HomeMy WebLinkAbout20122010.tiff CLERK TO THE BOARD
1861 PHONE (970) 336-7215, EXT 4226
IATE FAX (970) 352-0242
WEBSITE: www.co.weld.co.us
4 1150 O STREET
P.O. BOX 758
COUNTY GREELEY CO 80632
August 2, 2012
FIRESTONE PROPERTIES LLC
DEPT 8088
PO BOX 2198
MEMPHIS, TN 38101
RE: THE BOARD OF EQUALIZATION 2012, WELD COUNTY, COLORADO
DENIAL OF PETITIONER'S APPEAL AND AFFIRMATION OF ASSESSOR'S VALUE
ACCOUNT NO.: R5219008
Dear Petitioner:
On August 01, 2012, 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 2012.
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 decision is 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
$1,706,600.00 $1,706,600.00
/is cos'
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, 2011, MUST
comply with the following provisions of C.R.S. Section 39-8-107(5):
(5)(a)(I) On and after August 10, 2011, 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
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
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,
Esther E. Gesick, Deputy Clerk
Weld County Board of County Commissioners
Cc: Christopher Woodruff, Weld County Assessor
ADVANTAX GROUP LLC
200 W RIVER DRIVE
ST CHARLES, IL 60174
Weld County
CHRISTOPHER M.WOODRUFF COUNTY ASSESSOR
BRENDA DONES,DEPUTY ASSESSOR
VALUATION REPORT
OF
COMMERCIAL PROPERTY
FOR
Weld County Board of Equalization
FIRESTONE PROPERTIES LLC
PETITIONER
vs.
WELD COUNTY ASSESSOR'S OFFICE
RESPONDENT
Parcel Number: 1313-12-1-28-009
Schedule Number: R5219008
Log Number: 5865
Date: 8/1/2012
Time: 02:45 PM
Board: Board #1
PREPARED BY
WADE J.MELIES
WELD COUNTY ASSESSOR'S OFFICE STAFF APPRAISER
ASSESSOR'S VALUE
$1,706,600
^BOE_COMM_01099B
2012-2010 Page 1
SALIENT FACTS AND CONCLUSIONS
Purpose of Appraisal To determine Market Value as of 1/1/12 based on an
appraisal date of 6/30/10.
Property Rights Appraised Unencumbered fee simple interest.
Location 10925 Colorado Blvd.,
FIRESTONE
Land Area 42,026 Square Feet
Property Type Commercial
Retail Store
Year Built 2008
Quality Good
Class Masonry
Number of Stories 1
Improvement Sq. Ft. 7,420
Value Indications:
Land $504,312
Cost Approach $1,275,637
Market Approach $1,855,000
Income Approach $1,656,190
Reconciled $1,706,600
CBOE_COMM_010998
Page 2
General Description of Subject
Location: The subject is located just southwest of the intersection of Firestone Boulevard and
Colorado Boulevard or formally Highway 119 and County Road 13 in the Town of Firestone. The subject is
adjacent south of Walgreens which is in the southwest corner of this intersection. The subject is located
west, across Colorado Boulevard, of the Kings Soopers Shopping Center. The lot is described as Lot 5 of
Firestone Crossing Filling 1, Replat 1. The physical address is 10925 Colorado Boulevard, Firestone. The
subject is currently being use as an Auto Zone parts store.
Land: The subject lots size is 42,026 square feet or slightly smaller than 1 acre. The lot is mostly square
with 180 feet of frontage on Colorado Boulevard. It is generally level with no drainage issues.
Improvements: The subject improvements were constructed in 2008 with masonry block and a sidewall
height of 16 feet. The subject contains 7,420 square feet of mostly open retail space. There are two
restrooms and a demising wall. There is a checkout counter and warehouse storage area. The exterior is a
good stucco decorative finish. The interior is painted masonry block with VCT tile floor. The subject is
consider to be good quality and in typical condition.
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C BOE_COMM 010998
Page 4
COST APPROACH SUMMARY
The Assessor is currently using Marshall and Swift cost tables for the cost approach of commercial
properties in Weld County,which has been approved by the Division of Property Taxation to be utilized
by Colorado Assessors.
The structure has been classified properly utilizing the Marshall and Swift Valuation service and an
appropriate value assigned. A land value has likewise been established through the utilization of vacant
land sales of comparable properties.
