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Home My WebLink About20132077August 8, 2013 CLERK TO THE BOARD PHONE (970) 336-7215, EXT 4226 FAX (970) 352-0242 WEBSITE: www.co.weld.co.us 1150 O STREET P.O. BOX 758 GREELEY CO 80632 CST METRO LLC ONE VALERO WAY BLDG D STE 200 SAN ANTONIO, TX 78249 RE: THE BOARD OF EQUALIZATION 2013, WELD COUNTY COLORADO APPROVAL OF STIPULATION BETWEEN PETITIONER AND ASSESSOR ACCOUNT NO.: R2396786 Dear Petitioner: On August 01, 2013, the Board of County Commissioners of Weld County Colorado convened and acting as the Board of Equalization, pursuant to C.R.S. Section 39-8-101 et seq., considered your request to approve and adopt a valuation of your property arrived at by a Stipulation between you and the Weld County Assessor, for the year 2013. The Board of Equalization found that the evidence presented at the hearing supported the stipulated value placed upon the above -described property as set forth below. Such evidence indicated the value was reasonable, equitable, and derived according to the methodologies, percentages, figures and formulas dictated by law. ACTUAL VALUE AS STIPULATED VALUE DETERMINED BY ASSESSOR APPROVED BY BOARD $550,000.00 $489,691.00 The above `Stipulated Value' is the value which will be used in the calculation of your property taxes for 2013. This value is not appealable. If you have questions concerning the above information, please call me at (970) 336-7215, Ext. 4226. Very truly yours, Esther E. Gesick, Deputy Clerk Weld County Board of County Commissioners Cc: Christopher Woodruff, Weld County Assessor POOP HUTCHESON PLLC 1301 S MOPAC SUITE 430 AUSTIN, TX 78746 cc,' gel 8-9"- 0?o/3 2013-2077 AS0085 COUNTY BOARD OF EQUALIZATION WELD COUNTY Single County Schedule Number R2396786 STIPULATION (As To Tax Year_2013_ Actual Value) RE PETITION OF : Diamond Shamrock Corner Store (Valero) NAME: CST Metrol LLC ADDRESS: 2720 35th Ave Greeley, CO AM 072013 WELD COUNTY ASS S GREELEY, COLOlR'no Petitioner (s) and the Weld County Assessor hereby enter into this Stipulation regarding the tax year 2013 valuation of the subject property, and jointly move the Board of Equalization to enter its order based on this Stipulation. Petitioner (s) and Assessor agree and stipulate as follows: 1. The property subject to this Stipulation is described as: OR 17569B PT SW4SW4 13 5 66 (WEST GREELEY 2ND ANNEX) BEG ON E LN OF RD FROM WHICH SW COR BEARS SO4D02'W 400.7' S89D43'E 50° S82D22'E 161.7' NOD15'W 203.1' N89D43'W 210.2' S0D15'E 182.4' TO BEG (lA M/L) 2. The subject property is classified as Commercial property. 3. The County Assessor originally assigned the following actual value to the subject property for the tax year 2013: Total $550,000.00 4. After further review and negotiation, Petitioner (s) and Weld County Assessor agree to the following tax year 2013 actual value for the subject property: Total $489,691.00 5. The valuation, as established above, shall be binding only with respect to tax year 2013. 6. Brief narrative as to why the reduction was made: On site inspection revealed additional depreciation and function obsolesence. 7. Both parties agree that: ZThe hearing scheduled before the Board of Equalization on 07/30/2013 at 2:30 p.m. be vacated. R2396786 I 2013-2077 D ❑A hearing has not yet been scheduled before the Board of Equalization. TED this 25th day of July, 2013. Petitioner(s) or A ent or Attorney Sy/0; . A- ress: op p - hk - &-soi 'Pa -C-- 1301 S itt a-4 , .S4-¢' 4-3b r !3r r-,� is -744 Telephone: C5sL) 473- 2_6(o Docket Number Stip-1.Frm 82396786 (Assistant) County Attorney for Respondent, Weld County Board of Commissioners Address: 1150 "0" Street P.O. Box 758 Greeley, CO 80632 Telephone:(970) 336-7235 2&aafunty As essor Address: 1400 N.17th Avenue Greeley, CO 80631 Telephone: (970) 353-3845 ext. 3697 2 NOTICE OF DETERMINATION Christopher M. Woodruff Weld County Assessor 1400 N 17th Ave Greeley, CO 80631 ACCOUNT NO. TAX YEAR TAX AREA LEGAL DESCRIPTION! PHYSICAL LOCATION R2396786 2013 0600 GR 17569B PT SW4SW4 13 5 66 (WEST GREELEY 2ND ANNEX) BEG ON E LN OF RD FROM WHICH SW COR BEARS 504D02'W 400.7' •S89D43'E 50' S82D22'E 161.7' N0D15'W 203.1' N89D43'W 210.2' S0D15'E 182.4' TO BEG (1A M/L) 2720 35 AV