HomeMy WebLinkAbout20101658 res te-614-- CLERK TO THE BOARD
PHONE (970) 336-7215, Ext. 4226
FAX: (970) 352-0242
P. O.
BOX
P. OX 758
GREELEY, COLORADO 80632
COLORADO
August 6, 2010
POULSEN LLC
151 S OAK
EATON, CO 80615
RE: THE BOARD OF EQUALIZATION, 2010, WELD COUNTY, COLORADO - STIPULATE
PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE
DESCRIPTION OF PROPERTY: ACCOUNT #: R4096106 PARCEL #: 080722215002 - WIN
3WTBCII PT L1 BLK1 WINDSOR TECH BUSINESS CENTER II 3RD FG COM C4 COR SEC
N0D35'W 40' N89D17'E 25.11' TO POB N0D42'W 614.46' N71D18'W 314.81' S0D42'E 278.11'
CURVE TO R (R=100') CHORD=S47D24'E 65.09' CURVE TO R (R=100') CHORD=S14D33'E
47.91' S0D42'E 31
Dear Petitioner:
On July 30,2010,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 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
$1,015,813 $1,032,251
cc; c� PET Oehler)
AsOoter-Me/ 2010-1658
AS0076
POULSEN LLC - R4096106
Page 2
If you have questions or need additional information, please do not hesitate to contact me at
(970) 336-7215, Extension 4226.
Very tr�ulyy yours,
Esther E. Gesick
Deputy Clerk to the Board
cc: Christopher Woodruff, Assessor
FACILITY SOLUTIONS
628 MAIN STREET
WINDSOR, CO 80550
2010-1658
AS0076
2010
COUNTY BOARD OF EQUALIZATION
WELD COUNTY
ASSESSOR'S ACCOUNT NUMBER R4096006 & R4096106
STIPULATION (As To Tax Year 2010 Actual Value)
RE PETITION OF :
NAME: Poulsen LLC
ADDRESS: 151 S. Oak
Eaton, CO 80615
Petitioner(s), Paulsen 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.
Petitioners) and the Assessor agree and stipulate as follows:
1. The property subject to this Stipulation is described as:
760 Garden Dr., Windsor, CO 80550
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 $ 798.845
Improvements$ 1,914,959
Total $ 2,713,804
4. After further review and negotiation,the petitioner(s) and Weld County Assessor
agree to the following actual value for the subject property.
Land $ 798,845
Improvements$ 1,583.155
Total $ 2,382,000 /1o3, a5/
07v/v-/657
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 additionally the income.
7. Both parties agree thatthe hearing scheduled before the Weld County Board of
Equalization on July 30, 2010 at 3:15 PM be vacated; or, a hearing has not
yet been scheduled before the Board of Equalization x (check if
appropriate).
D,'ED t ' 29 =ay of July, 2010.
/
y 21/0A 3
Petitioner(s) or oj7 ey ,Petitioner) or Attorney
Address: Address:
Telephone: 6170 `(0 74 - 1313 Telephone:
�_ ' �r
County Ass sor
eVAI
Address:
1400 N.17th Avenue
Greeley, CO 80631
(970) 353-3845 ext. 3656
REAL AND PERSONAL PROPERTY
NOTICE OF DETERMINATION
Christopher M. Woodruff Date of Notice: 6/22/2010
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
Office Hours: 8:00 AM - 5:00 PM
www.co.weld.co.us
SCHEDULEJACCOUNT NO. TAX YEAR TAX AREA LEGAL DESCRIPTION!
PHYSICAL LOCATION
R4096106 2010 0437 WIN 3WTBCII PT L1 BLK1 WINDSOR TECH
BUSINESS CENTER II 3RD FG COM C4
COR SEC N0D35'W 40'N89D17'E 25.11'TO
POULSEN LLC POB N0D42'W 614.46'N71D18'W 314.81'
z 151 S OAK S0D42'E 278.11'CURVE TO R(R=100')
p EATON, CO 80615 CHORD=S47D24'E 65.09'CURVE TO R
(R=100')CHORD=S14D33'E 47.91' SOD42'E
re
31
o-
0 760 E GARDEN DR
a WINDSOR, CO
ASSESSOR'S VALUATION
ACTUAL VALUE PRIOR
PROPERTY CLASSIFICATION TO ACTUAL VALUE AFTER
REVIEW REVIEW
COMMERCIAL 1,015,813 1,015,813
TOTAL $1,015,813 $1,015,813
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:
LH02-No change has been made to the valuation of this property. Colorado law requires us to send
this notice of denial for all properties on which we do not adjust the value.
