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Home My WebLink About20111843 CLERK TO THE BOARD PHONE (970) 910, 35 0242 FAX: ((970) 3522-0242 P. O. BOX 758 111kGREELEY, COLORADO 80632 COLORADO August 3, 2011 GREELEY GKD LLC C/O GK DEVELOPMENT INC 303 EAST MAIN ST STE 201 BARRINGTON, IL 60010 RE: THE BOARD OF EQUALIZATION, 2011, WELD COUNTY, COLORADO - DENY PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE DESCRIPTION OF PROPERTY: ACCOUNT#: R4473206 PARCEL#: 096119218002 - GR GM LOT 2 GREELEY MALL MINOR Dear Petitioner: On July 29, 2011,the Board of County Commissioners of Weld County, Colorado, convened, and acting as the Board of Equalization, pursuant to Section 39-8-101, C.R.S., et.seq., considered your petition of appeal of the County Assessor's valuation of your property described above, for the year 2011. The Board of Equalization found that the evidence presented at the hearing supported the value placed upon your above described property as set below. Such evidence indicated the value was reasonable, equitable, and derived according to the methodologies, percentages, figures and formulas dictated by law. The assessment and valuation is set as follows: ACTUAL VALUE AS ACTUAL VALUE AS DETERMINED BY SET BY BOARD ASSESSOR $1,072,407 $1,072,407 cc: Ac 4Ter) s-a©'/ 2011-1843 AS0079 GREELEY GKD LLC - R4473206 Page 2 A denial of a petition, in whole or in part, by the Board of Equalization may be appealed by selecting one of the following three options; however, said appeal must be filed within 30 days of the denial: 1. Board of Assessment Appeals: You have the right to appeal the County Board of Equalization's(CBOE's)decision to the Board of Assessment Appeals (BAA). Such hearing is the final hearing at which testimony, exhibits, or any other evidence may be introduced. If the decision of the BAA is further appealed to the Court of Appeals, only the record created at the BAA hearing shall be the basis for the Courts decision. No new evidence can be introduced at the Court of Appeals. (Section 39-8-108(10), C.R.S.) Appeals to the BAA must be made on forms furnished by the BAA, and such appeals should be mailed or delivered within thirty (30) days of denial by the CBOE to: Board of Assessment Appeals 1313 Sherman Street, Room 315 Denver, CO 80203 Phone: 303-866-5880 NOTE: On or after August 10, 2011, any appeal of the valuation of rent- producing commercial real property to the Board of Assessment Appeals shall provide to the County Board of Equalization the following information within ninety (90) days after the appeal is filed. For two full years, including the base year for the relevant property tax year: (1) actual annual rental income (2) tenant reimbursements (3) itemized expenses (4) 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 Fees: A taxpayer representing himself is not charged for the first two appeals to the Board of Assessment Appeals; however,a taxpayer being represented by an agent or an attorney must submit a fee of$101.25 per appeal. OR 2. District Court: You have the right to appeal the CBOE's decision to the District Court of the county wherein your property is located. New testimony, exhibits or any other evidence may be introduced at the District Court hearing. For filing requirements, please contact your attorney or the Clerk of the District Court. Further appeal of the District Court's decision is made to the Court of Appeals for a review of the record. (Section 39-8-108(1), C.R.S.) OR 2011-1843 AS0079 GREELEY GKD LLC - R4473206 Page 3 3. Binding Arbitration: You have the right to submit your case to arbitration. If you choose this option the arbitrator's decision is final and your right to