Improvement Value $771,325
Land Value $504,312
TOTAL VALUE BY THE COST APPROACH
$1,275,637
CBOE_COMM_010998
Page 5
COST APPROACH
LAND VALUE
Sales utilized to establish the value in the subject neighborhood are from 2009 and the first six months of
the 2010 market for the 2012 assessment date. The comparative sales approach is the most reliable
method of land valuation. Pursuant to 39-104-(10.2) (c) C. R. S., the Assessor may utilize sales from July
2005 through June 2010 to establish the proper value, if sufficient information is not available in the prior
18 months. Also, comparables outside the subject property area may be used. The Weld County Assessor
has an established ongoing sales confirmation and validation program for property transactions used in
developing value.
The land size of the subject is 42,026 square feet. Comparable commercial land sales in the subject area
range from $12.00 to $20.14 per sq ft. Comparable one is the subject property. A value of $12.00 per
square foot or $504,312 was chosen to be applicable for the subject property when considering its
location.
Parcel Number Sale Date Sale Price Land Size Per Acre
Comparable 1 131312128009 02/27/08 $550,000 42,026 $13.09
Comparable 2 131311208004 5/19/08 $1,000,000 49,659 $20.14
Comparable 3 146702001002 2/25/09 $1,562,800 130,244 $12.00
ASSESSOR'S SUBJECT LAND VALUE
$504,312
CBOE_COMM_01 0998
Page 6
Cost Approach Summary
PARCEL NUMBER 131312128009
PROPERTY OWNER Firestone Properties LLC
ADRESS 10925 Colorado Blvd
CITY,STATE,ZIP Firestone, CO
DATE OF APPRAISAL 6/30/2010
OCCUPANCY: Retail Store NUMBER OF STORIES 1
FLOOR AREA (SQ. FT.) 7,420 AVG. STORY HEIGHT 16
CLASS: C YEAR BUILT Remodel 2008
COST RANK Good EFFECTIVE AGE 1
HEATING AND COOLING Packaged ESTIMATED LIFE 50
UNITS COST TOTAL
RCN BASIC STRUCTURE COST 7,420 $95.00 $704,900
perimeter adjustment 0.969
wall height adjustment 1.085
Current multiplier 1.01
Local multiplier 0.98
Adjusted RCN Basic Cost $733,548
EXTRAS: Sq Ft Cost PSF
Asphalt 16,000 $2.25 $36,000
Concrete Slab 2,600 $3.68 $9,568
TOTAL RCN $779,116
LESS DEPRECIATION
PHYSICAL 0.01 $7,791
RCN LESS DEPR. $771,325
ADD IN LAND VALUE $504,312
TOTAL VALUE $1,275,637
Value PSF $172
CBOE_COMM_010998
Page 7
MARKET APPROACH SUMMARY
Real property for the tax year 2012 must be valued utilizing the level of value for the period of one
and one-half years immediately prior to June 30th, 2010. A period of five years immediately prior
to July 1, 2010 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 following 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)(1), CRS}.
The comparable sales in this report were selected using county records, as well 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 time of
sale.
Based upon investigation and analysis, it is the opinion of the appraisers that the value
of$1,855,000 or$250.00 per sq. ft. accurately reflects the market value of the subject
property.
VALUE AS INDICATED BY THE MARKET APPROACH
$1,855,000
Parcel # Sale Date Sale Price Sale per sq ft Size Use
Comp 1 131312128009 7/22/2008 $1,733,000 $233.56 7,420 Auto Parts
Comp 2 131312123001 10/8/2009 $3,895,000 $264.26 14,739 Retail Store
Comp 3 131106319006 3/31/2008 $1,518,000 $252.92 6,002 Paint Store
Comp 4 095901321007 8/25/2008 $1,745,000 $256.92 6,792 Auto Parts
Comparable One is the subject property. The unadjusted sales comparables presented develop a range of
$233.56 to $264.26 per square foot, the average is $251.91, and the median is $254.92.
