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Home My WebLink About20111846 a CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4226 FAX: (970) 352-0242 P. O. BOX 758 GREELEY, COLORADO 80632 111k COLORADO August 3, 2011 GREELEY MALL I/GKD FUND I LLC C/O GK DEVELOPMENT INC 257 E MAIN ST STE 100 BARRINGTON, IL 60010-4350 RE: THE BOARD OF EQUALIZATION, 2011, WELD COUNTY, COLORADO - DENY PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE DESCRIPTION OF PROPERTY:ACCOUNT#: R2719704 PARCEL#: 096119218001 -GR IMPS ONLY PT N2NW4 19-5-65 (YORK ANNEX GREELEY MALL) 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 $4,117,950 $4,117,950 ed,,24T Oehler efV,3 —a®7/ 2011-1846 AS0079 GREELEY MALL I/GKD FUND I LLC - R2719704 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 2011-1846 AS0079 GREELEY MALL I/GKD FUND I LLC - R2719704 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 list 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, Ceti. aGl�o ✓Z 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 2011-1846 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 $33,040,003 Page 2 Enclosed Mall ��) , I . _ it L _.. Art. I f 1 e4" .I ref it 7uLL 'NE 1T RAIMi�hFfJ� MN ir 1 III I --4hr .. . • . "Alb -al e 1 _ \ • ,�,yyyyyy��_ • • , _ti A __-.. .. _ Ill • analleatimsen...._ if r 07 / 31 / 2009 l illsiL Page SKETCH OF ENCLOSED MALL BLDG#1 Location of Sears 282.0' Blt 2003 6,552 sq.ft. 650' 85.0' 26.0' 'y0p W IIli 0' 230.0' 243.0• Q met met hd o- 4 Bldg#1 a o• Enclosed Mall Area 9D' 940 2L$,4O9 nifift `o 255.0' 263.0' a Location of 12-Plex Theater zcim 0 221.O' BII 5V171 Open Walkway eD 60 0' e5D 80.0' 1 410'0 3726.0 sf Location of J.C.Pennys Location of Dillards Sketch by epee Medina-' DILLARDS SKETCH 5.0' 220.0' Bldg#3 Dillards Department Store 41,140 sq ft 186.0' 1929' 186.0' 41.0 Second Floor 1980.0 sf 45.A' 102.0' 16.0' 102.0' 3.0' { Op 13 o}6° sec' 950' 910' 51.0' eom 15300.t son sketch by Pew""1"."' PAGE 4 Cinemark 12 Theatre 40101-1. -Nis at a • - • • _ - — . — - -- sae/ - - - - 5 . 6 . 2004 Theater 12-Rex First Floor 45737.1 sq. ft. Bit 2003 32' wh Mezz. 3,616 sq ft Class C Fire Sprinklers HVAC 311 .3' 38.7' 39.0' 39.0' 39.0' 39.0' 39.0' 39.0' 38.7' Auditorium Auditorium Auditorium Auditorium Auditorium Auditorium Auditorium Auditorium M co ice •- - - En a� Mezz. over Corridor ci r r Auditorium Auditorium Lobby Auditorium Auditorium CC 25.0' 25.0' 03 49.7' 49.7' I I 49.7' 49.7' 99 .5' 62 .3' 99.5' Sketch by Apex IV°'' Page 5 • • it aa:straws — is Convenience Center 256 .0' Bldg #4 Convenience Center 0 33280 .0 sf 130 .0' CD O Sketch by Apex IV V►Andows'"" Page 6 6 N el I ; � 1 ( 2 SI _. f V (W� a F „ - _ I V u u n s-L. -D -.