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Home My WebLink About20111955.tiff CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4226 FAX: (970) 352-0242 1150 O STREET P. O. BOX 758 1 GREELEY, COLORADO 80632 Ci COLORADO August 26, 2011 GATEWAY BOWL CORP PO BOX 901 C/O WALGREEN CO UNIT 9315 DEERFIELD, IL 600150901 RE: THE BOARD OF EQUALIZATION, 2011, WELD COUNTY, COLORADO - STIPULATE PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE DESCRIPTION OF PROPERTY: ACCOUNT #: R3846705 PARCEL #: 131312123001 - FIR MVRC1 R L1 MOUNTAIN VIEW RETAIL CENTER 1ST RPLT 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 $3,389,970 $2,623,542 tee P e er) S " aoi/ 2011-1955 AS0079 GATEWAY BOWL CORP - R3846705 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, (p• % Ji Esther E. Gesick Deputy Clerk to the Board cc: Christopher Woodruff, Assessor STERLING PROPERTY TAX SPECIALISTS INC 950 S CHERRY ST SUITE 320 DENVER, CO 80246 2011-1955 AS0079 2011 COUNTY BOARD OF EQUALIZATION WELD COUNTY ASSESSOR'S ACCOUNT NUMBER R3846705 STIPULATION (As To Tax Year 2011 .Actual Value) RE PETITION OF :. NAME: Gateway Bowl Corp ADDRESS: 5962 Firestone Blvd Firestone, CO Petitioner(s), Gateway Bowl Corp 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: L1 MOUNTAIN VIEW RETAIL CENTER 1ST RPLT 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 $ 902,148 Improvements$ 2.487,822 Total $ 3,389,970 4. After further review and negotiation,the petitioner(s) and Weld County Assessor agree to the following actual value for the subject property. Land $ 902,148 Improvements$ 1,721,394 Total $ 2,623,542 2011-1955 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 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 18th day of July, 2011. Petitioner(s) or Attorney Petitioner(s) or Attorney Address: Address: ,:\• Telephone: 3 g'1- 6s Telephone: iea County Asse or Add ress: /. 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 R3846705 2011 2295 FIR MVRC1R L1 MOUNTAIN VIEW RETAIL CENTER 1ST RPLT cc GATEWAY BOWL CORP 5962 FIRESTONE BLVD, FIRESTONE 33 C/O WALGREEN CO UNIT 9315 WPO BOX 901 DEERFIELD, IL 600150901 a O cc ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ACTUAL VALUE PRIOR TO ACTUAL VALUE AFTER REVIEW REVIEW COMMERCIAL 3,389,970 3,389,970 TOTAL $3,389,970 $3,389,970 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 informations STERLING PROPERTY TAX SPECIALISTS INC c Ti 950 S CHERRY ST SUITE 320 DENVER CO 80246 - -.j =1 APPEAL PROCEDURES County Board of Equalization Hearings will be held from July 1 through August 5 at 915 10`" 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 property pursuant to § 39-8-106(1.5), C.R.S.) $ cilt ff7(J,s $f0O 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.) �a�. ATTESTATION I, the undersigned owner or agent' of the property identified above, affirm that the statements contained herein and on any atta hments hereto are true and complete. natur Telephone Number Date Attach letter of authorization signed by property owner. SMIC�� - - 950 S. Cherry Street, Suite 320 -!MS ESP sMIIMIS = Denver, CO 80246 — timamimmi mom Ems= m NM = la OM Office: 303-757-8865 NM ! - N - Fax: 303-757-7691 PROPERTY TAX SPECIALISTS, INC www.sterlingpropertytaxspecialists.com May 18, 2011 Mr. Chris Woodruff Weld County Assessor 1400 N. 17th Avenue Greeley, Colorado 80631 RE: 5962 Firestone Blvd. (Schedule No.R3846705) (the"Property") Gentlemen: The undersigned, Sterling Property Tax Specialists, Inc. represents the owner of the Property for the purpose of protesting the 2011 Notice of Valuation. A copy of the Letter of Authorization is attached hereto and made an integral part hereof. Only the schedule number referenced hereinabove is being protested hereunder. The Property is a"build-to-suit" freestanding drugstore consisting of 14,739 square feet. The Property was constructed in 2005. A property of this type has built in obsolescence because it was built and designed to meet the needs of a specific single user, rather than the needs of a variety of users. This also limits the Property market potential, and when compared with other 10,000 square feet to 15,000 square feet properties with mass market potential, the subject Property value is overstated. The typical retail property utilizes street level windows exposure for marketing of merchandise; however, the windows in the subject Property are three to four feet above street level. Therefore, the Property flexibility to other users as a conversion retail property is limited, which also limits the market value of the subject Property. Most generic retail space in the 10,000 square feet to 15,000 square feet range has a larger number of potential tenants. This is not true for the subject Property due to design and size specifications for a single user. The square feet size range doesn't fit the needs of other single tenant users in the market place. The space is either too large or too small, which limits its market potential. The Property is an example of use value and investment value, rather than market value. The Property reflects the subjective relationship between investors and investments, and the value a specific property has for a specific use. The Property is typically subject to "build-to-suit" arrangements that include the following: 1. The percentage of development cost is pre-arranged(rent-to-cost ratio). 