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Home My WebLink About20112002.tiff (11-:ce0 CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4226 FAX: 0) 352-0242 1150150 O STREET P. 0. BOX 758 ' GREELEY, COLORADO 80632 Ci COLORADO August 26, 2011 PINNACLE INVESTMENTS LLC 4631 W 20 ST RD No. 100 C/O VINTAGE CORP GREELEY, CO 80634-3204 RE: THE BOARD OF EQUALIZATION, 2011, WELD COUNTY, COLORADO - STIPULATE PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE DESCRIPTION OF PROPERTY:ACCOUNT#: R7370798 PARCEL#: 095910227009-GR 2MHR L1A MOSIER HILL 2 REPLAT 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 $1,731,990 $1,400,000 2011-2002 C➢C��PEI�/� 1) 8- 6 a2O/� AS0079 PINNACLE INVESTMENTS LLC - R7370798 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, Esther E. Gesick Deputy Clerk to the Board cc: Christopher Woodruff, Assessor SPERRY VAN NESS CIO KYLE LUNDY 2020 CARIBOU DR FORT COLLINS, CO 80525 2011-2002 AS0079 2011 COUNTY BOARD OF EQUALIZATION WELD COUNTY ASSESSOR'S ACCOUNT NUMBER 7370798 STIPULATION (As To Tax Year 2011 Actual Value) RE PETITION OF : NAME: Pinnacle Investments, LLC ADDRESS: CIO Vintage�9orp 4631 W 20 St Rd. Greeley, CO 80634 • • • • Petitioner(s),Pinnacle Investments. 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 2MHR OA MOSIER HILL 2 REPLAT Aka 1275 58"'Avenue, Greeley, CO 80634 2. The subject property is classified as Commercial property. 3. The County Assessor originally assigned the following actual value to the subject property for tax year 2011. Land $ 316.188 Improvements$ 1.415.802 Total $ 1.731.990 4. After further review and negotiation,the petitioner(s) and Weld County Assessor agree to the following actual value for the subject property. Land $ 316.188 Improvements$ 1.083.812 Total $ 1.400.000 2011-2002 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 this Y day of MONTH, 2011. . 7 I I , ) i, Pe oner(s) or Attorney Petitioner(s) or Attorney Address: Address: 7O2O1 � (AM J VvcQ J 100 it r & ll ,,_'s K4 Telephone: 770 —`'1 13 - 2`J 00 Telephone: County AssCII `Te 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 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 R7370798 2011 0600 GR 2MHR L1A MOSIER HILL 2 REPLAT 1275 58 AV, GREELEY ft mPINNACLE INVESTMENTS LLC C/O VINTAGE CORP O 4631 W 20 ST RD No. 100 cc GREELEY,CO 80634-3204 ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ACTUAL VALUE PRIOR TO ACTUAL VALUE AFTER REVIEW REVIEW COMMERCIAL 1,731,990 1,731,990 TOTAL $1,731,990 $1,731,990 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: AL01 - Your property has been uniformly valued following Colorado law. Your protest of value has been denied due to comparison of other similar properties which sold during the 2009/2010 time period. 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. SPERRY VAN NESS C/O KYLE LUNDY - 2020 CARIBOU DR ' FORT COLLINS CO 80525 - r; V' N 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.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 prrogerty puts a to § 39-8-106(1.5), C.R.S.)to$ 115512i 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.) 5 4-4/k0-1-08 M AllA 1 (wD ztJ (emi I VAkin/nonJ M dS ATTESTATION I, the undersigned owner or agent' of the property identified above, affirm that the statements contained herein and on any at chments hereto are true and complete. 2- Q., 1RD - yy3 -- 29L UuL., 13 20(( Si ature Telephone Number Date G Attach letter of authorization signed by property owner. I%I Sperry Van Ness. The Group Co �mers a L tC E Kyle Lundy Senior Advisor 2020 Caribou Drive,Suite 201 Fort Collins,CO80525 lit u Office 970.207.0700 Sperry Van Ness. Direct 970.488.3173 The Group Commercial. LLC u Cell 970.443.2900 3 Fax 970.282.0785 3 kyle.lundy@svn.com 3 This officr independently owned and nnn:rzieo Owner Name Pinnacle Investments LLC Subject Property Address Sq. Ft. Prior Year Current Year Price Per Sq. Ft. 127558 Avenue 13,323 $1,731,990 $1,731,990 $130.00 Greeley Comparables Address Sq. Ft. Sale Date Sales Price Price Per Sq. Ft. 2650 West 29th Street 23,800 12/2/2009 $1,678,760 $70.54 Greeley Co ($150,000 office add) $76.84 *** see below 2505 1st Avenue 6,659 2/26/2010 $439,027 $65.93 Greeley, CO 5820 Wright Drive 10,000 4/15/2010 $925,000 $92.50 Loveland, CO 601-689 E Eisenhower 7,411 11/10/2009 $650,018 $8771 Loveland, CO Average per Sq. Ft. of all 4 comparables $80.75 Summary 1275 58th Avenue, Greeley is: 13,323 s.f. X$80.75= $1,075,832 Basement square footaqe of 6,946 s.f. X$40.37=$280.410 New Estimate of Value for 1275 58th Avenue $1,356,242 "`property had approximately 25%of warehouse at the time of sale equaling 6,000 s.f 6,000 times$25 per square foot of construction cost equals$150,000 to the valuation which equals=$76.84 *Please see the additional attached supporting documentation • • Mintage Corporates Pinnacle 1275 Building INCOME STATEMENT as of December 31, 2009 CURRENT PERIOD YEAR-TO-DATE INCOME Rental Income 10, 135 . 