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Home My WebLink About20102808.tiff RESOLUTION RE: ACTION OF THE BOARD CONCERNING PETITION FOR ABATEMENT OR REFUND OF TAXES - CBMRE, LLC WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to Colorado statute and the Weld County Home Rule Charter, is vested with the authority of administering the affairs of Weld County, Colorado, and WHEREAS, the Board of County Commissioners of Weld County, State of Colorado, at a duly and lawfully called regular meeting held on the 22nd day of November, 2010, at which meeting there were present the following members: Chair Douglas Rademacher, and Commissioners William F. Garcia, Barbara Kirkmeyer, and David E. Long, with Commissioner Sean P. Conway being excused, and WHEREAS, notice of such meeting and an opportunity to be present has been given to the taxpayer and the Assessor of said County, with said Assessor, Christopher Woodruff, being present, and taxpayer CBMRE, LLC, being represented by Wolfram Kasemir, and WHEREAS, the Board of County Commissioners has carefully considered the attached petition, and is fully advised in relation thereto. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the Board concurs with the recommendation of the Assessor and the petition be and hereby is, denied, and an abatement or refund be denied as follows: CORRECTION TO ASSESSED ABATEMENT TAX VALUATION OR REFUND YEAR $0.00 $0.00 2009 2010-2808 Via-°1- l b AS0075 TAX ABATEMENT PETITION — CBMRE, LLC PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 22nd day of November, A.D., 2010. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO ATTE3 f 7 v JE,�(��a \Pougl s adem cher, C airy Weld County Clerk to the B rd � i ?9" ' _rcilc ( 4.F:y.::: rbara Kirkmeyer, ro-Tem BY: Deputy Clerk to the Boar EXCUSED Sean P. Conwa acia ounty Attorney aJ cA,c David E. Long \ Date of signature: /d' V 2010-2808 AS0075 7 PETITION FOR ABATEMENT OR REFUND OF TAXES/� County: Date Received C90/0 (Use Assessors or Commissioners'Date Stamp) te I: Petitioner,please Section I only. RECEIVED Date: Day !e Month Day Year Petitioners Name: c 6 11R g/ L L C .y JUN 2 6 2010 Petitioners Mailing Address: '35'2_4 A . 10711 5' / 'y�-Cf WELD COUNTY ASSESS() Gr"r Zip to Co �'o C fl GREELEY, COLORADO Cit or Town State Code SCHEDULE OR PARCEL NUMBER(S) PROPERTY ADDRESS OR LEGAL DESCRIPTION OF PROPERTY fDo$'O‘90 -- 13132_SLto1olt 5'g7D I-hAr-lcfreer Fre,eortrk CO $0530 Ro//3og9— t3 f3 5-it of O05? 5aoFturl' Sf; Ft 4-te t`t cognsao Petitioner states that the taxes assessed against the above property for property tax year(s) Zf'and are incorrect for the following reasons: (Briefly describe the circumstances surrounding the incorrect value or tax. Attach additional sheets if necessary.) fetal Go n see d ac�i-� q,,,( " ( m to 6 Petitioner's estimate of value: $ ' /-;(4/( '0r)and $ ( 90 Value , Year V r Petitioner requests an abatement or refund of the appropriate taxes. I declare,under penalty of perjury in the second degree,that this petition,together with any accompanying exhibits or statements,has been prepared or examined by me,and to the best of my knowledge,information and belief,is true,correct,and c plete. '7 /7 Daytime Phone Number j303) 7 Z—I6 3 Z etitionar's ignatura By Daytime Phone Number j 1 • ,WI I .{(' Agent's Signature' / y K Y •Le r��aQ us be`aRech� enpaflb'bn Ideubmitte byan a t." If the board of county commissioners,pursuant to section 39-10-114(1),or the property tax administrator, pursuant to section 39-2-116,denies the petition for refund or abatement of taxes in whole or in part,the petitioner may appeal to the board of assessment appeals pursuant to the provisions of section 39-2-125 within thirty days of the entry of any such decision,§39-10-114.5(1),C.R.S. Section II: Assessor's Recommendation (For Assessor's Use Only) Tax Year z-d es/ Tax Year r Actual Assessed Tax riOLal Assessed Tax Original`�6�J y CI 1 /r-j/s / / 7i_ corrected-C62, i•'` t ' 3 . 