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04 MARY ANN FWERSTEIN
Reception No 169519.7. M Recorder.
r—THIs DEED, Made this 26th I day !
of July , 1976 III
between Frank C. Tobar I
I
[�- of the
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1-4 County of Weld and State of Colorado, of the first part, and
0 The County of Weld
.D of the County of Weld and State of i.
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Il Colorado,of the second part:
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o WITNESSETH, That the said party of the first part,for and in consideration of the sum of
o ! TEN DOLLARS I,
tit to the said party of the first part in hand paid by said party of the second part, the receipt whereof is h
o i hereby confessed and acknowledged, ha 5 granted, bargained,sold and conveyed,and by these presents does
`' I I grant, bargain, sell, convey and confirm, unto the said part y of the second part, i is heirs and assigns for-
ever, all the following described lot or parcel of land,situate,lying and being in the It
County of Weld and State of Colorado, to wit: ��
Lots 6, 7 and 8, Block One, Burger-Fry's Subdivision, being a II
. h subdivision of a part of Lot Four of the Southeast Quarter of i',
E the Northeast Quarter of Section Five, Township Five, N. , Range
a i' Sixty-five West of the Sixth Principal Meridian, accoring to !II
the subdivision of lands by the Union Colony of Colorado,
! Weld County, Colorado. ;'
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TOGETHER with all and singular the hereditaments and appurtenances thereto belonging, or in anywise
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appertaining, and the reversion and reversions, remainder and remainders, rents, issues and profits thereof, and all
the estate, right, title, interest, claim and demand whatsoever of the said party of the first part, either in law I
or equity, of, in and to the above bargained premises, with the hereditaments and appurtenances.
TO HAVE AND TO HOLD the said premises above bargained and described with the appurtenances, unto the Ili
said party of the second part, i is heirs and assigns forever. And the said party of the first part, I'
for him set f, hi s heirs, executors, and administrators, do es covenant, grant,bargain, and agree to and !I
with the said part y of the second part, i is heirs and assigns, that at the time of the ensealing and delivery i;
of these presents, 15 well seized of the premises above conveyed, as of good, sure, perfect, absolute and 'I
indefeasible estate of inheritance, in law, in fee simple,and ha 5 good right, full power and lawful authority �j
to grant, bargain, sell and convey the same in manner and form as aforesaid, and that the same are free and clear i
from all former and other grants, bargains, sales, liens, taxes, assessments and encumbrances of whatever kind or
naturesoever. Subject to easements, rights of way, restrictions and reservations II
I as now established of record.
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I' and the above bargained premises in the quiet and peaceable possession of the said party of the second part, j
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its heirs and assigns against all and everyperson or persons lawfully claiming or to claim the whole %.
or any part thereof, the said party of the first part shall and will WARRANT AND FOREVER DEFEND. i',
IN WITNESS WHEREOF,the said part y of the first part ha S hereunto set hi 5 hand I
`i / 1 �E the day and year first above written. _
k' ~ I re`�\ Zr, t ' (SEAL) i'I
t P '' Frank C. To ar ,
jr � N�T*'fe') (SEAL)
.. ,... ..,.P.U.B.t,au . (SEAL) I.
l '•, SATE OF COLORADO,
1f� .»... t.• les. I
O f. ' - County of JJ i j
The
Th foregoing instrument was acknowledged before me t ' twenty s i Xth day of July
/ X11
19 76 ,by Frank C. Tobar / 71
My commission expires M C0lmtlission axpirw Wier R; I' / }/9/(/�JIJ�) / /
.Wit>,ess my f ter al. t�I
of ry Public.
No,932, WARRANTY DSBDo—For Photographic s.mrd.—Dndfordd Publishing Co.,182446 Stout Stmt.Donn Colorado --11.55
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Tobar House
Sketch of Floor Plan
2 4'
Living room -
Sleeping room
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261'
Kitchen Bedroom
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Screened porch I 8'
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LEGAL DESCRIPTION
Lots Six (6) , Seven (7) and Eight (8) , Block One (1), Burger-Fry's
Subdivision, being a subdivision of a part of Lot Four (4) of the
Southeast Quarter of the Northeast Quarter (SEINE,'-) of Section
Five (5) , Township Five (5) North, Range Sixty five (65) West of
the Sixth Principal Meridian, according to the subdivision of lands
by the Union Colony of Colorado, Weld County, Colorado.
