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Home My WebLink About20132242August 13, 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 LAWSON HERBERT S 833 N CIRCLE DR COLO SPRINGS, CO 80909 RE: THE BOARD OF EQUALIZATION 2013, WELD COUNTY COLORADO APPROVAL OF STIPULATION BETWEEN PETITIONER AND ASSESSOR ACCOUNT NO.: See Attached 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 $396,754.00 $340,000.00 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, WAttr�,/ Esther E. Gesick, Deputy Clerk Weld County Board of County Commissioners Cc: Christopher Woodruff, Weld County Assessor PROPERTY TAX ADVISORS INC 3090 SOUTH JAMAICA COURT, SUITE 204 AURORA, CO 80014 2013-2242 AS0085 Accounts for Petitioner: LAWSON HERBERT S Account: Assessor Value: CBOE Value: R3269086 $155,126.00 $132,590.00 R3269186 $110,126.00 $94,710.00 R3269286 $131,502.00 $112,700.00 COUNTY BOARD OF EQUALIZATION WELD COUNTY Single County Schedule Number R3269086 STIPULATION (As To Tax Year_2013_ Actual Value) RE PETITION OF : Herbert S. Lawson NAME: Herbert S. Lawson ADDRESS: 1519 8 Av Greeley, Co 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 3272 L10 BLK164 WEST & THAYERS aka 1519 8th Av, Greeley, Co 2. The subject property is classified as Commercial Retail/Multiple residential) property. 3. The County Assessor originally assigned the following actual value to the subject property for the tax year 2013: Total $155,126.00 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 $132,590.00 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: The petitioner provided an fee appraisal done by CBRE dated June 18, 2013 and provided the subject income & expense for 2011 & 2012. 7. Both parties agree that: ZThe hearing scheduled before the Board of Equalization on 07/30/2013 at 3:00 pm be vacated. R3269086 2013-2242 1 ZA hearing has not yet been scheduled before the Board of Equalization. DATED this 25 day of July, 2013. ent or Attorney Address: 36461, Okwc4 tei Suitt /"" .f4vrovi Q rtfeit Telephone: &)C' 366>'D,Sw Docket Number 7574 Stip-1.Frm R3269086 /(7ssys"t'ant) 'Count`y Attorney for Respondent, Weld County Board of Commissioners Address: 1150 "O" Street P.O. Box 758 Greeley, CO 80632 Telepho 970) 336-7235 County Assessor Address: 1400 N.17th Avenue Greeley, CO 80631 Telephone: (970) 353-3845 ext. 3697 COUNTY BOARD OF EQUALIZATION WELD COUNTY Single County Schedule Number R3269186 STIPULATION (As To Tax Year 2013_ Actual Value) RE PETITION OF : Herbert S. Lawson NAME: Herbert S. Lawson ADDRESS: 1517 8 Av Greeley, Co 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 3271 L9BLK164 WEST & THAYERS aka 1519 8`" Av, Greeley, Co 2. The subject property is classified as Commercial Retail/Multiple residential) property. 3. The County Assessor originally assigned the following actual value to the subject property for the tax year 2013: Total $110,126.00 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 $94,710.00 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: The petitioner provided an fee appraisal done by CBRE dated June 18, 2013 and provided the subject income & expense for 2011 & 2012. 7. Both parties agree that: NThe hearing scheduled before the Board of Equalization on 07/30/2013 at 3:00 pm be vacated. R3269186 1 EA hearing has not yet been scheduled before the Board of Equalization. ATED this 25 day of July, 2013. ONO I% Petitioner(s) or Agent or Attorney Property aft,: JaeE bi x, . 204 At ro° y;- jd14 K ' -0500 Telephone: SOS-3a_©strD Docket Number 7574 Stip-1.Frm R3269186 (Adistaif) Counttorney for Respondent, Weld County Board of Commissioners Address: 1150 "O" Street P.O. Box 758 Greeley, CO 80632 Telephone: 970) 336-7235 CoAsses. or Address: 1400 N.17th Avenue Greeley, CO 80631 Telephone: (970) 353-3845 ext. 3697 2 COUNTY BOARD OF EQUALIZATION WELD COUNTY Single County Schedule Number R3269286 STIPULATION (As To Tax Year_2013_ Actual Value) RE PETITION OF : Herbert S. Lawson NAME: Herbert S. Lawson ADDRESS: 1515 8 Av Greeley, Co 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 3270 L8BLK164 WEST & THAYERS aka 1519 8`h Av, Greeley, Co 2. The subject property is classified as Commercial Retail/Multiple residential) property. 