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Home My WebLink About20132027.tiffBOARD OF ASSESSMENT APPEALS STATE OF COLORADO NOTICE OF HEARING SCHEDULE NO. R5250708 DOCKET NO. 62125 Petitioner(s): VESTAS BLADES AMERICA, INC. V. Respondent: WELD COUNTY BOARD OF EQUALIZATION Tax Year(s): 2013 The Board of Assessment Appeals will hear the above -captioned matter: Date: Time: Location: Time Allocated: April 28, 2014 8:30 AM Mountain Time on a trailing docket 1313 Sherman Street Room 315, 3rd Floor Denver, CO 80203 8 hour(s) per side PLEASE TAKE NOTICE: The Board of Assessment Appeals uses a one -day modified trailing docket. Several cases are scheduled for hearing at 8:30 am each day. Cases are heard in the order determined by the Board, with the first case commencing at 8:30 am. At the completion of the first case on the docket, the Board hears the second case on the docket. The Board proceeds through the docket in this manner until all cases have been heard or until insufficient time remains to fully hear the remaining cases on the docket. Cases not heard will be continued to another day. You are required to appear for your hearing at 8:30 am on the date noted above and remain until your case is heard or continued, unless the Board removes your case from the trailing docket and schedules your case for a specific time later in the day. A list of cases removed from the trailing docket will be available at least one week prior to the hearing date. If your case is removed from the trailing docket, you are required to appear at the specific time scheduled by the Board. Please check the Hearing Schedule on the Board's web page(www.dola.state.co.us/baa/index.htm) or call (303) 866-5820 within one week prior to your hearing date to determine if your hearing has been scheduled for a specific time on the hearing date. If the Petitioner is a closely held entity as defined in CRS 13-1-127, the Petitioner must be represented by either an attorney licensed in Colorado or an officer of the entity. If the Petitioner is a domestic or foreign entity that is not closely held, as defined in CRS 7.90-102, an attorney licensed in Colorado must represent the entity in all legal proceedings before the Board. Pursuant to Board Rule 11, documentary evidence and witness lists must be received by the Board and the opposing party no later than April 14, 2014. If this date falls on a State Holiday, the documentary evidence and witness lists are due the following working day. Petitioner's Representative of Record: DOWNEY & ASSOCIATES, P.C. THOMAS E. DOWNEY JR. ESQ. 383 INVERNESS PARKWAY, SUITE 300 ENGLEWOOD, CO 80112 Mailed: December 3, 2013 ia-pro -zoi 3 et, is Wobti CA- ZoI 3-aoa'7 Asoogr DOWNEY Si_ ASSOCIATES, Pc A PROFESSIONAL CORPORATION August 28, 2013 VIA HAND DELIVERY Mr. J. Michael Beery Administrator for the Board Board of Assessment Appeals 1313 Sherman Street, Room 315 Denver, CO 80203 Thomas E. Downey, Jr. 303 813-IIII tom i3dowoeyIawpc.com RECEIVED AUG 3 0 2013 WELD COUNTY COMMISSIONERS Re: Vestas Blades America Inc. v. Weld County Board of Equalization Schedule No. R5250708 Dear Mr. Beery: Please find enclosed for filing an original and three (3) copies of the above referenced BAA Petition to the State Board of Assessment Appeals. In addition, we have enclosed an extra copy of the Petition to be date -stamped and returned to the messenger for round trip delivery. A filing fee check for the Petition in the amount of $101.25 is also enclosed. assistance. Please call if you have any questions concerning this appeal. Thank you for your Very truly yours, Thomas E. Downey, Jr. TED/ss Enclosures cc: Mr. Mark D. LoRusso (w/enc.) Weld County Board of Equalization (w/enc.) •-96 .) 383 Inverness Parkway ❑ Suite 300 Englewood, Colorado 80112 fax 303 813-1122 2O13- ab?- 1 11-S pb9S www.downeylawpc.com www.coloradopropertytaxattorney.com DOWNEY & ASSOCIATES, Pc A PROFESSIONAL CORPORATION August 29, 2013 VIA HAND DELIVERY Mr. J. Michael Beery Administrator for the Board Board of Assessment Appeals 1313 Sherman Street, Room 315 Denver, CO 80203 303 813 -III I RECEIVED SEP 0 3 2013 WELD COUNTY COMMISSIONERS Re: Vestas Blades America Inc. v. Weld County Board of Equalization Schedule No. R6778002 Dear Mr. Beery: Please find enclosed for filing an original and three (3) copies of the above referenced BAA Petition to the State Board of Assessment Appeals. In addition, we have enclosed an extra copy of the Petition to be date -stamped and returned to the messenger for round trip delivery. A filing fee check for the Petition in the amount of $101.25 is also enclosed. Please call if you have any questions concerning this appeal. Thank you for your assistance. Very truly yours, 7Jv� Thomas E. Downey, Jr. TED/ss Enclosures cc: Mr. Mark D. LoRusso (w/enc.) Weld County Board of Equalization (w/enc.) 383 Inverness Parkway L Suite 300 www.downeylawpc.com ❑ Englewood, Colorado 80112 0 fax 303 813-1122 www.coloradopropertytaxattorney.com Pik DOWNEY & ASSOCIATES, Pc A PROFESSIONAL CORPORATION August 29, 2013 VIA HAND DELIVERY Mr. J. Michael Beery Administrator for the Board Board of Assessment Appeals 1313 Sherman Street, Room 315 Denver, CO 80203 303 813-IIII RECEIVED SEP 0 3 2G"±3 WELD COUNTY COMMISSIONERS Re: Vestas Blades America Inc. v. Weld County Board of Equalization Schedule No. R6778001 Dear Mr. Beery: Please find enclosed for filing an original and three (3) copies of the above referenced BAA Petition to the State Board of Assessment Appeals. In addition, we have enclosed an extra copy of the Petition to be date -stamped and returned to the messenger for round trip delivery. A filing fee check for the Petition in the amount of $101.25 is also enclosed. Please call if you have any questions concerning this appeal. Thank you for your assistance. Very truly yours, O-v,,o ) , Thomas E. Downey, Jr. TED/ss Enclosures cc: Mr. Mark D. LoRusso (w/enc.) Weld County Board of Equalization (w/enc.) 383 Inverness Parkway Suite 300 Englewood, Colorado 80112 fax 303 813-1122 www.clowneylawpc.com e www.coloradopropertytaxattorney.com PETITION TO STATE BOARD OF ASSESSMENT APPEALS 1313 Sherman Street, Room 315 Phone: (303) 866-5880 Denver, Colorado 80203 Fax: (303) 866-4485 Date: August 29, 2013 Property Owner: Vestas Blades America Inc. Subject Property: 1500 E. Crown Prince Blvd. B, Brighton Street Address City Schedule Number(s): R6778001 Attach separate sheet if necessary 0 Board of Equalization Appeals the decision of the Weld O Board of Commissioners County O State Property Tax Administrator For Office Use Only Docket No. Fee: Y N Check/Credit Card # P F FI Dated: 7/31/13 This Appeal concerns: Valuation ❑ Refund/Abatement O Exemption ❑ State Assessed Tax Year: 2013 The subject property is currently classified as: ❑ Agricultural ❑ Oil & Gas o Vacant Land O Commercial DExempt 13 Personal ❑Possessory Interest 0 industrial llMixed Use O Producing :O Residential ❑ State Assessed Mines O Natural Resources Actual Value assigned to subject property: $72,914,542 Petitioner's estimate of value: $26,000,000 Estimated time for Petitioner to present the appeal: minutes or 8 hours. Not less than 30 minutes. Board will allow equal time to County or Property Tax Administrator. Appearance: ❑ Petitioner will be present at the hearing ❑ Petitioner will be represented by an agent 0 Petitioner will be represented by an attorney OPetitioner will appear by telephone Petitioner is responsible for calling the Board at 303-866-5880 on the scheduled date and time of hearing (Mountain Time Zone) ❑ Petitioner would like to appear by video conference Petitioner must contact the Board at 303-866-5880 at least 20 days in advance of the scheduled hearing to confirm availability of video conference equipment If the property owner is an entity, it must appear under the representation of an attorney licensed in Colorado except as follows. A closely held entity may be represented by an officer of the entity as long as the amount in controversy does not exceed $10,000, exclusive of costs, interest or statutory penalties. A closely held entity can have no more than three owners. See Section 13-1-127, C.R.S. A closely held entity that will be represented by an officer of the entity must provide a letter to the Board with this petition stating that it has no more than three owners and that the tax amount at issue does not exceed $15,000 as of August 7, 2013. A trust filing a petition as of August 8, 2012 may be represented by a trustee, an attorney or an agent. Filing Fee: ❑ None ❑ $ 33.75 0 $101.25 Petitioner is appearing pro se (self -represented) and has not filed more than two Petitions with the Board of Assessment Appeals during this fiscal year (July 1 — June 30). Petitioner is appearing pro se (self -represented) and has filed more than two Petitions with the Board of Assessment Appeals during this fiscal year (July 1 — June 30). Petitioner will be represented by an agent or by an attorney. In the space below, please explain why you disagree with the value assigned to the subject property The assigned value is in excess of market value. Required attachments to this form: O Assessor's or Property Tax Administrator's Notice of Valuation or Notice of Denial O Decision of County Board of Equalization, County Board of Commissioners or Property Tax Administrator Attachments required under certain circumstances: ❑ A notarized Letter of Authorization if an agent will be representing Petitioner p A list of names, last known addresses and telephone numbers of co -owners or parties directly interested in the subject property if applicable. Certificate of Service I hereby certify that a true and correct copy of the foregoing Petition to the State Board of Assessment Appeals and attachments were mailed, faxed or hand delivered to: Weld County Board of Equalization ❑ Board of Commissioners ❑ State Property Tax Administrator at the following address: 1150 O Street, Greeley, CO 80632 on August 29, 2013 Date I hereby certify that a true and correct copy of the foregoing Petition to the State Board of Assessment Appeals and attachments were mailed, faxed or hand delivered to all co -owners or parties directly interested in the subject property on August 29, 2013 Date I hereby certify that four (4) true and correct copies of the foregoing Petition to the State Board of Assessment Appeals and attachments were mailed or hand delivered to the Board of Assessment Appeals at 1313 Sherman Street, Room 315, Denver, CO 80203 on August 29, 2013 Date (One copy may be faxed to the Board but the original and two additional copies must be mailed or hand delivered.) Petitioner's Mailing Address is Required Even if Petitioner is Represented by An Agent or Attorney (per C.R.S. 39-8-109 1ib U)T�i, y Signature of Agent O or Attorney/0 Signature of Agent 0 Attorney/0 Thomas E. Downey, Jr. Printed Name 383 Inverness Parkway, Suite 300 Mailing Address Englewood, CO 80112 City, State, Zip Code Telephone: 303-813-1111 E -Mail: tom@downeylawpc.com, Attorney Reg. No.: 9686 Signature of Petitioner Vestas Blades America Inc. Printed Name 11140 Eastman Park Drive Mailing Address Windsor, CO 80550 City, State, Zip Code Telephone: Daytime number E -Mail: It is the Petitioner's responsibility to notify the BAA of any change of address. Petitioners are strongly encouraged to read the Instructions and Rules of the Board of Assessment Appeals prior to completing this Petition Form. The Instructions and Rules are available on the Web at www.dola.Colorado.gov/baa or may be requested by phone at 303-866-5880. PETITION TO STATE BOARD OF ASSESSMENT APPEALS 1313 Sherman Street, Room 315 Phone: (303) 866-5880 Denver, Colorado 80203 Fax: (303) 866-4485 Date: August 29, 2013 Property Owner: Vestas Blades America Inc. Subject Property: 1500 E. Crown Prince Blvd. N, Brighton Street Address City Schedule Number(s): R6778002 Attach separate sheet if necessary Appeals the decision of the Weld O Board of Coualization pp ❑ Board of Commissioners County ❑State Property Tax Administrator For Office Use Only Docket No Fee: Y N Check/Credit Card # P F Id Dated: 7/31/13 This Appeal concerns: IOValuation O Refund/Abatement O Exemption O State Assessed Tax Year: 2013 The subject property is currently classified as: ❑Agricultural ❑Commercial (Exempt VI Industrial I0Mixed Use ❑Natural Resources ❑ Oil & Gas ID Personal ❑Possessory O Producing ['Residential ❑State Assessed ❑ Vacant Land Interest Mines Actual Value assigned to subject property: $39,097,416 Petitioner's estimate of value: $18,000,000 Estimated time for Petitioner to present the appeal: minutes or 8 hours. Not less than 30 minutes. Board will allow equal time to County or Property Tax Administrator. Appearance: ❑ Petitioner will be present at the hearing ❑Petitioner will appear by telephone ❑ Petitioner will be represented by an agent Petitioner is responsible for calling the Board at 303-666-5880 0 Petitioner will be represented by an attorney on the scheduled date and time of hearing (Mountain Time Zone) D Petitioner would like to appear by video conference Petitioner must contact the Board at 303-866-5880 at least 20 days in advance of the scheduled hearing to confirm availability of video conference equipment If the property owner is an entity, it must appear under the representation of an attorney licensed in Colorado except as follows. A closely held entity may be represented by an officer of the entity as long as the amount in controversy does not exceed $10,000, exclusive of costs, interest or statutory penalties. A closely held entity can have no more than three owners. See Section 13-1-127, C.R.S. A closely held entity that will be represented by an officer of the entity must provide a letter to the Board with this petition stating that it has no more than three owners and that the tax amount at issue does not exceed $15,000 as of August 7, 2013. A trust filing a petition as of August 8, 2012 may be represented by a trustee, an attorney or an agent. Filing Fee: q None Petitioner is appearing pro se (self -represented) and has not filed more than two Petitions with the Board of Assessment Appeals during this fiscal year (July 1 — June 30). O $ 33.75 Petitioner is appearing pro se (self -represented) and has filed more than two Petitions with the Board of Assessment Appeals during this fiscal year (July 1 — June 30). $101.25 Petitioner will be represented by an agent or by an attorney. In the space below, please explain why you disagree with the value assigned to the subject property The assigned value is in excess of market value. Required attachments to this form: O Assessor's or Property Tax Administrator's Notice of Valuation or Notice of Denial O Decision of County Board of Equalization, County Board of Commissioners or Property Tax Administrator Attachments required under certain circumstances: ❑ A notarized Letter of Authorization if an agent will be representing Petitioner ❑ A list of names, last known addresses and telephone numbers of co -owners or parties directly interested in the subject property if applicable. Certificate of Service I hereby certify that a true and correct copy of the foregoing Petition to the State Board of Assessment Appeals and attachments were mailed, faxed or hand delivered to: tRfBoard of Equalization Weld Q Board of Commissioners County 0 State Property Tax Administrator at the following address: 1150 O Street, Greeley, CO 80632 on August 29, 2013 Date I hereby certify that a true and correct copy of the foregoing Petition to the State Board of Assessment Appeals and attachments were mailed, faxed or hand delivered to all co -owners or parties directly interested in the subject property on August 29, 2013 Date I hereby certify that four (4) true and correct copies of the foregoing Petition to the State Board of Assessment Appeals and attachments were mailed or hand delivered to the Board of Assessment Appeals at 1313 Sherman Street, Room 315, Denver, CO 80203 on August 29, 2013 Date (One copy may be faxed to the Board but the original and two additional copies must be mailed or hand delivered.) Petitioner's Mailing Address is Required Even if Petitioner is Represented by An Agent or Attorney (per C.R.S. 39-8-109} litlYwab z . VAZYL. Signature of Agent O or Attorney ®' Signature of Petitioner Thomas E. Downey, Jr. Vestas Blades America Inc. Printed Name Printed Name 383 Inverness Parkway, Suite 300 11140 Eastman Park Drive Mailing Address Englewood, CO 80112 City, State, Zip Code Telephone: 303-813-1111 Mailing Address Windsor, CO 80550 City, State, Zip Code Telephone: Daytime number E -Mail: tom@downeylawpc.com, E -Mail: Attorney Reg. No.: 9686 It is the Petitioner's responsibility to notify the BAA of any change of address. Petitioners are strongly encouraged to read the Instructions and Rules of the Board of Assessment Appeals prior to completing this Petition Form. The Instructions and Rules are available on the Web at www.dola.Colorado.gov/baa or may be requested by phone at 303-866-5880. PETITION TO STATE BOARD OF ASSESSMENT APPEALS 1313 Sherman Street, Room 315 Phone: (303) 866-5880 Denver, Colorado 80203 Fax: (303) 866-4485 Date: August 28, 2013 Property Owner: Vestas Blades America Inc. Subject Property: 11140 Eastman Park Drive Windsor Street Address City Schedule Number(s): R5250708 Attach separate sheet if necessary 0 Board of Equalization Appeals the decision of the Weld O Board of Commissioners County ❑ State Property Tax Administrator For Office Use Only Docket No. Fee: Y N Check/Credit Card # P F M Dated: 7/31/13 This Appeal concerns: !OValuation O Refund/Abatement O Exemption ❑State Assessed Tax Year: 2013 The subject property is currently classified as: O Agricultural O Commercial ,❑Exempt 0 Industrial ❑Mixed Use ❑ Natural Resources ❑ Oil & Gas ID Personal ❑Possessory O Producing 13 Residential ❑State Assessed o Vacant Land Interest Mines Actual Value assigned to subject property: $62,398,042 Petitioner's estimate of value: $22,000,000 Estimated time for Petitioner to present the appeal: minutes or 8 hours. Not less than 30 minutes. Board will allow equal time to County or Property Tax Administrator. Appearance: O Petitioner will be present at the hearing :❑Petitioner will appear by telephone O Petitioner will be represented by an agent Petitioner is responsible for calling the Board at 303-866-5880 0 Petitioner will be represented by an attorney on the scheduled date and time of hearing (Mountain Time Zone) 0 Petitioner would like to appear by video conference Petitioner must contact the Board at 303-866-5880 at least 20 days in advance of the scheduled hearing to confirm availability of video conference equipment If the property owner is an entity, it must appear under the representation of an attorney licensed in Colorado except as follows. A closely held entity may be represented by an officer of the entity as long as the amount in controversy does not exceed $10,000, exclusive of costs, interest or statutory penalties, A closely held entity can have no more than three owners. See Section 13-1-127, C.R.S. A closely held entity that will be represented by an officer of the entity must provide a letter to the Board with this petition stating that it has no more than three owners and that the tax amount at issue does not exceed $15,000 as of August 7, 2013. A trust filing a petition as of August 8, 2012 may be represented by a trustee, an attorney or an agent. Filing Fee: q None Petitioner is appearing pro se (self -represented) and has not filed more than two Petitions with the Board of Assessment Appeals during this fiscal year (July 1 —June 30). O $ 33.75 Petitioner is appearing pro se (self -represented) and has filed more than two Petitions with the Board of Assessment Appeals during this fiscal year (July 1 — June 30). P. $101.25 Petitioner will be represented by an agent or by an attorney. In the space below, please explain why you disagree with the value assigned to the subject property The assigned value is in excess of market value. Required attachments to this form: Assessor's or Property Tax Administrator's Notice of Valuation or Notice of Denial B Decision of County Board of Equalization, County Board of Commissioners or Property Tax Administrator Attachments required under certain circumstances: o A notarized Letter of Authorization if an agent will be representing Petitioner o A list of names, last known addresses and telephone numbers of co -owners or parties directly interested in the subject property if applicable. Certificate of Service I hereby certify that a true and correct copy of the foregoing Petition to the State Board of Assessment Appeals and attachments were mailed, faxed or hand delivered to: Weld County Board of Equalization o Board of Commissioners o State Property Tax Administrator at the following address: 1150 O