2. The lease is never negotiated on the open market. 3. The developer acts as a construction and financing arm of the user. 5962 Firestone Blvd Page 2 The sale price of first generation freestanding drugstores is problematic for the following reasons: 1. The sale price of first generation freestanding drugstores are based on a non- market value/value-in-use lease that was not negotiated on the open market and was merely based on an amortization of development costs. 2. The tenant's credit is significantly above average and the length of the lease is significantly longer than average, both of which decreases the applicable capitalization rate and increases the market value of the leased fee interest. Therefore, the sale price is positively influenced by economic characteristics, which are atypical of most properties. Our income approach is as follows: Potential Gross Income- 14,739 Sq. ft. @ $15.00 $ 221,085 Vacancy(5% of PGI) $ 11,054 Effective Gross Income $ 210,031 Operating Expenses (10% of EGI) $ 21,003 Net Operating Income $ 189,028 Capitalization Rate .0900 Property Value $2,100,300 (rounded) Based on the above income approach and the limited market potential of the subject Property due to design specifications,the Petitioner hereby requests the Assessor adjust the value for the subject Property for the calendar year 2011 to $2,100,300 ($142.50 per square foot). All information contained herein should be considered confidential and not available to any third parties. Respectfully submitted, STERLING PROPERTY TAX SPECIALISTS, INC. 9drtit By. .._. Barry 7. Goldstein,President cc: Jim Lindsey LETTER OF AUTHORIZATION December 30,2010 • Sterling Property Tax Specialists,Inc. 950 South Cherry Street, Suite 320 • Denver, Colorado 80246 RE: 2011 and 2012 Property Tax Assessment Matters Gentlemen: The undersigned, as owner, or Lessee entitled to protest the valuation of the Property under our lease, located in Weld County, Colorado, at See Attached, and more particularly described on Assessor's Notice of Valuation, Schedule No(s). See Attached hereby authorizes Sterling Property Tax Specialists, Inc. and Barry J. Goldstein, Esq., to • act as agent on my behalf regarding all 2011 and 2012 property tax assessment matters, and obtain any and all documents relating thereto and file any protests necessary. This Authorization shall be effective as of the date set forth above. WALGREEN COMPANY• By: Ann Pelts,Real Estate Tax Administrator Telephone: 847-527-4418 Wale een Company Weld County 2011 1 2012 1641 23rd Ave 83919505 1641 23rd Ave 83919605 1480 Main Street R2569303 3700 35th Avenue R2682304 3700 W 10th Street 82941404 5962 Firestone Blvd 83846705 2600 11th Ave R4696707 NEC of Mountain View&Hwy 7 R6775936 490 Erie Parkway R5341708 ala 0010000a�I = - 950 S. Cherry Street, Suite 320 —— — ——S a a Denver, CO 80246 - N MO Office: 303-757-8865 Imo Fax: 303-757-7691 PROPERTY TAX SPECIALISTS, INC www.sterlingpropertytaxspecialists.com July 12, 2011 Weld County Board of Equalization 915 10th Street PO Box 758 Greeley, CO 80632 RE: 2011 Property Tax Assessments Enclosed please find the appeal of the Assessor's Notice of Determination for the following Schedule Numbers: SEE ATTACHED Please schedule hearings for the attached referenced properties. We would like to request a hearing for these properties on the following date and time: Friday, July 29, 2011 —Afternoon Preferred Please let us know as soon as possible if this date and time are not available. Sincerely, tad Melodi Schooler Sterling Property Tax Specialists Inc. Please sign and return the attached copy of this letter either by fax or email to confirm receipt of the Appeals. Our fax number is 303-757-7691 and my email address is melodi@sterlingpts.com. Date Signed Weld County STERLING PROPERTY TAX SPECIALISTS, INC. 2011 PROTESTED PROPERTIES APPEALED TO THE BOE WELD COUNTY 5962 Firestone Blvd R3846705 490 Eire Parkway R5341708 Longs Peak 5073 Silver Peaks R4647307 Donna Bechler From: Donna Bechler Sent: Wednesday, July 13, 2011 10:04 AM To: 'melodi@sterlingpts.com' Subject: 2011 Property Tax Assessments Melodi, I am sending you this e-mail to confirm that we received your paperwork for the appeals. We need to wait until all the appeals are in before setting up time schedules. Esther Gesick will be contacting you when she sets up the hearings. Donna Bechler Deputy Clerk to the Board 915 10th Street Greeley, Colorado 80631 970-336-7215 I 8 4 1 15I W E ca ii.N r 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. 1 Hello