SITE DESCRIPTION
Subject site is trapezoidal in shape with the north line being 109 .65
feet, the east line 150.36 feet, the south line 78.36 feet and the westerly
line 151.44 feet. It therefore contains approximately 14, 100 square feet.
There is an unimproved public dirt street along the westerly line which is
poorly maintained with no provision for proper drainage. The topography is
fairly level and the site is three to four feet lower than the adjacent proper-
ty
to the rear or east side. Soils are light brown fine sandy loam. No water,
sewer or natural gas is connected to the site. Electricity is from Home Light
and Power Company via overhead lines. There are four old elm trees on
the site.
DESCRIPTION OF IMPROVEMENTS
Dwelling
The property is improved with an older single family residence estimated
to be at least 50 years of age. It is rectangular in shape and contains 636
square feet of living area plus 192 square feet of enclosed and screened in
porch. The dwelling has three rooms including a large living-sleeping room,
one bedroom and a kitchen. No plumbing fixtures are connected.
Exterior - The dwelling is of frame and concrete block construction on
concrete foundation. Frame portion or rear 15 feet of the house has tongue
and groove drop siding in weathered condition. The roof is 1 inch sheathing
covered with weathered composition shingles in fair to poor condition.
Windows are boxed frame and there is a door on the south side which is not
used and in poor condition.
The screened porch on the front has about one third concrete floor and
the balance is dirt.
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Interior- The living-sleeping room has 3 inch tongue and groove fir
flooring covered with linoleum. Ceiling is slanted or shed style, painted,
rough finish sheet rock. Three walls are sheet rock and the fourth, between
this room and kitchen is plastered concrete block. Heating is from a propane
gas space heater with brick flue. Kitchen has concrete floor with vinyl tile,
one light fixture and similar walls and ceiling. Bedroom is similar finish to
kitchen.
Outbuildings
Frame storage shed with weathered tongue and groove siding, block
foundation and poor roll composition roof; 3 foot by 4 foot outhouse covered
with composition siding and slanting roof.
ZONING
Lots 6 and 7 of the subject are zoned I, Industrial District by Weld
County and Lot 8, within the Greeley City Limits is zoned M-3, Heavy Manu-
facturing District. Uses permitted in these districts are found in excerpts
from applicable ordinances in the Addenda of this report.
ASSESSED VALUE AND TAXES
According to the records in the Weld County Assessor's office, the
subject Lots 6 and 7 are assessed at $60 for land and $170 for improvements
for a total of $230 . The applicable mill levy is 91 . 07 and results in general
real estate taxes of $20.94. Lot 8, within the city, is assessed at $50 for
land with a mill levy of 102 . 86 and taxes of $5 . 14.
Total taxes are therefore $26 .08.
HIGHEST AND BEST USE
Present use - as low income housing, with potential for industrial
development.
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EVALUATION
Sales History of Subject
Lot 6 of Block 1 was deeded from John, Nancy and Hazel Bermudez to
Frank and Markos Tobar on October 3, 1974 by deed recorded at Reception
No. 1656484. State documentary fee affixed indicated a price of $1 ,200.
Lots 7 and 8 of Burger-Fry's Subdivision (undoubtedly intended to be
of Block 1 - although the deed does not state the block number) were deeded
from Nancy and Hazel Bermudez to Frank and Markos Tobar on October 3, 1974
by deed recorded at Reception No. 1656483. The state documentary fee indi-
cates the price to be $1 ,200.
Laboring under some communications and language barriers, this appraiser
attempted to verify these sales and the best information related indicated the
properties had been purchased on a contract or agreement basis several years
prior to the date of the deed on the terms of practically nothing down and pay-
ments amounting to about the same as rent. Due to the uncertainty of the
actual contractural date and the easy terms , these sales were not considered
as reliable comparables for the general market analysis and are not signifi-
cant to the current evaluation.
Market Approach
On the following page is the comparative grid adjusting the three most
comparable sales to an indication of value of the total Tobar parcel. This in-
cludes three lots, the main dwelling and a shed. The total site area is 14,100
square feet. The dwelling is 636 square feet consisting of three rooms and no
bath.
