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Home My WebLink About20112025.tiff Kiet CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4226 FAX: (970) 352-0242 11550 O STREET P. O. BOX 758 GREELEY, COLORADO 80632 C. COLORADO August 26, 2011 WADDLE WESTMOOR LLC 8232 GOLDEN EAGLE ROAD C/O BRUCE M WADDLE FORT COLLINS, CO 80528 RE: THE BOARD OF EQUALIZATION, 2011, WELD COUNTY, COLORADO - STIPULATE PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE DESCRIPTION OF PROPERTY: ACCOUNT #: R8070099 PARCEL #: 095903421009 - GR 1 RL1 WMW ENVELOPE F L3 1ST REPLAT L1 2ND REPLAT OUTLOT C OF WESTMOOR WEST 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 $630,000 $570,000 de.lA/� 2011-2025 tre//e0 ,37--,77 )-02O// AS0079 WADDLE WESTMOOR LLC - R8070099 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 2011-2025 AS0079 2011 COUNTY BOARD OF EQUALIZATION WELD COUNTY ASSESSOR'S ACCOUNT NUMBER R8070099 STIPULATION (As To Tax Year 2011 Actual Value) RE PETITION OF : NAME: Waddle Westmoor LLC ADDRESS: 8232 Golden Eagle Road Fort Collins, CO 80528 * Petitioner(s),Waddle Westmoor 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 1 RL1 WMW ENVELOPE F L3 1 ST REPLAT L1 2ND REPLAT OUTLOT C OF WESTMOOR WEST 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 $ 48.424 Improvements$ 581.576 Total $ 630.000 4. After further review and negotiation,the petitioner(s) and Weld County Assessor agree to the following actual value for the subject property. Land $ 48.424 Improvements$ 521.576 Total $ 570.000 2011-2025 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 adiusted based upon the general market prices per sa. 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 21 t day of July, 2011. R. Peti er(s) or Attorney Petitioner(s) or Attorney Address: Address: Telephone: Li LI L?0O Telephone: Co Asse l 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 R8070099 2011 0600 GR 1RL1WMW W MW ENVELOPE F L3 1ST REPLAT L1 2ND REPLAT OUTLOT C OF x WESTMOOR WEST w WADDLE WESTMOOR LLC 4731 W 10 ST C,GREELEY 33 C/O BRUCE M WADDLE y 8232 GOLDEN EAGLE ROAD wFORT COLLINS,CO 80528 a O o. a ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ACTUAL VALUE PRIOR TO ACTUAL VALUE AFTER REVIEW REVIEW COMMERCIAL 719,600 630,000 TOTAL $719,600 $630,000 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: CM03 -After review of your property, we have made adjustments. This was done because of additional information obtained, or provided thru the appeal 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,, • SPERRY VAN NESS C/O KYLE LUNDY 2020 CARIBOU DR FORT COLLINS CO 80525 1> i i 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 10`h 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.00v/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 ursuant to § 39-8-106(1.5), C.R.S.) $ S®,St 9 On 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.) ^ � � D r1"r TM'i R� �x2 �- (a)11} n m r- L S •Co r v' (IDLES /A-A.O M t=C %No v m Ai 5> ATTESTATION I, the undersigned owner or agent' of the property identified above, affirm that the statements contained her in and on any att ments hereto are true and complete. alL �9T ep y V3 —2900 ( 3 I � f/ ign re Telephone Number Date ' Attach letter of authorization signed by property owner. CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4226 FAX: (970) 352-0242 1150 O P. O. BOX 758 GREELEY, COLORADO 80632 C. COLORADO August 26, 2011 WADDLE WESTMOOR LLC 8232 GOLDEN EAGLE ROAD CIO BRUCE M WADDLE FORT COLLINS, CO 80528 RE: THE BOARD OF EQUALIZATION, 2011, WELD COUNTY, COLORADO - STIPULATE PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE DESCRIPTION OF PROPERTY: ACCOUNT #: R8069599 PARCEL #: 095903421004 - GR 1 RL1 WMW ENVELOPE B L4 1 ST REPLAT L1 2ND REPLAT OUTLOT C OF WESTMOOR WEST 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 $417,690 $377,910 2011-2025 AS0079 WADDLE WESTMOOR LLC - R8069599 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 2011-2025 AS0079 2011 COUNTY BOARD OF EQUALIZATION WELD COUNTY ASSESSOR'S ACCOUNT NUMBER R8069599 STIPULATION (As To Tax Year 2011 Actual Value) RE PETITION OF : NAME: Waddle Westmoor LLC ADDRESS: 8232 Golden Eagle Road Fort Collins, CO 80528 R f # i # • t Petitioner(s),Waddle Westmoor 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 1 RLIWMW ENVELOPE B L4 1ST REPLAT L1 2ND REPLAT OUTLOT C OF WESTMOOR WEST 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 $ 31.616 Improvements$ 386.074 Total $ 417.690 4. After further review and negotiation,the petitioner(s) and Weld County Assessor agree to the following actual value for the subject property. Land $ 31,616 Improvements$ 346.294 Total $ 377.910 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 sa,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 21st day of July, 2011. /Pe • oner(s) or Attorney Petitioner(s) or Attorney Address: Address: Telephone: Lit -Z?OC7 Telephone: ,6(49County Ass or 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 R8069599 2011 0600 GR 1RL1WMW ENVELOPE B L4 1ST REPLAT L1 2ND REPLAT OUTLOT C OF z WESTMOOR WEST C• WADDLE WESTMOOR LL 4875 W 10 ST, GREELEY 3 C/O BRUCE M WADDLE O >. 8232 GOLDEN EAGLE ROAD W FORT COLLINS,CO 80528 a O x a ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ACTUAL VALUE PRIOR TO ACTUAL VALUE AFTER REVIEW REVIEW COMMERCIAL 477,095 417,690 TOTAL $477,095 $417,690 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: CM03 -After review of your property, we have made adjustments. This was done because of additional information obtained, or provided thru the appeal 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 ' '"" SPERRY VAN NESS C/O KYLE LUNDY u1 2020 CARIBOU DR FORT COLLINS CO 80525 u .c APPEAL PROCEDURES County Board of Equalization Hearings will be held from July 1 through August 5 at 91510'° 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 10'"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 propertypursuant_to § 39-8-106(1.5), C.R.S.) What is the basis for your estimate of value or yolk 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.)`( S Priivta � T r eLtATTESTATION I, the undersigned owner or agent' of the property identified above, affirm that the statements contained he in and on araittachments hereto are true and complete. 6)2a r(Sig ture Telephone Number D to ' Attach letter of authorization signed by property owner. CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4226 FAX: (970) 352-0242 1150 O STREET P. 0. BOX 758 GREELEY, COLORADO 80632 'toC. COLORADO August 26, 2011 WADDLE WESTMOOR LLC 8232 GOLDEN EAGLE ROAD C/O BRUCE M WADDLE FORT COLLINS, CO 80528 RE: THE BOARD OF EQUALIZATION, 2011, WELD COUNTY, COLORADO - STIPULATE PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE DESCRIPTION OF PROPERTY: ACCOUNT #: R8069699 PARCEL #: 095903421005 - GR 1 RL1 WMW ENVELOPE C L4 1ST REPLAT L1 2ND REPLAT OUTLOT C OF WESTMOOR WEST 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 $417,690 $377,910 2011-2025 AS0079 WADDLE WESTMOOR LLC - R8069699 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, CLW�UiIJ 'bE Esther E. Gesick Deputy Clerk to the Board cc: Christopher Woodruff, Assessor SPERRY VAN NESS C/O KYLE LUNDY 2020 CARIBOU DR FORT COLLINS, CO 80525 2011-2025 AS0079 2011 COUNTY BOARD OF EQUALIZATION WELD COUNTY ASSESSOR'S ACCOUNT NUMBER R8069699 STIPULATION (As To Tax Year 2011 Actual Value) RE PETITION OF : NAME: Waddle Westmoor LLC ADDRESS: 8232 Golden Eagle Road Fort Collins, CO 80528 Petitioner(s),Waddle Westmoor 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 1RLIWMW ENVELOPE B L4 1ST REPLAT L1 2ND REPLATOUTLOT C OF WESTMOOR WEST 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 $ 31,616 Improvements$ 386.074 Total $ 417.690 4. After further review and negotiation,the petitioner(s) and Weld County Assessor agree to the following actual value for the subject property. Land $ 31.616 Improvements$ 346.294 Total $ 377,910 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 adiusted 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 1st day of July, 2011. 2 1Pner(s) or ttorney Petitioner(s) or Attorney Address: Address: Telephone: 'PO - -N3'' Z-`1Z Telephone: County Ass sor///"r 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 R8069699 2011 0600 GR 1RL1WMW ENVELOPE C L4 1ST REPLAT L1 2ND REPLAT OUTLOT C OF WESTMOOR WEST w WADDLE WESTMOOR LLC 4855 W 10 ST,GREELEY 33 C/O BRUCE M WADDLE 8232 GOLDEN EAGLE ROAD cc FORT COLLINS,CO 80528 a cc a. ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ACTUAL VALUE PRIOR TO ACTUAL VALUE AFTER REVIEW REVIEW COMMERCIAL 477,095 417,690 TOTAL $477,095 $417,690 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: CM03 -After review of your property, we have made adjustments. This was done because of additional information obtained, or provided thru the appeal 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. SPERRY VAN NESS C/O KYLE LUNDY 2020 CARIBOU DR FORT COLLINS CO 80525 �' 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 prope ursua t tor§ 39-8-106(1.5), C.R.S.) 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.) ODC!^N� ))a �� (jpt� ATTESTATION I, the undersigned owner or agent' of the property identified above, affirm that the statements contained herein and on any a chments hereto are true and complete. 4, c - Cy `1\0-2700 7/ f 2oi/ Lig ure phone Number D to ' Attach letter of authorization signed by property owner. 61' I N CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4226 FAX: (970) 352-0242 11550 O STREET P. O. BOX 758 GREELEY, COLORADO 80632 C. COLORADO August 26, 2011 WADDLE WESTMOOR LLC 8232 GOLDEN EAGLE ROAD C/O BRUCE M WADDLE FORT COLLINS, CO 80528 RE: THE BOARD OF EQUALIZATION, 2011, WELD COUNTY, COLORADO - STIPULATE PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE DESCRIPTION OF PROPERTY: ACCOUNT #: R8069799 PARCEL #: 095903421006 - GR 1 RL1 WMW ENVELOPED L4 1 ST REPLAT L1 2ND REPLAT OUTLOT C OF WESTMOOR WEST 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 $527,730 $477,470 2011-2025 AS0079 WADDLE WESTMOOR LLC - R8069799 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, l Esther E. Gesick Deputy Clerk to the Board cc: Christopher Woodruff, Assessor SPERRY VAN NESS C/O KYLE LUNDY 2020 CARIBOU DR FORT COLLINS, CO 80525 2011-2025 AS0079 2011 COUNTY BOARD OF EQUALIZATION WELD COUNTY ASSESSOR'S ACCOUNT NUMBER R8069799 STIPULATION (As To Tax Year 2011 Actual Value) RE PETITION OF : NAME: Waddle Westmoor LLC ADDRESS: 8232 Golden Eagle Road Fort Collins, CO 80528 x • • • * * * Petitioner(s),Waddle Westmoor 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 1RL1WMW WMW ENVELOPED L4 1 ST REPEAT L1 2ND REPEAT OUTLOT C OF WESTMOOR WEST 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 $ 40.192 Improvements$ 487.538 Total $ 527.730 4. After further review and negotiation,the petitioner(s) and Weld County Assessor agree to the following actual value for the subject property. Land $ 40.192 Improvements$ 437,278 Total $ 477.470 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 adiusted based upon the general market prices per so. 