C0OE_COMM_010998
Page 8
Comparable One
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COMPARABLE SALE COUNTY: WELD
ACCOUNT NUMBER: R5219008 PARCEL NUMBER: 131312128009
PRIMARY OCC: Retail Store PERCENT: 100%
ADDRESS: FIRESTONE
RECEPT NUMBER: 3572658 SALE DATE: 7/22/2008
GRANTOR: REDING COMPANY LLC SALE PRICE: $1,733,000
GRANTEE: FIRESTONE PROPERTIES LLC ADJ SALE PRICE: $ 1,733,000
YEAR BUILT: 2008 CLASS: C
EFFECTIVE AGE: 2008 LAND/BLDG RATIO: 5.66
LAND SIZE (SF): 42,026 LAND VALUE: $252,156
BLDG SIZE (SF): 7,420 IMPS PRICE/SF: $199.57
WALL HEIGHT: 16 SALE PRICE/SF: $233.55
STORIES: 1
QUALITY: Average
COMMENTS: Purchase price based on 20 year lease written by the seller. Lease is for
$ 117,000 per year or $ 15 .77 per square foot NNN. Lease term is 5 years with 3 each 5 year
options. There is a 10% escalator for each option. Buyer purchased with the expectation of 6.38
% capitalization rate.
CBOE_COMM_010998
Page 9
COMPARABLE Two
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COMPARABLE SALE COUNTY: WELD
ACCOUNT NUMBER: R3846705 PARCEL NUMBER: 131312123001
PRIMARY OCC: Retail Store PERCENT: 100%
ADDRESS: 5962 FIRESTONE BLVD FIRESTONE
RECEPT NUMBER: 3653308 SALE DATE: 10/8/2009
GRANTOR: CF WLG LLC SALE PRICE: $4,075,000
GRANTEE: GATEWAY BOWL CORP ADJ SALE PRICE: $3,895,000
YEAR BUILT: 2005 CLASS: C
EFFECTIVE AGE: LAND/BLDG RATIO: 5. 10
LAND SIZE (SF): 75, 179 LAND VALUE: $902, 148
BLDG SIZE (SF): 14,739 IMPS PRICE/SF: $203.05
WALL HEIGHT: 12 SALE PRICE/SF: $264.26
STORIES: 1
QUALITY: Average
COMMENTS: The purchase price was adjusted for personal property. According to
the buyer the purchase was based on a 25 years lease at a 7 .5 to 8% cap rate
CBOE_COMM_010998
Page 10
COMPARABLE THREE
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COMPARABLE SALE COUNTY: WELD
ACCOUNT NUMBER: R4939307 PARCEL NUMBER: 131106319006
PRIMARY OCC: Retail Store PERCENT: 100%
ADDRESS: 6075 FIRESTONE BLVD FIRESTONE
RECEPT NUMBER: 3545574 SALE DATE: 3/31/2008
GRANTOR: Commerce Realty LLC SALE PRICE: $ 1,518,000
GRANTEE: BURKE FAMILY INVESTMENT CLUB ADJ SALE PRICE: $1,518,000
YEAR BUILT: 2007 CLASS: C
EFFECTIVE AGE: 2007 LAND/BLDG RATIO: 4.66
LAND SIZE (SF): 27,946 LAND VALUE: $ 167,676
BLDG SIZE (SF): 6,002 IMPS PRICE/SF: $224.97
WALL HEIGHT: 15 SALE PRICE/SF: $252.91
STORIES: 1
QUALITY: Average
COMMENTS: The existing lease was for 10 years with three 5 year options. Buyer
estimated the capitalization rate derived by the purchase to be 6 to 6.5 %.
Lease began Mar. 2008 and ends Feb. 2018, for $90,000 annually. This equates to a 6% cap.
CBOE_COMM_010998
Page 11
COMPARABLE FOUR
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COMPARABLE SALE COUNTY: WELD
ACCOUNT R1750686 PARCEL NUMBER: 095901321007
PRIMARY OCC: Retail Store PERCENT: 100%
SECONDARY OCC: PERCENT:
THIRD OCC: PERCENT:
ADDRESS: 3025 W 10 ST GREELEY
RECEPT NUMBER: 3574242 SALE DATE: 8/25/2008
GRANTOR: BTS GREELEY AA LLC SALE PRICE: $1 ,745,000
GRANTEE: MCMULLAN FAMILY TRUST (74% INT) ADJ SALE PRICE:
YEAR BUILT: 1983 CLASS: C
EFFECTIVE AGE: 2002 LAND/BLDG RATIO: 5.34
LAND SIZE (SF): 36,300 LAND VALUE: $217,800
BLDG SIZE (SF): 6,792 IMPS PRICE/SF: $224.85
WALL HEIGHT: 19 SALE PRICE/SF: $256.91
STORIES: 1
QUALITY: Average
COMMENTS:
CBOE_COMM_010998
Page 12
INCOME APPROACH SUMMARY
The Weld County Assessor has appropriately considered the Income Approach to value for the Subject
property on appeal.
