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Home My WebLink About20111972.tiff CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4226 FAX: (970) 352-0242 1150 O STREET P. O. BOX 758 GREELEY, COLORADO 80632 Ci COLORADO August 26, 2011 J & J ENTERPRISES PROPERTY MNGMNT LLC 7251 W 20 STREET BLDG L No. 200 GREELEY, CO 80634-4625 RE: THE BOARD OF EQUALIZATION, 2011, WELD COUNTY, COLORADO - STIPULATE PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE DESCRIPTION OF PROPERTY:ACCOUNT#: R1746386 PARCEL#: 095901317003-GR KM-22 L5 THRU 22 KAUFMANN-MC PHERSON SUB Dear Petitioner: On July 26, 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 the Stipulation on your petition of appeal of the County Assessor's valuation of your property described above, for the year 2011. The Stipulation was entered into between the Assessor and said petitioner(s), and accepted by the Board of Equalization, agreeing that the assessment and valuation of the Weld County Assessor be Stipulated as follows: ACTUAL VALUE AS ACTUAL VALUE DETERMINED BY AS STIPULATED ASSESSOR $3,672,002 $3,100,000 CC,' AA"TKe/ler) �'-a�-fin// 2011-1972 AS0079 J & J ENTERPRISES PROPERTY MNGMNT LLC - R1746386 Page 2 If you have questions or need additional information, please do not hesitate to contact me at (970) 336-7215, Extension 4226. Very �truly yours, / CL? � U• ‘)d-lai) Esther E. Gesick Deputy Clerk to the Board cc: Christopher Woodruff, Assessor 2011-1972 AS0079 2011 COUNTY BOARD OF EQUALIZATION WELD COUNTY ASSESSOR'S ACCOUNT NUMBER R1746386 STIPULATION (As To Tax Year 2011 Actual Value) RE PETITION OF : NAME: J & J Enterprises Property Mgmt LLC ADDRESS: 7251 W. 2O St. Bldg L#200 Greeley, CO 80634 • Petitioner(s),J &J Enterprises Property Mamt LLC and the Weld County Assessor, hereby enter into this Stipulation regarding the tax year 2011 valuation of the subject property, and jointly move that the Board of Equalization to enter its order based on this Stipulation. Petitioner(s) and the Assessor agree and stipulate as follows: 1. The property subject to this Stipulation is described as: GR KM-22 L5 THRU 22 KAUFMANN-MC PHERSON SUB 2. The subject property is classified as Residential property. 3. The County Assessor originally assigned the following actual value to the subject property for tax year 2011. Land $ 659.362 Improvements$ 3.012.640 Total $ 3.672.002 4. After further review and negotiation,the petitioner(s) and Weld County Assessor agree to the following actual value for the subject property. Land $ 659,362 Improvements$ 2.440.638 Total $ 3.100.000 \ �/ 2011-1972 5. The valuations, as established above, shall be binding only with respect to tax year 2011. 6. Brief narrative as to why the reduction was made: Value was adjusted based upon the general market prices per sq. ft. that were in place in the base period, additionally the income was considered as backup for the market. 7. Both parties agree that the hearing scheduled before the Weld County Board of Equalization on DATE at TIME am be vacated; or, a hearing has not yet been scheduled before the Board of Equalization x (check if appropriate). DATED is 20th day of July, 2011. Petitioner(s r y Petitioner(s) or Attorney Address,_ .a • 2o' ,r. '&L -2°(-) Address: 72 s..1 e0 eoeaa, Telephone: 97O-3S2.-7o72 Telephone: )2 �' ft County Assessor - pi 0 Li Address: __) 1400 N.17th Avenue Greeley, CO 80631 (970) 353-3845 ext. 3656 NOTICE OF DETERMINATION Christopher M. Woodruff Date of Notice: 6/22/2011 Weld County Assessor Telephone: (970) 353-3845 or (720) 652-4255 1400 N 17th Ave L L• _ Fax: (970) 304-6433 Greeley, CO 80631 J E-mail: appeals@co.weld.co.us www.co.weld.co.us A Li: y Office Hours: 8:00 AM - 5:00 PM SCHEDULE/ACCOUNT NO. TAX VEE'jR: ;TAX AREA LEGAL DESCRIPTION/ LT iJ PHYSICAL LOCATION R1746386 2011 0600 GR KM-22 L5 THRU 22 KAUFMANN-MC PHERSON SUB tc 3103 W 7 ST, GREELEY J&J ENTERPRISES PROPERTY MNGMNT LLC 7251 W 20 STREET BLDG L No.200 r▪ GREELEY,CO 80634-4625 O x a ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ACTUAL VALUE PRIOR TO ACTUAL VALUE AFTER REVIEW REVIEW RESIDENTIAL 4,049,572 3,672,002 TOTAL $4,049,572 $3,672,002 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: AL02- The actual valuation of your property has been adjusted based on new information. This may be information you have supplied, corrections of characteristics or additional sales which we have uncovered during the appeals process. If you disagree with the Assessor's decision, you have the right to appeal to the County Board of Equalization for further consideration, § 39-8-106(1)(a), C.R.S. The deadline for filing real property appeals is July 15. The 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. 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.doia.colorado.clov/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 peerty pursuantttto § 39-8-106(1.5), C.R.S.) /OO/ CO 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 installedcost, appraisal, etc.) 47h� ATTESTATION I, the undersigne owner or agent' of the property identified above, affirm that the statements contained herein rfd on a atta s fieret ue and complete. 97o-352- 7' 72- -7�iJA Signature Telephone Number Date 15-DPT-AR PR 207-08/11 R1746386 10626 ' Attach letter of authorization signed by property owner. Journey Homes LARRY S. BUCKENDORF JD Building your furore together GENERAL COUNSEL J&J Construction July 15, 2011 Weld County Board of Equalization PO Box 758 Greeley, CO 80632 RE: R1746386 Reason for protesting: Value is too high. The June 30, 2010 NOI for this property was $88,214 resulting in an annualized NOI of$176,428. At a 10% cap rate the value would be $1,764,000. The April 30, 2011 NOI was $73,242 resulting in an annualized NOI of$219,726. At a 10% cap rate the value would be $2,197,000. This property has a significant amount of deferred maintenance and rent rate have been declining for the last four years. Additionally, the property was appraised on October 4, 2010 at a value of $3,040,000. See enclosed letter from Wells Fargo. Should you have any questions regarding the foregoing, please do not hesitate to contact me. Sincerely, • Larry S. uckendorf 7 Enclosures 7251 W. 20TH ST., BLDG. L, STE 200 • GREELEY,COLORADO 80634 PHONE: (970) 352-7072 • FAX: (970) 330-5357 Business Banking 1":C(.151(•,1 i WELLS FARGO ( :.•:•<:.ley, . :770.35(:..'7';f: F,:: 970 63'68 June 8, 2011 Jeff Demaske J & J Enterprises Property Management, LLC 7251 W 20th St, Bldg L, Ste 200 Greeley, CO 80634 RE: Appraisal on Weld County Parcel #095901317003 Dear Mr. Demaske: A Desk Appraisal was completed on Columbine Apartments, which is a 108-Unit apartment complex situated on a 193,930 SF (4.452 acre) site. The date of this appraisal was October 4, 2010 with an effective date of value as of September 23, 2010. The location of the subject property is 3103 W. 7th Street, Greeley, CO 80634, although there are 18 other street numbers that correlate to the property. However, the entire property is listed under Weld County Parcel #095901317003. e Final In cation of Value using "As-Is" Fee Simple method as of September 23, 2010 was $3,100,000. f this amount, $60,000 was allocated to personal property, fixtures, intangibles, etc: Kitc Appliances ($500 per unit x 108 units + $6,000 Miscellaneous). Therefore, the remaining $3,040,000 value was the portion allocated as the Real Estate Value. If you need additional information, please contact me at(970) 336-6226. Sincerely, -. rf 7// ' Erica Herman Assistant Vice President/ Business Relationship Manager Wells Fargo Bank, N.A. Together Vintage * Columbine Apartments INCOME STATEMENT as of June 30, 2010 CURRENT PERIOD YEAR-TO-DATE INCOME Rental Income 47, 257 . 30 270, 825 . 59 Application Fees 0 . 00 50 . 00 Laundry Income 939 . 88 4 , 747 . 52 Insurance Claim Reimb 0 . 00 188, 316 . 50 Maintenance Reimb 0 . 00 350 . 00 Legal Fee Reimb 50 . 