3. The County Assessor originally assigned the following actual value to the subject property for the tax year 2013: Total $131,501.00 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 $112,700.00 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: The petitioner provided an fee appraisal done by CBRE dated June 18, 2013 and provided the subject income & expense for 2011 & 2012. 7. Both parties agree that: ®The hearing scheduled before the Board of Equalization on 07/30/2013 at 3:00 pm be vacated. R3269286 1 ®A hearing has not yet been scheduled before the Board of Equalization. DATED is 25 day of July, 2013. or A nt or Attorney g y Prc pe yy ir'T.ie MIS0FS, AdteeeC, ail a CL Sub 204 Piro' CO 29,011 (303) ,&r-tg60 Telephone: ,O3 - At -0O Docket Number 7574 Stip-1.Frm R3269286 �Sre/ sist t) County Attorney for Respondent, Weld County Board of Commissioners Address: 1150 "O" Street P.O. Box 758 Greeley, CO 80632 Telephone:(970) 336-7235 ,r County ss ssor Address: 1400 N.17th Avenue Greeley, CO 80631 Telephone: (970) 353-3845 ext. 3697 2 4c31 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 R3269086 2013 2689 GR 3272 L10 BLK164 WEST & THAYERS 1519 8 AV GREELEY, CO PROPERTY OWNER LAWSON HERBERT S 833 N CIRCLE DR COLO SPRINGS, CO 80909 PROPERTY CLASSIFICATION ASSESSOR'S VALUATION ACTUAL VALUE PRIOR TO ` REVIEW ACTUAL VALUE AFTER REVIEW RESIDENTIAL COMMERCIAL 61,221 93,905 61,221 93,905 TOTAL $155,126 $155,126 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 Please refer to the reverse side of this notice for additional information. PROPERTY TAX ADVISORS INC 3090 SOUTH JAMAICA COURT SUITE 204 AURORA, CO 80014 RECEIVED JUL 1 7 2013 WELD COUNTY COMMISSIONERS 15-DPT-AR PR 207-08/13 R3269086 17946 • 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 cdollaar amount is required for real property pursuant to § 39-8-106(1.5), C.R.S.) 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.) ATTESTATION I, the undersigned owner or agent"' of the property identified above, affirm that the statements contained herein and on any attachments hereto are true and complete Signature 7) Telephone Number Date Email Property Tax Advisors, Inc 187 Attach letter of authorization signed by property ownP90 $ Jamaica Ct. Suite 204 Aurora, CO 80014 (303) 368-0500 Address 15-DPT-AR PR 207-08/13 R3269086 17946 LkS3(P' 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 R3269186 2013 2689 GR 3271 L9BLK164 WEST & THAYERS 1517 8 AV GREELEY, CO PROPERTY OWNER LAWSON HERBERT S 833 N CIRCLE DR COLO SPRINGS, CO 80909 PROPERTY CLASSIFICATION ASSESSOR'S VALUATION ACTUAL VALUE PRIOR TO REVIEW ACTUAL VALUE AFTER REVIEW RESIDENTIAL COMMERCIAL 49,453 60,673 49,453 60,673 TOTAL $110,126 $110,126 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. Date of Notice: 6/27/2013 Telephone: (970) 353-3845 Fax: (970) 304-6433 Office Hours: 8:00 AM - 5:00 PM 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. PROPERTY TAX ADVISORS INC 3090 SOUTH JAMAICA COURT SUITE 204 AURORA, CO 80014 RECEIVED JUL 1 7 2013 WELD COUNTY COMMISSIONERS 15-DPT-AR PR 207-08/13 R3269186 17947 n 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.colarado.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 d Iar amount is required for real property pursuant to § 39-8-106(1.5), C.R.S.) 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.) I ATTESTATION I, the undersigned owner or agent18tl of the property identified above, affirm that the statements contained herein and on any attachments hereto are true and complete. • Signature Telephone Number Email Date7///3 r� Property Tax Advisors, Inc 188 Attach letter of authorization signed by property own t?IQy0 S. Jamaica Ct. Suite 204 Aurora, CO 30014 (303) 368-0500 Address 15-DPT-AR PR 207-08/13 R3269186 17947 A 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 R3269286 2013 2689 GR 3270 L8BLK164 WEST & THAYERS 1515 8 AV GREELEY, CO PROPERTY OWNER LAWSON HERBERT S 833 N CIRCLE DR COLO SPRINGS, CO 80909 PROPERTY CLASSIFICATION ASSESSOR'S VALUATION ACTUAL VALUE PRIOR TO REVIEW