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Home My WebLink About20111977.tiff Kit6 CLERK TO THE BOARD �j PHONE (970)AX: (915, Ext.352 4226 FAX: 1500) 3 STREET 1150 O STREET P. O. BOX 758 GREELEY, COLORADO 80632 C. COLORADO August 26, 2011 KASSITY-LOWELL ERIE LLC PO BOX 901 ATTN TAX DEPT DEERFIELD, IL 60015 RE: THE BOARD OF EQUALIZATION, 2011, WELD COUNTY, COLORADO - STIPULATE PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE DESCRIPTION OF PROPERTY:ACCOUNT#: R5341708 PARCEL#: 146719348010-L10 COAL CREEK CENTER 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 $3,314,070 $2,564,802 de/PZ.r// ,ri�/ p' � a 2011-1977 (/� � - �- �O// AS0079 KASSITY-LOWELL ERIE LLC - R5341708 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, ieh 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 2011-1977 AS0079 2011 COUNTY BOARD OF EQUALIZATION WELD COUNTY ASSESSOR'S ACCOUNT NUMBER R5341708 STIPULATION (As To Tax Year 2011 Actual Value) RE PETITION OF ' NAME: Kassity-Lowell Erie LLC ADDRESS: 490 Erie Pkwy Erie,CO 80516 i • f 4 } * Petitioner(s), Kassity-Lowell Erie LLC 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: L10 COAL CREEK CENTER 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 $ 1,099,641 Improvements$ 2,214,429 Total $ 3.314.070 4. After further review and negotiation,the petitioner(s) and Weld County Assessor agree to the following actual value for the subject property. Land $ 1,099,641 Improvements$ .1,465,161 Total $ 2,564,802 2011-1977 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 18t day of July, 2011. Petitioner(s) or Attorney Petitioner(s) or Attorney Address: Address: Telephone; b.� 2-as-`l cg6Lj Telephone: County Ass sor / Address: 1400 N.17th Avenue Greeley, CO 80631 (970)353-3845 ext. 3656 Ili/LID/GUI I IU:0! PIA 8IUJU4b4.1J YIItI IJLIJIYN 11915I'SFUI< I¢JUUI/UU4 NOTICE OF DETERMINATION Chnstopheefrfa Woodruff Data of Notice 6/221 ,011 , Weld County Assessor T9fephone 1970) 353-3845 or(720) 652-4255 1400 N 17th Ave Fax: (970) 304-6433 Gleefey Ot 80631 E mall: appoildti@co:Wetd.Otl:tts www,co.weld.co.us Office Hours 8'00 AM = 5:00'PM • • R5341708 2047 Mial L10 COAL 0REEK CENTER 490 ERIE PKWY,ERIE * '` XAS8lTY-tCW f RIE LLC • _. 'ATTN-TAX-DEPT - - - - y POeox901 m. -DEERFIELT 4L:69015 - - COMMERCIAL • 3,314,070 _ 3,314,070 $3,3$4,070 $1,3t4,070• The-Assessor.;haa.carefully studiedd all available_infoSmati~pn, giving•.psrticulac;atlgntion to the spr lics.include d on your protest. The Assessor's determination o__ffvalue after review is.based on the following: , Ct, The law-rsbs ll t li-Ottto9$n the" S:trWtiha`:tif2li,1t -peedto establish current values.We haver ccnsiQered all(a)tie;it et. she.to value in arriving at your current valuation: We have denied your appe of ieseduaon,this,data If yottdisagras. tie Assessor's desl$10P yy0I+Matte Urn r�FtR Olif tot 9Cdtillty: 13oardi,, tciuti ttatfvn fo hirtherbo isldierrition, 1 i41;'I a)„C The deadline for filing real property appetite is July 15. - -The deadHne forming personal property appeals le-July 20. The Assessor establishes property values. The local taxing authorities (county, school district, city,fire protection, and other special districts) set mill levies. The mill levy requested by each taxing authority is based on &projected budget and the property tax revenue required to adequately fiord the services it provides to Its rs. The local:;Maria authbrl$s hold taidget hearings in the tall; If:you:are.cotter ed about ou mill levies, we re-Comment tPiary9G attend these budget hearings. Please refer to fast year's tax bill or ask your"AssesSer for a listing of the local taxing authorities. Please refer to the-reverse slde.of-this-notice-for additional lnfortifatlon. STERLING PROPERTY TAX SPECIALISTS INC c I V £ I TT 950 S CHERRY ST SUITE 320 DENVER CO 80246 - ►, , Ill/UM/CUL L .1 I .UU NnA 8IUJU4U4.IJ WhI ARIUUN I'YMIShSJ111< I¢JOU4/OU4 County Board of Eqtfelizidonilikutileelt will be