appeal your current valuation ends. (Section 39-8-108.5, C.R.S.) Selecting the Arbitrator: In order to pursue arbitration, you must notify the CBOE of your intent. You and the CBOE 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 will make the selection. Arbitration Hearing Procedure: Arbitration hearings are held within sixty days from the date the arbitrator is selected. Both you and the CBOE are entitled to participate. The hearings are informal. The arbitrator has the authority to issue subpoenas for witnesses, books, records, documents and other evidence. He also has the power to administer oaths, and all questions of law and fact shall be determined by him. The arbitration hearing may be confidential and closed to the public, upon mutual agreement. The arbitrator's written decision must be delivered to both parties personally or by registered mail within ten (10) days of the hearing. Such decision is final and not subject to review. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by you and the CBOE. In the case of residential real property, such fees and expenses cannot exceed $150.00 per case. The arbitrator's fees and expenses, not including counsel fees, are to be paid as provided in the decision. If you have questions or need additional information, please do not hesitate to contact me at (970) 336-7215, Extension 4226. Very truly yours, Esther E. Gesick Deputy Clerk to the Board cc: Christopher Woodruff, Assessor MARVIN F. POER AND COMPANY 410 17 ST SUITE 1175 DENVER, CO 80202 2011-1843 AS0079 Weld Count CHRISTOPHER M. WOODRUFF COUNTY ASSESSO BRENDA DONES, DEPUTY ASSESS() VALUATION REPORT OF COMMERCIAL PROPERTY FOR County Board of Equalization MLCFC 2006-4 Greeley Retail LLC (Greeley Mall) PETITIONER vs. WELD COUNTY ASSESSOR'S OFFICE RESPONDENT Parcel Number: 0961-19-2-18-001 Enclosed mall 0961-19-2-18-001 Theatre 0961-19-2-18-002 Convenience Center 0961-19-2-18-003 East Land area 0961-19-2-18-004 Lad Pad Schedule Number: R4473006 R2719704 R4473206 R4473306 R4473406 Log Number: Date: 07/29/2011 Time: 11:00 am Board: CBOE PREPARED BY APPRAISERS NAME Signature Date Chuck Jack 07/29/11 ASSESSOR'S OFFICE STAFF APPRAISER SALIENT FACTS AND CONCLUSIONS Purpose of Appraisal To determine Market Value as of 1/1/11 based on an appraisal date of 6/30/10. Property Rights Appraised Unencumbered fee simple interest. Location 2050 GREELEY MALL ST GREELEY Land Area 2,603,453 Square Feet (59.77 acres) Property Type Commercial Regional Mall (Shopping Center) Year Built 1973 / 2003 Year Remodeled Constant & on-going Quality Good Class Metal Frame Number of Stories 1 Improvement Sq. Ft. 330,714 Value Indications: Land $9,776,004 Cost Approach n/a Market Approach $23,150,000 Income Approach $22,700,000 Assessor's Value $33,040,003 Page 2 Enclosed Mall '- •• �•_ J, J !rw1'AL *et eiT ,uJwStitlie [ MIEN El II • R _ - , _ •- - ' �s �,rs 'Iii -�. e • Ro. . . . el a -t ' %f -*. ._ •' . _ Ade i :isiiii • I lit_ i Yl15• 07 / 3 - ss .0 - Page SKETCH OF ENCLOSED MALL BLDG#1 Location of Sears 282.0' Bit 2003 6,552 sq.ft. 85.0' 85.0' 26.0' 300 'Z10 1 i130' d 230.0' 243.0' 4.45). h b a cn 4 Bldg#1 9.0 a lie o' ., Enclosed Mall Area o 94O 22111009 agfift 255.0' 263A' Location of 12-Plex o Theater o co v, J 221.0' 10.0' lea S 11601 150 Open Walkway 60.0' 80.0' 410.0' 3726.0 sf Location of J.C.Pennys Location of ()Wards Sketch by Pipex Medina^' DILLARDS SKETCH 5a 220.0' Bldg#3 Dillards Department Store 41,140 sq ft 186.0' 192.• 186.0' 44.0 Second Floor 1980.0 sf 15.(1' 102.0' 3.0' 102.0' op 11.0.0 390' 1 900' 410' 51.0 cowea 1570 0 sn 70.0' Sketch by Apex Medina.. PAGE 4 Cinemark 12 Theatre . alum IlilMkt . 4. if* ales. 40 -sr . E� ,• _.--:•...•_.