HomeMy WebLinkAbout20111980.tiff JO; Le...% CLERK TO THE BOARD
PHONE (970) 336-7215, Ext. 4226
FAX: 0) 352-0242
1150150 O STREET
P. O. BOX 758
GREELEY, COLORADO 80632
COLORADO
August 26, 2011
LONGS PEAK BUSINESS CENTER LLC
7374 S ALTON WAY STE 203
CENTENNIAL, CO 80112
RE: THE BOARD OF EQUALIZATION, 2011, WELD COUNTY, COLORADO - STIPULATE
PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE
DESCRIPTION OF PROPERTY: ACCOUNT #: R4647307 PARCEL #: 146702301002 - DAC
2SPD L2 BLK1 (CARLSON ANNEX) SILVER PEAKS AT DACONO FG #2
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
$2,789,800 $2,100,000
2011-1980
�C,' /'ET/2elfer) - 0201/ AS0079
LONGS PEAK BUSINESS CENTER LLC - R4647307
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
STERLING PROPERTY TAX SPECIALISTS INC
950 S CHERRY ST SUITE 320
DENVER, CO 80246
2011-1980
AS0079
•
•
2011
COUNTY BOARD OF EQUALIZATION
WELD COUNTY
ASSESSOR'S ACCOUNT NUMBER R4047307
•
STIPULATION(As To Tax Year 2011 Actual Value)
RE PETITION OF:
NAME: Longs Peak Business Center LLC
ADDRESS: 5073 Silver Peaks Av.
Dacono,CO 80514
Petitioner(s) Longs Peak Business Center LLG_arid 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 fellows:
1.The'property subject to this Stipulation,is,deseribed as:
L2 BLK1 (CARLSON ANNEX) SILVER PEAKS AT DACONO FG#2
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2, The subject property is classified•as Commercial •
property.-
3. .The County Assessor originally assigned the following actual value to thesubject
property for tax year 2011, •
Land $ 1,438.718
Improvements$ .1.351;081,
Total $ 2,789,800
4, After further review arid negotiation,the petitiorier(s) 'andWeld County Assessor.
agree to the following actual value for the subject property. . •
Land $ 940;762
Improvements$ 1,159.298
Total $ Z100,000
•
•
•
• 2011-1980
• 5.. the valuations, as established abo e, sha0 be binding only with respect to tax
I year 2011.
6, Brief nan'ative'as to why the reducten'was made:Value was ad'usted based
upon the General market orices oersd.ft,that were iii place In the base period;
additionally the income was considered as backup for the market,.
II
7. Both parties'agree that the hearing sI heduled before the Weld County Board of
Equalization on n/a et h/a b vaoatett or; a hearing hat not.yet been
scheduled before the Boatel of Equa ization _x . (check if appropriate),
DATED this 15'" day oil*, 2011.
gerorAftoyPáiorr(s) or Attomey
gddr L Add ess:
Zulu,.. to dbzif i
Telephone::,3u3'76'1'8805 Telephone:
County Asse or " `
Address;
1400 K,17th Avenue
Greeley,.CO,80631
(970) 353-2845 ext.365,
•
II
UI/LW/GU Ii I-1.U4 Iltil. UI UJU4U4ao 'C1.Ul.UU']I T 4373r.JlUtt IE UU.Il UU4
NOTICE OF DETERMINATION
Christopher.txh ruff D otNiiotice:6t2Gl011.
Weld County Ass sor Telephone:{970) 353-3845 or(720) 652-4255
1400 N 17th Ave Fax: (970)304-6433
Greetey;CCO 60631 Eirriall: appeale weitl:o0 us -
www,co.weld,co,us - Office'Hours:8't1DAt1ir-SID PM
m:.
R4847307 atrii In DAC. 211PD U 8LK1 (CARLSON ANNEX)
SILVER PEAKSAT DACONOMin -
L 4aN06:PEAK BUSINESS GENTfiRI1c - 50?3'-SILVER•PEAKS-AV,DACONO -
?379-SALTON:WAY5TE203 -
CENTENNIAL,CO 80112 _-
INDUSTRIAL 1,351,061 ` iefil,881'; '
COMMERCIAL - - 1,438,719 - '1,438,71)3.'
`<s3,vae,800 $7,789k800
The Assessor has carefully stutligd alt available:information, giving particular attention tathe..
specifics included on your pretest,. The Assessor's determination-Of value after review is based.
on the following:
flw;rtgetres` itee2EK)e eine thellret troon₹hs ofROletlate be used ti?
establish current values We haveroonsidered all($}.thee cheek valueid•arriving at
your current valuation:,We have denied your apps&basedwen this-data.
