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Home My WebLink About20112150.tiff (iky(tQ CLERK TO THE BOARD PHONE (970) 336-7215 EXT 4226 FAX: (970) 915 10TH STREET STREET P.O. BOX 758 ID GREELEY, COLORADO 80632 C. COLORADO August 12, 2011 FIRST NATIONAL BANK OF JOHNSTOWN C/O FIRST NATIONAL BUILDINGS INC 1620 DODGE STREET STOP 1150 OMAHA, NE 681971150 Parcel No.: 105908102001 Account No.: R0276895 Dear Petitioner(s): Based upon information furnished to the Weld County Board of Equalization, we understand that you have withdrawn the petition challenging the valuation of the above Account number. Please be informed that a withdrawn petition precludes any further challenge to the valuation of the above Account number for this assessment period. Therefore, the Board of Equalization took no action on your petition and the assessed value remains as set by the Assessor. Very truly yours, BOARD OF EQUALIZATION Esther E. Gesick Deputy Clerk to the Board cc: Christopher Woodruff, Assessor DOWNEY & MURRAY LLC 383 INVERNESS PARKWAY SUITE 300 ENGLEWOOD, CO 0 2011-2150 /re,-AP7- �)*, S-/. fir'// AS0079 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 R0276895 2011 0567 JOH 2JC-CBD PARCEL REFERRED TO AS CENTRAL BUSINESS DISTRICT ON PLAT x OF JOHNSTOWN CENTER 2ND ADD z FIRST NATIONAL BANK OF JOHNSTOWN 100 JOHNSTOWN CENTER DR, O C/O FIRST NATIONAL BUILDINGS INC JOHNSTOWN 1620 DODGE STREET STOP 1150 CC OMAHA,NE 681971150 ce O a. ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ACTUAL VALUE PRIOR TO ACTUAL VALUE AFTER REVIEW REVIEW COMMERCIAL 1,214,594 759,360 TOTAL $1,214,594 $759,360 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. DOWNEY & MURRAY LLC 383 INVERNESS PARKWAY SUITE 300 ENGLEWOOD CO 80112 2011-2150 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.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 property pursuant to § 39-8-106(1.5), C.R.S.) $ 5 ! (n� ) (o3 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.) ATTESTATION I, the undersigned owner or agent' of the property identified above, affirm that the statements contained herein and ny attach nts hereto are true and complete. Lephon)Number Date ; ' Attach letter of authorization signed by property owner. 1-14 DOWNEY & MURRAY u.C Thomas E.Downey,Jr. ATTORNEYS AT LAW 303 813-1111 ted(adowncymurray.com July 13, 2011 VIA CERTIFIED MAIL RETURN RECEIPT REQUESTED Weld County Board of Equalization P.O. Box 758 Greeley, CO 80632 Re: 100 Johnstown Center Drive, Johnstown, CO Schedule No. R0276895 Dear Clerk to the Board: We represent the owner of the above referenced real property in Weld County. Enclosed is a Petition to the Board of Equalization protesting the denial, or inadequate adjustment, by the Weld County Assessor. I would appreciate your setting this matter for hearing on the same day as my other CBOE appeals in your county. Because of cases scheduled for hearing at the Board of Assessment Appeals, I am not available for hearings on July 13th and 14th or July 27th and 28th. Please direct the Notice of Hearing on this matter to the undersigned. Petitioner, pursuant to C.R.S.§ 39-8-107(3), respectfully requests that the Assessor provide all data supporting the assessor's determination of actual value on these parcels to the undersigned no later than two working days prior to the CBOE hearing. Thank you for your cooperation in this regard. Should you have questions, please call. Very truly yours, 776414902b52-19, ° Thomas E. Downey, Jr. TED/ss Enclosure cc: McIntosh & Associates 383 Inverness Parkway 0 Suite 300 I Englewood,Colorado 80112 J fax 303 813-1122 EXHIBIT "A" ATTACHMENT TO COUNTY BOARD OF EQUALIZATION PETITION OF 100 Johnstown Center Drive, Johnstown, CO - Schedule No. R0276895 1. The Assessor has failed to give appropriate consideration to all the requisite approaches to valuation in determining the value of the property. 2. The current year actual value assigned by the assessor does not reflect the actual value of the subject property during the 18 month period ending June 30, 2010. 3. Upon consideration of all the approaches to value, values given to comparable land and improvements and upon consideration of the requirements of Colorado law that require that assessments be uniform,just and equitable, a reduction in the current year actual value of this property is warranted. 4. While Petitioner appreciates the initial reduction in value from $1,214,594 to $759,360, Petitioner still believes that the value of the subject property,based upon information currently available and subject to further revision, is excessive and should be reduced. 