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Home My WebLink About20111946.tiff CLERK TO THE BOARD cftte , PHONE (970) 336-7215, Ext. 4226 FAX: (970) 3 STREET 1150 O STREET P. O. BOX 758 ' GREELEY, COLORADO 80632 COLORADO August 26, 2011 DILLON COMPANIES INC PROPERTY TAX 7 FLOOR 1014 VINE ST CINCINNATI, OH 45202 RE: THE BOARD OF EQUALIZATION, 2011, WELD COUNTY, COLORADO - STIPULATE PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE DESCRIPTION OF PROPERTY: ACCOUNT#: R2718804 PARCEL#: 131107218008-FIR HPM L8 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 $6,829,900 $6,488,405 2011-1946 c 714-77/e%77er) cS-�fn ?�j/ AS0079 DILLON COMPANIES INC - R2718804 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 AEGIS PROPERTY TAX SPECIALISTS 1102 18 AVENUE SOUTH NASHVILLE, TN 37212 2011-1946 AS0079 2011 COUNTY BOARD OF EQUALIZATION WELD COUNTY ASSESSOR'S ACCOUNT NUMBER R2718804 STIPULATION (As To Tax Year 2011 Actual Value) RE PETITION OF : NAME: DILLON COMPANIES INC ADDRESS: 610 Firestone Blvd Firestone, CO Petitioner(s), DILLON COMPANIES INC 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: L8 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 $ 1,990,338 Improvements$ 4,839,562 Total $ 6,829,900 4. After further review and negotiation,the petitioner(s) and Weld County Assessor agree to the following actual value for the subject property. Land $ 1,990,338 Improvements$ 4,498,067 Total $ 6,488,405 2011-1946 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). D D this 18th ay of July, 2011. C Petiti ner(s) or tor Petitioner(s) or Attorney Addresp: Address: Tg4€a,r Ggor-cf II Oz 1ST* AveNALE cSoc cttt MAsMV"LLG-r Thl _3�2JZ Telephone: ,/Sl"-2(4O Telephone: O Asse so County r Address: 1400 N.17th Avenue Greeley, CO 80631 (970) 353-3845 ext. 3656 NOTICE OF DETERMINATION Christopher M. Woodruff I ` 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 =- ! ;, -mail: appeals@co.weld.co.us www.co.weld.co.us -Office Hours: 8:00 AM - 5:00 PM SCHEDULE/ACCOUNT NO. 7hkYeAR °JTjiLREA LEGAL DESCRIPTION/ PHYSICAL LOCATION R2718804 2011 3133 FIR HPM L8 HIGH PLAINS MARKETPLACE -- - - 6110 FIRESTONE BLVD, FIRESTONE CC I++ DILLON COMPANIES INC G 1014 VINE ST PROPERTY TAX 7 FLOOR Cc CINCINNATI,OH 45202 O R a ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ACTUAL VALUE PRIOR TO ACTUAL VALUE AFTER REVIEW REVIEW COMMERCIAL 6,829,900 6,829,900 TOTAL $6,829,900 $6,829,900 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. AEGIS PROPERTY TAX SPECIALISTS 1102 18 AVENUE SOUTH NASHVILLE TN 37212 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.) $ 5 24 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, i.e., comparable sales, rent roll, orig�i!Il}��/L in`st�a,llned cost, appraisal, etc. .CC/C/iP. ATTESTATION I, the u rsigned ow r or agents of the property identified above, affirm that the statements contained d on any aft hm is hereto are true and complete. ,�` bI.S='4?28vC 'lb 3(1( Sig ature Telephone Number Date Mac C.. K06GLE ' Attach letter of authorization signed by property owner. • AEGIS I,RO,.