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 21st day of July, 2011. titioner(s) or Attom Petitioner(s) or Attorney Address: Address: Telephone: Li y 3 2 7o1J Telephone: C Ass or71(if/LD �/ ��i� 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 R8069799 2011 0600 GR 1RLIWMW ENVELOPE D L4 1ST REPLAT L1 2ND REPLAT OUTLOT C OF cc Ill WESTMOOR WEST WADDLE WESTMOOR LLC 4835 W 10 ST,GREELEY 3 C/O BRUCE M WADDLE 8232 GOLDEN EAGLE ROAD ¢ FORT COLLINS,CO 80528 O O a ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ACTUAL VALUE PRIOR TO ACTUAL VALUE AFTER REVIEW REVIEW COMMERCIAL 602,785 527,730 TOTAL $602,785 $527,730 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: CM03 -After review of your property, we have made adjustments. This was done because of additional information obtained, or provided thru the appeal 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 yoga` Assessor for a listing of the local taxing authorities. — (x1 Please refer to the reverse side of this notice for additional information_, _ SPERRY VAN NESS N C/O KYLE LUNDY 2020 CARIBOU DR FORT COLLINS CO 80525 APPEAL PROCEDURES County Board of Equalization Hearings will be held from July 1 through August 5 at 915 101h 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 10'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 prof pursuant to § 39-8-106(1.5), C.R.S.) $ 72-() 9SD 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, -t(l_ �' i.e., comparable sales, rent roll, rtorsc original installed cost, appraisal, aAE m' " o ATTESTATION I, the undersigned owner or agent' of the property identified above, affirm that the statements contained h rein and on anydattachments hereto are true and complete. A <I � - 97a H —2900 7) 13) 2-0Il Si ature Telephone Number Date ' Attach letter of authorization signed by property owner. Ir:Thit'4 CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4226 FAX: (970) 352-0242 115050 O STREET P. O. BOX 758 111k. GREELEY, COLORADO 80632 COLORADO August 26, 2011 WADDLE WESTMOOR LLC 8232 GOLDEN EAGLE ROAD CIO BRUCE M WADDLE FORT COLLINS, CO 80528 RE: THE BOARD OF EQUALIZATION, 2011, WELD COUNTY, COLORADO - STIPULATE PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE DESCRIPTION OF PROPERTY: ACCOUNT #: R8069999 PARCEL #: 095903421008 - GR 1 RL1 WMW ENVELOPE E L3 1 ST REPLAT L1 2ND REPLAT OUTLOT C OF WESTMOOR WEST 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 $630,000 $570,000 2011-2025 AS0079 WADDLE WESTMOOR LLC - R8069999 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, S / Esther E. Gesick Deputy Clerk to the Board cc: Christopher Woodruff, Assessor SPERRY VAN NESS C/O KYLE LUNDY 2020 CARIBOU DR FORT COLLINS, CO 80525 2011-2025 AS0079 2011 COUNTY BOARD OF EQUALIZATION WELD COUNTY ASSESSOR'S ACCOUNT NUMBER R8069999 STIPULATION (As To Tax Year 2011 Actual Value) RE PETITION OF : NAME: Waddle Westmoor LLC ADDRESS: 8232 Golden Eagle Road Fort Collins, CO 80528 f R • ♦ ♦ ♦ 4 Petitioner(s),Waddle Westmoor 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 1 RL1 WMW ENVELOPE E L3 1 ST REPLAT L1 2ND REPLAT OUTLOT C OF WESTMOOR WEST 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 $ 48.424 Improvements$ 581,576 Total $ 630.000 4. After further review and negotiation,the petitioner(s) and Weld County Assessor agree to the following actual value for the subject property. Land $ 48.424 Improvements$ 521.576 Total $ 57Q000 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 adiusted based upon the general market prices per sq, ft. that were in place in the base Periods 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 DAY 21st of July, 2011. 2. �C 'Pe ' oner(s) or Attorney Y Petitioner(s) or Attorney Address: Address: Telephone: / O —Map ? 'TelepphhiJone: K� Co Ass or 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 R8069999 2011 0600 GR 1RL1WMW ENVELOPE E L3 1ST REPLAT L1 2ND REPLAT OUTLOT C OF WESTMOOR WEST Ili WADDLE WESTMOOR LLC 4731 W 10 ST G, GREELEY O C/O BRUCE M WADDLE r 8232 GOLDEN EAGLE ROAD m FORT COLLINS,CO 80528 W 0. re 0. ASSESSOR'S VALUATION ACTUAL VALUE PRIOR TO PROPERTY CLASSIFICATION REVIEW ACTUAL VALUE AFTER REVIEW COMMERCIAL 719.600 630,000 TOTAL $719,600 $630,000 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: CM03 -After review of your property, we have made adjustments. This was done because of additional information obtained, or provided thru the appeal 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 yoU "AsseSSpr for a listing of the local taxing authorities. Please refer to the reverse side of this notice for additional'infornlation.;` cn SPERRY VAN NESS - C/O KYLE LUNDY U 2020 CARIBOU DR FORT COLLINS CO 80525 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 propertDp3ursuuaanntt to § 39-8-106(1.5), C.R.S.) What is the basis for your estimate of value or your reasonfor requesting a review? (Please attach additional sheets as necessary and any supporting documentation, i.e., comparable sales, rent roll, original installed cogs tpprais c.)_(� ^ +4 `un l ATTESTATION I, the undersigned owner or agent' of the property identified above, affirm that the statements contained h ein and on any achments hereto are true and com lete. 1in. o7/ 13/ ( Sire Telephone Number Da e ' Attach letter of authorization signed by property owner. May 25 11 10:22a Bruce M. Waddle 970-207-9615 p.1 • • Letter of Authorization for Property Tax Matters I/We, the undersigned, as the owner of the property listed below located in Larimer/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 necessary, in the appeal process of the tax year 2011. g yle L y 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: Property Owner Name: Waddle Westrnoor,LLC by Bruce M. Waddle Property Owner Signature: (,Awc.t 1)1, Date: 5/25[O/1 Property Information (Please attach additional sheets if necessary) RBW0099 R8069599 R8069699 R8069799 R8069999 R8069899 R8070199 Sperry Van Ness. The Group 0ommer,rsi. .Le Owner Name Waddle Westmor LLC Subject Property Address Sq. Ft. Prior Year Current Year Price Per Sq. Ft. Westmoor Commons 4731, 4835, 4855 &4875 24,982 $2,996,175 $2,996,175 $120.00 West 10th Street, Greeley Income Approach Annual Income $185,890 (see attached) EGI $185,890 Less 2% Reserves $3,717 Total Expenses $3,717 Net Income $182,173 Westmoor Commons: $182,173 s.f. / .09% = $2,024,144 New Estimate for Westmoor Commons: $2,024,144 ***See attached income statement Vintage Corporation — Waddle Westmoor, LLC. INCOME STATEMENT as of December 31, 2010 CURRENT PERIOD YEAR-TO-DATE INCOME Rental Income 19, 664 . 96 239, 545 . 59 Property Tax Reimb 4, 346 .40 51 , 804 . 71 Insurance Reimb 689 .18 8 , 276. 83 CAM Income 2, 512 . 73 30, 041. 01 Water/Sewer Reimb 343 .48 2 , 856 .42 Maintenance Reimb 0. 00 440. 00 2009 CAM Reconciliation 0 . 00 780. 09 TOTAL INCOME 27, 556 . 75 333 , 744 . 65 RECAPTURABLE EXPENSES Bldg Maint/Repairs 61.25 6, 661. 18 Street Maintenance 91 .11 2 , 897. 36 Landscape Maintenance Mowing/Trimming 0 . 00 2 , 565. 00 Fertilizing 0. 00 1, 016 . 00 Spraying 0 . 00 240. 00 Weeding 0. 00 881. 87 Pruning 0. 00 4 , 340 . 00 Clean Up 905 . 00 4 ,480. 63 Drainage 0. 00 7, 632 . 46 Sprinkler 0 . 00 552 . 00 Water/Sewer 84 .39 5, 759 . 43 Pest Control 0. 00 140. 00 Electricity 1, 324 . 29 5, 706 . 16 Trash Removal 395 . 56 4, 778 . 10 Supplies 0. 00 510 . 43 Lot Sweeping 160 . 00 1, 820 . 00 Insurance 0 . 00 10, 097 . 25 Snow Removal 289 . 74 5, 193 .49 Striping 0 . 00 162 . 00 Painting 0 . 00 400 . 00 Pest Control 0. 00 280 . 00 TOTAL RECAPTURABLE EXP (3 , 311. 34) (66 , 113 . 36) MISCELLANEOUS EXPENSE Water/Sewer 269.26 3 , 015 . 70 TOTAL MISC EXPENSE (269 . 26) (3 , 015 . 70) Vintage Corporation Waddle Westmoor, LLC. INCOME STATEMENT as of December 31, 2010 CURRENT PERIOD YEAR-TO-DATE OWNER EXPENSES Gas 214 . 36 1, 287.50 Electricity 0 . 00 1, 256 . 72 Supplies 0. 00 156 .40 Cleaning 0 . 00 275. 00 Bldg Maint/Repair 600 . 00 3 , 391. 15 Roof Repairs 0. 00 53 , 700 . 00 Roof Install Damage 1, 248 . 00 1, 971 .43 Management Fees 1, 377. 84 16, 687 .25 TOTAL OWNER EXPENSES (3 , 440. 20) (78, 725 .45) TOTAL EXPENSES (7, 020. 80) (147, 854 . 51) NET OPERATING INCOME 20, 535 . 95 185, 890 . 14 Vintage Corporattri Westmoor Commons INCOME STATEMENT as of December 31, 2009 DECEMBER 2009 YEAR-TO-DATE INCOME Rental Income $ 21, 592 . 00 $ 244 , 964 . 35 Property Tax Reimb 4, 490 .46 52, 709 . 52 Insurance Reimb 713 . 79 8, 337 . 48 CAM Income 2, 566 . 63 30, 253 . 56 Water/Sewer Reimb 221 .41 2, 420 .21 2008 CAM Reconciliation 0 . 00 782 . 46 TOTAL INCOME 29, 584 .29 339, 467 . 58 RECAPTURABLE EXPENSES Bldg Maint/Repairs 1, 125 .24 3 , 189 . 73 Street Maintenance 636 . 32 2, 884 . 47 Landscape Maintenance Mowing/Trimming 0 . 00 3 , 025 . 00 Fertilizing 0 . 00 984 . 00 Spraying 0 . 00 240 . 00 Weeding 0 . 00 424 . 00 Clean Up 573 . 75 5, 633 . 00 Replacements 0 . 00 90 . 00 Sprinkler 0 . 00 361 . 00 Water/Sewer 81 . 16 4, 653 . 77 Storm/Raw Water Fee 0 . 00 696 . 08 Electricity 0 . 00 3 , 341 .42 Trash Removal 346 . 52 3, 974 . 65 Supplies 0 . 00 331 . 16 Lot Sweeping 160 . 00 1, 690 . 00 Insurance 0 . 00 10, 107. 81 Snow Removal 3 , 241 .25 8, 756 .25 Pest Control 0 . 00 420 . 00 TOTAL RECAPTURABLE EXP (6, 164 . 24) (50, 802 . 34) MISCELLANEOUS EXPENSE Water/Sewer 218 . 09 2, 626 . 07 TOTAL MISC EXPENSE (218 . 09) (2 , 626 . 07) OWNER EXPENSES Licenses/Inspections 0 . 00 20 . 00 Gas 76 . 69 1, 284 . 94 Electricity 62 . 11 133 . 80 Supplies 0 .49 206 .27 Vintage Cccpotatfon Westmoor Commons INCOME STATEMENT as of December 31, 2009 DECEMBER 2009 YEAR-TO-DATE Cleaning $ 0 . 00 $ 85 . 00 Bldg Maint/Repair 229 . 19 1, 144 . 19 Insurance Repairs 3 , 250 . 00 16, 786 . 08 Roof Repairs 0 . 00 2, 955 . 88 Professional Fees 0 . 00 947. 00 Management Fees 1,479 .21 16, 973 . 37 HVAC 2, 371 . 62 2, 371. 62 TOTAL OWNER EXPENSES (7, 469 . 31) (42, 908 . 15) TOTAL EXPENSES (13 , 851 . 64) (96, 336 . 56) NET OPERATING INCOME 15, 732 . 65 243, 131 . 02 tit Sperry Van Ness. The Group Commercial LLC Market Approach Owner Name Waddle Westmor LLC Subject Property Address Sq. Ft. Prior Year Current Year Price Per Sq. Ft. Westmoor Commons 4731, 4835, 4855 &4875 24,982 $2,996,175 $2,996,175 $120.00 West 10th Street, Greeley Comparables Address Sq. Ft. Sale Date Sales Price Price Per Sq. Ft. 1130 Main Street 7,937 9/9/2010 $675,000 $85.04 Windsor CO 2400 8th Avenue 8,475 11/2/2009 $860,000 $101.47 Greeley CO 901 35th Avenue 4,797 7/30/2009 $525,000 $109.44 Greeley 818 31st Street 26,746 7/18/2008 $1,875,000 $70.10 Evans CO 1039-1063 Main Street 27,126 2/12/2007 $2,390,000 $88.11 Windsor CO 1020 28th Avenue 21,369 5/30/2006 $650,000 $30.42 Greeley CO Average per Sq. Ft. of all 6 comparables $80.76 Summary Westmoor Commons: 24,982 s.f. x 80.76 = $2,017,546 New Estimate of Value for Westmoor Commons $2,017,546 *Please see the additional attached supporting documentation and appraisal 1130 W Main St Windsor, CO 80550 Bank Building of 7,937 SF Sold on 09/09/2010 for $675,000 - Research Complete buyer John Bierwirth - -- -- --- - - -.. 