HomeMy WebLinkAbout20111844 0
CLERK TO THE BOARD
PHONE (970) 15, 4226
s
FAX: (9(9 35270) 352-0242
P. O. BOX 758
111k.
GREELEY, COLORADO 80632
COLORADO
August 3, 2011
GREELEY GKD LLC
C/O GK DEVELOPMENT INC
303 EAST MAIN ST STE 201
BARRINGTON, IL 60010
RE: THE BOARD OF EQUALIZATION, 2011, WELD COUNTY, COLORADO - DENY
PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE
DESCRIPTION OF PROPERTY: ACCOUNT#: R4473306 PARCEL#: 096119218003 - GR GM
LOT 3 GREELEY MALL MINOR
Dear Petitioner:
On July 29, 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
your petition of appeal of the County Assessor's valuation of your property described above,for the
year 2011.
The Board of Equalization found that the evidence presented at the hearing supported the
value placed upon your above described property as set below. Such evidence indicated the value
was reasonable, equitable, and derived according to the methodologies, percentages, figures and
formulas dictated by law.
The assessment and valuation is set as follows:
ACTUAL VALUE AS ACTUAL VALUE AS
DETERMINED BY SET BY BOARD
ASSESSOR
$403,030 $403,030
L'd ,/(/e#er) e3- °//
2011-1844
AS0079
GREELEY GKD LLC - R4473306
Page 2
A denial of a petition, in whole or in part, by the Board of Equalization may be appealed by
selecting one of the following three options; however, said appeal must be filed within 30 days of
the denial:
1. Board of Assessment Appeals: You have the right to appeal the County Board
of Equalization's(CBOE's)decision to the Board of Assessment Appeals (BAA).
Such hearing is the final hearing at which testimony, exhibits, or any other
evidence may be introduced. If the decision of the BAA is further appealed to
the Court of Appeals, only the record created at the BAA hearing shall be the
basis for the Court's decision. No new evidence can be introduced at the Court
of Appeals. (Section 39-8-108(10), C.R.S.)
Appeals to the BAA must be made on forms furnished by the BAA, and such
appeals should be mailed or delivered within thirty (30) days of denial by the
CBOE to:
Board of Assessment Appeals
1313 Sherman Street, Room 315
Denver, CO 80203
Phone: 303-866-5880
NOTE: On or after August 10, 2011, any appeal of the valuation of rent-
producing commercial real property to the Board of Assessment Appeals shall
provide to the County Board of Equalization the following information within
ninety (90) days after the appeal is filed.
For two full years, including the base year for the relevant property tax year:
(1) actual annual rental income
(2) tenant reimbursements
(3) itemized expenses
(4) rent roll data, including the name of any tenants, the address, unit, or
suite number of the subject property, lease start and end dates, option
terms, base rent, square footage leased, and vacant space
Fees: A taxpayer representing himself is not charged for the first two appeals to
the Board of Assessment Appeals; however,a taxpayer being represented by an
agent or an attorney must submit a fee of$101.25 per appeal.
OR
2. District Court: You have the right to appeal the CBOE's decision to the District
Court of the county wherein your property is located. New testimony, exhibits or
any other evidence may be introduced at the District Court hearing. For filing
requirements, please contact your attorney or the Clerk of the District Court.
Further appeal of the District Court's decision is made to the Court of Appeals for
a review of the record. (Section 39-8-108(1), C.R.S.)
OR
2011-1844
AS0079
GREELEY GKD LLC - R4473306
Page 3
3. Binding Arbitration: You have the right to submit your case to arbitration. If
you choose this option the arbitrator's decision is final and your right to appeal
your current valuation ends. (Section 39-8-108.5, C.R.S.)
Selecting the Arbitrator: In order to pursue arbitration, you must notify the
CBOE of your intent. You and the CBOE select an arbitrator from the official fist
of qualified people. If you cannot agree on an arbitrator, the District Court of the
county in which the property is located will make the selection.
Arbitration Hearing Procedure: Arbitration hearings are held within sixty days
from the date the arbitrator is selected. Both you and the CBOE are entitled to
participate. The hearings are informal. The arbitrator has the authority to issue
subpoenas for witnesses, books, records, documents and other evidence. He
also has the power to administer oaths, and all questions of law and fact shall be
determined by him.
The arbitration hearing may be confidential and closed to the public, upon mutual
agreement. The arbitrator's written decision must be delivered to both parties
personally or by registered mail within ten (10) days of the hearing. Such
decision is final and not subject to review.