___--,-- __,____,-_-_____ `- _A'_ a 7 0 . 2004 Theater 12-Plex First Floor 45737.1 sq. ft. Blt 2003 32' wh Mezz. 3,616 sq ft Class C Fire Sprinklers HVAC 311 .3' 38.7' 39.0' 39.0' 39.0' 39.0' 39.0' 39.0' 38.7' Auditorium Auditorium Auditorium Auditorium Auditorium Auditorium Auditorium Auditorium in en 4-n en . m E0 ci Mezz. over Corridor ci Auditorium Auditorium Lobby Auditorium Auditorium in en Ca t-- 25.0' 25.0' W I I 03 49.7' i 49.7' 1 4 49.7' 49.7' 99 .5' 62 .3' 99.5' Sketch by Apex IV'"' Page 5 F-. 4 Skit •‘rnr en•� trl 1111 11 - 41 _ las 1 5 . 2. Convenience Center 256 .0' Bldg #4 o Convenience Center 0 33280 .0 sf 130 .0' a> V Sketch by Apex IV Ub1ndows" Page 6 11 cm, Ilie X + CE ; ., 4 F- J l r u ,_ W u a 3 _f; W -0 II - v u uth nil 1- = a (3. iLa. r•,,....jithri- Liou ... k- . tr-r—r —7* . 2.7 --, Ci - 111=14 or' • 11) . . 4...., ill .P\ - :�:4 _ :.. r0�}k ' . - . rte* ty , , ., gr_ 419":"41 • " _ E .. e v• 4 1 ! t • i , . t .. cc!' r , ,... .,—1 � C ,UMW I ! r a t ► it C Will . . WI ' , . LIM It ) 'Unit •,-y 44 `� C �.. • i i .1 II � ' t v`^ L V ` i 4b , _ •. ! V ' m . I . ' ' _ ,,•" . li . 8r il.t- I IMO ~ is.,1 .I 9 • ti . . 1 .• mid , t r _ A IS , /p is, � IL. • f II X , ,- L; .1 1..._............... . I i 1 : • . t• F 'Rile I 4 W • * , iI IIII!:S . . itrassi. a. a ; •ol 27 23. 1 - :- • ,� , SI I i - i ill 1. 1 MARKET APPROACH SUMMARY Real Property for the tax year 2011 must be valued utilizing data for the period one and one-half years immediately prior to July 1, 2010. If comparable valuation data is not available from such one and one-half year period to adequately determine the level of value for a class of property, the perio( of five years immediately prior to July 1, 2010 shall be utilized to determine the level of value. The Assessor has appropriately considered the Market Approach to value for the property on appea The Sales Comparison Approach was considered in developing a market value for the Subject. Sal( used to establish a market value for the tax year 2011 are from January 1, 2009 through June 30, 2010. Pursuant to 39-1-104 (10.2)(c) C. R. S., the Assessor may utilize sales five years prior to July 1, 2010 to establish the proper value. All sales have been confirmed and verified through transfer declarations as well as interviews with buyers, sellers or their representatives to the sale. All sales used are arm's length transactions, and considered to be the most comparable properties sold in relationship to the Subject property. Based upon investigation and analysis, it is the opinion of the appraisers that the value of $23,150,000 accurately reflects the market value of the subject property. VALUE As INDICATED BY THE MARKET APPROACH $23,150,000 Page 8 Y CO 5 N O N O N CO (p CO 0 c0 a 00 0 t N y la a O = E m c N 0 M I. 69 co o 61 o N U 3 - v co 0) Lo 5 0 0 o U W CO r a 0 w 0 CO O 0 3 O c 0 M O• CO (O !} r O -co 6 O) M K co (C "O141 c N O 0 N M O 69 OM) 0 69 N ro wJ °) N II O 61 i J O )01 45 a J O Or J n O 6 N 0 N N co O co o co O O 0 CO a N > (0O O (9 00 l CI 1la IS 0 r O N O N N d Z 0o r Z w 2 0 as o u U C 14 o r CO CO O O .M- +-� 0 N O (00 N CD O 0 CO 2 d +. E w 0) co v a N N N N r o 0 coM coo 03 o to a n. N o) ; N (O N r M 69 O o fq Q (� 0 O S N p CO o r) O j r N: r N N O M O 0 -2 J > O N N 0) r C co ict N a. + co c) v oo co E J N r0 2 N O O l(j O M (0 (� N pop N N O „ N W (M0 r " 0 r N �. r '4-) N CO r V r N n 0 Q r rn °�' m (� N `sE R a 7 cr- O f0 > tl co-- N V) co O O I CD 0 r W = l0 0 O N s. 0) a a. + CO J 0 N r CO W 0 O CO 0 T.) O M N 6 co W r r O O N > 0 M o 0) r r r (5 0.0 CO 0) oMO 0 CO N O N 69 > N t O N N t. I '0 0) in co (p O 0) O °) U 00) r V O o 0 CO y V N Q (9 w Q C LL a ui cco a I m ith w a 0) 0) d d « a @ > 0) Qd _ L. 0) (0 N :'+ LL N 7 01 cc Q r2 < E 0) I 2 2 O G. N l0 fA m N N N E E o c c 4) m a "- O) V `a; it d E E E tea) o o..us < 0 0 o 0 _ m 3 0) .