31/2009 Days on Market: Exchange: No Conditions: Land Area SF: 43,124 Acres: 0.99 S/SF Land Gross: $15.30 Year Built, Age: 2002 Age: 7 Parking Spaces: Parking Ratio: - FAR 0.26 Lot Dimensions: - Frontage: - Tenancy: Single Comp ID: 1857480 income expense data Expenses - Taxes - Operating Expenses Total Expenses $14,927 financing Sale Price: Status: Building SF: Price/SF: Pct Office: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: 'Listing Broker 514,927 Buyeill16 „n prior sale $660,000 Full Value 11,375 SF $ 58.02 15.0% 3668068 No 1-3, Longmont 1 65.6% Weld County Ind 120723001045 Industrial Date/Doc No: Sale Price: CompiD: 5/2/2006 $540,000 1125133 Industrial. 9,000sf to 15,000sf Weld County.1/1/2039 to 6/30/12 This copyrighted report contains research licensed to Downey & Associates, P.C. - 453936. 7/9/2013 Page 11 3762 Puritan Way Glacier Business Park Frederick, CO 80516 Class B Warehouse Building of 14,721 SF Sold on $795,000 - Research Complete 8/11/2011 for -- -- �_ — i I a ' " -' $et,r.ry I !AT f `I Vi fa .4N N,,N, buyer Associated Building Specialties P 213 Aspen Garden Way Woodland Park, CO 80863 (303) 293-2096 , `�`; " seller +. Paragon Financial Investors, LLC 417 N Tejon St Colorado Springs, CO 80903 719 447-9600 yttal data. .f ' • Escrow/Contract: 30 days Sale Date: 8/11/2011 Days on Market: 51 days Exchange: No Conditions: - Land Area SF: 48,787 Acres: 1.12 $/SF Land Gross: $16.30 Year Built, Age: 1999 Age: 11 Parking Spaces: 49 Parking Ratio: 1.88/1000 SF FAR 0.30 Lot Dimensions: - Frontage: - Tenancy: Multi Comp ID: 2171163 Sale Price: $795,000 Status: Confirmed Building SF: 14,721 SF Price/SF: $54.00 Pct Office: 10.0% Pro Forma Cap Rate: - Actual Cap Rate: - Down Pmnt: $200,000 Pct Down: 25.2% Doc No: 3788020 Trans Tax: - Corner: Yes Zoning: PUD, Frederick No Tenants: 1 Percent Improved: 79.6% Submarket: Weld County Ind Map Page: - Parcel No: 146703104001 Property Type: Industrial income expense data Listing Broker Expenses -Taxes - Operating Expenses Total Expenses S21,022 $13,650 Wright -Kingdom, Inc. 4875 Pearl East Cir Boulder, CO 80301 (303) 443-2240 Eric Rutherford, Thomas Hill $34,672 BuyerBroker<<'V" ='. :� No Buyer Broker on Deal financing prior sale - 1st Paragon Finl Invtrs Lic Bal/Pmt: $595,000 Date/Doc No: Sale Price: ComplD: 3/21/2011 - 2081299 Industrial. 9,000sf to 15,000sf Weld County.1/1/2009 to 6/30/12 This copyrighted report contains research licensed to Downey & Associates, P.C. - 453936. 7/9/2013 Page 12 3690 Stagecoach Rd Longmont, CO 80504 Class B Warehouse Building of 11,596 SF Sold on 8/29/2011 for $800,000 P Research Complete 1 r �>€�µ- s w-, nar i .t i « . y 4. • F`- as �. _ q>�rTtityirT{{��y t ; buyer Draw Ents LIc 3690 Stagecoach Rd Longmont, CO 80504 (303) 684-9484 seller Colorado Housing & Finance Authority c/o Rick Giarratano 1981 Blake St Denver, CO 80202 (303) 297-2432 vdtl.data:. Escrow/Contract: 120 days Sale Date: 8/29/2011 Days on Market: 490 days Exchange: No Conditions: REO Sale Land Area SF: 159,865 Acres: 3.67 $/SF Land Gross: $5.00 Year Built, Age: 2005 Age: 6 Parking Spaces: 35 Parking Ratio: - FAR 0.07 Lot Dimensions: - Frontage: - Tenancy: Multi Comp ID: 2173496 Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner Zoning: Percent Improved: Submarket: Map Page: Parcel No: Property Type: $800,000 Confirmed 11,596 SF $68.99 - - S80,000 10.0% 3789194 - No Commercial 65.0% Weld County Ind - 131310101009 Industrial income expense data ListU g Broker Expenses - Taxes - Operating Expenses Total Expenses $6,263 $6,263 ;Buyer Broker :YGYF financing prior sale 1st AmFirst Bank Bal/Pmt: $720,000 Date/Doc No: Sale Price: CompiD: 3/8/2010 - 1888249 industrial. 9,000sf to 15,000sf Weld County.1/1/2009 to 6130/12 This copyrighted report contains research licensed to Downey & Associates, P.C. -453936. 