The Assessor has gathered income information from local commercial properties for the time frame of
January 1, 2009 through June 30, 2010. This information, combined with statewide and industry-wide
data, is used to determine typical income and expenses for various property types. The subject property is
an income investment property. The subject's actual income was used in the Income Approach.The
subject rent rate was compared to market rates and found to be market. The cap rate was derived from
the market. Three of the sales presented in the Market Approach were income producing properties.With
the purchase price and rental rate the cap rate can be derived from the market.
In conclusion of the Income Approach, 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 INCOME VALUE FOR THE SUBJECT PROPERTY
$1,656,190
CBOE_COMM_010998
Page 13
Actual Rent for Auto Zone Firestone
Rent 7,420 $15.77 $117,013
Vacancy 0% $0
Effective Gross Income $117,013
Expenses
Management 5% $5,851
Reserves 3% $3,510
Total $9,361
Net Operating Income $107,652
Cap Rate 6.5%
Indicated Value $1,656,190
per sq ft $223.21
Sales Comparable Cap Rates Rent
Comp 1, subject 6.38% $15.77
Comp 2 7.5-8% $20.00
Comp 3 6% $15.00
Checkers, Greeley $17.00
CB0E_C0MM_010998
Page 14
CONCLUSION
Real property for the tax year 2012 must be valued utilizing the level of value for the period of one
and one-half years immediately prior to June 30th, 2010. A period of five years immediately prior
to July 1, 2010 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 following 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 been 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$1,706,600, most accurately reflects the value of the subject property in Weld County for
the 2012 tax year.
COST APPROACH MARKET APPROACH INCOME APPROACH
$1,275,637 $1,855,000 $1,656,190
ASSESSOR'S VALUE
$1,706,600
COOE_COMM_010998
Page 15
APPRAISAL STANDARDS AND ETHICS
CERTIFICATION
I certify to the best of my knowledge and belief that:
The statements of fact contained in this report are true and correct.
The reported analyses, opinions and conclusions are limited only by the reported assumptions and
limiting conditions and is my personal unbiased professional analyses, opinions and conclusions.
I have no present or prospective interest in the property that is the subject of this report, and I have no
personal interest or bias with respect to the parties involved.
My compensation is not contingent on an action or event resulting from the opinion or conclusions in, or
the use of, this report.
My analyses, opinions and conclusions were developed,and this report has been prepared, in conformity
with the Uniform Standards of Professional Appraisal Practice.
No one provided significant professional assistance to the person signing this report.
I have made a personal inspection of the property that is the subject of this report.
1/Ctve4) 272e1C'e:a-
Wade J.Melies
Colorado Certified General Appraiser CG40036400
CBOE_COMM_010998
Page 16
ADDENDUM
STATE OF COLORADO
Department of Regulator/09M ,
Division of Red Estate
At1M PRE4fED0R SECURE PAPER
Cert Gen Appraiser
49036400 an t 2012 Dec 31 2014
Met, IRrur pale (spenn
woos iYuIle C0
OREE{.E'/.CO BOW
%eam WmmVRkr [4prig*9{rol a
CB0E_COMM_010998
Page 17
CLERK TO THE BOARD
1861 PHONE (970) 336-7215, EXT 4226
FAX (970) 352-0242
// WEBSITE: www.co.weld.co.us
1150 O STREET
P.O. BOX 758
COUNTY � GREELEY CO 80632
July 25, 2012
FIRESTONE PROPERTIES LLC
DEPT 8088
PO BOX 2198
MEMPHIS, TN 38101
Account No.: R5219008
Dear Petitioner(s):
The Weld County Board of Equalization has set a date of August 01, 2012, at or about the hour of
2:45 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, 2012, and mailed to you on or before August 12, 2012.
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.