-N €Q Q U O a. 7920 BR 2003 6 sq.t 96O NUi 26O 7 ,. j0� 230U , 703O § a Bldg#1 0 I lulr Enclosed Mal Area — y1 � 225310.0 ; 7d6O 2630 e Loaioa of t2.Pla Theater !l u '� J / flit u0 /� v m of •9 Op.i WS ry 60O eaA 410O L P . m90 �v -- - - I` 1� - �.0 Ct Ptnnp Locates el Dards 11. 4. •• - Ski is 220.0' Bldg#3 Di Herds DepaMlem Store I` Z„Ci{- \er in v 186.0' 42.852 sf 7860' ��- ;f f ,Y� t. • ; Dillatt • a s«aert,w ,9800 t• •^'� i� - r _ r _ I._ ' _, - -/�. 45O• 102.0' 30' 180' 102.0' �--1„gr° .,o .,. 5/D lws�Y -----1-9-5-7M3 1610DD•• 300 k d tf brr NIYWee•" COMPARABLE SALE # 1 COUNTY: WELD ACCOUNT R4473006 + PARCEL NUMBER: 096119218001 + PRIMARY OCC: Regional Shopping Center PERCENT: 100% SECONDARY OCC: PERCENT: THIRD OCC: PERCENT: ADDRESS: 2050 GREELEY MALL ST, GREELEY RECEPT NUMBER: 3407475 SALE DATE: 7/27/2006 GRANTOR: MACERICI-I GREELEY ASSOCIATES SALE PRICE: $47,200,000 GRANTEE: GREELEY MALL I/GKD FUND I LI.C ADJ SALE PRICE: $45,880,000 YEAR BUILT: 1973 & 2003 CLASS: C EFFECTIVE AGE: LAND/BLDG RATIO: 5.34 LAND SIZE (SF): 2, 168,554 LAND VALUE: $8,674,216 BLDG SIZE (SF): 411,073 IMPS PRICE/SF: $90.51 WALL HEIGHT: 20 SALE PRICE/SF: $111 .61 STORIES: I INTEREST RATE: BSMNT SIZE: DOWN PYMT: BSMNT FINISH: LOAN TERM (YRS): ZONING: POINTS PAID: QUALITY: Average COMMENTS: Sale includes the enclosed mall (096119218001), the Cinemark Theatre (096119218055), the larger Dillard' store (096119218020), and the Pizza Hut (096119218052) Page 10 # , ' rases: -1-.., . i' ' ...' ti -11,11PCAll — s - - ' ‘---Ili r:� � tip — J T- -•T. . a -- - rd-* 4. et-.....cr : T r, 4044 tottTh•r' ' ..7.40:,...se-;.%rd'ale a,. 4; pt ___ '' 4.i. LuiUA COMPARABLE SALE #2 COUNTY: WELD ACCOUNT R2459886 PARCEL NUMBER: 095913412013 PRIMARY OCC: Neighborhood Shopping PERCENT: 100% SECONDARY OCC: PERCENT: THIRD OCC: PERCENT: ADDRESS: 2305 THRU 2401 W 27 ST GREELEY RECEPT NUMBER: 3357052 SALE DATE: 1/19/2006 GRANTOR: 2305 GREELEY LLC UND 20% INT & SALE PRICE: $7, 100,000 GRANTEE: SOUTH STREET PARTNERS LTD LLC ADJ SALE PRICE: YEAR BUILT: 1979 THRU 1986 CLASS: C EFFECTIVE AGE: LAND/BLDG RATIO: 4.28 LAND SIZE (SF): 368,561 LAND VALUE: $1,474,244 BLDG SIZE (SF): 86,064 IMPS PRICE/SF: $65.36 WALL HEIGHT: 16 SALE PRICE/SF: $82.49 STORIES: 1 INTEREST RATE: BSMNT SIZE: DOWN PYMT: BSMNT FINISH: LOAN TERM (YRS): ZONING: GRE CH POINTS PAID: QUALITY: Average COMMENTS: WILLOW STATION SHOPPING CENTER I S AN UNANCHORED CENTER WITH FIVE SEPARATE RETAIL BUILDINGS. APPROXIMATELY 20% VACANT AT TIME OF SALE. CONFIRMED WITH NAVID SAIDI. PAGE 11 - - r • 81/!lylh j r . Ir't : COMPARABLE SALE #3 COUNTY: WELD ACCOUNT R2429803 PARCEL NUMBER: 080718402001, 002,003, 006, 013 PRIMARY OCC: Community Shopping Center PERCENT: 100% SECONDARY OCC: PERCENT: THIRD OCC: PERCENT: ADDRESS: 1520, 1540, 1550, 1560 MAIN ST WINDSOR RECEPT NUMBER: 3431469 SALE DATE: 10/24/2006 GRANTOR: NEW WINDSOR MARKETPLACE LLC SALE PRICE: $9,900,000 GRANTEE: NSS WINDSOR HOLDINGS LLC ADJ SALE PRICE: $9,600,000 YEAR BUILT: 2003 CLASS: C EFFECTIVE AGE: LAND/BLDG RATIO: 4.92 LAND SIZE (SF): 472,389 LAND VALUE: $2,834,334 BLDG SIZE (SF): 96,062 IMPS PRICE/SF: $70.43 WALL HEIGHT: 25 & 22 SALE PRICE/SF: $99.94 STORIES: 1 INTEREST RATE: BSMNT SIZE: DOWN PYMT: BSMNT FINISH: LOAN TERM (YRS): ZONING: POINTS PAID: QUALITY: Good COMMENTS: NEW WINDSOR MARKETPLACE HAS 96,062 S.F. OF RETAIL SPACE. THE CENTER IS ANCHORED BY 1 66,662 S.F. KING SOOPER'S STORE WITH AN ATTACHED SMALL RETAIL STRIP WING WITH 15,400 S.F.. A SECOND STANDALONE RETAIL BUILDING CONTAINS 14,000 S.F.. THE PURCHASE PRICE WAS