GREELEY, CO 000000000 PROPERTY OWNER- CST METRO LLC ONE VALERO WAY BLDG D STE 200 SAN ANTONIO, TX 78249 4 eOL/ i PROPERTY CL•ASSIFICATION ASSESSOR'S VALUATION ''ACTUAL VALUE PRIOR TO REVIEW ACTUAL VALUE AFTER REVIEW COMMERCIAL 550,000 550,000 TOTAL $550,000 $550,000 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: CM01 - The Colorado Constitution requires commercial property to be valued based on actual value and assessed at 29%. Replacement cost, market, and income are approaches used to determine the actual value of your property. If you disagree with the Assessor's decision, you have the right to appeal to the County Board of Equalization for further consideration, § 39-8-106(1)(a), C.R.S. The deadline for filing real property appeals is July 15. The Assessor establishes property values. The local taxing authorities (county, school district, city, fire protection, and other special districts) set mill levies. The mill levy requested by each taxing authority is based on a projected budget and the property tax revenue required to adequately fund the services it provides to its taxpayers. The local taxing authorities hold budget hearings in the fall. If you are concerned about mill levies, we recommend that you attend these budget hearings. Please refer to last year's tax bill or ask your Assessor for a listing of the local taxing authorities. Date of Notice: 6/27/2013 Telephone: (970) 353-3845 Fax: (970) 304-6433 Office Hours: 8:00 AM - 5:00 PM side of this notice for additional information. RECEIVED JUL 1 3 2m3 WELD COUNTY COMMISSIONERS 15-DPT-AR PR 207-08/13 R2396786 16656 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 1.2, § 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. PETITION TO COVINIWEIO D PE.E9UACIZATION, x!`~ 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.) $ 184,947 SCHEDULE# R2396786 / STORE# 641 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.) OVER VALUE AND COST APPROACH :ATTESTATION ` . t, I, the undersigned owner or agene43 of the property identified above, affirm that the statements contained h i and on any attachments hereto are true and complete. / e SignaturA Telephone Number kristen.wiehe@property-tax.com Email (512) 473-2661 2432 Attach letter of authorization signed by propeRE CrE I V E D JUL 1 8 2013 WELD COUNTY COMMISSIONERS JULY 11, 2013 Date Address 15-DPIVAR PR 207-08/13 R6779756 17007,. LETTER OF AUTHORIZATION FOR PROPERTY TAX MATTERS Popp Hutcheson PLLC is authorized to represent Valero Energy Corporation and related entities for all property tax matters. , Popp Hutcheson PLLC is delegated full authority to handle all matters relative to property taxes and assessments related to the property owned, possessed, or controlled by the undersigned and to represent us, with the assistance of legal counsel if necessary, in the appeal process. The appointment of agency shall take into effect January 1, 2013 or until revoked in writing by Popp Hutcheson PLLC or Valero Energy Corporation. Popp Hutcheson PLLC 1301 S. Mopac, Suite 430, Austin, TX 78746 All correspondence regarding our appeal of the value of the property list attached should be directed.to: Popp Hutcheson PLLC 1301 S. Mopac, Suite 430, Austin, TX 78746 Attention: Kristen Wiehe or Sylvia Lopez kristen.wiehe@prooerty-tax.com or sylvia,lopez@property-tax.com (512) 473-2661 Owner Information: Ad Valorem Tax Department CST Brands, Inc. One Valero Way, Building D, San Antonio, TX 78249 Attention: Traces Neal — {210) 345-2703 Tracee.NealOCSTBrands,corn Property Owner Signature; Title: Pid Wag* Spis s1 Date: 61301r, Oxf .Subscribed and sworn before me this 30 day of May, 2013, klikitidkAAAA NAISHA L. COPrLAND Notary Pubilo STATE OF TEXAS My Comm. Exp. 05-19-2016 Notary Public, State of Texas Ad Valorem Tax Department- One Valero Way, D Building —San Antonio, Texas 78249 Cost Approach Indicator Store Number 641 Weld Address 2720 35th Ave Year Built 1983 Building Size 1,155 Square Feet Building Class CAD Land Value 139,482 Opinion of Land Value 0 CAD Imp Value 410,518 R2396786 Replacement Cost New Site Improvements* Building 1,155 sqft X $86 /sqft Canopy 4,000 sqft X $18 /sqft Car Wash sqft X /sqft Concrete 11,537 gift X $3.00 /sqft Asphalt 14256 sqft X $1.50 /sqft Total CAD Notice Value: $550,000 Cost Approach Market Value: $184,947 = $99,330 = $72,000 = $34,611 = $21,384 Depreciation Total RCN Effective Age: 29 Years M&S Physical Depreciation: 68% Functional/Ext Obsolescence: 25% = $227,325 $197 /sqft — $154,581 = $56,831 Total Depreciation (20% Floor): $181,860 Total RCNLD Improvements: Plus Land Value: _ $45,465 $39 /sqft $139,482 $3.50 /sqft Indicated Market Value: = $184,947 $160 /sqft lot Included $100,000 $250,000 $350,000 $140 ge has taken own the dis- d part of the hese compo- included in nience store n, which is a ice store ap- values other ss appraisal clueing enti- mted by the rgible assets, 7st. Business nience store such as the gs exist over ie appraiser mall single - no goodwill rship of sev- if a qualified a chain of administra- as this may e Service, which le priority of the ,ratt, DBA, FASA, 2002), 7.28. Cs create a cost advantage that a single -store operation does not enjoy. A trained and assembled workforce is an intangible asset that has economic value. Because convenience stores frequently sell as going concerns and often must be analyzed as going -concerti entities that incl ude tangible and intangible assets, it is highly recommended that convenience story, appraisers attend the Appraisal Institute's Course 800, Separating Real and Personal Property from Intangible Business Assets. Much of the procedure and theory in the following valuation sections is based on this course. Coss Appeoach Applying the cost approach to convenience stores is similar to applying the cost ap- proach to other property types. Estimating the site value and replacement cost of the improvements in the cost approach will be useful in allocating the tangible assets in the sales comparison and income capitalization approaches. With few exceptions, the site value establishes the minimum threshold of value for the tangible assets, while the replacement cost of the improvements plus the site value establishes an upper limit of value for the tangible assets. The cost approach does not include consideration of the value of intangible as- sets such as capitalized economic profit or franchises, and developing estimates of depredation is oflen difficult. Types of physical deterioration, functional obsoles- cence, and external obsolescence unique to convenience stores are described below Physical Deterioration in Convenience Stores Convenience stores receive a great deal of daily customer traffic because the stores typically sell high -turnover items such as milk and bread and are open longer than most other hypes of retail businesses. The high customer traffic causes the floor coverings, restroom fixtures, and other features to wear out quickly. The automatic doors and asphalt paving in the forecourt may also deteriorate more quickly than those elements in other retail stores. On the other hand, the building foundation, exterior shell, and roof are similar to other types of commercial construction and usually do not experience any abnormal deterioration. The fuel service, even when it is classified as part of the real property, will have an economic life that is shorter than that of the building. Functional Obsolescence The convenience store industry is intensely competitive. Old formats and business models for store operation are continually being replaced with new ideas. To re- main competitive, each store must Modernize and upgrade frequently. A 10 -year - old cOnyenfence store can be physically adequate but functionally obsolete when new design standards dominate the market. For .exampleil some early stores were too small to accommodate in-store. food • service; which could 'be a form of fuftc: •tio.nal obsolescence. Valuation Assessment tos1 new builds was less than half -21 —in 2009. "Competitors are contracting, [and considering] the economy in the c -store space and the markets we wanted to enter, timing was right to do it in 2012," says David Miller, chief marketing officer for the chain of now 430 stores in 11 states. "While it's hard to say we'll do 43 again this year, we plan to be just as aggressive." And the trend is not limited to bur- geoning suburbs or unexplored rural territory. A sluggish economy and the