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Home My WebLink About20111952.tiff jtopft6 CLERK TO THE BOARD �j PHONE (970) 336-7215, Ext. 4226 S_ FAX: (970) 352-0242 1150 O STREET P. O. BOX 758 GREELEY, COLORADO 80632 Ci COLORADO August 26, 2011 FIRSTBANK OF LONGMONT 12345 W COLFAX AVE LAKEWOOD, CO 80215 RE: THE BOARD OF EQUALIZATION, 2011, WELD COUNTY, COLORADO - STIPULATE PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE DESCRIPTION OF PROPERTY:ACCOUNT#: R2718304 PARCEL#: 1 3110721 8003-FIR HPM L3 HIGH PLAINS MARKETPLACE Dear Petitioner: On July 26, 2011,the Board of County Commissioners of Weld County,Colorado, convened, and acting as the Board of Equalization, pursuant to Section 39-8-101, C.R.S., et.seq., considered the Stipulation on your petition of appeal of the County Assessor's valuation of your property described above, for the year 2011. The Stipulation was entered into between the Assessor and said petitioner(s), and accepted by the Board of Equalization, agreeing that the assessment and valuation of the Weld County Assessor be Stipulated as follows: ACTUAL VALUE AS ACTUAL VALUE DETERMINED BY AS STIPULATED ASSESSOR $1,415,050 $1,000,000 //L 2011-1952 cc;/4Z7 El"� 07e, - o2©/` AS0079 FIRSTBANK OF LONGMONT - R2718304 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 TAX PROFILE SERVICES INC SUITE 200 1380 SOUTH SANTA FE DRIVE DENVER, CO 80223 2011-1952 AS0079 2011 COUNTY BOARD OF EQUALIZATION WELD COUNTY ASSESSORS ACCOUNT NUMBER R2719304 STIPULATION (As To Tax Year 2011 Actual Value) RE PETITION OF : NAME: Firstbank of Longmont ADDRESS: 6080 Firestone Blvd Firestone, CO 90504 • • Petitioner(s), Firstbank of Longmont 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: L3 HIGH PLAINS MARKETPLACE 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 $ 557,568 Improvements$ 857,482 Total $ 1,415.050 4. After further review and negotiation,the petitioner(s) and Weld County Assessor agree to the following actual value for the subject property. Land $ 557,568 Improvements$ 442,43Z Total $ 1,000,000 2011-1952 5. The valuations, as established above, shall be binding only with respect to tax year 2011. 6. Brief narrative as to why the reduction was made: Value was adjusted based upon the general market prices per sq. ft. that were in place in the base period, additionally the income was considered as backup for the market. 7. Both parties agree that the hearing scheduled before the Weld County Board of Equalization on n/a at n/a be vacated; or, a hearing has not yet been scheduled before the Board of Equalization x (check if appropriate). DATED this 20th day of July, 2011. �I YLt rkrWis-c_ P=titio`l r s •rAttomey — Petitioner(s) or Attorney Address: Address: 138O 1,41-As J .7)- Vetiver do y'ol1_3 Telephone: . j5_ • — 4for/Telephone: (�r/il) County Asses r on 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 8063O: LI I S A 1 E-mail: appeals@co.weld.co.us www.co.weld.co.us Office Hours: 8:00 AM - 5:00 PM SCHEDULE/ACCOUNT NO—4s tAKYIEULJI TAX AREA LEGAL DESCRIPTION/ PHYSICAL LOCATION R2718304 2011 3133 FIR HPM L3 HIGH PLAINS MARKETPLACE 6080 FIRESTONE BLVD, FIRESTONE FIRSTBANK OF LONGMONT O 12345 W COLFAX AVE y LAKEWOOD,CO 80215 f- w 0. cc a ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ACTUAL VALUE PRIOR TO ACTUAL VALUE AFTER REVIEW REVIEW COMMERCIAL 1,415,050 1,415,050 TOTAL $1,415,050 $1,415,050 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: CM05 - The law requires that all of 2009 and the first 6 months of 2010 data be used to establish current values.We have considered all(3) three approaches to value in arriving at your current valuation. We have denied your appeal based upon this data. 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. TAX PROFILE SERVICES INC 1380 SOUTH SANTA FE DRIVE SUITE 200 DENVER CO 80223 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 101h 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 property pursuant to § 39-8-106(1.5), C.R.S.) $ 20 p0O 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.) Overvaluation - Please see attached. ATTESTATION I, the undersigned owner o‘ga of the property identified above, affirm that the statements contained herei and on any attachments hereto are true and complete. / 11-n3-17117- 1f" 4' 7/ 2111 Si at /� Telephone Number Date V ' Attach letter of authorization signed by property owner. J • STATEMENT OF AGENCY FIRSTBANK HOLDING COMPANY hereby appoints TAX PROFILE SERVICES, INC. 12345 W. Colfax Avenue 1380 S. Santa Fe Drive, Suite 200 Lakewood, Colorado 80215 Denver,Colorado 80223-3260 Telephone: 303.235.1311 Telephone: 