The URL can be used to link to this page

Browse Search

Home My WebLink About20111875 BOARD OF ASSESSMENT APPEALS, WELD COUNTY STATE OF COLORADO COMMISSIONERS 1313 Sherman Street, Room 315 Denver, Colorado 80203 1011 MAR -1 A I(k 1U RECEIVED Petitioner: DILLON COMPANIES INC. dba ocket# 58044 KING SOOPERS Schedule#R6777757 v. Respondent: WELD COUNTY BOARD OF EQUALIZATION Attorney for Petitioner Lee E. Schiller, #7513 WEINER AND SCHILLER, P.C. 6412 S. Quebec Street Englewood, CO 80111 Phone: (303) 779-5200 Fax: (303) 779-0736 E-mail: lschiller(nwsmpc.com MOTION FOR LEAVE TO CONDUCT DISCOVERY COMES NOW the Petitioner above named, by and through its undersigned attorney, and submits the following Motion for Leave to Conduct Discovery pursuant to Board of Assessment Appeal Rule 11(d), and as grounds therefor states as follows: 1. Pursuant to Board of Assessment Appeal Rule 11(d),the Petitioner hereby requests permission from the Board to conduct discovery in this matter pursuant to the Colorado Rules of Civil Procedure Rules 26 through 37. Such discovery is necessary in the preparation of the appeal before the Board of Assessment Appeals. 2. The Petitioner requested informal discovery of the Respondent, however, the Respondent has ignored the request of the Petitioner. WHEREFORE,Petitioner respectfully requests that the Board grant this Motion and permit the Petitioner to conduct discovery in this matter pursuant to the Colorado Rules of Civil Procedure Rules 26 through 37. !C7()//-- /f7 �vrmuxv,CA� v\ QC . C°(�i PO 12 A 5 oo 7 GI 3- ‘a-la 3 �� is Respectfully submitted this 6th day of March, 2012. Respectfully submitted, WEINE SCH , P.C. Lee E. Schiller, #7513 Attorney for Petitioner CERTIFICATE OF SERVICE The undersigned hereby certifies that a true and correct copy of the foregoing MOTION FOR LEAVE TO CONDUCT DISCOVERY was [] hand delivered, or [] e-served by LexisNexis e-file, or[x] served by facsimile,and [x] sent by United States mail,postage prepaid,to the following on this 6th day of March, 2012. Facsimile: 970/352 0242 Weld County Board of Equalization P.O. Box 758 Greeley, CO 80632 Facsimile: 970/352 0242 Stephanie L. Arries Assistant Weld County Attorney 1150 "O" Street P. O. Box 758 Greeley, CO 80632 Facsimile: 303/866 4485 Board of Assessment Appeals State of Colorado 1313 Sherman Street, Room 315 Denver, Colorado 80203 Lee E. Schiller, #7513 2 PETITION TO STATE BOARD OF ASSESSMENT APPEALS . For Office Use Only 1313 Sherman Street, Room 315 Phone: (303) 866-5880 - -- Denver, Colorado 80203 Fax: (303) 866-4485 Docket No. I Fee: Y N • Check/Credit Card# Date: 9/1/11 . o r y Property Owner: 3 L lLOA NI CDMPAE'S In 1 N I l NIS SDPGo(2S EjtoPCSTN 1 Subject Property: eft I S 10-14( Sr'g.g 6T G124.-51. Ey Street Address /City Schedule Number(s): R(0-4-1- 14S74 Attach separate sheet if necessary I Efgoard of Equalization Appeals the decision of the WEJ b ❑Board of Commissioners Dated: 3 I County O State Property Tax Administrator This Appeal concerns: gc/aluation O Refund/Abatement O Exemption O State Assessed Tax Year:e7-DL The subject property is currently classified as: O Agricultural Bleommercial °Exempt ❑Industrial £ Mixed Use ❑Natural Resources o Oil &Gas 10 Personal ❑Possessory O Producing °Residential OState Assessed ❑Vacant Land Interest Mines Actual Value assigned to subject property: 12t9I I)&9-3 Petitioner',s estimate of value: 9 ©O t f 0 55�0 Estimated time for Petitioner to present the appeal: minutes or 1 hours. Not less than 30 minutes. Board will allow equal time to County or Property Tax Administrator. Appearance: ❑Petitioner will be present at the hearing ❑Petitioner will appear by telephone ❑Petitioner will be represented by an agent Petitioner is responsible for calling the Board at 303-866-5880 teetitioner will be represented by an attorney on the scheduled date and time of hearing(Mountain Time Zone) 0 Petitioner would like to appear by video conference Petitioner must contact the Board at 303-866-5880 at least 20 days in advance of the scheduled hearing to confirm availability of video conference equipment If the property owner is an entity,it must appear under the representation of an attorney licensed in Colorado except as follows. A closely held entity may be represented by an officer of the entity as long as the amount in controversy does not exceed$10,000,exclusive of costs,interest or statutory penalties. A closely held entity can have no more than three owners. See Section 13-1-127,C.R.S. A closely held entity that will be represented by an officer of the entity must peowida a letter to this Board with this petition stating that it has nc more than three owners and that the tax amount at issue does net exceed$10,000.A trust filing a petition after 12/31/2010 must be represented by an attorney and must pay a$101.25 filing fee. Filing Fee: El None Petitioner is appearing pro se (self-represented) and has not filed more than two Petitions with the Board of Assessment Appeals during this fiscal year(July 1 —June 30). ❑ $ 33.75 Petitioner is appearing pro se (self-represented) and has filed more than two Petitions with the Board of / Assessment Appeals during this fiscal year(July 1 —June 30). $101.25 Petitioner will be represented by an agent or by an attorney. Own. In the space below, please explain why you disagree with the value assigned to the subject property Own. INc6M.E At b COST ANALYS tS IIPIOEM- 1'1-IE- CANAf•*LM'5 VAucC 1S 1—OO IAA Wt 1_l. PR-DVt9C. 'Vero t'tioNAI- I►J -° g#kcvoio 44N0 A-rtbsNGs`j LN olzjtt&rfltJ kr h AS-C -itN &AS1(\1aSS PAYS (09- -to 'Ci hhsAgo4G. Ce;ywrvwant Ltd-i s-‘3 Ct.,-- UR f S P.._ sou - 18 7 - la II 9 -t'1 - II f‘SOO1 `1 4 Required attachments to this form: D Assessor's or Property Tax Administrator's Notice of Valuation or Notice of Denial VDecision of County Board of Equalization, County Board of Commissioners or Property Tax Administrator Attachments required under certain circumstances: IA notarized Letter of Authorization if an agent will be representing Petitioner ❑ A list of names, last known addresses and telephone numbers of co-owners or parties directly interested in the subject property if applicable. Certificate of Service I hereby certify that a true and correct copy of the foregoing Petition to the State Board of Assessment Appeals and attachments were mailed, faxed or hand delivered to: Voard of Equalization �£t—D ❑Board of Commissioners County ^ O State Property Tax Administrator at the following address: F! C7 • 6e x. 5I &tero cY y co % be-32- on `Tl(il • D to I hereby certify that a true and correct copy of the foregoing Petition to the State Board of Assessment Appeals and attachments were mailed, faxed or hand delivered to all co-owners or parties directly interested in the subject property on � to • Date I hereby certify that four (4) true and correct copies of the foregoing Petition to the State Board of Assessment Appeals and attachments were mailed or hand delivered to the Board of Assessment Appeals at 1313 Sherman Street, Room 315, Denver, CO 80203 on `t(l III ate (One copy may be faxed to the Board but the original and two additional copies must be mailed or hand delivered.) Petitioners ailing Address is Required Even if Petitioner is Represented by An Agent