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Home My WebLink About20101626 (it4 CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4226 FAX: (970) 352-0242 P. O BOX BOX 758 GREELEY, COLORADO 80632 1111 € COLORADO July 29, 2010 PUEBLO BANK & TRUST COMPANY 301 W 5 STREET PUEBLO, CO 81005 RE: THE BOARD OF EQUALIZATION, 2010, WELD COUNTY, COLORADO - DENY PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE DESCRIPTION OF PROPERTY:ACCOUNT#: R2810486 PARCEL#: 096105314010-GR 4814 L1 THRU 32 BLK43 TOG WITH VAC E-W ALLEY Dear Petitioner: On July 28, 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 your petition of appeal of the County Assessor's valuation of your property described above,for the year 2010. The Board of Equalization found that the evidence presented at the hearing clearly supported the value placed upon your above described property by the County Assessor. Such evidence indicated the value was reasonable, equitable, and derived according to the methodologies, percentages, figures and formulas dictated to the Weld County Assessor by law. 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 $3,835,000 $3,835,000 e0 : en, Per-OehtFri) - Coar*/Meq "- S2cic-c YR9/&C/o 2010-1626 AS0076 PUEBLO BANK &TRUST COMPANY - R2810486 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 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 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 2010-1626 AS0076 PUEBLO BANK& TRUST COMPANY- R2810486 Page 3 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, LF i l✓eo.� Esther E. Gesick Deputy Clerk to the Board cc: Christopher Woodruff, Assessor LICHT & COMPANY 9101 E KENYON AV STE 3900 DENVER, CO 80237 2010-1626 AS0076 BOE SUMMARY SHEET Account Number: R2810486 Parcel Number: 096105314010 PUEBLO BANK & TRUST COMPANY (FKA PENTA GREELEY, LLC) 301 W 5 STREET PUEBLO, CO 81005 HEARING DATE: 7/28/2010, AT 2:00 PM HEARING ATTENDED? CYN) NAME: ,i1,46J � AGENT NAME: LICHT & COMPANY 9101 E KENYON AV STE 3900 DENVER, CO 80237 APPRAISER NAME: CCJ du}duiLk 9a1cL DECISION ACTUAL VALUATION APPROVE BY SET BY ASSESSOR BOARD TOTAL ACTUAL VALUE 3,835,000 4'f.'5,t96 9 COMMENTS: MOTION BY hr TO SECONDED BY n L. Garcia -- ) Rademacher-- Y ) Failed to prove appropriate value Conway -- (Y N) No comparables given Kirkmeyer-- ( N) Assessor's value upheld Long -- ( /N) Other: RESOLUTION NO. 2010-1626 M:\BOE\SUMMARY.dotx Weld Cour CHRIS WOODRUFF COUNTY ASSESSI Brenda Dones Deputy Assessor VALUATION REPORT OF COMMERCIAL PROPERTY FOR County Board of Equalization Penta Greeley LLC (GREELEY REGENCY HOTEL INC) PETITIONER VS. WELD COUNTY ASSESSOR'S OFFICE RESPONDENT Parcel Number: 0961-05-3-14-010 Schedule Number: R2810486 Log Number: #1989 Date: 07/28/2010 Time: 2:00 pm Board: CBOE , O!"-/L44, CBOE_COMM_010! Pap' SALIENT FACTS AND CONCLUSIONS Purpose of Appraisal To determine Market Value as of 1/1/10 based on an appraisal date of 6/30/08. Property Rights Appraised Unencumbered fee simple interest. Location 701 8 ST GREELEY Land Area 100,000 Square Feet Zoning GRE CH Property Type Commercial 1— Hotel Year Built 1964 Year Remodeled 1987 Quality Average Class Fireproof Steel Number of Stories 3 Number of Rooms 148 Improvement Sq. Ft. 113,787 Value Indications: Land $400,000 Cost Approach $ 4,184,882 Market Approach $ 3,835,000 Income Approach $ 3,955,119 Assessor's Value $3,835,000 CBOE_COMM_O1C Pac SUBJECT PHOTO & SKETCH as . '.1. • -p-- -...-,• '• R b. kr411 1 , it ir; . n t - : Ui2 }Y3. • • II «' -• I �ti: • - - ‘. ..P6 M• �. - • - .;Ci• ill0 it I r r _ a e. 111 i ell allIMelL' Se- . . - . r if . • • --- - _ _ L. 1 __ _ - . i , . . .. _ _ . . ,._ . . .,..... , , , , , . :,.„.,„ • . . I tt, 1.1,,- L , ,`�' 'iiii itli ,. . •. ..> . iiii i . Sit s 1,"I lilt , a _ 1" -:- fir e. �e "� 41 • OBOE COMM 010' Pagi 7 Street 400 .0' Land 100000 .0 SF First Floor 43468 .0 SF 1 , Second Floor 40312 .0 SF Third Floor 30007 .0 SF Unf Third Floor 10402 .0 SF 21 .0' 149.0' 16.0 WH 30' 22. 2' Y O C 1987 Cr3 ) 00 Class D 41 .0' 39.5' 1736' 114.0' 250 ndoor oo 60.0' 120. 0' WH 30' WH 40' I 36.0 YOC 1964 Elevators ] f. 53.5' Class C 0,) ® 86.7' 1. 59.0118.°1 116 .0' Non-Calculated Area 114 .0 ' 10402.0 SF 41 .0' 12.3' 28.0' ')u 149.0' 16.0' 180.0' 15. 