Fees and Expenses: The arbitrator's fees and expenses are agreed upon by
you and the CBOE. In the case of residential real property, such fees and
expenses cannot exceed $150.00 per case. The arbitrator's fees and expenses,
not including counsel fees, are to be paid as provided in the decision.
If you have questions or need additional information, please do not hesitate to contact me at (970)
336-7215, Extension 4226.
Very truly yours,
bra�G . G >C1Qo J�
Esther E. Gesick
Deputy Clerk to the Board
cc: Christopher Woodruff, Assessor
MARVIN F. POER AND COMPANY
410 17 ST SUITE 1175
DENVER, CO 80202
2011-1844
AS0079
Weld Count
CHRISTOPHER M. WOODRUFF COUNTY ASSESSO
BRENDA DONES, DEPUTY ASSESSO
VALUATION REPORT
OF
COMMERCIAL PROPERTY
FOR
County Board of Equalization
MLCFC 2006-4 Greeley Retail LLC
(Greeley Mall)
PETITIONER
vs.
WELD COUNTY ASSESSOR'S OFFICE
RESPONDENT
Parcel Number: 0961-19-2-18-001 Enclosed mall
0961-19-2-18-001 Theatre
0961-19-2-18-002 Convenience Center
0961-19-2-18-003 East Land area
0961-19-2-18-004 Lad Pad
Schedule Number: R4473006
R2719704
R4473206
R4473306
R4473406
Log Number:
Date: 07/29/2011
Time: 11:00 am
Board: CBOE
PREPARED BY
APPRAISERS NAME
Signature Date
Chuck Jack 07/29/11
ASSESSOR'S OFFICE STAFF APPRAISER
SALIENT FACTS AND CONCLUSIONS
Purpose of Appraisal To determine Market Value as of 1/1/11 based on an
appraisal date of 6/30/10.
Property Rights Appraised Unencumbered fee simple interest.
Location 2050 GREELEY MALL ST
GREELEY
Land Area 2,603,453 Square Feet (59.77 acres)
Property Type Commercial
Regional Mall (Shopping Center)
Year Built 1973 / 2003
Year Remodeled Constant & on-going
Quality Good
Class Metal Frame
Number of Stories 1
Improvement Sq. Ft. 330,714
Value Indications:
Land $9,776,004
Cost Approach n/a
Market Approach $23,150,000
Income Approach $22,700,000
Assessor's Value $33,040,003
Page 2
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SKETCH OF ENCLOSED MALL
BLDG#1
Location of
Sears
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Blt 2003
6,552 sq ft. 850' 8s 0'
26.0'
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255.0'
263.0' co
Location of 12-Plex
Theater o
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Open Walkway 60 0' 410.0'
3726.0 sf 80.0'
Location of
J.C.Pennys Location of
Dlllards
Sketch by Apex Medina^'
DILLARDS SKETCH
10'
220.0'
Bldg#3
Dillards
Department Store
41,140 sq ft 186 0'
1920 186.0'
440 Second Floor
10x0 0 sf
45,0'
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n
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9e 0' 410'
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300
Sketch by.04aa Medina".
PAGE 4
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Sketch by Apex IVt'
Page 5
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MARKET APPROACH SUMMARY
Real Property for the tax year 2011 must be valued utilizing data for the period one and one-half
years immediately prior to July 1, 2010. If comparable valuation data is not available from such one
and one-half year period to adequately determine the level of value for a class of property, the periol
of five years immediately prior to July 1, 2010 shall be utilized to determine the level of value.
The Assessor has appropriately considered the Market Approach to value for the property on appea
The Sales Comparison Approach was considered in developing a market value for the Subject. Sal(
used to establish a market value for the tax year 2011 are from January 1, 2009 through June 30,
2010. Pursuant to 39-1-104 (10.2)(c) C. R. S., the Assessor may utilize sales five years prior to July
1, 2010 to establish the proper value. All sales have been confirmed and verified through transfer
declarations as well as interviews with buyers, sellers or their representatives to the sale. All sales
used are arm's length transactions, and considered to be the most comparable properties sold in
relationship to the Subject property.
Based upon investigation and analysis, it is the opinion of the appraisers that the
value of $23,150,000 accurately reflects the market value of the subject property.