354 N Shore Cir r f • i . Windsor, CO 80550 (970) 227-5159 • `" ` . seller Federal Deposit Insurance Corporation 550 17th St NW Washington, DC 20006 (877) 275-3342 - — • - . vital data Escrow/Contract: 45 days Sale Price: $675,000 Sale Date: 09/09/2010 Status: Confirmed Days on Market: 384 days Building SF: 7,937 SF Exchange: No Price/SF: $85.04 Conditions: REO Sale Pro Forma Cap Rate: - Land Area SF: 54,886 Actual Cap Rate: - Acres: 1.26 Down Pmnt: $250,000.00 $/SF Land Gross: $12.30 Pct Down: 37.0% Year Built, Age: 2002 Age: 8 Doc No: 3717438 Parking Spaces: 32 Trans Tax: $67.50 Parking Ratio: 4.03/1000 SF Corner: No FAR: 0.14 Zoning: GC Lot Dimensions: - Percent Improved: 49.1% Frontage: 245 feet on 11th St Submarket: Northern Colorado Ret 164 feet on Co-392 Hwy Map Page: - Tenancy: Single Parcel No: 080717338002 Comp ID: 1977460 Property Type: Retail income expense data listing broker Sperry Van Ness/The Group Commercial 2020 Caribou Dr Fort Collins, CO 80525 (970) 207-0700 Dan Leuschen, Steve Kawulok C buyer broker Sperry Van Ness/The Group Commercial 2020 Caribou Dr Fort Collins, CO 80525 (970) 207-0700 Dan Leuschen, Steve Kawulok financing prior sale 1st Dundee Bank Date/Doc No: 12/23/2009 Bal/Pmt: $425,000 Sale Price: ComplD: 1851614 I i Sperry whit guaranty as to the accuracy of the above. Opinions and estimates are CBRE's judgment as of the release date, subject to change. Redistribution without our5/26/2011 consent is prohibited. Page 6 This copyrighted report contains research licensed to Sperry Van Ness/The Group Commercial - 56513. g 2400-2410 8th Ave Greeley, CO 80631 General Freestanding Building of 8,475 SF Sold on 11/02/2009 for $860,000 - Research Complete buyer _ - - - 4 y a El Paso-Los Angeles Limousine c/o Bonnie Morales w 706 S Mesa St LA El Paso, TX 79901 - ---- (915) 544-4719 -- r; seller Gina Shryack 384 Wessex Cir Highlands Ranch, CO 80126 vital data Escrow/Contract: - Sale Price: $860,000 Sale Date: 11/02/2009 Status: Confirmed Days on Market: - Building SF: 8,475 SF Exchange: No Price/SF: $101 .47 Conditions: - Pro Forma Cap Rate: - Land Area SF: 25,918 Actual Cap Rate: - Acres: 0.6 Down Pmnt: - $/SF Land Gross: $33.18 Pct Down: - Year Built, Age: 1975 Age: 34 Doc No: 3657657 Parking Spaces: 55 Trans Tax: - Parking Ratio: 6.5/1000 SF Corner: Yes FAR: 0.33 Zoning: - Lot Dimensions: - No Tenants: 1 Frontage: 124 feet on 8th Ave Percent Improved: 79.6% Tenancy: Multi Submarket: Northern Colorado Ret Comp ID: 1825281 Map Page: - Parcel No: 096117222001 [Partial List] Property Type: Retail income expense data listing broker No Listing Broker on Deal buyer broker No Buyer Broker on Deal financing III Sperry Yi7rt 1gie33 guaranty as to the accuracy of the above. Opinions and estimates are CBRE'sjudgment as of the release date, subject to change. Redistribution without 0u15/261201 1 consent is prohibited. This copyrighted report contains research licensed to Sperry Van Ness/The Group Commercial - 56513. Page 1 901 35th Ave Better Bodies For Women Greeley, CO 80634 (Strip Center) Building of 4,797 SF Sold on 07/30/2009 for $525,000 - Research Complete buyer ,. James Hunter (970) 378-7581 -_. seller . . s` Gerald Thompson r j 8660 WCR 106 ;. : Nunn, CO 80648 4 \i vital data Escrow/Contract: - Sale Price: $525,000 Sale Date: 07/30/2009 Status: - Days on Market: - Building SF: 4,797 SF Exchange: No Price/SF: $109.44 Conditions: - Pro Forma Cap Rate: - Land Area SF: 27,443 Actual Cap Rate: - Acres: 0.63 Down Pmnt: $0.00 $/SF Land Gross: $19.13 Pct Down: 0.0% Year Built, Age: 2001 Age: 8 Doc No: 3642646 Parking Spaces: 31 Trans Tax: - Parking Ratio: 6.46/1000 SF Corner: No FAR: 0.17 Zoning: C-H Greeley Lot Dimensions: - Percent Improved: 81.5% Frontage: 124 feet on 35th Submarket: Northern Colorado Ret 221 feet on 9th Map Page: Pierson Graphics Corp 98-KO43 Tenancy: Multi Parcel No: 095902444002 Comp ID: 1761582 Property Type: Retail income expense data listing broker buyer broker -.- financing prior sale 1st First Natl Bk Date/Doc No: 05/02/2005 Bal/Pmt: $327,500 Sale Price: $995,000 2nd First Natl Bk ComplD: 1016673 Bal/Pmt: $262,000 III Sperry Ytlfl rfr guaranty as to the accuracy of the above. Opinions and estimates are CBRE's judgment as of the release date, subject to change. Redistribution without our5/26/201 1 consent is prohibited. This copyrighted report contains research licensed to Sperry Van Ness/The Group Commercial - 56513. Page 4 818 31st St - L & I Shopping Center Evans, CO 80620 (Neighborhood Center) Building of 26,746 SF Sold on 07/18/2008 for $1,875,000 - Research Complete buyer Esh Discount Family Market, LLC 4221 W Eisenhower Blvd (W ,Y to- . r )JtAIIK CLT Loveland, CO 80537 1 Illy -_ ' --' _ seller _- Palmos Development Corporation 2775 Iris Ave Boulder, CO 80304 t ( )!‘tqtr (303) 449-0951 . ~'7 vital data Escrow/Contract: - Sale Price: $1,875,000 Sale Date: 07/18/2008 Status: Full Value Days on Market: - Building SF: 26,746 SF Exchange: No Price/SF: $70.10 Conditions: - Pro Forma Cap Rate: - Land Area SF: 116,741 Actual Cap Rate: - Acres: 2.68 Down Pmnt: - $/SF Land Gross: $16.06 Pct Down: - Year Built, Age: 1990 Age: 18 Doc No: 3567454 Parking Spaces: 113 Trans Tax: $187.50 Parking Ratio: 4.22/1000 SF Corner: No FAR: 0.23 Zoning: PD, Evans Lot Dimensions: - No Tenants: 2 Frontage: 341 feet on 31st St. (with 3 curb cuts) Percent Improved: 76.8% 327 feet on W. Service Rd. (with 1 curb Submarket: Northern Colorado Ret cut) Map Page: Mapsco 99-KR46 Tenancy: Single Parcel No: 096120306019 Comp ID: 1562153 Property Type: Retail income expense data listing broker Expenses - Taxes $27,094 Palmos Development Corporation 2775 Iris Ave - Operating Expenses Boulder, CO 80304 Total Expenses (303) 449-0951 Terry Palmos buyer broker financing prior sale 1st Colorado Community Bank (due in 20 yrs) Date/Doc No: 02/10/2006 Bal/Pmt: $1 ,406,250 Sale Price: $1 ,250,000 2nd Colorado Community Bank (due in 1 yr) ComplD: 1093229 Bal/Pmt: $100,000 [partial list] III Sperry whiten n guaranty as to the accuracy of the above. Opinions and estimates are CBRE's judgment as of the release date, subject to change. Redistribution without our5/26/2011 consent is prohibited. Page 3 This copyrighted report contains research licensed to Sperry Van Ness/The Group Commercial - 56513. g 1020 28th Ave Greeley Plaza Greeley, CO 80634 (Strip Center) Building of 21 ,369 SF Sold on 05/30/2006 for $650,000 - Research Complete buyer v Donivan Glassburn • do Donivan Glassburn 46 Hopetown Rd Mount Pleasant, SC 29464 . - (843) 856-0602 = seller - - 1020 28th Avenue, LLC E : c/o David Gottenberg Littleton, CO 80160 (303) 488-9983 vital data Escrow/Contract: - Sale Price: $650,000 Sale Date: 05/30/2006 Status: Confirmed Days on Market: - Building SF: 21,369 SF Exchange: No Price/SF: $30.42 Conditions: - Pro Forma Cap Rate: - Land Area SF: 77,972 Actual Cap Rate: - Acres: 1.79 Down Pmnt: - $/SF Land Gross: $8.34 Pct Down: - Year Built, Age: 1974 Age: 32 Doc No: 3391569 Parking Spaces: - Trans Tax: $65 Parking Ratio: - Corner: No FAR: 0.27 Zoning: C-H, Greeley Lot Dimensions: - No Tenants: 5 Frontage: - Percent Improved: 67.5% Tenancy: Multi Submarket: Northern Colorado Ret Comp ID: 1141949 Map Page: Mapsco 98-KP44 Parcel No: 095912104048 Property Type: Retail income expense data listing broker buyer broker financing 1st Lender Not available III Sperry mittenguaranty as to the accuracy of the above. Opinions and estimates are CBRE's judgment as of the release date, subject to change. Redistribution without our5/26/2011 consent is prohibited. Page 2 This copyrighted report contains research licensed to Sperry Van Ness/The Group Commercial - 56513. g RECONCILIATION- VALUE CONCLUSIONS "As Is"—4731 West 10'° Street Cost Approach Not Developed N/A N/A Sales Comparison Approach Not Developed N/A N/A Income Approach $1,005,000 $83.96 PSF GLA(Based on 11,970 SF) "As Is"—4875 West 10th Street Cost Approach Not Developed N/A N/A Sales Comparison Approach Not Developed N/A N/A Income Approach $350,000 $87.50 PSF GLA(Based on 4,000 SF) "As Is"—4835 West 10`°Street Cost Approach Not Developed N/A N/A Sales Comparison Approach Not Developed N/A N/A Income Approach $380,000 $76.00 PSF GLA(Based on 5,000 SF) "As Is" —4855 West 10`H Street Cost Approach Not Developed N/A N/A Sales Comparison Approach Not Developed N/A N/A Income Approach $355,000 $91.03 PSF GLA(Based on 3,900 SF) Approach Correlations "As Is" Income Approach Value Conclusions—Total Subject Property "As Is" $2,090,000 $84.04 PSF OA(Based on 24,870 SF) REASONABLE MARKETING AND EXPOSURE Financing for retail investments in the Greeley Metro area real estate market has become limited due to the current economic crisis and may or may not have a negative impact on the marketability of this type of investment. All the preceding information indicates the subject property would sell in less than twelve months at the appraised market value. The exposure time is also estimated at less than twelve months;however;it could be slightly longer than the marketing time depending on any improvement in the market. pa 1 V e :i4-ft C. x r E'L"75 CVC ti Multi-Tenant Shopping Center 4731, 4835,4855 &4875 West 10th Street Greeley, CO 80634 An Evaluation Assignment RETECHS#DNV10-7983-C.1 CVC#12416 Prepared for: " Ms. Rebecca Hawkins Wells Fargo RETECHS 1700 Lincoln Avenue, 23rd Floor Denver, CO 80203 Appraisal and Valuation Dates: Appraisal Date: May 5,2010 Valuation Datelsl: ° "As Is"—April 27, 2010 "As If Stabilized"—April 27, 2010 4 • Subject Property Multi-Tenant Shopping Center • ,• •••;.-• • • 1 i 41.0 ""a M1.. �.. fit'. y' x • 1 ' Westmoor Commons 4731,4835,4855&4875 West 10th Street,Greeley,Colorado EVALUATION This Evaluation is an assessment of the probable value of a property and is prepared according to the Interagency Appraisal and Evaluation Guidelines,dated October 27,1994 and OCC Bulletin 94-55. This document is intended to meet the requirements of a Restricted Appraisal as set forth under Standards Rule 2-2(c)of the Uniform Standards of Professional Appraisal Practice. The intended client of this report is Wells Fargo Bank. The client and the undersigned have discussed and mutually agreed to the adequacy of this document based on the limited investigation undertaken and the intended use. SUMMARY OF SALIENT FACTS General Information Address/Location 4731,4835,4855&4875 West 10th Street Greeley,CO 80634 Parcel Numbers 0959-034-21-009—4731 West 10`"Street 0959-034-21-006-4835 West 10th Street 0959-034-21-004—4875 West 10th Street 0959-034-21-005—4855 West 10th Street Property Owner Bruce M.Waddle C/O Vintage Corporation Land Area 25,034 SF(0.57 acres) Per Weld County Assessor's Office *The subject buildings share a site in-common that is owned by the subject's property owner,Bruce M.Waddle C/O Vintage Corporation. This site provides shared parking for the subject's buildings. Gross Leasable Area 4731 West 10'"Street: Unit A: 1,500 SF Unit B/C: 3,000 SF Unit D/E: 3,000 SF Unit F: 1,640 SF Unit G/H: 2,830 SF Building Total: 11,970 SF 4835 West 10th Street: Unit A/B: 1,375 SF Unit C: 3,625 SF Building Total: 5,000 SF 4875 West 10th Street: Unit A: 3,000 SF Unit C: 1,000 SF Building Total: 4,000 SF 4855 West 101h Street: Unit A: 3,900 SF Subject Total: 24,870 SF Per current rent roll and lease agreements Year of Construction 1999 Per Weld County Assessor's Office SUMMARY OF SALIENT FACTS General Information Zoning PUD(Planned Unit Development) Per City of Greeley Planning Department Zoning Intent According to our discussions with the City of Greeley Planning Department,the subject's PUD allows for a variety of retail and service-oriented land uses,including but not limited to multi-tenant retail buildings. Purpose of Evaluation Estimate the current market value of the Leased Fee Estate of the subject"As Is"and the hypothetical market value of the Leased Fee Estate of the subject"As If Stabilized". Hypothetical Condition We are valuing the subject under the hypothetical condition that the subject has attained stabilized levels of occupancy and income levels as of the valuation date. Therefore,we will first value each building that comprises the subject"As If Stabilized"and then deduct stabilization and lease-up costs to arrive at an"As Is"value for each building of the subject property. Intended Use Aid in loan underwriting purposes. Value Premise(s) Market Value"As Is" Hypothetical Market Value"As If Stabilized" Assumptions None Property Interest(s) "As Is"—Leased Fee Estate "As If Stabilized"—Leased Fee Estate Inspection Date April 27,2010 Effective Date of Value "As Is"—April 27,2010 "As If Stabilized"—April27,2010 Volatile Issues We reviewed complete copies of the subject lease agreements;however,we were not provided with copies to include with this appraisal report. Our review of the leases conducted at the Vintage Corporation office verifies that the information provided by the property contact and the rent roll is correct. If significant disparities exist between the rent roll and the lease agreements,the appraisers reserve the right to amend this report. Comments None Disclaimer This report is prepared for the sole use and benefit of the client and is based,in part,upon documents, writings,and information owned and possessed by the client. Neither this report,nor any of the information contained herein shall be used or relied upon for any purpose by any person or entity other than the client except as specifically allowed by the client in writing. iis� ( ' , riFsr: 2 PROPERTY DETAIL QUESTIONS Property Discussion Points Site Size Based on records provided by the Weld County Assessor's Office,the subject's total site size is 25,034 square feet. However,this site size includes the subject buildings'underlying land and the subject's buildings share an in-common site that provides parking for the subject property,which is owned by the same entity as the subject property. Improvements The subject property consists of three multi-tenant retail buildings and one single-tenant retail building situated on five different parcels of land. The following is a brief improvement description for each building that comprises the subject. 