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 infor,9tiorEp
Crl
D
.r
FACILITY SOLUTIONS i'"r1--I
628 MAIN STREET ..
G, C
WINDSOR CO 80550 2010-1658 DPT-AR
07-08/08
NOD A'8043
APPEAL PROCEDURES
County Board of Equalization Hearings will be held from
July 1 through August 5 at
915 109'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 9tH Avenue and 9th Street, P.O. Box C
Denver, CO 80203 Greeley, Colorado 80632
(303) 866-5880 Telephone (970) 356-4000 Ext. 4520
www dola colorado.govtbaa
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.
I PETITION TO COUNTY BOARD OF EQUALIZATION
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.)
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 installed cost, appraisal, etc.)
r9 -um r-- fie$/ci Ry09io/D6 6 'YO9(r�of �1c1
to c0 ' I cd ft (90m +c4
ATTESTATION
I, the u f r.igned o m r . -gent' of the property identified above, affirm tit the///SSStatements
..ntai , in and • .�/J chments hereto are true and complete.
gn- ure � Telephone Number Date
974)gle —//3(
1 Attach letter of authorization signed by property owner.
I5-OPT-AR
PR 207-08/08
NOD#.8043
July 13, 2010
Weld County Board of Equalization
P.O. Box 758
Greeley, Colorado 80632
Re: Appeal for 760 East Garden Drive, Windsor, CO
Account Nos. R4096006 and R4096106
Please find attached our previous submittals to the Weld County Assessor's Office for property
tax protest. We would like appear before the Board for a further determination of this property.
Sligerely,
Cathy Ayo e
Offic anager
Enclosed:
1. Agent Authorization(Limited Power of Attorney)
2. Protest submitted to the Weld County Assessor
LIMITED POWER OF ATTORNEY
I/We, ,ohv- k-kefpn.& toss€LL /-Jepp✓ia (toLlrg,,, LL C) , whose address is
/SI S(wrw, cRk AVE G}in,N c . , (the "Principal") do
hereby designate Facility Solutions, LLC, whose address is 628 Main Street. Windsor, CO
80550, (the "Agent") as my/our attorney-in-fact and agent for the limited purpose set forth
herein:
TO ACT ON PRINCIPAL'S BEHALF AND IN PRINCIPAL'S NAME IN THE FILING AND
PURSUE OF PROTESTS AND/OR APPEALS OF THE COUNTY ASSESSOR'S
VALUATION(S) FOR THE PROPERTY/PROPERTIES LISTED BELOW, TO ADVOCATE
FOR AND AGREE TD_A REVISED VALUATION FOR SAID PROPERTY/PROPERTIES
AND, IF APPROPRIATE, TO PURSUE ABATEMENT OF TAXES PAID BY PRINCIPAL IN
PREVIOUS YEARS FOR SAID PROPERTY/PROPERTIES.
This Power of Attorney applies to assessments for the following parcel number(s):
(1n72zzlCSoz t O 0-72z/lsnoI
Principal hereby grants Agent full power and authority to do everything necessary in exercising
the powers herein granted as frilly as Principal might or could do personally, with full power of
substitution or revocation hereby ratifying and confirming all that Agent shall lawfully do or
cause to be done by virtue of this power of attorney and the powers herein granted.
This Limited Power of Attorney shall not be affected by Principal's disability or by the
dissolution of Principal as an entity.
This Limited Power of Attorney shall expire i l— 2 c: , 20(r.
IN WITNESS WHEREOF, Principal has executed this Limited Power of Attorney this
day of Ni 4 ] , ,20 to
3rmcipal
STATE OF COLORADO )
) ss.
COUNTY OF 44 )
The forgoing Limited Power of Attorney was acknowledged before me this -el 7/ day of
/71/9f , 20 /O by John//7/64DNc"
,,-
Witness my ha ,Seal:
My Commis or; .---e .- `i • 2-&-'
` //� �/f�
PUB :` U! p�i��-
ii.., Notary Public
MyCom Evtan4 r.9H,Xrli
pVi FACILITY SOLUTIONS
it
��L 673`.':^s:,__; '....._o,1 Co'_rd,E.0550
CI'rcy,-r F,i°1 970 227 7568
. nm.'.^;a 970 420 1136
May 31st, 2010
Weld County Assessor
915 10 Street
P.O. Box 758
Greeley, Colorado 80632
Subject: Property Tax Protest, Guardian Self Storage
Parcel#080722215002 & Parcel# 0807221 I 5001
To Whom It May Concern,
Please find attached an Income and Expense Pro Foima for the above mentioned property.
We have chosen to use the"Income Approach" to show the actual value of the properties for the period in
question. As you may recall the property was under construction and was not able to be rented on Jan 01 2009.
