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Home My WebLink About20132019.tiffJuly 30, 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 13TH STREET WAREHOUSE LLC 5241 LICHEN PL BOULDER, CO 80301 RE: THE BOARD OF EQUALIZATION 2013, WELD COUNTY, COLORADO DENIAL OF PETITIONER'S APPEAL AND AFFIRMATION OF ASSESSOR'S VALUE ACCOUNT NO.: R3210186 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 decisionis 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 reasonably valued 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 $349,600.00 $301,052.00 de �ef O -8o-/3 2013-2019 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 2013-2019 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 2013-2019 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 contact me at (970) 336-7215, Ext 4226. Very truly yours, sitgek Esther E. Gesick, Deputy Clerk Weld County Board of County Commissioners Cc: Christopher Woodruff, Weld County Assessor 2013-2019 AS0085 Weld County CHRISTOPHER M. WOODRUFF COUNTY ASSESSOR BRENDA DONES, DEPUTY ASSESSOR VALUATION REPORT OF COMMERCIAL PROPERTY FOR Weld County Board of Equalization 13TH STREET WAREHOUSE LLC PETITIONER VS. WELD COUNTY ASSESSOR'S OFFICE RESPONDENT Parcel Number: 0961-08-1-06-002 Schedule Number: R3210186 Log Number: 7548 Date: 07/30/2013 Time: 10:30 Board: CBOE PREPARED BY CHARLES JACK WELD COUNTY ASSESSOR'S OFFICE STAFF APPRAISER ASSESSOR'S VALUE COMMERCIAL $349,600 2013-2019 Weld County 0-I RI STOPH ER M . WOODRUFF COUNTY ASSESSOR BRENDA DONES, DEPUTY ASSESSOR VALUATION REPORT OF COMMERCIAL PROPERTY FOR Weld County Board of Equalization 13TH STREET WAREHOUSE LLC PET TI ONER VS. WELD COUNTY ASSESSOR'S OFFI CE RES:ON DENT Parcel Number: 0961-08-1-06-002 Schedule Number: R3210186 Log Number: 7548 Date: 07/ 30/ 2013 Time: 10:30 Board: CBOE PREPARED BY CHARLES JACK WELD COUNTY ASSESSOR'S OFFI CE STAFF APPRAI SER ASSESSOR'S VALUE COMMERCIAL $349,600 SALI ENT FACTSAND CONCLUSI ONS Purpose of Appraisal To determine Market Value as of 1/ 1/ 13 based on an appraisal date of 6/ 30/ 12. Property Rights Appraised Unencumbered fee simple interest. Location 517 13 ST GREELEY Land Area 39,400 Square Foot Zoning GRE-IL Property Type Commercial Storage Warehouse Year Built 1943 & 1926 Quality Average Class Wood Frame& Masonry Number of Stories 1 Improvement Sq. Ft. 19,000 Basement Unfinished Sq. Ft. 19,000 Mezzanine: 4,765 Value Indications: Land $74,860 Cost Approach n/ a Market Approach $361,000 Income Approach $368,500 Assessor's Value $349,600 Page 2 Subject Sketch Union Pacific RR 0 0 Bldg 1 50.0' I _ YOC 1943 Class D WH 16' 9500.0 SF 18 Bldg 2 50.0' 14.5' Bridge 1B Office c' No Value tt Sketch by pQex IV UUindaws'M YOC 1926 Class C WH 16' 9500.0 SF 1B Page 4 O 0 0 co LU WH 8' Storage 2900.0 SF 13 Street 50.0' WH 8' Storage 1865.0 SF Second Floor Veil Cau ttv, Colorado Jnxticc,1iarnpr virpL'caue I - Weld County- Internet Mapping tit Stu c6 SO