ADJUSTED BY $300,000 FOR THE KING SOOPER SELF SERVE GAS STATION INCLUDED IN SALE. 4,200 S.F. WAS VACANT OR 4.3% AT TIME OF SALE. CONFIRMED SALE WITH NICK STUDEN JR. CBOE_COMM_0' Pat ..:\a. - . COMPARABLE SALE #4 COUNTY: WELD ACCOUNT PARCEL NUMBER: 09513115003 PRIMARY OCC: Community Shopping Center PERCENT: 100% SECONDARY OCC: PERCENT: THIRD OCC: PERCENT: ADDRESS: 910 E Eisenhower Blvd, Lovland RECEPT NUMBER: 0031382 SALE DATE: 05/01/2008 GRANTOR: Loveland Shopping SALE PRICE: $8,625,000 GRANTEE: Jax Loveland Property ADJ SALE PRICE: YEAR BUILT: 1993 CLASS: C EFFECTIVE AGE: LAND/BLDG RATIO: 3.94 LAND SIZE (SF): 383,328 LAND VALUE: $1,533,312 BLDG SIZE (SF): 97,318 IMPS PRICE/SF: $72.87 WALL HEIGHT: SALE PRICE/SF: $88.63 STORIES: 1 INTEREST RATE: BSMNT SIZE: DOWN PYMT: BSMNT FINISH: LOAN TERM (YRS): ZONING: POINTS PAID: QUALITY: Good COMMENTS: Major tenants are Jax Sporting Goods & Gold's Gym CBOE_COMM_0 Pac r• t. ! . yy 1 X_ IHl- r. Wa+B'?7ed R. arr - - ;U • e' N `• Dill 1 COMPARABLE SALE #5 COUNTY: Boulder ACCOUNT R0100388 PARCEL NUMBER: PRIMARY OCC: Regional Shopping Center PERCENT: 100% SECONDARY OCC: PERCENT: ADDRESS: 1250 S. Hover St, Longmont RECEPT NUMBER: SALE DATE: 08/01 /2007 GRANTOR: CBL & Associates SALE PRICE: $33,600,000 GRANTEE: EPC Twin Peaks (Panattoni Development) ADJ SALE PRICE: $31 , 100,000 YEAR BUILT: 1984 CLASS: C EFFECTIVE AGE: LAND/BLDG RATIO: 7.25 LAND SIZE (SF): 3,354, 120 LAND VALUE: BLDG SIZE (SF): 462,653 IMPS PRICE/SF: WALL HEIGHT: 22' SALE PRICE/SF: $67.22 STORIES: 1 INTEREST RATE: BSMNT SIZE: DOWN PYMT: BSMNT FINISH: LOAN TERM (YRS): ZONING: POINTS PAID: QUALITY: Average COMMENTS: The purchase did not include the 93,000 sq ft Dillard's building. Other Twin Peak Mall tenants include Sears, Steve Barry's University Sportswear, & United Artists Theater. Redevelopment is planned soon after the sale. CBOE_COMM_C Pa 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 January 1, 2009 through June 30, 2010. This information, combined with statewide and industry-wk data, is used to determine typical income and expenses for various property types. In conclusion of the Income Approach, the Assessor has considered both groups of data and has pi 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 $22,700,000 C0OE_COMM_01 Pag Actual Income & expense Average 2009 & 2010 Parcel : 096119218001 Name : Greeley Mall Address : 2050 Greeley Mall St, Greeley Bldg Sq Ft Use 330 ,714 Regional Mall Effective Tax Rate Mill Rate Assm't Rate Tax Rate 0.075823 0.29 0.0219887 Avg Rent PSF Subject Rents Annual Rent per Annual Gross Area Rent PSF Month Income Main Fir P - 30,714 $369,372 $4,432,464 LessVacancy & Expenses Vacancy EGI $4 ,432,464 expenses insurance $47,855 utilities $250 ,747 maintenance $360,874 Security $259,500 Administrative $356,714 Food Court $ 14,568 Management $ 154,804 Specialty leasing $55 ,895 Miscellanous $ 151 ,034 Net Income $2 ,780,473 Net Income/Overall Cap Rate = Property Value Property Value Cap Rate + Eff Tax Rate 0. 100 0 .0220 0. 1225 $22,697,739 Estimated Property Value $22,700,000 Value psf $68.64 C:ROF_C:C'MM_01f Page Capitalization Rates The overall capitalization rate was established by utilizing the Winter 2009/2010 issue of the Burbach & Associates Real Estate Investment Survey and the Korpacz Real Estate Investor Survey. The Burbach Report showed a range of stabilized cap rates from 8.75% to 9.75%. The Korpacz Report showed an average rate of 9.02%. For the purpose of this report a capitalization rate of 10.0% was chosen to be applicable for the subject property. Added to the 10.0% cap rate was an effective tax rate of 2.2% and then rounded to 12.25% . CBOE_COMM_01C Page CONCLUSION Real property for tax year 2011 must be valued utilizing the level of value for the period of one and one-half years immediately prior to July 1, 2010. Except that, if comparable valuation data is not available from such one-and one-half-year period to adequately determine the level of value of a cla of property. The period of five years immediately prior to July 1, 2010 shall be utilized to determine the level of value. 