VALUE As INDICATED BY THE MARKET APPROACH
$23,150,000
Page 8
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COMPARABLE SALE #1 COUNTY: WELD
ACCOUNT R4473006 + PARCEL NUMBER: 096119218001 +
PRIMARY OCC: Regional Shopping Center PERCENT: 100%
SECONDARY OCC: PERCENT:
THIRD OCC: PERCENT:
ADDRESS: 2050 GREELEY MALL ST, GREELEY
RECEPT NUMBER: 3407475 SALE DATE: 7/27/2006
GRANTOR: MACERICH GREELEY ASSOCIATES SALE PRICE: $47,200,000
GRANTEE: GREELEY MALL I/GKD FUND I LLC ADJ SALE PRICE: $45,880,000
YEAR BUILT: 1973 & 2003 CLASS: C
EFFECTIVE AGE: LAND/BLDG RATIO: 5.34
LAND SIZE (SF): 2, 168,554 LAND VALUE: $8,674,216
BLDG SIZE (SF): 411,073 IMPS PRICE/SF: $90.51
WALL HEIGHT: 20 SALE PRICE/SF: $111 .61
STORIES: 1 INTEREST RATE:
BSMNT SIZE: DOWN PYMT:
BSMNT FINISH: LOAN TERM (YRS):
ZONING: POINTS PAID:
QUALITY: Average
COMMENTS: Sale includes the enclosed mall (096119218001), the Cinemark Theatre (096119218055), the larger Dillard'
store (096119218020), and the Pizza Hut (096119218052)
Page 10
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COMPARABLE SALE #2 COUNTY: WELD
ACCOUNT R2459886 PARCEL NUMBER: 095913412013
PRIMARY OCC: Neighborhood Shopping PERCENT: 100%
SECONDARY OCC: PERCENT:
THIRD OCC: PERCENT:
ADDRESS: 2305 THRU 2401 W 27 ST GREELEY
RECEPT NUMBER: 3357052 SALE DATE: 1/19/2006
GRANTOR: 2305 GREELEY LLC UND 20% INT & SALE PRICE: $7, 100,000
GRANTEE: SOUTH STREET PARTNERS LTD LLC ADJ SALE PRICE:
YEAR BUILT: 1979 THRU 1986 CLASS: C
EFFECTIVE AGE: LAND/BLDG RATIO: 4.28
LAND SIZE (SF): 368,561 LAND VALUE: $1,474,244
BLDG SIZE (SF): 86,064 IMPS PRICE/SF: $65.36
WALL HEIGHT: 16 SALE PRICE/SF: $82.49
STORIES: 1 INTEREST RATE:
BSMNT SIZE: DOWN PYMT:
BSMNT FINISH: LOAN TERM (YRS):
ZONING: GRE CH POINTS PAID:
QUALITY: Average
COMMENTS: WILLOW STATION SHOPPING CENTER I S AN UNANCHORED CENTER WITH FIVE
SEPARATE RETAIL BUILDINGS. APPROXIMATELY 20% VACANT AT TIME OF SALE.
CONFIRMED WITH NAVID SAIDI.
PAGE 11
r
•
_.'
COMPARABLE SALE #3 COUNTY: WELD
ACCOUNT R2429803 PARCEL NUMBER: 080718402001, 002,003, 006, 013
PRIMARY OCC: Community Shopping Center PERCENT: 100%
SECONDARY OCC: PERCENT:
THIRD OCC: PERCENT:
ADDRESS: 1520, 1540, 1550, 1560 MAIN ST WINDSOR
RECEPT NUMBER: 3431469 SALE DATE: 10/24/2006
GRANTOR: NEW WINDSOR MARKETPLACE LI,C SALE PRICE: $9,900,000
GRANTEE: NSS WINDSOR HOLDINGS LLC ADJ SALE PRICE: $9,600,000
YEAR BUILT: 2003 CLASS: C
EFFECTIVE AGE: LAND/BLDG RATIO: 4.92
LAND SIZE (SF): 472,389 LAND VALUE: $2,834,334
BLDG SIZE (SF): 96,062 IMPS PRICE/SF: $70.43
WALL HEIGHT: 25 & 22 SALE PRICEISF: $99.94
STORIES: 1 INTEREST RATE:
BSMNT SIZE: DOWN PYMT:
BSMNT FINISH: LOAN TERM (YRS):
ZONING: POINTS PAID:
QUALITY: Good
COMMENTS: NEW WINDSOR MARKETPLACE HAS 96,062 S.F. OF RETAIL SPACE. THE CENTER IS ANCHORED BY t
66,662 S.F. KING SOOPER'S STORE WITH AN ATTACHED SMALL RETAIL STRIP WING WITH 15,400 S.F.. A SECOND
STANDALONE RETAIL BUILDING CONTAINS 14,000 S.F.. THE PURCHASE PRICE WAS ADJUSTED BY $300,000 FOR
THE KING SOOPER SELF SERVE GAS STATION INCLUDED IN SALE. 4,200 S.F. WAS VACANT OR 4.3% AT TIME OF
SALE. CONFIRMED SALE WITH NICK STUDEN JR.