- -- 1ATTH AV. -- Mif17 - %or is. --,.. �r; . livil PI 4 • � ' 1 I III•r . :bit"I illfre 1°41P I V �� 4 ' 1 lijkiet %Ai ti -.. . i , is - 14tH p' 3 Iir il 11110 Orlon _ 4 C ► • la ir: . . i C * • 1 . .J al lill Lab, ,4 4 l 0 - h O 41 ille 0 Lr 1 lid . i ., tl) E . - • If _ • , • .._ ..t. ....„". . it , S IL 0 it Im - .I i 0 to • r•• r�f 14 Ipla '� ''f ... r of 't i �SRS 4,y E 'ft.' l•nt; pii . -6 ..1, `l 7 .\ I , 1 _ ' ]CFA gag (41-:- y 1• �4 S rass � I{ I I a w p. V r 4. si,. -.t. Ian c . • . . it 1 II . ia I _ iii 1 3RD AV II N t ' - - • '.d 1 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 perio 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 ] 0 ) N G N CO 0 00 t CO o c @ © 0- ° \ E / ° r { CD k / / \ § ° Cr 0 0 o / \ _ ® 2 ll 0 0 W 0 \ g \ _ / C as _ o co °1. \ 2 N $ Tt _ § ] ) 4 0 \ \ \ CO / k k E Q@ § ) j .- / r ' II f / a § ) a / 0 2 N N ,co § § 0 / § 0 o o n Ti 0 9 ■ x = g c o _ 13 0 6 & « 4 C.) / 2 ) ) / \ Tr 0 I 06 7 ) \ % t ( ) 2 / Nte ~ V* § z = z z \ | t ; _ ow) co CI0O \ N CO a + 0 N f f 0 0 / / % 0 2 (0 a § N m m n ® _ Te # a ` " 1 k V) = k g R / \ a = a 0 k § \ d U CO ( 7 CO \ § / ) To ` ` 0 « - ) § ) 2 0 / N- ( N. \ \ 69 $ a f o o s m § e 0 § m / 2 / f, 0 ° g + — ! \ § / n \ § ( 0 2 O. r o ca co $ ( / . co f t m o \ ] \ § ® ® > ) � � \ \ � ___ co co k \ 2 o o (1) It P. . • CO N Q) t k u. a k a ` e . 0 _ 0. % 6 1/43 ! a 0 N g . - , M « ■ 0 E i § 2 2 0 a. 0 co m E E a a § CU 2 § § 2 2 \ P C 0 tm 2 / 0 0 0 ° Q a < 0 0 0 m J D m 3 » ■ < 0 Q Q / BII 2303 ma 6,5p2sgt ma NZ a . t_. , Vila, —h—I" 1300 243 � a -If. Bldg 41 2 Ha ' Enclosed Mall Area o M° 225310 0 15 2ss a ° Iccet on cf,2 Ptex 2637 o men, kt o u o J J NI Cl _5 og St° _ /� S 4 ODMWaMIy soa ° a 4107 l , (,•7 071E0 j - �J ...t •tv can,.-,., loubon of I. MS ^ Jt C Penny! locetion o1 if CdYdS ITER Illialruft:tart,.. , J tisc• . H..-- an_ s,ei , ea 220.0' Bldg#3 Ddlards Department Store 186 U' i0]P 188.0' 42.852 sf 1. -ytt" Dt!Li rus _t 44O ,8800 s1 450 102.0' 3O, 160' 1020' L------- ----- Op trPuP—am---_ Kv sIP *yM{ s,a •7 � 13]00 tt L---- WO e-ntY Apt lv I0•0' COMPARABLE SALE # 1 COUNTY: WELD ACCOUNT R4473006 + PARCEL NUMBER: 096119218001 -I- 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: MACERICI-I 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 (0961 19218001 ), the Cinemark Theatre (0961 19218055), the larger Dillard's store (096119218020), and the Pizza Hut (096119218052) Page 10 �, i�� • 1 TILT STORE 2! T, C . l" h t .i 1 1 1 ` _' v _ ter:. • �3;rr •r 3. 23. 