7 ' 8 Street Sketch by Ppex CBOE_COMM_01( Pa( COST APPROACH LAND VALUE Sales utilized to establish the value in the subject neighborhood are from 2007 and the first six months 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 2003 through June of 2008 to establish the proper value, if sufficient information is not available in the prior 18 months. 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 land size of the subject is 100,000 square feet. Based upon investigation and analysis, and considering a size adjustment , it is the opinion of the appraisers that the value of $4.00 per sq ft or $400,000 accurately reflects the market value of the subject property. Parcel Number/ Sale Date Adj. Sale Land Size Per Sq Ft Location Price Comp # 1 096105311004 12/30/2008 $250,000 30,000 $8.33 Comp # 2 096105227014 11/03/2005 $320,000 37,916 $5.47 Comp #3 096117113001 11/22/2005 $429,000 31,356 $6.61 Range $5.47 - $8.33 Average $6.83 Median $5.57 ASSESSOR'S INDICATED SUBJECT LAND VALUE $ 400,000 CBOE_COMM_010991 Page Cost Approach Summary PARCEL NUMBER 96105314010 Greeley Regency PROPERTY OWNER Hotel ADRESS 701 8 Street CITY, STATE, ZIP Greeley, Colo DATE OF APPRAISAL 06/30/08 OCCUPANCY: Hotel NUMBER OF STORIES 3 AVERAGE STORY FLOOR AREA (SQ. FT.) 113,787 HEIGHT 12 # of Rooms 148 YEAR BUILT 1964 (45% CLASS: A & D 1987 (55% COST RANK Avg EFFECTIVE AGE 31 Warm & Cool Air HEATING AND COOLING Zoned ESTIMATED LIFE 50 UNITS COST TOTAL RCN BASIC STRUCTURE COST 113,787 $102.37 $11,648,3; perimeter adj. 0.916 wall height adj. 1.055 current multiplier 1.00 local multiplier 1.04 Adjusted RCN Basic Cost $11,707,0: EXTRAS: Sq Ft Cost PSF Conc. 3,970 $2.80 11,116 Asphalt 41,000 $1.82 74,620 Swimming Pool 648 $54.00 34,992 TOTAL RCN $11,827,7: LESS DEPRECIATION PHYSICAL 0.38 $4,494,547 FUNCTIONAL 0.10 $1,182,776 ECONOMICAL 0.20 $2,365,551 TOTAL ACCRUED DEPREC. $3,784,8E ADD IN LAND VALUE $400,00( TOTAL VALUE $4,184,8E VALUE PER ROOM $28,2 CBOE_COMM_01 P2 MARKET APPROACH SUMMARY Real Property for the tax year 2010 must be valued utilizing data for the period one and one-half years 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 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 appea The Sales Comparison Approach was considered in developing a market value for the Subject. Sal used to establish a market value for the tax year 2009 are from January 1, 2007 through June 30, 2008. 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 $25,912 per room or $3,835,000 accurately reflects the market value of the subject property. VALUE As INDICATED BY THE MARKET APPROACH $3,835,000 CBOE_COMM_O om 01 R f E 0 U WI 0 m 0 O) W O O 0 N p a) a) U1 m o co N N co N V a) N N in O N pp O O - O O) in N m Cl) ' Q 000 r 0 V co .3) X 2 01 wi c M (7 'a w 0/9 LO V CO 5 07 N M CO 0 W O O .) O N 4) CO 0) co co 0 0 CO O r 2 )0 �() co O a) .0. 7 U N O N N V LO O O) CO 00 00 V 2 a C J „jr- O o) M V r N m N r Lo CO (O � L CO- N N X- 69 a to v Y S (fl w O) N Q' P C co N O To co O U L (O O O an p O co O It) 0 a) C 0 a) N O N (? 0 rRI W'cr N V n M (O M M ofO -c-0- M V N. O) O O) > I — N > W N 2 N _O ' V r co I NM T >> c Y V — (A M VT co c- = O W d Q CO) 0 CC co N C C co 0 0 Q CO Q CI) C C O O N N COr I O) y O O C N CS N O r O N O V CO w M E W N co O > a) c N )O CO O co Cr) O) U)1.1)- N O J E) Q yi 41 ca or M LL d W Q I- o a) U CO 0 C)co 0 r ar0N N T V ( > C (a o O O O a0 O) 0 T E E E Q r M L O N C N O O co I� r ~O (") M 0 0 O (f) a o 4- d d o) oo co oo (i M (co — N o O O NER 2 (� v co r 0 C .. O Co o 0 N t9 a s a O C) rn r o OC in O >, co r co 0 O O 00 N H N Tr N O o M co m N y �) Of r (0 0 6) Co d M L N - oO O (V (`� .- O 0 y h W (`') 4) 6. M o co C7 y iri o — co w H N r O) � as co a) (On t» O o a) co ti cc CD r a co COcI Q69 ai a 7 N N y a) N U) c E Q > # W O a) o a to to ay (0 O m Gd CG0 d ai u .