AS0082
FIRESTONE PROPERTIES LLC-R5219008
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
ADVANTAX GROUP LLC
200 W RIVER DRIVE
ST CHARLES,IL 60174
AS0082
NOTICE OF DETERMINATION
WELD co(WED
,
Christopher M. Woodruff (APIIS STONERS Date of Notice: 6/27/2012
Weld County Assessor 10(1 JUL23 Telephone:
(970) 304-6433
(970) or(720) 652-4255
1400 N 17th Ave A II; 4
Greeley, CO 80631 mail: appeals@weldgov.com
www.weldgov.com RCEI ED Office Hours: 8:00 AM - 5:00 PM
SCHEDULE/ACCOUNT NO. TAX YEAR TAX AREA LEGAL DESCRIPTION/
PHYSICAL LOCATION
R5219008 2012 2556 FIR 1FC1 L5 FIRESTONE CROSSING FG#1
REPLAT 1 FIRESTONE 000000000
rt , FIRESTONE
FIRESTONE PROPERTIES LLC
DEPT 8088
PO BOX 2198
W MEMPHIS,TN 38101
LL
6
ASSESSOR'S VALUATION
PROPERTY CLASSIFICATION ACTUAL VALUE PRIOR TO ACTUAL VALUE AFTER
REVIEW REVIEW
COMMERCIAL 1,706,600 1,706,600
TOTAL $1,706,600 $1,706,600
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:
CMO6- The assessor's staff has requested information which is pertinent and critical to proper
evaluation of your property's value. Because we have not received this information, we have no
choice but to deny any adjustments.
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 deadline for filing personal property appeals is July 20.
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.
ADVANTAX GROUP LLC
200 W RIVER DRIVE 15-DPT-AR
PR -08/11
ST CHARLES, IL 60174 R5219008
9008 15383
APPEAL PROCEDURES
County Board of Equalization Hearings will be held from July 1 through August 3
at 1150 O Street,P.O.Box 758,Greeley,CO
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 and on or before July 20 for
personal 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 9th Avenue and 9th Street
Denver,CO 80203 P.O.Box C
(303)866-5880 Greeley,Colorado 80632
www.dola.colorado.qov/baa (970)356-4000 Ext.4520
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 30,2010? (Your opinion of value in terms of
a specific dollar amount is required for real property
perty pursuant to§39-8-106(1.5),C.R.S.)
1,04/5 000
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,appraisal,etc.) t[A 1
ZnGG'l�� cApprcn.Ck ogI ar.ducti 0._an�o�'
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.
(930-4yy-,916.;. 7-13-sofa
Signatur Telephone Number Date
cashambxl t'adVa- 'o :onti
Email Address
Attach letter of authorization signed by property owner.
LETTER OF AUTHORIZATION
AutoZone, Inc. hereby appoints and authorizes Advantax Group,LLC as its ad valorem tax agent in
the states listed below. Advantax Group, LLC and/or its designee has the right to receive
confidential ad valorem assessment information; file returns, renditions and applications; examine
any property records:meet, discuss and/or appeal any tax assessments with the appropriate officials:
as it pertains to property that is owned by the undersigned taxpayer, or in which the undersigned
taxpayer has an ownership interest. This authorization shall remain in force and effect until
December 31, 2012.
Authorized States
Colorado Missouri
Connecticut Montana
District of Columbia New Hampshire
Kansas Rhode Island
Massachusetts Florida
Signed this 15t 1.Nday of rnct L.r,( , 20t, .
a
Title: 1e,ct5t7,
State of�.h ,Q d o
County of 5\,c \ 1: y
This instrument was acknowledged and signed before me this 1St kday of y y'\A.i,G 20 fa..
