HomeMy WebLinkAbout20133209RESOLUTION
RE: APPROVE PETITION FOR ABATEMENT OR REFUND OF TAXES - MASOUD S.
SHIRAZI, S&E INVESTMENTS, LLC
WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to
Colorado statute and the Weld County Home Rule Charter, is vested with the authority of
administering the affairs of Weld County, Colorado, and
WHEREAS, the Board of County Commissioners of Weld County, State of Colorado, at a
duly and lawfully called regular meeting held on the 18th day of November, 2013, at which
meeting there were present the following members: Chair William F. Garcia, and
Commissioners Sean P. Conway, Barbara Kirkmeyer, Mike Freeman, and Douglas Rademacher,
and
WHEREAS, notice of such meeting and an opportunity to be present has been given to
the taxpayer and the Assessor of said County, with said Assessor, Christopher Woodruff, being
present, and taxpayer, Masoud S. Shirazi, S&E Investments, LLC, not being present, and
WHEREAS, the Board of County Commissioners has carefully considered the attached
petition, and is fully advised in relation thereto.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado, that the Board concurs with the recommendation of the Assessor and the
petition be and hereby is, approved, and an abatement or refund be allowed as follows:
CORRECTION
TO ASSESSED
VALUATION
ABATEMENT
OR REFUND
TAX
YEAR
$1,322,750.00
$19,877.09
2011
$1,322,750.00
$19,644.22
2012
3 t/e la- 273
60= Ash, gyg s9-(a-th%
2013-3209
AS0084
TAX ABATEMENT PETITION - MASOUD S. SHIRAZI, S&E INVESTMENTS, LLC
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 18th day of November, A.D., 2013.
BOARD OF COUNTY COMMISSIONERS
WELD oU COLORADO
Weld County Clerk to the Board
BY:
Deput
erk to the Boar
APPROVED AS TO FOR
County A
Date of signature: NOV 2 7 2013
'ham F. Garcia, Chair
I[adJY� v
ou la Rademach r, Pro -T m
Sean P. Conway
11 �f��i1¢a
Mike Freeman
rbara Kirkmeyer
2013-3209
AS0084
'° PETITION FOR ABATEMENT OR REFUND OF TAXES O.2O ✓�'�
County: WELD
Section I: Petitioner, please complete Section I only.
Date: ) 1[7 ac, 13
Month Day L,� Year
/irdsca4 S ., a r'(S4 E j ,y ecrintsieulS �v iv i `r rkz):. L.SSOR
Petitioner's Mailing
(bs.�OLORADO
Petitioner's Mailing Address: ��S S�i-er"� Vet)
Date Receivedcry: I
D
(Use Assessor's or Commissioners' Date )
JUN 1 0 2013
Gc t -t `e -fa C o Soda 4
City or Town 0
State Zip Code
SCHEDULE OR PARCEL NUMBER(S)
1 tfSS3 / re) -
PROPERTY ADDRESS OR LEGAL DESCRIPTION OF PROPENE.,�� 2013
oj
v a 7%i Q.sr..yr_d pit( j/SS ONE S
Petitioner requests an abatement or refund of the appropriate taxes and states that the taxes assessed against the
above property for property tax year(s) Sri // and /t are incorrect for the following reasons: (Briefly
describe why the taxes have been levied erroneously or illegally, whether due to erroneous valuation, irregularity in
levying, clerical error or overvaluation. Attach additional sheets if necessary.)
chart_ -z..-cc '�--;li:.c. iJ t�.�td�p Lva� �2.��er ..14 GA.Su c1 C-a-LASL
-(4e-ic 1.4flt-/ o 3 / -ei c L it., sA J rl -etc
3 . t.L. ' c 1 {cat -v< Crain cc pro trt'alcd /Aa4 w;-. �-'ta_ 74'0! -Ye --4.1t-1 (CA-cm
?AA- ,.tgeo.. -#10 ro C tri-e.,dar.y 6itd '7 -/7tx/ Gufi.er.-{ei.rre
t(, -x, no chalet x:-• 7�-gin 4.n. r cA-4-nJs's. t :-t GZ t✓4-e-t - , --.1 Wyr
'-c i
CoCt d no] A-a1,t '.'!-c cc, c!