- c c a) w . u CC c... d > > o EC" EE 'a a m 9 z. co � — mv•c CO m '° o a) W A « s o o (a o O d 7 a. < 00 ( m m < a -Im # r > > a > K O UO � u) 7 Street 400 0' v ,t�, •. Ottiwf '1, i• Land 100000.0 SF - .:,' s i •r. a.' r • € ;; SF 4 SF 30007 0 SF • Unf Third Floor 10402 0 SF I 149 0' '� 1 210' 16.0 712' Y0C 1967 ,r,„ 123' ..4i$1 ' S - I oo r D 39 5' Class D 41.0' ' f • co 173 5' 114.0' 250.0' i ' (� g// > Indoor ooI • • R , c W 0' 120.0' l • • It W1130' WH 40' I m r 1 Y0C 1964 ❑-Elevators Y ':'3l` Class C r� 53 5 �.. ! e�.e - ® 86.7' l 53.one tr art-- •p 115 0' Non-Calculated Ma ; 114 0' osrii--e10402 0 SF 41.0' i 12.3' simit 29.0' 1 '0 0 149 0' 16 0' 11111111aet-- 180 0' Ir t5 ?' S.._ 8 Street i,•e!ch by lhei IV"' COMPARABLE SALE # 1 (Subject) COUNTY: WELD ACCOUNT R2810486 PARCEL NUMBER: 096105314010 PRIMARY 0CC: Hotel PERCENT: 100% SECONDARY OCC: PERCENT: ADDRESS: 701 8 ST, GREELEY RECEPT NUMBER: 3536261 SALE DATE: 2/19/2008 GRANTOR: GREELEY REGENCY HOTEL INC SALE PRICE: $4,000,000 GRANTEE: PENTA GREELEY LLC ADJ SALE PRICE: $3,835,000 YEAR BUILT: 1987 CLASS: D EFFECTIVE AGE: LAND/BLDG RATIO: 0.88 LAND SIZE (SF): 100,000 LAND VALUE: $360,000 BLDG SIZE (SF): 113.787 IMPS PRICE/SF: $30.53 WALL HEIGHT: 12 SALE PRICE/SF: $33.70 STORIES: 3 Sale price per room: $25,912 BSMNT SIZE: DOWN PYMT: BSMNT FINISH: LOAN TERM (YRS): ZONING: GRE CH POINTS PAID: QUALITY: Average COMMENTS: The subject has 148 rooms selling for $25,912 per room. CBOE_COMM_ol oc PagE Motel &t1961 Class D Warm 8 Cool At Zoned 4'Bdcony O � a l�atrldry rooms 1 Fv�t pwor Pool N First Floor 368 0 sq R. N 3086.0 sq 1l. Second Floor 32 a I Second Floor 3680 0 sq it I 97 a __._ _ _._..__�_..._.____. ' 97.0' 84 0' ® has Floor 3192.0 so ft. os Fiat Floor • 38a 27740zq n. Semnd Fleet 3102.0sq.tt Second Floor `_�_ 27740 zq.ft � , � � 1011 1N 73 P 3sa 38.0 hl !or iiso .474aKes- . .‘ Baloony 18491.0 sq. ft 11IMISSIt Sketch by AW* IVY' COMPARABLE SALE #2 COUNTY: WELD ACCOUNT R3868086 PARCEL NUMBER: 096120208016 PRIMARY OCC: Motel PERCENT: 100% SECONDARY OCC: PERCENT: ADDRESS: 3015 8 AV, EVANS RECEPT NUMBER: 3557843 SALE DATE: 5/29/2008 GRANTOR: GREELEY INN AND SUITES INC SALE PRICE: $2,500,000 GRANTEE: AMCAN LODGING PARTNERS LLC ADJ SALE PRICE: $2,387,200 YEAR BUILT: 1981 CLASS: U EFFECTIVE AGE: 14 LAND/BLDG RATIO: 3. 11 LAND SIZE (SF): 83,040 LAND VALUE: $166,080 BLDG SIZE (SF): 26,676 IMPS PRICE/SF: $82.62 WALL HEIGHT: 9 SALE PRICE/SF: $88.84 STORIES: 2 SALE PRICE/ROOM: $25,396 BSMNT SIZE: DOWN PYMT: BSMNT FINISH: LOAN TERM (YRS): ZONING: POINTS PAID: QUALITY: Average COMMENTS: The sales price of $2,500,000 less FF&E of $112,800 equals the adjusted sales price of $2,387,200. The subject has 94 rentable rooms selling for $25,396 per room. CBOE_COMM_01 C Page z0a '� ► ze.a 10 a .O k t �;1 ea First Floor Second Floor Bsmt Storage 't 30,517.0 sf 17,604.0 sf 21605.0 sf 64� 'ItHotel Concrete slao 2 Class C 4217 22613.0 sf "8a 9.0 story height _1_ Hot & Chilled Water 66 0' 13.0' Bit 1964 73 Rooms 31.0' �� Meeting Rooms . 78.0' 2.a zaa 18 78.0' ii.:• �� — 64.17 — r^ „"L &s. - t'm " .., ~1f 10 a 13.0' Concrete Sob Lounge o r -4 ► ,_ 720.0 it Ktchen F 4 ! .I - ae.a 64.0 40a 0ff - r " ao a 54.0' 2B 1 B 2B Restaurant 40.0' !! 2 y .z — 100 t` as e.t• 04! 138.0' 9.0' yo na ►aa1 38.0' . 1, .. . e � .. . 19.0' 20A' 2.0' -A . - -' Canopy First Floor pa a 2036.0 sf i f f.4' 7 sawn by Ion NVJnNon" COMPARABLE SALE #3 COUNTY: WELD ACCOUNT R3882086 PARCEL NUMBER: 096120306018 PRIMARY OCC: Hotel - Full Service PERCENT: 100% SECONDARY OCC: PERCENT: ADDRESS: 3301 W SERVICE RD, EVANS RECEPT NUMBER: 3390485 SALE DATE: 4/28/2006 GRANTOR: EVANS HOSPITALITY SERVICES LLC SALE PRICE: $1,530,000 GRANTEE: PARK HAE CHOON & ADJ SALE PRICE: $1,442,400 YEAR BUILT: 1964 CLASS: C EFFECTIVE AGE: LAND/BLDG RATIO: 7.09 LAND SIZE (SF): 341,321 LAND VALUE: $346,441 BLDG SIZE (SF): 48, 121 IMPS PRICE/SF: $22.77 WALL HEIGHT: 9 SALE PRICE/SF: $29.97 STORIES: 2 Sales price per room: $19,759 BSMNT SIZE: DOWN PYMT: BSMNT FINISH: LOAN TERM (YRS): ZONING: POINTS PAID: QUALITY: Average COMMENTS: The subject sold previously on 8/2005. It was a bank foreclosure sale at that time and was in poor condition with an unstable income history. The subject had minor remodeling done and then resold 4/28/2006 for $19,759 per room. The subject has 73 rooms and sold with no income history for the past 2 '/2 years. CBOE_COMM_010i Page rr .�L '�1T a a 5,SOSF N 530' :r". ' ' r b fn�at O 720' Pool Area b - Manager Lung Quarters A ir r 24'x 48' - Y 4 , - - 5 0, Exercise Area Pool Ent , Iditi -"Mr. al , i tit ! 40 iti * sync LI- f g-ima - A.