or Attorney (per C.R.S. 39-8-1091 gn ure of Agent 521. o rney O Signature of Petitioner MARc a . Lk46Le RING so z*cps -t$-tl�- Printed Name Printed Name IA.., his CeouP ►IDZ minA,vg- . S. 1 O ILE vItaC. Srtes-r Mailing Address Mailing Address NJ'cow 1 ' 1.1 3 fl 2- C N J Prn , ON 4-552o1 City, State, Zip Code � City, State, Zip Code Telephone:• 61 g J2. — 05— Telephone: 513-- 2 I4i Daytime number E-Mail: rrykS‘Oj Lt,® Aeq($ two. CBrl1 E-Mail: Attorney Reg. No.: �! It is the Petitioner's responsibility to notify the BAA of any change of address. Petitioners are strongly encouraged to read the Instructions and Rules of the Board of Assessment Appeals prior to completing this Petition Form. The Instructions and Rules are available on the Web at www.dola.Colorado.gov/baa or may be requested by phone at 303-866-5880. 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 in ✓ effect until written termination is delivered. BY: G�!I.G�S% TITLE: ;4't gar y/ai 4 a jj DATE: p `'',� // State of ( )Try(,1, C7 County of Vc\-Wy The foregoing agency authorization was signed and the signature acknowledged before me, a Notary Public, on this vNIA day of if).,Vl1-• , 2010. Notary Public My commission expires: A 05 �O\ CAROL A.HAGER Notary Public,State of Ohio My Commission B$es 11-07.2012 r vi(, o f(14 00 w 0 m 0 r o 7 W i �{ ii O V ( i .534,1CD - } w SSV13 ISUld rZ 0312Os3ad CO x _N _ I- N -- ~ CO Lil M = d Z I— _ o > 1 CC Q J IZ J c0 co ,— x (\I eN to •-1 Lil¢ V' Z P.. I (9 In III IA t5 cT CI 11. ce N a 2 m co W O 2 03 U HN > OW Y CC W! co ct J •o0 O CL • / �rrv� d " �� r� bli F �-a CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4226 FAX: (970) 352-0242 O BOX P. O. BOX 758 GREELEY, COLORADO 80632 COLORADO w I (1 5 tk,� f1N, August 3, 2011 L9e"�a,351 cl%"- 0 loth COMPANIES INC DBA KING SOOPERS � IP PROPERTY TAX 7 1014 VINE ST A, CINCINNATI, OH 45202 C N' RE: THE BOARD OF EQUALIZATION, 2011, WELD C UNTY, ORADO - ADMINISTRATIVE DENIAL OF PETITIONER'S AP A AND AFFIRM ASSESSOR'S VALUE DESCRIPTION OF PROPERTY: ACCOUNT #: R6777757 PARCEL #: 095909205001 - LOT 1 BLOCK 1 NORTHGATE VILLAGE 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 request for an Administrative Denial of your petition of appeal of the County Assessor's valuation of your property described above, for the year 2011. The assessment and valuation of the Weld County Assessor was affirmed as follows: ACTUAL VALUE AS ACTUAL VALUE AS DETERMINED BY SET BY BOARD ASSESSOR $12,971,673 $12,971,673 2011-1875 AS0079 0 CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4226 FAX: (970) P. O.O. BOX 758 758 GREELEY, COLORADO 80632 • COLORADO August 3, 2011 DILLON COMPANIES INC DBA KING SOOPERS PROPERTY TAX 7 1014 VINE ST CINCINNATI, OH 45202 RE: THE BOARD OF EQUALIZATION, 2011, WELD COUNTY, COLORADO - ADMINISTRATIVE DENIAL OF PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE DESCRIPTION OF PROPERTY: ACCOUNT #: R6777757 PARCEL #: 095909205001 - LOT 1 BLOCK 1 NORTHGATE VILLAGE 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 request for an Administrative Denial of your petition of appeal of the County Assessor's valuation of your property described above, for the year 2011. The assessment and valuation of the Weld County Assessor was affirmed as follows: ACTUAL VALUE AS ACTUAL VALUE AS DETERMINED BY SET BY BOARD ASSESSOR $12,971,673 $12,971,673 deiree/(/e/ e d9-. -o20// 2011-1875 AS0079 DILLON COMPANIES INC DBA KING SOOPERS - R6777757 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 Courts 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 2011-1875 AS0079 DILLON COMPANIES INC DBA KING SOOPERS - R6777757 