ACTUAL VALUE AFTER REVIEW RESIDENTIAL COMMERCIAL 60,491 71,011 60,491 71,011 TOTAL $131,502 $131,502 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 Please refer to the reverse side of this notice for additional information. PROPERTY TAX ADVISORS INC 3090 SOUTH JAMAICA COURT SUITE 204 AURORA, CO 80014 RECEIVED JUL 17P013 WELD COUNTY COMMISSIONERS 15-DPT-AR PR 207-08/13 R3269286 17948 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 a spec}ftG rr wpunt is required for real property pursuant to § 39-8-106(1.5), C.R.S.) $ I O 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.) ATTESTATION I, the undersigned owner or agent'89 of the property identified above, affirm that the statements contained herein and on any attachments hereto are true and complete. - f c4. >to, Crw" 7793 Signature Telephone Number Date Email Property Tax Advisors, Inc 3090 S. Jamaica Ct. Suite 204 189 Attach letter of authorization signed by property owner. Aurora, CO 80014 (303)368.0500 Address 15-DPT-AR PR 207-08/13 R3269286 17948 I Property Tax Advisors, Inc. 3090 S. Jamaica Ct., Suite 204 Aurora, Colorado 80014 CONSULTANT - AGENCY AGREEMENT Property Owner: Lawson, Herbert S County: Weld P.I.N. R3 269086 R3269286 R3269186 Property Address 1519 8 Av 1515 8 Av 1517 8 Av • (303)368-0500 FAX (303)368-0573 a Corporation a Partnership "as Individuals a Trust The undersigned hereby appoints and authorizes Property Tax Advisors, Inc. as its Agent and Consultant in the preparation and execution of a real estate valuation appeal(s) on behalf of the undersigned in regard to the above enumerated property(ies) for the assessment year(s)2013-2014 and for the prior two years. The undersigned further authorizes Property Tax Advisors, Inc., as Agent of the undersigned, to execute and cause to be filed on behalf of the undersigned, in the name of the undersigned, any and all documents relating to an appeal of the subject property's(ies) valuation(s). This agreement is executed this BY: icL )3 71\ Print Name: 0-('' L,¢ tN S d/c Telephone No.: -719 - Vre (I (; Fax No. - ( ) 3 7- Of. 4531A 4531A* 4531A** day of eP 4,5 cz. vy ,2013 Title: 0 CC N' (If Corporation, your title; (or) Owner, General Partner, Lessee, Power of Attorney, Trustee, etc.) Rev. 12/12 VALUATION REPORT GREELEY RETAIL AND APARTMENTS 1515, 1517 & 1519 8th Ave Greeley, Weld County, Colorado 80631 CBRE, Inc. File No. 13-277DN-0477 David Wright COLORADO NATIONAL BANK 1225 77th Street, Suite 150 Denver, Colorado 80202 CBRE VALUATION & ADVISORY SERVICES 1 1 6 N. College Ave, Unit 9 Fort Collins, CO 80524 T (970) 223-4343 F (970) 223-4393 www.cbre.com June 18, 2013 David Wright COLORADO NATIONAL BANK 1225 17th Street, Suite 150 Denver, Colorado 80202 RE: Appraisal of Greeley Retail and Apartments 1515, 1517 & 1519 8th Ave Greeley, Weld County, Colorado CBRE, Inc. File No 13-277DN-0477 Dear Mr. Wright: At your request and authorization, CBRE, Inc. has prepared an appraisal of the market value of the referenced property. Our analysis is presented in the following Summary Appraisal Report. The subject is the real property located at 1515, 1517 and 1519 8th Avenue in Greeley, Weld County, Colorado. The subject property is comprised of three adjacent parcels in the downtown area of Greeley. The main level features two retail shops totaling 5,175 square feet. The second level is comprised of six 1 bedroom/1 bathroom units with an average of 600 rentable square feet per unit. There is also an 1,152 square foot storage shed (not included in the gross leasable area). The total gross leasable area for the subject property is 8,975 square feet. The improvements are situated on three 4,750 square foot parcels, totaling 14,250 square feet. Based on our analysis, the subject property is currently leased below market. This is primarily due to long term tenants that have been at the subject property. • At the time of inspection, access was not granted to observe the apartment portions of the subject property. We assume that all six apartment units are in average condition and that each unit is a 600 square foot, one bedroom, one bathroom apartment. t,re