Street, Greeley, CO 80632 on August 28, 2013 Date I hereby certify that a true and correct copy of the foregoing Petition to the State Board of Assessment Appeals and attachments were mailed, faxed or hand delivered to all co -owners or parties directly interested in the subject property on August 28, 2013 Date I hereby certify that four (4) true and correct copies of the foregoing Petition to the State Board of Assessment Appeals and attachments were mailed or hand delivered to the Board of Assessment Appeals at 1313 Sherman Street, Room 315, Denver, CO 80203 on August 28, 2013 Date (One copy may be faxed to the Board but the original and two additional copies must be mailed or hand delivered.) Petitioner's Mailing Address is Required Even if Petitioner is Represented by An Agent or Attorney (per C.R.S. 39-8-109 1.006r) . )4t )11t Signature of Agent C I or Attorney Thomas E. Downey, Jr. Signature of Petitioner Vestas Blades America Inc. Printed Name Printed Name 383 Inverness Parkway, Suite 300 11140 Eastman Park Drive Mailing Address Englewood, CO 80112 City, State, Zip Code Telephone: 303-813-1111 E -Mail: tom@downeylawpc.com, Attorney Reg. No.: 9686 Mailing Address Windsor, CO 80550 City, State, Zip Code Telephone: Daytime number E -Mail: It is the Petitioner's responsibility to notify the BAA of any change of address. Petitioners are strongly encouraged to read the Instructions and Rules of the Board of Assessment Appeals prior to completing this Petition Form. The Instructions and Rules are available on the Web at www.dola.Colorado.gov/baa or may be requested by phone at 303-866-5880. July 31, 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 VESTAS BLADES AMERICA INC 11140 EASTMAN PARK DRIVE WINDSOR, CO 80550 RE: THE BOARD OF EQUALIZATION 2013, WELD COUNTY, COLORADO DENIAL OF PETITIONER'S APPEAL AND AFFIRMATION OF ASSESSOR'S VALUE ACCOUNT NO.: See Attached Dear Petitioner: On July 30, 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 petition for appeal of the Weld County Assessor's valuation of your property described above, for the year 2013. The Board of Equalization found that the evidence presented at the hearing supported the 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. This decision is based upon the Board's analysis of the written and oral testimony presented by both parties. Further that it is the Board's decision that the taxpayer/did not present sufficient evidence to show that the value of the property was not reasonablyvalued by the Assessor. The Assessment and valuation of the Weld County Assessor was affirmed as follows: ACTUAL VALUE AS ACTUAL VALUE AS DETERMINED BY ASSESSOR SET BY BOARD $150,727,070.00 $174,410,000.00 CC: Pet 7-. / /3 2013-2027 AS0085 A denial of a petition, in whole or in part, by the Board of Equalization must be appealed within thirty (30) days of the date the denial is mailed to you. You must select only one of the following three (3) options for appeal: 1. Appeal to Board of Assessment Appeals: You have the right to appeal the County Board of Equalization's decision to the Colorado Board of Assessment Appeals. A hearing before that Board will be the last time you may present testimony or exhibits or other evidence, or call witnesses in support of your valuation. If the decision of the Board of Assessment Appeals is further appealed to the Court of Appeals pursuant to C.R.S. Section 39-8-108(2), only the record of proceedings from your hearing before the Board of Assessment Appeals and your legal brief are filed with the appellate court. All appeals to the Board of Assessment Appeals filed after August 10, 2013, MUST comply with the following provisions of C.R.S. Section 39-8-107(5): (5)(a)(I) On and after August 10, 2013, in addition to any other requirements under law, any petitioner appealing either a valuation of rent -producing commercial real property to the board of assessment appeals pursuant to section 39-8-108(1) or a denial of an abatement of taxes pursuant to section 39-10- 114 shall provide to the county board of equalization or to the board of county commissioners of the county in the case of an abatement, and not to the board of assessment appeals, the following information, if applicable: (A) Actual annual rental income for two full years including the base year for the relevant property tax year; (B) Tenant reimbursements for two full years including the base year for the relevant property tax year; (C) Itemized expenses for two full years including the base year for the relevant property tax year; and (D) Rent roll data, including the name of any tenants, the address, unit, or suite number of the subject property, lease start and end dates, option terms, base rent, square footage leased, and vacant space for two full years including the base year for the relevant property tax year. (II) The petitioner shall provide the information required by subparagraph (I) of this paragraph (a) within ninety days after the appeal has been filed with the board of assessment appeals (b)(I) The assessor, the county board of equalization, or the board of county commissioners of the county, as applicable, shall, upon request made by the petitioner, provide to a petitioner who has filed an appeal with the board of assessment appeals not more than ninety days after receipt of the petitioner's request, the following information: (A) All of the underlying data used by the county in calculating the value of the subject property that is being appealed, including the capitalization rate for such property; and (B) The names of any commercially available and copyrighted publications used in calculating the value of the subject property. (II) The party providing the information to the petitioner pursuant to subparagraph (I) of this paragraph (b) shall redact all confidential information contained therein. (c) If a petitioner fails to provide the information required by subparagraph (I) of paragraph (a) of this subsection (5) by the deadline specified in subparagraph (II) of said paragraph (a), the county may move the board of assessment appeals to compel disclosure and to issue appropriate sanctions for noncompliance with such order. The motion may be made directly by the county attorney and shall be 2013-2027 AS0085 accompanied by a certification that the county assessor or the county board of equalization has in good faith conferred or attempted to confer with such petitioner in an effort to obtain the information without action by the board of assessment appeals. If an order compelling disclosure is issued under this paragraph (c) and the petitioner fails to comply with such order, the board of assessment appeals may make such orders in regard to the noncompliance as are just and reasonable under the circumstances, including an order dismissing the action or the entry of a judgment by default against the petitioner. Interest due the taxpayer shall cease to accrue as of the date the order compelling disclosure is issued, and the accrual of interest shall resume as of the date the contested information has been provided by the taxpayer. Appeals to the Board of Assessment Appeals must be made on forms furnished by that Board, and must be mailed or delivered within thirty (30) days of the date the denial by the Board of Equalization is mailed to you. The address and telephone number of the Board of Assessment Appeals are: Board of Assessment Appeals 1313 Sherman Street, Room 315 Denver, Colorado 80203 Telephone Number: 303-866-5880 Fees for Appeal to the Board of Assessment Appeals: A taxpayer representing himself is not charged for the first two (2) appeals to the Board of Assessment Appeals. A taxpayer represented by an attorney or agent must pay a fee of $101.25 per appeal. OR 2. Appeal to District Court: You have the right to appeal the decision of the Board of Equalization to the District Court of the /county wherein your property is located: in this case that is Weld County District Court. A hearing before The District Court will be the last time you may present testimony or exhibits or other evidence, or call witnesses in support of your valuation. If the decision of the District Court is further appealed to the Court of Appeals pursuant to C.R.S. Section 39-8-108(1), the rules of Colorado appellate review and C.R.S. Section 24-4-106(9), govern the process. OR 3. Binding Arbitration: You have the right to submit your case to binding arbitration. If you choose this option, the arbitrator's decision is final and you have no further right to appeal your current valuation. C.R.S. Section 39-8-108.5 governs this process. The arbitration process involves the following: a. Select an Arbitrator: You must notify the Board of Equalization that you will pursue arbitration. You and the Board of Equalization will select an arbitrator from the official list of qualified people. If you cannot agree on an arbitrator, the District Court of the county in which the property is located (i.e., Weld) will select the arbitrator. b. Arbitration Hearing Procedure: Arbitration hearings are held within sixty (60) days from the date the arbitrator is selected, and are set by the arbitrator. Both you and the Board of Equalization are entitled to participate in the hearing. The hearing is informal. The arbitrator has the authority to issue subpoenas for 2013-2027 AS0085 witnesses, books, records documents and other evidence pertaining to the value of the property. The arbitrator also has the authority to administer oaths, and determine all questions of law and fact presented to him. The arbitration hearing may be confidential and closed to the public if you and the Board of Equalization agree. The arbitrator's decision must be delivered personally or by registered mail within ten (10) days of the arbitration hearing. c. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by you and the Board of Equalization. In the case of residential real property, the fess may not exceed $150.00 per case. For cases other than residential real property, the arbitrator's total fees and expenses are agreed to by you and Board of Equalization, but are paid by the parties as ordered by the arbitrator. If you have questions concerning the above information, please call me at (970) 336-7215, Ext. 4226. Very truly yours, Esther E. Gesick, Deputy Clerk Weld County Board of County Commissioners Cc: Christopher Woodruff, Weld County Assessor RYAN LLC 16220 N SCOTTSDALE ROAD SUITE 650 SCOTTSDALE, AZ 85254 2013-2027 AS0085 Accounts for Petitioner: VESTAS BLADES AMERICA INC Account: Assessor Value: CBOE Value: R5250708 $46,532,763.00 $62,398,042.00 R6778001 R6778002 $66,085,870.00 $38,108,437.00 I $72,914,542.00 $39,097,416.00 Weld County CHRISTOPHER M. WOODRUFF COUNTY ASSESSOR BRENDA DONES, DEPUTY ASSESSOR VALUATION REPORT OF COMMERCIAL PROPERTY FOR Weld County Board of Equalization VESTAS BLADES AMERICA INC PETITIONER VS. WELD COUNTY ASSESSOR'S OFFICE RESPONDENT Parcel Number: 0807-25-2-02-001 1471-29-2-01-001 1471-29-2-01-002 Schedule Number: R5250708 R6778001 R6778002 Log Number: 7506 Date: 30 July 2013 Time: 3:15 PM Board: CBOE PREPARED BY WADE J. MELIES WELD COUNTY ASSESSOR'S OFFICE STAFF APPRAISER ASSESSOR'S VALUE Windsor Blades Brighton Blades Brighton Nacelle $46,532,763 $66,085,870 $38,108,437 Total: $150.727,070 2013-2027 Page 1 SALIENT FACTS AND CONCLUSIONS Purpose of Appraisal Property Rights Appraised Location Land Area Property Type Year Built Quality Class Number of Stories Improvement Sq. Ft. Value Indications: Land Cost Approach Market Approach Income Approach Final Value To determine Actual Value as of 1/1/11 based on an appraisal date of 6/30/10. Unencumbered fee simple interest. 11140 Eastman Park Dr Windsor 1500 E Crown Prince Blvd, No. B & N Brighton 251 Acres or 10,930,936 Square Feet Commercial Wind Turbine Blades Manufacturing Wind Turbine Blades Manufacturing Wind Turbine Nacelle Manufacturing 2007 thru 2011 Average Metal Frame 1and 2 1,223,929 $ 21,069,128 $129,657,942 N/A N/A $150,727,070 CBOE_COMM_010998 Page 2 The Windsor Blades Plant Aerial View from Google 340' en 0 to 94. Office 942 Rack Storage -Sande Finish au' 141 81' 239' en I 330' cd 179' Glade °h„p 7S' in' 156' m t t ShimOda Bldg Ph 31 CAI IA.2111! 31534.0 sf 0 IL ,. , Addition Ph ICI 13230.0 sf 180 gotta ay Apo Moro " 0 n, Pit-Prag Phssa IE 65509.2 sf 46' WH Addition Phase 111 29280.0 sf 46' WH 177 18[1' i 159' 42• •10. Con Root Joint Phase II 338640 If 11)2' 1 9v Mtn Sketch 159 13 WH C BO E_COMM 010998 Page 3 Windsor Blade Photos CBOE_COMM _010998 Page 4 Windsor Blades General Description The Windsor Blades plant is located on the east side of Windsor on Eastman Park Drive in the Great Western Industrial Park. The plant is adjacent Owens Illinois Bottle and Hexcel Manufacturing. It is near Front Range Energy and Eastman Kodak. It is located on 72.76 acres entirely fenced and landscaped. There are a total of 6 buildings with a total of 437,881 square feet of gross building area. Construction began in 2007 and was completed in 2011. The buildings are of average quality and of typical condition. The buildings were built specifically for the manufacturing of Wind Turbine Blades. These Special Purpose buildings are designed with some of the following characteristics; Heavy and Light Manufacturing, Industrial Office, Cafeteria, Service Garage, Equipment Shed, and Guard Shack. Building two, originally the stand alone paint building is now attached to building one. Building one is the main manufacturing and office building; it was built in multiple phases and is considered 100% complete. This building was specifically built and been modified for the purpose of manufacturing wind turbine blades and contains approximately 393,400 square feet. As a result there are many features built into the building that significantly increase the cost to build. The following are just a few of these features; • Story height of 46 feet and clear span of 130 to 180 feet. Clears spans of these heights and lengths have a spreading effect on the footings. Therefore the footings must be tied together. • High capacity HVAC to maintain the temperature in the entire manufacturing area to insure proper curing of the blades. • There are crane rail components built into the structural supports. Several portions of the building have multiple cranes. • Mixed occupancies include office, light and heavy manufacturing, and hazardous material use and storage. Building code requires several features that attribute to increased expense. o There must be separation walls between uses. Where there are hazardous materials involved the separation walls must have higher fire ratings. Example: two and three hour ratings rather than one hour. o Where the separation walls require higher fire ratings, the doors must a higher rating. With some doors close automatically when there is a fire. o Areas with hazardous occupancies must have separate HVAC, electrical, and plumbing systems that are independent of the other occupancies. • The fire suppression system required for this type of facility is very extensive and precise. Fire code requires some of the following items; CBOE_COMM_010998 Page 5 o There must be systems in place to contain 20 minutes of flow from the sprinkler system. o There must be isolation doors to keep fires from spreading from one section to another. o For buildings this size automated smoke and heat vents in the roof are required. • Special flooring support for manufacturing equipment. An example of this are trenches in the floor for the transport system in the automated paint building. The 2013 Notice of Value indicated the improvements cost value was $62,312,189. After further discussions with Vestas's Tax Agent, review of the material presented during the appeal, and review of the Wind Turbine Manufacturing Industry, an economic adjustment was deemed appropriate. A thorough investigation on how Northern Colorado real estate had been affected by the economy was embarked on. A definitive example was found in a 190,000 square foot distribution warehouse located at 4001 Salazar Way in the town of Frederick. The property has been leased to TSN since September 2004. The original lease was for 6 years with 2 renewals. The rent for the term of the lease was $777,000 annually. A first amendment to the lease was created in September 2009. Effective January 2010 the term of the lease was extended to 2015 and the rent reduced to $619,750 annually. This example is of a property continuously in use, not stopped and restarted, or a change in use. This appears to be a definitive indicator as to how the economy has changed real estate in Northern Colorado. Other examples were found but none as definitive. Considering the physical and economic depreciation of the Vestas property, an adjusted value is presented. A summary of total costs are as follows, a detail cost profile may be found in the addendum. Windsor Blades Plant Cost 437,881 square feet @ $106.27per square foot = estimated cost minus all deprecation $46,532,763 CBOE_COMM_010998 Page 6 The Brighton Blades Plant Brighton Blades Plant Aerial -4,o Yac 1054' 404' 9,44 V L Sketch afar', T:; a :3 Le a n To r r. Tunnel 13329,4 sf 31' WH ..t 1 1 Paint Bldg 35052,0 sf 44' WH CBOE_COMM_010998 Page 7 Brighton Blades Photos CBOE_COMM _010998 Page 8 Brighton Blades Plant General Description The Brighton Campus is located north of the City of Brighton within the City limit and east of Highway 85. The Campus spans north of New Energy Drive or Weld County Road 4 to E Crown Prince Blvd. or Weld County Road 8. Weld County Road 20 is a few blocks west of the campus. The campus is made up of several parcels. The greater part of the campus is fenced and landscaped. The blades plant itself is on a single parcel that has 112.4 acres on the northern portion of the campus. The Brighton Blades plant consists of four buildings. The service garage is utilized by the entire Brighton Campus. The Brighton Blades Plant is slightly larger and has nearly the identical features as the Windsor Blades Plant. The one exception to this is the Brighton Blades Plant was built in a single phase resulting in a slightly different cost to build. Building one of Brighton Plant includes the paint area. The main building contains approximately 504,870 square feet. There is a small portion of rail spur located on the west side of the blades parcel. The 2013 Notice of Value indicated the improvements cost value was $83,352,759. Considering the physical and economic depreciation of the Vestas property an adjusted value is presented. A summary of total costs are as follows, a detail cost profile may be found in the addendum. Brighton Blades Plant Cost 511,681 square feet @ $129.15 per square foot = estimated cost minus all deprecation $66,085,870 CBOE_COMM 010998 Page 9 The Brighton Nacelle Plant I . _: a '!,• Liscsirgh: 54b1 P 71; rt 4.4 77.8 113s� 3Fl or] 41 asait:r a3/47. w:'': Fkce Z x1024 3 id 7.3' V#H L7 WH 77.6 779' Lotted Room 1434.3 sr ii Locker Room! si ?i T' 1st Floor Office 18249.8 s$ 2nd Floor Office 18249.8 sf 20 w'. H 135 ?' First Floor 22xDS4.4sf 51•rr4Wig 5printlered X19' 14It 770 61 Lois' kairi 1414.3 sf 742 4' Aerial Photo t • It ift aa . a 6MPCIa9 24 AM 08.2. S tl 20. P. rn Mifwfittuthug Watts 345' Sketch .i 4 lialslaartca 4765.4st 11' WH 72.4 a PJ PJ tui CBOECOMM _010998 Page 10 Brighton Nacelle Photos CBOE_COMM _010998 Page 11 Brighton Nacelle Plant General Description The Nacelle Plant is located on a single parcel within the Brighton campus and contains 65.77 acres. The Nacelle Plant was specifically built for the manufacturing of the nacelle of a wind turbine. The nacelle sits atop the tower and contains the gear box, low and high speed shafts, generator, controller, and brake. The Nacelle plant has two buildings, the main manufacturing plant and a guard shack. The guard shack is utilized by the entire Brighton Campus. Building one is a Special Purpose building built with some of the following characteristics; Heavy and Light Manufacturing, Office, Warehousing, and a Cafeteria. The building contains approximately 273,914 square feet. The nacelle building has a story height of approximately 52 feet over the manufacturing area and approximately 32 feet over the office and warehouse area. According to plans, the building is designed to support 29 cranes ranging in capacity from 1 ton to 80 tons. The cranes and bridges are consider personnel property, however the rails the bridges operate on are part of the structural support of the building. Rather than clear span there are excess support columns. Extra expense was incurred for footings and foundation to support such loads. As with the blades plants the nacelle plant has multiple occupancies in close proximity to each other, building code requires occupancy separation walls. The nacelle plant is fully