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 implemented, other than additions, change in use, detrimental acts of nature, damage due to fire, eti or creation of a condominium, or any new regulations restricting or increasing the use of the land, or combination thereof. {39-1-104(11)(b)(1) C. R .S.} 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 considerE all three approaches to value for the subject parcel on appeal. CROE_COMM_01( Page FINAL RECONCILIATION After consideration of the cost, market and income approaches, it is the Weld County Assessor's opinion that the value of$22,700,000 most accurately reflects the value of the subject property in Weld County for the 2011 tax year. Cost Approach Sales Comparable Income Approach Approach n/a $23,150,000 $22,700,000 Assessor's Value Land $ 9,776,004 Improvements $23,263,999 Total Value $33,040,003 Assessor's Proposed Value Land $ 8,691,727 Improvements $14,008,273 Total $22,700,000 CBOE_COMM_010'. Page ADDENDUM Parcels Appealed in 2011 Parcel Appealed Account# Description Land size Land Value Imp Size Imp Value Total Value 0961192185001 R4473006 Enclosed Mall 2,168,554 $8,674,216 251,549 $18,733,624 $27,407,840 0961192185001 R2719704 Theatre 0 $0 45,755 $4,117,950 $4,117,950 096119218002 R4473206 Cony Center 263,993 $659,982 33,410 $412,425 $1,072,407 096119218003 R4473306 Eastland 161,212 $403,030 - $0 $403,030 096119218004 R4473406 Land Pad 9,694 $38,776 - $0 $38,776 2,603,453 $9,776,004 330,714 $23,263,999 $33,040,003 CB0E_COMM_01 Pag �,prxtn,, 40 foe d, ,, ....„ , 4 r " .LI. % 44 br IL I iii L Z 1 r_ tq CC C ; e.1 }• - ,, Jar` r1 it n • 1� yl JI III J. '7)la NSA= Cr Ito,Pii%I .:to . . •164 -0. it eis a _ - _ - - cr- — _ i.IH .ti cr.,..,: if M1 - 1 y _ - — _ AA- ,L., . At rre ; .; t.•�� x • „ -.--1_ s„_....-- M PL i -1 , ,; �'- I. ► •211 - a" •a•I •• II . 91 - ,.. i1 1 ,• ��: r "" �•Y Rte... ; - N \, � �' INI 1 r i $ I , • 'II 4e.iiii II ' . W 4"It pr., 1 i • riz C ai .. ...„d 2 . rnc.L. ....a.-=-7 -.Q6,. , 4-. _ . i . iit:al r 11 .Iil - — ' IM. Al I • • mat I n o - IPS G '� . C ;aa A 14 t .. . . .. • _ rt — 81� r __L..... r • w �'' . - • . _ ._ • CI c •[_ . • Ir • 4 I QIA - . T C V a I • IITO • - F, ?tit 15. itab : r m c i I 'UI •♦ i 9 r r' 2 f1 ':visc. a L L Y pi I. Le IL. ••- - Y. _. • " r 7 to '� � J S - UI r' fr...i . . - I. \: -.ma _ C may- • billi S . , 4 n i �„ - it _ _ �.1 'al' -i- _��_ - . 7 `' t \ - . .- - ^ - - - - - } C! 1 Ytq ''� i i CBOE_COMM Olt Page GREELEY MALL INCOME CAPITAt!ATON APPROACH OPERATING HISTORY&PROP I:CI.10B$ ANNA! Arr„nl As4m1 H Awl hmnme in 20175 20.19 :?'.'II R 10I 1 Place I NCO M51 Roue Relit 3'',l.c :5 52.:•173.052 S2,464,172 13.551;49 ie;'VU.4JY Fare-,•e Remb1lrsitiemc 12,1115,=55 51,41.0,24 31,A2,573 5114.1.465 3657120 Specialty 1.esti Income Sur:,•53 1k.',t73 Su irl 14 Percee.age Eery 1Rt.LQR 5115.349 $0 SA 10 O.hec I,::me I'I.145 $4,764 1441,7.;5 S1111,eiRR 570,000 POTF.KTIAL G ROCS MCf1ML• 1.1.2,1(25, S4,79ti,7.10 45,1'46,r O 11.Jri8?49- $".•,477.Rc9 Yac_l-y at O,l!4 4"J C„llArion 111.1 Irt 1.014 bJ PPLCTIYC GRO5STNCO\1 13.E01,554 $1,7541,214 5L.465,7:1 .3',1,2,29: 51,42755S EXPENNES :teal Estate Taxes 51121.5143 5754.773 SM5,224 'tiO2.662 1726.506 lr_rurm:m. 532.552 555,710 540,000 S0 545.003 1I.ili.iu, 5335.161 5213,750 5151,144 3361J 22 525li,0000 t7ai:str a.'o S13I.619 $319,517 5131,571 5'1:5.356 1175.005 Secu_.ly S2_411.516 5214,329 57^.1;111 33:?:11: 32 5U.000 :Idnlinatral:.