New Sty res by the Nti bites The approximate number of new c -stores that 12 chains built in 2012, as reported by CSP Daily News. Here's a look at nine of the companies. Powered By C) lWA, • Know Your Customers Racera. a ,Petroleum Ritar 621 Prdlede r 2D72F n(c.o Forma ,00AquareVoo =star t esc sloee ope ipeear V 2O1*2 cwottn in fqtiy arstoretobeaproa peofal al new absence of major -oil turf wars has opened up midsized cities and even large, inner-city neighborhoods, where pent-up demand for new development present open frontiers for those able to lay claim. For retailers in this mode —as opposed to M&A specialists —the reasons behind a new build, or what some would call an organic strategy, center around the seduc- tive qualities of new construction: ► Getting what they want: New construction means building a site to lsqu�ar feaYureshexpar]ded. sermic r applied a ne rofcommissanes a retailer's exact specifications. In many cases, revamping an existing site or building in an area where land is not optimal means compromise. New builds hold the potential for concept perfection and greater portfolio consistency. ► A better ROI: Whether an acquisi- tion or new build, any new investment is a commitment. Many retailers believe the risks are better and the assets more easily assimilated with ground -up. As one Texas retailer said, it's "more interesting." ormatBmldiltg 5'000 squa e-footsto '1Fli4 YP yfra'CSt of ti '! vs.33'4o0squu foot) w1 piade to -order `. zza ramong othe�adkded foodservice optior ,,,444T1'—: 4' -4, usser'� yho1dmgs Strtpes) rota Pro ecte m2013 U to35 u 1 444 4 n 1 F`or anNewstores, acmmmodat thepgpila ' ^' w' -aAt!`k* fr ' s a pan br nae? chaccu,ie aboutlJ0%040°/nofthi 46 CSP April 2013 ► The lure of new: Communities inevitably gravitate to new retail offers, representing greater immediate potential. ► Large formats trump the competi- tion. In many areas, the standards for convenience retail are low, which means a bigger forecourt, bigger store and bet- ter inside offer can grab a disproportion- ate share of the market. The recession and its aftermath — often the source of blame for struggling operators —in fact laid the groundwork for this emerging 5,000- to 6,000 -square - foot format, almost double the size of the 3,000 -square -foot layout that was standard just a few years ago. Vacancies left by major oil and prolonged periods of other prop- erty vacancies are creating entry oppor- tunities, especially for c -stores, which as a channel has proven itself a stable bet in tough economic times. "Aggressive companies are seeing opportunities in trade areas that have been abandoned —not in terms of [number of stores] but new develop- ment," says Jim Fisher, CEO of retail site analysis firm IMST Corp., Houston. Citing how companies such as Wawa, Wawa, Pa., and QuikTrip, Tulsa, Okla., won't jump into a well -developed, highly competitive market, he says, "If I'm serv- ing the market and constantly supply- ing those needs, the competition is not going to come in. But when I start living the life and forget what's been given to me, then: Oh my —there's a Wawa?' r.- ■ fItltllil Prolected.n 2013 jnknowd Format 2.500 tdb4 000 square FormaL��v�nsghecornpanys t' 1k's 50sgtl,WR t ttotheFloridamarkeWie;newstores still sf`r e wbuiltt -ord Gescndotler' aestV aw 11tIela ure b 166orderhoggaandother a n.; idea eo o-stefoo offers CSP April 2013 47 9008 9040 1859 3793 _n o- rR N RETURN RECEIPT (ELECTRONIC) O co) HT 4.4 cal O 0 F -ea • =U o 00 Or- = o XU =J o t ,a • a0 N =3c.: 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 CST METRO LLC ONE VALERO WAY BLDG D STE 200 SAN ANTONIO, TX 78249 Account No.: R2396786 Dear Petitioner(s): The Weld County Board of Equalization has set a date of July 30, 2013, at or about the hour of 2:30 PM, to hold a hearing on your valuation for assessment. This hearing will be held at the Weld County Administration Building, Assembly Room, 1150 0 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 CST METRO LLC - R2396786 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 Zate,u . .tX. Esther E. Gesick Deputy Clerk to the Board cc: Christopher Woodruff, Assessor POOP HUTCHESON PLLC 1301 S MOPAC SUITE 430 AUSTIN, TX 78746 AS0085 Hello