Tiler 1 1 This rap is a usr 9swattd smec cat Sr an Mend trapping stns and a tr contra Msrrn oNy. Dry layers rat appear on hi map nal or may rct acarma currant a arena* Sabi. TICS MW 6 NOT TO SE USED FOR NAVIGATION INunn Ault Wii er.cir Gradlr 1 • rMIIlne n MNM[i -rcd►:n:k ELipi.ccfib cI c HyhVw R,?ads Party() Parcrl Illyclrn Page#5 MARKET APPROACH SUMMARY 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 line 30th, 2012. A period of five years immediately prior to July 1, 2012 shall 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 fol lowi ng 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 combi nation thereof {39-1-104(11)(b)(I ), CRS}. The comparable sales in this report were selected using county records, as wel I as the Multiple Listing Services. The Weld County Assessor's Office has verified that the comparable sales are arms - length transactions based on review of the Real Property Transfer Declaration, telephone or personal confirmation interviews and physical inspections to confirm property characteristics at the timeof sale. Based upon investigation and analysis, it is the opinion of the appraisers that the value of $361,000 accurately reflects the market value of the subject property. VALUE As INDICATED BY THE MARKET APPROACH $361,000 Page #6 COMPARATIVE SALES APPROACH SALE# Subject 1 2 3 4 5 Parcel # 96108106002 96105205009 96108403002 96117325026 96117404009 096109300020 Address 517 13 St 937 A St 40417 St 700 27 St Rd 2403 4 Ave 127E 18 St Greeket Greeley Greeley Garden City Greeley Greeley Grantor Advantage Bank R & R Rothe Brown Majors Grantee Brady Rentals Richmark Fleet 2403 4th LLC Corral Sale Date 8/3/2011 9/24/2010 12/29/2010 6/13/2012 10/31/2011 Sale Price Assessor's value $349,600 $299,000 $650,250 $350,000 $240,000 $260,000 Land Size 39,400 35,742 239,580 33,812 36,000 87,420 L/B Ratio 2.07 3.13 8.95 3.11 3.02 7.00 Bldg SF 19,000 11,430 26,775 10,868 11,928 12,492 Sale psf Assessor's $18.40 value $26.16 $24.29 $32.20 $20.12 $20.81 Quality/Age -10.0% -15% -15% -5% -5% Size(& land lbr) -5.0% -10% -5% -5% -5% Adj Sale PSF $22.24 $18.21 $25.76 $18.11 $18.73 Comps Range: $18.11 - $25.76 Comps Avg: $20.61 Comps Median: $18.73 Value per Market Sales $19.00 x 19,000 = $361,000 COMPARABLE SALE #1 ACCOUNT NUMBER: R2778086 PRIMARY OCC: Storage Warehouse SECONDARY OCC: ADDRESS: 937 A ST, GREELEY RECEPT NUMBER: 3784557 GRANTOR: ADVANTAGE BANK GRANTEE: BRADY RENTALS LLC YEAR BUILT: 1961 EFFECTIVE AGE: LAND SIZE (SF): 35,742 BLDG SIZE (SF): 11,430 WALL HEIGHT: 10 STORIES: 1.00 BSMNT SIZE: BSMNT FINISH: ZONING: GRE IL QUALITY: Average COUNTY: WELD PARCEL NUMBER: 096105205009 PERCENT: 100.0% PERCENT: SALE DATE: SALE PRICE: ADJ SALE PRICE: CLASS: LAND/BLDG RATIO: LAND VALUE: IMPS PRICE/SF: SALE PRICE/SF: INTEREST RATE: DOWN PYMT: LOAN TERM (YRS): POINTS PAID: 8/3/201 I $299,000 S 2.5 $71,484 $19.91 $26.15 COMMENTS: The subject sale involved two parcels. Parcel -009 