sprinklered with automatic smoke and heat vents. The Nacelle parcel has the largest portion of the rail spur located on the west side of the parcel. The 2013 Notice of Value indicated the improvements cost value was $48,038,424. Considering the physical and economic depreciation of the Vestas property an adjusted value is presented. A summary of total costs are as follows, a detail cost profile may be found in the addendum. Brighton Nacelle Plant Cost 274,367 square feet @ $138.90 per square foot = estimated cost minus all deprecation $ 38,108,437 CBOE_COMM _010998 Page 12 COST APPROACH SUMMARY The Assessor is currently using Marshall and Swift cost tables for the cost approach of commercial properties in Weld County, which has been approved by the Division of Property Taxation to be utilized by Colorado Assessors. The structure has been classified properly utilizing the Marshall and Swift Valuation service and all forms of deprecation applied to derive an appropriate value. A land value has likewise been established through the utilization of vacant land sales of comparable properties. Improvement Value $129,657,942 per sf $106 Land Value $ 21,069,128 TOTAL VALUE BY THE COST APPROACH $150,727,070 per sf $123 Actual Costs The actual costs for the Windsor Blade Plant were asked for but not supplied. However during the initial inspection Vestas supplied costs for Phase I and Phase II, see addendum. The following chart summarizes; Phase Phase I Phase II Totals Square Feet 173,941 162,994 Cost $42,676,799 $35,191,843 Cost per S.F. $245.35 $215.91 336,935 $77,868,642 231.10 The actual cost for the Brighton Campus (Brighton Blades and Nacelle plants) where supplied, see addendum. The total cost of the Brighton Campus was $154,194,822 or $197.42 per square foot. These costs do not include the 2011 additions or land purchases. Total Costs Supplied $232,063,464 Total Costs Supplied per S.F. $208 CBOE_COMM _010998 Page 13 LAND VALUE Sales utilized to establish the value in the subject neighborhood are from 2011 and the first six months of the 2012 market for the 2013 assessment date. The comparative sales approach is the most reliable method of land valuation. Pursuant to 39-104-(10.2) (c) C. R. S., the Assessor may utilize sales from July 2007 through June 2012 to establish the proper value, if sufficient information is not available in the prior 18 months. Also, comparables outside the subject property area may be used. The Weld County Assessor has an established ongoing sales confirmation and validation program for property transactions used in developing value. The total land size of the subject's 3 parcels is 10,930,936 square feet. Comparable commercial land in Weld County ranges from $1.90 to $2.39 per sq ft. A value of $1.93 per square foot was chosen to be applicable for the subject property when considering its locations. Parcel Number Sale Date Sale Price Land Size Per S.F. Buyer Comparable 1 Comparable 2 Comparable 3 Comparable 4 080726400021 01/04/12 5,416,700 095714205001 02/11/11 2,247,344 080722317005 12/31/09 $1,115,000 2,348,729 998,744 529,292 131335000001 9/1/2009 $7,192,300 3,010,867 $2.31 $2.25 $1.90 $2.39 Halliburton Energy Services Inc NOBLE ENERGY INC. Warren Fed Credit Union United Hospital ASSESSOR'S SUBJECT LAND VALUE $21,069,128 CBOE_COMM _010998 Page 14 Land Sale Comparable Map WELD COUNTY Colorado Drape t~1InTorrnatior Portal JOHNSTOWN. . ass BERTHOUD F RESTONE FREDERICK DA CO NO citl `tafn QCa) iii°Mal (i1 1.1 •1 ? PLATTE`lILLE 52 FORT LUPTi- - III Windsor Blades Plant Brighton Blades & Nacelle Plants BRIGHTON _OCHBUIE KEENESBURG Imagery It • rl CBOE_COMM_010998 Page 15 MARKET APPROACH SUMMARY The subject properties are Special Purpose buildings, built for the production of wind turbine blades and nacelles. A search for sales of similar Special Purpose properties was completed with no sales found. With no data to analyze, the Market Approach the Value is thought to be not applicable. VALUE As INDICATED BY THE MARKET APPROACH N/A INCOME APPROACH TO VALUE The subject properties are Special Purpose buildings, built for the production of wind turbine blades and nacelles. Inquires where made for lease information of similar buildings or buildings that could be used similarly. No applicable leases where found. With no data to analyze the Income Approach to Value is thought to be not applicable. TOTAL INCOME VALUE FOR THE SUBJECT PROPERTY N/A CBOE_COMM _010998 Page 16 CONCLUSION Real property for the tax year 2013 must be valued utilizing the level of value for the period of one and one-half years immediately prior to June 30th, 2012. A period of five years immediately prior to July 1, 2012sha11 be utilized to determine the level of value if adequate data is not available from such one and one-half year period to adequately determine the level of value for a class of property. Said level of value shall be adjusted to the final day of the data -gathering period. Changes occurring between base years are not to be accounted for until the following level of value is implemented, other than additions, change in use, detrimental acts of nature, damage due to fire, etc., creation of a condominium, new regulations restricting or increasing the use of the land, or a combination thereof {39-1-104(11)(b)(I), CRS}. The subject property has been classified as Commercial Property for assessment purposes. Commercial property value shall be determined by appropriate consideration of the Cost Approach, Market Approach, and Income Approach to value. {39-1-103(5)(a) C. R. S.} The Assessor has considered all three approaches to value for the subject parcel on appeal. FINAL RECONCILIATION After consideration of the cost approach, it is the Weld County Assessor's opinion that the value of $150,727,070 most accurately reflects the value of the subject property in Weld County for the 2013 tax year. COST APPROACH MARKET APPROACH $150,727,070 N/A ASSESSOR'S VALUE Industrial Windsor Blades Plant Industrial Brighton Blades Plant Industrial Brighton Nacelle Plant Total: INCOME APPROACH N/A $ 46,532,763 $ 66,085,870 $ 38,108,437 $150,727,070 CBOE_COMM _010998 Page 17 APPRAISAL STANDARDS AND ETHICS CERTIFICATION I certify to the best of my knowledge and belief that: The statements of fact contained in this report are true and correct. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions and is my personal unbiased professional analyses, opinions and conclusions. I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved. My compensation is not contingent on an action or event resulting from the opinion or conclusions in, or the use of, this report. My analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. No one provided significant professional assistance to the person signing this report. I have made a personal inspection of the property that is the subject of this report. Wade j Melies Commercial Appraiser Colorado Certified General Appraiser CG40036400 CBOE_COMM _010998 Page 18 Addendum CBOE_COMM _010998 Page 19 Windsor Blades Partial Costs Vestas Blades Americas 1 Phase I&Il Square Footages & Costs Phase I Square Feet i Costs New Construction Paint Hall 22,900 Paint Kitchen 1,500 Finish 47,084 Mold I 802720 Cutting 10,289 Adrnin 15,366 Rack Stora e 16,082 ' ' Phase II Square •Feet Costs New Construction Shimoda 35,813 Root Joint 36,736 Pre Preg 64,659 Total 137,208 Renovations hxis:inq Administration 2,836 Main Dorn 20:750 Main Dorn Offices 2,200 Total 25,786 ii CBOE_COMM_010998 Page 20 Brighton Campus Costs WORKING BUDGET Description Master Budget Budget Risks Projected Budget Committed Costs Actual Costs to Date Vestas Brighton Site Budget Date: 5/2/2012 Updated: 6/1/2017 Committed Costs Expected Final Open Balance Costs Split Rail Fence Company - CC $ 059 Split Rail Fence Company - CO 031 Split Rail Fence Company - CO 073 Spilt Rail Fence Company • CO 123 Split Rail Fence Company • CON 129 sussing* Advantage Sign Company Advantage Sign Company - CON 056 W.L Contractors WI. Contractors -CO N 086 Guardhouse $ Roche Constructors • CO 030 Gaol Site Security Kenny Electric • CO 034 Asphalt Specialties - CO 042 Split Rail Fence Company CON 046 Split Rail Fence Company - CON 114 Scott Contracting -Paving Contract - CO $ 084 $ 154,769 $ 100,000 5 $ 327,000 5 Lounge / Restrooms at Truck Staging Area, Intl. Remaining Unmoor* 5 160,000 5 Temporary Truth Launga IvtodSpacr •Noe Tiarrrn "'Nate Lounge / Restrooms Sanitary Sewer $ Scon Contracting - UUlitles Contract - CO #005 Diesel Fueling Station Roche Constructors Roche Constructors • CON 001 Bache Constructors • CO .4003 Roche Constructors - CO *006 Mil Petroleum Still Petroleum -CO *DM $ 75,000 $ $ 300,000 S 128,700 S 644,626 $ $ $ S 154,769 S $ S 228,700 $ S 971,626 S S S S 5 5 35,311 $ 195,311 S 25,000 $ 25,000 (35,311) $ $ S 39,690 $ S (135,267) $ 164,733 5.489 92,369 3.693 4.105 2.420 104,769 76,230 25,228 3,311 $ S $ $ $ $ 5,489 92,869 3,528 4105 89,056 56,517 25,228 3,311 S $ S $ $ $ $ 228.700 $ 228,700 $ I28.700 $ 228,700 $ 971,626 800,065 32.147 134,464 2.250 2,701 25,0000 25.000 } 971,626 $ 800.065 $ 32.1,47 $ 134,464 $ Z250 $ 2,701 $ s 7,153 S 5 S 5 $ S $ $ 7,853 $ 39,690 $ 511690 $ 39.690 S 39,690 $ $ 164,733 $ 91.800 S 3.425 S 632 $ 1391 $ 48,635 $ 1.8,850 $ 164,733 S 91.800 S 3,425 S 632 $ 1,391 $ 48.635 $ 18,850 S 170 2.420 19,714 $ 154769 19.714 $ 226,700 $ 971,626 • $ 1955311 17,147 $ 25,000 17.147 - $ 39,690 $ - S 164733 $ 5 $ S Total Landscaping / Fence / Finding $ 2,111,023 $ 1,199,567 5 3,310,590 5 3,045,279 5 3,005,046 5 40,233 S 3,310,590 V112 EXPANSION SITE 4I088 V112 Expansion Site Work Scott Contracting • Paving Contract - CO # 085 Scott Contracting - Paving Contract - CO 087 Scott Contracting • Paving Contract • CO $ 090 Scott Contracting -Paving Contract - CO # 093 Scott Contracting -Patting Contract • CO # 108 Scott Contracting • Paying Contract - CO # 117 Scott Contracting - Paying Contract - CO # 118 Kumar & Associates • PrePreg / Production Kumar & Associates - Finish Hall Kenny Electric • CO Ii 120 $ $ 825,000 S 825,000 $ $ S S S $ $ S S $ 1.234719 8,833 368,497 37,908 12,295 12,632 158,933 571,076 30,610 4,920 79,016 $ 1,148.488 $ 8,833 $ 358.065 S 37,908 $ 12295 S 12,632 $ 129,973 $ 551,208 S 20,229 $ 1455 $ 15,885 $ $ S S S S S S S $ $ 86,231 $ 1,310.000 10,432 28.954 19,868 10,381 3,465 13,131 Total V112 Expansion She Work MAIN CAMPUS TOTAL NORTH CAMPUS IMPROVEMENTS SOUTHWICK PROPERLY $ S 825,000 5 825,000 S 1,234,719 5 1,148,488 $ $ 25,035,709 $ (2,781,694) $ 22,248,015 S 22,382,424 $ 22,241,736 S 86.231 S 1,310000 140,686 $ 22,733,015 Grading & Erodon Control Fiore & Sons More & Suns • CO N 001 Sanitary Wwear/Water/ Storm' Scott Contracting - CO N 082N Scott Contracting - CU # 102N Scott Contracting -CON 11264 Taal Southwick Property $ 315,470 $ (77,431) S $ 143,325 $ 127,316 $ 238,039 5 238.039 $ 225.170 S 12369 270,641 5 S S 508,680 $ 270,641 143,325 124,552 2.763 508,680 $ 508,680 $ $ 238,039 S - $ 236,039 $ 225,170 $ $ 12,869 5 $ 270.641 $ 143,325 $ 124,552 5 2.763 $ $ S $ 270,641 NORTH CAMPUS TOTAL S 458,796 $ S 458,796 $ 49,885 5 49,885 $ 508,680 5 508,680 $ 508,680 $ S 506,680 $ 506,680 GRAND TOTAL $ 25,494,505 5 (2,737,809) $ 22,756,696 $ 22,891,104 $ 22,750,416 S 140,688 $ 23,241,696 NOLTE ASSOCIATES. INC. Confidential CBOE_COMM _010998 Page 21 WORKING BUDGET Description GENERAL CONTRA Actual Costs to Master Budget Budget Risks Projected Budget Committed Costs Date Vestas Blades Budget Date: Updated: Committed Costs Open Balance Facility Brighton 3/8/2011 5/23/2012 Expected final Costs .T MORTENSON CONSTRUCTION General Conditions General Requirements Sitework Concrete Masonry Metals Woods and Plastics Thermal and Masture Protection Doors and Windows Finishes Specialties Equipment Furnishings Special Construction Conveyances Mechanical Electrical 5% Down Payment Lability Insurances Contingency Fee Change Order 41 001 Change Order X 002 Change Order X 003 Change Order M004 Change Order if 005 Change Order it 006 Change Order if 007 Change Order It 008 Change Order it 009 Change Order if 010 Total General Contract $ 64,991;7nG $ 4,748,456 $ 1,330,347 $ 1,104,797 $ 12.425,540 $ 898,581 $ 1,771,541 $ 127,765 $ 226,421 $ 725,770 $ 3,430,405 S 407,500 $ 186,500 S - $ 2,770,169 $ 60,000 S 15,232,703 S 13,450,465 5 $ 635,366 5 3,500,000 S 1.959,454 S S $ S $ S S S S $ (3,511,899) 28A58 308,845 (71,245) (140,978) (196,826) 50,982 231,968 (1,610) 73,798 29,850 52,517 (74,801) (290,957) (2,372,285) 41,162 105,906 112,533 162,130 2,158,460 (364,133) 38,531 (90,990) (3,303,214) 64,591,780 S (3,511,899) 61,479,881 A116,914 1,639,192 1,033,552 12,284,562 898,581 1,574,715 178,747 458,389 724,160 3,504,203 437,350 239,017 2,595,368 60,000 15,232,703 13,159,508 635,366 1,127,715 1,959,454 41,162 105,906 112,533 162,130 2,158,460 (364,133) 38,531 (90,990) (3,303,214) S S $ S $ $ $ 5 $ $ $ $ S 61,479,881 $ 61,479,881 $ 4,116,914 $ 1,639,192 S 1,033,552 $ 12,284.562 $ 898.581 $ 1,574.715 $ 178.747 $ 458,389 $ 724,160 $ 3,504,203 S 437.350 $ 239,017 $ • $ 2,695,368 $ 60.000 S 15,232,703 $ 13,159.508 $ • S 635.366 S 1,127315 $ 3,959.454 S 41.162 $ 105.906 S 112,533 $ • S 162.130 $ 2,158,460 $ (364,133) $ 38,531 $ (90,990) S (3,303.214) $ 61,479,881 $ 61,479,881 61,479,881 4,776,914 1,639,292 1,033,552 12,284.562 898,581 1,574,715 178,747 458,389 724,160 3,504,203 437,350 239,017 • 2,695.368 60,000 15,232,703 13,159,508 • 635,366 1,127.715 1,959.454 41,162 105.906 112,533 • 162,130 2358,460 (364,133) 38.531 (90,990) (3,303,214) $ $ S $ S $ S S S S S $ $ $ $ $ S $ S S s $ $ $ $ 61,419,881 $ 61,479,881 VESTAS PURCHASES Metal Building Keefe Construction Services Keefe Construction Services - CO X 3 Keefe Construction Services • CO 2 Keefe Constructon Services • CO if 3 Keefe Consvuction Services • CO X4 Keefe Construction Services - COX 5 Keefe Constructon Services • CO it6 $ 12,744,920 $ (1,254,223) $ 11,490,697 S $ $ S 5 11.490,697 $ 11,353,507 $ 35,700 $ 10,699 S 12.055 $ 1.586 $ (38,531) $ (4,320) $ 11,490,697 $ 11,490,697 $ 11,490,687 $ 11,353,507 $ 35.700 $ 10.699 $ 72,056 $ 1.586 $ (38,531) $ (4,320) S $ 11,498,697 Total Vestas Purchases FAINT BUILDING Paint Facility / Post Paint Building Keefe Construction Services Keefe Construction services • CO X001 Keefe Constructor Services CO X 002 Keefe Construction Services - Unit Enclosure Keefe Constructor Services - Unit Enclosure CO it 001 Roche Constructors, Inc. Roche Constructors, ince • COX 001 Roche Constructors, Inc. - CO it 002 Roche Constructors, Inc. - CO it 003 Roche Constructors, Inc. - CO N 004 Roche Constructors, Inc. - CON 005 Roche Constructors, Inc- • COX 006 Roche Constructors, Inc. - CON 007 Roche Constructors, Inc. - COX 008 Roche Constructors, Inc. - CON 009 Roche Constructors, Int. - CO* 010 12,744,920 $ (1,254,223) $ 11,490,697 4,000,000 $ 2,234,431 $ 6.234,431 6.234,431 2,220,635 2,025 932 42,453 930 3,733,840 16,891 25,340 41,411 47,097 12,560 (1,655) 98,155 (4,532) 37,646 (39,297) $ 6,234,431 $ 2,220,635 $ 2,025 $ 932 $ 42.453 930 $ 3,733,840 $ 16,891 $ 25,340 $ 41,411 $ 47.097 $ 12,560 S (1,655) $ 98,155 $ (4,532) $ 37.646 $ (39.297) $ 11.490,697 6,234,431 Total Paint building V112 EXI'AN SHUN (SEE SEPARATE BUDGET) V112 Expansion (See Separate budget) $ 4,000,000 $ 21,145,884 $ 2,234,431 $ 6,234,431 5 (21,145,884) $ $ $ 6,234,431 $ 6.234.431 $ $ $ $' 6,234,431 $ 21,145,884 TOTAL 5 1O2,KA2,5S4 $ (23,107,575j $ 79,205,009 $ 74,205,009 5 7%205,W'1 S 5 100,350,11'13 NOLTE ASSOCIATES, INC. Confidential CBOE_COMM _010998 Page 22 WORKING BUDGET Description Master Budget Budget Rides Projected Budget Committed Costs Date Vestas Blades V112 Expansion Brighton Budget Date: 5/2/2012 Actual Costs to Update,* 6/WW2 Committed Costs Open Balance Expected Final Coats GENERAL CONTRACT The Whiting -Turner Contracting Company General Conditions $itework Concrete Masonry Metals Woods and Plastics Thermal and Moisture Protection Doors and W indo ws ginI ies $pedaloes Equipment Furnr5hings Spedal Construction Conveyances Mechanical Electrical Bond Liability Insurances Fee Change Order N 002 Change Order N 003 Change Crder N 004 Change Order N 005 Change Crder N 006 Change Order N 007 Change Order N 008 Chaise Order N 009 Change Order N 010 Charte°tacN011 ;halge Craer N 012 Total General Contra $ 11$208 $ - $ 118,208 5 $ 46,020 $ - $ 48,020 5 $ 306,470 $ $ 306,470 $ $ - $ - $ $ $ 13,725 $ $ 13,725 $ 5 3,000 5 $ 3,000 $ $ 85,658 $ - $ 85,658 $ $ 62,453 $ $ 62,453 $ $ 21,862 S - $ 21,862 $ $ 2,950 $ - $ 2,950 5 $ $ $ - $ $ - 5 $ - $ 5 - $ $ - $ 5 $ S - $ 5 613,947 $ $ 613,947 $ $ 256,502 $ $ 256,502 $ 5 11,500 5 - 5 11,500 $ 5 12,300 $ $ 12,300 $ S 25,000 $ S 25,000 $ $ $ 357,010 $ 357,010 $ $ $ 1,681,048 5 1,681,048 $ 5 $ 12,450 $ 12,450 $ 5 S 191,342 $ 191,342 $ 5 $ 1,307,106 $ 1,307,106 $ $ S 2,985,174 $ 2,985,174 $ $ - $ 3,438,004 $ 3,438,004 $ S S 5,208,594 $ 5,20%594 $ $ 5 1,145,100 $ 1,145,100 $ $ $ 138,468 $ 138,468 $ $ S 277,056 $ 277,056 $ $ 1,581,595 $ 16,741,352 $ 18,322,947 $ 18,322,947 $ 16,665,147 $ 1,657,801 $ 20,125,000 t 18,208 48,020 306,470 13,725 3,000 85,658 62,453 21,862 2,950 • 613,947 256,502 11,500 12,300 25,000 357,010 1,681,048 12,450 191,342 1,307,106 2,985,174 3,43%004 5,208,594 1,145,100 138,468 2 77,056 115,008 48,020 306,470 13,725 3,000 85,658 62,453 21,862 2,950 612,275 256,502 11,500 12,300 25,000 357,010 1,681,048 12,450 191,342 1,307,106 2,985,174 2,857,196 4,614,751 1,021,522 60,815 3,200 1,672 580,809 593,843 123,578 77,643 277,056 $ 20,123,000 VESTASPURCHASES Meal Building Keefe Construction Services Keefe Construction Services - CON 001 Keefe Construction Services - CON 002 Keefe Construction Services - OD N 003 Keefe Construction Services - CON 004 Keefe Construction Services - CON 005 Keefe Construction Services -CON 006 Keefe Construction Services - CON 007 Keefe Construction Services - CON 008 Kvote Con;tructian Senek-es CO N 009 $ 4,100,000 $ 390,000 $ 4,430,000 $ S 5 1,497,682 $ 1,497,682 5 1,413,327 $ 1,413,327 5 23,145 $ 23,145 $ 381,330 $ 387,330 $ 233,495 $ 233,495 S 46,886 $ 46,886 $ 475,359 $ 460,359 $ 15,000 18,595 $ $ 318,725 $ 269,212 S 1,3 15 5 5 18,595 49,513 1,375 84,483 $ 4,450,000 $ 4,450,000 Total Venus Purchases $ 4,100,000 $ 350,000 $ 4,450,000 $ 4,415,919 $ 4,331,436 $ TOTAL $ 5,621,595 $ 17,091,352 $ 22,772,947 $ 22,738,866 $ 20,996,583 5 1,742,284 5 24,575,000 NOLTE ASSOCATES, INC. Confidential CBOE_COMM _010998 Page 23 WORKING BUDGET Item Description Master Budge Budget Risks Projected Budget Committed Costs Date Vestas Nacelles Brighton 4/8/2010 Up doted: 4/75/7011 Actual Costs to Committed Costs Expect ad Final Costs Open Balance ccigNiRALCONTRACT HENSEL PHELPS CONSTRUCTION COMPANY Gcntreu1 conait gh Sitework Concrete Masonry Metals Woods and Plastics Thermal & Moisture Protection Doors & Windows Finishes Specialties Equipment Furnishings Special Construction Conveyances Mechanic$ Electrical Weekly Cleanup -Material Weekly Cleanup -Labor Site rid Buitdtng Cleanup insurance - General Liability Insurance - Bu riders Risk Bonds Contingency sea Alternates/ Revised Scope Items Additional Change Order Scopes Change Orders 1 -14, Distributed Above S 1,087,000 $ $ 1,087,000 $ 1,719,874 $ 1,719,874 $ $ 105,000 $ $ 105,000 $ 300,352 $ 300,352 $ $ 2,857,000 $ $ 2,857,000 $ 3,386,744 $ 3,386,744 $ $ 82,000 $ 5 82,000 $ 90,780 $ 90,780 $ $ 5,600,000 $ 203,000 $ 5,803,000 $ 6,106,815 $ 6,106,815 $ $ 94,000 $ $ 94,000 $ 47,561 5 47,561 $ S 2,387,000 $ S 2,387,000 $ 2,318,418 $ 2,318,18 $ $ 352,000 S $ 352,000 $ 571.,815 $ 571,815 $ $ 893,000 $ 5 893,000 $ 1,287,879 $ 1,287,879 $ $ 184,000 S 5 184,000 $ 207,995 $ 207,995 $ $ 35,000 $ - 5 35,000 $ 43,841 $ 43,841 $ $ 9,000 S - $ 9,000 $ - $ - $ $ 137,000 $ $ 137,000 $ - $ - $ $ 50,000 $ - $ 50,000 $ 54,733 $ 54,733 $ S 4,228,000 S - $ 4,228,000 $ 5,540,439 $ 5,540,439 $ $ 2,712,000 $ $ 2,712,000 $ 3,512,697 $ 3,512,697 $ S $ $ $ 1,638 $ 1,638 $ $ S $ $ 24,486 5 24,486 S $ $ - $ $ 12,834 $ 12,834 $ $ 114,000 $ $ 114,000 $ 126,242 $ 126,242 $ $ - $ $ $ 12,113 $ 12,113 $ S 152,000 $ - $ 152,000 $ 184,857 $ 184,857 $ $ 250,000 $ $ 750,000 $ - $ • $ $ 647,000 $ - $ 647,000 $ 756,458 $ 756,458 $ $ 203,000 $ (203,000) $ - $ - $ - $ 5 - $ - $ - $ 29,303 $ 29,303 $ S - 5 4,159,874 5 4,159,874 26,337,874 Suhtotsl General Contras* Change Order N 1 Change Order X 7 Change Order k 3 Change Order# 4 Change Order p S Change Order N 6 Change Orders 7 Change Order p 8 Change Order # 9 Chang. Order It 10 Change Order d 11 Change ado 11 Change Orden* 13 Change Order 14 - t e. i oration /or Otd1t}r Meters $ 22,178,000 $ 4,159,274 $ 26,337,874 $ 26,337,874 $ 26,337,874 $ $ (556,147) $ (447,737) $ (2,604) $ (6so, 713) $ (57,056) $ (51,741) $ (38,138) (240,000) S (46$394) $ (554,4(14) $ (375,314) $ (3970O0) $ (138,000) S (132,000) $ )105,172) $ 26 337,874 Total Ca aneral Centre* $ 22,178,000 $ 4,159,874 $ 26,337,874 $ 26,337,874 $ 