4731: This building is located on the northwest corner of the intersection of 47th Avenue and West 10th Street. It is comprised of a multi-tenant retail building situated on two parcels of land. The building contains a total of 11,970 square feet of gross leasable area and is currently demised into five individual units that are 100%leased. Unit A is occupied by Papa John's and contains 1,500 square feet of gross leasable area. It is demised for use as a carry-out pizza restaurant. It is primarily built-out into kitchen and food preparation area. Unit B/C is occupied by Peel's Salon Service and is demised for use as a retail shop. This unit contains 3,000 square feet of gross leasable area and Is primarily built-out into open showroom space and office/storage areas. Unit DIE is occupied by Aqua Spas and contains 3,000 square feet of gross leasable area. This unit is built-out into open showroom space and is demised for use as a spa sales store. Unit F contains 1,640 square feet of gross leasable area and is occupied by Weld Family Clinic. This unit is demised for use as a chiropractic office and is built-out into a reception/waiting area,an administrative office and several individual treatment rooms. This unit has a similar quality of interior build-out as the adjacent retail units. . 4855: This building is located within a shopping center at the northeast corner of West 10th Street and 49th Avenue west of 4731 West 10th Street. This is a single-tenant retail building containing a total of 3,900 square feet of gross leasable area. It is currently occupied by Alpine Haus and is 100%leased. This building is demised for use as a ski sales and rental shop in the fall and winter months and an outdoor patio furniture store in the late spring and summer months. It is primarily finished with commercial-grade carpet flooring,finished drywall walls and acoustical tile ceilings with recessed fluorescent lighting. 4875: This building is located immediately west of 4855 West 10th Street and consists of a two- tenant retail building. It was formerly demised for single-tenant use until the current tenant in Unit A downsized their business. This unit contains a total of 4,000 square feet of gross leasable area and is currently 75%leased to a single-tenant. Unit A is leased to Perry's Vacuum and contains 3,000 square feet. It is demised as a vacuum sales and service facility and built-out into an open showroom,a retail counter and a rear service area. Unit C contains 1,000 square feet of gross leasable area and is currently vacant. It is built-out into open showroom space with a partition wall towards the rear of the unit. This building is primarily finished with commercial- grade carpet flooring,finished drywall walls and acoustical tile ceilings with recessed fluorescent lighting. 4835: This building is located immediately east of 4855 West 10th Street at the eastern edge of the west shopping center. This building consists of a multi-tenant retail building that contains a total of 5,000 square feet of gross leasable area and is currently demised into two units. The building is currently 28%occupied. Unit A/B is occupied by Subway and contains 1,375 square feet of gross leasable area. This unit is located in the southern portion of the building and is built- out into a small customer seating area,a retail service counter and a kitchen/food preparation area. Unit C is located north of Unit A/B and contains 3,625 square feet of gross leasable area. This unit is vacant,and was most recently demised for use as a physical therapist office. This unit could easily be retrofitted for use as two units,as there are two main entrances along the west elevation of the building. PROPERTY DETAIL QUESTIONS Property Discussion Points Current Occupancy The four buildings that comprise the subject at currently 75%leased to eight arm's-length tenants. 4731: 86%leased(Weld Family Clinic is on a month-to-month lease) 4855: 100%leased 4875: 75%leased 4835: 28%leased Current and Conforming Use The subject improvements appear to conform to the current zoning for the subject parcel. 5-Year Sale History - Property sale history details are found in the Property History section of this report. ......_.. . . . Recent Improvements None. Deferred Maintenance Based on our visual inspection and discussions with the property contact,Joe Dollarhide,the roofs of the four buildings that comprise the subject were severely damaged during hailstorms and require replacement. Mr.Dollarhide suggested that the estimated cost Vintage Corporation has received to repair the roofs of the four buildings totals$150,000,or$6.03 per square foot of gross leasable area. Therefore,we will deduct the pro rata share from each of the separately concluded values for the subject's four buildings for roof replacement costs in the Reconciliation section of this report. .. .. . ......... . Property Owner/Contact We spoke with Mr.Joe Dollarhide(970-353-3000)during our property inspection. Mr.Dollarhide Interview indicates that the subject's four roofs are in need of replacement and estimated that cost to be $150,000 total. Mr.Dollarhide suggested that there is no other deferred maintenance at the subject property. In addition,Mr.Dollarhide indicated that none of the buildings that comprise the subject property are currently listed for sale. Mr.Dollarhide indicated that the subject's vacant units are currently listed for sale for$10.00 per square foot on a triple net basis with no tenant improvement allowances. _ Previous Appraisal Values Commercial Valuation Consultants,Inc.has not previously provided any appraisal services in relation to the subject property. Monthly Rent Analysis Please see Income Approach section for detailed monthly rent analysis information. Market Activity See Market Analysis and valuation sections of this report for a summary of current market activity Miscellaneous None. OCCUPANCY ANALYSIS Recent Transactions Occupancy Type As previously mentioned,the subject property as a whole is 75%occupied by eight arm's-length tenants. Comments The subject's individual buildings'occupancy is as follows: 4731: 86%leased(Weld Family Clinic is on a month-to-month lease) 4855: 100%leased 4875: 75%leased 4835: 28%leased • SCOPE OF WORK General Information Appraisal Report Type This Appraisal in a Restricted Report format is written to comply with the reporting requirements as set forth under standards rule 2-2(c)of Uniform Standards of Professional Appraisal Practice(USPAP)promulgated by the Appraisal Standards Board. The report contains abbreviated discussion of the data,reasoning,and analyses that were used to develop the opinion of value. It also includes abbreviated descriptions of the subject property,the property's locale,the market for the property type,and the appraiser's opinion of highest and best use. Any data, reasoning,and analyses not discussed in this Restricted Report are retained in the appraiser's work file. This report has been written in accordance with the Code of Ethics and the Standards of Professional Practice of the Appraisal Institute. In addition,this report is intended to be in compliance with the minimum standards of the Uniform Standards of Professional Appraisal Practice,FIRREA and any additional standards of the client its successors and/or its assigns may read and rely upon the findings and conclusions of this report. Scope of Investigation Undertaken The subject property consists of four retail buildings situated on five legal parcels that are leased to arm's-length tenants. The subject appeals most to a local or regional investor. The client requested we value the subject using the single-most applicable approach to value. Therefore,the Income Approach is most appropriate for valuing • the subject property as a potential investor would analyze the potential income producing capabilities of the subject property. The Sales Comparison Approach is not as applicable due to the multi-tenant and income producing nature of the subject property and was not developed. The subject was constructed in 1999 and estimates of accrued depreciation are subjective and can ultimately be misleading. Therefore, the Cost Approach was not developed. A credible value conclusion can be attained with this valuation methodology. Market Value Definition The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale,assuming the buyer and seller are each acting prudently and knowledgeably,and assuming the price is not affected by undue stimulus.Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1. Buyer and seller are typically motivated; 2. Both parties are well informed or well advised,and acting in what they consider their own best interests; 3. A reasonable time is allowed for exposure in the open market; 4. Payment is made in terms of cash in U.S.dollars or in terms of financial arrangements comparable thereto;and 5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.' The term market value used herein is in accordance with the definition of the office of the Comptroller of the Currency,under 12-CFR,part 34,subpart C- Appraisals.34.42 Definitions[F]. 