� bp 4_ . s 1t - li , ' L • I b i _ 24U ' 1090 CI tg1:0 4 First Poor Mgr Apt S.F. 12 Room & 1 M r Blt 1997 Second Floor 8908 0 S F 18 Rooms Wood Frame Third Floor 8908.0 S.F 20 Rooms WL.I 28' t^i . - -' " IOW - Total 27510 S F 50 Rooms & 1 Mgr Apt Heat Pumps Indn,dual Units fy� i', A�by Apo M`. COMPARABLE SALE #4 COUNTY: WELD ACCOUNT NUMBER: 80134695 PARCEL NUMBER: 095924100083 PRIMARY OCC: Motel PERCENT: 100% ADDRESS: 2467 W 29 ST GREELEY RECEPT NUMBER: 3493941 SALE DATE: 7/27/2007 GRANTOR: PAUL TUSHAR R & SALE PRICE: $3,000,000 GRANTEE: KHAN USAE LLC ADJ SALE PRICE: $2,932,000 YEAR BUILT: 1997 CLASS: D EFFECTIVE AGE: 1999 LAND/BLDG RATIO: 1 .57 LAND SIZE (SF): 43,200 LAND VALUE: $270,000 BLDG SIZE (SF): 27,510 IMPS PRICE/SF: $96.76 WALL HEIGHT: SALE PRICE/SF: $ 106.57 STORIES: 3 Sale Price per Unit: $58,640 BSMNT SIZE: DOWN PYMT: BSMNT FINISH: LOAN TERM (YRS): ZONING: POINTS PAID: QUALITY: Average COMMENTS: The subject property is a 3 story Hotel with 50 units, a manager's apartment, dining lounge, pool area and exercise area. Selling for $58,640 per unit. CBOE_COMM_010 Page Parclirit t61'X2501 Controls Pwnq I IJ I 17{S b • M First Floor 80946 SF — 217 i i IONIIN Second Floor 80916 47 ��.�� Total 18790 SF rn n Canopy ! 49 Rentable Rooms 101.8 Sr I 1 L. , 0401 1797 40C • COMPARABLE SALE #5 COUNTY: WILD ACCOUNT R0329194 PARCEL NUMBER: 095924100079 PRIMARY OCC: Motel PERCENT: 100% SECONDARY OCC: PERCENT: THIRD OCC: PERCENT: ADDRESS: 2423 W 29 ST GREELEY RECEPT NUMBER: 3428407 SALE DATE: 10/18/2006 GRANTOR: S & S LODGING DEVELOPMENT LLC SALE PRICE: $ 1 ,800,000 GRANTEE: JANIGA MARIA & ADJ SALE PRICE: YEAR BUILT: 1994 CLASS: D EFFECTIVE AGE: LAND/BLDG RATIO: 2.20 LAND SIZE (SF): 40,075 LAND VALUE: $200,375 BLDG SIZE (SF): 18, 190 IMPS PRICE/SF: $87.93 WALL HEIGHT: 10 SALE PRICE/SF: $98.95 STORIES: 2 Sales price per room : $36, 735 BSMNT SIZE: DOWN PYMT: BSMNT FINISH: LOAN TERM (YRS): ZONING: POINTS PAID: QUALITY: Average COMMENTS: SUPER 8 MOTEL WI ItH A TOTAL OF 49 ROOMS. SELLING PRICE PER ROOM $36.735. CBOE_COMM_01( Page ADR 2007-2008 PERFORMANCE Ratios I&E Year 2007-2008 I&E Date 12/31/08 Average Daily Rate $65.00 Potential Gross Income $3,511,300 100.00% Occupancy 50% Effective Gross Income: $1,755,650 Room expenses (16.2%) $284,415 Food & Beverage (23.4%) $410,822 Telephone (1.4%) $24,579 Administrative & General (9.1%) $159,764 Franchise Fees (0.8%) $14,045 Marketing & Guest Entertain (5.9%) $103,583 R/R (3%) $52,670 Prop Oper & Maintenance (5.1%) $89,538 Enegy Cost (5.0%) $87,783 Management Fees (2.3%) $40,380 Insurance on Bldg (.08%) $14,045 Total Expense (68%) $1,281,625 NOI before personal property $474,026 (177,104 x less: Return on personal property $19,481 11%) NOI $454,545 Cap Rate 11.0% Indicated value w/ Personal Property $4,132,223 Less Personal Property $177,104 Indicated Value $3,955,119 Indicated Value/Room $26,724 CBOE_COMM_01( Page FINAL RECONCILIATION After consideration of the cost, market and income approaches, it is the Weld County Assessor's opinion that the value of $3,835,000 , most accurately reflects the value of the subject property in Weld County for the 2010 tax year. COST APPROACH MARKET APPROACH INCOME APPROACH $4,184,882 $3,835,000 $3,955,119 ASSESSOR'S VALUE Improvements $3,435,000 Land 400,000 Total: $ 3,835,000 CBOE_COMM_010998 Page 15 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 www.co.weld.co.us Office Hours: 8:00 AM - 5:00 PM SCHEDULE/ACCOUNT NO. TAX YEAR TAX AREA` LEGAL DESCRIPTION/ PHYSICAL LOCATION R2810486 2010 2689 GR 4814 L1 THRU 32 BLK43 TOG WITH VAC E-W ALLEY 701 8 ST PENTA GREELEY LLC GREELEY,CO 1735 N 1 ST STE 285 2 SAN JOSE, CA 95112 cc W a O a. ASSESSOR'S VALUATION ACTUAL VALUE PRIOR PROPERTY CLASSIFICATION TO ACTUAL VALUE AFTER REVIEW REVIEW COMMERCIAL 3,835,000 3,835,000 TOTAL $3,835,000 $3,835,000 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: LHt12-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 information. --, LICHT&COMPANY r._i. "— • 9101 E KENYON AV STE 3900 _ DENVER CO 80237 <. > -' 2010-1626 l 's ,..rl=iQpDPT-, ,_< PR 207-0869 # 8958 - APPEAL PROCEDURES County Board of Equalization Hearings will be held from July 1 through August 5 at 915 10`" 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 10T"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"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.gov/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 