26,337,874 $ $ 26,887,874 TOTAL $ 22,178,000 5 4,159274 $ 226,337,274 $ :6337,874 $ 26,337,874 $ $ 26,337,874 NOLTE ASSOCIATES, INC. Confidential CBOE_COMM_010998 Page 24 WORKING BUDGET Description Master Budget Budget Risks Projected Budget Committed Costs Vestas Brighton Site Budget Date: 5/2/2011 Updated: 6/1/2011 Actual Costs to Committed Costs Expected Final Date Open Balance Costs MAIN CAMPUS GRADING / PAVING / CONCRETE Site Grading, Removals, Erosion Control Rote & Sons Fiore & Sons • CO a 003 Fiore & Sons -CO N 006 Fiore & Sons - CO it 032 Fiore & Sons - CO N (Si Rove & Sons - CON 092R2 Contech Construction Products Contech Construction Products CO 014 Asphalt Specialties Asphalt Specialties • CO $ On Asphalt Specialties - CO $ 012 Asphalt Specialties - CO a 110 Scott Contracting - Paving Contract • CO a 036 Stott Contracting - Paving Contract - CO I 071 Scott Contracting - Paving Contract - CO # 078 Scott Contracting - CO a 029 mares aw nscope) Site Paving Rare & Sons CO a 068 Asphalt Specialties Asphalt Specialties - CO N 011 Asphalt Specialties - CON 044 Asphalt Specialties • CO N 045 Asphalt Specialties - CO 063 Asphalt Specialties - CO # 070 Asphalt Specialties - CON 110 Scott Contracting - Paving Contract Scott Contracting • Paving Contract - CON O33 Scott Contracting - Paving Contract - CO N 037 Scott Contracting - Paving Contract -CO a 038 Scott Contracting - Paving Contract - CO a 039 Scott Contracting - Paving Contract • CO a 061 Scott Contracting • Paving Contract • CO a O62 Scott Contracting - Paving Contract - CO a 067 Scots Contracting - Paving Contract - CON 068 Scott Contracting - Paving Contract - CO 069 Scott Contracting - Paving Contract • CO a 075 Scott Contracting - Paving Contract - CO # 076 Scott Contracting - Paving Contract - CO N 077 Scott Contracting - Paving Contract • CO N 079 Scott Contracting Paving Contract • CO a 081 Scott Contracting Paving Contract • CO*096 096 Kenny Electric - CO 11020 Kenny Electric - CO N O72 Scott Contracting - CO 049 tureen Ao7'tscopel Concrete Curb, Gutter and Sidewalk Asphalt Specialties Asphalt Specialties - CO 011 Asphalt Specialties - CO N O63 Asphalt Specialties - CO 110 Scott Contracting Paving Contract Scott Contracting - Paving Contract - CO *061 Scott Contracting - Paving Contract • CO 071 Scott Contracting - Paving Contract - CO 079 Total Grading / Paving / Concrete $ 4,372,384 $ $ 6,913,417 $ S 861,482 $ (400,540) $ (2,367,627) $ (562.713) $ 3,971,844 S $ S S $ S 5 S $ $ 5 S S S 6,545,790 S S S S S 5 S $ 5 S S S 5 S S 5 S $ 5 S 5 $ S S 298,769 $ $ S 5 $ 5 5 5 3,961,844 $ 3,956,275 2,810,340 S 2,810,340 41,327 S 41,327 16,258 $ 16,258 8,711 $ 8,721 36,186 $ 36,186 (176,306) S (176,306) 606,519 $ 602,262 114,406 $ 114,406 396,222 $ 396,222 44,910 $ 44,910 13,146 S 13,146 (98,871) 5 (98,871) 22,340 $ 22,340 58,650 S 57,338 46,222 S 46,222 21,783 $ 21,783 6,54%790 $ 6,545;790 176,242 $ 176,242 1,740,041 S 1,740,041 609,190 $ 609,190 31,310 $ 31,310 (70,749) $ (70,740) 24,937 S 24,937 325,276 5 325,276 (237,297) $ (237.297) 2,851,566 $ 2,851,566 85,194 S 85,194 12,632 S 12,632 633,500 5 633500 304,294 $ 304,294 3,463 $ 3,468 155,932 $ 155,932 8,041 $ 8,041 16,794 $ 16,794 9,895 $ 9,895 5,256 S 5,256 4,950 S 4,950 2,896 S 2,896 (247,706) $ (247,706) 27,142 S 27,142 8,435 5 8,435 58,698 S 58,698 1,900 5 1,900 3,946 S 3,946 298,769 $ 298,769 174,078 $ 174,078 52,267 S 52,267 11,268 S 11,268 (84,869) S (34,869) 83,900 $ 83,900 842 $ 842 61.155 $ 61,155 129 S 129 S S S $ S S $ $ S $ S S $ S S $ S S $ $ S $ S $ S S S S $ S S S $ $ $ S S $ S 5,569 $ 4,257 1,312 3,971,844 6,545,790. $ 29%769 $ 14,147,283 $ (3.330,880) S 10,816,404 S 10,806,404 Si 10,800.835 S 5,569 $ 10,816,404 SEWCR / WATER / STORM Onsite Sanitary Sewer Scott Contracting • Utilities Contract Scott Contracting - Utilities Contract - CO #024 Scott Contracting - Utilities Contract - CO 1i 005 Scott Contracting - Utilities Contract - CO N O25 Scott Contracting • CO N 029 Marren Add scope) Scott Contracting - CO 054 toms Aoonscope) Scan Contracting - CON 060 RRnrrres AoteScow) Gni Water Pump / Putrpl nit Station Omits Water System Scott Contracting - Utilities Contract Scott Contracting - Utilities Contract - CO N 024 Scott Contracting • Utilities Contract • CO a 004 Scott Contracting - Utilities Contract - CO $008 Scott Contracting - Utilities Contract - CO a 009 Scott Contracting - Utilities Contract - CO N 025 Scott Contracting - CON 029 ruteates Aaonsaow) Scott Contracting Paving Contract • CO a O71 NOLTE ASSOCIATES, INC $ 649,969 S (360,230) S $ 750,060 5 (750,000) S $ 1,305,437 $ (330,542) 5 269,739 S 289,739 S 249,969 5 2.535 S 27,725 $ (7,104) S 5,873 $ 2,310 5 8.432 974,895 5 974,895 5 786,728 $ 147,823 S 1,200 5 14587 S 10,121 $ 10,561 S 3.075 S 800 Confidential $ 289,739 $ 249,969 $ 2,535 S 27,725 $ (7,104) $ 5,873 $ 2,310 S 8.432 $ 974,895 $ $ 786,728 $ $ 147,823 $ $ 1,200 S $ 14,587 $ $ 10,121 S $ 10,561 $ S 3,075 S $ 800 289,739 974;4195 CBOE COMM_010998 Page 25 WORKING BUDGET Description Master Budget Budget Risks Projected Budget Committed Costs Vestas Brighton Site Budget Date: Updated: Actual Costs to Committed Costs Date Open Balance 5/2/2011 6/1/2011 Expected Final Costs Omits Storm Sewer Scott Contracting • Scott Contracting - Scott Contracting - Scott Contracting - Scott Contracting - Scott Contracting - Scatt Contracting - Scatt Contracting - Utilities Contract Utilities Contract • CO # 024 Utilities Contract - CO # 002 Utilities Contract - CO # 025 CO # 026 gretwesaddvscope) CO # 029 (Mites Adel Scope) CO # 060 f4ITh dad't scopel Paving Contract - CO # 071 $ 1,228,450 $ 583,656 $ 1,812,106 S 1,812,106 $ 1,181,242 $ 266,054 $ 274,963 5 9,280 $ 2,450 5 32,046 $ 2,880 $ 43,190 3 1,812306 $ 1,181,242 5 266,054 S 274,963 $ 9,280 $ 2,450 $ 32,046 S 2,880 S 43,190 $ S $ S S S - $ 1,812,106 Total Sewer / Water / Storm $ 3,933,856 S (857,115) S 3,076,741 $ 3,076,741 $ 3,076,741 $ $ 3,076,741 DRY 8, OTHER UTILITIES Gas Relocation - Main Parcel Ken- McGee Gathering / Anadarko Gas Relocation - Southwick Kerr McGee Gathering / Anadarko Double Pole Electric Relocation WAPA - 08-RMR-1900 WAPA - 08-RMR-1905 Double Pole Temp. Electric Relocation (WAPA) SE Incorporated SE Incorporated - CO # 1 Single Pole Electric (Substation - Primary) - UP United Power United Power Kenny Electric - CO # 053 Gas Service xcelEnergy Phone / Fiber / Cable RA Waifensmith Christ Kenny Electric Site Lighting Kenny Electric Kenny Electric - CO # 017 Kenny Electric - CO # 018 " Nacelle Request Kenny Electde - CO #021 "• Nacelle Request Kenny Electric - CO # 047 Kenny Electric • CO # 048 Kenny Electric - CO # 051 Kenny Electric - CO # 052 Kenny Electric - CO # 055 Kenny Electric • CO # 066 Kenny Electric - CO # 072 $ 233,547 $ S 300,000 $ $ 1,560,000 $ $ 300,000 $ 1,100,000 $ $ 200,000 $ $ (51,271) S (182,588) $ (833,262) 5 78,547 5 182,276 117,412 726,73B $ 182,276 5 182,276 S 117,412 S 117,412 $ 726,738 5 20,000 $ 706,738 5 182,276 S $ 182,276 $ S 117,412 $ $ 117,412 5 5 726,738 $ 20,(730 5 706,738 378,547 $ 378,547 $ 5 332,917 S S 45,630 S (9,922) $ 1,090,078 16,447 $ 150,000 $ 143,512 S $ 1,000,000 $ 216,447 293,512 214,271 S 3.214,271 $ 1,090,078 $ 1,078,205 S 6,799 S 5,074 $ 216,447 $ 216,447 $ 293,512 $ 42,924 $ 24,177 S 226,411 S 1,214,271 S 1,049,159 $ 1,500 S 26,68 5 8,223 S 4,634 5 13,882 5 17,683 5 50,321 S 4,678 5 2.005 S 35,518 378,547 332,917 45,630 $ 1,090,078 $ 1,078,205 $ 6,799 $ 5,074 $ 216,447 $ 216,447 S S S S S S S $ $ S S S S 293,512 42,924 24.177 226.411 1,205,615 1,040.503 1,500 26,668 8,223 4,634 13,882 17,683 50,321 4,678 2,005 35,518 S S $ $ S S $ S S S $ S $ S $ S $ S S $ $ S S S S S $ 182,276 $ 117,412 $ 726,738 $ 378,547 S 1,0940711 $ 216,447 S 293,512 8,656 $ 1,214,271 8,656 Total Dry & Other Utilities LANDSCAPING / FENCE / FUELING Landscaping American Civil Constructors American Civil Constructors - CO 0 040 American Civil Constructors - CO # 111 Kenny Electric - CO Si 013 Scott Contracting - Utilities Contract • CO # 024 Scott Contracting • Paving Contract • CO # 071 Scott Contracting Paving Contract • CO It 094 Southern Exposure Landscape • CO # 097 Southern Exposure Landscape - CO # 109R Southern Exposure Landscape - CO # 128 Aggie Environmental Services, Inc. Nn lla Landscaping Woods Site & Playscapes Southern Exposure Landscape Southern Exposure Landscape - CO # 104 Southern Exposure Landscape - CO Si 113 Kenny Electric - CO # 089 American Civil Constructors • CO # 111 Fence Split Rail Fence Company NOLTE ASSOCIATES, INC. $ 4,843,547 $ 870,349 $ (624,266) $ 4,219,281 S 273,685 5 $ 170,087 $ $ 274574 $ (62,033)3 7.144,033 4,219,281 S 4,210,625 S $ 1,144033 $ 750.065 S 36,735 $ (38,207) S 17,340 $ 11550 $ 15,853 5 2,767 S 290,036 S 44,671 $ 5,531 $ 7,693 170,087 $ $ S S 5 5 5 170,087 27,434 17,365 35,008 4,602 872 84,806 216,641 $ 194641 $ 88,060 Confidential $ S $ S S $ $ S $ S S S S $ 1,144,033 750,065 36,735 (31207) 17,340 11,550 15,853 2,767 290,036 44,671 5,531 7,693 170,087 27,434 17,365 35,008 4,602 872 84,806 193,269 87,278 $ S $ S S S S S $ $ $ S S $ S S S 8,656 $ 4,219,281 $ 1,144033 $ 170,087 3,372 $ 216,641 782 CBOE_C0MM _010998 Page 26 Rail Spur Costs From: Sent: To: Subject: These costs are improvements. Gudanowski, David [David.Gudanowski@Nolte.com] Friday, December 17, 2010 10:19 AM Daniel Krieger RE: Railroad spur current contract values. These costs may adjust based on remaining scope and coordination with These costs do not account for agreements with the Local Jurisdiction or Union Pacific Railroad. Grading - $3,038,276.75 Rail - $6,613,019.99 Electrical - $548,997.00 Thank you, Dave Gudanowski I Nolte Associates, Inc. 8000 South Chester, Suite 200 I Centennial, CO 80112 I P: 303.220.6418 I M: 720.560.2607 Please consider the environment before printing this e-mail 3rd party CBOE_COMM _010998 Page 27 Brighton Campus Rail Illustration Assessor's Cost Profile Sheets CBOE_COMM_010998 Page 29 Account #: R5250708 Local #: Appr Year: 2013 Tax Dist: 4010 Assign To: WJM WELD COUNTY ASSESSOR PROPERTY PROFILE Levy: 116.073 Map #: Initials: WJM # of Bldgs: 5 LEA: WIND45 Acct Type: Industrial New Growth: 0 Parcel #: 080725202001 MH Seq #: MH Space: Create On: 03/26/2008 Active On: 20080326 InactiveOn: Last Updated: 6/20/2013 Owner's Name and Address: VESTAS BLADES AMERICA INC 11140 EASTMAN PARK DR WINDSOR CO 80550-3397 Business:VESTAS BLADE FACTORY Property Address: Street: 11140 EASTMAN PARK DR City: WINDSOR Sales Summary Legal Description I WIN 3GWIP L1 BLK1 GREAT WESTERN INDUSTRIAL PARK 3RD FG (GREAT WESTERN 5TH ANNEX) Subdivision Name: GREAT WESTERN INDUSTRIAL PARK SUB 3RD FG Land Type Industrial Land Valuation Summary Abst Square Unit of Number Value Ag Code Code Feet Measure Of Units Per Unit 3115 3,169,707 Square Feet 3169707 $1.75 Land Subtotal: 3169707 Actual Value Assmt *Assessed Percent Value $5,546,670.00 0.29 $1,608,530 $5,546,670.00 $1,608,530 Monday, July 29, 2013 Page 1 of 11 Account #: R5250708 Local #: WELD COUNTY ASSESSOR PROPERTY PROFILE Buildings Valuation Summary Parcel #: 080725202001 MH Seq #: MH Space: Bldg # Property Type 1 Commercial 2 Commercial 3 Commercial 5 Commercial 6 Commercial Improvements Subtotal: Abst Code 3215 3215 3215 3215 3215 Occupancy 333 - Indust Heavy Manufacturing 333 - Indust Heavy Manufacturing 183 - Golf Starter (Guard House) Booths 601 - Comm Shed - Equipment 325 - Service Garage Actual Value $36,999,691 $3,449,724 $12,299 $377,983 $146,396 $40,986,093 Assmt *Assessed Percent Value 0.29 0.29 0.29 0.29 0.29 $10,729,910 $1,000,420 $3,567 $109,615 $42,455 $11,885,967 Total Property Value *Approximate Assessed Value Building #: 1 Property Type: Commercial Quality: Condition: Perimeter: Average CM -Typical 6363 Percent Comp: 100.00% Built As: Construction Type: HVAC: Interior Finish: Roof Cover: Built As SF: # of Baths: # of Bdrms: # of Stories: Story Height: Sprinkler SF: Capacity: Nbhd: 2905 Nbhd Ext: 00 Nbhd Adj: 1 Individual Built As Detail $46,532,763 $13,494,497 Condo SF Condo % Land: Condo % Bldg: Unit Type: Landscaping $: $0.00 Occupancy: Indust Heavy Manufacturing Indust Heavy Manufacturin Year Built: S Package Unit 26250 1 33 26250 2007 Year Remodeled: % Remodeled: Adj Year BIt: 2007 Effective Age: 5 Mh Make: Tag Length/Width: X Tag Length/Width: X Mh Skirting LF: MH Skirting Type: Diameter: Height: Monday, July 29, 2013 Page 2 of 11 Account #: R5250708 Local #: Built As: Construction Type: S HVAC: Package Unit Interior Finish: Roof Cover: Built As SF: 128653 # of Baths: # of Bdrms: # of Stories: 1 Story Height: 46 Sprinkler SF: 128653 Capacity: WELD COUNTY ASSESSOR PROPERTY PROFILE Built As: Construction Type: HVAC: Interior Finish: Roof Cover: Built As SF: # of Baths: # of Bdrms: # of Stories: Story Height: Sprinkler SF: Capacity: Built As: Construction Type: S HVAC: Package Unit Interior Finish: Roof Cover: Built As SF: 44764 # of Baths: # of Bdrms: # of Stories: 1 Story Height: 29 Sprinkler SF: 44765 Capacity: Indust Heavy Manufacturin Indust Heavy Manufacturin S Package Unit 106960 1 46 106960 Indust Heavy Manufacturin Parcel #: 080725202001 MH Seq #: Year Built: 2009 Year Remodeled: % Remodeled: Adj Year BIt: 2009 Effective Age: 3 Mh Make: Tag Length/Width: X Tag Length/Width: X Mh Skirting LF: MH Skirting Type: Diameter: Height: Year Built: 2007 Year Remodeled: % Remodeled: Adj Year BIt: 2007 Effective Age: 5 Mh Make: Tag Length/Width: X Tag Length/Width: X Mh Skirting LF: MH Skirting Type: Diameter: Height: Year Built: 2009 Year Remodeled: % Remodeled: Adj Year BIt: 2009 Effective Age: 3 Mh Make: Tag Length/Width: X Tag Length/Width: X Mh Skirting LF: MH Skirting Type: Diameter: Height: MH Space: Monday, July 29, 2013 Page 3 of 11 WELD COUNTY ASSESSOR Account #: R5250708 PROPERTY PROFILE Parcel #: 080725202001 Local #: Built As: Restaurants - Cafeterias Construction Type: S HVAC: Package Unit Interior Finish: Roof Cover: Built As SF: 11978 # of Baths: # of Bdrms: # of Stories: 2 Story Height: 15 Sprinkler SF: 11978 Capacity: MH Seq #: MH Space: Year Built: 2009 Year Remodeled: % Remodeled: Adj Year Blt: 2009 Effective Age: 3 Mh Make: Tag Length/Width: X Tag Length/Width: X Mh Skirting LF: MH Skirting Type: Diameter: Height: Built As: Indust Heavy Manufacturin Year Built: 2007 Construction Type S Year Remodeled: HVAC: Package Unit % Remodeled: Interior Finish: Adj Year Blt: 2007 Roof Cover: Effective Age: 5 Built As SF: 10040 Mh Make: # of Baths: Tag Length/Width: X # of Bdrms: Tag Length/Width: X # of Stories: 1 Mh Skirting LF: Story Height: 14 MH Skirting Type: Sprinkler SF: 10040 Diameter: Capacity: Height: Built As: Industrial Interior Office Sp Year Built: 2009 Construction Type: S Year Remodeled: HVAC: Package Unit % Remodeled: Interior Finish: Adj Year Blt: 2009 Roof Cover: Effective Age: 3 Built As SF: 5950 Mh Make: # of Baths: Tag Length/Width: X # of Bdrms: Tag Length/Width: X # of Stories: 1 Mh Skirting LF: Story Height: 15 MH Skirting Type: Sprinkler SF: 5950 Diameter: Capacity: Height: Monday, July 29, 2013 Page 4 of 11 WELD COUNTY ASSESSOR Account #: R5250708 PROPERTY PROFILE Parcel #: 080725202001 Local #: MH Seq #: _ MH Space: Built As: Industrial Interior Office Sp Year Built: 2007 Construction Type: S Year Remodeled: HVAC: Package Unit % Remodeled: Interior Finish: Adj Year Bit: 2007 Roof Cover: Effective Age: 5 Built As SF: 24628 Mh Make: # of Baths: Tag Length/Width: X # of Bdrms: Tag Length/Width: X # of Stories: 2 Mh Skirting LF: Story Height: 15 MH Skirting Type: Sprinkler SF: 24628 Diameter: Capacity: Height: Built As: Light Industrial Shell Buildi Construction Type: S HVAC: None Interior Finish: Roof Cover: Built As SF: 1148 # of Baths: # of Bdrms: # of Stories: 1 Story Height: 18 Sprinkler SF: Capacity: Built As: Indust Heavy Manufacturin Construction Type: S HVAC: Package Unit Interior Finish: Roof Cover: Built As SF: 18990 # of Baths: # of Bdrms: # of Stories: 1 Story Height: 29 Sprinkler SF: 18990 Capacity: Year Built: 2011 Year Remodeled: % Remodeled: Adj Year Blt: 2011 Effective Age: 1 Mh Make: Tag Length/Width: X Tag Length/Width: X Mh Skirting LF: MH Skirting Type: Diameter: Height: Year Built: 2011 Year Remodeled: % Remodeled: Adj Year Bit: 2011 Effective Age: 1 Mh Make: Tag Length/Width: X Tag Length/Width: X Mh Skirting LF: MH Skirting Type: Diameter: Height: Monday, July 29, 2013 Page 5 of 11 WELD COUNTY ASSESSOR PROPERTY PROFILE Account #: R5250708 Parcel #: 080725202001 Local #: MH Seq #: MH Space: Built As: Indust Heavy Manufacturin Year Built: 2011 Construction Type: S Year Remodeled: HVAC: Package Unit % Remodeled: Interior Finish: Adj Year Blt: 2011 Roof Cover: Effective Age: 1 Built As SF: 14039 Mh Make: # of Baths: Tag Length/Width: X # of Bdrms: Tag Length/Width: X # of Stories: 1 Mh Skirting LF: Story Height: 26 MH Skirting Type: Sprinkler SF: 14039 Diameter Capacity: Height: Building Details Bldg #: 1 Loading Docks Filled Conc Walls & Floor Asphalt Good Concrete Slab Good Add On Value Details Units Units Price RCN 2837 218250 78200 Actual Value $14.24 $40,398.88 $39,591.00 $2.67 $582,727.50 $571,073.00 $6.02 $470,764.00 $461,349.00 Monday, July 29, 2013 Page 6 of 11 Account #: R5250708 Local #: Building #: 2 Property Type: Commercial Quality: Condition: Perimeter: Average CM -Typical 1484 Percent Comp: 100.00% WELD COUNTY ASSESSOR PROPERTY PROFILE Parcel #: 080725202001 MH Seq #: MH Space: Condo SF Condo % Land: Condo % Bldg: Unit Type: Nbhd: 2905 Nbhd Ext: 00 Nbhd Adj: 1 Individual Built As Detail Landscaping $: $0.00 Occupancy: Indust Heavy Manufacturing Built As: Indust Heavy Manufacturin Construction Type: S HVAC: Complete HVAC Interior Finish: Roof Cover: Built As SF: 22950 # of Baths: # of Bdrms: # of Stories: 1 Story Height: 25 Sprinkler SF: 22950 Capacity: Built As: Indust Heavy Manufacturin Construction Type: S HVAC: None Interior Finish: Roof Cover: Built As SF: 15900 # of Baths: # of Bdrms: # of Stories: 1 Story Height: 25 Sprinkler SF: 15900 Capacity: Year Built: 2007 Year Remodeled: % Remodeled: Adj Year Blt: 2007 Effective Age: 5 Mh Make: Tag Length/Width: X Tag Length/Width: X Mh Skirting LF: MH Skirting Type: Diameter: Height: Year Built: 2009 Year Remodeled: % Remodeled: Adj Year Blt: 2009 Effective Age: 3 Mh Make: Tag LengthNVidth: X Tag Length/Width: X Mh Skirting LF: MH Skirting Type: Diameter: Height: Building Details Monday, July 29, 2013 Page 7 of 11 WELD COUNTY ASSESSOR Account #: R5250708 PROPERTY PROFILE Parcel #: 080725202001 Local #: Value Details MH Seq #: MH Space: Monday, July 29, 2013 Page 8 of 11 Account #: R5250708 Local #: Building #: 3 Property Type: Commercial Quality: Average Condition: CM -Typical Perimeter: 61 Percent Comp: 100.00% Nbhd: 2905 Nbhd Ext: 00 Nbhd Adj: 1 Individual Built As Detail WELD COUNTY ASSESSOR PROPERTY PROFILE Parcel #: 080725202001 MH Seq #: MH Space: Condo SF Condo % Land: Condo % Bldg: Unit Type: Landscaping $: $0.00 Occupancy: Golf Starter (Guard House) B Built As: Golf Starter (Guard House) Year Built: 2007 Construction Type: S Year Remodeled: HVAC: Package Unit % Remodeled: Interior Finish: Adj Year Bit: 2007 Roof Cover: Effective Age: 5 Built As SF: 231 Mh Make: # of Baths: Tag Length/Width: X # of Bdrms: Tag Length/Width: X # of Stories: 1 Mh Skirting LF: Story Height: 11 MH Skirting Type: Sprinkler SF: 231 Diameter: Capacity: Height: Building Details Value Details Monday, July 29, 2013 Page 9 of 11 Account #: R5250708 Local #: Building #: 5 Property Type: Commercial Quality: Average Condition: CM -Typical Perimeter: 220 Percent Comp: 100.00% Nbhd: 2905 Nbhd Ext: 00 Nbhd Adj: 1 Individual Built As Detail WELD COUNTY ASSESSOR PROPERTY PROFILE Parcel #: 080725202001 MH Seq #: MH Space: Condo SF Condo % Land: Condo % Bldg: Unit Type: Landscaping $: $0.00 Occupancy: Comm Shed - Equipment Built As: Comm Shed - Equipment Year Built: 2009 Construction Type: S Year Remodeled: HVAC: Radiant % Remodeled: Interior Finish: Adj Year Blt: 2009 Roof Cover: Effective Age: 3 Built As SF: 3000 Mh Make: # of Baths: Tag Length/Width: X # of Bdrms: Tag Length/Width: X # of Stories: 1 Mh Skirting LF: Story Height: 14 MH Skirting Type: Sprinkler SF: 3000 Diameter: Capacity: Height: Building Details Bldg #: 5 Add On Com Canopies Steel Average Concrete Slab Average Units Units Price RCN Actual Value 17336 $25.14 $435,827.04 $392,244.00 7800 $4.76 $37,128.00 $33,415.00 Value Details Monday, July 29, 2013 Page 10 of 11 WELD COUNTY ASSESSOR Account #: R5250708 PROPERTY PROFILE Parcel #: 080725202001 Local #: Building #: 6 Property Type: Commercial Quality: Average Condition: CM -Typical Perimeter: 200 Percent Comp: 100.00% MH Seq #: MH Space: Condo SF Condo % Land: Condo % Bldg: Unit Type: Landscaping $: $0.00 Nbhd: 2905 Nbhd Ext: 00 Nbhd Adj: 1 Individual Built As Detail Occupancy: Service Garage Built As: Service Garage Year Built: 2010 Construction Type: S Year Remodeled: HVAC: Radiant % Remodeled: Interior Finish: Adj