HomeMy WebLinkAbout20132141August 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
TARGET CORPORATION, CIO PROPERTY TAX DEPT T-1813
P O BOX 9456
MINNEAPOLIS, MN 55440-9456
RE: THE BOARD OF EQUALIZATION 2013, WELD COUNTY COLORADO
APPROVAL OF STIPULATION BETWEEN PETITIONER AND ASSESSOR
ACCOUNT NO.: R2134303
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
$9,335,625.00 $9,000,000.00
The above `Stipulated Value' is the value which will be used in the calculation of your property
taxes for 2013. This value is not appealable.
If you have questions concerning the above information, please call me at (970) 336-7215,
Ext. 4226.
Very truly yours,
Esther E. Gesick, Deputy Clerk
Weld County Board of County Commissioners
Cc: Christopher Woodruff, Weld County Assessor
TARGET CORPORATION, C/O PROPERTY TAX DEPARTMENT T-2343
PO BOX 9456
MINNEAPOLIS, MN 554409456
eptl cist
2013-2141
AS0085
COUNTY BOARD OF EQUALIZATION
WELD COUNTY
Single County Schedule Number R2134303
STIPULATION (As To Tax Year_2013_ Actual Value)
RE PETITION OF : Target Store
NAME: Target
ADDRESS: 4400 Centerplace Drive
Greeley, CO
JUL 2 9 2013
WELD COlifk1TY ASSESSOR
'ELEY, COLORADO
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:
GR CP L9 CENTERPLACE
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 $9,335,625.00
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 $9,000,000.00
5. The valuation, as established above, shall be binding only with respect to tax
year 2013.
6. Brief narrative as to why the reduction was made:
Review of land value.
7. Both parties agree that:
®The hearing scheduled before the Board of Equalization on 08/02/13 at
10:30 a.m. be vacated.
R2134303
flA hearing has not yet been scheduled before the Board of Equalization.
1
2013-2141
DATED this 25th day of July, 2013:
Petitioner(s • gent Attorney
scant) County Attorney for
Respondent, Weld County Board of
Commissioners
Address: Address:
1—a. Q f Corpo . !o , 1150 "O" Street
ro ,V,'- 11Ife,f nld I,'rIV sv P.O. Box 758
,n.,6410,,/%_( MN .5-'sV 3 Greeley, CO 80632
Telephone:(d),,2) 761-(F.205' Telephone:(970) 336-7235
Docket Number
Stip-1.Fnn
R2134303
rTh
County A ses or
Address:
1400 N.17th Avenue
Greeley, CO 80631
Telephone: (970) 353-3845 ext. 3697
2
Christopher M. Woodruff
Weld County Assessor
1400 N 17th Ave
Greeley, CO 80631
ACCOUNT NO.
TAX YEAR
TAX AREA
LEGAL DESCRIPTION/ PHYSICAL LOCATION
R2134303
2013
0683
GR CP L9 CENTERPLACE
4400 CENTERPLACE DR
GREELEY, CO 000000000
PROPERTY OWNER
TARGET CORPORATION
C/O PROPERTY TAX DEP
P O BOX 9456
MINNEAPOLIS, MN 55440-9456
PROPERTY CLASSIFICATION
ASSESSOR'S VALUATION
ACTUAL VALUE PRIOR TO
REVIEW
ACTUAL VALUE AFTER
REVIEW
COMMERCIAL
9,335,625
9,335,625
TOTAL
$9,335,625
$9,335,625
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:
AL01 - Your property has been uniformly valued following Colorado law. Your protest of value has
been denied due to comparison of other similar properties which sold during the 2011/2012 time
period.
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.
NOTICE OF DETERMINATION
,1.11L1t I
7
la lb'" --0
Date of Notice: 6/27/2013
Telephone: (970) 353-3845
Fax: (970) 304-6433
Office Hours: 8:00 AM - 5:00 PM
RECEIVED REC&
JUL 9 5 2093
WELD COUNTY
COMMISSIONERS
JUL 1 2013
n'TY TAX
15 -OPT -AR
PR 207-08/13
R2134303 16904
5.4
Cse
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.
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
specs is dollar amount is required for real property pursuant to § 39-8-106(1.5), C.R.S.)
$ J080,000
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, appraisa etc.)
(Pp A- CL rIC
ATTESTATION
I, the undersigned owner or agentL1b0 of the property identified above, affirm that the statements contained
ein and on a y attachments hereto are true and complete.
dv)01 '?b) 9d0?) 7 393
Signature f f a Telephone Number
CO Lt r+, c1,ouy to 711acropl-. COY.
