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Home My WebLink About20101319.tiff RESOLUTION RE: ACTION OF THE BOARD CONCERNING PETITION FOR ABATEMENT OR REFUND OF TAXES - LIM INVESTMENT, INC. 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, a hearing before the Board was held on the 21st day of June, 2010, at which time the Board deemed it advisable to continue the matter to June 23, 2010, to accommodate a scheduling conflict in the Assessor's Office, and WHEREAS, the Board of County Commissioners of Weld County, State of Colorado, at a duly and lawfully called regular meeting held on the 23rd day of June, 2010, at which meeting there were present the following members: Chair Douglas Rademacher, and Commissioners Sean P. Conway, William F. Garcia, David E. Long, with Commissioner Barbara Kirkmeyer 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 represented by Brenda Dones, Deputy Assessor, and a representative for Lim Investment, Inc., Amy Boone, being present, 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 2008 $0.00 $0.00 2009 C A5C<' rt+ . 20101319 - I � �u AS0075 TAX ABATEMENT PETITION - LIM INVESTMENT, INC. PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 23rd day of June, A.D., 2010. BOARD OF COUNTY COMMISSIONERS �I ♦ WELD COUNTY, COLORADO 1/21 ATTEST: �� r*.' • �� , ��..! .,�_i_ . r tj) las "ademac -r1 Chair Weld County Clerk to the Bo d ,4c ,;J"V�� rbara Kirkmeye , Pro-Tem BY: �CI l a � t ,� t �e.� y Cle k o the Board � Sean P. Conway c) A OV D O RM: -)/ iam F. Garcia F rney cE c..n.1 Davi . Long Date of signature: 2010-1319 AS0075 4 • PETITION FOR ABATEMENT OR REFUND OF TAXES County: �G L// _ ;.i :` (DettR�ttCtiehted CROI0 -D35f Z s ��A.W0sg4'por Commissioners'Date Stamp) Section I: Petitioner,please complete Section I only. -_�,� ,.... I RECEIVE D / / /0c ,. . -3 i, II: �9 Date: Month Day Year / y JUN 01 2010 !Petitioner's Name: /.71 Ll,✓e.9fiient , Petitioner's Mailing Address: /7,76)22-5— �r-ne'/�—i3//�P wa COUNTY ASSESSOR / .9 City Twn e'er der GREEKT �-�/ City or Town State Zip Code SCHE ULE OR PARCEL NU ER S) PROPERTY ADDRESS OR LEGAL DESCRIPTION OF PROPERTY fie Per-- c f ynd-129 - 'fr-n,%-6wv horn-,z, re, co3rj Petitioner states that the taxes assessed against the above property for property tax year(s) and are incorrect for the following reasons: (Briefly describe the circumstances surrounding the incorrect value or tax. Attach additional sheets if necessary.) Petitioner's estimate of value: $ ,f! r ,Zcl J�and $ 4�Jf t'Z tip,// vIe Year Vale Year 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. j383)q2Z— �Apai Daytime Phone Number ///� Petitioner's Signature ! z By /efz� J. j�Lt< Daytime Phone Number j3'0-3 ) 4:2O-71/P J !! Agent's Signature' *Letter of agency must be attached when petition Is submitted by an agent. 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. I Section u: Assessor's Recommendation (For Assessor's Use Only) Tax Year 2C21, Tax Year ZOe S Actual Assessed Tax Actual Assessed Tax Original$10/56.i aOa *�S3,S6v &4. 1`r�:af I/ i ?1,a'as t`/1G,YPo correcten 3-447" ' 3S4o 1-1G irz ¶'$75..0 '(fz . Ira 1.J99 37 Abate/Refund 0 ❑Assessor recommends approval as outlined above. No protest was filed for the year(s): or (If a protest was filed,please attach a copy of the NOD.) JEYI Assessor recommends denial for the following reason(s): Zoo7r20o1 %ncear S retsonfl 'l45&Oar.) ✓' I C 4 e 20 9 Oo�. 