2004 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 A'I' TIME OF SALE. CONFIRMED WITH NAVID SAIDI. PAGE 11 SIM \ eve - �' e i y h .HIlisi;)&-a;• 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 LLC 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 PRICE/SF: $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 A 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_0109 Page 1 -R n Neer- 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_01( Page • r £7 .fir - - •' - 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 8 Barry's University Sportswear, & United Artists Theater. Redevelopment is planned soon after the sale. CBOE_COMM_0' Pag 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-wk 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 pt 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 CBOE_COMM_C Pa 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 Rents Annual Rent per Annual Gross Area Rent PSF Month Income Main Fir PSF 330,714 $369 ,372 $4,432 ,464 LessVacancy & Expenses Vacancy EGI $4,432 ,464 enses 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 Viet Income _ $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_CC'MM_f)1 Pag' 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_O Pa{ 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 consider all three approaches to value for the subject parcel on appeal. CBOE_COMM_0 Pa, 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 CBOE_COMM_O Pal ADDENDUM Parcels Appealed in 2011 Parcel Appealed Account# 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 CBOE_COMM_0 Pa or ydaw1/4,98 Arai di.fr.'s. or 44° 4,4.1.a:14r _. s. c#4, • It S • I a ` 7♦•-111,0 li zl ii r. • '• 1 I J - .' t a ^ r• u r 3 r, E WI S '. 1.;, c = E. c i o o i c • ►- a j Y a TIN rr u u 7 { T� ^ s + 0C n nL CL 2 1 ri W.Bill Fri NIA714 • in X1,2_ r' *mr I-. - +, . _ - - e L �.� t'9TS 11H : a•1 , -�'I ' e4 1.rss it U n+., , � , } —Iit r , � 1 r- ': air- I me • • T ^r Nom'` _ , `8. + ED . rr...., PPP I [ li CVO I - • i �` • • 14�i 'MI •-• 1 b• — — • t 41 • t i — k •-• S sr i�e iIlltil Y J ! _1 .•, sas NI .. I t= :is 1 0 it le a MI r ' .I. N + f _1 S _ t, _ _ -..• � r: .i , — r---al\ >i Ot II . li�••1 • i_ 1 U • I • , C W I • a •. , p _ 8 . ii •,, _. . _ • . • I L iu i,.. ..nun . „ I r , . _____,., . I "- IC 2 _ a _ �' . _'I 1 . r I� L . _. , v.... . L C . ir,, -ist• ,. e - r: :r• it: �' L ._ •.n -� . _ S• - II: L �J �`4 '• • . sr1 1 s c E71 • = n tlitsue.a `, ' a _ r—� n• �i- lea SI fil.... L tII.— . l_ 1 �, Ir v • � t . -_!.... .% _C ♦ 1 CV j . 1 • .. -_��Y . V 1 1.--•• f rr•r • V4I1 • 4, • �y-�-fit' + _a l. / r % — — Q — � — � 4i re _Cta CCANSI C_ . � t - �a t CBOE_COMM_0' Pac GREELEY MULL INCOME CAPITALIZATIONAPPROACH OPERATING'HISTORY S P'RO.I Eel IONS .S.mw I Aer,lnl Ac,nil N4dpfl Meow iu 201.,1 2(x19 17.110 2011 Place INCOME Tines Rem i'.'.2.C;75 S2;71;3.11i2 $2,464,172 .551;49 4::U0.419 nttpente Remtarcelncnu 13.6.1U..‘33 S OVA?L 3.1,:-42,373 SL4f4.405 1657121/ Specialty Laming Lxnme Ski:,+63 611.1;n3 SU VI $0 ?enec.ale Rene 18n.