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Home My WebLink About20101761 6 CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4226 FAX: (970) 352-0242 P. O. BOX 758 GREELEY, COLORADO 80632 COLORADO August 5, 2010 LONGS PEAK BUSINESS CENTER LLC 7374 S ALTON WAY STE 203 CENTENNIAL, CO 80112 RE: THE BOARD OF EQUALIZATION, 2010, 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 29, 2010,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 2010. (This letter is being sent to make a correction to the previous letter which incorrectly stated 2009) 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 AS DETERMINED BY STIPULATED ASSESSOR $2,447,020 $2,243,939 ec,' Ci, to(L./4) 4 (Ccunneg1 ene) Wote/d 2010-1761 AS0076 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, Donna J. Bechler Deputy Clerk to the Board cc: Christopher Woodruff, Assessor STERLING PROPERTY TAX SPECIALISTS INC 950 S CHERRY ST SUITE 320 DENVER, CO 80246 2010-1761 AS0076 2010 COUNTY BOARD OF EQUALIZATION WELD COUNTY ASSESSOR'S ACCOUNT NUMBER R4647307 STIPULATION (As To Tax Year 2010 Actual Value) RE PETITION OF : NAME: Longs Peak Business Center, LLC ADDRESS: 7374 S. Alton Way, Ste 203 Centennial, CO 80112 Petitioner(s), Longs Peak Business Center, LLC and the Weld County Assessor, hereby enter into this Stipulation regarding the tax year 2010 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: (Legal description) 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 2010. Land $ $1,468,665 Improvements$ $ 978,355 Total $ $2,447,020 4. After further review and negotiation,the petitioner(s) and Weld County Assessor agree to the following actual value for the subject property. Land $ $1,468,665 Improvements$ $ 775,274 Total $ $2,243,939 o`?010.-171oj • 5. The valuations, as established above, shall be binding only with respect to tax year 2010. 6. Brief narrative as to why the reduction was made: Value was adjusted based upon the actual percent complete was incorrect. 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 DAY 8 of July, 2010. ga/1 .400 - Petitioner(s) or Attorney Petitioner(s) or Attorney Address: Address: °15a S. (parr % , t S4c 320 elpoare"t c vt62`tka Telephone: 3c3-1 Si —flcoc Telephone: notp?County Ass ssor Address: 1400 N.17th Avenue Greeley, CO 80631 (970) 353-3845 ext. 3656 S a r- - -- a a ®- e S S XIS I =II--a i PROPERTY TAX SPECIALISTS, INC 950 S. Cherry Street, Suite 320, Denver, CO 80246 REAL AND PERSONAL PROPERTY NOTICE OF DETERMINATION Christopher M. Woodruff Date of Notice: 6/22/2010 Telephone: (970) 353-3845 or (720) 652-4255 Weld County Assessor 1400 N 17th Ave Fax: (970) 304-6433 Greeley, CO 80631 E-mail: appeals@co.weld.co.us Office Hours: 8:00 AM - 5:00 PM www.co.weld.co.us LEGAL DESCRIPTION/ SCHEDULE/ACCOUNT NO. TAX YEAR TAX AREA PHYSICAL LOCATION R4647307 2010 2981 DAC 2SPD L2 BLK1 (CARLSON ANNEX) SILVER PEAKS AT DACONO FG#2 ce 5073 SILVER PEAKS AV w LONGS PEAK BUSINESS CENTER LLC DACONO, CO § 7374 S ALTON WAY STE 203 CENTENNIAL, CO 80112 re w 0. 0. re 0. 0. ASSESSOR'S VALUATION ACTUAL VALUE PRIOR ACTUAL VALUE AFTER PROPERTY CLASSIFICATION TO REVIEW REVIEW COMMERCIAL 1,468,665 1,468,665 INDUSTRIAL 978,355 978,355 TOTAL 52,447,020 52,447,020 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 2007 and the first 6 months of 2008 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. STERLING PROPERTY TAX SPECIALISTS INC 950 S CHERRY ST SUITE 320 DENVER CO 80246 2010-1761 15-Dal-AR PR 207-98/98 NOD#.8984 4PPEALPROCEDURES. 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, Colorado 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 11. 