The three resultant indicators provide rather wide brackets ranging from
$3,600 to $5,200 for the property. Sale No. 4 requires some heavy adjustments
and is therefore a weaker comparable although it is in the subject Burger-Fry's
Subdivision. Sale No. 6 is also in the Burger-Fry's Subdivision but requires
some rather large adjustments and is nearly three years old. Sale No. 7a is one
of the better comparables due to its recent date and general similarity although
it is semi-modern, includes a bath and is located in the Spanish Colony. Never-
theless , it is the best comparable and the final value indication, by the Market
Approach, is considered to be $4,500.
The other checks of the value reported are reasonable as compared with
the general unit sales price of the 13 improved sales. These figures are based
on a Highest and Best Use of low income housing.
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MARKET DATA APPROACH
Comparative Grid
Tobar (3 lots)
Adjustment Item Sale No. 4 Adj, Sale No. 6 Adj, Sale No. 7a Adj.
Date of Sale 5/74 +$ 300 5/73 +$1000 4/76 =
Age & Condition Inferior +$ 500 = Inferior -$ 300
Construction/Quality Inferior +$ 500 Superior -$ 500 Inferior -$ 200
Size - Sq. Ft. 480 +$ 500 500 +$ 500 440 +$ 700
Rms./Bdrms . 4/2 -$ 500 4/2 -$ 500 4/2 -$ 500
Baths = = 1 -$1000
Bsm't./Finish
Site (Zoning) 8, 125 +$1000 6, 875 +$1100 4,500 +$1 ,500
Location
Other - porch +$ 100 +$ 100 +$ 100
Financing -$ 250
Sale Price $ 1 ,500 $ 3 ,500 $ 4,500
Total Adjustments $ +2 , 100 $ +1 ,700 $ + 50
Indicated for Subject $ 3 ,600 $ 5 ,200 $ 4,550
Value indicated for subject, after weighting of comparable sales $4,500.00
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Improvements only: $1,700 : 636 sq. ft. = $2.67 p.s.f.
Land only: $2, 800 : 14, 100 sq. ft. = $0.20 p.s.f.
Total: $4,500 4. 636 sq. ft. = $7 . 08 p.s.f. - of building area
The unit land value is very near the average and median for the sales
studied. The unit price can be expected to be slightly below average due to
the above average size of the site.
The unit value of improvements only at $2. 67 is below the average -
however, this is reasonable due to the very plain minimum quality residence.
The $7.08 per square foot represented by the total price divided by the
dwelling area is slightly above average due to the large size of the site.
As a result of this study, the value estimated by the market comparisons
is estimated to be $4,500.
Income Approach
Based on the study of rentals and GRMs presented in the Basic Data
report, a monthly rent of $100 and a GRM of 40 are chosen as appropriate for
this property.
100 x 40 = $4,000
Value as an Industrial Site
The total value reported as $4,500 represents a unit value of $0. 32 per
square foot if the total value were all for land. This is slightly above the average
and median of $0.26 to $0.27 presented by the six "lettered" land sales but
is quite realistic in the industrial land market. Although the site suffers some
flood potential, practically all of this site is outside the "flood valley" district
of the City of Greeley zoning ordinance regulations. The land as an industrial
site has good frontage and backs up to a new improved industrial development.
The above average size or assemblage is also desirable for industrial purposes.
Therefore, the total value reported by the comparison approach, as an improved
site, is also realistic as an unimproved industrial site.
Correlation
It has been previously pointed out in the Basic Data report that a Cost
Approach is of little value due to the high degree of accrued depreciation which
exists in the improvements involved with this property.
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The Income Approach is a weak indicator although several of the sale
properties are rented and reasonable estimates of the GRM and rent are sub-
stantiated.
The Market Approach is the most reliable for this type property and
reasonable market data is available to lend reliance to this estimate.
As a result of all of these considerations, value of the subject Tobar
ownership is estimated to be $4 ,500. 00.
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Tobar Parcel
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Front View of
Residence.