1 ` 1�.,?7, ' .:../ ,. . Abate/Refund - 0 Assessor recommends approval as outlined above. A No protest was filed for the year(s): or (If a protest was filed,please attach a copy of the NOD.) !pl Assessor recommends denial for the following reason(s): t - - .r _. Via, fr.r+ tjn ..1 C_' Assess sor eputy Assessor's igna 15-DPT-AR No.92066/06 • 2010-2808 • FOR ASSESSORS AND COUNTY COMMISSIONERS USE ONLY • (Section III or Section IV must be completed) Every petition for abatement or refund filed pursuant to section 39-10-114 shall be acted upon pursuant to the provisions of this section by the board of county commissioners or the assessor,as appropriate,within six months of the date of filing such petition,§39-1-113(1.9),C.R.S. Section III: Written Mutual Agreement of Assessor and Petitioner (Only for abatements up to$1,000) The commissioners of County authorize the assessor by Resolution No. to review petitions for abatement or refund and to settle by written mutual agreement any such petition o7 r abatement or refund in an amount of one thousand dollars or less per tract,parcel,or lot of land or per schedule of personal properly,in accordance with§39-1-113(1.5),C.R.S. The assessor and petitioner mutually agree to the values and tax abatemendrefund of. Tax Year Tax Year Actual Assessed Tax Bsital A 4 la Original Corrected Abate/!:Natant( Note:The total tax amount does not include accrued interest,penalties,and fees associated with late and/or delinquent tax payments,if applicable. Please contact the county treasurer for full payment information. Petitioners Signature Date Assessor's or Deputy Assessor's Signature Date Section IV: Decision of the County Commissioners • (Must be completed if Section III does not apply) WHEREAS,The County Commissioners of County,State of Colorado,at a duly and lawfully called regular meeting held on / / ,at which meeting there were present the following members: Month Day Year with notice of such meeting and an opportunity to be present having teen given to the taxpayer and the Assessor of said County and Assessor (being present—not present)and Name petitioner (being present—not present),and WHEREAS,The said Name County Commissioners have carefully considered the within petition,and are fully advised in relation thereto, NOW BE IT RESOLVED,That the Board(agrees—does not agree)with the recommendation of the assessor and the petition be(approved—approved in part—denied)with an abatement/refund as follows: Year Assessed Value Taxes Abate/Refund Year Assessed Value Taxes Abate/Refund Chairperson of the Board of County Commissioners'Signature County Clerk and Ex-officlo Clerk of the Board of County Commissioners in and for the aforementioned county,do hereby certify that the above and foregoing order is truly copied from the record of the proceedings of the Board of County Commissioners. IN WITNESS WHEREOF,I have hereunto set my hand and affixed the seal of said County this day of Month Year County Clark's or Deputy County Clerk's Signature Note: Abatements greater than$1,000 per schedule,per year,must be submitted in duplicate to the Property Tax Administrator for review. Section V: Action of the Property Tax Administrator (For all abatements greater than$1,000) The action of the Board of County Commissioners,relative to the within petition,is hereby ❑Approved ❑Approved in part$ 9 Denied for the following reason(s): Secretary's Signature Property Tax Administrator's Signature Date 15-DPT-AR No.920-66/06 Petition For Abatement of Taxes Section I: Date: June 24, 2010 Petitioner: CBMRE LLC Address: 8529 N. 107th Street Longmont, CO 80504 Manager: Wolfram Kasemir DBA: AA Affordable Storage Parcel Numbers: Lot 1 — 131325401008 - 5950 Hurt Street Lot 2 — 131325401011 - 5970 Hurt Street Petitioner states that all taxes are current but that the taxes assessed against the above properties are erroneous for the years 2009 and 2010 and requests reevaluation. Actual Assessed 2010 Valuation: Lot 1 $450,938 $12,165.27 Lot 2 $111,630 $ 3,012.25 Total $562,568 $15,177.52 • Circumstances surrounding the incorrect vwuation: A commercial appraisal was done on March 9, 2009 by: James Derr, Commercial Appraisal Services 950 Wadsworth Blvd., #307 Lakewood, CO 