•e SAP I.P70 1110,722 5412,705 55111.392 i4.3R•300 -end Cm,rr 5'4.126 SI 4,117 $41 Sri 50 \7anab,emerr. 5171262 111ri?23 5:411,079 SI!3.560 3:37,114 3laxialtr Leeks 189.301 355,595 50 SO 50 57iacul:ea,titss $31.361 515:,°a0 5:•34,5_'8 510 I.525 S:OU.OW _ TOTAL LYPaNSES 1'_,5911.339 S2:113130 12,242,62_5 32_..454953 32,393.42] NCI'OPLiRAT:NCi:MC:031E 53.201.21? 52.3112,488 51526455 5573_316 41,:44.239 11SCOM E PER SQl:ARE COLYT Saw Real $7.6.5 St.-17 15.911 56.10 41,46 a•ps5:e RxLuaburumrah 34.16 53.95 52.73 $1.64 Specialty Lsssai58 Immix 11.12 50.57 SU.!,U 30 CO S].f10 Peen:.age 15,1. 10.19 502b SU.VU 1,,,114 $11751 O:luk L,omhe 1017? SOUL SI 1i 10_,' 51.37 POTLA'TLaL CiEO5 S INC034L PEE S/' 515.53 }I I A $9?1 $2.175, 53.20 Va ency al U.OcL 53.011 C'ullx;iw,Lose al 3.0% 97.0U EI'Ir1'L'111•L 01COSS LNC'U:s4EI'htt St 513..53 31195 $014 55.06 13.211 Lr3CPLNSL5 PER SQUARE 1Q01 Ilea Etude TAM: II.9: SIAS SI.53 11.44 S1.71 Irrsunnw VIII SU.11 50.10 40.00 5711 LI:h Ii' 10.37 50.51 5069 10.89 $2.60 _%4rNnxnce 51.03 SO.93 Se.71 1i.0) S300 ovvt,rily 50.53 50.59 SO.5P La?5 SJ Hi AleNtSP:rnl.3r I I.03 50.74 50.96 5137 SC96 toed Cmw RECD 50.01 30.30 40. 0 SO.Ofe S1aLeP:,r,wit 14.42_ 5075 59.39 10.37 S015 ipccia:ly L:nrtic S4.21 $0.13 S13.30 10.9% SOW %Lxeilmwuua 91.19 $0.47 50.21 $U':.t SO24 'I,JIA:.I-x PP VSF..e PFR RQI'ARr•roar 44.22 55.75 53.S1 S?.x: Si•16 MM Pr K SQL ANR IR)OT 57.65 13.70 54.11' 122.IS 52.74 Onx,s Leasable.Ares 4511: 41':.!^9 417,513 117.879 417.11'(5 41:.5:L • Ise prejec,m in[are isde bawlx[en,vl-n:c,rn a,r.h.,.F..I:s p.'ph1Iy I,Anra aer'vran sf-nan,r and cc:AClien't•,.* IPe m.:.I in:nne hide a:t.al zcurce],rt lus 1v:n 0.,10.,.1 I 1I,a'Ig:e,n•Mner. 1111Imm - ---- PAGE$0 „„.w.r..e_r.. CBOE_COMM_011 PagE 3 'f5 7/9g- NOTICE OF DETERMINATION j/' ce 7/2,, hal/5/16i 74L Christopher M. Woodruff Date of Notice: 6/22/2011 Weld County Assessor Telephone: (970) 353-3845 or (720) 652-4255 1400 N 17th Ave Fax: (970) 304-6433 Greeley, CO 80631 E-mail: appeals@co.weld.co.us www.co.weld.co.us Office Hours: 8:00 AM - 5:00 PM SCHEDULE/ACCOUNT NO. TAX YEAR TAX AREA LEGAL DESCRIPTION/ PHYSICAL LOCATION R4473206 2011 4049 GR GM LOT 2 GREELEY MALL MINOR 2050 GREELEY MALL ST,GREELEY CC ▪ GREELEY GKD LLC '.' 3 C/O GK DEVELOPMENT INC 303 EAST MAIN ST STE 201 w BARRINGTON,IL 60010 W O a ASSESSOR'S VALUATION u_ ' ' ACTUAL VALUE PRIOR TO L.) PROPERTY CLASSIFICATION REVIEW ACTUAL VALUE AFi23i REVIEW COMMERCIAL 1,072,407 1,072,407 TOTAL $1,072,407 $1,072,407 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: LH02- No change has been made to the valuation of this property. Colorado law requires us to send this notice of denial for all properties on which we do not adjust the value. 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. MARVIN F. POER AND COMPANY 410 17 ST SUITE 1175 DENVER CO 80202 2011-1843 APPEAL PROCEDURES County Board of Equalization Hearings will be held from July 1 through August 5 at 915 10th Street, 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 915 10th Street, P.O. Box 758 Greeley, CO 80632 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.gov/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 properly pursuant to § 39-8-106(1.5), C.R.S.) $ 6O4 3 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.) 444-12-1667- s PIQa JL3Zfla>tJ7 en/ t/4-e- 4-70A24- 13 t-z ddth Pe-6 y . ) gUNE s P -C t=:t-5 2 p.(/c �-ONO/U IC U /L f ATTESTATION I, the undersigned owner or agent' of the property identified above, affirm that the statements contained herein and on any a c s her oo�are true and complete. 