By of
4, snrE . cti Public
(SE. )i 'oitesc:
igioam ;'m F My commission expires:
Income Approach Forecast
AutoZone
3435
131312128009 ; 85219008
10925 Colorado Blvd., Firestone,CO 80504
Rental Rate: $16.00
Square Footage: 7,420
Potential Gross Rent: $118,720
Vacancy & Collection Loss ( 10.00% ): $11,872
Effective Gross Income: $106,848
Expenses:
Management ( 5.00% ): $5,342
Insurance ( 0.00% ): $0
Reserves( O24(5F ): $1,781
Operating Expenses: $7,123
Net Operating Income: $99,725
Capitalization Rate: 9.54%
Market Value: $1,045,335
HIGHLIGHTS I FALL 2010 I RETAIL I UNITED STATES
4ACANO 41 RGvlAL RATE
U.S. RETAIL SURVEY
EXISTING NEW SUPPLY NEW SUPPLY UNDER ABSORPTION ABSORPTION VACANCY VACANCY QUOTED RENT CHG.IN
INVENTORY*(SF) 2009 YTO 2010 CONSTRUCTION 2009 YTO 2010 RATE(%) RATE(%) SEP.30,2010 RENT YID
MARKET SEP.30,2010 (SF) (SF) (SF) (SF) (SF) DEC.31,2009 SEP.30,2010 (US$PSF) 2010(%)
Atlanta,GA 137557000 1,524,000 65,000 357,000 (2,047,000) (523,291) 14.7 15.0 13.57 -7.5
Bakersfield,CA 8,916,000 - 0 35,000 - 76,746 - 7.5 15 37 -
Baltimore,MD 46,362.000 609,000 30,000 144,000 (634,000) 244.888 8.7 8.6 18.63 -0.6
Boise,ID 12,250,000 - 82000 14,000 - 25?927 - 12.4 12.27 -
Boston.MA 85,857.000 690,000 292,000 135,000 (30,000) 394.101 8.1 7.6 15.70 -1.8
Char.estor',S: 12922,000 - 166,000 0 - 63,871 - 10.8 1468 -
Charlotte,NC 51,715,000 306,000 26,000 27,000 228,000 147,826 10.4 12.1 13.10 4.5
Chicago,IL 163.410,000 1,565,000 121,000 154,000 (520,000) (810,949) 11.7 12.4 16.19 -29
Cincinnati,OH 34,250,000 203,000 0 10,000 (322,000) (33,234) 13.4 13.0 11.09 -2.5
Cleveland,OH 51,046000 266.000 106.000 20,000 (583,000) (39,9971 12.1 12.5 11.49 -1.4
Columbia,SC 15,040,000 - 30,000 0 - 181,699 - 8.4 11.19
Columbus,OH 28,451,000 412,000 59,000 181,000 474,000 220.714 15.0 13.8 12.01 6.0
Dallas/Ft.Worth,TX 151,308,000 1,457,000 299,000 272,000 801,000 (741,299) 13.0 13.3 13.22 -5.3
Denver,CO 69,031,000 221,000 233,000 258.000 (232,000) 544,200 10_• 10.3 14.47 -3.9
Detroit,MI 69,944,000 1,102,000 270,000 60,000 262,000 232,932 16.2 16.2 12.63 -3.6
Fresno,CA 24,701000 - 0 0 - 48.749 - 10.9 13.64 Ft.Lauderdate/Broward Co„FL 49,624,000 89,000 23.000 7,000 (1,450.000) 341,398 10.6 10.1 17,74 -5.2
Greenville/Spartanburg,SC 28,912,000 29,000 0 46,000 (427,000) 162,156 12.3 11.9 9.71 -5.1
Hartford,CT 41,422,000 646,000 6,000 109,000 327,000 246,691 8.6 8.1 13.55 -2.6
Hawaii 17077,242 92,000 0 - 107,322 - 4.2 31.74 -
Houston,TX 147,577,000 1,069,000 199,000 103,000 2,044,000 1,757,964 12.2 10.9 14.09 -10.0
Indianapolis,IN 38,650,000 173,000 26,000 9,000 (326,000) 242,593 13.8 13.2 11.89 -3.3
Jacksonville,FL 34,089000 333,000 149,000 18,000 (856,000) (31.313) 13.2 13.5 13.81 -5.7
Kansas CIly,MO-KS 39,216,000 189,000 12,000 53,000 (27,000) 64,262 13.5 14.8 11.92 -2.1
Las Vegas,NV 49.666,000 577,000 161.000 43,000 (550,000) (240,801) 13.8 15.3 18.29 -16.1
Little Rock,AR 14,680,000 - 50,000 0 - 68,027 8.3 8.88
Los Angeles-Inland Empire,CA 83,672,000 1,329,000 53,000 115,000 (1,082,000) 771 11.7 11.8 18.10 -13.5
Los Angeles,CA 143.674 000 1,074.000 409,000 366,000 (1,022.000) 87,737 6.4 6.8 24.04 -1.1