80214 303-462-3299 File # 09-108, page 90: In Mr. Derr's opinion, the "AS IS" fee simple liquidation value is $470,000. He also states the net realizable Liquidation Value is $414,400. On July 17, 2009, the previous owners John and Barbara Gamble sold these two lots for $415,000 with the condition that the back taxes of$15,923.15 for 2008 and the prorated 2009 taxes of$ 8338.58 not be paid by them, reducing the effective market value $390,738. • According to the CBMRE LLC books, the rent roll for the last 5 1/2 months of 2009 was $9,596; an average of$1,799 monthly gross income. Subtracting the monthly taxes of$1,265 leaves only $534 to pay for expenses including the $1,318 monthly mortgage payment. Obviously, this company cannot stay in business very long unless expenses are trimmed and income is increased. The original 20% occupancy rate has already been increased to 30%. It is expected that with additional improvements in services and advertising, the year end occupancy rate could be between 35% and 40%. This is still far from the break even level of 60% occupancy. Even though the previous owners had neglected facility maintenance and let the occupancy rate go down, the taxes did not go down to match the actual value of the property or the value of the business. Market value is determined by what one person is willing to sell a property for and what another person is willing to buy it for. The fact is that that these two lots were sold/purchased for-an effective sale price of $390,738. This is a decrease in actual value of$171,830 or 31%. Maintaining the current tax rate would be inappropriate and an extreme-hardship; therefore, I ask that the tax assessment on both of these two lots be adjusted down by 31% to reflect the real value at the time of purchase. I have been told that the deadline for the 2010 tax assessment reevaluation was end of May. Boulder County sends out valuations every year with an opportunity to review and/or contest them. I was expecting Weld county to do the same, but they do not; so I missed the deadline and here I am requesting reevaluation via a petition. If there are any documents or statements needed for this process, please let me know. My email is: wk@cswall.com My phone is: 303-772-1632 • • Wolfram Kasemir Manager of CBMRE LLC I i i k1 's. WI )) Y Q i N (S\ N 1 iii dal id Ce�C Z BED° Weld Count' CHRISTOPHER WOODRUFF COUNTY ASSESSOI BRENDA DONES, DEPUTY ASSESSOI VALUATION REPORT OF COMMERCIAL PROPERTY FOR County Board of Commissioners CBMRE LLC PETITIONER VS. WELD COUNTY ASSESSOR'S OFFICE RESPONDENT Parcel Number: 1313-25-4-01-011 & 008 Schedule Number: R0080690 &R0143089 Log Number: 2010-054 Petition for Abatement 2009 PREPARED BY WAA E J.MELIES 1/,<74) Sept. 29, 2010 Signature Date ASSESSOR'S OFFICE STAFF APPRAISER CBOE_COMM_010 Pag SALIENT FACTS AND CONCLUSIONS Purpose of Appraisal To determine Market Value as of 1/1/09 based on an appraisal date of 6/30/08. Property Rights Appraised Unencumbered fee simple interest. Location 7173 13 CR FREDERICK Land Area 107,549 Square Feet Zoning Neighborhood Commercial District Property Type Commercial Mini Warehouse (Self Storage) Fenced Storage Lot Year Built 1994 & 1999 Quality Average Class Metal Frame Number of Stories 1 Total Improvement Sq. Ft. 18,080 Number of Units 109 Number Buildings 5 Value Indications: Land $215,098 Cost Approach $662,420 Market Approach $687,000 Income Approach $568,500 Assessor's Value $569,426 COO E_COMM_01099'; Page COST APPROACH LAND VALUE Sales utilized to establish the value in the subject neighborhood are from 2007 and the first six month of 2008 for the 2009 assessment date. The comparative sales approach is the most reliable method of land valuation. Pursuant to 39-104-(10.2) (c) C. R. S., the Assessor may utilize sales from July 2007 through June of 2008 to establish the proper value, if sufficient information is not available in the prior 18 months the Assessor may go back 5 years. Also, comparables outside the subject property area may be used. The Weld County Assessor has an established ongoing sales confirmation and