9111°541h U. v ( 303 ) 573 0975 7 2a(j SignatLre Telephone Number Date ' Attach letter of authorization signed by property owner. iLNR o_ i Partners,Inc. LETTER O1?AUTHORIZATION Instructions: This letter of authorization must be signed by the OWNER OF RECORD. If a professional management company is acting on behalf of the owner,a letter from the owner of record or a copy of a management agreement giving the management company authority to act on the owners'behalf must be supplied. If the lessee is initiating the appeal,then a copy of the lease must be supplied to establish proper authorization. To all parties: The owner of record hereby designates Marvin F.Poer and Company,its agents and employees,to act on behalf of the owner in all matters pertaining to the review and appeal of real and/or personal property valuation and classification to the assessor,county board of equalization,arbitration,state board of assessment appeals,district court or any other hearing process. This authorization is limited to the properties listed below and on the attached continuation form(s). TAX YEARS: 2011/2012&prior years MLCFC 2006-4 Greeley Retail LLC By: LNR Partners,LLC,a Florida limited liability company successor by statutory conversion to LNR Partners,Inc., • a Florida corporation,its manager By: Steven D.Ferreira,Vice President OWNERSI-IP NAME: MLCFC 2006-4 Greeley Retail LLC TELEPHONE: PROPERTY LIST: Schedule/Parcel Numbers Property Address 2050 Greeley Mall Street R4473006 R 1W 732o(a R11197O4{ R411 13401a RL►y 73306 'pis/0 791 Marvin F. Poer and Company, 410 17th St.Suite 1175,Denver, CO 80202 Phone: 303-573-0975.Fax:303-573-0976 1601 Washington Avenue • Suite 700 • Miami Beach, Florida 33139 Telephone: (305) 695.5600 • Pax: (305) 695-5601 (it 14; CLERK TO THE BOARD PHONE (970) 336-7215 EXT 4226 FAX: (970) 352-0242 WEBSITE: www.co.weld.co.us 915 10TH STREET P.O. BOX 758 GREELEY, COLORADO 80632 Ci COLORADO July 25, 2011 GREELEY GKD LLC C/O GK DEVELOPMENT INC 303 EAST MAIN ST STE 201 BARRINGTON, IL 60010 Parcel No.: 096119218002 Account No.: R4473206 Parcel No.: 096119218003 Account No.: R4473306 Parcel No.: 096119218004 Account No.: R4473406 Dear Petitioner(s): The Weld County Board of Equalization has set a date of July 28, 2011, at or about the hour of 3:15 PM, to hold a hearing on your valuation for assessment. This hearing will be held at the Weld County Centennial Center, First Floor Hearing Room, 915 10th 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, 2011, and mailed to you on or before August 12, 2011. 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. - I>:43 -1844 2011-1845 AS0079 GREELEY GKD LLC -VARIOUS ACCOUNTS Page 2 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. 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, BOAARDD OF EQUALIZATION Esther E. Gesick Deputy Clerk to the Board cc: Christopher Woodruff, Assessor MARVIN F. POER AND COMPANY 410 17 ST SUITE 1175 DENVER, CO 80202 2011-1845 AS0079 B0E SUMMARY SHEET Account Number: R4473206 Parcel Number: 096119218002 GREELEY GKD LLC 303 EAST MAIN ST STE 201 C/O GK DEVELOPMENT INC BARRINGTON, IL 60010 HEARING DATE: 7/29/2011, AT 11:00 AM HEARING ATTENDED? (0''N) NAME: c4 l ' Ql7Y,(44P AGENT NAME: V/ MARVIN F. POER AND COM NY 410 17 ST SUITE 1175 n /W, �DENVERCOp80202 C/APPRAISER NAME: CCJ 11 DECISION ACTUAL VALUATION APPROVE BY SET BY ASSESSOR BOARD TOTAL ACTUAL VALUE 1,072,407 COMMENTS: MOTION BY TO SECONDED BY Kirkmeyer-- (Y/N) Conway-- (Y/N) Failed to prove appropriate value Garcia -- (Y/N) No comparables given Long -- (Y/N) Assessor's value upheld Rademacher-- (Y/N) Other: RESOLUTION NO. 2011-1843 M:\BOE\SUMMARY.dotx Hello