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, Esther E. Gesick Deputy Clerk to the Board cc: Christopher Woodruff, Assessor AEGIS PROPERTY TAX SPECIALISTS 1102 18 AVENUE SOUTH NASHVILLE, TN 37212 • 2011-1875 AS0079 (77-13) 7/z9 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 - 2081 R6777757 -201 i LOT 1 BLOCK 1 NORTHGATE VILLAGE ' - 6922 W 10 ST,GREELEY CC z DILLON COMPANIES INC DBA KING SOOPERS O 1014 VINE ST r� I PROPERTY TAX 7 LTi R CINCINNATI,OH 45202 •`�t` a O cc ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ACTUAL VALUE PRIOR TO ACTUAL VALUE AFTER REVIEW REVIEW COMMERCIAL 12,971,673 12,971,673 TOTAL $12,971,673 $12,971,673 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: CM01 - The Colorado Constitution requires commercial property to be valued based on actual value and assessed at 29%. Replacement cost, market, and income are approaches used to determine the actual value of your property. 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 2011-1875 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 1 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 prropAty a 9-8-106(1.5), C.R.S.) `OJ DD C/0 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, or nal installed cost, appraisal e c.) 0 - p ATTESTATION I, the and igned owner o agent' of the property identified above, affirm that the statements contained he on any att h nt hereto are true and complete. 714e ture Telephone Number Date ' Attach letter of authorization signed by property owner. AEGIS PROPLRIY , Ax , ,.ItIKIISI July 13, 2011 Weld County Board of Equalization 915 10th Street, P.O. Box 758 Greeley, CO 80632 Re: Parcel # R6777757 King Soopers #117 • 6918 10th Street Greeley, Colorado To the Assessor's Office, In 2011, the market value of the King Soopers grocery store was reassessed at $12,971,673. The King Soopers store is company owned. The building was constructed in 2009, and the gross leasable area is 113,500 square feet of gross leasable area. The store is a new concept Kroger calls Market Place, and the store is much larger than the typical 55,000 - 70,000 square foot grocery store that Kroger usually builds. The Market Place stores offer household products that traditional grocery stores don't offer. Due to the size of the store, the triple net rent would be less than a standard grocery store. However, because the store is new, we are projecting a slightly higher rent than we would typically use for a property this size. The county has a land value of $2,010,558 and an improvements value of $10,961,115. The building is valued at $96.57 per square foot. A comparable neW Market Place is store #117 located in a nice area of Broomfield. Schedule #R677,7757 in Broomfield is valued at $5,632,500 for the building ($7,936,240 total with land) at 99,000 square feet, and the comparable is valued at $56.89 per square foot. This value-is more inline with our income approach value and indicates the county's value of $96.57 per square foot on the building is high. At an estimated $60 per square foot value, the subject property's improvements estimate of value is $6,810,000, or $8,820,558 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. 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 1102 18th Avenue South Nashville Tennessee 37212 Telephone 615-843-2805 Facsimile 615-843-2808 w w w.acgi Stax.eom .1 Airhion of'[Lt.IEG/J Grvnp. 1./.( Weld County Assessor Office July 13, 2011 Page Two 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). tk Our income approach to valuation yields a total value of $9,105,000, and our comparable/equalization value of $8,820,558 supports our income value. We would like to respectfully request the valuation to be changed to $9,105,000 for the 2011 tax year. 