12 C.F.R.Part 34.42(g);55 Federal Register 34696,August 24,1990,as amended at 57 Federal Register 12202,April 9,1992;59 Federal Register 29499,June 7, 1994 Y.. If ' W ASSESSMENT DATA Parcel ID 40959-034-21-009—Actual Values 2009 Payable 2010 Land $48,424 Improvements $671,176 Total $719,600 Parcel ID 40959-034-21-008-Actual Values 2009 Payable 2010 Land $48,424 Improvements $671,176 Total $719,600 Parcel ID 40959-034-21-005-Actual Values 2009 Payable 2010 Land $31,616 Improvements $445,479 Total $477,095 Parcel ID 40959-034-21-004-Actual Values 2009 Payable 2010 Land $31,616 Improvements $445,479 Total $477,095 Parcel ID 40959-034-21-006-Actual Values 2009 Payable 2010 Land $40,192 Improvements • I $562,593 Total $602,785 PROPERTY SALES HISTORY AND ANALYSIS Recent Transactions Comments The subject property transferred ownership on December 30,2009 with a recorded sale price of$346,400. However,this was a bargain and sale deed with Bradley K.Waddle as grantor and Bruce M.Waddle as grantee. This was a transaction between related entities and was non- arm's length. Therefore,this sale price is not indicative of market value and no weight was placed on the prior transaction in estimating the current market value for the subject property. Current Listing Comments Not currently listed for sale. Current Contract Comments Not currently under a sale contract. MARKET DATA Market Area Data Surrounding Area Declining Market Trend Declining Overall Real Estate Values • Declining Neighborhood Vacancy +/-10% Predominant Property Use(s) Retail and single-family Estimated Marketing 12 months residential Estimated Exposure 12 months Surrounding Uses North: Self-storage facility South: Multi-family residential development/Greeley Country Club East: Wal-Mart West: Single-family residences Market Area Comments The subject property is located in the western portion of the City of Greeley. The subject's surrounding area consists primarily of newer multi-tenant retail development with supporting residential and office uses. There are several big-box retail developments located within the subject's market area,including Wal-Mart, Safeway,Kohl's and King Soopers. The western portion of Greeley is considered to be a more desirable area for commercial development than in the Greeley Central Business District,as many of Greeley's retail and office businesses have moved west into newer commercial developments. However,the economic downturn has negatively impacted this area,as well as the greater Greeley Metro area. Vacancy rates for retail properties within a 3-mile radius of the subject are estimated to be 8% • as of first-quarter 2010,which is down from first-quarter 2009. Rental rates have remained stable and were estimated to be$12.00 per square foot as of first-quarter 2010. Overall,the subject's market area is considered to be in decline;however,it appears that market conditions are beginning to show signs of stabilizing. Market Participant Interview Kate Struzenberg(970-396-5586)is a commercial real estate broker with Realtec Commercial Real Estate Services in Greeley. Ms.Struzenberg is the listing broker for the rental comparable located at 3810-3840 West 10'"Street in Greeley. Ms. Struzenberg confirmed the asking rental rates for this comparable's vacant space to be$12.50-$15.00 per square foot on a triple net basis. We discussed the subject property with Ms.Struzenberg,who suggested that a fair market rental rate for the subject property would likely range from$10.00 to$12.00 per square foot on a triple net basis. Additionally,Ms.Struzenberg suggested that the retail market in the western portion of the City of Greeley has begun to show signs of stabilization. HIGHEST AND BEST USE MARKETING AND EXPOSURE Highest and Best Use As If Vacant Hold for future retail-oriented development As Improved As Improved Marketing/Exposure Time Estimated Marketing Time 12 months Estimated Exposure Time 12 months INCOME CAPITALIZATION APPROACH MARKET RENT We utilize two methods in determining market rent for the subject property.These two methods include the following: Examine recent leasing activity at the subject—The most recent arm's-length leases at the subject property often best represent what lessees are willing to pay for a specific property type and location in an open market situation.Recent leasing activity is often the best indicator of market rent for a particular property. Conduct a rental rate survey of comparable properties—In conducting a rental rate survey,we analyze asking and actual rental rates for properties that would be considered similar to the subject and likely compete with the subject for tenants.When there is a lack of recent leasing activity at the subject,comparable rent surveys are a good indicator of what a property could expect in terms of rental rates. In most instances,the rental rate survey will support the actual rental rates indicated by the recent leasing activity. Photographs of the comparables can be found at the end of this report. RECENT LEASING ACTIVITY The subject is 75%leased to eight tenants. There have been no recently signed new tenants at the subject property. COMPARABLE PROPERTY RENT SURVEY The second method for determining market rent for the subject property is to conduct a rent survey of competing properties. We searched for similar retail properties within the surrounding area that would compete with the subject property for potential tenants. From our survey,we have selected five similar retail properties that would compete with the subject. These spaces are detailed and compared to the subject property in the following summary. The following analysis details these results: RENT COMPARABLES SUMMARY The comparables range from$9.00 per square foot to$15.00 per square foot on a triple net basis. Comparable 1 at 4330 Centerplace Drive is located approximately 2 miles south of the subject property. This comparable has asking rental rates for two vacant spaces containing 1,400 square feet each of$15.00 per square foot on a triple net basis. These spaces are located within a shopping center anchored by Target,Kohl's,Best Buy Ross and Safeway along Highway 34. These anchor tenants provide this property with excellent retail synergy,which coupled with the visibility along Highway 34,makes this comparable superior to the subject in location. It was constructed in 2003 and appears to be in good overall condition making it similar to the subject in year of construction and effective age. Given this comparable's location and surrounding development, we would expect the subject to lease at a rate lower than this comparable's asking rental rates. Comparable 2 at 3483-3489 West 10th Street is located approximately one mile east of the subject property. This comparable has six vacant spaces ranging in size from 1,088 to 6,210 square feet with asking rental rates of$9.00-$10.00 per square foot on a triple net basis. This comparable has a similar location as the subject with visibility along West 10th Street at the intersection of 35th Avenue with similar surrounding development. This center appears to be in good overall condition and is similar to the subject in terms of effective age. Therefore,we would expect the subject to lease at a rate similar to this comparable at$10.00 per square foot on a triple net basis. Comparable 3 at 3810-3840 West 10th Street is located approximately one mile east of the subject property. This comparable has four vacant units ranging in size from 1,300 to 4,965 square feet with asking rental rates of$12.50-$15.00 per square foot on a triple net basis. This comparable has a similar location to the subject with visibility along 10th Street and similar surrounding development. However,this shopping center consists of several national tenants including Chili's,Blockbuster, Fantastic Sam's and The Egg&I,which makes it slightly superior to the subject in terms of retail synergy. This center appears to be in good physical condition and is similar to the subject in terms of effective age. Therefore,we would expect the subject to lease at a rate lower than this comparable. Comparable 4 at 2815-2833 35th Avenue is located approximately three miles south of the subject property. This comparable has a recently signed lease that commenced in March 2010 with an existing rental rate of$14.50 per square foot on a triple net basis. This comparable is located within a shopping center anchored by Office Depot,Home Depot and PetSmart along Highway 34. Therefore,this comparable is superior to the subject in terms of location due to its visibility along Highway 34 and its superior retail synergy. This comparable was constructed in 2000 and is in good overall condition,making it similar to the subject in terms of effective age. Therefore,we would expect the subject to warrant a lease rate lower than this comparable's existing rental rate of$14.50 per square foot. Comparable 5 at 2501-2547 11th Avenue is located approximately five miles east of the subject property. This comparable has an existing lease that commenced in July 2009 with an actual rental rate of$9.00 per square foot on a triple net basis. Additionally, this comparable has three vacant spaces with asking rental rates of$13.00 per square foot on a triple net basis. This comparable is located proximate to the Greeley Central Business District along a secondary thoroughfare. Retail properties within the Central Business District are typically older and achieve lower rental rates than newer properties. Additionally,its location along a secondary thoroughfare makes it inferior to the subject in terms of location. This building was constructed in 1958 and renovated in 1987. Overall,it appears to be in average condition and it is considered to be inferior to the subject in terms of effective age. Therefore,we would expect the subject to warrant a lease rate above this comparable's existing rental rate of $9.00 per square foot. The following chart ranks the office comparables: Ranking of the Subject Property Comparable Lease Rate PSI(NNN) Comparison 1 $15.00 Superior 4 $14.50 Superior 3 $12.50-$15.0O Superior Subject. _.. _.._. 2 $9.00-$10.00 Similar 5 $9.00 Inferior. . The rent comparables listed above indicate that the subject should warrant a lease toward the lower-end of the range of comparables near Comparable 2 at$10.00 per square foot on a triple net basis. This center is similar to the subject in terms of visibility and retail synergy and appears to be in similar overall condition as the subject property. As additional support,Joe Dollarhide with the Vintage Corporation indicates that the subject's vacant space currently has asking rental rates of$10.00 per square foot on a triple net basis. This asking rental rate does not include any rent concessions or tenant improvement allowances. The rent comparables listed above indicate that the subject's asking rental rates of$10.00 per square foot are reasonable. Therefore,we correlate to a market rental rate for the subject property at$10.00 per square foot on a triple net basis. We recognize the fact that the subject's vacant space will likely lease at a rate slightly lower than$10.00 per square foot. However,this asking rental rate does not include any tenant improvement allowances. As will be demonstrated in the Reconciliation section of this report,we deduct$2.00 per square foot for tenant improvement allowances in our stabilization and lease-up costs in order to arrive at an"As Is"value. Therefore,the concluded market rental rate of$10.00 per square foot is effectively below the asking rental rate due to our stabilization deductions for tenant improvement allowances. _� ` i , ir.` . .i . i32 Uri AIL: . 