tic„<. David Wright June 18, 2013 Page 2 Based on the analysis contained in the following report, the market value of the subject is concluded as follows: MARKET VALUE CONCLUSION Appraisal Premise Interest Appraised Date of Value Value Conclusion As Is Fee Simple Estate June 4, 2013 $360,000 Compiled by CBRE Data, information, and calculations leading to the value conclusion are incorporated in the report following this letter. The report, in its entirety, including all assumptions and limiting conditions, is an integral part of, and inseparable from, this letter. The following appraisal sets forth the most pertinent data gathered, the techniques employed, and the reasoning leading to the opinion of value. The analyses, opinions and conclusions were developed based on, and this report has been prepared in conformance with, our interpretation of the guidelines and recommendations set forth in the Uniform Standards of Professional Appraisal Practice (USPAP), the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. It also conforms to Title XI Regulations and the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) updated in 1994 and further updated by the Interagency Appraisal and Evaluation Guidelines promulgated in 2010. The intended use and user of our report are specifically identified in our report as agreed upon in our contract for services and/or reliance language found in the report. No other use or user of the report is permitted by any other party for any other purpose. Dissemination of this report by any party to non - client, non -intended users does not extend reliance to any other party and CBRE will not be responsible for unauthorized use of the report, its conclusions or contents used partially or in its entirety. It has been a pleasure to assist you in this assignment. If you have any questions concerning the analysis, or if CBRE, Inc. can be of further service, please contact us. Respectfully submitted, CBRE, Inc. - VALUATION & ADVISORY SERVICES Joel A. Cuthbert Senior Appraiser Certified General Real Estate Appraiser State of Colorado No. CG100001380 Phone: 970-223-4343 Fax: 970-223-4393 Email: joel.cuthbert@cbre.com Thomas D. Baroch, MAI Managing Director Certified General Real Estate Appraiser State of Colorado No. 01315467 Phone: 303-628-7474 Fax: 303-628-1757 Email: tom.baroch@cbre.com CBRE MENT5 IMPROVEMENT ANALYSIS IMPROVEMENTS ANALYSIS The following chart shows a summary of the improvements. IMPROVEMENTS SUMMARY AND ANALYSIS Property Type Number of Buildings Number of Stories Year Built Gross Leasable Area Net Rentable Area Number of Units Average Apartment Unit Size Storage Garage (Not included in GLA) Site Coverage Land -to -Building Ratio Floor Area Ratio (FAR) Parking Improvements Total Spaces: Mixed -Use Retail 4 2 1952 8,975 SF 8,775 SF 1 BD/1 BA Apartments 600 SF 1,152 SF 31.5% 1.59 : 1 0.63 Open in back Approximately 10 Component GLA (SF) NRA (SF) 1515& 1517 8th Ave 1519 8th Ave 1515 8th Ave 2nd Floor #1 1515 8th Ave 2nd Floor #2 1517 8th Ave 2nd Floor #3 1517 8th Ave 2nd Floor #4 1519 8th Ave 2nd Floor #5 1519 8th Ave 2nd Floor#6 2,925 2,925 2,250 2,250 650 600 650 600 625 600 625 600 625 600 625 600 Total 8,975 8,775 Average Floor Plate Year Built Actual Age Effective Age Total Economic Life Remaining Economic Life Age/Life Depreciation Functional Utility 1952 61 Years 30 Years 45 Years 15 Years 66.7% Typical Source: Various sources compiled by CBRE 27 ¢ o m r`A 00 .C1 z ^gym oz �a EEio M E• emsl\ 7"1 ▪ Misr t Oa F 7010 0290 0002 9936 0455 0 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 LAWSON HERBERT S 833 N CIRCLE DR COLO SPRINGS, CO 80909 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 3:00 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 LAWSON HERBERT S - 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 4--6b Esther E. Gesick Deputy Clerk to the Board cc: Christopher Woodruff, Assessor PROPERTY TAX ADVISORS INC 3090 SOUTH JAMAICA COURT SUITE 204 AURORA, CO 80014 AS0085 LAWSON HERBERT S - Multiple Accounts Page 3 Accounts scheduled for this hearing: R3269086 R3269186 R3269286 AS0085 Hello