CBOE_COMM_0
Pat
'gat r
•
JO
jfi
•
COMPARABLE SALE #4 COUNTY: WELD
ACCOUNT PARCEL NUMBER: 09513115003
PRIMARY OCC: Community Shopping Center PERCENT: 100%
SECONDARY OCC: PERCENT:
THIRD OCC: PERCENT:
ADDRESS: 910 E Eisenhower Blvd, Lovland
RECEPT NUMBER: 0031382 SALE DATE: 05/01/2008
GRANTOR: Loveland Shopping SALE PRICE: $8,625,000
GRANTEE: Jax Loveland Property ADJ SALE PRICE:
YEAR BUILT: 1993 CLASS: C
EFFECTIVE AGE: LAND/BLDG RATIO: 3.94
LAND SIZE (SF): 383,328 LAND VALUE: $1 ,533,312
BLDG SIZE (SF): 97,318 IMPS PRICE/SF: $72.87
WALL HEIGHT: SALE PRICE/SF: $88.63
STORIES: 1 INTEREST RATE:
BSMNT SIZE: DOWN PYMT:
BSMNT FINISH: LOAN TERM (YRS):
ZONING: POINTS PAID:
QUALITY: Good
COMMENTS: Major tenants are Jax Sporting Goods & Gold's Gym
CBOE_COMM_0'
Pac
I �
r--< 1 II •
COMPARABLE SALE #5 COUNTY: Boulder
ACCOUNT R0100388 PARCEL NUMBER:
PRIMARY OCC: Regional Shopping Center PERCENT: 100%
SECONDARY OCC: PERCENT:
ADDRESS: 1250 S. Hover St, Longmont
RECEPT NUMBER: SALE DATE: 08/01/2007
GRANTOR: CBL & Associates SALE PRICE: $33,600,000
GRANTEE: EPC Twin Peaks (Panattoni Development) ADJ SALE PRICE: $31 , 100,000
YEAR BUILT: 1984 CLASS: C
EFFECTIVE AGE: LAND/BLDG RATIO: 7.25
LAND SIZE (SF): 3,354, 120 LAND VALUE:
BLDG SIZE (SF): 462,653 IMPS PRICE/SF:
WALL HEIGHT: 22' SALE PRICE/SF: $67.22
STORIES: 1 INTEREST RATE:
BSMNT SIZE: DOWN PYMT:
BSMNT FINISH: LOAN TERM (YRS):
ZONING: POINTS PAID:
QUALITY: Average
COMMENTS: The purchase did not include the 93,000 sq ft Dillard's building. Other Twin Peak Mall tenants include Sears, Steve
Barry's University Sportswear, & United Artists Theater. Redevelopment is planned soon after the sale.
CBOE_COMM_0
Pal
INCOME APPROACH SUMMARY
The Weld County Assessor has appropriately considered the Income Approach to value for the
Subject property on appeal.
The Assessor has gathered income information from local commercial properties for the time frame
January 1, 2009 through June 30, 2010. This information, combined with statewide and industry-wic
data, is used to determine typical income and expenses for various property types.
In conclusion of the Income Approach, the Assessor has considered both groups of data and has pu
more emphasis on the local factors and data than the state and national data. This information was
then applied to the subject property to arrive at an appropriate Income Approach Value.