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J'"' Rear View of
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GREELEY URBAN RENEWAL AUTHORITY
CONTRACT OF PURCHASE
The GREELEY URBAN RENEWAL AUTHORITY, a body corporate and politic of
the State of Colorado, hereinafter called the "Authority" agrees to purchase
and Frank umillEMOMONsTobar
hereinafter called "Owner" or "Owner-Occupant," agrees to sell the following
described real property situated in the City of Greeley, County of Weld,
State of Colorado:
Lots 6, 7 and 8, Block One, Burger-Fry's Subdivision, being a subdivision of
a part of Lot Four of the Southeast Quarter of the Northeast Quarter of
Section Five, Township Five, N. , Range Sixty-five West of the Sixth Princi-
pal Meridian, according to the subdivision of lands by the Union Colony of
Colorado, Weld County, Colorado.
together with all fixtures and appurtenances, including, but not limited to,
all cooling, heating, lighting, plumbing and air conditioning equipment, and
fixtures located thereon or in, and all shelving and partitions attached to
the real estate, unless specifically excepted herein,
Parcel No.
upon the following terms and conditions:
1. The total purchase price to be paid by the Authority for said property,
including all improvements and fixtures located thereon, shall be the sum of
FOUR THOUSAND FIVE HUNDRED DOLLARS AND NO/lOO Dollars
($ 4,500.00 ) , less the adjustments thereto,, hereinafter specifically set
forth.
2. The Owner agrees to deliver to the Authority within five (5) days from
the date of this Contract, evidence of title in the form of a title insurance
policy or an abstract of title not certified to date. Thereupon, the Authority
shall order a Commitment for Title Insurance Policy to be issued by a title
insurance company selected by the Authority. In the event the commitment for
title insurance does not show that Owner has a good and merchantable fee simple
title to said premises or shows outstanding liens against or encumbrances upon
the property, or in the event said commitment or other investigation shows rights
of parties in possession other than those listed in Paragraph 8 hereof, the
Authority may, at its option, satisfy such liens or encumbrances, or acquire
the rights to possession, and subtract from the amount to be paid to the Owner
the amount of any consideration paid on account thereof.
If Owner is unable to show merchantable title in himself, Owner shall,
at the option of the Authority, convey to the Authority such title as he has,
and the purchase price shall be abated in an amount equal to the cost to the
Authority of whatever curative action is deemed by the Authority to be necessary.
3. On or before ‘,....‘4,74/97‘ , Owner agrees to execute and deliver
to the Authority a good and sufficient General Warranty Deed conveying the propert:
free and clear of all liens and encumbrances, except existing rights-of-way,
easements, reservations, liens of the Northern Colorado Water Conservancy districts
and liens of the current years' taxes.
Upon delivery of said Deed, the Authority agrees to deliver or mail a
check payable to Owner in the amount of the purchase price for said property,
less lien encumbrances, unpaid taxes, pro-rated rents, and water rents, when the
title company has notified the Authority that its requirements have been satisfied
and that no intervening instruments affecting title to said property appear of
record subsequent to date of title commitment and prior to recording of Deed from
Owner to the Authority.
General property taxes for 191 (based on amount of the previous year's
taxes or as assessed) , rents , water rents, and currect assessments, if any, shall
be apportioned to the date of vesting title in the Authority or the effective
se
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date of possession of such real property by the Authority, whichever is
earlier. All special improvement taxes which are a lien against said property
as of the date of delivery of said Deed shall be paid by the Owner.
4. When rents have been collected by the Owner for a period after the
' date of vesting title in the Authority or the effective date of possession of such
real property by the Authority, whichever is earlier, such pro-rated rent shall
be paid to the Authority or deducted from the purchase price at final settlement.
5. Loss or damage to the property from any cause including fire, vandalism,
or casualty, from April 23, 1976 , the date of the Authority's appraisal
until the Deed from the Owner to the Authority has been recorded, shall be at the
risk of the Owner.
6. Possession of said property shall be delivered to the Authority simul-
taneously with delivery of the Deed. The Owner shall deliver possession free
and clear of all possessory rights of all parties , and shall vacate said
premises on or before the closing date, provided that if the Owner or tenant
enters into a new lease with Greeley Urban Renewal Authority, such owner or
tenant may continue in possession in accordance with the terms of said lease.