1 The client requested that we value each of the subject's four buildings individually. Therefore,we have provided individual potential gross rental income statements and operating pro formas for each building. POTENTIAL GROSS RENTAL INCOME BY CONTRACT RENTS-4731 WEST 10TH STREET PGRI—Contract Rents Tenant Name SF Rent(NNN) Lease Term PGRI PapaJohn's 1,500 $16.40 5/1999-9/2011 $24,600 Peers Salon Service 3,000 5 mos @$13.75 6/2004—9/2010 $34,688 7 mos @$10.00 (Market) _.... Aqua Spas 3,000 2 mos @$11.00 5/2000-6/2010 $30,500 10 mos @$10.00 (Market) Weld Family Clinic 1,640 $10.00(Market) Month-to-Month $16,404 B&R Enterprises 2,830 $11.00 11/2008—10/2011 $31,128 Total Potential Gross Rental 11,970 $137,320 Income POTENTIAL GROSS RENTAL INCOME BY MARKET RENTS-4731 WEST 10TH STREET PGRI—Market Rents Unit Type SF Rent(NNN) Lease Term PGRI Market 11,970 $10.00/SF N/A $119,700 Total Potential Gross Rental Income $119,700 CONTRACT VS. MARKET RENTS-4731 WEST 10TH STREET The purpose of this appraisal is to determine the value of the leased fee estate;therefore it is the quality and quantity of the potential income produced by the contract rates that are of primary importance in this appraisal. Potential gross rental income (PGRI)at contract rental rates is estimated at$137,320. The potential gross rental income at market rental rates is estimated at $119,700 as illustrated in the above chart. The difference between PGRI based on contract rents and market rents is 13%. Therefore,there appears to be some excess rent for this building. Therefore,for the remainder of this approach we will value the subject's Leased Fee value based on market rents and will add the subject's excess rent following the application of the capitalization rate. Therefore,the subject's PGRI based on market rents is$119,700. • POTENTIAL GROSS RENTAL INCOME BY CONTRACT RENTS—4875 WEST 10TH STREET PGRI—Contract Rents Tenant Name SF Rent(NNN) Lease Term PGRI Perry's Vacuum 3,000 $14.60 11/1999-12/2013 $43,800 Vacant 1,000 $10.00(Market) N/A $10,000 Total Potential Gross Rental 4,000 $53,800 Income POTENTIAL GROSS RENTAL INCOME BY MARKET RENTS—4875 WEST 10TH STREET PGRI—Market Rents Unit Type SF Rent(NNN) Lease Term PGRI Market 4,000 $10.00/5F N/A $40,000 Total Potential Gross Rental Income $40,000 CONTRACT VS. MARKET RENTS—4875 WEST 10TH STREET The purpose of this appraisal is to determine the value of the leased fee estate;therefore it is the quality and quantity of the potential income produced by the contract rates that are of primary importance in this appraisal. Potential gross rental income (PGRI)at contract rental rates is estimated at$53,800. The potential gross rental income at market rental rates is estimated at $40,000 as illustrated in the above chart. The difference between PGRI based on contract rents and market rents is 35%. Therefore,there appears to be some excess rent for this building. Therefore,for the remainder of this approach we will value the subject's Leased Fee value based on market rents and will add the subject's excess rent following the application of the capitalization rate. Therefore,the subject's PGRI based on market rents is$40,000. ��-•.1 ,..I .iC) t . I POTENTIAL GROSS RENTAL INCOME BY CONTRACT RENTS-4835 WEST 10TH STREET PGRI—Contract Rents Tenant Name SF Rent(NNNI Lease Term PGRI Subway 1,375 6 mos @$16.08 5/1999—10/20102 $17,931 6 mos @$10.00 (Market) _. _.. Vacant 3,625 $10.00(Market) N/A $36,252 Total Potential Gross Rental 5,000 $54,183 Income POTENTIAL GROSS RENTAL INCOME BY MARKET RENTS-4835 WEST 10TH STREET PGRI—Market Rents Unit Type SF Rent(NNN) Lease Term PGRI Market 5,000 $10.00/SF N/A $50,000 Total Potential Gross Rental Income $50,000 CONTRACT VS. MARKET RENTS-4835 WEST 10TH STREET The purpose of this appraisal is to determine the value of the leased fee estate;therefore it is the quality and quantity of the potential income produced by the contract rates that are of primary importance in this appraisal. Potential gross rental income (PGRI)at contract rental rates is estimated at$54,183. The potential gross rental income at market rental rates is estimated at $50,000 as illustrated in the above chart. The difference between market and contract rents less than 10%(8.4%)indicating that the leased fee and fee simple values are similar to one another. Therefore,we will rely on the contract potential gross rental income of$54,183 for the remainder of this report. 'Per our discussions with Joe Dollarhide with the Vintage Corporation,he has received a letter of intent for Subway to sign a lease extension of three years. However,we were not provided with a copy of this letter of intent. _ -- _ 'n7, t ': , ._,; 1, POTENTIAL GROSS RENTAL INCOME BY CONTRACT RENTS-4855 WEST 10TH STREET PGRI—Contract Rents Tenant Name SF Rent INNN) Lease Term PGRI Alpine Haus 3,900 $15.00 5/1999-3/2012 $58,500 Total Potential Gross Rental 3,900 $58,500 Income POTENTIAL GROSS RENTAL INCOME BY MARKET RENTS-4855 WEST 10TH STREET PGRI—Market Rents Unit Type SF Rent INNN) Lease Term PGRI Market 3,900 $10.00/SF N/A $39,000 Total Potential Gross Rental Income $39,000 CONTRACT VS. MARKET RENTS-4855 WEST 10TH STREET The purpose of this appraisal is to determine the value of the leased fee estate;therefore it is the quality and quantity of the potential income produced by the contract rates that are of primary importance in this appraisal. Potential gross rental income (PGRI)at contract rental rates is estimated at$58,500. The potential gross rental income at market rental rates is estimated at $39,000 as illustrated in the above chart. The difference between PGRI based on contract rents and market rents is 50%. Therefore,there appears to be some excess rent for this building. Therefore,for the remainder of this approach we will value the subject's Leased Fee value based on market rents and will add the subject's excess rent following the application of the capitalization rate. Therefore,the subject's PGRI based on market rents is 539.000. 1'r\. tl 'r i '.r t_ tl is 10 -- —' POTENTIAL GROSS PASS-THROUGH INCOMES(RECOVERIES) Pass-through income is a charge to tenants for specified operating expenses,usually without limitation of the amount. This is typical for triple-net leases.Our estimate of market rental rates is on a triple net basis and will provide pass- through income. Therefore,the landlord will recover all expenses associated with the subject property. Any prospective tenants for the subject would lease the space on a triple net basis;paying all the expenses with the exception of minimal owner expenses associated with management and administration fees. Due to the fact that most of the expenses are recoverable from the tenant,and that we have no actual operating expense information,we neither add the recovered expenses to the potential gross rental income,nor deduct recoverable operating expenses from the income. However,during times of vacancy the owner will lose income due to the inability to recover expenses. These and other owner expenses will be detailed later in this valuation in the operating expense section. CONCESSIONS There are currently no concessions being offered in the subject's market. PHYSICAL AND FINANCIAL VACANCY To estimate the market vacancy rate for the subject,we evaluate market vacancy averages and statistics from various sources. Market Vacancy Source Rate Costar Market Report:First-Quarter 2010—Northern Colorado General Retail 11.2% Costar Market Report:First-Quarter 2010—Northern Colorado Shopping 9.9% Center Costar Market Report:First-Quarter 2010—Northern Colorado Total 9.5% Costar Market Report:First-Quarter 2010—3-mile Radius—Retail 8% Immediate Neighborhood as Observed by Appraisers 10.0% Actual Vacancy at the Subject Property 19% Avenge 11.27% The subject consists of four retail buildings that are currently 81%occupied. Occupancy at the subject property has historically been below 20%. Based on review of retail properties within a 3-mile radius as reported by Costar and the appraiser's observation of the surrounding neighborhood,we correlate to a market vacancy rate at 10.00%. OPERATING EXPENSES-4731 WEST 10T"STREET As mentioned previously,the leases in the subject's market are typically structured on a triple net basis. The tenant pays all expenses with the exception of replacement reserves and any administration costs. Therefore,we estimate owner's expenses to be 1%of effective gross income.Also,if the property were to become vacant,there would be an owner's expense associated with expenses not recovered by the landlord during vacancy. Total triple net expenses for the subject property are reported to be$4.44 per square foot. Applying the 10%vacancy to these expenses indicates owner expenses of$5,315(11,970 SF x$4.44 PSF x 10%);dividing this figure by the EGI indicates an owner expense percentage of 5%. PRO FORMA OPERATING STATEMENT-4731 WEST 10TH STREET The following Pro Forma Income Statement is based on the income and expense projections detailed throughout this valuation. Pro Forma Operating Statement Category Projected Expenses Projected Income Potential Gross Rental Income(PGRI) $119,700 Plus: Other Income $0 Plus: Pass-Through Income $0 Total Potential Gross Rental Income $119,700 Less:10.00%Market Vacancy ($11,970) Effective Gross Income(EGI) $107,730 Administration 1%of EGI (51,077) _. . Recovery Loss During Vacancy—5%of EGI ($5,387) Total Expenses ($6,464) Net Operating Income $101,266 Capitalized at 9.50%(Rounded) $1,065,000 EXCESS RENT As mentioned earlier in this report,this building has a small amount of excess rent associated with it. Therefore,in order to derive the leased fee value for 4731 West 10th Street,we discount the building's excess rent at 10%. According to the rent roll provided,there are no built-in escalations. Therefore,we do not inflate our market rental rate over the remainder of the leases in place at the building. The longest lease in place at this building expires in October 2011. NPV Factor Year Market Contract Difference @ 10% Present Value 1 119700 137,320 17,620 0.909090909 $ 16,018 2 119,700 125,116 5,416 0.826446281 $ 4,476 Net Present Value of Excess Rent $ 20,494 VALUE INDICATION—INCOME APPROACH- "As IF STABILIZED"-4731 WEST 10TH STREET In our opinion,the current market value for this building,as of the effective date,is$1,085,000($1,065,000+ $20,000). Market Value Indication — Leased Fee "As If Stabilized" One Million Eighty-Five Thousand Dollars $1,085,000 $90.64 Per Square Foot (Based on 11,970 Square Feet of Gross Leasable Area) VALUE INDICATION "As Is" TOTAL DEDUCTIONS FROM"As STABIUZED"VALUE The following chart summarizes and totals the deductions from the"As Stabilized"value to reach an"As Is"value. Total Deductions Description Deductions Leasing Commissions $1,400 Tenant Improvements $1,000 Lost Rental Income $4,800 Lost Expense Recoveries $2,100 Entrepreneurial Profit to be Realized $1,900 Total $11,200 Total(Rounded) $10,000 We estimated the total deductions for the subject to be$10,000. We estimate stabilized vacancy at the subject to be 10%,which equates to 1,179 square feet. As of the valuation date,the subject was 86%leased. Therefore,in order to reach stabilized occupancy,an additional 480 square feet of the subject needs to be leased. We assume the typical lease signed at the subject property will last three years. We estimate that leasing commissions are typically$1.00 per square foot. Therefore,leasing commissions are estimated to be$1,400(480 SF x$1.00 PSF x 3 years). We assume for a second generation building like the subject tenant improvements are typically approximately$2.00 per square foot for minor improvements. Therefore,we estimate tenant improvements to approximate$1,000(480 SF x$2.00 PSF). Lost rental income is derived from market rent($10.00)and square feet required to be leased to reach stabilization(480 SF). Therefore,lost rental income is estimated to be$4,800 based on a one year lease-up period. Total expenses for the subject property are reported to be$4.44 per square foot. Therefore,lost expense recoveries are estimated to be$2,100. Entrepreneurial profit is estimated to be approximately 20%of the lost income during lease-up(tenant improvements,leasing commissions and lost rental income). This is estimated to approximate$1,900. Cur . ta' I`- VALUE INDICATION—INCOME APPROACH— "As Is"—4731 WEST 10TM STREET We deduct the costs associated with lease-up costs from our concluded value"As If Stabilized"to arrive at an opinion of value for the subject"As Is". In our opinion,the market value of the subject property"As Is",as of the effective date,is$1,075,000($1,085,000-$10,000,rounded). However,as previously mentioned,the subject's roof requires replacement. We were provided with a total roof replacement cost for the four buildings that comprise the subject of $150,000,or$6.03 per square foot of gross leasable area. Therefore,the estimated cost to replace the roof for this building is$72,179($6.03 PSF x 11,970 SF),rounded to$70,000. Therefore,the market value of the subject property "As Is"is$1,005,000($1,075,000-$70,000). Market Value Indication "As Is" One Million Five Thousand Dollars $1,005,000 ($83.96 Per Square Foot of Gross Leasable Area) (Based on 11,970 SF) • ,t ':c, u ISLit. PRO FORMA OPERATING STATEMENT-4875 WEST 10'"STREET The following Pro Forma Income Statement is based on the income and expense projections detailed throughout this valuation. Pro Forma Operating Statement Category Projected Expenses Projected Income