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.) We hereby appeal the Notire ofDetermination and request a Board of Equalization hearing The indicated value of the subject is that appealed to the Assessor in May. Please contact Chris at (303) 575-9306 to coordinate the Board of Equalization schedule. l ATTESTATION I, the undersigned owner or agent' of the property identified above, affirm that the statements c9ntained,hprein and on any attachments hereto are true and complete. Z-4/1// 303.575.9306 July 12, 2010 Signature Telephone Number Date Licht & Company, Inc. Attach letter of authorization signed by property owner. 15-OPT-AR PR 207-08/08 NOD#.8958 • APPOINTMENT OF AGENT June 1,2010 Licht & Company, Inc. is authorized to represent in property tax valuation matters for tax year 2010. Please contact Licht&Company regarding all property tax issues. The property is indicated below: 701 8th Street County Schedule#122810486 AGENT: Licht&Company,Inc. 9101 K Kenyon Avenue,Suite 3900 Denver,CO 80237 Phone: (303)575-931)6 Fax: (303)575-9307 x Lee / 6/ 31/ to Signature Date Name: BRUCE RAMH4rr OO '' /� 1 Tide: /O+ ge s4 u✓a GIa Pueblo B, anR and Truf( / Company: Phone Number. 3O 3— /,t 633.2 State of (ic /draAc ) ss. County of Adam ) The foregoing instrument was acknowledged before me this 3/sT day of f -ROO- v, by 1J ru .t 74 i WITNESS my hand and official seal r ≥Z My commission expires: 1�3/ /) Notary Fu is e5 lllllllllll i" t L e ", 4 �� C( NOTAAyTAR i �I f'UBL1G p� . (ale CLERK TO THE BOARD PHONE (970) 356-4000 EXT 4226 FAX: (970) 352-0242 WEBSITE: www.co.weld.co.us 915 10TH STREET 11111111e P.O. BOX 758 GREELEY, COLORADO 80632 COLORADO July 22, 2010 PUEBLO BANK & TRUST COMPANY 301 W 5 STREET PUEBLO, CO 81005 Parcel No.: 096105314010 Account No.: R2810486 Dear Petitioner(s): The Weld County Board of Equalization has set a date of July 28, 2010, at or about the hour of 2:00 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. 2010-1626 AS0076 PUEBLO BANK & TRUST COMPANY- R2810486 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 LICHT & COMPANY 9101 E KENYON AV STE 3900 DENVER, CO 80237 2010-1626 AS0076 . CICNT 8 COMPANY I C INCORPORATED HA WORD ORD\2010 appeal\penta-we-701 81 h.doc June 1, 2010 Assessor Weld County Re: Address: 701 8th Street Schedule Number: R2810486 Dear Assessor, We represent the owner of the above referenced property. We appeal the 2010 actual value of the property. Your office has valued the property at $3,835,000. The subject property is a hotel located in Greeley. The hotel contains 150 rooms and was constructed in 1987. The property was recently acquired through a foreclosure procedure by the Pueblo Bank and Trust. They have requested we appeal the value of the property. We are in the process of obtaining the pertinent information relating to this appeal. When we compile the information we will forward it to your office. Please notify us of your decision at: Licht & Company,Inc. 9101 E. Kenyon Avenue Suite 3900 Denver, Colorado 80237 Respectfully, EXHIBIT et, ry Howard M. Licht President 9101 E.Kenyon Ave.,Suite 3900•Denver Colorado 80237•Phone 303.575.9306•Fax 303.575.9307 EFII,FD Document—District Co rt District Court, County of Weld, State of Colorado 2010CV11 Court's Address: CO Weld County District Court 9th.ID 910 9th Avenue Filing Date:Jan 1I 2010 9:25AA MST Filing ID:28925314 Greeley, CO 80631 Plaintiff: THE PUEBLO BANK AND TRUST COMPANY v. COURT USE ONLY Defendants: PENTA GREELEY, LLC and GREELEY REGENCY Case No.: 2010CV11 HOTEL, INC. Division: 1 ORDER FOR IMMEDIATE APPOINTMENT OF RECEIVER UNDER RULE 66, C.R.C.P. The Court, having reviewed the Complaint herein and Plaintiff's Motion for Immediate Appointment of a Receiver, and being otherwise advised in the premises, hereby orders as follows: 1. Bruce Rahmani is hereby appointed Receiver for the Property and the Personal Property referenced in Plaintiff's Motion and in the Complaint, conditioned upon Mr. Rahmani's execution of a written oath of office in the form attached hereto and a filing of that instrument with the Clerk of this Court. Furthermore, Mr. Rahmani shall, within thirty days of this Order, file with the Clerk of this Court a bond meeting the requirements of C.R.C.P. Rule 66(b), and Section 1-23 of Rule 121, in the amount of$25,000.00. 