has a 11,430 sf warehouse and parcel -010 is a 7,000 sf vacant land parcel just east of the subject. This is a bank sale listed on the open market with Sperry Van Ness. Page #8 COMPARABLE SALE #2 ACCOUNT NUMBER: R3312886 PRIMARY OCC: Indust Lght Manufacturing SECONDARY OCC: ADDRESS: 401 17 ST, GREELEY RECEPT NUMBER: 3721052 GRANTOR: R & R CUSTOM WOODWORKING INC GRANTEE: RICHMARK ENERGY PARTNERS LLC YEAR BUILT: 1973 EFFECTIVE AGE: LAND SIZE (SF): BLDG SIZE (SF): WALL HEIGHT: STORIES: BSMNT SIZE: BSMNT FINISH: ZONING: GRE IM QUALITY: 239,580 26,775 14' 1.0 Fair Page #9 Land 239,580 SF Sketch by Apex M" 16 Street 311 2' 595.2' 55.0' 40.0' 8 193.0' 124.8' 215.0' 32225.0 SF 255.0' 135.0' COUNTY: WELD PARCEL NUMBER: 096108403002 PERCENT: 100.0% PERCENT: SALE DATE: 9/24/2010 SALE PRICE: $650,250 ADJ SALE PRICE: $650,250 CLASS: S LAND/BLDG RATIO: 8.9478 LAND VALUE: $479,160 IMPS PRICE/SF: SALE PRICE/SF: $24.28 INTEREST RATE: DOWN PYMT: LOAN TERM (YRS): POINTS PAID: 320.0' 490' • COMPARABLE SALE #3 ACCOUNT NUMBER: R0945701 PRIMARY OCC: Storage Warehouse SECONDARY OCC: ADDRESS: 700 27 STRD, GARDEN CITY RECEPT NUMBER: 3742226 GRANTOR: ROTHE JASON KING CHRIS GRANTEE: FLEET WASH CORP YEAR BUILT: 2001 EFFECTIVE AGE: 1975 LAND SIZE (SF): 33,812 BLDG SIZE (SF): 10,868 WALL HEIGHT: 12 STORIES: 1.00 BSMNT SIZE: BSMNT FINISH: ZONING: COMMENTS: 24A' BLT 2001 Class S Space Heat 49000sq II 100.0' 40.0' Storage Warehouse BLT 1979 Class S 16' NI Space Ha 4000.0 sq. It Office Package air Sketch by Apex IVUUndwsi" 1000' 27th Street COUNTY: WELD PARCEL NUMBER: 096117323026 PERCENT: 100.0% PERCENT: SALE DATE: SALE PRICE: ADJ SALE PRICE: CLASS: LAND/BLDG RATIO: LAND VALUE: IMPS PRICE/SF: SALE PRICE/SF: INTEREST RATE: DOWN PYMT: LOAN TERM (YRS): POINTS PAID: Page #10 12/29/2010 $350,000 S 3.1111 $67,624 $25.98 $32.20 sa 18.0' BLT 2001 Class 0 No Heat 15840so H. 700' COMPARABLE SALE #4 ACCOUNT NUMBER: R3565286 & R3565186 PRIMARY OCC: Indust Lght Manufacturing SECONDARY OCC: ADDRESS: 2403 4 AV, GREELEY RECEPT NUMBER: 3853366 GRANTOR: BROWN A M GRANTEE: 2403 4TH AVENUE LLC YEAR BUILT: 1963 EFFECTIVE AGE: LAND SIZE (SF): 36,000 BLDG SIZE (SF): 11,928 WALL HEIGHT: 12' STORIES: 1.00 BSMNT SIZE: BSMNT FINISH: ZONING: GRE IM QUALITY: Average 114.0' N N 76.0' 24.0' 50.0' Office Area Indust Lght Manf Bit 1963 Class S Space Heal 12' wh 11928.0 sq ft. 0 0r 5D.0' Office Area 10'wh 100.0' Mach by Apo( wM COUNTY: WELD PARCEL NUMBER: 096117404009 +008 PERCENT: 100.0% PERCENT: SALE DATE: SALE PRICE: ADJ SALE PRICE: CLASS: LAND/BLDG RATIO: LAND VALUE: IMPS PRICE/SF: SALE PRICE/SF: INTEREST RATE: DOWN PYMT: LOAN TERM (YRS): POINTS PAID: Page #11 6/13/2012 $240,000 S 3.0181 $72,000 $14.08 $20.12 136.0' CBOE_COMM_010998 Page 1 1 COMPARABLE SALE #5 ACCOUNT NUMBER: R3334186/R3334286 NUMBER: 096109300020/021 PRIMARY OCC: PERCENT: SECONDARY OCC: THIRD OCC: ADDRESS: Storage Warehouse 89.0% Service Garage 127E 18 ST WELD RECEPT NUMBER: 3802755 