5. The attached analysis by McIntosh & Associates indicates that the assigned value for 2011 is excessive and should be reduced to the Target Income Value of$556,163. DO4 McIntosh & Associates, LLC 100 Johnstown Center Dr County: Weld Parcel: 105908102001 Bldg Area 5,424 Year Built 1997 Income Approach per SF Potential Gross Income $ 58,254 $ 10.74 per CoStar Mid-Year 2010- Northern CO Vacancy&Collection Loss $ (2,913) 5.0% * 10.6% per CoStar Effective Gross Income $ 55,341 Operating Expenses $ (10,848) $ 2.00 Management Fees and other Operating Expenses Net Operating Income $ 44,493 Capitalization Rate 8.00% Indicated Value $ 556,163 $ 103 Less Capital Expenditures $ - M &A Final Indicated Value $ 556,163 $ 103 2011 FMV Assessment $ 1,214,594 $ 224 Assessment $ 352,232 Assessment Ratio 29% Notes: * In these economic times,we believe that the highest and best use is the current use of this property.With financing options for new construction and development completely disappearing, all investors would gladly purchase and maintain properties that generate market cash flows. * Comparable retail properties for sale in the same submarket are listed at values lower than the assessed value Esther Gesick From: Wade Melies Sent: Tuesday, July 19, 2011 3:48 PM To: Courtney Anaya; Esther Gesick Subject: FW: CBOE Appeals Here are two withdrawals. "Act fil tansf &AIL Thanks Wade From: Tom Downey Jmailto:ted©downevmurray.coml Sent: Tuesday, July 19, 2011 3:35 PM To: Wade Melies Cc: Sue Schield Subject: RE: CBOE Appeals Wade, Thank you for forwarding the information and taking time to discuss these four appeals today. Pursuant to our discussion, I look forward to receiving Stipulations on the following two properties: 1. R3575305, 385 Justin Av., Platteville. Bank. Stipulated at a value of$308,665. 2. R0013292, 150 Wells St, Erie, 5,472 sf post office. Stipulated at a value of$431,000. This correspondence will also serve as notice of our withdrawal of the following two cboe petitions: 1. R7411598, 650 Glen Creighton Dr., Dacono. Post Office. 2. R0276895, 100 Johnstown Dr.,Johnstown, a 16,272 sf bank,with walkout basement.The Assessor reduced the original value of$1,214,594 to $759,360 during the Protest period. Petitioner accepts the$759,360 value for 2011 and withdraws its cboe petition seeking any further reduction below$759,360 for 2011. I trust that this email accurately reflects our discussions and agreements this afternoon. If I have missed something or inaccurately stated something, please let me know immediately. Thanks again for the detailed review and professional handling of these appeals. It was a pleasure to work with you again. Tom Thomas E. Downey,Jr. Downey&Murray LLC 383 Inverness Parkway Suite 300 Englewood, CO 80112 Tele: (303)813-1111 Fax: (303)813-1122 The preceding e-mail message (including any attachments) contains information that may be confidential, be protected by attorney-client or other applicable privileges,or constitute non-public information. It is intended to be conveyed only to the designated recipient(s). If you are not an intended recipient of this message, please notify the sender by replying 1 to this message and then delete it from your system. Use, dissimination, distribution, or reproductin of this message by unintended recipients is not authorized and may be unlawful. FEDERAL TAX ADVISE DISCLAIMER: We are required by U.S.Treasury Regulations to inform you that,to the extent this message includes any federal tax advice,this message is not intended or written by the sender to be used,and cannot be used for the purpose of avoiding federal tax penalties. From:Wade Melies Jmailto:wmeliespco.weld.co.usl Sent:Tuesday,July 19, 2011 10:45 AM To:Tom Downey Subject: CBOE Appeals Tom I'd like to talk about the four accounts I handle that have been filed to CBOE. I'd like to give you some information to review. Call anytime, I'm staying pretty close to my desk these days. R3575305, 385 Justin Av., Platteville, a small 1,938 sf bank.At the assessor level an income approach was used I have attach the rework of this income and the sale of a small bank in Erie. R0276895, 100 Johnstown Dr.,Johnstown, a 16,272 sf bank, with walkout basement. At the assessor level an income approach was provided. I have attached the reworking of the income approach. I adjusted this at the assessor level. This has a square footage issue R0013292, 150 Wells St, Erie, 5,472 sf post office I reworked the income R7411598, 650 Glen Creighton Dr., Dacono, 5,060 sf Post Office I reworked the income, note lease rate see attached email Thanks Wade Wade J. Melies Commercial Appraiser Weld County Assessor's Office 970-353-3845 ext 3672 wmelies@co.weld.co.us I ( loci w [l`C_:�C OV N TV u Confidentiality Notice: This electronic transmission and any attached documents or other writings are intended only for the person or entity to which it is addressed and may contain information that is privileged, confidential or otherwise protected from disclosure. If you have received this communication in error, please immediately notify sender by return e-mail and destroy the communication. Any disclosure, copying, distribution or the taking of any action concerning the contents of this communication or any attachments by anyone other than the named recipient is strictly prohibited. 2 Hello