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, • THE AE GROUP, LLC Marc Hoggle Authorized Agent King Soopers, Inc. Assessment Yr: 2011 Property: #117 CO Address: 6918 10th Street Jurisdiction: Weld County, CO Parcel: R6777757 INCOME ANALYSIS GLA Rents psf Anchor: 113,500 $ 8.00 $ 908,000.00 Retail: 0 $ - Total: 113,500 $ 908,000.00 Less Vacancy & Collection Loss: 5.00% $ 45,400 $ 862,600 Less Expenses and Reserves: 5.00% $ 43,130 Net Operating Income $ 819,470 Overall Capitalization Rate: 9.00% Value: $ 9,105,222 Say (rounded): $ 9,105,000 RealtyRates.com INVESTOR SURVEY-4th Quarter 2010' RETAIL-ALL TYPES Item Input i OAR Minimum ' -' Spread Over10-Year Treasury 080. DCR Technique 1.05 0053885 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 I 20% 0073740' 0.014748 Mortgage Constant 0.053885 OAR 5.79 Loan-to-Value Ratio 80% Surveyed Rates 5.50 Equity Dwrdend Rate 7 37% Masrmum Spread Over 10-Year Treasury 7.49% OCR Technique 225 01303511 0.50 14.66 Debt Coverage Ratio 2.25 Band of Investment Technique Interest Rate 10.19'%. Mortgage 50%., 0.130351 '' 0.065176 Amortization 15 Equity 50% 0164950 0.082475 Mortgage Constant 0.130351 OAR 14/7 Loan to-Value Ratio 50% Surveyed Rates 14.03 Equity Dividend Rate 1650% ; �$��{y!1^-`W $ '€ TF d tiY_; `s w 4 -. . . F.' M''rr 2 7& .' t v' Averagem.&.'..v W at.l.!!;a1,-..:Zit';S":"W1/4. -ta; w ,a.,ixr:EL.� .v.1t....`.!-r4�, ::.. z a.....�, j.",.. ..,_a-, Spread Over 10-Year Treasury 3.18%. OCR Technique 1.45', 0.077024 . 0.71 7.92 Debt Coverage Ratio 1.45 Band of Investment Technique Interest Rate___.. 588% Mortae I.. 71%l 0.07 7024 0.054756 9 __. ... .. I 0_ - j -- ! A358 1 _ a eConstant 0.077024 OAR 7 Mort Amortization 25 Equity � 0123906 9.06 Loan-to-Value Ratio 7117.. Surveyed Rates 10.39 Equity Dividend Rate 12.4'%. '3rd Quarter 2010 Data Copyright 2010 P.eartyRoto..00rn"' RealtyRates.com INVESTOR SURVEY-4th Quarter 2010' RETAIL-ANCHORED CENTERS Item Input [ ! ' OAR Minimum n rrp Spread Over 10-Year Treasury 0.80% OCR Technique 1.05 0.053885 0.80 4.53 Debt Coverage Ratio 105 Band of Investment Technique, Interest Rate 3.50% Mortgage i 80% 00538851 0.043108 Amortization 30 Equity I 20% 0073740 0.014748 Mortgage Constant 0.053885 OAR 5.79 Loan-to-Value Ratio 80% Surveyed Rates 5.50 Equity Dividend Rate 7.37% .-.*?A v;r^ - + : y. tom e Mammtumx�'ra `S - ,,, -,.. a,"11-.,:::..- to„vn e v r. , ., . a- ,.y7::a..h.a...E'.w,aJ Spread Over 10-Year Treasury 6.34% DCR Technique i 2.00 0121998 , 0.60 14.64 Debt Coverage Ratio 2.00 Band of Investment Technique Interest Rate 9.04'%. Mortgage 60% 0.121998 0.073199 Amortization 15 Equity 40% 0.152950 0.061180 Mortgage Constant 0.121998 OAR 13.44 Loan-to-Value Ratio 60% Surveyed Rates 12.77 Equity Dividend Rate 1530% Adera9e -r- ._ , . _-. P , Spread Over 10.Year Treasury 3.57% OCR Technique 1.53 0083031 , 0.70 8.86 Debt Coverage Ratio 1.53 Band of Investment Technique Interest Rate 6.27% Mortgage 70% 0083031 0.058122 Amortization 23 Equity 30% 0109385 0.032815 1 Mortgage Constant 0.083031 OAR 9.09 J Loan-to-Value Ratio 70% Surveyed Rates 10.33 Equity Dividend Rate 10.94%. '3rd Qaar ter 2010 Data Copyright 2010 RealtyRa te..com^' RealtyRates.comTM 31 RealgRates.com INVESTOR SURVEY-4th Quarter 2010' RETAIL-UN-ANCHORED CENTERS Item Input I I ' OAR x�a Tr a r MlNmulik, ..... . . ._ _:. ,.....-_., ....-,- „[aa ...