GRANTOR: MAJORS DALE L FAMILY GRANTEE: CORRAL ENTERPIRSES LLC YEAR BUILT: 1948 & 1953 EFFECTIVE AGE: 1970 LAND SIZE (SF): BLDG SIZE (SF): WALL HEIGHT: STORIES: BSMNT SIZE: BSMNT FINISH: ZONING: QUALITY: 87,420 12,492 10' & 14' 1.00 Fair STORAGE WAREHOUSE Class D 10' wh Bft 1948 space heat 2304.0 s1 %lib,'W M1N PARCEL 36.0' 101 $10.KEtattIOJEE 40.0' 64.0' 240' E. 18th Street STORAGE WAREi7Jx 1I115 ClassS 14Th :pace hea 40005 kith 1e 4✓N' +r C.1 UC-,11L+L I u• wrl COL 141'1!. 1/3 dirt Moor Nn M*s r 998+1 n STORAGEWARa-0,5E 989 Is, 0fic3 21P E 13th C�UUN a6 I i...rew M 4•r .v4Meri�' AA ern.. n• h•n. nM PERCENT: 11.0% PERCENT: SALE DATE: SALE PRICE: ADJ SALE PRICE: CLASS: LAND/BLDG RATIO: LAND VALUE: IMPS PRICEJSF: SALE PRICE/SF: INTEREST RATE: DOWN PYMT: LOAN TERM (YRS): POINTS PAID: on F I:.;rh Service garage Blt 1953 Class C forced air 12'-14' wh 49.0' Total sq ft 1 .372.0 10/31/2011 $260,000 $260,000 P,S, & C 6.99 $69,283 $15.27 $20.81 a 28.0' pA fl k COMMENTS: Sale includes four bldgs: a 2,336 sf stor/whse, 4,800 sf equip shed, 3,984 sf Quonset, and a 1,372 sf service garage on two parcels. CBOE_COMM_010998 Page 12 I NCOME APPROACH SUMMARY The Weld County Assessor has appropriately considered the IncomeApproach to value for the aibject property on appeal. The Assessor has gathered income information from local commercial properties for the time frame of January 1, 2011 through June 30, 2012. This information, combined with statewide and industry -wide data, is used to determine typical income and expenses for various property types. In condusion of the IncomeApproach, the Assessor has considered both groups of data and has put more emphasis on the local factors and data than the state and national data. This information was then applied to the subject property to arrive at an appropriate Income Approach Value. TOTAL I NCOME VALUE FOR THE SUBJECT PROPERTY $ 368,500 CBOECOMM 010998 Page 13 Parcel : N ame: Address: MARKET INCOME WORKSHEET 096108106002 13th Street Warehouse 517 13th Street, Greeley Bldg Sq Ft Use No of Units 19,000 Warehouse 2 Avg Rent PSF S ubject Rents Area Annual Rent PSF Rent per Annual Gross Month Income Main Fir PSF 19,000 $2.25 $3,563 $42,75011 LessVacancy & Expenses Vacancy 10% $4,275 EGI $38,475 Expenses mgmt R/R 5% 4% $1,924 $1,539 N et Income $1.84 $35,012 N et Income/Overall Cap Rate = Property Value Cap Rate + Eff Tax Rate Value PSF 0.095 0.095 Property Value $368,550 $19.40 Rounded Property Value Value PSF $368,500 $19.39 Net Comparable Rentals 96117102028 Snyder Oil Q�Qflc1 farm' Ri inching Use whse A/hCin Address 24196Av 9 11 11 ctrrl Bldg Size 8,064 k 91 {�E COMM010998 nCiOllfC p^M1^ IA Per Sq Ft $4.50 VI F2 96117102028 95905104003 70713215001 96105301013 96129212007 96108403002 96105403008 96105408013 Comparable Rentals Snyder Oil Sunshine Quick mix Anderson Various R&R Barnsco Various Use whse whse whse whse whse whse whse whse Avg $3.65 Median $3.61 