Year Blt: 2010 Roof Cover: Effective Age: 2 Built As SF: 2400 Mh Make: # of Baths: Tag LengthNUidth: X # of Bdrms: Tag LengthNVidth: X # of Stories: 1 Mh Skirting LF: Story Height: 23 MH Skirting Type: Sprinkler SF: 3200 Diameter: Capacity: Height: Building Details Bldg #: 6 Mezzanine Storage Add On Com Canopies Steel Average Concrete Slab Good Units Units Price RCN Actual Value 800 $19.10 $15,280.70 $15,280.70 1200 $25.14 $30,168.00 $29,263.00 1200 $6.02 $7,224.00 $7,007.00 Value Details Monday, July 29, 2013 Page 11 of 11 Account #: R6778001 Local #: Appr Year: 2013 Tax Dist: 4297 Assign To: WJM WELD COUNTY ASSESSOR PROPERTY PROFILE Levy: 70.325 Map #: Initials: WJM # of Bldgs: 4 LEA: BRGT04 Acct Type: Industrial New Growth: 0 Parcel #: 147129201001 MH Seq #: MH Space: Create On: 01/11/2010 Active On: 20100111 InactiveOn: Last Updated: 6/20/2013 Owner's Name and Address: VESTAS BLADES AMERICA INC 11140 EASTMAN PARK DRIVE WINDSOR CO 80550 Business:Vestas Blades America Inc. Property Address: Street: 1500 E CROWN PRINCE BLVD B City: BRIGHTON Sales Summary Legal Description PT L1 BLK 1 VESTAS BLADES & NACELLA CAMPUS FG #1 THAT PART LYING N2 OF SEC 29 Subdivision Name: VESTAS BLADES NACELLE CAMPUS SUB FG 1 Block 1 Lot 1 Tract Section 29 Township 01 Range 66 Land Valuation Summary Abst Square Unit of Number Value Land Type Ag Code Code Feet Measure Of Units Per Unit Industrial 3115 4,896,144 Square Feet 4896144 $2.00 Land Subtotal: 4896144 Actual Value $9,792,288.00 $9,792,288.00 Assmt *Assessed Percent Value 0.29 $2,839,760 $2,839,760 Monday, July 29, 2013 Page 1 of 9 WELD COUNTY ASSESSOR Account #: R6778001 PROPERTY PROFILE Parcel #: 147129201001 Local #: Buildings Valuation Summary MH Seq #: MH Space: Abst Bldg # Property Type Code Occupancy Actual Value 1 Commercial 3215 333 - Indust Heavy Manufacturing $55,670,762 2 Commercial 3215 391 - Storage - Material $141,326 3 Commercial 3215 334 - Indust Lght Manufacturing $278,694 4 Commercial 3215 1129 - Parking Lot *Code $202,800 Improvements Subtotal: $56,293,582 Assmt *Assessed Percent Value 0.29 $16,144,521 0.29 0.29 0.29 $40,985 $80,821 $58,812 $16,325,139 Total Property Value *Approximate Assessed Value Building #: 1 Property Type: Commercial Quality: Average Condition: CM -Typical Perimeter: 7741 Percent Comp: 100.00% $66,085,870 $19,164,899 Condo SF Condo % Land: Condo % Bldg: Unit Type: Landscaping $: $0.00 Nbhd: 4903 Occupancy: Indust Heavy Manufacturing Nbhd Ext: 00 Nbhd Adj: 1 Individual Built As Detail Built As: Indust Heavy Manufacturin Year Built: 2011 Construction Type: S Year Remodeled: HVAC: Package Unit % Remodeled: Interior Finish: Adj Year Blt: 2011 Roof Cover: Effective Age: 1 Built As SF: 4986 Mh Make: # of Baths: Tag Length/Width: X # of Bdrms: Tag Length/Width: X # of Stories: 1 Mh Skirting LF: Story Height: 23 MH Skirting Type: Sprinkler SF: 4125 Diameter: Capacity: Height: Monday, July 29, 2013 Page 2 of 9 WELD COUNTY ASSESSOR Account #: R6778001 PROPERTY PROFILE Parcel #: 147129201001 _ Local #: MH Seq #: MH Space: Built As: Indust Heavy Manufacturin Year Built: 2010 Construction Type: S Year Remodeled: HVAC: Package Unit % Remodeled: Interior Finish: Adj Year Blt: 2010 Roof Cover: Effective Age: 2 Built As SF: 1851 Mh Make: # of Baths: Tag Length/Width: X # of Bdrms: Tag Length/Width: X # of Stories: 1 Mh Skirting LF: Story Height: 23 MH Skirting Type: Sprinkler SF: 1847 Diameter: Capacity: Height: Built As: Indust Heavy Manufacturin Year Built: 2009 Construction Type: S Year Remodeled: HVAC: Complete HVAC % Remodeled: Interior Finish: Adj Year Blt: 2009 Roof Cover: Effective Age: 3 Built As SF: 5280 Mh Make: # of Baths: Tag Length/Width: X # of Bdrms: Tag Length/Width: X # of Stories: 1 Mh Skirting LF: Story Height: 15 MH Skirting Type: Sprinkler SF: 5280 Diameter: Capacity: Height: Built As: Indust Heavy Manufacturin Year Built: 2009 Construction Type: S Year Remodeled: HVAC: Package Unit % Remodeled: Interior Finish: Adj Year Blt: 2009 Roof Cover: Effective Age: 3 Built As SF: 69834 Mh Make: # of Baths: Tag LengthANidth: X # of Bdrms: Tag Length/Width: X # of Stories: 1 Mh Skirting LF: Story Height: 40 MH Skirting Type: Sprinkler SF: 69834 Diameter: Capacity: Height: Monday, July 29, 2013 Page 3 of 9 Account #: R6778001 Local #: WELD COUNTY ASSESSOR PROPERTY PROFILE Built As: Office Building Construction Type: S HVAC: Package Unit Interior Finish: Roof Cover: Built As SF: 35898 # of Baths: # of Bdrms: # of Stories: 2 Story Height: 15 Sprinkler SF: 35898 Capacity: Built As: Construction Type: HVAC: Interior Finish: Roof Cover: Built As SF: # of Baths: # of Bdrms: # of Stories: Story Height: Sprinkler SF: Capacity: Indust Heavy Manufacturin S Complete HVAC 11803 1 23 11803 Built As: Indust Lght Manufacturing Construction Type: S HVAC: None Interior Finish: Roof Cover: Built As SF: 1359 # of Baths: # of Bdrms: # of Stories: 1 Story Height: 23 Sprinkler SF: 1359 Capacity: Parcel #: 147129201001 MH Seq #: MH Space: Year Built: 2009 Year Remodeled: % Remodeled: Adj Year Bit: 2009 Effective Age: 3 Mh Make: Tag LengthA/Vidth: X Tag Length/Width: X Mh Skirting LF: MH Skirting Type: Diameter: Height: Year Built: 2009 Year Remodeled: Remodeled: Adj Year Bit: 2009 Effective Age: 3 Mh Make: Tag Length/Width: X Tag Length/Width: X Mh Skirting LF: MH Skirting Type: Diameter: Height: Year Built: 2009 Year Remodeled: % Remodeled: Adj Year Bit: 2009 Effective Age: 3 Mh Make: Tag Length/Width: X Tag Length/Width: X Mh Skirting LF: MH Skirting Type: Diameter: Height: Monday, July 29, 2013 Page 4 of 9 WELD COUNTY ASSESSOR Account #: R6778001 PROPERTY PROFILE Parcel #: 147129201001 Local #: MH Seq #: MH Space: Built As: Indust Heavy Manufacturin Year Built: 2010 Construction Type: S Year Remodeled: HVAC: Space Heater % Remodeled: Interior Finish: Adj Year Blt: 2010 Roof Cover: Effective Age: 2 Built As SF: 13329 Mh Make: # of Baths: Tag Length/Width: X # of Bdrms: Tag Length/Width: X # of Stories: 1 Mh Skirting LF: Story Height: 31 MH Skirting Type: Sprinkler SF: 13329 Diameter: Capacity: Height: Built As: Indust Heavy Manufacturin Year Built: 2010 Construction Type: S Year Remodeled: HVAC: Package Unit % Remodeled: Interior Finish: Adj Year Blt: 2010 Roof Cover: Effective Age: 2 Built As SF: 35052 Mh Make: # of Baths: Tag Length/Width: X # of Bdrms: Tag Length/Width: X # of Stories: 1 Mh Skirting LF: Story Height: 44 MH Skirting Type: Sprinkler SF: 35052 Diameter: Capacity: Height: Built As: Indust Heavy Manufacturin Year Built: 2011 Construction Type: S Year Remodeled: HVAC: Package Unit % Remodeled: Interior Finish: Adj Year Blt: 2011 Roof Cover: Effective Age: 1 Built As SF: 66102 Mh Make: # of Baths: Tag Length/Width: X # of Bdrms: Tag Length/Width: X # of Stories: 1 Mh Skirting LF: Story Height: 49 MH Skirting Type: Sprinkler SF: 66102 Diameter: Capacity: Height: Monday, July 29, 2013 Page 5 of 9 Account #: R6778001 Local #: Built As: Construction Type HVAC: Interior Finish: Roof Cover: Built As SF: 259376 # of Baths: # of Bdrms: # of Stories: Story Height: Sprinkler SF: Capacity: WELD COUNTY ASSESSOR PROPERTY PROFILE Indust Heavy Manufacturin S Package Unit 1 49 259376 Parcel #: 147129201001 MH Seq #: MH Space: Year Built: 2009 Year Remodeled: % Remodeled: Adj Year Blt: 2009 Effective Age: 3 Mh Make: Tag Length/Width: X Tag LengthlWidth: X Mh Skirting LF: MH Skirting Type: Diameter: Height: Building Details Concrete Slab Average Asphalt Average Units Units Price RCN 20000 200000 Actual Value $4.76 $95,200.00 $93,296.00 $2.40 $480,000.00 $470,400.00 Value Details RCN Cost/SF: $143.96 Total RCN: $74,227,683.00 Phys Depr %: 0.02 Phys Depr $: 1484554 RCNLD $: $72,743,129.00 Design Adj `)/0: Exterior Adj 13/0: Interior Adj %: Amateur Adj `)/0: RCNLD Cost/SF $144.08 0 Func Obs %: 0 Econ Obs `)/0: 0 Other Obs `)/0: 0 Market/SF: $0.00 0 0 0 Monday, July 29, 2013 Page 6 of 9 Account #: R6778001 Local #: Building #: 2 Property Type: Commercial Quality: Condition: Perimeter: Average CM -Typical 239 Percent Comp: 100.00% Built As: Construction Type: HVAC: Interior Finish: Roof Cover: Built As SF: # of Baths: # of Bdrms: # of Stories: Story Height: Sprinkler SF: Capacity: WELD COUNTY ASSESSOR PROPERTY PROFILE Parcel #: 147129201001 MH Seq #: MH Space: Condo SF Condo % Land: Condo % Bldg: Unit Type: Landscaping $: $0.00 Nbhd: 4903 Nbhd Ext: 00 Nbhd Adj: 1 Individual Built As Detail Occupancy: Storage - Material Storage Warehouse Year Built: S Radiant 3511 1 27 3511 2009 Year Remodeled: % Remodeled: Adj Year BIt: 2009 Effective Age: 3 Mh Make: Tag Length/Width: X Tag Length/Width: X Mh Skirting LF: MH Skirting Type: Diameter: Height: Building Details Value Details RCN Cost/SF: Total RCN: Phys Depr %: Phys Depr $: $50.54 $188,435.00 0.03 5653 RCNLD $: $182,782.00 Design Adj %: Exterior Adj %: Interior Adj %: Amateur Adj %: RCNLD Cost/SF $52.06 0 FuncObs%: 0 Econ Obs °/0: 0 Other Obs %: 0 Market/SF: $0.00 0 0 0 Monday, July 29, 2013 Page 7 of 9 Account #: R6778001 Local #: Building #: 3 Property Type: Commercial Quality: Condition: Perimeter: Average CM -Typical 230 Percent Comp: 100.00% Built As: Construction Type: HVAC: Interior Finish: Roof Cover: Built As SF: 3300 # of Baths: # of Bdrms: # of Stories: Story Height: 13 Sprinkler SF: Capacity: Nbhd: 4903 Nbhd Ext: 00 Nbhd Adj: 1 Individual Built As Detail Indust Lght Manufacturing S Space Heater 1 WELD COUNTY ASSESSOR PROPERTY PROFILE Parcel #: 147129201001 MH Seq #: MH Space: Condo SF Condo % Land: Condo % Bldg: Unit Type: Landscaping $: $0.00 Occupancy: Indust Lght Manufacturing Year Built: 2010 Year Remodeled: % Remodeled: Adj Year Blt: 2010 Effective Age: 2 Mh Make: Tag Length/Width: X Tag Length/Width: X Mh Skirting LF: MH Skirting Type: Diameter: Height: Building Details Bldg #: 3 Add On Corn Canopies Steel Good Units Units Price RCN Actual Value 7100 $32.10 $227,910.00 $223,352.00 RCN Cost/SF: Total RCN: Phys Depr °/0: Phys Depr $: RCNLD $: $43.54 $371,592.00 0.02 7432 $364,160.00 Value Details Design Adj `)/0: Exterior Adj %: Interior Adj %: Amateur Adj 13/0: RCNLD Cost/SF $110.35 0 Func Obs %: 0 Econ Obs %: 0 Other Obs `)/0: 0 Market/SF: $0.00 0 0 0 Monday, July 29, 2013 Page 8 of 9 Account #: R6778001 Local #: Building #: 4 Property Type: Commercial Quality: Condition: Perimeter: Percent Comp: 100.00% Built As: Construction Type: HVAC: Interior Finish: Roof Cover: Built As SF: 1 # of Baths: # of Bdrms: # of Stories: 1 Story Height: 8 Sprinkler SF: Capacity: WELD COUNTY ASSESSOR PROPERTY PROFILE Condo SF Parcel #: 147129201001 MH Seq #: MH Space: Condo % Land: Condo % Bldg: Unit Type: Landscaping $: $0.00 Nbhd: 4903 Nbhd Ext: 00 Nbhd Adj: 1 Individual Built As Detail Parking Lot *Code None Occupancy: Parking Lot *Code Year Built: Year Remodeled: 13/0 Remodeled: Adj Year Blt: Effective Age: 2 Mh Make: Tag Length/Width: X Tag Length/Width: X Mh Skirting LF: MH Skirting Type: Diameter: Height: 2010 Building Details Bldg #: 4 Add On Railroad Spur 80#L.F. Units Units Price RCN Actual Value 2600 $104.00 $270,400.00 $270,400.00 Value Details RCN Cost/SF: Total RCN: Phys Depr %: Phys Depr $: RCNLD $: $0.00 $270,400.00 $270,400.00 0 0 Design Adj %: Exterior Adj `)/0: Interior Adj %: Amateur Adj %: RCNLD Cost/SF $270,400.00 0 Func Obs %: 0 Econ Obs 0 Other Obs %: 0 Market/SF: $0.00 0 0 0 Monday, July 29, 2013 Page 9 of 9 Account #: R6778002 Local #: Appr Year: 2013 Tax Dist: 4296 Assign To: WJM WELD COUNTY ASSESSOR PROPERTY PROFILE Levy: 87.286 Map #: Initials: WJM # of Bldgs: 3 LEA: BRGT04 Acct Type: Industrial New Growth: 0 Parcel #: 147129301002 MH Seq #: MH Space: Create On: 01/11/2010 Active On: 20100111 InactiveOn: Last Updated: 6/20/2013 Owner's Name and Address: VESTAS BLADES AMERICA INC 11140 EASTMAN PARK DRIVE WINDSOR CO 80550 Business:Vestas Nacelles America Inc. Property Address: Street: 1500 E CROWN PRINCE BLVD N City: BRIGHTON Sales Summary Legal Description PT L1 BLK 1 VESTAS BLADES & NACELLA CAMPUS FG #1 THAT PT LYING S2 OF SEC 29 Subdivision Name: VESTAS BLADES NACELLE CAMPUS SUB FG 1 Block 1 Lot 1 Tract Section 29 Township 01 Range 66 Land Type Industrial Abst Ag Code Code Land Subtotal: Land Valuation Summary Square Unit of Number Value Feet Measure Of Units Per Unit 3115 2,865,085 Square Feet 2865085 $2.00 2865085 Actual Assmt Value Percent $5,730,170.00 $5,730,170.00 *Assessed Value 0.29 $1,661,750 $1,661,750 Monday, July 29, 2013 Page 1 of 6 Account #: R6778002 Local #: WELD COUNTY ASSESSOR PROPERTY PROFILE Buildings Valuation Summary Parcel #: 147129301002 MH Seq #: MH Space: Bldg # 1 2 3 Property Type Commercial Commercial Commercial Improvements Subtotal: Abst Code 3215 3215 3215 Occupancy 333 - Indust Heavy Manufacturing 183 - Golf Starter (Guard House) Booths 1129 - Parking Lot *Code Actual Value $32,235,170 $33,897 $109,200 $32,378,267 Assmt *Assessed Percent Value 0.29 $9,348,199 0.29 $9,830 0.29 $31,668 $9,389,697 Total Property Value *Approximate Assessed Value Building #: 1 Property Type: Commercial Quality: Condition: Perimeter: Average CM -Typical 2681 Percent Comp: 100.00% $38,108,437 Condo SF Condo % Land: Condo % Bldg: Unit Type: Nbhd: 4903 Nbhd Ext: 00 Nbhd Adj: 1 Individual Built As Detail $11,051,447 Landscaping $: $0.00 Occupancy: Indust Heavy Manufacturing Built As: Indust Heavy Manufacturin Construction Type: S HVAC: Package Unit Interior Finish: Roof Cover: Built As SF: 9622 # of Baths: # of Bdrms: # of Stories: 1 Story Height: 13 Sprinkler SF: 5773 Capacity: Year Built: 2009 Year Remodeled: % Remodeled: Adj Year Blt: 2009 Effective Age: 3 Mh Make: Tag Length/Width: X Tag Length/Width: X Mh Skirting LF: MH Skirting Type: Diameter: Height: Monday, July 29, 2013 Page 2 of 6 WELD COUNTY ASSESSOR Account #: R6778002 PROPERTY PROFILE Parcel #: 147129301002 Local #: Built As: Office Building Construction Type: S HVAC: Package Unit Interior Finish: Roof Cover: Built As SF: 36500 # of Baths: # of Bdrms: # of Stories: 2 Story Height: 15 Sprinkler SF: 36500 Capacity: MH Seq #: MH Space: Year Built: 2009 Year Remodeled: Remodeled: Adj Year Blt: 2009 Effective Age: 3 Mh Make: Tag Length/Width: X Tag LengthNVidth: X Mh Skirting LF: MH Skirting Type: Diameter: Height: Built As: Indust Heavy Manufacturin Year Built: 2009 Construction Type: S Year Remodeled: HVAC: Radiant % Remodeled: Interior Finish: Adj Year Blt: 2009 Roof Cover: Effective Age: 3 Built As SF: 4755 Mh Make: # of Baths: Tag Length/Width: X # of Bdrms: Tag Length/Width: X # of Stories: 1 Mh Skirting LF: Story Height: 31 MH Skirting Type: Sprinkler SF: 4755 Diameter: Capacity: Height: Built As: Indust Lght Manufacturing Year Built: 2009 Construction Type: S Year Remodeled: HVAC: None % Remodeled: Interior Finish: Adj Year Blt: 2009 Roof Cover: Effective Age: 3 Built As SF: 983 Mh Make: # of Baths: Tag Length/Width: X # of Bdrms: Tag Length/Width: X # of Stories: 1 Mh Skirting LF: Story Height: 24 MH Skirting Type: Sprinkler SF: 983 Diameter: Capacity: Height: Monday, July 29, 2013 Page 3 of 6 Account #: R6778002 Local #: Built As: Construction Type: HVAC: Interior Finish: Roof Cover: Built As SF: # of Baths: # of Bdrms: # of Stories: Story Height: Sprinkler SF: Capacity: WELD COUNTY ASSESSOR PROPERTY PROFILE Indust Heavy Manufacturin S Package Unit 222054 1 52 222054 Parcel #: 147129301002 MH Seg #: Year Built: 2009 Year Remodeled: % Remodeled: Adj Year BIt: 2009 Effective Age: 3 Mh Make: Tag LengthNVidth: X Tag Length/Width: X Mh Skirting LF: MH Skirting Type: Diameter: Height: MH Space: Building Details Bldg #: 1 Asphalt Average Concrete Slab Average Add On Value Details Units Units Price RCN 120500 12050 Actual Value $2.40 $289,200.00 $283,416.00 $4.76 $57,358.00 $56,211.0) RCN Cost/SF: $153.81 Total RCN: $42,980,226.00 Phys Depr %: 0.02 Phys Depr $: 859604 RCNLD $: $42,120,622.00 Design Adj %: Exterior Adj %: Interior Adj %: Amateur Adj %: RCNLD Cost/SF 0 Func Obs %: 0 Econ Obs %: 0 Other Obs %: 0 $153.77 Market/SF: $0.00 0 0 0 Monday, July 29, 2013 Page 4 of 6 Account #: R6778002 Local #: Building #: 2 Property Type: Commercia► Quality: Condition: Perimeter: Average CM-Typica► 86 Percent Comp: 100.00% Nbhd: 4903 Nbhd Ext: 00 Nbhd Adj: 1 Individual Built As Detail WELD COUNTY ASSESSOR PROPERTY PROFILE Parcel #: 147129301002 MH Seq #: MH Space: Condo SF Condo % Land: Condo % Bldg: Unit Type: Landscaping $: $0.00 Occupancy: Golf Starter (Guard House) B Built As: Construction Type: HVAC: Interior Finish: Roof Cover: Built As SF: # of Baths: # of Bdrms: # of Stories: Story Height: Sprinkler SF: Capacity: Go►f Starter (Guard House) Year Built: 0 Package Unit 453 1 16 453 2010 Year Remodeled: Remodeled: Adj Year Blt: 2010 Effective Age: 2 Mh Make: Tag Length/Width: X Tag Length/1/1/idth: X Mh Skirting LF: MH Skirting Type: Diameter: Height: RCN Cost/SF: Total RCN: Phys Depr %: Phys Depr $: $95.88 $45,196.00 0.07 3164 RCNLD $: $42,032.00 Building Details Value Details Design Adj %: Exterior Adj %: Interior Adj %: Amateur Adj %: RCNLD Cost/SF $92.79 0 Func Obs %: 0 Econ Obs %: 0 Other Obs 0 Market/SF: $0.00 0 0 0 Monday, July 29, 2013 Page 5 of 6 Account #: R6778002 Local #: Building #: 3 Property Type: Commercial Quality: Condition: Perimeter: Percent Comp: 100.00% Built As: Construction Type: HVAC: Interior Finish: Roof Cover: Built As SF: # of Baths: # of Bdrms: # of Stories: Story Height: Sprinkler SF: Capacity: WELD COUNTY ASSESSOR PROPERTY PROFILE Parcel #: 147129301002 MH Seq #: MH Space: Condo SF Condo % Land: Condo % Bldg: Unit Type: Landscaping $: $0.00 Nbhd: 4903 Nbhd Ext: 00 Nbhd Adj: 1 Occupancy: Parking Lot *Code Individual Built As Detail Parking Lot *Code Year Built: Year Remodeled: None % Remodeled: Adj Year Blt: Effective Age: 2 1 Mh Make: Tag Length/Width: X Tag Length/Width: X 1 Mh Skirting LF: 8 MH Skirting Type: Diameter: Height: 2010 Building Details Bldg #: 3 Add On Railroad Spur 80#L.F. Units Units Price RCN Actual Value 1400 $104.00 $145,600.00 $145,600.00 Value Details RCN Cost/SF: Total RCN: Phys Depr %: Phys Depr $: $0.00 $145,600.00 RCNLD $: $145,600.00 Design Adj %: Exterior Adj %: 0 Interior Adj %: 0 Amateur Adj `)/0: RCNLD Cost/SF $145,600.00 0 Func Obs 0 Econ Obs %: 0 Other Obs 0 Market/SF: $0.00 0 0 0 Monday, July 29, 2013 Page 6 of 6 3;/S INDUSTRIAL NOTICE OF DETERMINATION Christopher M. Woodruff Weld County Assessor 1400 N 17th Ave Greeley, CO 80631 Date of Notice: 6/27/2013 Telephone: (970) 353-3845 Fax: (970) 304-6433 Office Hours: 8:00 AM - 5:00 PM ACCOUNT NO. TAX YEAR TAX AREA LEGAL DESCRIPTION! PHYSICAL LOCATION R6778001 2013 4297 VESTAS BLADES AMERICA INC 11140 EASTMAN PARK DRIVE WINDSOR, CO 80550 PT L1 BLK 1 VESTAS BLADES & NACELLA CAMPUS FG #1 THAT PART LYING N2 OF SEC 29 1500 E CROWN PRINCE BLVD 8 BRIGHTON, CO cSSESS.ORS V.ALLIA: [W L'VALup*Oni6ii ' REVIEW 83,352,759 $66,085,870 TOTAL $83,352,759 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: CM03 - After review of your property, we have made adjustments: This was done because of additional information obtained, or provided thru the appeal process. 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. Please refer to the reverse side of this notice for additional information. RYAN LLC 16220 N SCOTTSDALE ROAD SUITE 650 SCOTTSDALE, AZ 85254 RECEIVED JUL 0 8 2013 WELD COUNTY COMMISSIONERS 15-DPT-AR PR 207-08/13 R6778001 18694 .{ APPEAL PROCEDURES 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.) $ 26,000,000 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 documentation. ATTESTATIO _ I, the undersio+� ed ow or agent" -of the property identified above, affirm that the statements contained herein arjrdjb ny atta ments hereto are true and complete. A--'"'-- 602.955.1792 Signet re Mark Agent for Taypayer mark.lorusso(ryan.com Email usso Telephone Number 219 Attach letter of authorization signed by property owner. July 3, 2013 Date Address 15-DPT-AR PR 207-08113 R6778001 18694 INDUS I VIAL NOTICE OF DETERMINATION Christopher M. Woodruff Weld County Assessor 1400 N 17th Ave Greeley, CO 80631 Date of Notice: 6/27/2013 Telephone: (970) 353-3845 Fax: (970) 304-6433 Office Hours: 8:00 AM - 5:00 PM ACCOUNT NO. TAX YEAR TAX AREA LEGAL, DESCRIPTION/ PHYSICAL LOCATION 'I R6778002 2013 14296. o; VESTAS BLADES AMERICA INC 11140 EASTMAN PARK DRIVE WINDSOR, CO 80550 PT L1 BLK 1 VESTAS BLADES & NACELLA CAMPUS FG #1 THAT PT LYING S2 OF SEC 29 1500 E CROWN PRINCE BLVD N BRIGHTON, CO ASSESSOR'S VALUATION ACTUAL VALUE PRIOR TO REVIEW ACTUAL VALUE AFTER REVIEW 48,038,424 38,108,437 TOTAL. $48,038,424 $38,108,437 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: CM03 - After review of your property, we have made adjustments. This was done because of additional information obtained, or provided thru the appeal process. 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 €all. 