If you disagree:*Mille Asssmer's dpoislontyou have the rigbitta s ) to e,County,
Board of .quaflnilloh for furthet ration, $ ii1641} C;A
Th.deadline for filing real property appetite is July 15.
- The-deadline foritllrg-personaf-property-appeals Is duly 20.The Assessor establishes property values. The local taxing authorities(county, school district,
city, fire protection,-and other special distracts)set mill levies. The mill levy requested by each
taxing authority IS based on a projected budget and the property,tax revenue required, to
adequatelyfund the Services it prOVides Its:te*ay$rs, The IoCal taxing authorities hold
budget hearings in the fall: If you are'concerned about mill levIes, we recommend,fhmt,you
attend these budget hearings. Please refer to last years tax bill or.a`skyour-Assester for a
listing of the local taxing authorities. -
Please refer to the reverse tide-0f.this notice for additional Information. "
STERLING PROPERTY TAX SPECIALISTS INC
950 S CHERRY ST SUITE 320 h, I ::;j `v' El s, ' I.--
DENVER CO 80246
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,! !
U1/UI/ZUII 1.I :US f'.9A :It U.U4n4.1.I rI II LIIIAn1N I I.,nar.ODUrt WJ vvai vv%
County Board of Equalization Hearings will be held iron July 1 through August 5
at 9151.0"'Street,t, 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
poatmarlced 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, § 39-8-1072), 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:
1;�rm ae�rne, Attoe9 9th
Die ve Court
1; erman 5treef, Room 3 Dih Avenue and 9th Street
Denver, CO 80203 P.D. Box C
(303) 866-5880 Greeley, Colorado 80632
www.dola.colorado.aov/baa (970)356-4000 Ext. 4520
F r alga of a bail
For a 1st offarrbbitrators,contact the County Commissioners at the address listed for the County
Board of Equalization.
if the date for tiling any report, schedule, claim, tax return, statement, remittance, or other
document fails upon a Saturday, Sunday, or legal holiday, it shall be deemed to have been
timely filed if filed on the next business day,5 39-1-120(3), C.R.S.
a specific dollar amount is required'for real
What is your estimate of the property's value as of June 30,2010? (Your opinion of value in terms of
pact' property pursuant 39-8-106(1.5), C.R.S.)
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, It, comparable sales, rent roll,
original installed cost,appraisal,etc.)
S .E A1l7fyri b .
I,the undersigned owner or agent of the property identified above, affirm that the statements contained
n and onlny t (c a is ereto are true and complete.
303-7 S1—BQ is t '7 17\'a-al
Signature Telephone Number Date
15-DPT-AR
PR 20748/11
R5887988 12147
I Attach letter of authorization signed by property owner.
�l a M- IS la - Al 950 S. Cherry Street, Suite 320
ims Denver, CO 80246
= IBS
S NSa a iIS S MIN Office: 303-757-8865
a a asp
air S a a a S SI a a Fax: 303-757-7691
PROPERTY TAX SPECIALISTS, INC www.sterlingpropertytaxspecialists.com
May 24, 2011
Mr. Christopher Woodruff
Weld County Assessor
1400 N. 17th Avenue
Greeley, CO 80631
Attn: Wade J. Melies
Re: 5073 Silver Peaks (Schedule Number R4647307) (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.
The Property is an approximate 42,000 square foot industrial building which was recently
completed and leased.
It is our understanding that the value attributable to the Property was determined based on
an income approach.
Attached hereto as Exhibit A is the rent roll reflecting June 2010 and December 2010.
Also attached hereto as Exhibit B are the 2010 income and expense statements relating to
the Property. We have performed an income analysis based primarily on the rent roll, as
the 2010 income and expenses does reflect excess vacancy. In calculating our value on an
income and expense basis, we have followed the Assessor's approach which includes a
15% vacancy allowance and a 9% capitalization rate. For landlord expenses, we have
adjusted the expenses to 15% (from the Assessor's 8%) to account for the landlord costs
of CAM charges on vacant space. CAM charges are approximately $3.50 per square foot.
Thus, 15% for landlord expenses is reasonable.
By utilizing the December 2010 rent roll, we have included post base year rent increases.