Address 24196Av 2611 11 strd Martinez 611 8 St 1009 42 St 401 17 St 303 6 St 5104Av Bldg Size 8,064 6,216 10,972 19,840 7,000 26,775 13,325 13,333 Net Income Per Sq Ft $4.50 $3.63 $4.59 $2.32 $4.79 $2.25 $3.60 $3.53 CBOECOMM 010998 Page 15 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, 2012 shall 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 lass 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 fol lowi ng 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 boon 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, market and income approaches, it is the Weld County Assessor's opinion that the value of $349,600 , most accurately reflects the value of the subject property in Weld County for the 2013 tax year. COST APPROACH MARKET APPROACH INCOME APPROACH n/a $361,000 $368,500 ASSESSOR'S VALUE COMMERCIAL $349,600 CBOE COMM 01 0998 Page 16 ADDENDUM "A" SUBJECT LISTING CBOECOMM 010998 Page 17 i Per I'a<c - I_i�1in_� Rcpun Pa._ t IIkt5 Lot Size: Elec: Gas: PIN: Appres Acres: Waxer: Greeley Zoning: I1 Available Date: Mi.ntIfac Vacant: Floor Levels: 2 Total Bldg SqFt: 19CCPJ Total SqFt Leased: Min SqFt Avail: Max SqFt Avail: Potential Rental Income: Less Vacancy Pate: Effective Rental Income: Other Income: Gross Operating Income: Property Taxes: Tax Year: Total Operating Ex pense : Net Ope rating Income: Cap Rate: 5.32 Gross Rent $46,200 2% $45276 $924 $46,200 $6,400 2006 $924 $45276 Mu 4- : 18.3962 IRES MLS s : 542931 PRICE: $850,000 517 13th St. Greeley 80631 SALE CCM/MEACIAL1NDUSTRIAL: INC EXPIRED Locale: Greeley Counry:Weld AreaeSubArea: 10/7 Map Book: N - 0 - XOX Subdivision: None Legal: GP 489 LiD TO 14 BLK1 00 Shin 517 13 St Greetey 60631 Built:. 926 SqFt Source: AsseEsor records New Const: No New Const Notes: Listing Comments: 2 Buildings, 515 8 517 13th St Greeley, each building has 2 levels with approximatety 19000 sq feet. Property has tons of potential and is close to rail lines. Property also has a dock lift_ Interior finishes of the property include office and conference room as well as industrial space. Great property for marry uses. Got Real Estate? Property Features Land See: _5-1 Acre Style: 2 Sic, Construction: Brick/Brick Veneer. Metal Siding, Metelrf Flame. Wall: Brick, Coring: 16-20 Feet_ Fbor: Concrete Roof: Other Roof Carrnmen atindustrial Type: Incorporated Area, IniustrialWarehot e. Other Commerical, Other industrial Property Features: Freight Elevator, Storage on Site, Loading: Double Door, Loading: Dock IigF Lot Improvements: Street Paved, Curbs, Gutters. Sidewaks, Alley Road Access: C-ty Street Road Surface At Property Line: Blacktop Road Railroad Access: Railroad Adjacent Basement' Foundation : Office- C' wntowtn, Full Basement_ Structural Floc* : Forth Air Cooling: No Goofing flttclusions: No Inclusions Water,'Sewer: City Water, Da Sewer Ownership: Ottner Owner Possession: Del% ery of Deed Tenant Pays: Nothing Flood Plain: Soo Year:Moderate