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. Please refer to the reverse side of this notice for additional information. RYAN LLC 16220 N SCOTTSDALE ROAD SUITE 650 SCOTTSDALE, AZ 85254 RECEIVED JUL 0 8 2013 WELD COUNTY COMMISSIONERS 15-DPT-AR PR 207-08/13 R6778002 18693 APPEAL PROCEDURES 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.qov/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. 1 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.) $ 18,000,000 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 documentation. I ATTESTATION I I, the undersigned ner or agent22° of the property identified above, affirm that the statements contained herein aryl gfi any achments hereto are true and complete. 602.955.1792 July 3, 2013 Signature Mar' . LoRusso Telephone Number Date Agent for Taxpayer mark.lorusso@ryan.com Email 22° Attach letter of authorization signed by property owner. Address 15-DPT-AR PR 207-08/13 R6778002 18693 3;IS NOTICE OF DETERMINATION Christopher M. Woodruff Weld County Assessor 1400 N 17th Ave Greeley, CO 80631 ACCOU[ T NO _ TAX YEAR TAX AREA Date of Notice: 6/27/2013 Telephone: (970) 353-3845 Fax: (970) 304-6433 Office Hours: 8;00 AM - 5:00 PM LEGAL DESCRIPTION! PHYSICAL LOCATION R5250708 2013 4010 VESTAS BLADES AMERICA INC 11140 EASTMAN PARK DR WINDSOR,.CO 80550-33$7 INDUSTRIAL WIN 3GWIP L1 BLK'.1 GREAT WESTERN INDUSTRIAL PARK; 3RD FG (GREAT WESTERN `5TH ANNEX) 11140 EASTMAN PARK DR WINDSOR; CO ASSESSOR'S VALUATION ACTUAL VALUE PRIOR TO ACTUAL VALUE AFTER REVIEW REVIEW 62,312,189 46.,532,763 TOTAL $62,312,189 $46,532,763 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: CM03 - After review of your property, we have made adjustments. This was done because of additional information obtained, or provided thru the appeal process. 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. Please refer to the reverse side of this notice for additional information. RYAN LLC 16220 N SCOTTSDALE ROAD SUITE 650 SCOTTSDALE, AZ 85254 RECEIVED JUL. 0 8 2013 WELD COUNTY COMMISSIONERS 15-DPT-AR PR 207=08/13 R5250708 18604 Innovative Solutions to Taxing Problems. 16220 N Scottsdale Road Suite 650 Scottsdale, Arizona 85254 Main 602.955.1792 Fax 602.955.4892 www.ryan.com CERTIFIED MAIL - 7179 1000 1649 1860 9726 RETURN RECEIPT REQUESTED July 3, 2013 Board of Equalization Weld County 1150 O Street Greeley, Colorado 80631 Re: Petition to County Board of Equalization Vestas Blades America, Inc. — 2013 Tax Year To Whom It May Concern: Ryan, LLC is the duly authorized agent for the above referenced taxpayer. As such, enclosed are completed Petitions to the County Board of Equalization for the following parcels, along with documentation supporting our requested assessment: Facility Schedule # Weld County Notice of Determination $/ SF Taxpayer Requested Value $/ SF Blades — Brighton R6778001 $66,085,870 $129.15 $26,000,000 $50.81 Nacelles — Brighton R6778002 $38,108,437 $138.90 $18,000,000 $65.61 Blades —Windsor R5250708 $46,532,763 $106.27 $22,000,000 $50.24 Thank you for your assistance in this matter. If you have any questions or need any additional information, please contact me at 602.955.1792. Sincerely, Mark D. LoYitsso Principal MDL/sga Enclosures STATEMENT OF AGENCY Vestas Blades America, Inc, Vestas Nacelles America, Inc. Hereby appoints Ryan, LLC as agent for the purpose of filing real estate and personal property statements, renditions, returns and/or assessment appeals, applications or petitions for review of valuation with all counties, appraisal districts and/or Assessment Appeal Boards, Boards of Review, or Boards of Equalization, appearing on our behalf before said Boards, examining any records, and discussing with the appropriate governmental authority the assessment of the property located at the following address: All real property located in Weld County, Colorado, with principal address of: 11140 Eastman Park Drive, Windsor 1500 East Crown Prince Boulevard, Brighton This property being owned by the undersigned incorporated in the State of Colorado. This agency shall remain in effect for the 2013 and 2014 assessment years. Ves4as 1(IAt.tact Amer: Name of Taxpayer vc ac Signature ('- lre.�e ' � 1-1 AnAac Title Date anon® Innovative Solutions to Taxing Problems. CERTIFIED MAIL - 7179 1000 1649 1860 9726 RETURN RECEIPT REQUESTED July 3, 2013 Board of Equalization Weld County 1150 O Street Greeley, Colorado 80631 Re: Petition to County Board of Equalization Vestas Blades America, Inc. — 2013 Tax Year To Whom It May Concern: 16220 N Scottsdale Road Suite 650 Scottsdale, Arizona 85254 Main 602.955.1792 Fax 602.955.4892 www.ryan.com Ryan, LLC is the duly authorized agent for the above referenced taxpayer. As such, enclosed are completed Petitions to the County Board of Equalization for the following parcels, along with documentation supporting our requested assessment: Facility Schedule # Weld County Notice of Determination $/ SF Taxpayer Requested Value $/ SF Blades — Brighton R6778001 $66,085,870 $129.15 $26,000,000 $50.81 Nacelles — Brighton R6778002 $38,108,437 $138.90 $18,000,000 $65.61 Blades — Windsor R5250708 $46,532,763 $106.27 $22,000,000 $50.24 Thank you for your assistance in this matter. If you have any questions or need any additional information, please contact me at 602.955.1792. Sincerely, Mark D. Lo Principal MDL/sga Enclosures SSo d;t (inc. Innavnpve Solutions to Taxing Problems. CERTIFIED MAIL - 7179 1000 1649 1801 2830 RETURN RECEIPT REQUESTED May 13, 2013 Assessor's Office Weld County 1400 North 17th Avenue Greeley, Colorado 80631 Re: Notice of Protest of Real Property Valuation Vestas Blades America, Inc. — 2013 Tax Year To Whom It May Concern: 16220 N Scottsdale Road Suite 650 Scottsdale, Arizona 85254 Main 602.955.1792 Fax 602.955.9892 www.ryan.com Ryan, LLC is the duly authorized agent for property tax matters concerning Vestas Blades America, Inc. This letter along with the attached Real Property Questionnaire is our notice of protest of the assessor's preliminary values indicated for the 2013 Tax Year. The properties under protest are identified below. Facility Schedule # Weld County Actual Value $/ SF Taxpayer Requested Value SI SF Blades — Brighton R6778001 $83,352,759 $162.90 $26,000,000 $50.81 Nacelles— Brighton R6778002 $48,038,424 $175.09 $18,000,000 $65.61 Blades — Windsor R5250708 $62,312,189 $142.30 $22,000,000 $50.24 It is our understanding that the assessor's preliminary value indication shown on the 2013 valuation notice is merely a reflection of the county's calculator cost method without any consideration for extensive functional and external (economic) obsolescence present at the property. We believe the limited market nature of the subject improvements results in a high degree of obsolescence which must be accounted for in order to achieve a fair indication of Actual Value. Market sales data, including the data attached to this protest, demonstrate the plausible range of market value for the Vestas properties is from $40 to $65 per square foot. Assessor's Office — Weld County May 13, 2013 Page 2 Plant Name Address City ST Built Plant SF Land AC Sale Date Sale $/SF Status Masco Plant 10026 S. Prosperity Rd. West Jordan UT 2006 846,216 75.5 06/30/2012 Listed $44.91 Boeing Plant 4800 Harbour Pointe Mukilteo WA 1992 651,325 69.6 10/20/2011 Sold $53.74 Kyoho Plant 2222 S. Sinclair Ave. Stockton CA 2008 262,000 37.1 02/28/2011 Sold $45.80 Chrysler Plant 5880 State Rd. 28 Tipton IN 2010 781,500 106.0 06/30/2012 Listed $50.54 In addition to the sales summarized above, DMI Towers entered into an agreement during June 2012 to sell its production facilities in Tulsa, OK and West Fargo, ND for $20,000,000 with reported total building square footage of 500,000 SF ($40/ SF). These were wind turbine production facilities used for manufacturing towers. Soft market conditions in the wind industry and significant oversupply caused the parent company to close operations and divest the facilities. A high level analysis of the replacement cost (construction cost) for the sale properties in relation to the building residual purchase prices demonstrates considerable external obsolescence for such properties. The market extraction method provides external obsolescence indicators ranging from 50% to 80%. Therefore, if the cost approach is used as a value indication a significant adjustment for external obsolescence is required. This is all the more true when the subject properties were purpose-built as manufacturing plants in the wind energy industry, an industry very much in peril as of the June 2012 timeframe and it continues to have an uncertain future today. Please contact me at your earliest opportunity so that we may address the proper valuation treatment of the subjdt facilities for the 2013 Tax Year. Regards, ark D. LMR ssu o` Principal MDL/sga Enclosures Account NumberR6778001 Parcel Number 147129201001 Owner Name ./PStas RfACIPs AmPrira do Ryan, LI_C Phone Number 602.567.0909 e-mail mark.lorusso@ryan.com REAL PROPERTY QUESTIONNAIRE Attach additional documents as necessary. MARKET APPROACH This approach to value uses comparable sales from the appropriate time period to determine the actual value of your property. The following items, if known, w;t help you estimate the market value of your property. If available, attach a copy of any appraisal or written estimate of value. ATTACHED Have similar properties in your immediate neighborhood sold within the 18 -month data gathering period? DATE SOLD PROPERTY ADDRESS SELLING PRICE SEE COVER LETTER Based on these sales and accounting for differences between sold properties and your property, state the value of your property. $ 26.000.000 COST APPROACH (For Non -Residential Properties Only) This approach to value uses replacement construction costs from the appropriate time period to determine the value of your property. The following items, if known, will help you estimate the replacement cost of your property. YEAR BUILT BUILDER SEE ATTACHED COVER LETTER ORIGINAL CONSTRUCTION COST List all changes made to your property prior to January 1 of the current year, i.e., remodeling of storefront; expansion of storage area; addition to parking, service or manufacturing area. DATE DESCRIPTION OF CHANGE COST Is your structure in typical condition for its age? If not, why? Based on the replacement cost of construction and of any changes, including depreciation, state the total value of your property. $ 26,000,00C INCOME APPROACH (For Non -Residential Properties Only) This approach to value converts economic net income from the appropriate time period into present worth. If the property was rented or leased, attach operating statements showing rental and expense amounts for this property. Indicate square foot rental rate for all tenants. (Attach rent and lease schedule) If known, list rents of comparable properties. if available, attach operating statements showing rental and expense amounts for comparable properties. If an appraisal using the income approach was conducted, please attach. FINAL ESTIMATE OF VALUE I State your final estimate of the property's value. S 26,000,000 ACTUAL VALUE 15-AR-DPT ARL VOL 2 t.-84 Rev 10-09 Property Profile for Account # R6778001 April 30, 2013 Account Information Account Parcel Space Account Type Tax Year Tax Area Buildings Actual Value Assessed Value R6778001 147129201001 Industrial 2013 4297 4 83,352,759 24,172,300 (. Legal _... PT L1 BLK 1 VESTAS BLADES & NACELLA CAMPUS FG #1 THAT PART LYING N2 OF SEC 29 Subdivision I Block Lot Land Economic Area VESTAS BLADES NACELLE CAMPUS SUB FG 1 1 1 Vestas Development Property Address Property City Zip Section Township Range 1500 E CROWN PRINCE BLVD B BRIGHTON 000000000 29 Owner Information 01 66 Account Parcel Space Account Type Tax Year Tax Area Buildings I , Actual Value Assessed IValue.... R6778001 147129201001 Industrial 2013 4297 4 83,352,759 24,172,300 Owner(s) Address Line 1 Address Line 2 City ST Zip VESTAS BLADES AMERICA INC 11140 EASTMAN PARK DRIVE Document History Information WINDSOR CO 80550 Account Parcel Space Account Type Tax Year Tax Area Buildings Actual Value Assessed Value R6778001 147129201001 Industrial 2013 4297 4 83,352,759 24,172,300 Reception i. Rec Date Type I Grantor Grantee I Doc Fee I Sate. Date I Sale Price 3704901 07/1212010 SURV SURVEY SURVEY 0.00 07/12/2010 0 Account NumberR6778002 Parcel Number 147129301002 Owner Name VAstns Rind AIAI Phone Number 602.567.0909 e-mail mark.lorusso@ryan.com REAL PROPERTY QUESTIONNAIRE Attach additional documents as necessary. MARKET APPROACH This approach to value uses comparable sales from the appropriate time period to determine the actual value of your property. The following items, if known, will help you estimate the market value of your property. If available, attach a copy of any appraisal or written estimate of value. ATTACHED Have similar properties in your immediate neighborhood sold within the 18 -month data gathering period? DATE SOLD PROPERTY ADDRESS SELLING PRICE SEE COVER LETTER Based on these sales and accounting for differences between sold properties and your property, state the value of your property. $18 000 000 COST APPROACH (For Non -Residential Properties Only) This approach to value uses replacement construction costs from the appropriate time period to determine the value of your property. The following items, if known, will help you estimate the replacement cost of your property. ORIGINAL YEAR BUILT BUILDER CONSTRUCTION COST SEE ATTACHED COVER LEI IER List all changes made to your property prior to January 1 of the current year, i.e., remodeling of storefront; expansion of storage area, addition to parking, service or manufacturing area. DATE DESCRIPTION OF CHANGE COST Is your structure in typical condition for its age? If not, why? Based on the replacement cost of construction and of any changes, including depreciation, state the total value of your property, $ ze,000,000 INCOME APPROACH (For Non -Residential Properties Only) This approach to value converts economic net income from the appropriate time period into present worth. If the property was rented or leased, attach operating statements showing rental and expense amounts for this property. Indicate square foot rental rate for all tenants. (Attach rent and lease schedule) If known, list rents of comparable properties. If available, attach operating statements showing rental and expense amounts for comparable properties. If an appraisal using the income approach was conducted, please attach. FINAL ESTIMATE OF VALUE State your final estimate of the property's value. $ to,00c,000 ACTUAL VALUE 15-AR-DPT ARL VOL 2 1-84 Rev 10-09 Property Profile for Account # R6778002 April 30, 2013 Account Information IAccount f Parcel R6778002 147129301002 Space Account Type Industrial Tax Year Tax Area Buildings Actual Value 2013 4296 3 48,038,424 Legal Assessed Value 1 13,931,140 PT L1 BLK 1 VESTAS BLADES & NACELLA CAMPUS FG #1 THAT PT LYING 52 OF SEC 29 Subdivision Block 'I Lot Land Economic Area VESTAS BLADES NACELLE CAMPUS SUB FG 1 1 1 Vestas Development Property Address Property City Zip Section Township Range 1500 E CROWN PRINCE BLVD N BRIGHTON 000000000 29 Owner Information 01 66 Account Parcel Space Account Type Tax Year Tax Area Buildings Actual Value Assessed Value R6778002 147129301002 Industrial 2013 4296 3 48,038,424 13,931,140 Owner(s) - Address Line 1 Address Line 2 City ST Zip VESTAS BLADES AMERICA INC 11140 EASTMAN PARK DRIVE Document History Information WINDSOR CO 80550 Account Parcel Space Account Type Tax Year Tax Area Buildings Actual Value Assessed Value R6778002 147129301002 Industrial 2013 4296 3 48,038,424 13,931,140 Reception Rec Date Type Grantor Grantee Doc Fee Sale Date Sale Price Building Information Account NumherR5250708 Parcel Number 080725202001 Owner Name VQstac Rlades Amarisa (-1O_,Ryan,J I C Phone Number 602.567.0909 e-mail mark.lorusso@ryan.com REAL PROPERTY QUESTIONNAIRE Attach additional documents as necessary. MARKET APPROACH This approach to value uses comparable sales from the appropriate time period to determine the actual value of your property. The following items, if known, will help you estimate the market value of your property. If available, attach a copy of any appraisal or written estimate of value. ATTACHED Have similar properties in your immediate neighborhood sold within the 18 -month data gathering period? DATE SOLD PROPERTY ADDRESS SELLING PRICE SEE COVER LETTER Based on these sales and accounting for differences between sold properties and your property, state the value of your property. $ 22.000.000 COST APPROACH (For Non -Residential Properties Only) This approach to value uses replacement construction costs from the appropriate time period to determine the value of your property. The following items, if known, will help you estimate the replacement cost of your property. YEAR BUILT ORIGINAL BUILDER CONSTRUCTION COST SEE ATTACHED COVER LETTER List all changes made to your property prior to January 1 of the current year, i.e., remodeling of storefront:. expansion of storage area; addition to parking, service or manufacturing area. DATE DESCRIPTION OF CHANGE COST Is your structure in typical condition for its age? If not, why? Based on the replacement cost of construction and of any changes, including depreciation, state the total value of your property. $ 22,000,000 INCOME APPROACH (For Non -Residential Properties Only) This approach to value converts economic net income from the appropriate time period into present worth. If the property was rented or leased, attach operating statements showing rental and expense amounts for this property. Indicate square foot rental rate for all tenants. (Attach rent and lease schedule) If known, list rents of comparable properties. If available, attach operating statements showing rental and expense amounts for comparable properties. If an appraisal using the income approach was conducted, please attach. FINAL ESTIMATE OF VALUE State your final estimate of the property's value. $ 22,000,000 ACTUAL VALUE 15 -AR -DPI ARL VOL 2 1-84 Rev 10-09 Property Profile for Account # R5250708 April 30, 2013 Account Information Account I Parcel Space I Account Type I Tax Year I Tax Area R5250708 080725202001 Industrial 2013 4010 Buildings 5 Actual Valued Assessed Value 62,312,189 18, 070,530 _._ Legal __- WIN 3GWIP L1 BLK1 GREAT WESTERN INDUSTRIAL PARK 3RD FG (GREAT WESTERN 5TH ANNEX) Subdivision Block Lot 1 Land Economic Area GREAT WESTERN INDUSTRIAL PARK SUB 3RD FG 1 1 GREAT WESTERN INDUSTRIAL PARK Property Address 11140 EASTMAN PARK DR Property City WINDSOR Zip 000000000 Owner Information Section Account Parcel Space Account Type Tax Year Tax Area 25 Township 06 Range 67 1 Buildings Actual Value Assessed Value R5250708 080725202001 Owner(s) Industrial 2013 4010 5 62,312,189 18,070,530 Address Line 1 Address Line 2 I City ST VESTAS 11140 EASTMAN PARK DR BLADES AMERICA INC Document History Information WINDSOR Zip CO 80550-3397 Account Parcel Space Account Type Tax Year Tax Area Buildings Actual Value Assessed Value R5250708 080725202001 Industrial 2013 4010 5 62,312,189 18,070,530 Reception Rec Date Type Grantor Grantee Doc Fee Sale Date Sale Price Building Information 10026 S Prosperity Rd - Boeing - Bingham Industrial Park SOLD Bingham Industrial Park West Jordan, UT 84081 Sale on 12/17/2012 for $30,500,000 ($36.04/SF) - Research Complete 846,216 SF Class A Manufacturing Building Built in 2006 Bingham Hwy MK►osoft Virtual Earth" Buyer & Seller Contact Info Recorded Buyer: True Buyer: Buyer Type: Buyer Broker: The Boeing Company The Boeing Company W. James McNerney 100 N Riverside Plz Chicago, IL 60606 (312) 544-2000 Corporate CBRE Rad Dye, SIOR (801) 869-8018 cr W 9930 W9860 500 jr.; J !../rte, J..IL Recorded Seller: True Seller: Seller Type: Listing Broker: Masco Cabinetry, LLC MASCO Corporation Jerry Mollien 21001 Van Born Rd Taylor, MI 48180 (313) 274-7400 Corporate CBRE Thomas Dischmann (801) 869-8002 Jeff Richards (801) 869-8026 Colliers International Randall Book (248) 226-1816 Patrich Jett (734) 769-5002 Transaction Details Sale Date: Escrow Length: Asking Price: Price/AC Land Gross: Percent Leased: Tenancy: 12/1712012 (517 days on market) $30,560X0 --Confirmed $38,000,000 :113r $404,013.64 100.0% Single Sale Type: Bldg Type: Year Built/Age: RBA: Land Area: Percent Improved: Total Value Assessed: Improved Value Assessed Land Value Assessed: ID: 2633625 Owner/User Manufacturing Built in 2006 Age: 6 846,216 SF 75.49 AC (3,288,453 SF) $41,749,600 in 2011 Ryan.) This copyrighted report contains research licensed to Ryan, LLC fkaiRyan, Inc - 506596. 