00 378 . 85 Utility Reimb 0 . 00 164 . 67 Sec Dep Forfeited 1, 452 . 00 4 , 102 . 80 TOTAL INCOME 49, 699 . 18 468, 935 . 93 EXPENSES Real Estate Taxes 12 , 283 . 87 24 , 567 . 74 Personal Property Tax 320 . 09 640 . 18 Insurance 3 , 051 . 99 10, 353 . 01 Licenses/Inspections 0 . 00 88 . 28 Gas 3 , 492 . 60 31, 868 . 50 Electricity 2 , 176 . 37 11, 169 .21 Water/Sewer 3 , 980 . 65 19, 141.46 Trash Service 578 . 19 3 , 445 . 96 Answering Service 79 . 05 242 . 78 Security Service 375 . 00 2 , 301 . 50 Telephone 379 . 58 2 , 051 . 39 Supplies 1, 651 . 42 9, 227 . 40 Cleaning 747 . 00 9, 455 . 10 Painting 260 . 00 7, 424 . 00 Bldg Maint/Repair 2 , 998 . 00 19, 443 . 76 Insurance Repairs 0 . 00 183 , 053 . 00 Snow Removal 0 . 00 3 , 512 . 00 Pool Maintenance 125 . 00 125 . 00 Pest Control 252 . 50 1, 481 . 50 Landscape Maintenance Fertilizing 527 . 25 587 .25 Clean Up 0 . 00 577 . 50 Advertising 1, 036 . 89 6 , 132 . 56 Professional Fees 457 . 19 2 , 683 .29 Management Fees 1, 946 . 76 11 , 003 . 30 Resident Manager Fees 2, 975 . 00 17, 815 . 00 Security Deposit Refund 127 . 00 127 . 00 4 mntagecorp c, Columbine Apartments INCOME STATEMENT as of June 30, 2010 CURRENT PERIOD YEAR-TO-DATE Replacements Lino/VCT 0 . 00 896 . 66 Blinds 0 . 00 488 . 60 Dishwashers 0 . 00 364 . 99 Refrigerators 0 . 00 453 . 69 TOTAL EXPENSES (39, 821 .40) (380, 721 . 61) NET OPERATING INCOME 9, 877 . 78 88, 214 . 32 DEBT SERVICE Principal 10, 502 . 51 63 , 419 .29 Interest 9, 171 . 09 54, 622 . 31 Escrow 2 , 400 . 00 14, 400 . 00 TOTAL DEBT SERVICE (22, 073 . 60) (132 , 441 . 60) NET PROFIT/LOSS (12 , 195 . 82) (44, 227 . 28) BEGINNING CASH BALANCE 493 . 63 521 . 13 Net Profit/Loss (12 , 195 . 82) (44 , 227 . 28) Owner Contribution 0 . 00 19, 400 . 00 Tax Contribution 12 , 603 . 96 25, 207 . 92 ENDING CASH BALANCE $ 901 . 77 $ 901 . 77 VintageCorpotation Columbine Apartments INCOME STATEMENT as of April 30, 2011 CURRENT PERIOD YEAR-TO-DATE INCOME Rental Income 51,989.53 217, 867.56 Application Fees 0. 00 75.00 Laundry Income 792.88 2, 947.89 Maintenance Reimb 0.00 25 .00 Legal Fee Reimb 0.00 243 .85 Utility Reimb 18.80 313 .68 Sec Dep Forfeited 1,402.87 3, 955 .25 TOTAL INCOME 54,204 .08 225,428 .23 EXPENSES Real Estate Taxes o.ob 12,372 .80 Personal Property Tax 0.00 271 .07 Insurance 3, 051.99 7,303 .98 Licenses/Inspections 300 .00 300 .00 Gas 5, 807.77 26, 738 .32 Electricity 1, 324.22 5,774.37 Water/Sewer 3, 138.53 14,078.95 Trash Service 577.43 2,303 .40 Answering Service 66 .96 330.84 Security Service 375 .00 1,312 .50 Telephone 358.58 1,378 .72 Supplies 1,947.32 7, 530 .80 Cleaning 1,250 .00 6,220 .00 Painting 1, 859.00 9, 364 . 00 Bldg Maint/Repair 4, 297.84 13 ,920 .51 Snow Removal 0.00 3, 031. 95 Pest Control 123 . 50 1,229 . 00 Landscape Maintenance Clean Up 565.00 565 . 00 Weeding 588.25 588 .25 Advertising 1, 244.45 4 ,451 . 93 Professional Fees 785 .10 3 , 886. 75 Management Fees 2, 133 .95 8,900 . 92 Resident Manager Fees 3, 350.00 13 ,400 . 00 r Vintage Corporation Columbine Apartments INCOME STATEMENT as of April 30, 2011 CURRENT PERIOD YEAR-TO-DATE Replacements Carpet $ 3 , 194 .43 $ 4, 685 .39 Blinds 213 . 54 1, 303 . 94 Refrigerators 453 . 69 453 .69 Air Conditioners 489 .26 489.26 TOTAL EXPENSES (37,495.81) (152, 186 . 34) NET OPERATING INCOME 16, 708 .27 73 , 241.89 DEBT SERVICE Principal 10, 950.99 44, 255. 08 Interest 8, 722 .61 34, 439.32 Escrow 2,400.00 9, 600. 00 TOTAL DEBT SERVICE (22, 073 .6Q) (88, 294 .40) NET PROFIT/LOSS (5, 365.33) (15, 052 . 51) BEGINNING CASH BALANCE 26,422 .33 23 , 465. 65 Net Profit/Loss (5, 365 .33) (15, 052.51) Tax Contribution 0.00 12, 643 . 86 ENDING CASH BALANCE $ 21, 057.00 $ 21, 057. 00 1 N O A- OWN cf WOr_W = C o a o (->„ (rhd 1. a o W <SCia11NC1 00� — • S _ — n° Siu b:), _ i9t) = v - cc en t Q,,) © C o fp (:i (T, ti., '^ V C? nJ (L/ O if) N a+ v C N a 0 M L 0.0 1/4,0X 79 0 v U .c o0 O O O v v Qj ' U 14 tt, Z c o E,4-4 _= N6 m 3 o Ln N 1 Hello