Risk Sale Includes: Bulding{si. Land Possible Usage: Cornrneraal or industrial New Financing :ash, Carnrentonal. Owner Financing Contact: Stanley Jana Phone: g70 353-3845 Celt - Email: s}5- ®coweki_co_us Office: Weld County Assessors Ofioe Phone: 970-353-3845 LA: tiliark Valdez LO: Keller Vifilliarns-No. Goias, FTC Prepared By: Stanley Jane - Jul 15, 2013 8:501}6 AM Irfcerraacn downed roliablo but not guaranteed_ MILS content and Images Copyright 1995-2013, PRES LLC. Al r1pnts noun od. hap:11www.iresis.com/MLS/awa/reports/listing?reportNarn One per_Page 7:1512O1 CBOECOMM 010998 Page 18 NOTICE OF DETERMINATION RECEIVED Christopher M. Woodruff Weld County Assessor 1400 N 17th Ave Greeley, CO 80631 ACCOUNT NO. TAX YEAR TAX AREA LEGAL DESCRIPTION/ PHYSICAL LOCATION R3210186 2013 2689 GR 489 L10-14 BLK100 517 13 ST GREELEY, CO 000000000 PROPERTY OWNER 13TH STREET WAREHOUSE LLC 5241 LICHEN PL BOULDER, CO 80301 PROPERTY CLASSIFICATION ASSESSOR'S VALUATION ACTUAL VALUE PRIOR TO REVIEW ACTUAL VALUE AFTER REVIEW COMMERCIAL 418,000 349,600 TOTAL $418,000 $349,600 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. JUL ) 2 ?PI WELD COUNTY COMMISSIONER 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. 15-DPT-AR PR 207-08/13 R3210186 17943 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. I 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 amougt,i,s required for real property pursuant to § 39-8-106(1.5), C.R.S.) $ /'rC¢, Coed 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.) %fly �LeA tr�v old lAF Sric- Aige jest 4 7 —rye—{ i .,..> , ^It— - t4 -,e —tin , I ATTESTATION I, the undersigned owner or agent' of the property identified above, affirm that the statements contained herein a oar any attachm is hereto a e true and complete. '31 i3/- 3o -r z.- Jt' G y di i -e/3 Signature t Telephone Number Date /est-A1A ra.41At Email 3 Attach letter of authorization signed by property owner. Address 15-DPT-AR PR 207-08/13 R3210186 17943 Page 1 of I Tax Account Tax Account Summary Account Id Parcel Number Owners Address Situs Address Legal Inquiry R32I0186 096108106002 13TH STREET WAREHOUSE LLC 5241 LICHEN PL BOULDER, CO 80301 517 13 ST GREELEY 000000000 GR 489 L10 - 14 BLK100 As Of 105/30/2013 Payment Type First Second Taxes Due $4,166.95 Total Due $4,166.95 Update Value Area Id Mill Levy 2689 - 2689 81.7690000 Actual Assessed WAREHOUSE/STORAGE-LAND - 2135 78,800 22,850 WAREHOUSE/STORAGE-IMPS. - 223 .,_551----7/970C Total Value .351,150 101,920 Taxes / 76, 1R, -b $8.333.90 17r8rb The amount of taxes due on this page is based on last year's property value assessment. I I Z -O 1rLAN A- , 1, lot z 1 P2� w v�tt v .31s, („4“ ..„,(2y 7o1/i l ttA PA...reft % liCi te. L¢.�7Z15 -sr /6.40 = Z =*5, if/s 4e -f ez3 e/. / wt "Ito IJC ta- A e .