Email -mil
2150 Attach letter of authorization signed by property owner.
Date
Address
15-DPT-AR
PR 207-08/13
R2134303 16904
TARGET
PROPERTY TAX DEPARTMENT
July 12, 2013
Weld County Board of Equalization
1150 O Street
PO Box 758
Greeley, CO 80631
Certified Mail
RE: PETITION TO THE COUNTY BOARD OF EQUALIZATION
Target Store (T-1813)
4400 Centerplace Drive
Greeley, CO
Account No: R2134303
Remit Correspondence To:
Target Corporation
Property Tax Department T-1813
PO Box 9456
Minneapolis, MN 55440-9456
This letter constitutes written objection to the Notice of Determination dated 6/27/2013 for the
above referenced property. (Exhibit 1)
The owner's opinion of value of this property is $8,000,000. Target Corporation, the owner of this
property, disagrees with the appraised value of $9,335,625 because it exceeds the Market Value of the
property.
Target has determined its opinion of value using the cost, income and sales comparison approaches to
value (Exhibit 2) Additional information to support the calculations was previously delivered to the
assessor's office.
Cost method
Target has computed the market value of the subject property using the cost approach utilizing the
Marshall and Swift Valuation Service (MS). The attached Exhibit 3 documents Target's computation.
Discussion with the assessor's office revealed that the primary driver of the difference in opinion of
value utilizing the cost approach is caused by two items.
• Functional and economic obsolescence- The following facts indicate that local, regional and
national economies have not recovered from the recession that began in 2007. As such an
adjustment for external/economic obsolescence is needed. Target has estimated the
obsolescence to be equal to approximately 20% of the Replacement Cost New Less Physical
Depreciation.
• The unemployment rate in Weld County was 8.8% in June of 2012. (Exhibit 6)
• Beginning in 2008, multiple retail bankruptcies quickly translated into dropping big box
occupancies. The collapse of chains such as Linen and Things, Circuit City, Steve and
Barry's, Mervyn's, Goody's, Gottschalks and Sportsman's Warehouse resulted in nearly
85 million square feet of big box retail space being returned to the marketplace. In
addition other retail chains have closed numerous stores since 2008. Sears and Home
Depot, for example, have each closed 50 stores.
• Bricks and mortar stores are being challenged by the advancement of e -retailing. E -retail
sales are growing by 10% or more annually. They are expected to reach
$279,000,000,000 by 2015. (Exhibit 7)
• The physical depreciation included in our computation assumes a 35 year life. Many
components of the stores need to be replaced before the end of the 35 years.
Accordingly additional functional obsolescence needs to be recognized on the property.
Examples of short lived property include roof cover, water heaters, HVAC, floor coverings,
interior painting, and exterior painting.
• The total obsolescence claimed is supported by our income approach discussed below.
Ceiling Height- target has used a ceiling height of 20ft. The assessor has used 26ft. the difference
is the parapet wall, that is the portion of the exterior wall that extends beyond the roof.
Using the cost approach results a market value of $8,000,000. (Exhibit 3)
II. Income Method
Assumptions used in the income approach:
• Rental Rate — Rental rates are derived from an analysis of big box retail rental listings for the state of
Colorado.
• Vacancy and collection loss — We used a 5% vacancy and collection loss rate rate.
• Cap Rate —We believe a 9% cap rate is appropriate.
• Reserve for replacement- A reserve for replacement should be included in the computation of the
market value using the income approach. The International Association of Assessing Officers (IAAO)
recognizes that "Parts of the building that normally must be replaced before the building reaches the
end of its economic life should have an annual charge as a reserve for replacement." In its textbook
Property Assessment Valuation the IAAO provides the following examples of building parts that
require a annual expense charge as a reserve for replacement; roof cover, water heaters, HVAC, floor
coverings, interior painting, exterior painting . We estimate that the annual charge for these items
should be at least $.20 per square foot, approximately $25,000 per year.
• Operating expenses- We estimate management and operating expenses are equal to approximately
3% of Effective Gross Income or $31,000 per year.
• We estimate that tenant paid expenses would be approximately $2.50 psf. We have included such
amount in both gross income and expense in our calculation.
The income approach resulted in a value of $7,900,000. (Exhibit 4)
III. Comparable Sales Method -
We reviewed fourteen properties:
• 8 properties are current listings of big box stores for sale in Colorado.
• 6 Properties are target stores sold in the period July2011 to June of 2012.
• Using these sales we estimate the value of the subject store to be approximately $46 psf.
Using the sales comparison approach results a market value of $6,000,000. (Exhibit 5)
Based on the information presented, we respectfully request that the subject property's proposed 2013
market value be reduced from $9,335,625 to $8,000,000.
Equalization:
Target reviewed the market values for other big -box retailers in Greeley. Target discovered that the per
square foot (psf) value the assessor has placed on its store greatly exceeds nearly all of the other big box
stores (Exhibit 8). The single exception is the Kohl's store. Although the Kohl's is significantly smaller
than the Target store the value psf is the same. Target believes that the 25-50% premium value
assigned to its store is not justified.
I can be reached at (612) 761-9208 or robert.jacoby@target.com.