[III tAx S,., CIALISIt+ July 13, 2011 Weld County Board of Equalization 915 10th Street, P.O. Box 758 Greeley, CO 80632 • Re: Parcel # R2718804 King Soopers #105 6110 Firestone Boulevard Greeley, Colorado To the Assessor's Office, In 2011, the market value of the King Soopers grocery store was reassessed at $6,829,900. The King Soopers store is company owned. The building was constructed in 2004, and the gross leasable area is 66,000 square feet. The fuel center is separately assessed. The county has a value of $4,839,562 on the building which equates to $73.33 per square foot. An excellent comparable is King Soopers store #104 in Weld County (R2429803) located at 1520 Main Street. Store #104 has 66,000 square feet of gross leasable area (this is a common floor plan for King Soopers), and it was constructed in 2003. The value of the improvements is $4,344,249 or $65.82 per square foot. At an estimated $65 per square foot value, the subject property's improvements estimate of value is $4,290,000, or$6,280,338 with the land added. In order to determine a fair market value in this economy, we believe the income approach to value is the most common and appropriate method used by investors to value a grocery store. While this store is relatively new, we believe that triple net rents have come down slightly over the past few years as reflected by the weakening commercial market. After carefully reviewing the new assessment, we developed an income analysis of the property (please see following page). To account for the age of the store and for the location, we used a Triple Net Rent of $8.00 per square foot, 5% for Vacancy & Collection Loss, 5% for Total Expenses (maintenance, reserves, etc.), and a capitalization rate of 9% (see enclosed Realty Rates Investors Survey). While our equalization value estimates $6,280,338, our income approach to valuation yields a total value of$5,295,000. We would like to respectfully request the valuation to be changed to $5,295,000 for the 2011 tax year. 1102 18th Avenue South Nashville. Tennessee 37212 Telephone 615-843-2805 Facsimile 615-843-2808 www.aeglstax.com 177 own [he IE(;GS(v,up,LI( Weld County Board of Equalization July 13, 2011 Page Two Please call me at (615) 843-2805 at your convenience to discuss this valuation. Thank you for taking the time to review our appeal. Sincerely, T E AE GROUP, LLC (uC (i Mar Hoggle Authorized Agent King Soopers, Inc. Assessment Yr: 2011 Property: #105 CO Address: 6110 FIRESTONE BOULEVARD Jurisdiction: Weld County, CO Parcel: R2718804 INCOME ANALYSIS GLA Rents psf Anchor: 66,000 $ 8.00 $ 528,000.00 Retail: 0 $ - Total: 66,000 $ 528,000.00 Less Vacancy & Collection Loss: 5.00% $ 26,400 $ 501,600 Less Expenses and Reserves: 5.00% $ 25,080 Net Operating Income $ 476,520 Overall Capitalization Rate: 9.00% Value: $ 5,294,667 Say (rounded): $ 5,295,000 RealtlRates.com INVESTOR SURVEY-4th Quarter 201W RETAIL-ALL TYPES Item Input _.„ ., I i OAR Spread Doer 10.Ye_,__ 0.80% ear Treasury 0 OCR Technique i 1.05 0.053885 OB0 4.53 Debt Coverage Ratio 1.05 Band of Investment Technique _ Interest Rate 3.50% Mortgage I I 807.,0053885 0.043108 Amortization 30 Equity I 20% 0073740 0.014748 Mortgage Constant 0.053885 OAR I I _,__ 5.79 Loan-to-Value Ratio 80% Surveyed Rates 5.50 EguityDividend Rate 7.37% Spread Over 10-Year Treasury 7.49% OCR Technique 2.25 0.130351 0.50 14.66 Debt Coverage Ratio 225 Band of Investment Technique Interest Rate 10.19% Mortgage 50% 0.130351 0.065176 Amortization 15 Equity 50% 0.164950 0.082475 Mortgage Constant 0.110351 OAR 14.77 Loan-to-Value Ratio 50% Surveyed Rates 14.03 • Equity Dividend Rate 16 50/ `�'" ds ra r r. K ' r i a T . -r o .1... Average �;z .4...,...a«`....., n>..gL v.,,7:. f_, - n.umw. 4,444O%,,l,444.1- `,,:...