(r/ -7 / 3 CA-- 5 7,l /2 t' r< t t y r3 r=n e AJ 77f -/Y-- 4,17..,/2_A-* ft / put //Lc le-≥—' T V 4—c- u it 6i' lTht t A -A8 (Az_ LZ ) tin D Al- E72T/ tSL11: ii j I S A —S i—d tic. to ("tic' 1m©o Sr X9t=117 httns://www.weldtax.com/treasurer/treasurerweb/account.jsp?account=R3210186 5/30/2013 530 1].irh -St, Greeley, CO 80631-4118, Weld County J 24; iicusoftcorPo atioo Owner Information Ov.ner Name (Last, First)'. Owner Name 2'. Tax Billing Accress: Tax Billing City & State'. fax Billing Zip: Location Information Neighborhood Name: Subdivision'. Census Tract: Carrier Route: Townsnip Range Sect: Tax Information Realist Tax ID: Realist Alt APN: Realist PIN: Tx Year Taxes: Assessment Year: Total Actual Value: Total Assessed Value: Legal Description: N/A 16,320 19,000 $100,000 Beds Bldg Sq Ft Lot Sq Ft Sale Price N/A1918 WHSE N/A Baths Yr Built Type Sale Date Smith Ron L Smith Debra A 530 11th St Greeley, CO 80631 8th Ave - 10th St Greeley City 7.01 0037 5-65-8 _-.--- Tax Billing ZIp+4: Owner Occupied. Owner Last Name'. Spouse First Name: Township. Range: Section: County Use Code: Situs Zip Code. Assessment & Tax Assessment Year Assessed Value Change $ Assessed Value Change °/o Market Value - Total Market Value - Land Market Value - Improved Total Tax $3,538 $3,571 $3,580 Characteristics Land Use: Finished Sq Ft: Cross Area: -ot Acres'. sot Area: S ryle Stones. Courtesy of Patrick Temaat, INFORMATION AND REAL ESTATE SERVIC ES LLC R3209286 096108105001 R3209286 2012 $3,580 2012 $150,960 $43,780 GR 350 L4 BLK81 2012 $0 00/0 $150,960 - 1(01, u+e $38,000 362, ,e-" $112,960- (e., F 2j 5 G Z;Z7,rot Tax Year 2010 2011 2012 Warehouse 16,320 16,320 0.4362 19,000 Unknown Tax: 1 MLS: 2 Expired Listing 4118 Yes Smith Debra 05 65 08 Warehouse/Storage Imps 80631 Land Assessment'. Improved Assessment: Market Value'. % Improved: Tax Area. Lot Number: Block ID: 2012 $0 0% $150,960 $38,000 $112,960 YOY Tax Change ($) $32 $9 Quality: Bath Fixtures: Heat Type: Roof Type Roof Shape. Year Built: Above Gnd Sq Ft:: $38,000 $112,960 $150,960 75% 2689 4 81 2011 $150,960 $38,000 $112,960 YOY Tax Change (%) 0.91% 0.26% Fair 13 Furnace Flat Flat 1918 16,320 Property Detail /t).: PrP_.ertif— 17 /A -c, Liz_ I I Z / C1 /e —s11 q 2 I Pa.; 1120 6 of Greeley, CO 80631-4100, Weld County _- Owner Information Owner Name (Last, First)'. Tax Billing Address- Tax Billing City & State N/A Beds N/A Baths Greeley Ice House Inc 31099 County Road 41 Greeley, CO Location Information ----------- Neignebrho0d Name: 8th Ave - 10th St 5kbdr.mon'. Greeley City Census Tract 7.01 Carrier Route: C037 Tcwnship Range Sect: 5-65-8 Tax Information Realist Tax 1D'. Realist Alt APN: Realist PIN. Tax Year: Taxes Assessment Year. Total Actual Value: Iota: Assessed Value: Legal Description: 28,240 76,000 Bldg Sq Ft Lot Sq Ft 1925 WHSE Yr Built Type Tax Billing Zip Tax Billing Zip+4. Owner Occupied. Township: Range: Section: County Use Code: Situs Zip Code: $300,000 Sale Price 11/14/2003 Sale Date Assessment & Tax Assessment Year Assessed Value Change $ Assessed Value Change °/o Market Value - Total Market Value - Land