2. The Receiver shall, without further order of this Court, have the following powers and authority: a. To take immediate possession of the Property and the Persona] Property and preserve the same against damage, waste, dissipation or other injury. b. To employ the services of a professional hotel management company on reasonable and competitive terms acceptable to Plaintiff(and in which the Receiver may have an ownership interest). • c. To employ on reasonable and competitive terms acceptable to Plaintiff the services of attorneys, accountants, consultants and other agents necessary for the management and preservation of the Property and the Personal Property. d. To take immediate possession of and account for any cash, checks, credit card drafts, debit card drafts, other forms of drafts and other funds, bank accounts and accounts receivable at the Property, or in the hands of third parties, including financial institutions, reasonably believed by the Receiver to have either been generated by the operation of the Property or maintained for the operation of the Property, including but not limited to, any operating or escrow accounts maintained for the Property or its operation with the Plaintiff herein. e. To issue receiver's certificates secured by the Property as allowed by Colorado law as a means to finance the costs of the receivership, with interest at the same rate or rates applicable to the promissory note dated February 14, 2008 in original principal amount of $4,500,000 (the "Note") executed by Defendant Penta Greeley, LLC, which certificates shall be a senior lien upon the Property and the Personal Property. f. To take such other and further action as the Receiver shall deem reasonably necessary to protect and preserve the Property and the Personal Property, including entering into such contracts as may be reasonably necessary to accomplish the foregoing. g. To commence such actions, whether judicial or administrative, in the Receiver's name as may be necessary to protect the Property and the Personal Property; to otherwise pursue claims relating to the Property and the Personal Property; and to compromise or settle legal disputes pertaining to the Property and the Personal Property. 3. The Receiver shall open a separate bank account for the administration of the receivership hereby created; and shall use that account for all deposits and expenditures associated with the receivership; shall not co-mingle therein personal funds of the Receiver or the Receiver's agents; and shall strictly account for all receipts and expenses arising out of the Receiver's activities. Such account shall be opened and maintained at Plaintiff Pueblo Bank and Trust. 4. The Receiver shall be paid out of the proceeds of the receivership a fee of$100 per hour for his reasonable services as Receiver, as distinguished from services as property manager or in any other related capacity. 2 5. Funds of the receivership will be applied in the following order: first, to the payment of the costs and expenses of the receivership, including the Receiver's fees; second, to the costs and expenses of managing and maintaining the Property; third, to the payment of receiver's certificates; and fourth, to the payment of amounts owing to Plaintiff under the note and deed of trust held by Plaintiff, as referenced in the Complaint. 6. Pursuant to C.R.C.P. Rule 66(d)(3), Plaintiff shall, without delay, serve a copy of this Order, along with a copy of the Summons and Complaint herein, upon the defendants. Furthermore, the Receiver shall, without delay, provide written notice of this action and his appointment to any persons in possession of the Property or who might otherwise be affected by this Order. 