54etf ✓fit le Styr or 4.2 5,00,• (��gJ Assessor's dC Deputy,/AAsssessor's ature 15-DPT-AR No.920-66/06 2010-1319 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(1.7),C.R.S. Section in: 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 for abatement or refund in an amount of one thousand dollars or less per tract,parcel,or lot of land or per schedule of personal property,in accordance with§39-1-113(1.5),C.R.S. The assessor and petitioner mutually agree to the values and tax ahatement/refund of: Tax Year Tax Year Actual Assessed Tax Actual Assessed 'Tax Original Corrected - Abate/Refund Note:The total tax amount does not include accrued interest,penalties,and fees associated with late and/or delinquent as payments,if applicable. Please contact the county treasurer for full payment information. Petitioner's Signature Date Assessor's or Deputy Assessor's Signature Date Section IV: Decision of the County Commissioners t 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 been 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-officio 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 Clerk's or Deputy County Clerk's Signature Note: Abatements greater than 51,000 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$1,000) The action of the Board of County Commissioners,relative to the within petition,is hereby ❑Approved ❑Approved in part$ ❑Denied for the following reason(s): Secretary's Signature Property Tax Administrator's Signature Date 15-DPT-AR No.920-66/06 WELD COUNTY ASSESSOR Account#: R0085887 PROPERTY PROFILE Parcel Local#: MH Seq#: MH Space: Appr Year: 2008 Levy: 79.902 #of Bldgs: 1 Create On: 09/16/1986 Tax Dist: 2341 Map#: 1426 LEA: DLCMO1 Active On: 19890101 Assign To:WJM Initials:ASR Acct Type: Commercial InactiveOn: New Growth: 0 Last Updated: 9/22/2008 Owner's Name and Address: Property Address: LIM INVESTMENT INC Street: 10805 TURNER BLVD City: WELD 10805 TURNER BLVD LONGMONT CO 80504 Business: Sales Summary Sale Date Sale Price Deed Type Reception# Book Page# Grantor 4/27/2006 $1,710,000 SWD 3383588 LONGMONT GROUP INC 6/23/1994 $1,300,000 02394749 1448 LONGMONT PARTNERSHIP 11 11110/10/1985 $165,000 02028163 1087 UNK Legal Description PT NE4 10-2-68 BEG E4 COR N89D49'W 451.4'N0D24'E 1323.4'TO TPOB N0D24'E 525.03'N89D36'W 299.99'S0O24'W 523.2'S89D15'E 300' TO POB EXC COMM E4 COR N89D49'W 451.4'N0D24'E 1323.4'TO TPOB NOD24'E 262.09'N89D23'W 299.96'SOD24'W 261.33'589D15'E 300' TO POB SITUS: 10805 TURNER BLVD WELD 80501 L Land Valuation Summary Abst Square Unit of Number Value Actual Assmt *Assessed Land Type Ag Code Code Feet Measure Of Units Per Unit Value Percent Value Commercial 2115 78,497 Square Feet 78497 $5.50 $431,734.00 0.29 $125,200 Land Subtotal: 78497 $431,734.00 $125,200 Tuesday, June 01, 2010 Page 1 of 3 WELD COUNTY ASSESSOR Account#: R0085887 PROPERTY PROFILE Parcel #: 131310100039 Local#: MH Seq#: MH Space: Buildings Valuation Summary Abst Assmt *Assessed Bldg # Property Type Code Occupancy Actual Value Percent Value 1 Commercial 2215 343 - Motel $1,040,266 0.29 $301,677 Improvements Subtotal: $1,040,266 $301,677 Total Property Value $1,472,000 $426,877 *Approximate Assessed Value Building #: 1 Condo SF Condo% Land: Condo% Bldg: Unit Type: Landscaping $: Property Type: Commercial 0 1 $0.00 Quality: Average Nbhd: 3903 Occupancy: Motel Condition: CM-Typical Nbhd Ext: 00 Perimeter: 338 Nbhd Adj: 1 Percent Comp: 100.00% Individual Built As Detail Built As: Motel Year Built: 1986 Construction Type: D Year Remodeled: HVAC: Heat Pump % Remodeled: Interior Finish: Adj Year Blt: 1986 Roof Cover: Effective Age: 14 Built As SF: 18609 Mh Make: #of Baths: Tag Length/Width: X #of Bdrms: Tag Length/Width: X #of Stories: 2 Mh Skirting LF: Story Height: 9 MH Skirting Type: Sprinkler SF: Diameter: Capacity: Height: Building Details Bldg #: 1 Units Units Price RCN Actual Value Add On . .: Shed Frame 1080 $9.69 $10,465.20 $6,384.00 Com Canopies Wood Average 696 $6.90 $4,802.40 $2,929.00 Concrete Slab Average 46000 $2.80 $128,800.00 $78,568.00 Tuesday, June 01, 2010 Page 2 of 3 WELD COUNTY ASSESSOR Account#: R0085887 PROPERTY PROFILE Parcel#: 131310100039 Local#: MH Seq#: MH Space: Value Details RCN Cost/SF: $71.36 Design Adj %: 0 Func Obs %: 0 Total RCN: $1,472,006.00 Exterior Adj %: 0 Econ Obs %: 0 Phys Depr%: 0.24 Interior Adj %: 0 Other Obs %: 0 Phys Depr$: 374891 Amateur Adj °/0: 0 RCNLD $: $1,097,115.00 RCNLD Cost/S $58.96 Market/SF: $0.00 Tuesday, June 01, 2010 Page 3 of 3 Account Notes Account#: R0085887 Entry Date Office Note Bldg Category 1/1/1989 A RECORDED EXEMPTION RE-957 1156 2099117 5/8/87 AGEN 1/1/1989 A 1992: ORGANIZATION ORDER LEFT HAND WATER DISTRICT 3/28/90 BK 1259 AGEN 1/1/1989 A REC#2209216. TLF AGEN 1/1/1989 A 1991 PROTEST-REDUCE VALUATION ON MOTEL IMPS DUE TO SOIL AND GROUND 001 MKT 1/1/1989 A WATER CONTAINATION.AV MOTEL TO 541,373(25% REDUCTION)LAND IS OK 001 MKT 1/1/1989 A AT 196,242=TOTAL 737,615. REF/MS 001 MKT 1/1/1989 A 1992 PROTEST REVIEW OF'89f90 INCOME STATEMENTS, PREVIOUSLY SUBMITTED 001 MKT 1/1/1989 A BY OWNER, REFLECTED ADJUSTMENT.AV IMPS @ 497,876 LAND OK. REF/MRK 001 MKT 1/1/1989 A 116,220 1990 INCOME 120,000 USED 118,000 CAP RATE 17%(HOTEL/MOTEL) 001 MKT 1/1/1989 A VALUE OF 694,118. REF/MRK 001 MKT 1/1/1989 A 1993 PROTEST-CHANGED LAND VALUE DUE TO SOIL CONTAMINATION.AGREED 001 MKT 1/1/1989 A WITH DENNIS HIATT TO$600,000 TOTAL VALUE AS LAST VALUE REDUCTION 001 MKT 1/1/1989 A UNTIL CONTAMINATION PROBLEM RESOLVED. REF 001 MKT 1/1/1989 A NEVIN DEMOND; GOODWILL-$325,000, PP 425,000 =$950,000. 001 MKT 1/1/1989 A HE ALSO STATED THERE WAS A BANK APPRASIAL AND"INDEMNITY AGREEMENT" 001 MKT 1/1/1989 A FROM OWNER OF POWER TRUCK WASH TO RECOVER ALL FUTURE COSTS FOR 001 MKT CLEANUP 1/1/1989 A OF UNDERGROUND WATER/SOIL CONTAMINATION. REQUESTED COPY OF 001 MKT AGGREEMENT 1/1/1989 A ON 9/27/94 AND AGAIN 11/7/94. REQUESTED INCOME FOR'93&'94 11/7/94 001 MKT 1/1/1989 A BY LETTER. NO DOCUMATION TO SUPPORT GOODWILL, PP&INCOME. REF 001 MKT 1/1/1989 A WHO OBTAINED INFO FROM SELLER FORM 1993/1994. AVERAGE DAILY RENT 001 MKT 1/1/1989 A $29.55/ROOM,ANNUAL NOI$3285/RM AND FF&E$128,800. S/P$1,300,000 001 MKT 1/1/1989 A LESS FF&E$128,800 EQUALS ADJ S/P $1,171,200 ($25,460/ROOM). 