�i Spread Over 10-Year Treasury 3.18% OCR Technique 1.45, 0.077024.' 0.71 7.92 Debt Co verage Ratio 1.45 Band of Investment Technique __ .. _._. Interest Rate 5.88% Mortgage I 7171 0.054756_ 0077024 MortgageConstant 0.077024 DAR 01239061 0.0358 1 Amomzanon 25 Equity 29/ 9.06 Loan-to-Value Ratio 71.1. Surveyed Rates 10-39 Equity Dividend Rate 12.4% I I -3rd Quarter 2010 Data Copyright 2010 Rt ityRatso.com Realt5Rates.com INVESTOR SURVEY-4th Quarter 2010' RETAIL- ANCHORED CENTERS .Item Input ! OAR Minimum , A Spread Over 10-Year Treasury 080% DCR Technique 1.05 0153885 0.80 4.53 Debt Coverage Ratio 1.05 Band of Investment Technique Interest Rate 3.50'/. Mortgage 80% 0.053885 0.043108 Amortization 30 Equity _ 20% 0073740 0.014748 Mortgage Constant 0053885 OAR i 5/9 Loan-to-Value Ratio 80% Surveyed Rates 5-50 Equity Dividend Rate 71,7% iMasrmum ` ., 5;.. trv.,�,.tLs en._..-.... Spread Over 10-Year Treasury 6.34% OCR Technique 2.00 0121998 I 060 14-64 Debt Coverage Ratio 2.00 Band of Investment Technique Interest Rate 9.04'%. Mortgage I.... 60% 0121998 0.073199 Amortization 15 Equity II 40% 0.152950 0.061180 Mortgage Constant 0121998 OAR __.._ 13.44 Loan-to-Value Ratio 60'/. S d Rates 12-77 Equity Dividend Rate 1530. 7r7Average a._ - .. �-3' Spread Over 10-Yearati su �._ - ;e:(.4 Treasury 357/ OCR Technique 1.53 0063031 , 070 8-868 Debt Coverage Ratio 153 Band of Investment Technique Interest Rate 6.27% Mortgage 70X! 0083031 ' 0.058122 MortgageConstant 0.083031 OAR / I 0109385 003281,.. l r___ Amortization 23 Equity .9.09 Loan-to-Value Ratio 70% Surveyed Rates 10-33 Equity Dividend Rate 10.94% '3rd Quarter 2010 Data Copyright 2010 RealtyRa to.com^' 31 RealtyRates.comTM RealtgRates.com INVESTOR SURVEY-4th Quarter 2010' RETAIL-UN-ANCHORED CENTERS Item Input I I OAR Mlnimum .,,..._,a -v....-».-. .-._ ._.. _s....--.. .s.. a ., ski__ i1Liac w .s Spread Over 10-Year Treasury 100% OCR Technique I 1.30 0061370 1 065 5.19 Debt Coverage Ratio 1.30 Band of Investment Technique 9 g I ... --. -_. 0 061370 0.039890 Interest Rate —.. 3.70% Mortgage e .-, 65'/.,, Amortization 25 Equity 35%! 0.075740', 0.026509 Mortgage Constant 0.061370 OAR I L64 Loan-to-Value Ratio 657.. Surveyed Rates 6.31 Equity Dividend Rate 757/ I iry Spread Over 10-Year Treasury --, 7.49% OCR Technique I 225 0.130351 050 14.66 Debt Coverage Ratio 2.25 Band of Investment Technique _, . 0130351 0.065176 Mortgage Constant 0.130351 OAR L 0164950. 0.082475 Amortization 15 Equity Mortgage 50/ _-. Interest Rate 10.19% 9 9 ', —__il —.1477 Loan-to-Value Ratio 50% Survey I i I 14.03 Equity Dividend Rate r 16.50% I RVera 9°.0 -r,. �.k,,. ..,..,�s .-..�..-h..»a W a+..�it..,.�'�`�_..im'``g^L#' Spread Over 10-Year Treasury 4.25'%. OCR Technique , 1.78O.092640 0.58 &46 Debt Coverage Ratio 178 Band of Investment Technique Interest Rate 6.95% Mortgage I 58% 0092640 ' 0.053268 Mortgage Constant 0.092640 OAR - — . 0115885 i 0.049251 ...-._.-. L_._— 10.25 Amortization 20 Equity 43% 0. Loan-to-Value Ratio 58%. Surveyed Rates 11.04 Equity Dividend Rate 1158% '. -3rd Quer to 2010 Data Copyright 2010 Rta!tyP.a tet.com 1' Real tgRates.com INVESTOR SURVEY-4th Quarter 2010' RETAIL-FREE STANDING Item Input '.. i-.--e DAR Minimum _ . 'x vk^.. . '' . .F s, . ,.... '5' Spread Over 10-Year Treasury 0.83% OCR Technique - 1.18 0.054087 ! 