Regards
Robert Jacoby
Senior Manager— Real Estate Tax
Enc, 8
Etkit-3-
Target
T-1813
Reconciliation to Value
4400 Centerpiece Drive
Property Account # R21343O3
Square Footage
Acreage
Year Built
VALUE RECONCILIATION
Cost Approach
Income Approach
Market Approach
128,307
11
2007
Value Per SF
$ 8,000,000 $62.35
$ 7,900,000 $61.57
$ 6,000,000 $46.76
TAXPAYER'S ESTIMATED FAIR MARKET VALUE
$ 8,000,000 $62.35
Target
T-1813
Cost Approach to Value
4400 Centerplace Drive
Property Account # R2134303
Marshall Valuation Service
Source
Source Reference
Construction Class
Type
Quality
Commercial Cost Manual
Section 13, Page 28
C
Discount Store
Average
Year of Construction
Bldg Square Feet
Assessment Year
Effective Age
Economic Life
2003
124,545
2013
10
35
Base Building
Floor Area Multiplier
Ceiling Height 20'
59.48
0.795
1.170
Adjusted Base Rate
Sprinkler
55.33
2.00
Replacement Cost Subtotal 57.33
Current Multiplier
Local Multiplier - State Average 1.00
1.00
Replacement Cost New ; _.`..:_.. i' 57.33
Physical Depreciation
Obsolescence
Total Depreciation
15%
20%
(8.60)
(9.75)
(18.34)
RCN Less Depreciation
Building Square Footage
Building Value
Yard and Other Improvements
Land Value From Assessor
Total
38.98
124,545
4,854,916
688,000
2,684,231
8,227,147
Indicated Value - Cost Approach 8,000,000
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Indicated Value
Date
June
2012
National Colorado Greeley Greeley
Unemployment Rate Unemployment Rate Unemployment Rate Unemployed
8.2% 8.2% 8.8% 11,097
1. Metro area unemployment rates are now seasonally adjusted. The BLS has started publishing
smoothed seasonally adjusted metropolitan area data which makes comparisons to state and national
data more relevant than the unadjusted numbers.
Department of Numbers
The Department of Numbers contextualizes public data so that individuals can form independent
opinions on everyday social and economic matters.
The new phone from Gaggle.
from $299 nexus4
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Unemployment by State
• US •
• Alabama •
• Alaska •
• Arizona •
• Arkansas •
• California •
• Colorado •
• Connecticut •
• Delaware •
• District of Columbia •
• Florida •
• Georgia •
• Hawaii •
• Idaho •
• Illinois •
• Indi_ana •
• Iowa •
• Kansas •
nit St tes E -retail
• E -retail sales expected to reach $279,000,000,000 in 2015
® The web is expected to account for 11% of all retail sales in 2015
o Apparel & accessories is the fastest -growing category of online
sales
e U.S. Mobile Commerce Sales expected to reach $86,860,000,000
in 2016
O U.S. social commerce sales expected to reach $14,000,000,000 in
2015
a Showrooming- Practice where a shopper will examine product at
a retail establishment and then order the product online from an
online retail company.
are.
7ebruary a in billions)
2009
2010
2011
2012
2013
2014
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ICI r 114% through 2016, eMarketer
predicts, versus3.3% °lore-rebbfl as a whore.
Source: eMarketer
Smailphone L
2011-2016
after sales were rap
81 in 2012 to $24.66 billion,
and they'll rise 55i to 3A0
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networks wth grow by 93% per year in the
U.S.nreaching $14 Nihon by 2015, predicts
research and consulting firm Booz & Co. A
Booz survey in 2010 found 27% of shoppers
were willing to buy through social media.
Source: Boo:z,& Co.
• :BUSINESS
'sA! I.NS.I.DER
CHART: These Pei j r i ;°et1r Are Most`I hreatterled t y U Ue
Showroomhig
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The practice of "showrooming." or viewing an item in a retail store and then buying it online, has brought
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In a recent report from Bi intelligence, we analyze mobile showrooming's influence on retail, and
examine the various different types of consumer behavior that make up showrooming.
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Take a look at this chart from our report:
These Are The U.S. Retail Chains Most At Risk Because
5howroorners Visit Them With More Frequency Than Average
Consumers
Sour e. VbuQ 2013
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July 25, 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
TARGET CORPORATION
C/O PROPERTY TAX DEPT T-1813
P O BOX 9456
MINNEAPOLIS, MN 55440-9456
Account No.: R2134303
Dear Petitioner(s):
The Weld County Board of Equalization has set a date of August 02, 2013, at or about the hour of
10:30 AM, 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
TARGET CORPORATION - R2134303
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
Esther E. Gesick
Deputy Clerk to the Board
cc: Christopher Woodruff, Assessor
TARGET CORPORATION
PROPERTY TAX DEPARTMENT T-2343
PO BOX 9456
MINNEAPOLIS, MN 554409456
AS0085
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