Louisville,KY 27,172,000 - 76,000 51,000 - (344,097) - 11.8 11.19
Memphis,TN 29,519,000 24,000 25,000 116000 106,000 252,087 12.6 12.7 10.96 -5.4
Miami/Dade County.FL 44,091000 472,000 89,000 35,000 (455,000) 304,153 7.2 6.6 22.06 -4.8
Milwaukee,WI 33,627.000 146,000 18,000 250.000 (66,000) 85,242 112 11 3 12.26 -3.5
Minneapolis,MN 53.731000 11,000 78,00C 242,000 (214,000) 255,233 9.8 9.7 14,00 2,4
Nashville,TN 29,771,000 706,000 58,000 61000 197,000 110,330 11.0 10.9 13.98 5.9
New Jersey-Northern 90,870,000 463,000 576.000 297,000 (783,000) 192,828 8.1 8.5 19.72 -1.1
Oakland/East Bay,CA 42,445,000 132.000 38,000 39,000 (643,000) (14,315) 7.8 7.5 23.52 -5.7
Orange County,CA 62,257,000 222,000 3,000 18,000 (800,000) (247,687) 6.1 6.6 23.42 -4.3
Orlando,FL 62,386,000 888,000 92,000 203,000 (1,203,000) 180,318 11.8 11.7 15.92 .3.9
Palm Beach County.FL 35,984,000 244,000 16,000 20.000 (534,000) 100,219 11.1 11.1 18.07 -8.4
Philadelphia,PA 148,561,000 1.754,000 423,000 291,000 (800,000) 377.665 10.0 10.1 14.51 1.4
Phoenix,AZ 102,755,000 1,290,000 225,000 36,000 (1.677,000) (853,012) 13.9 15.4 15.46 -6,4
Portland,OR 34,409 000 60,000 105,000 8,000 (377,000) 41,706 8.0 8.4 18.42 -0.6
Raleigh/Durham/Chapel Hilt,NC 37,744,000 1,124000 11.000 224,000 429.000 80,018 9.2 9.2 15.11 -6.7
Reno,NV 10,788,000 - 8,000 8,000 - (53,155) - 15.2 16.31
Sacramento,CA 48,302,000 314,000 74,000 0 (912,000) 128,753 13.6 14.0 18.24 -4.6
San Diego,CA 55,563,000 302,000 38000 71,000 (842,000) 108,747 7.4 7.6 21.80 -2.6
San Francisco,CA 9,967,000 160,000 0 12,000 (35,000) 5,878 4.3 5.1 29.03 2.7
San Jose/South Bay,CA 31,498.000 40,000 235,000 29,000 (595,000) 45,588 6.2 6.9 27.17 4.3
Seattle/Puget Sound,WA 55,760.000 710,000 66,000 26,000 (273,000) (223,279) 8.8 9.9 18.37 -4.3
Si.Louis,MO 51,852,000 167.000 22.000 0 91,000 465,994 11.6 11.1 12.73 0.6
Stockton/San Joaquin Co.,CA 19,259,000 - 13,000 0 - (171,658) - 103 16.63
Tampa/SI Petersburg,FL 86,186,000 1,039,000 112,000 0 (1,334,000) 98,247 110 11.2 13.88 -1.4
Washington.DC 81,185,000 812,000 36,000 398.000 (794,000) (6,929) 7.6 7.8 22.12 1.8
Westchester County.NY 52,349,000 109,000 141000 30,000 427,000 266,686 6.7 6.6 19.22 -5.1
U.S.TOTAL/AVERAGE 2.971,972,000 25,082,000 5,446,000 4,997,000 (17,059,000) 4,150,000 10.58 10.90 16.24 -4.85
P.2 I COLLIERS INTERNATIONAL
Market Commentary ,
RealtyRates.cofh'^ Investor Survey Cap Rate Indices Decrease For All Property Types
During 3rd Quarter 2010
Consistent with a 72 basis point decrease in Treasury rates to which most commercial mortgage interest rates
are indexed, the RealtyRates.comTM Investor Survey Weighted Composite (Cap Rate) IndexTM decreased 19
basis points, from 10.02% to 9.83% during the 3rd Quarter of 2010.
All property sectors surveyed, except Retail which remained unchanged, recorded quarter-over-quarter index
decreases with the greatest recorded by the Golf sector, down 48 basis points, followed by the Special
Purpose sector with a 40 basis point decline. Showing the smallest declines were the Retail sector which was
unchanged during the 3rd Quarter, followed by the Office sector with a four basis point decline.