The additional space was issued a Certificate of Occupancy in June of 2009. The income approach was used to
illustrate the relative minimal increase in value due to the period of time necessary to lease up the additional
space. Our records show that in Jan 2009 an overall vacancy rate of 44.6% and to reinforce the slow rate of
lease up the overall vacancy remains at 27.7% in Jan of 2010 (Please reference attachment "A"). We have
shown the value of the property from an income approach prior to the expansion (2007) and the value of the
property from an income approach after (2009) (please see attachment "B" )and applied a capitalization rate of
9%-9.5% ( see attachment"C"investor survey). Our estimate of the two properties combined is $2,200,000 and
your assessment is $2,713,805. We are requesting a reduction in the Actual value of$500,000 to be spread
across the two parc 1 . ,,2
Sincerely, / .
/°
/,
Adam M ck
Principa
Atch:
1. Agent Authorization (Limited Power of Attorney)
2. Attachments A,B,C
Guardian Self Storage
Orieinal
1 4899 2001
2 5000 2001
3 7400 2001
4 3800 2001
5 3450 2001
6 3640 2001
7 4800 2003
8 4800 2003
9 4800 2003
10 3000 2004
11 4800 2004
12 3200 2004
13 3200 2004
Total 56,789
Storage 55,050
New
1 20836 2008
2 6020 2008
6 8800 2008
35656
TOTAL 92,445 SF PLUS RV STORAGE
Assessment Size $/SF Vac Rate
Phase I Land $ 364,495 168,358 $ 2.16 Jan-07 3.2%
Bldg $ 1,333,497 56,789 61.4% $ 23.48 Feb-08 4.3%
Total $ 1,697,992 56,789 $ 29.90 Jan-09 44.6%
Jan-10 27.7%
Size S/SF
Phase II Land $ 434,350 173,740 $ 2.50 Assume Ph I 10% Vacant,
Bldg $ 581,463 35,656 38.6% $ 16.31 Then Phase II Vacant
Total $ 1,015,813 35,656 $ 28.49 Jan-09 99.8%
Jan-10 55.9%
TOTALS $2,713,805 92,445 $29.36
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Cap Rates
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RealgRates:com INVESTOR SURVEY -ard Quarter 2008'
SELF-STORAGE-MINI STORAGE
Item Input I
OAR
Minimum
Spread Over 10-Year Treasury 0.38% OCR Technique 0.90 0.059103 020 4.26
Debt Coverage Ratio 0.90 Band of Investment Technique
Interest Rate 4.28% Mortgage 80% 90 53103 0.047282
Amortization 30 Equity 2201-: 043932
00 0.013640
Mortgage Constant 0.053103 OA
6.59—
Loan-to-Value Rario 807 Surveyed Rates 6.26
Equity Dividend Rate 3.32%
Maximum
Spread Over 10 Year Treasury 4.48'/. OCR Technique 1.95 0.117138 0.80 13.71 Debt Coverage Ratio 1.35 Band of Investment Technique
Interest Rate 8.36% P-0o rtgage 80%. 0.117186 0.070312
Amortization 15 Equity 40% 0147400 110.58960
Mortgage Constant 0.117131.1 OAR 12.93
Loan-to-Value Ratio 60% Surveyed Rates 12_28
Equity Dividend Rate 14.74%.
Average
Spread Over 10-YearTreasury 2.63% OCR Technique 1.38 0.085136 0.70 8.19
Debt Coverage Ratio 1.3"c Band of Investment Technique
Interest Rate 856% Mortgage 70% 0.035136 0059595
Arnortiz attar, 23 Equity 30% 0.117590 0.035277
Mortgage Constant 0.0;5136 OAR 9.49
Loan-to-Value Ratio 70% Surveyed Rates 10.40
Equity Dividend Rate 11.76%
'2nd Ovn rtur 20,43 Gala Cop,right 2001 PenityPnt rz.com^'
Page 1
t‘e. CLERK TO THE BOARD
PHONE (970) 356-4000 EXT 4226
FAX: (970) 352-0242
WEBSITE: www.co.weld.co.us
915 10TH STREET
P.O. BOX 758
GREELEY, COLORADO 80632
�i
COLORADO
July 23, 2010
POULSEN LLC
151 S OAK
EATON, CO 80615
Parcel No.: 080722215002 Account No.: R4096106
Dear Petitioner(s):
The Weld County Board of Equalization has set a date of July 30, 2010, at or about the hour of
3:15 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, 2010, and mailed to you on or before August 10, 2010.
Because of the volume of cases before the Board of Equalization, all cases shall be limited to 15
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.
2010-1658
AS0076
POULSEN LLC - R4096106
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
FACILITY SOLUTIONS
628 MAIN STREET
WINDSOR, CO 80550
2010-1658
AS0076
Hello