TOTAL INCOME VALUE FOR THE SUBJECT PROPERTY
$22,700,000
C80E_COMM_011
Page
Actual Income & expense Average 2009 & 2010
Parcel : 096119218001
Name : Greeley Mall
Address : 2050 Greeley Mall St, Greeley
Bldg Sq Ft Use
330 ,714 Regional Mall
Effective
Tax Rate Mill Rate Assm't Rate Tax Rate
0 .075823 0 .29 0.0219887
Avg Rent PSF
Subject Ras Annual Rent per Annual Gross
Area Rent PSF Month Income
Main Fir PSF 330,714 a $369,372 $4,432 ,464
LessVacancy & Expenses
Vacancy
EGI $4,432 ,464
gxpenses _
insurance $47 ,855
utilities $250,747
maintenance $360,874
Security $259,500
Administrative $356 ,714
Food Court $ 14,568
Management $ 154,804
Specialty leasing $55,895
Miscellanous $ 151 ,034
Net IncoryR $2,780,473
Net Income/Overall Cap Rate = Property Value
Property
Value
Cap Rate + Eff Tax Rate 0. 100 0 .0220 0. 1225 $22 ,697,739
estimated Property Value $22,700,000
Value psf $68.64
CROF_COMM_01(
Page
Capitalization Rates
The overall capitalization rate was established by utilizing the Winter 2009/2010
issue of the Burbach & Associates Real Estate Investment Survey and the Korpacz
Real Estate Investor Survey. The Burbach Report showed a range of stabilized cap
rates from 8.75% to 9.75%. The Korpacz Report showed an average rate of 9.02%
For the purpose of this report a capitalization rate of 10.0% was chosen to be
applicable for the subject property. Added to the 10.0% cap rate was an effective
tax rate of 2.2% and then rounded to 12.25% .
CBOE_COMM_O1
Pag
CONCLUSION
Real property for tax year 2011 must be valued utilizing the level of value for the period of one and
one-half years immediately prior to July 1, 2010. Except that, if comparable valuation data is not
available from such one-and one-half-year period to adequately determine the level of value of a cla,
of property. The period of five years immediately prior to July 1, 2010 shall be utilized to determine
the level of value. Said level of value shall be adjusted to the final day of the data gathering period.
Changes occurring between base years are not to be accounted for until the following level of value
implemented, other than additions, change in use, detrimental acts of nature, damage due to fire, et(
or creation of a condominium, or any new regulations restricting or increasing the use of the land, or
combination thereof. {39-1-104(11)(b)(1) C. R .S.}
The subject property has been classified as Commercial Property for assessment purposes.
Commercial property value shall be determined by appropriate consideration of the Cost Approach,
Market Approach, and Income Approach to value. {39-1-103(5)(a) C. R. S.} The Assessor has considers
all three approaches to value for the subject parcel on appeal.
CBOE_COMM_O1C
Page
FINAL RECONCILIATION
After consideration of the cost, market and income approaches, it is the Weld County Assessor's
opinion that the value of $22,700,000 most accurately reflects the value of the subject property in
Weld County for the 2011 tax year.
Cost Approach Sales Comparable Income Approach
Approach
n/a $23,150,000 $22,700,000
Assessor's Value
Land $ 9,776,004
Improvements $23,263,999
Total Value $33,040,003
Assessor's Proposed Value
Land $ 8,691,727
Improvements $14,008,273
Total $22,700,000
C BOE_COMM_07C
Page
ADDENDUM
Parcels Appealed in 2011
Parcel Appealed Account it Description Land size Land Value Imp Size Imp Value Total Value
0961192185001 R4473006 Enclosed Mall 2,168,554 $8,674,216 251,549 $18,733,624 $27,407,840
0961192185001 R2719704 Theatre 0 $0 45,755 $4,117,950 $4,117,950
096119218002 R4473206 Cony Center 263,993 $659,982 33,410 $412,425 $1,072,407