The indicated decline in the Weighted Composite (Cap Rate) IndexTM can in no way be construed as a sign of
market recovery or increasing property values, as the cited decreases were more than offset by relatively
larger declines in net operating income across virtually all markets and property types nationwide.
RealtRates.com INVESTOR SURVEY 4th Quarter 2010'
CURRENT&HISTORICAL CAP RATE INDICES
3 2010 8.89 12.22 9.62 9 60 1105 9.55 9 54 0 - 11.84 10.72 11.30 10.00
3rd Qtr. 8.63 11.87 945 9.48 10.76 942 9.44 9.50 11.72 10.55 10.96. 9.83
2nd Qtr. 8.96 12.35 963 9.59 11.12 961 9.48 9.50 11.81 10.72 1136' 10.02
1st Qtr 910 1244 977 973 11.27 9.62 9.69 9.62 12.00 10.88 11.56" 10.16
2009 8 35 1217 9.47 9.49 10.98 9 33 9.38 9.29 11.72 10.50 11.30 9.87
2008 3 77 12.01 9.37 9 38 1105 9 32 9 O9 9.09 1157 10,13 11.22 9.74
2007 8 81 11.72 9.53 9 52 10 49 937 9 25 9.20 11.85 9 93 1129 9.75
2006 926 11.93 1018 9.77 10.77 363 972 9.32 1124 10.31 1153. 10.03
2005 9.14 11.46 10.03 9.42 10.50 9,22 9.46 9.02 11.06 10.04 11.44 9,77
2004 9.00 10.68 10.19 9.72 1O71 3.03 940 8,36 11.01 991 11.74, 9.75
2003 9.19 1038 10.56 953 11.69 951 944 9O5 11.16 10.04 12.04 9.94
2002 9.21 10.70 9.92 920 11.13 9.62 9.43 9.23 11.08 10,57 10.99 9.82
2001 9 61 10.52 10 31 981 10.87 10.22 9.78 9 85 11.11 10.69 12.76 10.23
2000 8.37 9.19 9.41 9.65 9.39 10.90 10.13 10.38 10.64 10.56 12.44 10.01
1999 7.94 8.14 8.34 8.54 8 76 9.65 8.97 919 9.42 9.35 1102 8.87
1938 8.71 8.93 915 9.37 9 60 10.59 9.84 10.08 10.33 10.26 12.09 9.73
1997 8 45 8.66 8.88 9.10 9.32 10.28 9 55 9,79 10.03 9.96 11.73 9.44
1996 8.47 8.70 8.93 9.17 9 41 10.46 9.65 9.92 1019 10.06 11.921 9.54
1395 9.22 3.45 968 992 1017 11.21 10.42 10.68 1094 10.86 12.80 10.30
1994 9.15 10.37 11.63 12.92 12 74 11.94 12.05 11.35 1263 12.84 14.78 11.90
1993 9.15 10.37 11.63 12.92 12.74. 13.94 12.05 11.35 12.63 12.84 14.78 11.90
1992 9.66 1090 12.17 13.47 13.30 14.56 12.63 11.94 13.24 13.45 15.49 12.48
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BOE SUMMARY SHEET
Account Number: R5219008
FIRESTONE PROPERTIES LLC
DEPT 8088
PO BOX 2198
MEMPHIS, TN 38101
HEARING DATE: August 1, 2012, AT 2:45 PM
HEARING ATTENDED? (A@ NAME:
AGENT NAME: ADVANTAX GROUP LLC
200 W RIVER DRIVE
ST CHARLES, IL 60174
APPRAISER NAME: WJM
DECISION
ACTUAL VALUATION
APPROVE BY SET BY
ASSESSOR BOARD
TOTAL ACTUAL VALUE $1,706,600.00 I soli, Li oo . in)
COMMENTS:
MOTION BY L TO Letevi
SECONDED BY '6 (n Conway --e'N)
Garcia -- )
Failed to prove appropriate value Kirkmeyer -- N)
No comparables given Long -- N)
Assessor's value upheld Rademacher-- N)
Other:
RESOLUTION NO. 2012-2010**
M:\CBOE\Letter Templates\BOE Summary Sheet.docx
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