7. It is agreed that time is of the essence, and all covenants and agreements
herein contained shall be binding upon and shall inure to the benefit of the
heirs, executors, administrators, personal representatives, successors, and
. assigns of the parties.
8. Owner represents that the undersigned are the sole owners of the fee
simple title to said premises and that no parts of said premises are occupied
by tenants or others except as listed on the attached Exhibit A who occupy as
tenants for terms expiring as shown in Exhibit A.
The Owner agrees to allow a representative of the Authority to inspect
the property and to determine the status of the parties in possession.
9. If the Owner by deed or otherwise is unable to convey good and merchan—
table title free and clear of any interest, then notwithstanding any provision
hereof to the contrary, the Authority may, in lieu of completing the purchase
of the property at any time prior to closing, proceed to acquire the property
by condemnation. In that event, the Owner agrees that this Contract shall
continue in full force and effect until the conclusion of the condemnation case.
The Owner further agrees to enter into a written stipulation to be filed in the
court records, the terms of which shall be that the purchase price above stated
is the fair market value of the subject property, inclusive of every interest
therein.
10. When executed by the parties, this Agreement shall be specifically
enforceable by any court of competent jurisdiction.
11. This Contract shall fulfill the requirement in the Authority's Land
Acquisition Policy Statement for notice to Owner of the date upon which
possession will be required by the Authority. The Owner acknowledges that he
was not required to agree to a date less than 90 days after the date of execution
of this Contract and that, if the date in Section 3 hereof is less than said
period, that date is mutually agreed to.
LLIN WIT ES WHEREOF, the pies have hereunto subscribed their names this
day of / y/ , 19A.
GREELEY URBAN RENEWAL AUTHORITY
ATTEST: By C . Q
Chairman
R
Sect ary
Page Two
RESOLUTION NO. 43
(Series 1975)
RESOLUTION ESTABLISHING FAIR MARKET VALUES
WHEREAS, the Greeley Urban Renewal Authority (the "Authority") has decided
to acquire the land and structures on six parcels of real estate;
WHEREAS, the Authority has caused said structures and land to be appraised
in accordance with the guidelines and standards established by the Department
of Housing and Urban Development, and
WHEREAS, the individual members of the Authority have considered the
appraisals, and have been apprised that the written appraisals have in turn
been reviewed by the Review Appraiser;
NOW, THEREFORE, BE IT RESOLVED BY THE GREELEY URBAN RENEWAL AUTHORITY:
1. That the legal descriptions of the property from which the structure
and land are being purchased are:
a. Block One, Lot 6, 7, 8, Burger and Fry's Subdivision, Weld
County, Colorado.
b. Block Two, Lot 7, 8, Burger and Fry's Subdivision, Weld
County, Colorado.
c. Block Two, Lot 10, Burger and Fry's Subdivision, Weld County,
Colorado.
2. Based upon deeds and other instruments recorded in the Weld County
records, and upon all other documents which have been brought to the attention
of the Authority, it appears that the above-described properties are designated
on the records of the Authority and owned by:
a. Frank and Markos Tobar, Block One, Lot 6, 7, 8.
b. Raymond R. and Isabel Ruiz, Block Two, Lot 7, 8.
c. John and Ana Erebia, Block Two, Lot 10.
3. The above-named owner or owners of the properties appear to own fee
simple title to the property.
4. The fair market values of the property and improvements are:
a. $4,500.00
b. $8,750.00 (Lot 7 - $6,500.00 - Lot 8 - $2,250.00
c. $2,250.00
5. It appears to the Authority, based upon all matters brought to the
attention of the members thereof, the appraisers who rendered the written
appraisals upon which this determination of fair market values have been made,
and the Review Appraiser who reviewed those written appraisals, are competent,
and the appraisals and the review of those appraisals appear to have been
done in accordance with applicable state and federal law and in accordance with
the policies and requirements of the Department of Housing and Urban Development.
PASSED AND ADOPTED THIS 9YZ/ DAY OF APRIL, 1976.
GREELEY
n UURB'AN REN/E/WALLL AUTHORITY
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ATTEST: .'/2{ J ' 2(eA �(-'-
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Secr Jary
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