7/9/2013 Page 13 4738 Weld County Road 12 Dacono, CO 80514 Class C Industrial Building of 13,645 SF Sold on 10/22/2011 for $260,000 - Research Complete Cede Drilling seller First Tier Bk vital data Escrow/Contract: - Sale Date: 10/22/2011 Days on Market: 494 days Exchange: No Conditions: Auction Sale, REO Sale Land Area SF: 93,654 Acres: 2.15 $/SF Land Gross: $2.78 Year Built, Age: 1992 Age: 19 Parking Spaces: - Parking Ratio: FAR 0.15 Lot Dimensions: - Frontage: Tenancy: Comp ID: 2200846 Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Comer: Zoning: Percent Improved: Submarket: Map Page: Parcel No: Property Type: $260,000 Confirmed 13,645 SF $19.05 No I-1 Weld County Ind Industrial income expense data Listing Broi er Expenses financing - Taxes - Operating Expenses Total Expenses $6,308 $6,308 Pinnacle Real Estate Advisors, LLC 1 Broadway St Denver, CO 80203 (303) 962-9555 Paul Schneider, Mark Goodman Buyer Brok r Pinnacle Real Estate Advisors, LLC 1 Broadway St Denver, CO 80203 (303) 962-9555 Paul Schneider, Mark Goodman Industrial. 9,000sf to 15,000sf Weld County.111/2099 to 6/33/12 This copyrghted report contains research licensed to Downey & Associates. P.C. - 453936. 719/2013 Page 14 Quick Stats Report Comps Statistics Low Average Median High Count Sale Price $260,000 $573,857 $650,000 $800,000 !'14.. RBA 9,925 SF 12,059 SF 11,502 SF 14,721 SF 14 Price per SF $19.05 $47.59 $52.98 - $68.99 _ 14 Actual Cap Rate Days on Market 2 365 459 652 ' - 10 Sale Price to Asking Price Ratio 43.33% 83.43% 88.20% 100.00% 9 Totals Sold Transactions Total Sales Volume: $8,034,000 Total Sales Transactions: 14 Survey Criteria Location: Location method - County; Counties - Weld (CO) Basic Criteria: Sale Status - Sold, Under Contract; Property Type - Industrial; Sale Date - 1/1/2009 - 6/30/2012; Total Building Size (SF) - 9,000 -15,000; - Include Public Record Comps add/remove opportunities: - *This result set has been amended with criteria to add and/or remove records. Industrial. 9,000sf to 15,000sf Weld County.1/1/2009 to 6/30/12 This copyrighted report contains research licensed to Downey & Associates, P.C. - 453936. 7/9/2013 Page 1 DOWNEY & ASSOCIATES, PC A PROFESSIONAL CORPORATION July 9, 2013 VIA CERTIFIED MAIL RETURN RECEIPT REQUESTED Weld County Board of Equalization 1150 O Street, P.O. Box 758 Greeley, CO 80631 303 813-1111 Re: Account Nos. R2808386; R2810886 and 82810986 — CSA 19 Riverwalk Square LLC, Greeley, CO Account No. R4577286 —1009 Broad St., Milliken, CO Account No. R7411598 — 650 Glen Creighton Dr., Dacono, CO Account No. R2291686 —1701 23" Ave., Greeley, CO Account No. R3575305 — 385 Justine Ave., Platteville, CO Account No. R0276895 —100 Johnstown Ctr., Johnstown, CO Account No. R6295986 — SG TRUST — 726 Baseline Pl., Brighton, CO Dear Clerk to the Board: We represent the owners of the above referenced real property ("Subject Property") in Weld County. Enclosed are the Petitions to the Board of Equalization protesting the denials, or inadequate adjustments, by the Weld County Assessor. I will not be available for hearings on July 15, July 25 and August 5, 2013. Please direct the Notice of Hearing on this matter to the undersigned. Petitioner, pursuant to C.R.S.§ 39-8-107(3), respectfully requests that the Assessor provide all data supporting the assessor's determination of actual value on these parcels to the undersigned no later than two working days prior to the CBOE hearing. Thank you for your cooperation in this regard. Should you have questions, please call. Very truly yours, n Thomas E. Downey, Jr TED/ss Enclosures 383 Inverness Parkway Suite 300 D Englewood, Colorado 80112 D fax 303 813-1122 www.downeylawpc.com u www.coloradopropertytaxattomey.com Hello