7. Either of the defendants may schedule a hearing with the Court within thirty days after the date of this Order, at which hearing the Court shall receive and consider evidence and argument concerning the continuation of the receivership and modifications, if any, to the Court's instructions governing the receivership. If either defendant elects to schedule such a hearing, it shall give Plaintiff not less than seven calendar days notice thereof. DATED: January I I , 2010 BY THE COURT: aznitor James F. Hartmann C ief Judge, 19th Judicial District 3 APPOINTMENT OF AGENT June 1,2010 Licht & Company, Inc. is authorized to represent in property tax valuation matters for tax year 2010. Please contact Licht&Company regarding all property tax issues. The property is indicated below: 701 8th Street County Schedule if R2810486 AGENT: Licht&Company,Inc. 9101 E.Kenyon Avenue,Suite 3900 Denver,CO 80237 Phone: (303)575-9306 Fax: (303)575-9307 x /rage SI31/ JD Signature Date Name: B�RaUUCNE/� �tenf/i4'vr Title: ez nlf sY Pueblo Ba and Tru Company: Phone Number. 303- 6Aq— 633L /l State of C c' 10 r cidJc ) ss. County of Ad/a-en 9 ) sr v The foregoing instrument was acknowledged before me this 3/ day of /'lei 498- by {WITNESS my hand and official seal e ? fi[.ti My commission expires: 1/3/ ha— NotatyPu is %`,l Mitt iq NN NIP �e • i NOTAgy — s — ▪ ' PUBLIC tie.? 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W q d O 0 N W a e M O W O W q W d '0 e ° rr W 5 c1- i g 5 N Ot p, 0 a 7" 0 o ),N W , yc 00< a o Jm 0 00N z i&s W m 3 F nvo in d K °i K' K w S WC N OV°S. C 0.10 a O¢00 0 N 333N 5 c� oa mE '0 c— Lou,C W W cc 0_v£oi d C q5U 0 XUU 0 t L 01 =OA 10 O " w gxau° .3 gx >s 0 g2qu 4 m QEFK Jc a rm C FCN LL Qr6-i co in. r 26 a W�: a Wrd` Q Wr0' n Q�,w$ C in 3 C O- C Woy=ile a Wm < m4i 5 a2a" g. y 0s F sews r 0 o 11_c'^£ 0>g p 0 ≥�`° rO W�'`a 0 W `v O .4 O A i'`a° O 4004 rc&sas 0 ¢n c 15 3 1- LL n W3 1- 0x033 I- Fro r We F Cams 1- Co.on3 r re a.033 f wr 05/18/2009 15:16 FAX 303 221 5655 BOXER & ASSOCIATES CPAS 10002/007 GREELEY REGENCY HOTEL, INC. STATEMENT OF REVENUES AND EXPENSES • INCOME TAX BASIS For The Period Ended February 29, 2008 1 Month Ended 2 Months Ended February 29, 2008 Percent February 29, 2008 Percent INCOME: Sales-Rooms-Regular $ 26,031.32 97.20 $ 52,766.14 85.88 Sales-Rooms-Exempt 217.91 0.81 6,462.68 10.52 Sales-Banquet 325.00 1.21 887.25 1.44 Sales-Meeting Room 0.00 0.00 537.18 0.87 Sales-Banquet-Liquor 126.93 0.47 639.66 1.04 Sales-Vending Machines 120.04 0.45 123.04 0.20 Sales-Telephone/Fax 0.00 0.00 16.32 0.03 Rentals 290.00 1.08 340.00 0.55 Sales-Return & Allowances (330.23) (1.23) (330.23) (0.54) 26,780.97 100.00 61,442.04 100.00 COST OF SALES: Banquet Catering/Food 19.60 0.07 19.60 0.03 19.60 0.07 19.60 0.03 GROSS PROFIT 26,761.37 99.93 61,422.44 99.97 OPERATING EXPENSES 50,279.74 187.74 103,192.38 167.95 NET OPERATING INCOME (23,518.37) (87.82) (41,769.94) (67.98) OTHER INCOME(EXPENSES): Interest on Loan 76170 (14,412.13) (53.81) (14,412.13) (23.46) Interest on Loan 75628 (4,491.28) (16.77) (4,491.28) (7.31) Gain /Loss on Sale of Hotel 473,261.83 1,767.16 473,261.83 770.26 Vendor's Fee 51.52 0.19 51.52 0.08 454,409.94 1,696.76 454,409.94 739.57 NET INCOME (LOSS) $ 430,891.57 1,608.95 $ 412,640.00 671.59 ©Qpl4 6®per PRELIMINARY&YEpI'TA for DISCUSSION PURI'0SES ONLY aenslou:� 8/� , gate L-= INITIALS See Accountants'Compilation Report 05/18/2009 15:16 FAX 303 221 5655 BOXER & ASSOCIATES CPAS lfl 003/007 [ . GREELEY REGENCY HOTEL, INC. SCHEDULE OF OPERATING EXPENSES INCOME TAX BASIS For the Period Ended February 29, 2008 1 Month Ended 2 Months Ended February 29,2008 Percent February 29, 2008 Percent Salaries-Front Desk Clerk $ 4,866.34 18.17 $ 11,717.70 19.07 Salaries-Housekeepers 2,542.02 9.49 5,824.33 9.48 Salaries-Maintenance 867.72 3.24 2,286.44 3.72 Salaries-General Manager 2,843.40 10.62 6,750.00 10.99 Amortization 24,300.00 90.74 24,450.00 39.79 Auto and Truck Expenses 37.35 0.14 117.47 0.19 Bank & Credit Card Expens 450.91 1.68 982.64 1.60 Cash Over & Short (3,676.31) (13.73) (3,676.31) (5.98) Depredation 0.00 0.00 9,675.00 15.75 Dues & Subscriptions 0.00 0.00 134.00 0.22 Insurance 0.00 0.00 2,332.33 3.80 Office Expense 81.25 0.30 81.23 0.13 Postage 0.00 0.00 13.04 0.02 Laundry Expenses 33.77 0.13 33.77 0.05 Legal/Professional Fees 3,000.00 11.20 7,500.00 12.21 Supplies-Maintenance 130.26 0.49 250.39 0.41 Taxes-Payroll 850.62 3.18 1,911.96 3.11 Taxes-PP & RE 12,686.56 47.37 12,686.56 20.65 Telephone and Fax 766.36 2.86 1,051.56 1.71 Trash Hauling 232.97 0.87 232.97 0.38 T.V. Cable Expense 0.00 0.00 1,940.40 3.16 Utilities-Gas & Electric 266.52 1.00 9,460.84 