validation program for property transactions used in developing value. The subjects land is made up of two individual lots totaling 107,549 square feet. Comparable commercial land in the subject area is valued at $2.00 per square foot. Parcel Number Sale Date Sale Price Land Size Per Sq Ft Comparable 1 131325102005 05/30/06 $167,000 63,151 $2.64 Comparable 2 131325425002 01/23/04 $350,000 51,751 $6.76 Comparable 3 131325405010 07/10/02 $50,000 24,162 $2.07 The land sales comparables presented here develop a value range of$2.07 to $6.76 per squan foot. The upper end of the range is a lot with frontage on a major arterial. The lower end of th range is developed by older sales. The comparables support the value of$2.00 per square fo< for the subject land. ASSESSOR'S SUBJECT LAND VALUE $215,098 CROE_COMM_010 Pag Comparable Land Sales re ; lilialli -.-- 161 kin ii opi rotor: A , or a4-. S sC' C=� �13UCHANAN 'AV 04 �� ' • ESTNER'C _ . Ir *tit 11 '� 1t`• .; b311 '1 ,1aw3r."! J.. awrelsis _ , . �.. N• 1' Ili .":".' 62 Orn..� � 4 `. .�1 .. 4 . - r ra -� . i � . lei w� c -"Ira- tR I S'PK W Y '--� '■"'.s-+w...s "'. fir. . A-. -.- NC E'AV ' e INDUSTRIAL ST.1 fil MCCt_rURE"AV - - SIP iii Agini"P.-Atr" - ^ :11 HICKORY CIR ` ` 13ROPHiY CT:"" . I . r ti r SKYLINE AV 'r t s ` ,t.' litn r ASPEN'CIR`' CC a -- a„ t I .-. . t.ficsir _ •� a _ . . e fi s 7�'t !! J rt)",. - is rice se • tPINErST; ' 1 GF2IMSON • % S�+� ,11 ��~ •" tIIIIIN Z ne av " � • � �1 • 113 ^:ail w 46 • ho Ji, ' 1-, 1 IS.: . * ' ..q Ix. �.% ,< \P. . . _ : " . - .-= � :' ©i11�: - eSelwe Crae $ fpr1b_z. ., ! .s; Mil .a•t D : <it -+ r •eta .• ,P ♦ $:. # :A P •• -. rr�a , . M_ ...6 Lip .A a• 'Z'�• sap �� %' _ � KEYES'$T 2.,:4LW illa ..�r�� . .: . ... .r -V i.. �. ♦1 �t. j .. , ♦ j ter : a. - .. .- l' .... .' a y�c a r m !i cc or 4 1 u.,._S' ` '',tip• `r , - r _1. = 4- w• A 4 a .ff isa g♦ci •A r- 't'` ' rrrt 1'1 �illi��i� : • � > � • ails \ "WICLIAMS'Ai gst 'fir• a Cra „w� Cr r� .. 4 �' acts saltiel 4,, .. �.�.O4'„`�-, S s�c x ,94, • 4144111111---1 ' Ant llin , ens i1€ Il .. *O a '" ilitiAl i. �� I, ��. . .. - - ne Lib II ./ 1113111 RE t SA g _ )r " i*uu' r? 17 ;milli new 0 • Comp #3 es, • S , . i ?,dap center: 40 ' 6' 28' N. 56' 42' W • .. . .. • . - . • •.. ...se4S. - •c . A i•... CBOE_COMM_01 Pa Subject Photographs Bldg #1 Mini Ware*ourr Class S yoc 1999 9'wm No Pleat 130.0' u 833.0692' i r 4680.0 sf .ter. l I . ' t .. 4.y :i 36 0' ' r, tel.-•�M,r r~-t' r• .. 7 i', I < 1 ...r<r.s, .i.. r,w.a.." Bldg #2 lipiip 115.0' 400 . 75.0' le yoc 1999 yoc 1994 20.0' 5 und° 6 units Mini Warehouse • Class S ', :I ,; ! ' 9' wh ' '1 yoc 1994 & 1999 ,t..--: ° No Heat I-e I 1 i 11 units t-�' 2300.0 sf . Bldg #3 millriii- -- ' ., , , , 1150' 65.0'• yoc 1994 11 units 30.0' 1 1 Mini Warehouse Class S 9' wh No Heat yoc 1994 & 1999 ' � ill 22 units wry .. CBOE_COMM_01 Pa Subject Photographs Bldg #4 1150' 50.0' 55 0' yoc 1999 yoc 1996 10 units 12 units 30 0' Lagos Mini Warehouse Class S yoc 1996& 1999 9,MI I No Heat 22 units 34500 sf an o' Bldg #5 1111.11111111. Mini Warehouse Class S yoc 1999 No Heat g wh a 28 units 4200.0 st s..rcn er 4.i Iva. COST APPROACH SUMMARY The Assessor is currently using Marshall and Swift cost tables for the cost approach of commercial properties in Weld County, which has been approved by the Division of Property Taxation to be utilized by Colorado Assessors. The structure has been classified properly utilizing the Marshall and Swift Valuation service and an appropriate depreciation applied . A land value has likewise been established through the utilization vacant land sales of comparable properties. Improvement Value $438,229 Land Value $215 ,098 TOTAL VALUE BY THE COST APPROACH $653,327 CBOE_COMM_011 Pa! COST CALCULATIONS ACCOUNT NUMBER 80080690 & R0143089 PROPERTY OWNER CBMRE LLC ADRESS 7173 13 CR CITY, STATE, ZIP Frederick, CO NUMBER OF STORIES 1 OCCUPANCY MINI WAREHOUSE AVERAGE STORY HEIGHT 9 FLOOR AREA (SQ. FT.) 18,080 CLASS S COST RANK AVERAGE COST AS OF 06/30/08 BUILDING NUMBER Size Cost Year Built Depreciation Total 1 4,680 $27.38 1994 28% $92,260 2 2,300 $27.38 1994 & 