Market Value - Improved Total Tax $5,732 55,784 $5,799 Characteristics Land Use: F,nsnec SG F('. Gross Area'. Acres. km: Area. Basemen: Type. Stories. R3209386 096108105002 R3209386 2012 $5,799 2012 $244,542 $70,920 GR 351 L5-6-7-8 BLK81 2012 $0 0% $244,542 —rt - Z+'L 14, O $152,000 — /`f U, 4o $92,542 • 2.4 /5r /o'5 760 Tax Year YOY Tax Change ($) 2010 2011 $52 2012 $15 Land Assessment: Improved Assessment: Market Value: Improved. Tax Area: Lot Number. Block ID: 2012 $0 0% $244,542 $152,000 $92,542 Warehouse 28,240 28,240 1.7447 76,000 MLS: Partial Basement 3 Condition Qua;ity• Beat Type- Roof Tyoe Roof Shape: Year Built Above Gild Sq Ft: 80631 9622 No 05 65 08 Warehouse/Storage Imps 80631 $152,000 $92,542 $244,542 38% 2689 5 81 2011 $244,542 $152,000 $92,542 YOY Tax Change (°/o) 0.91% 0.26% Poor Average Heated Flat Flat 1925 28,240 Courtesy of Patrick Temaat, INFORMATION AND REAL ESTATE SERVICES LLC �� U a4-__ C- "„, tis r� z _ 3, 3 �) (04_0 (-Az-.)s.F, Za 2- (710 Property Detail 7.30-2or3 tU IEXHIBIT a Z�- -Sos Moe ti it a v4-L✓rL 09-ngle-c��..r.k--n•,� Si7 13rtfi Silester / r & L D4 MKT" °SrLL St22 - V %/4 / H 577 :3-7-t- s r 3-37. L7 t -t 5 i / 2 714 5 r t/20 G¢it-k A -U 39,'/eo /90O0 1: 51) r8 p 33, Zro /4s so 1Q3,17.( l,ofo 44, Su° 3,c 0 28,V) /m9,7(,o 3'89 Hi omo 3(o,/eo (, q o /to, -37.a t2lado 7.77 A+a-fle. LoT r4 r r AM.t. us. Oe-,Q 45. F, 1- o TS t _ 3 1.90 -r t. 4o r i .qo = Sno :-3 f. o tea T S ! .3 *.x. 89 kr1fiLA-G► ,Z t3c.r�C 3,`" ÷ 3. M4- 1.74 = / cf. 4 t 4•3=`A s i CI? t; T74 5 i L..a r 1l .OJE- S,tro-•n *Ai t-61-5 t-- 3 Mai VOA ✓1 - Loge , t t t 3 9,qso $ F K /q° —., = L..e+r vok-L ✓'/t. 4ti`% i 8coe S'/? 13nt 47' Stab 4 VA -Lute- sm,,Ep .1 Len /-3 V'K.'.lC. SLD4 51z -it /9, deo lie )4 4( 4.89 gt.0 tom -cot -4 cif/ o # trt-1# VA -cue. = Leer. va5,4- V-1?-• -t- GI -DA VAc t - V s.- go -7,17o 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 13TH STREET WAREHOUSE LLC 5241 LICHEN PL BOULDER, CO 80301 Account No.: R3210186 Dear Petitioner(s): The Weld County Board of Equalization has set a date of July 30, 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 13TH STREET WAREHOUSE LLC - R3210186 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 t Esther E. Gesick Deputy Clerk to the Board cc: Christopher Woodruff, Assessor AS0085 BOE SUMMARY SHEET Account Number: R3210186 13TH STREET WAREHOUSE LLC 5241 LICHEN PL BOULDER, CO 80301 HEARING DATE: July 30, 2013, AT 10:30 AM 1 HEARING ATTENDED? &))/N) NAME: AGENT NAME: APPRAISER NAME: DECISION 4z�; ACTUAL VALUATION APPROVE BY ASSESSOR SET BY BOARD TOTAL ACTUAL VALUE $349,600.00 CD se/A,-,--cl,e0 COMMENTS: MOTION BY SECONDED BY SC Atint r ) 699 onway -- RESOLUTION NO. 2013-2019 ititAkt Failed to prove appropriate value No comparables given Assessor's value upheld Other: Garcia -- Kirkmeyer -- Rademacher -- ea &ale TO al" AtAttn2U i ott &/ 222 t2 `L✓ '1 N) N) N) N) /N) M:\CBOE\Letter Templates\Summary Sheet.docx Hello