In addition,we have not made any allocated reduction for the free rent, nor have we made
adjustments for portions of the rent that include amortization of excess tenant
improvements paid for by landlord on behalf of the tenant, which is recaptured in the
rental rate.
Also, it should be noted that the higher rent for Mary Jane's, LLC is a result of the risk
and type of tenant being involved in marijuana distribution, which results in the above
5073 Silver Peaks
Page 2
market rental rates. Secondly, Paramount Contractors' rent reflects reimbursement of
excess tenant finish as referenced hereinabove. Post base year, Paramount Contractors
defaulted on their lease, resulting in a new tenant at substantially lower rents ($6.25/sf)
and which rent also includes amortization of excess tenant improvements for the new
tenant. Also, Dragon Race Engineering was in default in their rent payments and that
lease has been modified to $6.80 modified gross resulting in a triple net rental rate of
$3.30 per square foot (after $3.50 expenses).
Our income approach as follows:
Potential Gross Income per 12/10 rent roll $ 239,325
'Vacancy(15%) $ 35,899
Effective Gross Income $ 203,426
Expenses (15%) $ 30,514
Net Operating Income $ 172
Capitalised at 9% $ 1,92_1,2_0D (rounded)
Based upon the foregoing, Petitioner hereby contends that the maximum value that
should be placed on the Property is $1,921,200.
All information contained herein should be considered confidential and not available to
any third parties.
Respectfully submitted,
STERLING PROPERTY TAX SPECIALISTS, INC.
&�47 A4lEce^-67 —
By:
Barry J. Goldstein, President
BJG/ms
LETTER OF AUTHORIZATION
October 21,2010
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•
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Sterling Property Tax Specialists,Inc. •
950 South Cherry Street, Suite 320
Denver, Colorado 80246
RE: 2011 and 2012 Propeny T-ax Assessment Matters
1
Gentlemen:
The undersigned, as owner(s) of property located in Weld County, Colorado, at '.SEE
-::.. ATTACHED, and more particularly described on Assessor's Notice of valuation, • . :::...
Schedule Nos . .SEE ATTACHED hereby authorizes Sterling property.. . No(s). g Tax Specialists,. : ': :., •:: ...
Inc. and Barry J. Goldstein, Esq., to act as agent on-my brhal f 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.
•
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LONGS PEAK BUSINESS CENTER,LLC
By Resolute Investments Inc ,Manager • • •:
By: Gary:Rohr,President
Telephone: 303-645-0505
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vr.. - ♦...ry:LY w�..= - ._. r -. r .-. H .S- - �. y. ♦.--- ..............ter.y.`-....r.r.....r.�..�. _
Resolute Investments
Weld County
2011/2012
Longs Peak Business Center, LLC
5073 Silver Peaks.Ave. R.4647307
- - PETITIONER'S
EXHIBIT
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PETITIONER'S
EXHIBIT
B
12:32 PM Long's Peak Business Center
03(17/11 Profit & Loss
Accrual Basis January through December 2010
TOTAL
Ordinary Income/Expense
Income
Interest on Late Rent Payments 1,243.77
Rent Income 189,394.03
CAM Reimbursements 101258.91
Total Income 291,896.71
Expense
Gifts 135.00
Amortization Expense 2,609.32
Association Fees 5,213.84
Bank Service Charges 379.44
Building Contract Services 3,431.47
Building Grounds 8408.14
Bldg Maintenance&Repairs 969.95
Building Fixed Costs 11,120.96
Building-Other 2,500.00
Building Utilities 31,226.90
Equipment Rental 1,474.01
Licenses and Permits 10.00
Marketing 2,907.07
Office Supplies 124.93
Postage and Delivery 51.99
Professional Fees 12,814.76
Real Estate Taxes 69,162.41
Repairs 1,486.51
Travel&Ent 3,79329
Amort Renegotiated Loan Fee 1,950.00
Total Expense 159,769.99
Net Ordinary Income- 132,126,72
Other lncomelExpense
Other Expense
Closing Costs 55.00
Interest Expense 176,004.78
Depreciation Expense 55.288.06
Total Other Expense 231,347.84
Net Other Income -231.347.84
Net Income -99,221.12
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Page
a la SIN=
�- -a - 950 S. Cherry Street, Suite 320
allt• - al/- -a-- - Denver, CO 80246
a — as — --a- —
- - - - --a a - Office: 303-757-8865
— laa - --- alla
-
- — a——— — 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,
�
/ it
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 -10 ' I
WELT (11 NfY
u
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