1999 23% $48,490 3 3,450 $27.38 1994 & 1999 23% $72,735 4 3,450 $27.38 1996 & 1999 21% $74,624 5 4,200 $27.38 1999 18% $94,297 Add On's Asphalt Paving 32,000 $2.10 1994 28% $48,384 Chain Link Fence 630 $16.40 1994 28% $7,439 DEPRECIATED COST $438,229 Land Value $215,098 Total Cost Value $653,327 CBOE_COMM_0 F MARKET APPROACH SUMMARY Real Property for the tax year 2009 must be valued utilizing data for the period one and one-half year immediately prior to July 1, 2008. If comparable valuation data is not available from such one and one-half year period to adequately determine the level of value for a class of property, pursuant to 39 1-104 (10.2)(c) C.R.S, the Assessor may utilize sales five years prior to July 1, 2008 to establish the proper value. The Assessor has appropriately considered the Market Approach to value for the property on appeal. All sales have been confirmed and verified through transfer declarations as well as interviews with buyers, sellers or their representatives to the sale. All sales used are arm's length transactions, and considered to be the most comparable properties sold in relationship to the Subject property. Based upon investigation and analysis, it is the opinion of the appraisers that the value of $687,000.00 accurately reflects the market value of the subject property. VALUE As INDICATED BY THE MARKET APPROACH $687,000 CBOE_COMM_010 Pag COMPARABLE SALES # Parcel# AnDREss '> Grantor/Grantee Date of Sale Square Price Per No. Sale Price Foot SF Unit Sub 131325401011 7173 13 CR, N/A N/A N/A 18,080 $25 109 ject Frederick assessed 1 096117101018 2025 I Av MMB Associates 1/16/2008 $620,000 26,340 $23.53 229 Greeley EZ Storage LLC 2 106103416002 316 Basher Dr. Beery Lester Alan 7/24/2007 $1,210,000 20,800 $58.17 177 Johnstown Sandhoff John Derek 3 070713215003 3 Joe P Martinez Ault Business Plaza 12/15/2006 $694,600 15,618 $44.47 43 &004 Ault Rothell Enterprises Subject Comp 1 Comp2 Comp 3 Unadjusted $ n/a $34.62 $53.17 $44.47 per SF Condition Slightly Less Superior Similar Adjustment None -- none Age 1994 & 1991 1984 2006 1999 & 2001 Adjustment ++ -- -- Outside Yes None Yes Some Storage Adjustment ++ None None Adjusted Sale $38 $38 $40 Price per SF rounded The sales present and unadjusted sale price per square foot develop a range of from $35 to $53. After adjustments for condition, age, and outside storage the comparable develop a range of $38 to $40 with the average being $38.66. The data indicates the subject property has a market value of $38 per square foot. MARKET CALCULATIONS SUBJECT 18,080 SQ. FT. TIMES $38 PER SQ. FT. EQUALS $687,040 ROUNDED TO $687,000 COO E_COMM_01099'; Page 2 wtir`" Mal Wareriouse • .i� Fast Floor 3]25 7 SF 24 Unite 12 TKO' 11.10%20 re was IX 53 cono 6iac naa]Ss III Ea Una 13 Una 24 Annual 06/25/2008 COMPARABLE SALE #1 COUNTY: WELD ACCOUNT R1482886 PARCEL NUMBER: 080720404004 PRIMARY OCC: Mini Warehouse PERCENT: 100% SECONDARY OCC: PERCENT: THIRD OCC: PERCENT: ADDRESS: 824 STONE MOUNTAIN CT WINDSOR RECEPT NUMBER: 3553630 SALE DATE: 5/12/2008 GRANTOR: N&M PROPERTIES INC SALE PRICE: $129,000 GRANTEE: BUSH ALLAN D& ADJ SALE PRICE: YEAR BUILT: 1984 CLASS: D EFFECTIVE AGE: LAND/BLDG RATIO: 2.69 LAND SIZE (SF): 10,032 LAND VALUE: $30,096 BLDG SIZE (SF): 3,726 IMPS PRICE/SF: $26.54 WALL HEIGHT: 8 SALE PRICE/SF: $34.62 STORIES: I INTEREST RATE: BSMNT SIZE: DOWN PYMT: BSMNT FINISH: LOAN TERM (YRS): ZONING: POINTS PAID: QUALITY: Average COMMENTS: 12-10'X 10' units rents$55 per month, 12- 10' X 20'units rent$75 per month,4-10'X 10' units vacant at time of sale or 16.6%vacant.Confirmed sale with Allen Bush. C BOE_CCMM_0 P } r II 777,1, COMPARABLE SALE #2 COUNTY: WELD ACCOUNT NUMBER: R8124499 PARCEL NUMBER: 106103416002 PRIMARY OCC: Self Storage PERCENT: 99% SECONDARY OCC: Office Building PERCENT: 1% ADDRESS: 316 BASHER DR,JOHNSTOWN RECEPT NUMBER: 3495820 SALE DATE: 7/24/2007 GRANTOR: BEERY LESTER ALAN& SALE PRICE: $1,210,000 GRANTEE: SANDHOFF JOHN DEREK ADJ SALE PRICE: $1,210,000 YEAR BUILT: 2006 CLASS: S EFFECTIVE AGE: 2006 LAND/BLDG RATIO: 3.91 LAND SIZE (SF): 81,293 LAND VALUE: $138,199 