00 130, 570 . 00 CAM Income 1, 026 . 00 7, 206 . 00 TOTAL INCOME 11, 161 . 00 137, 776 . 00 EXPENSES Real Estate Taxes 0 . 00 37, 801 . 34 Insurance 0 . 00 665 . 00 Licenses/Inspections 0 . 00 40 . 00 Gas 24 . 13 873 . 70 Electricity 317 . 12 3 , 069 . 55 Water/Sewer 114 . 80 3 , 440 . 70 Trash Service 0 . 00 1, 426 . 90 Supplies 0 . 00 708 . 05 Bldg Maint/Repair 0 . 00 1, 619 . 33 Lot Sweeping 0 . 00 390 . 00 Snow Removal 0 . 00 1, 786 . 25 Landscape Maintenance Fertilizing 0 . 00 394 . 00 General Cleanup 0 . 00 1, 438 . 12 weeding 0 . 00 28 . 13 Mowing/Trimming 0 . 00 1, 440 . 00 Spraying-Trees 0 . 00 300 . 00 Sprinkler 0 . 00 592 . 81 Professional Fees 0 . 00 80 . 00 Management Fees 250 . 00 3 , 000 . 00 TOTAL EXPENSES (706 . 05) (59, 093 . 88) NET OPERATING INCOME 10 , 454 . 95 78 , 682 . 12 b�b Sperry Van Ness. The Groap Co.mrnerc!al. LLC Owner Name Pinnacle Investments Subject Property Address Sq. Ft. Prior Year Current Year Price Per Sq. Ft. 1275 58th Avenue 13,323 $1,731,990 $1,731,990 $130.00 Greeley CO Income Approach Annual Income $74,978 EGl $74,978 Less 2% Reserves $1,499 Total Expenses $1,499 Adjusted Gross Income $73,479 1275 58th Avenue: $73,479/.09 = $816,433 or$61.28 s.f. New Estimate of Value for 1275 58th Ave $816,433 ***See attached income statement Vintage Corporation Pinnacle 1275 Building INCOME STATEMENT as of December 31, 2010 CURRENT PERIOD YEAR-TO-DATE INCOME Rental Income 16, 535 . 00 126 , 470 . 00 CAM Income 1, 026. 00 13 , 362 . 00 2009 CAM Reconciliation 0 . 00 778 . 85 TOTAL INCOME 17, 561 . 00 140 , 610 . 85 EXPENSES Real Estate Taxes 0 . 00 37, 809 . 88 Insurance .0 . 00 1, 030 . 00 Licenses/Inspections 0. 00 60 . 00 Gas 54 . 04 344 . 57 Electricity 544 . 50 4 , 282 . 88 Water/Sewer 534 . 19 3 , 329 . 77 Trash Service 327. 69 1, 501 . 56 Supplies 0 . 00 216 . 50 Bldg Maint/Repair 380 . 75 3 , 991 . 55 Lot Sweeping 90 . 00 390 . 00 Snow Removal 87 . 50 4 , 372 . 50 Pest Control 95 . 00 758 . 00 Landscape Maintenance Fertilizing 0 . 00 404 . 00 General Cleanup 402 . 50 1, 853 . 33 Weeding 0 . 00 234 . 59 Mowing/Trimming 48 . 00 1, 245 . 00 Spraying-Trees 0 . 00 300 . 00 Sprinkler 180 . 00 507 . 75 Management Fees 250 . 00 3 , 000 . 00 TOTAL EXPENSES (2 , 994 . 17) (65 , 631 . 88) NET OPERATING INCOME 14 , 566 . 83 74 , 978 . 97 • • Letter of Authorization for Prober&Tax Matters VWe, the undersigned, as the owner of the property fisted below located in Weld County, delegate the agent listed below full authority to handle all matters relative to assessments and to represent me/us, with the assistance of legal counsel if necessa in the appeal process of the tax year 2010. 2= K e Lu , Senior Advisor Sperry Van Ness/The Group Commercial 970488.3173 Email: kyle.lundvtbsvn.corn All correspondence regarding my/our appeal of the value of the property listed below should be directed to: 2020 Caribou Drive Fort Collins, CO 80525 Owner Information: Properties: Bittersweet Square Association, Lake Creek Investments LLC, Pinnacle Investments LLC, CCW Apartments LW, Big Beaver Properties LLC Property Manager/Owner Name: Property Manager/Owner Signature: SC Date: Property Information(Please attach additional sheets if necessary): 1) Parcel#and/or Account#: R5024708 Property Address: 3400 W. it Street, Greeley, CO 2) Parcel#and/or Account#: R6779092 Property Address: 3400 W. 1e Street, Suite 100, Greeley, CO 3) Parcel#and/or Account#: R5024108 Property Address: 3400 W. it Street, Suite 3, Greeley, CO 4) Parcel#and/or Account#: R5024308 Property Address: 3400 W. 16`"Street; Suite 5, Greeley, CO 5) Parcel#and/or Account#: R5024508 Properly Address: 3400 W. it Street, Suite 7, Greeley, CO 6) Parcel#and/or Account#: R5024608 Property Address: 3400 W. it Street, Suite 8, Greeley, CO --7) Knell#dniwur Account#: H2W/1 Nti 8) Parcel#and/or Account#: R7370798 Property Address: 1275 58"'Avenue, Greeley, CO 9) Parcel#and/or Account#: R6905398 Property Address: 190156'"Avenue, Greeley, CO 6O) Are..Witi- AC J 3JQG get getteli nia : /03? dea./t at IV/kasazi O-O f� Hello