=AR $115.540 nn 10 15 O.bee Iawi,me S' 1::40 14.744 1441 315 SI;l2e7iR11 376.060 POT RE'".9AI.Ci ROSS rNCrIMT.• 1a.P,af.5:ri S4,7S4•1..IR E.9.r.66.-r n f'l.lri8;!n'7 $:..477.01:0 V.mamy at n 01.1 VJ C,Illeeiem 1 Anti Irt 0.6)1 VJ 3 rTLLTlVC GROS&TNCOME 11.00r..s5i. S4,1Sti,2Ia $2.1569..?:n .S?.W0,29': 4',427159 LXPLN3E4 :teal Ey.aLe Taxes S821.5nl 1712.7':7 $630.'_U 56..02.612 5726.565 hmurn:w 1322.552 555.710 3.113,000 10 144.71•2 1.ili.iul 5'31.161 1213,750 3257.7.4 3361J 22 5250,000 3,jsizilecanco S131.619 131:9.513 5331,S7-1 S.1Z5.356 5375.UC•2 Setazly S2_441.516 1214,525 52^.1:Ii1 S3'_2.411 1'_51)./010 :\.hnintnnCve S43 1.570 13 10,722 5402,705 55311.392 i4•JIL•7LY3 —nod Caner V 4.528 SIL,012 $11 in $0 Management 511028 1146.523 $:47,074 SI"3.050 3:37,114 SEwiail/basins 189.301 355,591 80 SO to 17ia:cl:ealtivr 131.111 5157.3.0 5:04,5'5 ::101525 3:00.000 TOTAL EXP5FSES 12_.590,339 S2.412,'730 £:.,21:,4'_5 32.1SS33 33,553.420 NETOrSiRAT:NC;:NC:OSIE $3,201.217 S2.1 H2,11411 11.26,055 S573546 11,:'423Y INCOME reit SQL ARE.FOOT Saw Real 17.t Sf..47 $5.90 16.19 Sei,46 Sapeme ReLiobunconna. £4.86 03.95 S2.73 1117 1:171` Specialty Lousing Inc...oe 11.12 80.37 SU.5N Sr,00 S3.On rem, .ace Lai. lu.l9 5I)2h SUM; S''.0r1 $2.00 015,2712.040M 10.0? SU'0l SI II 10.33 53.:7 rOT'LP'TLAL(IKONS INCOME YEA ST $1:i.b3 Ili-1$ 59, 0 $ .I) S.i.20 u4.xaay al U.O% 53.011 Collet::km Luca al J.u% 93.00 Li.I'I li' L C07131SLNCOME 1'!R St S13.C3 fl1 Jn SO 14 1%.06 17:5.211 EXYLNSES PER 9QL'M(t 1001 Kcal.ESInn:Tams f i.9: 11.OS 51.53 $1.49 S1.74 ILAnaa_v: 10.11 SC•.I1 50.10 10.00 1711 L Id iw 10.5': 10.5: S069 10.89 $160 NW nitaxncc 11.03 10.91 35.19 I.I I1) S1 90 .irroril. 10.15 Sr1.59 tie±,E 60::3 5:1 CIO A1c iu13rnLve 11.03 $0.74 50.94 $137 $096 }COCCI Calfl $41.03 10.01 50.70 VJ.JO S11.00 Nace,g:,ua,l '11.4'_ 10.5 50.39 $037 SO'S3 Spcaa:l;L::e.ug 541.21 10.13 SO.30 114.01. Sf7110 1•L:cellmwuue M.1U 1047 50.22 MI 1:A SO 14 'I,)'1 Al.I-0PPVSF.S Pill RQ1'.131'P:OOT 6!1.22 55.71 5tif 20.0: Si ei6 NIl1 PPK SQL.nl<r•(RIOT S7.65 13.79 S4.3'r $2.11 52 74 Crum Leasable.Area(Shp 41'7.079 417,1'3 7'17.879 417.0 IS 417.671/ • Hilt prajeems income i.rle toed.xeenal-acme savh...Fe in P.:I...y..,ly L:Ierc eeca:ran af'-v:near rad ccuecliun'.M+. I4.nr.:.l insane Isere acl.al'IwulwP 3,,1oe teal c.,IL;.,p1 Ls r1,,prremet. sner. M - - ---- PAGE SU CBOE_COMM_O' Paf NOTICE OF DETERMINATION /321-6/4117?Nei 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 R2719704 2011 4049 GR IMPS ONLY PT N2NW4 19-5-65 (YORK ANNEX GREELEY MALL) fr 2050 GREELEY MALL ST,GREELEY, i GREELEY MALL I/GKD FUND I LLC 3 C/O GK DEVELOPMENT INC 303 EAST MAIN ST STE 201 iz BARRINGTON, IL 60010 a re a ASSESSOR'S VALUATION ° ACTUAL VALUE PRIOR TO ' cr> • PROPERTY CLASSIFICATION AFTER REVIEW ACTUAL VALUE REVIEW COMMERCIAL 4,117,950 4,117,950 TOTAL $4,117,950 $4,117,950 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 2011-1846 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.