Petitioner's estimate of value: $ - `C Srru-#tl4a:, 1I ) and $ `f- S . u>GTK( too /eh
Value Year Value Year
I declare, under penalty of perjury in the second degree, that this petition, together with any accompanying exhibits
or statem' '-, has been prepared or examined by me, and to the best of my knowledge, information and belief, is
and comp)
Daytime Phone Number ( X70 ) 313 1 - ico(oo
By Daytime Phone Number (
Agent's Signature`
'Letter of agency must be attached when petition is submitted by an agent.
If the Board of County Commissioners, pursuant to § 39-10-114(1), C.R.S., or the Property Tax Administrator, pursuant to § 39-2-116, C.R.S.,
denies the petition for refund or abatement of taxes in whole or in part, the Petitioner may appeal to the Board of Assessment Appeals pursuant
to the provisions of § 39-2-125, C.R.S., within thirty days of the entry of any such decision, § 39-10-114.5(1), C.R.S.
Section II: Assessor's Recommendation
(For Assessor's Use Only)
Tax Year )O/1/
Actual
Original ‘14-5:C24
s 2 7 OO7
Corrected 1y 57 ,,4 2
66
AbAbate/gum,7o�1 gJ� i2G �1fG �`�� MO 47(4; 2111 429g 6SD °/�Z6V.22
Tax Year
Assessed
.<7? 3c
75O
Assessed Tax Actual
x%527, 3c ife:333 / ��247,it/
'S/q22, 7 C 1//P,714.22.fi f, SZ/, 2c6 -
Assessor recommends approval as outlined above.
If the request for abatement is based upon the grounds of overvaluation, no abatement or refund of taxes shall be made if an objection or protest
to such valuation has been fled and a Notice of Determination has been mailed to the taxpayer, § 39-10-114(1)(a)(I)(D), C.R.S.
Tax
i/5,6,79$7.1
1/,27 D &. sd
Tax year:
Tax year:
Protest?
Protest?
❑ No
❑ No
❑ Yes (If a protest was filed, please attach a copy of the NOD.)
❑ Yes (If a protest was filed, please attach a copy of the NOD.)
❑ Assessor recommends denial for the following reason(s):
5-DPT-AR No. 920-66/11
2013-3209
FOR ASSESSORS AND COUNTY COMMISSIONERS USE ONLY
(Section III or Section IV must be completed)
Every petition for abatement or refund filed pursuant to § 39-10-114, C.R.S. shall be acted upon pursuant to the provisions of this section by the
Board of County Commissioners or the Assessor, as appropriate, within six months of the date of filing such petition, § 39-1-113(1.7), C.R.S.
Section III:
Written Mutual Agreement of Assessor and Petitioner
(Only for abatements up to $10,000)
The Commissioners of County authorize the Assessor by Resolution No.
to review petitions for abatement or refund and to settle by written mutual agreement any such petition for
abatement or refund in an amount of $10,000 or less per tract, parcel, or lot of land or per schedule of per-. nal
property, in accordance with § 39-1-113(1.5), C.R.S.
The Assessor and Petitioner mutually agree to the values and tax abatement/refund of:
Actual
Tax Year Tax Year
Assessed Tax Actual Assesse. Tax
Original
Corrected
Abate/Refund
Note: The total tax amount does not include accrued interest, penalties, and fees akfciated h late and/or delinquent tax payments, if
applicable. Please contact the County Treasurer for full payment information.