held from July 1 tttrbugfl'Atigust-5 ` 6191510'4'Street, Greeley, CO To appeal the Assessor's t1eci n, 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 91510'Street;P.O Box 758_ • - Greeley,CO 80632 Telephone (9:70)35¢1000 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 reel property and on or before July 20 for personal property—after such date, your right to appeal is lost. You may be required to-#hove- that you filed a timely appeal; therefore, we recommend that all correspondence be=tnatle`d 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 Cou 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 Equaelation and you-14404occeotinureyour a eal, you must file an appeal With the Beard of Assesstnentap�ls by September.1-4449-2-J25(1){e),CAS If you are iSsat<lefisd witty the,County Board aqua tion'a declslon and"you trls'h td`'ptarninue your appeal, }lou must appeal-within 30 days of the date of the County Beard's written decision ttogO�N}Egof-the following: o Q� 1313 Sherman reel �oom 31 9thtAve Avenue and 9th Street Denver, CO 80203 P.D. Box C {303) 866-5880 Greeley, Colorado 80632 www.dola.colorado.00vlbaa . (970)356-4000 Ext. 4520 Flndinp Alb rail'n or a of arbitrators, contact the County Commissioners at the dress listed for the County Board of Equalization. It the date-/Or filing any !apart, Schedule, `claim, tax return ataafeltfenf, remittance; -br-other document'tills upon a Saturday, Sunday, or legal holiday, it shall be deemed"td haste been- timely filed if filed on the next business day, §39-1-120(3), C.R.S. . Whet ls'yotirreattmate Of the a iieltle as of Utute ed;201O1 (Your opinion of value frtornlg=bf a specific dollarammount is rac{Qlie(l tar cal property'pursuantas j'39-8-106(1:5),:C.R:S.) $ .41 ©s.R1 r-,C What 1*-th basis idt1onrisstlitalte'nf Valk**your riseaoh ff ttiqueatlh'ne$ rr!'lpleatibldtach additional sheets`as necessary and araysupportnlg`dacumel5tatldn, i.e.,-tbntparatl4s- skim, rent roil, original installed cost,appraisal, etc.) S 7 I, the.undersighed owner or age` `0f,the propstty kfentifi above;'affirm that the s atertrent9 cor�rted j rein and on any at hmenis hereto are true arid complete. 393—7c.-7-ear ? 1 i 3�J1 Sign e - telepfidrtatJumber fife - . . ' Attach letter of authorization signed by property owner. • SSE=Oa IS SIM MP Nall S 950 S. Cherry Street, Suite 320 mor a S S— — —— Denver, CO 80246 S S sSal Sall' PM Office: 303-757-8865 S a V- - - — Fax: 303-757-7691 PROPERTY TAX SPECIALISTS, INC www.sterlingpropertytaxspecialists.com May 18, 2011 Mr. Chris Woodruff Weld County Assessor 1400 N. 17`"Avenue Greeley, Colorado 80631 RE: 490 Eire Parkway (Schedule No. 85341708) (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 14,409 square feet. The Property was constructed in 2010. 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. 490 Eire Parkway 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- 14,409 Sq. ft. @$15.00 $ 216,135 Vacancy(5% of PGI) $ 10.807 Effective Gross Income $ 205,328 Operating Expenses (10%of EGI) $ 20,533 Net Operating Income $ 184,795 Capitalization Rate .0900 Property Value S__1053-3.00 053.300 (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$2,053,300 ($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. •gaAA-bi,By: 9 Barry J. 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: Pelts,Real Estate Tax Administrator Telephone: 847-527-4418 Walgreen Company • Weld County 2011 /2012 1641 23rd Ave 83919505 1641 23rd Ave - R3919605 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 ASS--- = -- NM a laa—a— —— 950 S. Cherry Street, Suite 320 = Denver, CO 80246 al I l- - ==tea S ` V Office: 303-757-8865 S _ _ Fax: 303-757-7691 PROPERTY TAX SPECIALISTS, INC www.sterlingpropertytaxspecialists.corn 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, niteStYL 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 ill -10 , 1 WELL ' D NIT 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