>.._ ,.0 Spread Over 10-Year Treasury 1,00% OCR Technique t30 0.061370 I 065 5.19 Debt Coverage Ratio 1.30 Band of Investment Technique _ _._.Interest Rate 3.70% Mortgage 1 65% 0.061370 0.039890 Amortization 25 Equity IL 35% 0075740 0.026509 Mort a ge Constant 0.061370 OAR I 6.64 Loan-to-Value Ratio 65% Surveyed Rates 6.31 Equity Dividend Rate 7.57% Spread Over 10-Year Treasury 7.49% OCR Technique 225 01303511 0.50 14.66 Debt Coverage Ratio 2.25 Band of Investment Technique Interest Rate i Amortization t _.._ 1 0.065176 013035 10.19% Mortgage /. 0164951 0.0624 15 Equity 50%' 75 Mortgage Constant 0.130351 OAR 1427 Loan-to-Value Ratio 50% Survey 1&03 Equity Dividend Rate 16.50% Spread Over 10-Year Treasury 4.25% DCR Technique 'I 1.78 0.092640 0.58 9A6 Debt Coverage ._..,.,e._.-......w._.-._.... ....w.._... .,.. verage Ratio 1.78 Band of Investment Technique Interest Rate 695% Mortgage 58% 0.092640 0.053268 0.115885 I 0.049251 Constant q y i Amortization nit Mortgage 0.092640 OAR � 10.25 Loan-to-Value Ratio 58% Surveyed Rates 11.04 Equity Dividend Rate 1159%. '3rd Qearter 2010 Data Copyright 2010 RealtyRetec.com''' RealtyRates.com INVESTOR SURVEY-4th Quarter 2010' RETAIL-FREE STANDING Item Input i OAR Minimum r a Spread Over 10-Year Treasury 0.83% OCR Technique 1.18 0.054087 080 5.08 Debt Coverage Ratio 1.18 Band of Investment Technique Interest Rate 3.53% Mortgage 80% 0054087 0.043269 Amortization 30 Equity I 20'/. 0073240! 0.014648 Mortgage Constant 0.054087 OAR I 5.79 Loan-to-Value Ratio 80% Surveyed Rates 5.90 Equity Dividend Rate 732% r•IMasimun1 .i .v k. �. .., . .,r1 ` s. ,.n', 1:a . S Spread Over 10-Year Treasury 5.80% OCR Technique 1.88, 0.131750 i 0.60 14.82 Debt Coverage Ratio 1.88 Band of Investment Technique Interest Rate 10.38% Mortgage I 60% 0131750 0.079050 Amortization 15 Equity 40%'. 0157450. 0.062980 Mortgage Constant 0.131750 OAR i 1420 Loan-to-Value Ratio 60% Surveyed Rates 13.40 Equity Dividend Rate 15.75% Spread Over 10-Year Treasury 331%. OCR Technique 1.52. 0081183 0.70 864 Debt Co verage Ratio 152 Band of Investment Technique Interest Rate 601% Mortgage 1D 70%'. 0.081183 1 0.056828 Amortization 23 Equity I 30%I 0.111135 0.033340 Mortgage Constant _0.081183 OAR ( 9 02 Loan-to-Value Ratio 70% Surveyed Rates — 10.69 Equity Dividend Rate 11.11% I '3rd Quarter 2010 Data Copyright 2010 RealtyRa tc..com^' RealtyRates.comTM 32 lacier 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: G'!GG�%f TITLE: J9 girt AM,ay 419 DATE: `o?`4, State of CAN, 0 County of (\-vvC\ \ The foregoing agency authorization was signed and the signature acknowledged before me, a Notary Public, on this day ofJJY--d— , 2010. Notary Public My commission expires: \\ — Or)' ()-O` CAROLA HAGER Notary Public,Stale of Ohlo My Commission Expires 11-07.2012 WELD COUNTY ASSESSOR / I PROPERTY PROFILE Account#: R6777757 Parcel#: 095909205001 Tax Area: 2081 Bordering County: Acres: 11.3966 Township Range Section Quart.Sec. Subdivison Name Block# Lot# 05 - 66- 09 - 2 NORTHGATE VILLAGE - 1 - 1 Owners Name &Address: Property Address: DILLON COMPANIES INC DBA KING SOOPERS Street: 6922 W 10 ST GREELEY 1014 VINE ST City: GREELEY PROPERTY TAX 7 CINCINNATI, OH 45202 Business/Complex: KING SOOPERS Sales Summary Sale Date Sale Price Deed Type Reception # 9/11/2009 $1,894,400 SWD 3649320 Legal Description LOT 1 BLOCK 1 NORTHGATE VILLAGE Land Valuation Summary Land Type Abst Code Unit of Number of Assessed Actual Value Measure Units Value Commercial 2112 Square Feet 496434 Land Subtotal: 496434 $2,010,558 $583,060 Buildings Valuation Summary Actual Value Assessed Bldg# Property Type Value 1 Commercial 2 Commercial Improvements Subtotal: $10,961,115 $3,178,720 Total Property Value $12,971,673 $3,761,780 Building Details Account#: R6777757 Parcel#: 095909205001 Owners Name &Address: Property Address: DILLON COMPANIES INC DBA KING SOOPERS Street: 6922 W 10 ST GREELEY 1014 VINE ST City: GREELEY PROPERTY TAX 7 CINCINNATI, OH 45202 Building# Property Type 1 Commercial Individual Built As Detail Built As: Market Year Built: 2009 Exterior: HVAC: Package Unit Interior Finish: Built As SQ Ft: 120536 • # of Baths: 0 Roof Type: Flat # of Bdrms: 0 Roof Cover: #of Stories: 1 Rooms: 0 Units: 0 Garage: Attached SQ Ft: Detached SQ Ft: Basement: Total SQ Ft: Finished SQ Ft Account#: R6777757 Parcel#: 095909205001 Owners Name&Address: Property Address: DILLON COMPANIES INC DBA KING SOOPERS Street: 6922 W 10 ST GREELEY 1014 VINE ST City: GREELEY PROPERTY TAX 7 CINCINNATI, OH 45202 Building# Property Type 2 Commercial Individual Built As Detail Built As: Self Service Booth Year Built: 2010 Exterior: HVAC: Complete HVAC Interior Finish: Built As SQ Ft: 131 #of Baths: 0 Roof Type: Flat #of Bdrms: 0 Roof Cover: # of Stories: 1 Rooms: 0 Units: 0 Garage: Attached SQ Ft: Detached SQ Ft: Basement: Total SQ Ft: Finished SQ Ft: \} -- C y „:•,,..,, — > n >\ » � v + a ' \ \ . � J §m _ 3 52 \ Ui \ MI _ CO CD N » & o ma cr- \\ , INIIIIIMINIMII } / / / agile ,-9 iimpoi r, INS \ i6 � /i \ ( \ © ) } /}/ - wiz ) )@9 / }x ; / C CLERK TO THE BOARD I' PHONE (970) 336-7215 EXT 4226 (9 FAX: (9700) 35252-0242 WEBSITE: www.co.weld.co.us 915 10TH STREET WI I pP.O. BOX 758 �• GREELEY, COLORADO 80632 COLORADO July 25, 2011 DILLON COMPANIES INC DBA KING SOOPERS PROPERTY TAX 7 1014 VINE ST CINCINNATI, OH 45202 Parcel No.: 095909205001 Account No.: R6777757 Dear Petitioner(s): The Weld County Board of Equalization has set a date of July 29, 2011, at or about the hour of 2:30 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. 2011-1875 71 2,u - (90 w� )vvurc AS0079 DILLON COMPANIES INC DBA KING SOOPERS - R6777757 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 Esther E. Gesick Deputy Clerk to the Board cc: Christopher Woodruff, Assessor AEGIS PROPERTY TAX SPECIALISTS 1102 18 AVENUE SOUTH NASHVILLE, TN 37212 2011-1875 AS0079 Esther Gesick From: Marc Hoggle(mhoggle@aegistax.com] Sent: Thursday, July 28, 2011 1:42 PM To: Esther Gesick; Noel Lawrence rnp Subject: RE: King Soopers R6777757 —Di!Mn l riAso Esther, F I have requested from Noel an administrative denial for our County Board of Equalization hearing scheduled for 7/29/11. Please verify with Noel so that we can cancel the hearing to free up the time slot. If you need to contact me, my direct line is 615-467-2170. Thank you, Marc From: Esther Gesick Jmailto:eciesick@co.weld.co.usl Sent: Thursday, July 28, 2011 12:52 PM To: Marc Hoggle Subject: RE: King Soopers R6777757 Marc, I've forwarded your message over to the Assessor's Office to hopefully help facilitate your inquiry. I'll wait to hear the outcome. Thanks! Esther E. Gesick Deputy Clerk to the Board/Office Manager 915 10th Street Greeley, CO 80631 tel: (970) 336-7215 X4226 INN7•P01l yyl W Y t{ E 'UNT 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. From: Marc Hoggle Jmailto:mhoggle@aegistax.coml Sent: Thursday,July 28,2011 11:49 AM To: Esther Gesick Subject: King Soopers R6777757 Esther, 1 I received you voice message about moving the CBOE hearing up tomorrow. I'm still trying to contact the commercial assessor,Noel Lawrence. As soon as I have talked with Noel, I'll let you know if we can reschedule or if we are going to do an administrative denial. I expect to have an answer one way or another by the end of business today. Thank you, Marc C Hoggle The Aegis Group 1102 18th Avenue South Nashville,TN 37212 615.843.2805 615.843.2808 Fax mhoggle@aegistax.com www.aegistax.com 2 Hello