BLDG SIZE(SF): 20,800 IMPS PRICE/SF: $51.52 WALL HEIGHT: 8 SALE PRICE/SF: $58.17 STORIES: 1 INTEREST RATE: BSMNT SIZE: DOWN PYMT: BSMNT FINISH: LOAN TERM (YRS): ZONING: JOH POINTS PAID: QUALITY: Average COMMENTS: This is a newly constructed, 177 unit self storage complex in 8 buildings. There is 1,500 square feet of office space and 35 outside RV spaces. The complex was 40% rented at the time of purchase. The buyer expects to have complex rent to 90% in less than one year. The current rate quote, occupancy, and purchase price develop a cap rate of 4.3%. The complex has a kiosk that allows users to rent space, make payments, and purchase lock with attended assistance. Each unit is individually alarmed. C0OE_COMM_010998 Page 10 m ~ke Y{:♦'1 YC d try �Yg A z ny T Y' tY#„ v Y rti ai 11. 1. 2001 1- 9. 2001 COMPARABLE SALE #3 COUNTY: WELD ACCOUNT R6993398&6993498 PARCEL NUMBER: 070713215003 &004 PRIMARY OCC: Mini Warehouse PERCENT: 100% SECONDARY OCC: PERCENT: THIRD OCC: PERCENT: ADDRESS: 3 JOE P MARTINEZ LN AULT RECEPT NUMBER: 3442803 SALE DATE: 12/15/2006 GRANTOR: AULT BUSIJNESS PLAZA LLC& SALE PRICE: $754,600 GRANTEE: ROTHELL ENTERPRISES LLC ADJ SALE PRICE: $694,600 YEAR BUILT: 1999&2001 CLASS: C EFFECTIVE AGE: LAND/BLDG RATIO: 3.07 LAND SIZE (SF): 47,916 LAND VALUE: $59,895 BLDG SIZE (SF): 15,618 IMPS PRICE/SF: $40.64 WALL HEIGHT: 9 SALE PRICE/SF: $44.47 STORIES: 1 INTEREST RATE: BSMNT SIZE: DOWN PYMT: BSMNT FINISH: LOAN TERM (YRS): ZONING: ALT I POINTS PAID: QUALITY: Average COMMENTS: DEDUCTED$60,000 FOR ADJOINING VACANT PARCEL OF LAND INCLUDED IN SALE. UNIT MIX;22-12X15, 12-12X30,6-20X32, I-25X30.20X30 OFFICE AND 30X60 SECOND STORY MANAGER'S APARTMENT. UNABLE TO CONFIRM SALE WITH BUYER. CBOE_COMM_010'. Page INCOME APPROACH SUMMARY The Weld County Assessor has appropriately considered the Income Approach to value for the Subject property on appeal. The Assessor has gathered income information from local commercial properties for the time frame of January 1 , 2007 through June 30, 2008. The total revenue reported by the owner for 2007 and 2008 was not available. The potential revenue based on quoted rental rates was used. The expenses reported by the owner for 2006 were usec plus a percentage for management and reserves. Typical vacancy for mini storage in Northern Colorado is 20 to 30 percent, because of limited information from the owner we over estimate the subject's vacancy to be 50 percent. This information, combined with statewide and industry-wide data, is used to determine typical income and expenses for various property types. As added documentation to support the estimates used, the MLS listing sheet and an income analysis from the Listing Realtor, date 9/25/2008 are provided. In conclusion of the Income Approach, the Assessor has considered both groups of data and has put more emphasis on the local factors and data than the state and national data. This information was then applied to the subject property to arrive at an appropriate Income Approach Value. TOTAL INCOME VALUE FOR THE SUBJECT PROPERTY $568,500 See table on the following page. CBOE_COMM_01099 Page I Rental Income based on going Rates Size Units Rent/Month Total 10 x 10 42 $68 $34,272 10 x 15 10 $80 $9,600 10 x 20 52 $100 $62,400 15 x 15 4 $110 $5,280 15 x 20 1 $100 $1,200 estimated 109 Potential Gross Income $112,752 Vacancy and Loss 50% $56,376 Effective Gross Income $56,376 Expenses Advertising $726 Bank Svc Charge $81 Equipment Rental $49 Health Insurance $3,848 Liability Insurance $1,902 Postage $4 Telephone $546 Utilities $1,413 Mgmt 3% $1,691 Reserves 2% $1,128 Total expenses -20% -$11,389 Net Operating Income $44,987 Cap Rate + Eff Tax Rate 0.075 + 0.025 10.00% Estimate Value $449,870.70 Value of Fenced Lot $118,488 Rounded $568,500 Tax Rate Mill Rate Assm't Rate Eff Tax Rate 0.087432 0.29 0.025355 COOE_COMM_01D! Page Rea1GO.MLS (Search/ShowDetailsMain)-www.iresis.com Page 1 of 1 ®IRES z ers,. IRES MLS#: 581451 PRICE:$694,900 ADDR: 7173 WCR 13, Frederick, 80530 "- - SALE:COMMERCIAL/INDUSTRIAL/INC ACTIVE Locale:Frederick County:Weld Area/SubArea:10/31 Map Book:N-999-999 Subdivision:Tops Business Park Legal:Provided Upon Request ._ ' DOM: 55 j $ VearBuilt:1994 SqFt Source:Assessor Records 1{3 New Const:No Builder: ...... . . ..:...: �..:_J New Const Notes: Lot Size: Approx Acreage: MLS Comments:Awesome business opportunity for the experienced and non Elec: Water:City experienced entrepreneur.Great location,easy access for entire tri-town area. Gas: Taxes/Yr:$11,305/2008 Current leases at 65%occupied.