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 pursuant to § 39-8-106(1.5), C.R.S.) $ 3, coo/ 000 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.) 9'-Di?-L. : 72, 25, / oo. GYMa (A/7/24--zS4z ) 7L(,¢ra-k&1 cSo P/'a 27-.i / f)TV 57,4 t7u7 /,v t//h-t2 f is n____ t1#ecut Pei, /V -Caht/E 5 %h2.Ce z s eat,--tri-e,vo,u lc (J,tj l 1- ATTESTATION I, the undersigned owner or agent' of the property identified above, affirm that the statements contained herein and on any ap.ch ents hereto are true and complete. '.�',r'J�' ( 303 ) 573 0975 7= 8 -ZU ( { Signre Telephone Number Date ' Attach letter of authorization signed by property owner. • • Partners,Inc. LETTER 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 LLC By: LNR Partners, LLC,a Florida limited liability company successor by statutory conversion to LNR Partners, Inc., • a Florida corporation,its manager By: Steven D.Ferreira,Vice President OWNERSI-IP NAME: MLCFC 2006-4 Greeley Retail LLC TELEPHONE: PROPERTY LIST: Schedule/Parcel Numbers Property Address 2050 Greeley Mall Street R4473006 1k.4-47320(0 R1119704 R44134dta R4473301n / 6/t/3?N Marvin F. Poer and Company, 410 17th St. Suite 1175, Denver, CO 80202 Phone: 303-573-0975, Fax: 303-573-0976 ] 601 Washington Avenue • Suite 700 • Miami Beach, Florida 33139 Telephone: (305) 695-5600 • Fax: (305) 695-5601 rs CLERK TO THE BOARD PHONE (970) 336-7215 EXT 4226 FAX: (970) 352-0242 WEBSITE: www.co.weld.co.us ' 915 10TH STREET P.O. BOX 758 C. GREELEY, COLORADO 80632 COLORADO July 25, 2011 GREELEY MALL I/GKD FUND I LLC C/O GK DEVELOPMENT INC 257 E MAIN ST STE 100 BARRINGTON, IL 60010-4350 Parcel No.: 096119218001 Account No.: R2719704 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. 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. 2011-1846 AS0079 GREELEY MALL I/GKD FUND I LLC - R2719704 Page 2 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 TI 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 2011-1846 AS0079 B0E SUMMARY SHEET Account Number: R2719704 Parcel Number: 096119218001 GREELEY MALL I/GKD FUND I LLC 257E MAIN ST STE 100 C/O GK DEVELOPMENT INC BARRINGTON, IL 60010-4350 HEARING DATE: 7/29/2011, AT 11:00 AM HEARING ATTENDED? 6/N) NAME: vl nr, , AGENT NAME: MARVIN F. POER AND COMPA 410 17 ST SUITE 1175 DENVER,� CO 80202 APPRAISER NAME: CCJ Ci`^Ipp� �` C,9 , DECISION ACTUAL VALUATION APPROVE BY SET BY ASSESSOR BOARD TOTAL ACTUAL VALUE 4,117,950 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. 2011-1846 M:\BOE\SUMMARY.dotx Hello