Potential Gross Rental Income(PGRI) $40,000 Plus: Other Income $0 Plus: Pass-Through Income $0 Total Potential Gross Rental Income $40,000 Less:10.00%Market Vacancy ($4,000) Effective Gross Income(EGI) $36,000 Administration—1%of EGI ($360) Recovery Loss During Vacancy—5%of EGI ($1,800) Total Expenses ($2,160) Net Operating Income $33,840 Capitalized at 9.50% $355,000 EXCESS RENT As mentioned earlier in this report,this building has a small amount of excess rent associated with it. Therefore,in order to derive the leased fee value for 4875 West 10th Street,we discount the building's excess rent at 10%. According to the rent roll provided,there are no built-in escalations. Therefore,we do not inflate our market rental rate over the remainder of the lease in place at the building. NPV Factor Year Market Contract Difference @ 10% Present Value 1 40000 53,800 13,800 0.909090909 $ 12,545 2 40,000 53,800 13,800 0.826446281 $ 11,405 3 40,000 51,704 11,704 0.751314801 $ 8,793 Net Present Value of Excess Rent $ 32,744 VALUE INDICATION-INCOME APPROACH- "AS IF STABILIZED"-4875 WEST 10TH STREET In our opinion,the current market value for this building,as of the effective date,is$390,000($355,000+$35,000) Market Value Indication — Leased Fee "As If Stabilized" Three Hundred Ninety Thousand Dollars $390,000 $97.50 Per Square Foot (Based on 4,000 Square Feet of Gross Leasable Area) VALUE INDICATION "AS IS" TOTAL DEDUCTIONS FROM"ASSTABILIZED"VALUE The following chart summarizes and totals the deductions from the"As Stabilized"value to reach an"As Is"value. Total Deductions Description Deductions Leasing Commissions $1,800 Tenant improvements $1,200 Lost Rental Income _ $6,000 Lost Expense Recoveries $2,700 Entrepreneurial Profit to be Realized $2,300 Total $14,000 Total(Rounded) $15,000 We estimated the total deductions for the subject to be$15,000. We estimate stabilized vacancy at the subject to be 10%,which equates to 400 square feet. As of the valuation date,the subject was 75%leased. Therefore,in order to reach stabilized occupancy,an additional 600 square feet of the subject needs to be leased. We assume the typical lease signed at the subject property will last three years. We estimate that leasing commissions are typically$1.00 per square foot. Therefore,leasing commissions are estimated to be$1,800(600 SF x$1.00 PSF x 3 years). We assume for a second generation building like the subject tenant improvements are typically approximately$2.00 per square foot for minor improvements. Therefore,we estimate tenant improvements to approximate$1,200(600 SF x$2.00 PSF). Lost rental income is derived from market rent($10.00)and square feet required to be leased to reach stabilization(600 SF). Therefore,lost rental income is estimated to be$6,000 based on a one year lease-up period. Total expenses for the subject property are reported to be$4.44 per square foot. Therefore,lost expense recoveries are estimated to be$2,700. Entrepreneurial profit is estimated to be approximately 20%of the lost income during lease-up(tenant improvements,leasing commissions and lost rental income). This is estimated to approximate$2,300. VALUE INDICATION—INCOME APPROACH— "As Is"—4875 WEST 10TH STREET We deduct the costs associated with lease-up costs from our concluded value"As If Stabilized"to arrive at an opinion of value for the subject"As Is". In our opinion,the market value of the subject property"As Is",as of the effective date,is$375,000($390,000-$15,000, rounded). However,as previously mentioned,the subject's roof requires replacement. We were provided with a total roof replacement cost for the four buildings that comprise the subject of $150,000,or$6.03 per square foot of gross leasable area. Therefore,the estimated cost to replace the roof for this building is$24,120($6.03 PSF x 4,000 SF),rounded to$25,000. Therefore,the market value of the subject property "As Is"is$350,000($375,000-$25,000) Market Value Indication "As Is" Three Hundred Fifty Thousand Dollars $350,000 ($87.50 Per Square Foot of Net Rentable Area) (Based on 4,000 SF) PRO FORMA OPERATING STATEMENT-4835 WEST 10TH STREET The following Pro Forma Income Statement is based on the income and expense projections detailed throughout this valuation. Pro Forma Operating Statement Category Projected Expenses Projected ncome Potential Gross Rental Income(PGRI) $54,183 .. . Plus: Other Income $0 Plus: Pass-Through Income $0 Total Potential Gross Rental Income $54,183 Less:10.00%Market Vacancy ($5,418) Effective Gross Income(EGI) $48,765 Administration 1%of EGI ($488) Recovery Loss During Vacancy—5%of EGI ($2,438) Total Expenses ($2,926) Net O•erating Income $45,839 Ca•italized at 9.50% 5485,000 VALUE INDICATION "AS IS" TOTAL DEDUCTIONS FROM"AS STABILIZED"VALUE The following chart summarizes and totals the deductions from the"As Stabilized"value to reach an"As Is"value. Total Deductions Description Deductions Leasing Commissions $9,400 Tenant Improvements $6,300 Lost Rental Income $31,300 Lost Expense Recoveries $13,900 Entrepreneurial Profit to be Realized $12,000 Total • $72,900 Total(Rounded) $75,000 We estimated the total deductions for the subject to be$75,000. We estimate stabilized vacancy at the subject to be 10%,which equates to 500 square feet. As of the valuation date,the subject was 28%leased. Therefore,in order to reach stabilized occupancy,an additional 3,125 square feet of the subject needs to be leased. We assume the typical lease signed at the subject property will last three years. We estimate that leasing commissions are typically$1.00 per square foot. Therefore,leasing commissions are estimated to be$9,400(3,125 SF x$1.00 PSF x 3 years). We assume for a second generation building like the subject tenant improvements are typically approximately$2.00 per square foot for minor improvements. Therefore,we estimate tenant improvements to approximate$6,300(3,125 SF x$2.00 PSF). Lost rental income is derived from market rent($10.00)and square feet required to be leased to reach stabilization(3,125 SF). Therefore, lost rental income is estimated to be$31,300 based on a one year lease-up period. Total expenses for the subject property are reported to be$4.44 per square foot. Therefore,lost expense recoveries are estimated to be$13,900. Entrepreneurial profit is estimated to be approximately 20%of the lost income during lease-up(tenant improvements,leasing commissions and lost rental income). This is estimated to approximate$12,200. VALUE INDICATION—INCOME APPROACH- "As Is"-4835 WEST 10TH STREET We deduct the costs associated with lease-up costs from our concluded value"As If Stabilized"to arrive at an opinion of value for the subject"As Is". In our opinion,the market value of the subject property"As Is",as of the effective date,is$410,000($485,000-$75,000,rounded). However,as previously mentioned,the subject's roof requires replacement. We were provided with a total roof replacement cost for the four buildings that comprise the subject of $150,000,or$6.03 per square foot of gross leasable area. Therefore,the estimated cost to replace the roof for this building is$30,150($6.03 PSF x 5,000 SF),rounded to$30,000. Therefore,the market value of the subject property "As Is"is$380,000($410,000-$30,000) Market Value Indication "As Is" Three Hundred Eighty Thousand Dollars $380,000 ($76.00 Per Square Foot of Net Rentable Area) . (Based on 5,000 SF) PRO FORMA OPERATING STATEMENT-4855 WEST 10'"STREET The following Pro Forma Income Statement is based on the income and expense projections detailed throughout this valuation. Pro Forma Operating Statement or Cate g V Projected Expenses Projected Income Potential Gross Rental Income(PGRI) - $39,000 Plus: Other Income $0 Plus: Pass-Throu:h Income $0 Total Potential Gross Rental Income $39,000 Less:10.00%Market Vacancy ($3,900) Effective Gross Income(EGI) $35,100 Administration—1%of EGI ($351) _. Recovery Loss During Vacanc 5%of EGI ($1,755) Total Expenses ($2,106) Net Operatin: Income $32,994 Capitalized at 9.50% $345,000 EXCESS RENT As mentioned earlier in this report,this building has a small amount of excess rent associated with it. Therefore,in order to derive the leased fee value for 4855 West 10th Street,we discount the building's excess rent at 10%. According to the rent roll provided,there are no built-in escalations. Therefore,we do not inflate our market rental rate over the remainder of the lease in place at the building. NPV Factor Year Market Contract Difference @ 10;5 Present Value 1 39000 58,500 19,500 0.909090909 $ 17,727 2 39,000 56,875 17,875 0.826046281 $ 14,773 Net Present Value of Excess Rent $ 32,500 VALUE INDICATION-INCOME APPROACH- "AS IS"-4875 WEST 10T"STREET In our opinion,the market value of the subject property"As Is",as of the effective date,is$380,000($345,000+$35,000), rounded). However,as previously mentioned,the subject's roof requires replacement. We were provided with a total roof replacement cost for the four buildings that comprise the subject of$150,000,or$6.03 per square foot of gross leasable area. Therefore,the estimated cost to replace the roof for this building is$23,517($6.03 PSF x 3,900 SF),rounded to$25,000. Therefore,the market value of the subject property"As Is"is$355,000($380,000-$25,000) Market Value Indication — Leased Fee "As Is" Three Hundred Fifty-Five Thousand Dollars $355,000 $91.03 Per Square Foot (Based on 3,900 Square Feet of Gross Leasable Area) • EVALUATION CONCLUSIONS "As Is"—4731 West 10th Street Cost Approach Not Developed N/A_.. . . N/A _.. Sales Comparison Approach Not Developed N/A N/A Income Approach $1,005,000 $83.96 PSF GLA(Based on 11,970 SF) "As Is"—4875 West 10th Street Cost Approach Not Developed N/A N/A Sales Comparison Approach Not Developed N/A N/A Income Approach $350,000 $87.50 PSF GLA(Based on 4,000 SF) "As Is" —4835 West 10th Street Cost Approach Not Developed _. . .. N/A N/A Sales Comparison Approach Not Developed N/A N/A Income Approach $380,000 $76.00 PSF GLA(Based on 5,000 SF) "As Is" —4855 West 10`h Street Cost Approach . Not Developed ,.... N/A..