$112,000.00 per year is potential income PIN:R0080690 Zoning:Commercial based on 100%occupancy.Vacant commercial lot approx 1 acre adjacent to property also for sale and can be combined for additional parking space Available Date: income MLS#581587.Seller says BRING ALL OFFERSI Min/Max Vacant: Floor Level: Total Building SciFt:18080 Driving Directions:From I-25,go East on Highway 119,turn South on County Total SqFt Leased: Road 13,turn right on Hurt Street.Property on left after Applied Films. Min SqFt Available:Max SqFt Available: Property Features Total Monthly Income $4,500.00 Land Size-.5-1 Acre,Style•1 Story/Ranch,Construction-Block,Roof- Total Annual Income $112,000.00 Metal Roof,Location Description-Level Lot,Fences-Chain Link,Property Gross Scheduled Income $9,300.00 Features-Storage On Site,Paved Parkng,Lot Improvements-Street Less Vacancy Rate 35.0000 Paved,Road Access-County Road/County Maintained,Road Surface At Account/Legal Property Line-Blacktop Road,Basement/Foundation•No Basement, Advertising Flood Plain-Minimal Flood Or C Rating,Heating-No Heat,Cooling-No Insurance $200.00 Cooling,Inclusions-No Inclusions,Water/Sewer-City Water, Property Management Commercial/Industrial Type-Mini-Warehouse,Ownership-Private Owner, Personal Property Tax Occupied By-Tenant Occupied, Real Estate Tax $1,333.00 Vacant For Rent, Maintenance Possession-Delivery Of Deed,Owner Will Vacate,Current Lease Common Area Maint.Per SOFT$0.00 Agreement,Tenant Pays-Nothing,Gross Scheduled Income Includes- Services Lease/Rents.Sale Includes-Building(S),Leases,Business,Existing Lease- Supplies Month-To-Month,Possible Usage-Business,Commercial Or Industrial,New Utilities $400.00 Financing-Cash,Conventional,Showing Instructions•Call First,Then Go, Misc. Call Listor, Total Operating Expense $5,188.00 Net Operating Income $106,812.00 Cap Rate 15.37 Gross Rent Mult.74.72 LA:Sonia Lynn Locke Phone:303-702-1973 Email: n4@a_ez9nfinanda gr911p-com Fax:303-702-1496 LO:Classic Properties Phone:303-702-1973 TB:3.00 BA:3.00 For Showings:LA:303-702-1973 Buyer Excl:No Contract:R Min EM:$15.000.00 EM Recip:First American Heritage Title LS:N Prepared By Sonia Lynn Locke-9:18 AM-9/25/2008 Information Deemed Reliable But Not Guaranteed.MLS Content And Images Copyright 1995-2008,IRES LLC.All Rights Reserved. http://www.iresis.com/ML S/Search/indcx.cfm?Action=S howD etail sMain&Listing_ID=88... 9/25/2008 CBOE_COMM_01099E Page 14 Potential Income Unit Size /4 of units Monthly rate Monthly rent 10 x 10 36 $ 68.00 $2,448.00 10 x 15 10 $ 80.00 $ 800.00 15 x 15 4 $110.00 $ 440.00 10 x 20 46 $100.00 $4,600.00 15 x 20 1 $150.00 $ 150.00 10 x 30 6 $150.00 $ 400.00 Total monthly income $9,338.00 Possible annual income $112,056.00 CBOE_COMM_010! Page CONCLUSION Real property for tax year 2009 must be valued utilizing the level of value for the period of one and one-half years immediately prior to July 1,2008. Except that, if comparable valuation data is not available from such one-and one-half-year period to adequately determine the level of value of a class of property, the period of five years immediately prior to July 1, 2008 shall be utilized to determine the level of value. Said level of value shall be adjusted to the final day of the data gathering period. Changes occurring between base years are not to be accounted for until the following level of value is implemented, other than additions, change in use, detrimental acts of nature, damage due to fire, etc., or creation of a condominium, or any new regulations restricting or increasing the use of the land, or a combination thereof. {39-1-104(11)(b)(1) C. R .S.