Petitioner's Signature
Assessor's or Deputy Assessor's Signature
•
e
Date
Section IV:
Decision o
(Must be
unty Commissioners
Section III does not apply)
WHEREAS, the County Commission fVJ" County, State of Colorado, at a duly and lawfully
called regular meeting held on /--\L/ at which meeting there were present the following members:
Month
with notice of such meeting and an opp.rtunity to be present having been given to the Petitioner and the Assessor
of said County and Assessor (being present -not present) and
Name
Petitioner (being present --not present), and WHEREAS, the said
Name
County Commissioners have : refully considered the within petition, and are fully advised in relation thereto,
NOW BE IT RESOLVED, th- the Board (agrees --does not agree) with the recommendation of the Assessor
and the petition be (appro -d—approved in part --denied) with an abatement/refund as follows:
Year
Assessed alue Taxes Abate/Refund Year
W`.
A
•
Chairperson of the Board of County Commissioners' Signature
County Clerk and Ex -officio Clerk of the Board of County Commissioners
sled valf Taxes A ate/Refund
a rig
in and forth: aforementioned county, do hereby certify that the above and foregoing order is truly copied from the
record oft - proceedings of the Board of County Commissioners.
IN WIT SS WHEREOF, I have hereunto set my hand and affixed the seal of said County
this day of
Month Year
County Clerk's or Deputy County Clerk's Signature
N. -: Abatements greater than $10,000 per schedule, per year, must be submitted in duplicate to the Property Tax Administrator for review.
Section V:
Action of the Property Tax Administrator
(For all abatements greater than $10,000)
Board of County Commissioners, relative to this abatement petition, is hereby
Approved in part Denied Ej Denied for,the followjng,reason(s):
/
1/
./ /fl
Pro ministr rs natur ate
15-0 'T -AR 0.920-66/1
10/14/2013
Attn: Chris Woodruff
RE: 2011 / 2012 Abatement received 06/10/13
R1453102 / 0807-22-3-15-001
S & E Investments
State Farm Warehouse
840 Diamond Valley Drive
Windsor, CO
2011 / 2012 Assessors Value $5,267,007 ($84.57 / sf)
SUBJECT:
The subject property is a Distribution type Warehouse Storage facility located in SE Windsor in the
Diamond Valley Industrial development. It was built in 2002 and is considered to be of Good build
quality and in typical (average) condition. The subject has 3 loading dock bays, a small finished office
area and a total Gross Building Area of 62,280 sf. The subject property was purchased on 06/30/2010
for $6,300,000. This was an arm's length transaction. However, the petitioner has subsequently
revealed the purchase was part of a 1031 exchange and may not be a true reflection of market value.
The subject property was under long term lease at the time of the sale and this lease is a strong
determinant in the subject's value. The owner has requested a reduction in value from $5,267,007 to a
value in the $4,000,000— $4,500,000 for the 2011 and 2012 tax years.
Cost Approach:
Based on the age of the subject (built 2002) the Cost Approach was considered and does have relevance.
The subject's land of 267,926 sf is valued at $1.90 / sf or $509,059. Marshall & Swift cost tables values
the subject property improvements as of 01/01/2011 at $4,713,207. The total Cost Approach value
equates to $5,222,266.
Sales Comparison Approach:
The subject was valued at $84.57 / sf for the 2011 / 2012 tax years. Research revealed the subject sale
and 2 additional sales of similar Warehouse facilities in Weld County during the data collection period of
01/01/2009 - 06/30/2010. Comparable 1 is the sale of the subject property itself for $101 / sf.
Comparable sales 2 and 3, though twice the square footage of the subject, represented the best
available comparables in terms of age and utilization. These additional sales range from $59 -72 / sf.
With the least weight placed on the subject's sale because it was part of a 1031 Exchange, $70 / sf or
$4,359,600 was determined to be the value by Sales Comparison Approach.
Income Approach:
The subject was under lease at the time of purchase and throughout the base period. A copy of the
Lease Amendment that outlines the terms of this lease is attached. An analysis of Income for 2009 and
the first 6 months of 2010 has also been attached. From the actual income for the 18 month data
collection period, 0% was deducted for vacancy, 7% for management expenses and a 9.0% cap rate was
applied. The result of this analysis indicates an Income Approach value for the subject of $4,561,206.