15.40 Utilities-Water& Sewer 0.00 0.00 7,436.06 12.10 ,$ 50.279.74 .,A$1.14_ $ 103,192.38 167.95 papr IV 16opVE pREUMINARY&TENTA io[OISCUSStON PURPOSES ONLY �^pp REvIS10N: /� s-Iio- rtam AL UATEi—/ See Accountants'Compilation Report 05/21/2009 15:41 FAX 303 221 5655 BUSEH & ASSULlAl'H,5 crAb wjuuuuuv GREELEY REGENCY HOTEL, INC. STATEMENT OF REVENUES AND EXPENSES INCOME TAX BASIS For The Period Ended December 31, 2007 12 Months Ended December 31, 2007 Percent INCOME: Sales-Rooms-Regular $ 589,157.61 79.54 Sales-Rooms-Exempt 144,351.26 19.49 Sales-Valet 72.40 0.01 Sales-Banquet 3,952.67 0.53 Sales-Banquet-Liquor 995.44 0.13 Sales-Vending Machines 1,020.55 0.14 Sales-Telephone/Fax 332.54 0.04 Sales-Banquet Tips 338.17 0.05 Rentals 3,005.87 0.41 Cleaning Up Charges 200.00 0.03 Sales-Return & Allowances (2,734.76) (0.37) 740,691.75 100.00 COST OF SALES: Housekeeping-Contract Labor 1,451.77 0.20 Complimentary Breakfasts 8,851.78 1.20 10,303.55 1.39 GROSS PROFIT 730,388.20 98.61 OPERATING EXPENSES 875,760.73 118.24 - NET OPERATING INCOME (145,372.53) (19.63) OTHER INCOME(EXPENSES): nterest Expense (0.52) 0.00 nterest on Loan 76170 (104,099.63) (14.05) nterest on Loan 75628 (36,125.90) (4.88) nterest-Greeley improv. Dist (8,764.40) (1.18) nterest-Greeley Improv. Asses (2,729.62) (0.37) nterest-Greeley Improv. Asses (2,207.15) (0.30) Non-Deductible Penalities (109.24) (0.01) Non-Deductible Contributions (500.00) (0.07) Vendor's Fee 534.78 0.07 Other Income-Expense Reimbu 238,831.25 32.24 Forgiveness of Debt 166,607.17 22.49 Interest Income 8,860.70 1 .20 Rental Income-P&S/Lopiano's 90,186.00 12.18 Insurance Reimbursements 17,852.37 2.41 DDaI9 CET 368,335.81 49.73 PRELIMINARMR1 BSCDIg15E(LOSS) $ 222.963.28 30.10 for DISCUSSION PURPOSES ONLY REVISION: gra Styr/09 tN[TIA[.4 DATE See Accountants'Compilation Report 05/21/2009 15:41 FAX 303 221 5655 BOXER & ASSOCIATES CPAS I4003/004 GREELEY REGENCY HOTEL, INC. SCHEDULE OF OPERATING EXPENSES • INCOME TAX BASIS For the Period Ended December 31, 2007 12 Months Ended December 31, 2007 Percent Salaries-Front Desk Clerk $ 87,893.12 11 .87 Salaries-Housekeepers 50,367.65 6.80 Salaries-Maintenance 18,816.39 2.54 Salaries-General Manager 47,457.72 6.41 Advertising 6,223.16 0.84 Amortization 1,800.00 0.24 Auto and Truck Expenses 3,643.47 0.49 Bank & Credit Card Expen 15,872.20 2.14 Cash Over & Short 1,800.14 0.24 Computer Expense 1,350.00 0A8 Contibutions 25.00 0.00 Contact Labor 90.18 0.01 Commission 1,319.29 0.18 Depreciation 136,014.00 18.36 Dues & Subscriptions 1,824.95 0.25 Employee Welfare 323.86 0.04 Entertainment and Meals 456.50 0.06 Equipment Rentals 147.46 0.02 Franchise Expense 8,755.39 1.18 Insurance 40,847.88 5.51 Linen Expense 211.99 0.03 Maintenance & Repair 421.00 0.06 Management Fees 20,000.00 2.70 Office Expense 3,052.29 0.41 Permits & Licenses 446.32 0.06 Postage 392.76 0.05 Printing 56.56 0.01 Laundry Expenses 24.50 0.00 Legal/Professional Fees 102,237.31 13.80 Promotion 88.00 0.01 Repairs-Painting & Decora 226.41 0.03 Repairs-Building 7,241.28 0.98 Repairs-Electric-Mechanic 12,982.11 1.75 Repairs-Plumbing & Heatin 3,283.70 0.44 Repairs-Equipment 3,261 .24 0.44 Repairs-Parking Lot 380.00 0.05 Repairs-Swimming Pool 215.15 0.03 Repairs-Landscaping 4,732.46 0.64 Re airs Signs 583.17 0.08 man �C0.27 i s-Front Offi82.27 ce 1 955.04 0.01 PRELIMINARY&TEN' $ges-Guest Room 13,651.34 1.84 for DISCUSSION PURPOSES ONLY REVISION: rD JIM M(09 See Accountants'Compilation Report INITIALS r DATE 05/21/2009 15:41 FAX 303 221 5655 BOXER & ASSOCIATES CPAS Z004/004 GREELEY REGENCY HOTEL, INC. SCHEDULE OF OPERATING EXPENSES INCOME TAX BASIS For the Period Ended December 31, 2007 12 Months Ended December 31, 2007 Percent Supplies-Maintenance 3,553.25 0.48 Swimming Pool Expense 284.75 0.04 Taxes-Payroll 21,138.05 2.85 Taxes-PP & RE 66,805.36 9.02 Taxes-Other 49.78 0.01 Telephone and Fax 13,831.93 1.87 Trash Hauling 3,567.22 0.48 Travel Expense 409.58 0.06 T.V. Cable Expense 16,611.27 2.24 Uniforms-Hotel 204.76 0.03 Utilities-Gas & Electric 123,988.29 16.74 Utilities-Water& Sewer 24,763.23 3.34 $ 875,760.73 118.24 plaTE113 Ea P17 PRELIMINARY&TENTATIVE for DISCUSSION PURPOSES ONLY REVISION: ►NrrIAI.S /'-"('63 DATE 5-41/a7 See Accountants'Compilation Report Hello