} The subject property has been classified as Commercial Property for assessment purposes. Commercial property value shall be determined by appropriate consideration of the Cost Approach, Market Approach, and Income Approach to value. {39-1-103(5)(a) C. R. S.} The Assessor has considered all three approaches to value for the subject parcel on appeal. FINAL RECONCILIATION After consideration of the cost, market and income approaches, it is the Weld County Assessor's opinion that the value of $569,426.00, most accurately reflects the value of the subject property in Weld County for the 2008 tax year. COST APPROACH MARKET APPROACH INCOME APPROACH $662,420 $687,000 $568,400 ASSESSOR'S VALUE Improvements $354,328 Land $215,098 Total: $569,426 CBOE_COMM_010998 Page 16 APPRAISAL STANDARDS AND ETHICS CERTIFICATION I certify to the best of my knowledge and belief that: The statements of fact contained in this report are true and correct. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions and is my personal unbiased professional analyses, opinions and conclusions. I have no present or prospective interest in the property that is the subject of this report, and I have n personal interest or bias with respect to the parties involved. My compensation is not contingent on an action or event resulting from the opinion or conclusions in, or the use of, this report. My analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. No one provided significant professional assistance to the person signing this report. I have made a personal inspection of the property that is the subject of this report. Wade J. Melies Commercial Appraiser Colorado Certified General Appraiser 40036400 CBOE_COMM_010 Page CLERK TO THE BOARD PHONE: (970) 336-7215, EXT. 4226 �. ( FAX: (970) 352-0242 I'T�� 915 10TH STREET P.O. BOX 758 111kGREELEY, COLORADO 80632 COLORADO November 1, 2010 CBMRE LLC 8529 N 107TH ST LONGMONT CO 80504 RE: SCHEDULE NUMBER: R0080690 and R0143089 Dear Property Owner: This is to advise you that the Weld County Board of Commissioners will hear your petition for abatement or refund of taxes on the property described as: 5970 Hurt St, Frederick CO 80530 and 5950 Hurt St, Frederick CO 80530. The meeting is scheduled for November 22,2010,at 9:00 a.m., in the First Floor Meeting Room, Weld County Centennial Center, 915 10th Street, Greeley, Colorado. The Assessor is recommending that the Board deny your petition. You are not required to be present at this hearing; however, this is your opportunity to have your position heard, especially if your position is opposed to the Assessor's recommendation. If you intend to submit any documentation in support of your position for this hearing, all such documentation must be submitted to the Office of the Clerk to the Board and to the Weld County Assessor's Office at least seven calendar days prior to the meeting date in order for it to be considered at the scheduled hearing. If you have any questions concerning this matter, please do not hesitate to contact me at(970) 336- 7215, Extension 4226. �Sincerely, U U Tonya Disney Deputy Clerk to the Board cc: Assessor 0 CLERK TO THE BOARD PHONE: (970) 336-7215, Ext. 4225 FAX: 2 10TH 915 10TH STREET P.O. BOX 758 W(it UDc. COLORADO December 9, 2010 CBMRE LLC 8529 N 107TH ST LONGMONT CO 80504 RE: SCHEDULE NUMBER: R0080690 and R0143089 Dear Property Owner: On November 22, 2010, the Board of Weld County Commissioners considered your petition for abatement or refund of taxes and denied same. Pursuant to Section 39-2-125(f), C.R.S., you have the right to appeal this decision to the State Board of Assessment Appeals within thirty days. You may obtain the appropriate forms and instructions from: Board of Assessment Appeals, Department of Local Affairs, 1313 Sherman Street, Room 315 Denver, CO 80203 Phone: 303-866-5880 In preparation for appealing to the State Board of Assessment Appeals you may also go to the following state link to obtain any further information you may need to proceed, http://www.dola.state.co.us/baa/index.htm Very truly yours, Tonya Disney Deputy Clerk to the Board cc: Assessor Hello