Reconciliation and Summary:
Cost Approach
Sales Comparison Approach
Income Approach
$5,222,266
$4,359,600
$4,561,206
The Income Approach is considered to be the best indicator of value as it reflects the actual investment
value of a specific income generating property. Therefore, the Assessor recommends a reduction in
value for 2011 and 2012 from $5,267,007 to $4,561,206.
b
�5.0'
O 5.0'
42.0'
28.3'
20.0'
45.0'
WAREHOUSE
First Floor62280.0 sq. ft.
Built 2002
Wall Height 24'
576.0'
Truck
Loading
Well
20.0'
45.0'
31.5'
20.0'
45 0'
31.5'
48.0'
6.0'
6.0'
24.0' 1
12.0'
36.0'
Cano
STATE FARM
50328.0 sq. ft.
Y 288.0 sq. ft
6 0' 24.0' 6.0'
60' 10.0'
60O 24.0'
Sketch by Apex IV Windows"
24.0'
Ca py
432.0 sq. It.
1
0.0'
6
a
108.a
ROBINSON BRICK
11952.0 sq. R.
114.0'
106.0'
24.0'
12.0"12.0, 120'12'0' 6.O' 6.0' 12 0'
10.0' 1 7 6 0' 10.0' 2.0'
72.0'
Canopy
144.0 sq. ft.
60.0'
24.0'
1/24.0' 60.0' 36.0'
Canopy Canopy
432.0 sq. It. 72.0 sq. 11.
Comparative Sales Grid
PROPERTY
Subject
Comp 1
Comp 2
Comp 3
Comments
Parcel#
Address
City
Grantor
Grantee
Sale Price
Sale Price PSF
VALUE ADJUSTMENTS
Sale Date
Location
Land Size
L/B Ratio
Bldg SF
Basement SF
Basement Finish
Age
Condition
NET ADJUSTMENTS
Adjusted Sale Price
Adjusted Price PSF
Warehouse
080722315001
840 Diamond Valley
Windsor
DESCRIPTION
Windsor
267,926
4.30
62,280
Na
Na
2002
Average
Warehouse
Warehouse
Warehouse
080722315001
131314200078
1.31314E+11
840 Diamond Valley
9586 E 1-25 Frontage Rd
4120 Specialty Place
Windsor
Longmont
Weld County
Epicenter Deselopment
9586 1-25 E. Frontage Rd
Holden Properties
S & E Investments
Applied Films Corp
UQM Properties
$6,300,000
$10,037,500
$7,595,000
$101.16
$79.51
$58.74
DESCRIPTION
Adjustment
DESCRIPTION
Adjustment
DESCRIPTION
Adjustment
6/2/2010
12/23/2009
12/11/2009
Windsor
Longmont
Weld County
267,926
333,670
1,303,577
4.30
2.64
10.08
62,280
126,245
129,304
Na
n/a
n/a
Na
Na
Na
2002
1997
2000
Average
Aterage
Average
0%
0%
0%
$6,300,000
$10,037,500
$7,595,000
$101.16
$79.51
$58.74
Comparables Price / SF Range $58.74 - $101.16
Comparables Price / SF Median $79.51
Comparables Price I SF Average $79.80
Least weight given to subject sale as it involved 1031 Exchange
$70 x 62,280 sf $4,359,600
INCOME APPROACH VALUATION
Year
2009
Months Rate Amount
7 $36,220 $253,540
2 $32,598 $65,196
3 $33,250 $99,750
12 $102,068 $418,486 EGI
Vacancy 0
Expenses 0.07
NOI $389,192
Cap Rate 0.09
Total Value $4,324,355
Year (first 6
2010 Months)
Months Rate Amount
2 $33,250 $66,500
4 $41,416 $165,664
2 Year Average Value
$4,561,206
6 $74,666 $232,164 EGI
Vacancy 0
Expenses 0.07
NOI $215,913
Cap Rate 0.09
Total Value $2,399,028
Annualized
(x2) $4,798,056
LEASE AMENDMENT
STATE FARM MUTUAL AUTOMBILE INSURANCE COMPANY
at
DIAMOND VALLEY TECH CENTER
This Lease Amendment modifies the terms of the Lease Agreement as made and entered Into as
of the 30th day of November, 2001. by and behvsdn DVTC One, LLG (hereinafter referred to es
"Landlord"). whose address is 1625 Pelican Lakes Point I/201, Windsor. Colorado a065u. and
State Farm Mulual Automobile Insurance Company (hereinafter referred to as 'Tenant), whose
address is 1555 Pmmontnry Circle, Greeley GO 80934.