10026 S Prosperity Rd - Boeing - Bingham Industrial Park SOLD 846,216 SF Class A Manufacturing Building Built in 2006 (cony) Land Assessed/AC: - No. of Tenants: 1 Tenants at time of sale: The Boeing Company Legal Desc: LOT 1, RWK SUBDIVISION AMD 9208-7104 9551.9394 Parcel No: 26.11-351.003-0000 Document No: 000011539430 Transaction Notes This was the sale of the 846,216 square foot former KraftMaid manufacturing facility located at the NEC of W Old Bingham Hwy and S Prosperity Rd in the West Jordan Industrial submarket. It had been on the market for sale at $38,000,000, or $44.91 per square foot, since 3Q 2011. The entire property became vacant during 1Q 2009, after KraftMaid closed this facility. This asset traded on 12/17/12 for $30,500,000, or $36.04 per square foot, without conditions. At the time of sale, it consisted of 810,852 square feet of industrial space and 35,364 square feet of office space. It had 47 dock dock high docks (including dock locks, electric load levelers and dock lights) and 3 drive-in doors (2 drive -In dock covered). Boeing purchased only after they were awarded a contract with the Air Force to replace their fleet of KC -135 refueling aircrafts with the Boeing NewGen Tanker. At the time of this writing, Boeing has begun modifying the facility to meet their needs. Income Expense Data Expenses -Taxes $500,605 - Operating Expenses Total Expenses $500,605 Current Industrial Information ID: 1590453 Bldg Type: Manufacturing RBA: 846,216 SF Bldg Status: Built in 2006 % Leased: 100.0% Rent/SFNr: - Stories: 1 Bldg Vacant: 0 SF Total Avail: 0 SF Building FAR: 0.26 Warehouse Avail: 0 SF Office Avail: 0 SF CAM - Max Contig: - Zoning: M-1 Smallest Space: - Owner Type: Corporate Land Area: 75.49 AC Owner Occupied: Yes Lot Dimensions: - Tenancy: Single Ceiling Height: 32'0"-43'0" Column Spacing: 50'w Loading Docks: 104 ext (bldg. total) Levelators: 104 ext Cross Docks: - Crane: None Drive Ins: 4110'0"w x 12'0"h (total) Const Type: Masonry Sprinklers: ESFR Rail Spots: - Rail Line: None Property Mix: Industrial 810,852 SF (95.8%) Office 35,364 SF (4.2%) Expenses: 2012 Tax @ $0.59/sf Utilities: Heating - Gas, Lighting - Metal Halide Parking: 722 free Surface Spaces are available; 82 free Industrial Trailer Spaces are available; Ratio of 0.9511,000 SF Features: Corner Lot, Fenced Lot Location Information Park Name: Bingham Industrial Park Ryan)) This copyrighted report contains research licensed to Ryan, LW Wa/Ryan, Inc. - 506596. 10026 S Prosperity Rd Bingham Industrial Park -Boeing Ryan ) P. n; wail&attic wputt wn,ains .e::ear,:h I:censed to Ryan LLC IkaiRyan, Inc. 506596. I- I U. a CD N 0 s • lir .264 aazis Virit I • a. • 14 1 , /j s C: a ■ T a ■ •� T :;; • •... l.• . 3 . -.._ ....�-:S if L::T.T.•n T—� •— :I I C a I t 4. LU Es 8 cc , r .7_14--"Hooc:o. g$ I, n oCI rr,re-r'• 11 aR At '1 Oaf --f~° (Yr• el 111 4-4- - 1 Ii LIT Ix+ • • • • e A • I N *di° r'L c� p • • a 6 ., Il _0�0 • 11-11 gain 0 1 2 Multi -Property SOLD Multi -Property sale on 10/20/2011 of 2 Industrial properties, for $35,000,280 ($53.74/SF) - Research Complete Address 4800 Harbour Pointe Blvd 4702 Harbour Pointe Blvd lue Hero.,- r Ivr1 II hrMKrosott Virtupl Earth" Summary of Property Info - at time of sale City, State Mukilteo, WA Type -Class Industrial B moo, WA Industrial B Buyer & Seller Contact Info Property SF 446,800 SF 204,525 SF Built 1992 1992 r 9d 50 lirSO frJ, I '1•.Li.1 L IJaLL'1 •.1J Sale Price S24,009,711 (Allocated) $10,990,569 (Allocated) Recorded Buyer: Travis Business Park LLC True Buyer: Travis Industries 4800 Harbour Pointe Blvd Mukilteo, WA 98275 (425) 609-2500 Buyer Type: Corporate Buyer Broker Broderick Group, Inc. Chris Langer (425) 646-5228 Paul Jerue (425) 646-5223 Recorded Seller: True Seller: Seller Type: Listing Broker: Boeing Realty Corp The Boeing Company 200 E Randolph St Chicago, IL 60601 (312) 544-2000 Corporate CBRE John Bauer (425) 462-6906 Ric Brandt (425) 462-6901 CBRE Tom Pehl (206) 292-1600 CBRE Thomas Abbott (206) 223-0866 Transaction Details ID: 2197985 Sale Date: Escrow Length: Sale Price: Asking Price: Price/SF: Pro Forma Cap Rate: Sale Conditions: Transfer Tax: 10/20/2011 45 days $35,000,280 -Confirmed ;53.74 High Vacancy Property, Purchase By Tenant $623,005 Sale Type: Investment RBA: 651,325 SF Land Area: 69.60 AC (3,031,776 SF) Percent Improved: 67.0% Total Value Assessed: $55,269,900 Improved Value Assessed $37,051,200 Ryan This copyrighted report contains research licensed to Ryan, LLC fka/Ryan, Inc 506596 Multi -Property Multi -Property sale on 10/20/2011 of 2 industrial properties, for $35,000,280 ($53.74/SF) - Research Complete (can't) SOLD Land Value Assessed: $18,218,700 Land Assessed/AC: $261,762 Legal Desc: Lots 1 thru 11 & trts B thru I , site plan Harbour Pointe Sector 20 , rec # 200505235191. Parcel No: 280424-002-041.00, 280427-002-042-00, 280427-002-043-00, 280427.002.044.00, 280427-002-045-00, 280427-002-046.00, 280427-002-047-00, 280427-002-048-00, 280427.002-049.00, 280427-002-050.00, 280428-004-008.00, 280428.004-009-00 Document No: 201110200464 Financing: Down payment of $35,000,280.00 (100.0%) Transaction Notes The buyer broker and other sources deemed reliable confirmed that the two properties sold on October 20, 2011. for $35,000,280. The building at 4800 Harbour Point Blvd was fully occupied by the buyer at the time of sale. The building at 4702 Harbour Point Blvd was vacant. The buyer plans to rent out the vacant building to two or more tenants. The brokers were already working on lease deals before the property sold. The buyer purchased the properties because they would rather own than rent, and for the additional income that the other building will generate. We were unable to determine if the buyer had an option to purchase the property written into their lease, but we verified that this was a true market sale regardless of any option. The properties were not on the market at the time of sale and were under contract for about 45 days CBRE represented the seller in the transaction. Broderick Group, Inc. represented the buyer. Current Industrial Information: 4800 Harbour Pointe Blvd. Bldg Type: Manufacturing RBA: 446,800 SF Bldg Status: Built in 1992 % Leased: 100.0% Rent/SF/Yr: - Stories: 1 Bldg Vacant 0 SF Total Avail: 0 SF Building FAR: 0.20 Warehouse Avail: 0 SF Office Avail: 0 SF CAM - Max Contig: - Zoning: HI Smallest Space: - Owner Type: Corporate Land Area: 51.45 AC Owner Occupied: Yes Lot Dimensions: - Tenancy: Single Ceiling Height: 24'0" Column Spacing: - Loading Docks: None (bldg. total) Levelators: None Cross Docks: - Crane: - Drive Ins: 22/18'0"w x 35'0"h (total) Const Type: Reinforced Concrete Sprinklers: Yes Rail Spots: None Rail Line: None Property Mix: Industrial 406,800 SF (91.0%) Office 40,000 SF (9.0%) Power: Heavy Parking: 240 Surface Spaces are available Features: Fenced Lot, Signage Location Information ID: 707745 Park Name: Ctr41 @ Harbour Pointe Metro Market: seattlelPuget Sound Submarket: Northend Ind/S Everett/Harbor Pt Ind Ryanl This copyrighted report contains research licensed to Ryan, LW &a/Ryan, Inc. - 506596. Multi -Property Multi -Property sale on 10/20/2011 of 2 Industrial properties, for $35,000,280 ($53.74/SF) - Research Complete (con't) SOLD County: CBSA: CSA: DMA: Snohomish Seattle -Tacoma -Bellevue, WA Seattle -Tacoma -Olympia, WA Seattle -Tacoma, WA Bldg Type: Bldg Status: Rent/SF/Yr: Bldg Vacant: Building FAR: Office Avail: Max Contig: Smallest Space: Land Area: Lot Dimensions: Ceiling Height: Loading Docks: Cross Docks: Drive Ins: Sprinklers: Rail Une: Property Mix: Expenses: Power: Parking: Features: Manufacturing Built In 1992 0 SF 0.26 0 SF 18.15 AC Current Industrial Information: 4702 Harbour Pointe Blvd 23'0"-49'0" 42 ext (bldg. total) No 6/10'0"w x 14'0"h (total) Yes None RBA: 204,525 SF % Leased: 100.0% Stories: 1 Total Avail: 0 SF Warehouse Avail: 0 SF CAM - Zoning: HI Owner Type: Corporate Owner Occupied: No Tenancy: Multi Column Spacing: - Leveiators: None Crane: Const Type: Rail Spots: None Industrial 189,525 SF (92.7%) Office 12,000 SF (5.9%) 2009 Tax @ $0.791sf; 2009 Ops @ $1.341sf 6000a 112 Surface Spaces are available 24/7 Building Access, Fenced Lot, Partial Stories Exist, Signage Location Information Second Address: Park Name: Metro Market: Submarket: County: CBSA: CSA: DMA: 4702 Harbour Pointe Blvd CU 41 @ Harbour Pointe Seattle/Puget Sound Northend Ind1S Everett/Harbor Pt Ind Snohomish Seattle -Tacoma -Bellevue, WA Seattle -Tacoma -Olympia, WA Seattle -Tacoma, WA Reinforced Concrete ID: 707747 Ryanl This copyrighted report contains research licensed to Ryan, LLC tka/Ryan, Inc. - 506596. 4702 Harbour Pointe Blvd Ctr 41 @ Harbour Pointe -Boeing Bldg 41-02 this copyrighted report contains research licensed to Ryan. LLC fica/Ryan Inc. 606696. Ryam) Ryan 4800 Harbour Pointe Blvd Ctr 41 @ Harbour Pointe -Travis Bldg - Bldg 41-01 This copyr. Hed report c ortains res•?arch certed b Ryan L1. C fka/Hran. Ins - h1Nintk. 2222 S Sinclair Ave - Prologis Park Duck Creek Prologis Park Duck Creek Stockton, CA 95215 Sale on 2/28/2011 for $12,000,000 ($45.80/SF) - Research Complete 262,000 SF Class A Manufacturing Building Built in 2008 SOLD SA M rosoh Virtual Earth" Buyer & Seller Contact Info Recorded Buyer: True Buyer: Buyer Type: Buyer Broker: Sinclair Partners LLC ECS Refining Jim Taggart 705 Reed St Santa Clara, CA 95050 (408) 200-7000 Corporate Kidder Mathews Carlos Lorente (408) 588-2319 CBRE Charles Strouss (408) 453-7400 SrJrJ ydn sLL� J uLaub tuna -auk -LW Recorded Seller: True Seller: Seller Type: Listing Broker: Kyoho Manufacturing California Kyoho Manufacturing California 2222 S Sinclair Ave Stockton, CA 95215 Corporate CBRE Blake Rasmussen (209) 476-2954 Tyson Vallenari (209) 476-2920 Sale Date: Escrow Length. Sale Price: Asking Price: Price/SF: Price/AC Land Gross: Percent Leased: Tenancy: Financing: Transaction Details 02/28/2011 (146 days on market) 60 days $12,000,000 -Confirmed $17,030,000 $45.80 $324,236.69 100.0% Single Sale Type: Bldg Type: Year Built/Age: RBA: Land Area: Percent Improved: Total Value Assessed: Improved Value Assessed Land Value Assessed: Land Assessed/AC: Down payment of $3,600,000.00 (30.0%) $8,400,000.00 from Bank of America, N.A. Parcel No: 173-150-12 Owne r/U ser Manufacturing Built in 2008 Age: 3 262,000 SF 37.01 AC (1,612,156 SF) 82.4% $42,791,850 in 2010 $35, 262,267 $7,529,583 $203,447 ID: 2096842 Ryan Tnis copyrighted report contains research licensed to Ryan, LLC !ha/Ryan. Inc. - 506596. 2222 S Sinclair Ave - Prologis Park Duck Creek: 262,000 SF Class A Manufacturing Building Built in 2008 (cony) SOLD Document No: 024299 Transaction Notes The information in this report was gathered from public record and verified with sources involved in the transaction. According to our sources, this transaction involved a 262,000 square foot Industrial/Manufacturing building located in Stockton, CA. Our sources verified that the property sold for $12,000,000 in an owner/user transaction on February 28th, 2011. The seller in this transaction owned and occupied the property but ceased operations prior to the sale and laid off the entire workforce. Our source verified that they had more or less entirely vacated the property by December 2010 and did not open a new location in the United States, thus there is no contact number for them. The buyer in this transaction began occupying the property soon after escrow closed. Our sources verified differing building specs regarding the total number of loading docks and drive in bays. For the purposes of this report, we have used the numbers provided by the buyer's broker: 15 loading docks, 2 drive in bays, 28'-45' clear height and 6000 amps. Motivations The seller in this transaction lost its primary clients, General Motors and its NUMMI partner Toyota Motor Corp, in 2010 when the companies announced they would cease production in California. The seller had acquired and constructed this property for around $50 million less than two years prior to this announcement, so they were forced to close their doors and lay off the entire on -site workforce. The sale of this property was technically not a distress sale but likely done to pay off any remaining debt on the property. The buyer in this transaction was looking to expand their operations in California. A source familiar with their intentions confirmed that this will be an expansion and not a consolidation or relocation for them. Income Expense Data Bldg Type: Bldg Status: Rent/SF/Yr: Bldg Vacant: Building FAR: Office Avail: Max Contig: Smallest Space: Land Area: Lot Dimensions: Ceiling Height: Loading Docks: Cross Docks: Drive Ins: Sprinklers: Rail Line: Expenses: Power: Utilities: Parking: Features: Expenses - Taxes - Operating Expenses Total Expenses Manufacturing Built in 2008 0 SF 0.16 0 SF 37.01 AC $136,896 Current Industrial Information 28'0"-45'0" 15 ext (bldg. total) 2 (total) Yes Burlington Northern Santa Fe 2011 Tax @ $0.521sf 6000a Gas, Heating, Lighting, Sewer, Water 228 Surface Spaces are available Enterprise Zone $136,896 RBA: % Leased: Stories: Total Avail: Warehouse Avail: CAM Zoning: Owner Type: Owner Occupied: Tenancy: Column Spacing: Levelators: Crane: Const Type: Rail Spots: Location Information 262,000 SF 100.0% 1 0 SF 0 SF IG Corporate Yes Single Reinforced Concrete Yes ID: 736246 Park Name: Metro Market: Submarket: Prologis Park Duck Creek StocktonlModesto San Joaquin County Ind/Stockton Ind Ryan) This copyrighted report contains research licensed to Ryan, LW ikaiRyan, Inc. - 506596. 5880 W State Road 28 Tipton, IN 46072 Sale on 12/21/2012 for $27,900,000 ($35.70/SF) - Research Complete 781,500 SF Class B Manufacturing Building Built in 2010 SOLD Buyer & Seller Contact Info Recorded Buyer: True Buyer: Buyer Type: Buyer Broker: Chrysler Group LLC Dieter Zetsche 1000 Chrysler Dr Auburn Hills, MI 48326 (248) 512-2950 Corporate No Buyer Broker on Deal 8 31 M' c rosof t Virtual Earth' 0 V 500 vi J:tLLa iitiSti•JI:twr;.'t_.u..J '' :ii/rte ;a ...lb Recorded Seller: True Seller: Seller Type: Listing Broker: 5850 Tipton LLC The W.W. Reynolds Companies, Inc. Jeff Wingert 1919 14th St Boulder, CO 80302 (303) 442-8687 Developer/Owner-RGNL Cassidy Turley Patrick Lindley SIOR (317) 639-0457 Sale Date: Escrow Length: Sale Price: Asking Price: Price/SF: Price/AC Land Gross: Percent Leased: Tenancy: Financing: Parcel No: Sale History: Ryan 12/21/2012 (168 days on market) $27,900,000 -Full Value $39,500,000 $35.70 $263,207.55 0.0% Single Transaction Details ID: 2631648 Sale Type: Bldg Type: Year Built/Age: RBA: Land Area: Percent Improved: Total Value Assessed: Improved Value Assessed Land Value Assessed: Land Assessed/AC: Down payment of $27,900,000.00 (100.0%) 80-11-07-300-008.000-001 Sold for $27,900,000 ($35.70/SF) on 12/21/2012 Sold for $25,000,000 ($31.99/SF) on 12/16/2010 Owner/User Manufacturing Built in 2010 Age: 2 781,500 SF 106 AC (4,617,360 SF) 90.8% $32,997,100 in 2011 $29,970,500 $3,026,600 $28,552 This copyrighted report contains research licensed to Ryan, LLC fka/Ryan, Inc - 506596. 5880 W State Road 28 781,500 SF Class B Manufacturing Building Built in 2010 (can't) SOLD Transaction Notes This is the sale of the manufacturing facility located at 5880 W Sate Road 28 in Tipton, IN that was sold for $27,900,000 or for $35. 70-per-sf. Chrysler will use this building as their new plant that will make duel -clutch transmissions. It is not known when they are going to be physically moving into the property. As part of this deal they will be getting a 10 -year tax abatement from the County that will total $2.5M. Chrysler will invest $162M into the property and it will create approximately 850 new Jobs. This property was going to be home to Abound Solar in 2010, however they went bankrupt and never moved into the building. This property was on the market starting in July 2012 and was in escrow for about 30 days. It was sold 100% vacant at time of sale. This was an all -cash deal. Current Industrial Information ID: 7215273 Bldg Type: Manufacturing RBA: 781,500 SF Bldg Status: Built In 2010 % Leased: 100.0% Rent/SF/Yr: - Stories: 2 Bldg Vacant: 0 SF Total Avail: 0 SF Building FAR: 0.17 Warehouse Avail: 0 SF Office Avail: 0 SF CAM - Max Contig: - Zoning: I-1, Tipton Smallest Space: Owner Type: Corporate Land Area: 106 AC Owner Occupied: No Lot Dimensions: Tenancy: Single Ceiling Height: 20'0"-35'0" Column Spacing: - Loading Docks: 14 ext (bldg. total) Levelators: - Cross Docks: Crane: - Drive Ins: Yes (total) Const Type: - Sprinklers: - Rail Spots: Rail Line: None Expenses: 2010 Tax @ $0A2/sf Utilities: Gas, Heating, Lighting, Sewer, Water Parking: 810 free Surface Spaces are available; Ratio of 1.0411,000 SF Location Information County: Tipton CBSA: Kokomo, IN CSA: Kokomo -Peru, IN DMA: Indianapolis, IN Ryan() This copyrighted report contains research licensed to Ryan, LLc Ika/Ryan, Inc. - 506596. FOR SALE OR LEASE 5880 West State Road 28, Tipton, IN 46072 New County Access Road Truck Entrance with Guardhouse & Scale Located at the NE Corner of US 31 & State Road 28 Site Total: 106 Acres Employee Parking: 810 Cars Total Building: 781,500 Square Feet For additonal information please visit: http://tiptonplant.info CassidylpCommercial Turley Real Estate Services For more information, contact: Patrick B. Lindley, SIOR 317.639.0457 Patrick.Lindley@cassidyturley.com One American Square, Suite 1300 Indianapolis, Indiana 46282 Telephone 317.634.6363 Telefax 317.639.0504 www.cassidyturley.com The information contained beieinwas obtained prom snurres we comrd::r reliabls. We cannot he resowsible, however, for errors. omissions, odor sakes. withdrawal from the market or change rn once. Senn and broker make no renrec.'ntation as to the covrrorrnternal u.n nddton of the property and recommend portheser's independent investigation. FOR SALE OR LEASE 5880 West State Road 28, Tipton, IN 46072 Building statistics PRODUCTION BUILDING BUILDING #3 Total Production Area: 507,500 SF Total Mezzanine Area: 45,000 SF Total Basement Area: 20,250 SF Total Floor Area: 572,750 SF Bottom of Truss: 26'-0" Bottom of Roof Deck: 34'-0" min. Floor: 8" Reinforced Concrete HVAC: Tempered Air ENERGY CENTER BUILDING #4 Total Floor Area: 33,750 SF Clear Height: 20'-0" HVAC: Heat Only MATERIAL HANDLING BUILDING #5 Total Floor Area: 175,000 SF Clear Height: 35'-0" Floor: 10" Reinforced Concrete HVAC: Heat Only Loading Docks: 14 w/Shelters Dumpster Wells: 12 (Interior) Sow- Cassidy Turley Commercial Real Estate Services Siteplan For more information, contact: Patrick B. Lindley, SIOR 317.639.0457 Patrick.Lindley@cassidyturley.com One American Square, Suite 1300 Indianapolis, Indiana 46282 Telephone 317.634.6363 Telefax 317.639.0504 www.cassidyturley.com Central Indiana Advantage Tipton, Indiana • Tipton County is located in north central Indiana 40 miles north of Indianapolis. Interstate 465 is within 30 minutes of the Tipton area. State highways in Tipton include US 31 and State Roads 19, 28 and 213. • Norfolk Southern Corporation services Tipton County. The entire Midwest region of the United States is accessible through this rail system. • Tnpton's top employers are in the manufacturing and agricultural sectors. The State of Indiana • Indiana is centrally located - just a half -day's truck drive to more than 20 major metro markets and a 14 - hour truck drive to 80% of the U.S. population. • The Hoosier state ranks in the Top 10 in 33 logistics categories. Indiana gets high marks for transportation, infrastructure, cargo movement, employment and number of companies in all modes of freight transportation —truck, rail, air and water. • The corporate tax rate in Indiana was just reduced from 8.5% to 6.5%. • Indianapolis, IN is home to the 2nd largest FedEx hub in the world with over 4,000 employees and nearly two million square feet. • Indiana offers the Best Business Tax Climate in the Midwest and 10th in the U.S. (Tax Foundation, 2011) Minneapolis Des Moines *1 Kansas City St kouis 1 482 Miles 243 ; Mk_ Tulsa , 637 Nei Little Rock 585Miies S /• Louisville 113 Miles Nashville Memphis 288 Miles • 'l6Miles • 672 Miss 8Atlanta 479 Miles 533 Miles • New Orleans • Indiana is home to a diverse range of international mega companies, including Eli Lilly, WellPoint, Roche Diagnostics, Boston Scientific, Mead Johnson, Dow AgroSciences, and more. • Indiana is home to 662 automotive companies and ranks 2nd nationally in skilled automotive workers relative to its overall labor force •�/ MilNaulee s Chicago Toronto 552 Milesgg • 50��1es • Detroit 285;, Cleveland Pittsburgh 1 .359 tv2;:e Columbus Tipton ; 175eiles galtimce• India polio Cincinnati 595 Mrle� ' 114 M a ew ashingtOn ECA 5233 Miles Jacksowiile 879 Milos New York 710 Mile Philadelphia Raleigh 680 Miles Richmond 672 • For more information, contact: Patrick B. Lindley, SIOR 317.639.0457 Patrick.Lindley@cassidyturley.com One American Square, Suite 1300 Indianapolis, Indiana 46282 Telephone 317.634.6363 Telefax 317.639.0504 www.cassidyturley.com Cassidy/ Turley ti'Se> O Online OTTER TAIL CORP FORM 10-Q (Quarterly Report) Filed 11/09/12 for the Period Ending 09/30/12 Address Telephone CIK Symbol SIC Code Industry Sector Fiscal Year 215 S CASCADE ST PO BOX 496 