__ , __. N/A __.. Sales Comparison Approach Not Developed N/A N/A. Income Approach $355,000 $91.03 PSF GLA(Based on 3,900 SF) Approach Correlations "As Is" Income Approach Value Conclusions—Total Subject Property "As Is" $2,090,000 $84.04 PSF GLA(Based on 24,870 SF) STANDARD ASSUMPTIONS AND LIMITING CONDITIONS The value conclusions contained in this appraisal are subject to the following assumptions and limiting conditions: ➢ The values reported are based upon the condition of the national economy,the local economy,purchasing power of the dollar and the financing rates as of the date of the value estimate. > The report and the values expressed in this report represent the opinion of the signers as of the date of the appraisal.The fee for preparing this report is not contingent upon reporting any specified value. ➢ By preparing this report,the appraisers and signers are not offering legal advice or conclusions of law.The client is advised that legal matters concerning the property may have a direct bearing on its value.If such matters are different from those presumed by the appraisers and set forth herein,the value conclusions contained in this report may be invalid. > Title to the property is presumed to be good and merchantable.The legal description is presumed to be correct but it ' should not be used for any legal documents without verification by legal counsel.Therefore,the property rights appraised herein,are considered as being owned in fee simple title,modified only by existing tenancies,or unless otherwise noted, and are appraised as such. ➢ All opinions in the appraisals and all conclusions will be strictly our own,except where clearly stated as in part being derived from the opinion of others,and will be supported by what market evidence we can find, but will not be guarantees that any future prediction will actually happen. > If the property being appraised is a fractional interest(s)of real estate,the value of the fractional interest(s),when added to the value of any other fractional interest(s),may or may not equal the value of the entire fee simple estate. • > If the property being appraised is a geographical portion of a larger parcel,it,when combined with the remaining geographical portion(s),may or may not equal the value of the whole. To The distribution of the total valuation concluded in this report between land and improvements applies only under the existing utilization and zoning of the property,or under the conclusion of highest and best use,if different from existing and actual. ➢ A visual inspection was made of the improvements as well as of the land,and items of deferred maintenance,structural components,layouts and equipment were observed insofar as any reasonable visual inspection conducted on less than engineering standards would allow.Where deemed important,we have noted these items in the report.However,we assume no responsibility for any hidden or unapparent conditions which would render the property more or less valuable and which would require an inspection of either unreasonable length or engineering capability to locate,nor do we assume any responsibility for engineering which might be required to discover such factors. ➢ Unless otherwise stated in the report,any possible existence of hazardous substances,including,without limitation, asbestos,urea formaldehyde,foam insulation,polychlorinated biphenyls,petroleum leakage,agricultural chemicals,or other environmental concerns,was not called to the attention of the appraisers,nor did we become aware of such during our inspection.The appraisers have no knowledge of the existence of such materials on or in the property unless otherwise stated and,in any case,are not qualified to test for such substances or conditions.The values estimated are predicated on the assumption that there are no such conditions on or in the property,or in such proximity that they would cause a loss in value.No responsibility is assumed for any such conditions or for any expertise or engineering knowledge required to discover them.The client is urged to retain an expert in the field of chemical or industrial hygiene if so desired. I . , Sketches in this report may not be to scale and are included only to assist the reader in visualizing what is illustrated.As to the subject property,we have made no survey and assume that no encroachments exist unless where specifically noted. Easement locations have been determined from a site plan.The client provided a title commitment and a survey. D. Information,estimates and opinions furnished to us and contained in this report were obtained from sources considered reliable and are believed to be true and correct;however,we make no guarantee for the accuracy of such items. > The removal or loss of any portion of this report invalidates the entire appraisal. > We are not required to give testimony or to appear in court by reason of this appraisal,with reference to the property in question,unless arrangements have been previously made. > As members or affiliates of the Appraisal Institute,we are required to state certain constraints upon the use of the report. These may be summarized as: > A client is allowed to reproduce and distribute as many facsimiles as he wishes,provided that each reproduction is in whole and is not a fragment; ➢ The report cannot be used for publicity through media advertising without consent;and ➢ The identity of the appraiser and his affiliations cannot be used for advertising purposes without consent. ➢ The Americans with Disabilities Act("ADA")became effective January 26,1992.We have not made a specific compliance survey and analysis of this property to determine whether or not it is in conformity with the various detailed requirements of the ADA.It is possible that a compliance survey of the property,together with a detailed analysis of the requirements of the ADA,could reveal that the property is not in compliance with one or more of the requirements of the Act. If not in compliance,this fact could have a negative effect upon the value of the property.Since we have no direct evidence relating to this issue,we did not consider possible non-compliance with the Requirements of ADA in estimating the value of the property. > In the event of breach of any condition or provision hereof,the appraisers and any other signers'obligations hereunder are limited to correction of any incomplete,inaccurate or defective work,without additional cost,pr,at the option of Appraiser,to refund the purchase price for this Appraisal without further obligation.Appraisers and signers assume no obligation for incidental or consequential damages. ➢ Other assumptions or limiting conditions may be made when and where they apply. CERTIFICATION • To the best of our knowledge,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 are our personal,unbiased professional analyses,opinions and conclusions. • We have no present or prospective interest in the subject property,and have no personal interest or bias with respect to the parties involved. • Our compensation is not contingent upon reporting a predetermined value or direction in value that favors the cause of the client,the amount of the value estimate,the attainment of a stipulated result,the prospect of future employment,or the occurrence of a subsequent event. • The appraisal assignment was not based on a requested minimum valuation,a specific valuation or the approval of a loan. • The analyses,opinions and conclusions were developed,and this report has been prepared in conformity with the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation(USPAP)and the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practices adopted by the Appraisal Institute. • The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. • No one other than the individuals named in this certification provided significant professional assistance in the preparation of this report. • Brian Mooney and Patrick Walsh personally inspected the subject property. • Rodman Schley and Dave Kloepfer did not personally inspect the property that is the subject of this report. • The Colorado Real Estate Commission currently licenses Rodman Schley,MAl-and Patrick Walsh as a Certified General Appraisers. • Brian Mooney is not currently licensed by the Colorado Real Estate Commission,and contributed to this report as a research analyst • Dave Kloepfer,Appraisal Review—was involved throughout the appraisal process and collaborated with the primary and supervising appraisers by reviewing a full photographic file of the subject and comparable properties,conducting research,analysis,and contributing to the final valuation contained within this report. • Rodman Schley,MAI,Supervising Appraiser—was involved throughout the appraisal process and collaborated with the primary and review appraisers by reviewing a full photographic file of the subject and comparable properties,conducting research,analysis,and contributing to the final valuation contained within this report. • Pursuant to the Conduct Section of the Ethics Rule of USPAP, "If known prior to accepting an assignment, and/or if discovered at any time during the assignment,an appraiser must disclose to the client,and in the subsequent report certification any services regarding the subject property performed by the appraiser within the three year period immediately preceding acceptance of the assignment,as an appraiser or in any other capacity." Commercial Valuation Consultants,Inc.has not previously appraised the subject property. • Rodman Schley and Patrick Walsh have sufficient educational background and experience in the appraisal and review of real estate properties similar to the subject.This knowledge and experience allows us to complete this appraisal assignment in accordance with the competency provision of USPAP and Title 12 CFR Part 1608.4. • As of the date of this appraisal,Rodman Schley has completed the requirements of the continuing education program of the Appraisal Institute. 7 By:Rodman Schley,MAI • By:Patrick Walsh President Certified General Appraiser Certified General Appraiser State of Colorado,CG40041342 State of Colorado,CG40025588 Rai.; By:Dave Nloepfer Vice President,Appraisal Review Improvement Photographs • • • • • • ' f 4731-South Elevation •• • • { ` s• s. tz 4731-North Elevation Improvement Photographs \ \ / ..-- . is { {C. h ;1 'tom` Y -.,2 �'f. Qr rt � it e 4731-Unit BC Interior fir' - °� a�'.i . ., • 2 r ..-� t r I.� 111�li ?Yi i, E? �t }: - i , t 4731-Unit DE Interior -L,"'lr'%'r=_.L-1 Vgival;.: Cfi;i.,..;i.i.• it Improvement Photographs ,. . _ . • if.. c • . w t j,g`:4::t..".,..,j:::' E. f • . .' ', - i •i .'"rft.- -• ki,. ..:,1-,44.....-...- --,.0 68+>i Y . a �y t £ ; a x, r::, '' ' - 'y. .5 Y jj as LL ' { / • 4731-Unit F Interior A .. , ,, ., , . a 4:x< tliftlivaik vi . . ,4a.;_i: .,..., • r''.7 p ,! q" .."-- - • • ! . ii44' -• . _, . ., \ Jam' I , I • 4731-Unit GH Interior Improvement Photographs • tz. . �: pr., µ x :.. *ham a w � Ir ___. T 4835—West Elevation • . •, ' , • • h \ a g. d i 44f114f, t ,.6';'k. ',;f:,„'.- l a y } x.17 „y i•4.. . -fy I - S 4 fly, . . ti=_ _. - . t. �,` _ ,.1- i f r+.-• � 4835-South Elevation 36 Improvement Photographs — I w }y • II y fit_ firs_ MR la • s~ • • • ll" - .i �JP m ► ■ 4835-Unit AB Interior x. t ....fir I ixi } L � t 4835-Unit C Interior Improvement Photographs o ff,-,-,A',.,.•,.... rti.,N+ `'� t "' i'l . i °r ,'; 1 Jar 4r%�w �f r1"i f • .-'-'7,•,.•-;*. Y $.. ..- "-,.. • k4 FAll• St 4 S 4875—Exterior View `t .; " , & i t "as C7"'k t:¢ E. _'K'- • Bona = .. - fi tre , 1...tom, ia, Yi. ,`4[;. .. v" 1 1, .. a. $:,....•"� cY 11,1 : . t Or— I #. i i.I - n,. r ,. is S 3 I '�J• Y wr r —J yip, • / _ 531k13 .k i _ 4,. /,s 4875—Unit A Interior 1 Improvement Photographs ;1I1, h,. ail .' }} 4 . • • 4875-Unit C Interior 4—' ,--� i I :at. . 4855—Exterior View Improvement Photographs - .,� „ xli °aS' v ii, .. Y D ,c , 1 s •, 'I.:, Vi 1'4. is ....L• S - 3 i 4855—Unit A Interior • Cointl►e;ci I Valuation Consuitanrs - 40 Assessor's Map y ' W 9T;i .. ' .Y a s A Tk S D , { t •�-: .,yam 1':�!n., t t• Ir. e' ‘ ' ' ' rklukAO, : 'fail kr ),:z.. '.1...-717-4' �s�w ',.• t 4_...` � -ilkr'�M�f :+��llk �. • t - 111 : 1 i :4‘,. .............,..... .:„.::::„.„ :„.....r, ` .3* • 1 • ti- ' • '` :I `�!N: GREELEY • .1: 4 i,•11:.."6't 'r °swL. YJ.NYY{ -*x �w-+,v.Jt .,.t, ‘..........-.0......------',.�a.rw+w4+Jtl�►. ,, 7'§•`�r ... •�. -.-,,,-+.• i.d . 1 Corrirnerci l Valuation 1'ansuftants -41 Aerial Photograph ' "' ,�, � , i ly )°N.., #" garliiir°14 . s At i , 1 r 116... 1 r n , w—- J • tryyry a y,. :arhe•4a..s sp. �, R <...�h+nut k ..:i • ,�.� ;f fsf .a .-._...L—''.: —'---._._. . ;.tip t J,;ass-a 01 44:1 • ' • F� • r sr • ii, 71 y .,_ Zif ir e •,, k ,..: .., . - - _�1.f'1C Zt.-•'i.'..YiA.v.Ya:�[5.SY II.__"r.�C1iC. ..fJco. w:Yr T'P'P?4.. [�... (,olno,,.E.r i,4 4 oluatioi,Const.1tin c. 2 . Rental Comparable Photographs • r Comparable 1: 4330 Centerplace Drive,Greeley sc i I `\y`- r } . .1 7:,..7: _,h;S:iitit: • 1 $ PA pl R. r ici Comparable 2: 3483-3489 West 10th Street,Greeley • ~C,ir1ffl:'fC.Jzil V;:ieii.:Ctt)Il CCI'154;ii.aft"ti 4 s . Rental Comparable Photographs rte _ I Comparable 3: 3810-3840 West 10"'Street,Greeley • N1> Comparable 4: 2815-2833 35th Avenue,Greeley Val.r (firisuftanr- 44 Rental Comparable Photographs .. ' .et 2..1 .,.� . V{ tt d� c- �r y • ., AI.. .. 7.i . • a f • • Comparable 5: 2501-2547 11th Avenue,Greeley t:,airmen_ial Valite,tion Consultants-45 y Hello