303.477.4504 (hereinafter"Taxpayer) (hereinafter"TPS") as its representative and agent in connection with the valuations for assessment of Taxpayer's real and personal property located in the state of COLORADO(hereinafter"the Property")for assessment years 2011 and 2012. TPS shall have full authority to: 1. Review all applicable records relating to the valuation for assessment for the Property; 2. Discuss the valuation for assessment of the Property with the County Assessor,or any of his or her representatives,as to the amount of valuation which TPS deems appropriate in the circumstances; 3. Accept on behalf of the Taxpayer any valuation for assessment;and 4. Pursue any statutory remedies which Taxpayer may possess,before the County Assessor,County Board of Equalization, State Board of Assessment Appeals,District Court,Appellate Courts, the Supreme Court,or in binding arbitration, in the Taxpayer's name and on Taxpayer's behalf with regard to the Property. This appointment of agency shall remain in effect until revoked in writing by the parties. FIRSTBANK HOLDING COMPANY By: - ' 4+ /2, fl L / ..:./ >C //l I,Dri O.Medbery / Date Senior Vice President STATE OF COLORADO ) ss. COUNTY OF JEFFERSON SUBSCRIBED AND SWORN TO(or affirmed)before me this jr: day of �;�tt ,2011, by Lori O. Medbery as Senior Vice President of FirstBank Holding Company. My commission expires: /e)I7/1/-5 •Q � 1 r.d.d 0n �Os� j�1 Not r<ry Public COUNTY OF WELD STATE OF COLORADO PETITION FOR APPEAL TO THE HONORABLE WELD COUNTY BOARD OF EQUALIZATION: Petitioner, FIRSTBANK HOLDING COMPANY, by and through its undersigned Agent, TAX PROFILE SERVICES, INC. (TPS), hereby appeals the County Assessor's Notice of Determination (copy attached)for the real property described below for tax year 2011. A notarized Statement of Agency is also attached. PETITIONER! PROPERTY OWNER: FirstBank Holding Co. c/o Tax Profile Services, Inc . MAILING ADDRESS: 1380 S . Santa Fe Drive, Suite 200 Denver, CO 80223 PROPERTY DESCRIPTION: FirstBank of Longmont PROPERTY ADDRESS: 6080 Firestone Blvd. Firestone, CO SCHEDULE NUMBER(s): R2718304 APPEAL IS ON: Land & Improvements DESCRIPTIVE COMMENTS OF APPEAL: 1. The county' s reliance on the Cost Approach is inappropriate. This is a commercial building, and the income approach is the only approach that accurately reflects a fair market value that an investor might be willing to pay. Additionally, it is the only approach that reflects our enduring local recession resulting from the recent Global Economic Crisis. (See attached Income Approach) 2. The value of $1, 088,500 was stipulated for year 2009; however, we believe our income approach more accurately reflects the market. 3 . A study of Actual Values assigned to comparable properties indicates a value of $796, 782 . (See the attached 2011 Equalization Study. ) Our analysis indicates a value of: Petitioner' s Value: $ 920, 000 County' s Value: $1,415, 050 TAX PROFILE SERVICES, INC., Agent for Petitioner By: 11,, w NAME: onroe PHONE: 4504 FAX: (303)4 -4597 EMAIL: monroe@golftax.com DATE: July 8,2011 PRO FORMA INCOME APPROACH Tax Year 2011 R2718304 537 6080 Firestone Blvd. Firestone Land: 46,464 SF( 1.067 acres) COMMERCIAL YOC 2005 LBR 10.7:1 BUILDING Gross Square Footage Measured by TPS 4,339 Rental Rate/SF Economic retail rate $ 23.00 Total Rental Rate/SF $ 23.00 Potential Gross Income $ 99,797 Less Vacancy/Collection Allowance 10.0% $ 9,980 Effective Gross Income $ 89,817 Less Assets for Reserve Replacement 3.0% $ 2,695 Less Management Fee* 4.8% $ 4,311 NET OPERATING INCOME $ 82,812 Capitalization Rate** Burbach 9.00% Capitalized Value(NOI/cap rate) $ 920,128 INCOME APPROACH TO VALUE rounded $ 920,000 County $ 1,415,050 'Average of actual management fees paid by FirstBank. Burbach&Associates, R.E. Investment Survey,Summer 2010, Free-Standing Retail, Denver Prepared by TPS 7/11/2011 2011 Equalization Study 6080 Firestone Blvd., Firestone SF Year 2011 County Schedule No. Location GROSS Land Built Actual Value AV/SF Subject R2718304 6080 Firestone Blvd,Firestone 4,354 1.07 2005 $ 1,415,050 $ 325 Comparable Properties: 1 R2430103 1510 Main St.,Windsor 4,650 0.998 2004 $ 866,094 $ 186 2 R8402300 4322 West 9th St,Greeley 4,809 1.38 2003 $ 865,620 $ 180 $ 183 Subject 6080 Firestone Blvd, Firestone 4,354 at$183 $ 796,782 7/11/2011 a. La CE -U �� IN I'143°71 IP a2WOP0 Oo ��'ivaz�JQ O W S O N N --_ C W C -- :t O iiiik V 0 W- N O. W - w O 'O N 03 ch O C CO w - N C ,_ to co p r co OL X a o . a) 13 in O a) LV 111 Li 4.. (4 it tO I::0 in O CO N C? C N N LL41110.11 0 O CO E N O col., N uj U O o U M co ` a) c d 0 Hello