FERGUS FALLS, MN 56538-0496 8664108780 0001466593 OTTR 4911 - Electric Services Electric Utilities Utilities 12/31 Pa "red By EDGAMOntitte http://www.edgar-online.com © Copyright 2012, EDGAR Online, Inc. All Rights Reserved. Distribution and use of this document restricted under EDGAR Online, Inc. Terms of Use. inventories Inventories consist of the following: (in thousands) September 30, December 31, 2012 2011 Finished Goods Work in Process Raw Material, Fuel and Supplies $ 20,306 $ 11,302 41,822 $ 73,430 $ 77,983 21,373 11,951 44,659 Total Inventories Asset Impairment Charge The Company entered into a nonbinding letter of interest in June 2012 with Trinity Industries, Inc. (Trinity), based in Dallas, Texas, to sell the fixed assets of DMI for $20 million, with the Company retaining DMI's net working capital —approximately $66 million on June 30, 2012. On September 6, 2012 the Company entered into definitive agreements with Trinity to sell the fixed assets of DMI for $20 million. The agreed on price for the fixed assets is an indicator of the fair value of the assets under level 2 of the ASC fair value hierarchy and also is considered an indication of a decrease in the market value of the assets being sold. This decrease in market value has been significantly impacted by the severe decline in market conditions in the wind energy industry. The Federal Production Tax Credit (PTC) for investments in renewable energy resources is expected to expire at the end of 2012. DMI has no tower orders for 2013 given the expected expiration of the PTC. These factors resulted in DMI recording a nonrecurring fair value adjustment of its long-lived assets to the indicated market price of $20 million and a noncash asset impairment charge of $45.6 million ($27.5 million net -of -tax benefits), or $0.76 per share, in June 2012 broken down as follows: (in thousands) Long -Lived Assets Accumulated Depreciation — Long -Lived Assets Goodwill $ 90,846 (45,561) 288 Total Asset Impairment Charges $ 45,573 The sale of the Fort Erie fixed assets closed on September 6, 2012, the West Fargo transaction closed on October 31, 2012 and the Tulsa transaction is expected to close on November 30, 2012. Under the terms of the definitive agreements, DMI must complete its current backlog of towers ordered for delivery in 2012 before each closing can occur. Under these circumstances, accounting rules require that DMI's assets and results of operations continue to be reported as continuing operations. However, on completion of all remaining tower orders, DMI's assets will be considered available for immediate sale and the Company expects DMI's results and any remaining assets will be reported under discontinue operations at the end of 2012. Goodwill and Other Intangible Assets The following table summarizes changes to goodwill by business segment during 2012: (in thousands) Gross Balance December 31, 2011 Accumulated Impairments Balance (net of impairments) December 31, 2011 Adjustments to Goodwill in 2012 Balance (net of impairments) September 30, 2012 Electric Wind Energy Manufacturing Construction Plastics $ 240 288 24,445 7,630 19,302 $ (240) (12,259) $ $ 288 12,186 7,630 19,302 (288) 1 12,186 7,631 19,302 Total 51,905 $ (12,499) $ 39,406 $ (287) $ 39,119 11 TULSA WORLD Powered by the largest news staff in Northeastern Oklahoma Visit tulsaworld.com for coverage of news, business, sports and entertainment. 0 Return to Story Wind tower factory being purchased by Dallas company BY KYLE ARNOLD World Staff Writer Friday, September 07, 2012 9/7/2012 5:10:06 AM to Print this page A company that closed a Tulsa wind tower plant four years ago is buying the DMI Industries wind tower factory in Tulsa, just weeks before its planned closure and the layoff of 167 people. Dallas -based Trinity Industries Inc., which closed its Tulsa plant in 2008, is acquiring the wind power assets of Otter Tail Corp., parent of DMI. The deal includes plants, other properties and equipment in Tulsa, Fort Erie, Ontario, and West Fargo, N.D. It's unclear whether the change in ownership will have any bearing on the workers at the Tulsa plant, located at 15300 Tiger Switch Road. The deal was worth about $20 million, Trinity said late Thursday in a news release. Company officials were not available for comment. "These facilities are capable of producing many of the products Trinity currently manufacturers, which will serve to further enhance our overall manufacturing flexibility," Trinity chairman, CEO and president Timothy Wallace said in a statement. The deal for the Tulsa facility is not expected to close until late in the fourth quarter, according to the statement from Trinity. That would come months after the scheduled closure and layoffs at the DMI-Tulsa plant in October. Trinity also has holdings in the rail car, barge, construction and energy equipment sectors. Fergus Falls, Minn. -based Otter Tail announced the closure of the DMI-Tulsa plant in August, citing uncertainty in the wind energy industry because of the pending expiration of a key federal wind energy tax credit. The former Trinity Industries plant, operated under the Trinity Structural Towers Inc. banner, had 131 workers when it closed. Original Print Headline: Tulsa wind tower plant part of deal Kyle Arnold 918-581-8380 kyle.amold@tulsaworld.com Copyright © 2D13, World Publishing Co. All rights reserved 0 Return to Story Submit y Headlines Newsletter Opt -In j Su nor ti i american WINDPOWER • :rues r Wind Tower Consolidation: Trinity Industries Buys DMI Assets In $20 Million Deal in News Department.. > New & Noteworthy by NAW Staff on Friday 07 September 2012 — Share Share 0 Wind tower manufacturer Trinity Industries Inc. has announced that it has entered into definitive agreements with Otter Tail Corp. to purchase, certain property, plant and equipment of DMI Industries Inc. for a purchase price of approximately $20 million. The assets to be acquired consist primarily of approximately 665,000 square feet of heavy manufacturing capacity and equipment located in North Dakota, Oklahoma and Ontario. The Ontario facility acquisition has already closed. Trinity will take possession of the property, plant and equipment in the remaining facilities in two separate closings, which are both expected to close in the fourth quarter. Last month, Otter Tail announced it was putting DMI up for sale, citing reduced demand and an unfavorable policy environment. "The market value for DMt's assets has been significantly impacted by reduced demand for wind towers due to adverse market conditions affecting the industry, including uncertainty regarding renewal or extension of the federal production tax credit for investments in renewable energy resources," Otter Tail said in a statement in August. Trinity's plans for DMI are unclear, especially in light of the company's recent announcement that it was planning on repositioning its resources away from wind turbine tower manufacturing. "During the second half of 2012, we are repositioning a portion of our production capacity to meet the growing demand for products serving the oil, gas and chemicals industries," Timothy R. Wallace, Trinity's chairman, CEO and president, said in a statement last month. "These products are well aligned with our core competencies. The repositioning will include, among other things, the conversion of certain facilities from manufacturing wind towers to railcars." However, it is clear that Trinity will remain involved in wind tower manufacturing. "I am pleased with this opportunity to expand our manufacturing capacity at a very attractive valuation," Wallace said in a statement regarding the DMI acquisition. "These facilities are capable of producing many of the products Trinity currently manufactures, which will serve to further enhance our overall manufacturing flexibility." Don't miss the latest wind energy news -- register to receive NAW's news headlines. sic ip• 2ND LOWEST COST OF DOING I WA. BUSINESS IN AMERICA.* _ Sha eahaSeah£ea$baBh Bea eah6ore 0 Turbine Controlling the wind? p Take full advantage of your warranty) bh. . • TULSA WO _' D Powered by the largest news staff in Northeastern Oklahoma Visit tulsaworld.com for coverage of news, business, sports and entertainment. Return to Story Wind tower plant in Tulsa shutting down BY KYLE ARNOLD World Staff Writer Wednesday, August 08, 2012 8/8/2012 2:50:45 AM 04' Print this page Wind tower manufacturer DMI Industries Inc. will close its Tulsa plant in November as the parent company exits the wind energy business. The closure will cost 167 people their jobs. Another company plant in West Fargo, N.D., that has 217 employees will close in October, according to a statement from the manufacturer. "The wind industry's present economics, substantially driven by the absence of a Production Tax Credit renewal by the U.S. Congress, the lack of a predictable national energy policy, and by low natural gas prices has contributed to a dramatic decline in the demand for wind towers," a company news release stated. The plant is located at 15300 E. Apache St. Otter Tail Corp., DMZ's parent company, said it has agreed to sell DMI properties to an unnamed large metal manufacturer, but all employees at the plants are being laid off. The Fergus Falls, Minn. -based company expects the sale to close in January. 'We are hopeful that potential new owners, who produce a variety of large metal manufacturing products, will see the value of our plants and skilled workforce going forward," the release stated. DMI opened the 500,000- square -foot plant in spring 2008 as wind energy promised to curb rising oil prices. The factory employed welders, machinists and other skilled manufacturing workers to make 300 -foot, 50 -ton poles for electricity -producing turbines. The company originally spent about $35 million to renovate the site, and another $30 million in 2009, and increased employment to more than 275 people. DMI was the recipient of Oklahoma Quality Jobs Program tax credits starting in 2008, when company officials said it hoped to employ as many as 596 people. However, DMI started to see problems in late 2008 when the economy crashed and tighter credit markets halted many large capital projects, including wind -power generation farms. DMI laid off 50 people in January 2009. Otter Tail officials said work at the plant will cease when DMI's backlog of orders is depleted. "We are sensitive to the impact this decision may have on our DMI employees, and are committed to providing career -transition support, including severance, as appropriate," company officials said in the statement. Original Print Headline: Wind tower plant in Tulsa to shut down Kyle Arnold 918-581-8380 kyle.amold@tulsaworld.com Associated Images: A DMI Industries employee works inside a pipe section for a wind -turbine tower at the company's northeast Tulsa plant. DM1 says it is closing the facility and laying off 167 people. JAMES GIBBARD / Tulsa World file Copyright © 2013, World Publishing Co. All rights reserved Return to Story July 22, 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 VESTAS BLADES AMERICA INC 11140 EASTMAN PARK DRIVE WINDSOR, CO 80550 Account No.: See Attached Dear Petitioner(s): The Weld County Board of Equalization has set a date of July 30, 2013, at or about the hour of 3:15 PM, to hold a hearing on your valuation for assessment. This hearing will be held at the Weld County Administration Building, Assembly Room, 1150 O Street, Greeley, Colorado. You have a right to attend this hearing and present evidence in support of your petition. The Weld County Assessor or his designee will be present. The Board will make its decision on the basis of the record made at the aforementioned hearing, as well as your petition, so it would be in your interest to have a representative present. If you plan to be represented by an agent or an attorney at your hearing, prior to the hearing you shall provide, in writing to the Clerk to the Board's Office, an authorization for the agent or attorney to represent you. If you do not choose to attend this hearing, a decision will still be made by the Board by the close of business on August 5, 2013, and mailed to you on or before August 12, 2013. Because of the volume of cases before the Board of Equalization, most cases shall be limited to 10 minutes. Also due to volume, cases cannot be rescheduled. It is imperative that you provide evidence to support your position. This may include evidence that similar homes in your area are valued less than yours or you are being assessed on improvements you do not have. Please note: The fact that your valuation has increased cannot be your sole basis of appeal. Without documented evidence as indicated above, the Board will have no choice but to deny your appeal. If you wish to obtain the data supporting the Assessor's valuation of your property, please submit a written request directly to the Assessor's Office by fax (970) 304-6433, or if you have questions, call (970) 353-3845. Upon receipt of your written request, the Assessor will notify you of the estimated cost of providing such information. Payment must be made prior to the Assessor providing such information, at which time the Assessor will make the data available within three (3) working days, subject to any confidentiality requirements. AS0085 VESTAS BLADES AMERICA INC - Multiple Accounts Page 2 Please advise me if you decide not to keep your appointment as scheduled. If you need any additional information, please call me at your convenience. Very truly yours, BOARD OF EQUALIZATION a✓L Esther E. Gesick Deputy Clerk to the Board cc: Christopher Woodruff, Assessor RYAN LLC 16220 N SCOTTSDALE ROAD SUITE 650 SCOTTSDALE, AZ 85254 • AS0085 VESTAS BLADES AMERICA INC - Multiple Accounts Page 3 Accounts scheduled for this hearing: R6778001 R6778002 AS0085 July 22, 2013 CLERK TO THE BOARD PHONE (970) 336-7215, EXT 4226 FAX (970) 352-0242 WEBSITE: www.co.weld.co.us 1150 0 STREET P.O. BOX 758 GREELEY CO 80632 VESTAS BLADES AMERICA INC 11140 EASTMAN PARK DR WINDSOR, CO 80550-3397 Account No.: R5250708 Dear Petitioner(s): The Weld County Board of Equalization has set a date of July 30, 2013, at or about the hour of 3:15 PM, to hold a hearing on your valuation for assessment. This hearing will be held at the Weld County Administration Building, Assembly Room, 1150 O Street, Greeley, Colorado. You have a right to attend this hearing and present evidence in support of your petition. The Weld County Assessor or his designee will be present. The Board will make its decision on the basis of the record made at the aforementioned hearing, as well as your petition, so it would be in your interest to have a representative present. If you plan to be represented by an agent or an attorney at your hearing, prior to the hearing you shall provide, in writing to the Clerk to the Board's Office, an authorization for the agent or attorney to represent you. If you do not choose to attend this hearing, a decision will still be made by the Board by the close of business on August 5, 2013, and mailed to you on or before August 12, 2013. Because of the volume of cases before the Board of Equalization, most cases shall be limited to 10 minutes. Also due to volume, cases cannot be rescheduled. It is imperative that you provide evidence to support your position. This may include evidence that similar homes in your area are valued less than yours or you are being assessed on improvements you do not have. Please note: The fact that your valuation has increased cannot be your sole basis of appeal. Without documented evidence as indicated above, the Board will have no choice but to deny your appeal. If you wish to obtain the data supporting the Assessor's valuation of your property, please submit a written request directly to the Assessor's Office by fax (970) 304-6433, or if you have questions, call (970) 353-3845. Upon receipt of your written request, the Assessor will notify you of the estimated cost of providing such information. Payment must be made prior to the Assessor providing such information, at which time the Assessor will make the data available within three (3) working days, subject to any confidentiality requirements. AS0085 VESTAS BLADES AMERICA INC - R5250708 Page 2 Please advise me if you decide not to keep your appointment as scheduled. If you need any additional information, please call me at your convenience. Very truly yours, BOARD OF EQUALIZATION s Esther E. Gesick Deputy Clerk to the Board cc: Christopher Woodruff, Assessor RYAN LLC 16220 N SCOTTSDALE ROAD SUITE 650 SCOTTSDALE, AZ 85254 AS0085 Tammy Waters From: Sent: To: Subject: Here you go. Wade Melies Wednesday, July 31, 2013 12:14 PM Tammy Waters Vestas Windsor Blades R5250708 $62,398,042 Brighton Blades R6778001 $72,914,542 Brighton Nacelle R6778002 $39,097,416 $174,410,000 Wade Wade J. Melees Commercial Appraiser Weld County Assessor's Office 970-353-3845 ext 3672 wmeliesco.weld.co.us Confidentiality Notice: This electronic transmission and any attached documents or other writings are intended only for the person or entity to which it is addressed and may contain information that is privileged, confidential or otherwise protected from disclosure. If you have received this communication in error, please immediately notify sender by return e-mail and destroy the communication. Any disclosure, copying, distribution or the taking of any action concerning the contents of this communication or any attachments by anyone other than the named recipient is strictly prohibited. BOE SUMMARY SHEET Account Number: See Reverse VESTAS BLADES AMERICA INC 11140 EASTMAN PARK DRIVE WINDSOR, CO 80550 HEARING DATE: July 30, 2013, AT 2:00 PM HEARING ATTENDED? (Y4N)J NAME: AGENT NAME: APPRAISER NAME: RYAN LLC 16220 N SCOTTSDALE ROAD SUITE 650 SCOTTSDALE, AZ 85254 DECISION ACTUAL VALUATION APPROVE BY ASSESSOR SET BY BOARD TOTAL ACTUAL VALUE $150,727,070.00 / %q too icy COMMENTS: MOTION BY SECONDED BY "D12. TO 6 -14t lei Set IVdh x n'U ✓ Failed to prove appropriate value No comparables given Assessor's value upheld Other: Conway -- Freeman -- Rademacher - Garcia - N) N) RESOLUTION NO. 0 M:\CBOE\Letter Templates\Summary Sheet.docx List of R6778002 Accounts: R6778001 R5250708 M:\CBOE\Letter Templates\Summary Sheet.docx Tammy Waters /4rdcopies of 'Me omi I -led paperwork are Ill 'Me -E;le aT!y From: Tammy Waters Sent: Wednesday, August 14, 2013 3:34 PM To: 'Alcock, Sarah' Cc: Stephanie Arries; Esther Gesick Subject: Vestas BOE Hearing Attachments: Vestas Blades - Board of Equalization Hearing Materials Dear Ms. Alcock, This email is in reply to your message regarding additional documentation submitted for the Vestas Board of Equalization hearing that was scheduled for and completed on July 30, 2013. The office of the Clerk to the Board did receive the attached email on July 29, 2013. Additionally, an appeal packet had been sent to this office on July 8, 2013; that packet had been scanned and placed into the BOE's electronic file in preparation for the Vestas BOE appeal hearing. Due to time constraints, it was not possible to add the July 29, 2013 packet to the existing file in advance of the hearing scheduled for July 30, 2013. However, after reviewing both the July 8 and July 29 packages which were submitted on behalf of Vestas, I noticed that most of the pages provided in the second packet were already included in the original packet. The information provided on July 8, 2013 was reviewed by the Board and the determination to deny your petition was reached. As you are aware you have the right to appeal this decision by following the appeal process explained in your denial letter. You should be advised that the next hearing is a de novo hearing, (not simply a review of the BOE's actions), and therefore, Vestas may present its case using the July 29, 2013 materials and other materials which may be developed between now and the time of the appeal hearing (subject to the rules of the Court, Arbitrator or Board of Assessment Appeals for disclosure of evidence). Please let me know if I can be of any additional assistance. Tammy Waters Deputy Clerk to the Board 1150 O Street(P.O. Box 758(Greeley, CO 80632 tel: (970) 336-7215 X5226 Confidentiality Notice: This electronic transmission and any attached documents or other writings are intended only for the person or entity to which it is addressed and may contain information that is privileged, confidential or otherwise protected from disclosure. If you have received this communication in error, please immediately notify sender by return e-mail and destroy the communication. Any disclosure, copying, distribution or the taking of any action concerning the contents of this communication or any attachments by anyone other than the named recipient is strictly prohibited. 1 Hello