096119218003 R4473306 East Land 161,212 $403,030 - $0 $403,030
096119218004 R4473406 Land Pad 9,694 $38,776 - $0 $38,776
2,603,453 $9,776,004 330,714 $23,263,999 $33,040,003
CB0E_COMM_01
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CBOE_COMM_01
Pagl
GREELEY MALL INCOIl t CAPITALIEATSON APPROACH
OPERATING'HISTORY Si PROJ EC1 JOINS
A.ItLe I Aer,lnl AO Mil II At$i Income in
20 IA 21119 MIA HI Place
INCOME
There newt 1?.1.Ct:5 S2.713.U')2 12,464.1 72 15.551;4Y 1:.141)04)
4er nc Rembnronncn[e 11,1:14c125 SI.6LOb7L £1.142.57$ $61:9.465 565721.1
Specially Leatins panne S4e�1,511: 'Or.I;t73 SU VI $0
l'ercec.aue'Hera leilLi9A 5115.349 $A R7 I„1
O.bee larenve V1,745 $4,704 1441.15 S112,411A S7fe,Ofe0
7Cyrr.h'TIA1.c;ROcs INC11Ni• Sa.P,ICsiri S4,1447•.IS 1.41 46:1'0—II.ui17n2 $ 47'Rc9
V,c:,_y at A,1:4 174
f..nllecicm 1n%5 ore 1.011 bl
1 PPC4T1VC GROSS INCOME SiLSOC.55r. Si,^944 I5 MfeiS,;:0 .S.'..1;R,29. $',427459
EXPENSES
'lead Bine Taxes. CO21..5i,% 57Fe,1a7 SAil:,224 11302.612 if6.5O5
Jrnurains S32_2.552 S53.710 440,000 50 S1.i01
:Ali.ius 522!4.161 $213.750 523.744 $365!22 5250.000
\laialcranco S111.6I9 $35:9,5'77 5331.471 S'I25.!56 5375.100
Serene, S2_40.516 1214,529 5274471 i1 S312.41: 42_504400
Admin'.uril:er S43 I.P7O 5310,722 S (12.705 55311.342 54011011)
-end teaser 1.9.120 SIL,S17 $11 SO 51
.Manal,mrc. SI14.212 5146..•.23 5:61079 51:3$50 5:37,1 I4
Sptadelty Leaks 584.501 555,595 $0 SO 10
\liaccllencvs $11.1H 1157.54* 5444.5?S :1101.52A S:Ou.0u0
TOTAL LCPMCSES £2_.594.339 S2:113,'.30 12,212,62_5 S2_Aw95? 1 ,543.621
N C.7 OrsRAT:Nci :NC:OSIE $1,201.21? S2.332.4N8 S1.5264115 S$:4 40 11,:4423v
INCOME PeR SQl:ARE.FOOT
Saw Rica $7.62 St.47 15.91 $6.Ii $446
3.:sectse Rnektur;emrMt 14.36 S333 12.73 P.M
Specialty basalt Juctene 11.12 $0137 SU...1 16 fA 5.1.00
Cencc.ace!bat iu.l9 SO 21 51.11 5I LOCI S1A0
0:la:Lloauit SO.07. SOIL SI ii $41.12 S1.17
rmT't.A'TIAL(WY.O_S INCOME PEA S3' SI?.b8 tII.1b Sri.'U $2.16 sA.2n
uaxscy al U.04i SJ.OU
CulLec:iun l.usa NI J.u3i flog
L•PI:LL']ri'L CROSS INCOME'PER St SIS.£3 f II 9n $914 SJ{.IM 5:3.211
EXPENSES PER SQL•AML 1 tall
Lea Es106:Taxes I IA: V.53 SI.53 $1.4-1 51.74
leausr:nu 10.15 SO.11 S0.10 £9.W ICI 11
I.Eli ii.. W.:12 50.5: SU.S4 LIU4 $1.141
Ma ntrntncc 11.03 10.4! SC.:9 11.0) S1 00
Sreeril. f0.5S 50.59 X0.66 11::J 5:11.1
AJt imsrnhve f 1.05 $0.74 5036 11.37 SFr 96.
toed Cam 41.03 50.01 SO.JO $50..13 S3.AO
3.1acr,p:,Ina,! SO.4_2 5015 SO.39 b1.37 S0'31
ipzthi.i;L,as.ry 54.21 $0.13 5030 15190 SOHO
\Lace?Imuvua 1.I4 $0.47 50.2! $1:1.1 SO 24
1 iyi Al.1X PP VS 1S PPR SQ1'.\Xr•Fo.1f1T X6.22 15.7i S5.31 S+,x1 Side
mil PPN SQL maII I1OOT 57.60 £l,71 34.3e 522.14 52.74
inx,s Leasable Area(Sep 51:.516 417.17) 4'i 7.3179 4 LY.s'75 41:.b:Y
r INM prajcc,o:insane lP de toed renkil.'•...'•.a.ser'.1.l'r l,:de In.•letly le:ine:c ks:n n st'..:acne rad cd,e:lion 4 a 11'4 nr.:.l
in:nne in the a:L.a1 mculeu int Inn to:P e.'Ilc :I by r1..Picresw esner.
IRtt PAGE SO
CBOE_COMM_01i
Page
NOTICE OF DETERMINATION
829O3971f
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
R4473306 2011 4049 GR GM LOT 3 GREELEY MALL MINOR
2050 GREELEY MALL ST, GREELEY
rc
= GREELEY GKD LLC
3 C/O GK DEVELOPMENT INC
o
r 303 EAST MAIN ST STE 201 - �
cc BARRINGTON,IL 60010
cc
a
o '
ASSESSOR'S VALUATION "
ACTUAL VALUE PRIOR TO
PROPERTY CLASSIFICATION REVIEW ACTUAL VALC AFTEEB
REVIW
cn
COMMERCIAL 403,030 403,030
TOTAL $403,030 $403,030
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:
LHO2- No change has been made to the valuation of this property. Colorado law requires us to
send this notice of denial for all properties on which we do not adjust the value.