Wnereas OVTC One. LLC has been superseded as Lalldlern by Windsor Town Center, Inc. and
Epicenter Development, Inc. as Landlord and Owner of the building,
Wnerees Landlord and Tenant wish to amend the Baia Monthly Rents, he area of the Leased
Premises and corresponding Tenant Pee Rata Share. die Lease Term, and other terms of the
original Lease Agreemon;
Whereas al other teens of the tease Agreement shall tamain In full force and effect exctrding The
terms modified herein;
Now therefore 'or in cfllsioeradon of the covenants, terms, oordifl❑nb, agreements and payments
as herein set forth, landlord and Tenant hereby amerd the Lease Agreement
The Area is expanded from the existing 5,1,000 square fret to 67,280 edvare Feet which shown as
aI. of module N and L shown in the I ease Agreement and Tenant's Pro Rata Share is now 100%
of the Building effective 81112004.
The Lease Term is hereby amended to terminate cn Jrme ', 2C22.
The Base Monthly Rent fs 'randy amended to be:
c_irM.Slarfilitt Period Endir9 A Base Mons hi? Rent of
Existing 536,220
08m1(2002 9730/2009 $32,508
10/0112009 2/2812010 $33,250
03101(2010 9130,'2010 $41,410
10/01/2610 9/30,2011 $42,7-44
1010112011 981317012 549,089
10.401/2012 311712013 $43,951
1010•(2Q13 9,11002014344,833
1001/2014 9f3012015 345,721
10/D1/2015 9130.2C1B 346.641
1Q/0112013 9(3012017 347,574'0,`0112317 9,'30.2018 $48,525
'0101720SB 9/302019 $49,495
'0!0177O19 9130f2C20 350,5•36.'N01e2020 Q)3020 551496
10701,2021 5131.2022 $52.526
Taxes: Other l axes. FIN'S and Charges; and Insurance collect ri estimates ❑urieidly are
estimated and paid at $9,050 per molfth and therefore wit new lenant's Pro Rata Share will be
raoa1Gllaled from 50,000 so. ft. to e2,2e0 sc. n. s11.272 per month beginning 810112003.
October 24, 2013
CLERK TO THE BOARD
PHONE (970) 336-7215
FAX (970) 336-7233
WEBSITE: www.co.weld.co.us
1150 O STREET
P.O. BOX 758
GREELEY CO 80632
MASOUD S SHIRAZI
S & E INVESTMENTS LLC
8205 W 20T" ST
GREELEY CO 80634
RE: SCHEDULE NUMBER R1453102
Dear Property Owner:
This is to advise you that the Weld County Board of Commissioners will hear your petition for
abatement or refund of taxes on the property described as: WIN 4DV L1 DIAMOND VALLEY
4T" FG . The meeting is scheduled for November 18, 2013, at 9:00 a.m., in the Chambers of
the Board of County Commissioners of Weld County, Colorado, Weld County Administration
Building, 1150 O Street, Assembly Room, Greeley, Colorado 80631.
The Assessor is recommending that the Board approve your petition. You are not required to
be present at this hearing; however, this is your opportunity to have your position heard,
especially if your position is opposed to the Assessor's recommendation. If you intend to submit
any documentation in support of your position for this hearing, all such documentation must be
submitted to the Office of the Clerk to the Board and to the Weld County Assessor's Office at
least seven calendar days prior to the meeting date in order for it to be considered at the
scheduled hearing.
If you have any questions concerning this matter, please do not hesitate to contact me at
(970) 336-7215.
Tammy Waters
Deputy Clerk to the Board
cc: Assessor
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