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 9 Avg end 9t° Street, P.O. Box C Denver, CO 80203 Greeley, Colorado 80632 (303) 866-5880 Telephone (970) 356-4000 Ext. 4520 www dola.colorado.qov/baa 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 TOtOUNTY SOARODEEQUALIZATION What is your estimate of the property's value as of June 30, 2008? (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.) $ 1_kCYX� 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 ir�stalled cost, appraisal, etc.) o I ATTESTATION I, the undersi ned owner or agent' of the property identified above, affirm that the statements conta d i n hments hereto are true and complete. GG 3o3-"1S 7-tRguc 3u 12 2O1O ig ture Telephone Number Date Attach letter of authorization signed by property owner. 1 5-DPT-AR PR 20708/08 NOD#:8984 �SUM ESMib. M E M = - 950 S. Cherry Street, Suite 320 -- - =MIL NM 41 M - - Sit -N �� Denver, CO 80246 MSS— � M -= S Office: 303-757-8865 EMI MEI MIME `tax: 303-757-7691 PROPERTY TAX SPECIALISTS, INC www.sterlingpropertytaxspeciahsts.com 4.� July 7, 2010 Weld County Board of Equalization 915 10th Street PO Box 758 Greeley, CO 80632 RE: 2010 Property Tax Assessments Enclosed please find the appeal of the Assessor's Notice of Determination for the following Schedule Number: R4647307 Sincerely, a, A A & Melodi Schooler Sterling Property Tax Specialists Inc. Please sign and return the attached copy of this letter to confirm receipt of the Appeal. Date ``1- $- / t) Signed Weld unty b Vial) COUNTY sit, ,-r _. ,rrZS 2010 ,iUL -8 A S: 31 c. L.:0 S SUS - a s 950 S. Cherry Street, Suite 320 i SIB= =SIB = Denver, CO 80246 'gala. Ma SS MISID• Saa IS Si S S V SOffice: 303-757-8865 Eir IS Si M ®— S.a IS ISIS S. SUS Fax: 303-757-7691 PROPERTY TAX SPECIALISTS, INC www.sterlingpropertytaxspecialists.corn May 10, 2010 Mr. Christopher Woodruff Weld County Assessor 1400 N. 17th Avenue Greeley, CO 80631 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 2010 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 completed to core and shell. At January 1, 2009, the Property was 100%vacant and subsequent to the valuation date through the present time, a little more than 1/2 of the Property has been leased at rates between $4 and $4.50 per square foot triple net. We have valued the Property based on an income approach. We have utilized a June 30, 2008 market rental rate of$5.00 per square foot, triple net. However, due to the vacancy that has plagued the property, we have applied a 25% vacancy factor on our income approach. We have further applied a 20% landlord expense to cover the costs relating to the vacancy as well as normal landlord non-reimbursable expenses as well as reserves for capital improvements; tenant improvements and leasing costs. We have utilized a capitalization rate of 9% for return on and return of investment for this type of facility, which again reflects the high vacancy. Our income approach is as follows: 42,000 sq. ft. x 55.00 = $ 210,000 Vacancy (25%) $ 52,500 Effective Gross Income $ 157,500 Less Expenses (20%) $ 31,500 Net Operating Income 51126.000 Capitalized at 9% $ 1 400 000 5073 Silver Peaks Page 2 Based upon the foregoing, Petitioner hereby requests the assessor adjust the 2010 value of the Property to $1,400,000. All information contained herein should be considered confidential and not available to any third parties. Respectfully submitted, STERLING PROPERTY TAX SPECIALISTS, INC. 84/14-47 By: Barry J. Goldstein, President BJG/sal LETTER OF AUTHORIZATION December 16, 200E Sterling Property Tax Specialists, Inc. 950 South Cherry Street, Suite 320 Denver, Colorado 80246 RE: 2009 and 2010 Property Tax Assessment Matters Gentlemen: The undersigned, as owner(s) of property located in Weld County, Colorado, at 5073 Silver Peaks Avenue, and more particularly described on Assessor's Notice of Valuation, Schedule No. R4647307 hereby authorizes Sterling Property Tax Speciflists, Inc. and Barry 7. Goldstein, Esq., to act as agent on my behalf regarding all 2009 and 2010 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. LONGS PEAK BUSINESS CENTER, LLC By Resolute Investments, Inc., Manager By: Gary Rohr,j're ident Telephone: 303-645-0505 Hello