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.
MARVIN F. POER AND COMPANY
410 17 ST SUITE 1175
DENVER CO 80202
2011-1844
APPEAL PROCEDURES
County Board of Equalization Hearings will be held from July 1 through August 5
at 915 10th Street, Greeley, CO
To appeal the Assessor's decision, complete the Petition to the County Board of Equalization
shown below, and mail or deliver a copy of both sides of this form to:
Weld County Board of Equalization
915 10th Street, P.O. Box 758
Greeley, CO 80632
Telephone (970) 356-4000 Ext, 4225
To preserve your appeal rights, your Petition to the County Board of Equalization must be
postmarked or delivered on or before July 15 for real property and on or before July 20 for
personal property— after such date, your right to appeal is lost. You may be required to prove
that you filed a timely appeal; therefore, we recommend that all correspondence be mailed with
proof of mailing.
You will be notified of the date and time scheduled for your hearing. The County Board of
Equalization must mail a written decision to you within five business days following the date of
the decision. The County Board of Equalization must conclude hearings and render decisions
by August 5, § 39-8-107(2), C.R.S. If you do not receive a decision from the County Board of
Equalization and you wish to continue your appeal, you must file an appeal with the Board of
Assessment Appeals by September 12, § 39-2-125(1)(e), C.R.S.
If you are dissatisfied with the County Board of Equalization's decision and you wish to continue
your appeal, you must appeal within 30 days of the date of the County Board's written decision
to ONE of the following:
Board of Assessment Appeals District Court
1313 Sherman Street, Room 315 9th Avenue and 9th Street
Denver, CO 80203 P.O. Box C
(303) 866-5880 Greeley, Colorado 80632
www.dola.colorado.qov/baa (970) 356-4000 Ext. 4520
Binding Arbitration
For a list of arbitrators, contact the County Commissioners at the address listed for the County
Board of Equalization.
If the date for filing any report, schedule, claim, tax return, statement, remittance, or other
document falls upon a Saturday, Sunday, or legal holiday, it shall be deemed to have been
timely filed if filed on the next business day, § 39-1-120(3), C.R.S.
PETITION TO COUNTY BOARD OF EQUALIZATION
What is your estimate of the property's value as of June 30, 2010? (Your opinion of value in terms of
a specific dollar amount is required for real property pursuant to § 39-8-106(1.5), C.R.S.)
$ 3oz,3coo
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.)
: 7125, /d O, cot C ASP/ZtCJ/ c
A44-72-4e-r— fc2n)a--rs ,9-Oltis7,ot�avi / N ✓,'-z
i4 j2/L, 1S�t� f/lgdu/ pE") /it/ 3Z/NL
S ZS — Oiv& GFZdya,uf rc uIt/r r
ATTESTATION
I, the undersigned owner or agent of the property identified above, affirm that the statements contained
herein and on any attachments hereto are true and complete.lik054123/4 D' riCnerin' ( 30 Sig h�ture Telephone Number3 0975 Date
' Attach letter of authorization signed by property owner.
1 LNR
Partners,Inc.
LE 1"1'ER OF AUTHORIZATION
Instructions:
This letter of authorization must be signed by the OWNER OF RECORD. If a professional management
company is acting on behalf of the owner,a letter from the owner of record or a copy of a management agreement
giving the management company authority to act on the owners' behalf must be supplied. If the lessee is
initiating the appeal,then a copy of the lease must be supplied to establish proper authorization.
To all parties:
The owner of record hereby designates Marvin F.Poer and Company,its agents and employees,to act on behalf
of the owner in all matters pertaining to the review and appeal of real and/or personal property valuation and
classification to the assessor,county board of equalization,arbitration,state board of assessment appeals,district
court or any other hearing process. This authorization is limited to the properties listed below and on the attached
continuation form(s).