0.80 5.08 Debt Coverage Ratio 1.18 Band of Investment Technique Interest Rate 3.53% Mortgage 80% 0.054087 0.043269 Amortization 30 Equity L - 20% 0073240' 0.014648 Mortgage Constant 0.054087 DAR 5.79 Loan to Value Ratio 80% Surveyed Rates 5.90 Equity Dividend Rate 732/ rr!9p TR77-maF - s ' i a y rniv 4« m N"9�. r G r{ +g jMasimunt'c-.> - : ,----i. .rti. -. r..,a.'.. ,.F� .-« ,.,,t: .a-wit l kafaltw.izRItatthastia DTreasury q 060 14.82 S read Over 10-Year 5.80% OCR Technique 1.88 0.131750 Debt Coverage Ratio t88 Band of Investment Technique Interest Rate 1038%- Mortgage 60% 0.131750 0.079050 Amortization 15 Equity 40% 0.157450 0.062980 Mortgage Constant 0.131750 OAR 14.20 Loan-to-Value Ratio 60% Surveyed Rates 13.40 Equity Dividend Rate 1575% .Average ' ._ .� ,,. .;- z^� R vg Spread Over 10-Year Treasury 331% OCR Technique 1.52 0.081183 I 0/0 864 Debt Coverage Ratio 152 Band of Investment Technique ' Interest Rate 6.01% Mortgage j 70% 0081183 0.056828 Amortization 23 Equity I 30%i 0111135 0.033340 Mortgage Constant 0081183 OAR i c 9.02O Loan-to-Value Ratio 70/- Surveyed Rates \ 70-69 Equity Dividend Rate 11.11%. '3rd Quarter 2010 Data Copyright 2010 RealtyRa tes.com 1' RealtyRates.comTM 32 The Kroger Co. • 1014 Vine Street • Cincinnati, Ohio 45202-1100 LETTER OF AUTHORIZATION TO WHOM IT MAY CONCERN: THE KROGER CO. and all associated entities hereby appoint THE AEGIS GROUP, LLC as its authorized property tax agent for Ad Valorem tax matters. This agency includes filing returns, reviewing assessment records, discussing/appealing values with tax offices/assessment officials, meetings with appeal(review)boards, and obtaining tax statements. This authorization shall remain inne effect _until written termination is delivered. BY: r� Aare — TITLE: DATE: 1p a /Q State of V,,0 County of 1/41(�Vv \ v The foregoing agency authorization` was signed and the signature acknowledged before me, a Notary Public, on this day of , 2010. Notary Public My commission expires: \\ — 05_ \ CAROL&HAGER Notary Public,State of Ohlo My Commission Expires 11-072012 WELD COUNTY ASSESSOR # 05 PROPERTY PROFILE Account#: R2718804 Parcel#: 131107218008 Tax Area: 3133 Bordering County: Acres: 7.6153 Township Range Section Quart. Sec. Subdivison Name Block# Lot# 02 - 67 - 07 - 2 HIGH PLAINS MARKETPLACE - - 8 Owners Name&Address: Property Address: DILLON COMPANIES INC Street: 6110 FIRESTONE BLVD FIRESTONE 1014 VINE ST City: FIRESTONE PROPERTY TAX 7 FLOOR CINCINNATI, OH 45202 Business/Complex: KING SOOPERS Sales Summary Sale Date Sale Price Deed Type Reception # 10/31/2003 $860,000 WD 3122968 Legal Description FIR HPM L8 HIGH PLAINS MARKETPLACE Land Valuation Summary Land Type Abst Code Unit of Number of Actual Value Assessed Measure Units Value Commercial 2112 Square Feet 331723 Land Subtotal: 331723 $1,990,338 $577,200 Buildings Valuation Summary Assessed Bldg# Property Type Actual Value Value 1 Commercial Improvements Subtotal: $4,839,562 $1,403,470 Total Property Value $6,829,900 $1,980,670 Building Details Account#: R2718804 Parcel#: 131107218008 Owners Name&Address: Property Address: DILLON COMPANIES INC Street: 6110 FIRESTONE BLVD FIRESTONE 1014 VINE ST City: FIRESTONE PROPERTY TAX 7 FLOOR CINCINNATI, OH 45202 Building* Property Type 1 Commercial Individual Built As Detail Built As: Market Year Built: 2004 Exterior: HVAC: Complete HVAC Interior Finish: Built As SQ Ft: 68299 # of Baths: 0 Roof Type: Flat nK 1 E ca F.'? r _ C m N co M LO ern.. m sx Fogimi ru w o o ill w r sea p fT "O T N ammo a ND In N t > o) C7 3 4.4 v p a Q C C K , F u a05 P FL 54 ye_ Hello