TAX YEARS: 2011/2012&prior years
MLCFC 2006-4 Greeley Retail LW
By:LNR Partners,LLC,a Florida limited liability company
•
successor by statutory conversion to LNR Partners,Inc.,
'w....J(' j a Florida corporation,its manager
By:
Steven D.Ferreira,Vice President
OWNERSHP NAME: MLCFC 20064 Greeley Retail LLC
TELEPHONE:
PROPERTY LIST:
Schedule/Parcel Numbers Property Address
2050 Greeley Mall Street
R4473006
R'P 7320(0
Pi-71910g
8411134010
844 133010 10151 974181
i
Marvin F. Poer and Company, 410 17th St.Suite 1175,Denver, CO 80202
Phone: 303-573-0975,.Fax:303-573-0976
1601 Washington Avenue • Suite 700 • Miami Beach, Florida 33139
Telephone: (305) 695-5600 • Pax: (305) 695-5601
a
s CLERK TO THE BOARD
PHONE (970) 336-7215 EXT 4226
FAX: (970) 35252-0242
WEBSITE: www.co.weld.co.us
915 10TH STREET
P.O. BOX 758
GREELEY, COLORADO 80632
WilDe
COLORADO
July 25, 2011
GREELEY GKD LLC
C/O GK DEVELOPMENT INC
303 EAST MAIN ST STE 201
BARRINGTON, IL 60010
Parcel No.: 096119218002 Account No.: R4473206
Parcel No.: 096119218003 Account No.: R4473306
Parcel No.: 096119218004 Account No.: R4473406
Dear Petitioner(s):
The Weld County Board of Equalization has set a date of July 28, 2011, at or about the hour of
3:15 PM, to hold a hearing on your valuation for assessment. This hearing will be held at the
Weld County Centennial Center, First Floor Hearing Room, 915 10th Street, Greeley,
Colorado.
You have a right to attend this hearing and present evidence in support of your petition. The
Weld County Assessor or his designee will be present. The Board will make its decision on the
basis of the record made at the aforementioned hearing, as well as your petition, so it would be
in your interest to have a representative present. If you plan to be represented by an agent or
an attorney at your hearing, prior to the hearing you shall provide, in writing to the Clerk to the
Board's Office, an authorization for the agent or attorney to represent you. If you do not choose
to attend this hearing, a decision will still be made by the Board by the close of business on
August 5, 2011, and mailed to you on or before August 12, 2011.
Because of the volume of cases before the Board of Equalization, most cases shall be limited to
10 minutes. Also due to volume, cases cannot be rescheduled. It is imperative that you
provide evidence to support your position. This may include evidence that similar homes in
your area are valued less than yours or you are being assessed on improvements you do not
have. Please note: The fact that your valuation has increased cannot be your sole
basis of appeal. Without documented evidence as indicated above, the Board will have no
choice but to deny your appeal.
- 18y3
-r2y4
2011-1845
AS0079
GREELEY GKD LLC -VARIOUS ACCOUNTS
Page 2
If you wish to obtain the data supporting the Assessor's valuation of your property, please submit
a written request directly to the Assessor's Office by fax (970) 304-6433, or if you have
questions, call (970) 353-3845. Upon receipt of your written request, the Assessor will notify
you of the estimated cost of providing such information. Payment must be made prior to the
Assessor providing such information, at which time the Assessor will make the data available
within three (3) working days, subject to any confidentiality requirements.
Please advise me if you decide not to keep your appointment as scheduled. If you need any
additional information, please call me at your convenience.
Very truly yours,
BOARD OF EQUALIZATION
CXCeo �
Esther E. Gesick
Deputy Clerk to the Board
cc: Christopher Woodruff, Assessor
MARVIN F. POER AND COMPANY
410 17 ST SUITE 1175
DENVER, CO 80202
2011-1845
AS0079
BOE SUMMARY SHEET
Account Number: R4473306 Parcel Number: 096119218003
GREELEY GKD LLC
303 EAST MAIN ST STE 201
C/O GK DEVELOPMENT INC
BARRINGTON, IL 60010
HEARING DATE: 7/29/2011, AT 11:00 AM
HEARING ATTENDED? ON) NAME:
AGENT NAME: MARVIN F. POER AND COMPANY
410 17 ST SUITE 1175
DENVER, CO 80202
APPRAISER NAME: CCJ
DECISION
ACTUAL VALUATION
APPROVE BY SET BY
ASSESSOR BOARD
TOTAL ACTUAL VALUE 403,030
COMMENTS:
MOTION BY TO
SECONDED BY Kirkmeyer-- (Y/N)
Conway -- (Y/N)
Failed to prove appropriate value Garcia -- (Y/N)
No comparables given Long -- (Y/N)
Assessor's value upheld Rademacher-- (Y/N)
Other:
RESOLUTION NO. 2011-1844
M:\BOE\SUMMARY.dotx
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