001 MKT 1/1/1989 A NOI/RM $3285 X 46 RMS EQUALS ANNUAL NOI$151,110 DIVIDED BY ADJ/SP 001 MKT 1/1/1989 A ($25,269/RM) REF 001 MKT 1/1/1989 A CTF M11-30-93, M02-18-94 001 TRES 6/20/2003 A 2003 PROTEST-ADJUSTED VALUE TO$30,000 X 46 UNITS. LW APPR 8/19/2003 A 2003 PROTEST AND CBOE-ADJUSTED VALUE BASED ON INCOME INFORMATION APPR FURNISHED BY AGENT. LW 3/29/2001 A 2001 -RECONCILED VALUE AT$32,000/ROOM FOR 46 UNITS. LW APPR 6/7/2004 A 2004 PROTEST-NO ADJUSTMENT AS NO NEW INFORMATION FURNISHED. LW APPR Tuesday, June 01, 2010 Page 1 Entry Date Office Note Bldg Category 1/1/1989 A EQUALS CAPRATE 13%. NOI$151,110 DIVIDED BY 13%= $1,162,385 VALUE 001 MKT 5/23/2001 A CHANGED TAX AREA TO INCLUDE LONGMONT SOIL. JSW ADM 8/30/2007 A 2007-BAA, Docket#45346 for 2005 values,the Board concurs with Stipulation. CBA APPR 8/29/2007 A 2007 BAA Appeal change in imps value. WJM APPR 8/29/2007 A BAA DECISION FOR 2005.JSW ADM 3/11/2005 A TAX ROLL CORRECTION. STIPULATION.JSW ADM 6/10/2005 A Value reduced per a stipulation with the owners at the BAA for 2003 and 2004. MFS 6/14/2005 A Adjusted to$23,000 per room at protest in 2005,agent requested$15,000 based upon income,this is not realistic based on the sales so adjustment was to market sales with consideration for age and location of the subject. MFS 1/1/1989 A '94 SALE CONFIRMED. SALE PRICE ADJUSTED DUE TO FOLLOWING PER BUYER 001 MKT 1/1/1989 A '95 PROTEST-CHANGED IMP VALUE-AV'D @$703,757-TOTAL$900,000. REF 001 MKT Tuesday, June 01, 2010 Page 2 • Sketches\Photos for Acct# R0085887 BIdgID: 1 Q:\data\photos\131310100039_001_rv.JPG �5a �.y �{f, 4 e3 h 3''�.: b ;AO' '•i} j +' .Pq- 'wk > C ..,44{ c m� µ, „.a`w t •k J, (F Yii � ,t \k'M1 11 a" 'b.' " iQ4,, i sa xx;fix'. s �L, �+ r* a- „ i Soh A F '1.}, iA Y i�l„ish ,Ml�' • Y k Rx *x � BIdgID: 1 Q:\data\photos\131310100039_001_3x.JPG .. • icy , . i i.,(g . *fin•14 .r & ,f t * ,�. } �, '.'' - W J(- i .. . • rt, i Kr; t l iE _ - Sketches\Photos for Acct# R0085887 BIdgID: 1 Q:\data\photos\131310100039_001_2x.JPG t' m a t}�,5" e x ra"Ka xr ` 'raz Y g`€r•§}' .. io • 'ate BIdgID: 1 Q:\data\photos\131310100039_001_1x.JPG • r�. x ,y Ott 'u k, rF 1' m ,- r�avt rT Il f� !+ r ,� i�a { .4149,114‘•t t rz `{k14,M y��•(�. fi }\:'S`.+^i ;S P` IM xr t �? t } f iF�til strx': 4.4 drs •nom r t fst;µrk-0Kr-. a:.`' a'�+a,'T 3•b h .f p Apt °re t4�, � � � •Ft^.�k _' niW 5 . • ur Eib% , .j II IV n L rr Sketches\Photos for Acct# R0085887 BIdgID: 1 Q:\data\photos\131310100039_001.JPG e • rr" , re : a er wistar!? .S Ir4- i� • n t A l ,. i .c P .C., .y ^rifts. 'a .. 7rxK .,'Y d• •3{, R ^ BIdgID: 1 Q:\DATA\SKETCHES\131310100039001-1.jpg 50.0' a Utility slag. o n 1080.0 sq.H. "-=, m _g___O_'_ 45.0' - 6l -1 titio. N 36.0' co i Landscaping•Concrete Concrete 33504.9 sq.R. ..y 133.0 sq.ft.. m os .7.S" 12.01 220• Wlsa7t7o' I • 7.0• 23E Landscaping Motel 15.0• ^8'' b , -o ^a o 46 Rooms b cc s- ea e e a a Landscaping •'-;ti'ts. 18.0, 30, 23.0' .a ' 07 7, ,�o - 'oo. Concrete 944.4 sq.lt'a' Ibm 6.0' m canopy c b - 960' ' 000.0 sq.1t. � Total Area First Floor 16609 DA sq.tt. 9304.5 sq.tt. 32.0' b ® m I class 0 Second Floor - o �l o year/� HVAC 9304.5 sq.ft- m Concrete IIV,■'' 10.a r Built 1966 41 11103.2 sq.tt, i m 121.0' :2.0' I "1 0' 61.5' 227 r4 Sketch by fps[IV Windows^^ LIM INVESTMENTS, INC(S'UPER 8 MOTI.i. ll IIkIt,;OM : :;a l"A:rL INNENI, I- or the 'I Month anc 12 Months En,led December d . mla9 -I Month Ended 1?:Months Ended December 31 2OO9 December 31, 2OO9 Sales Rnunl rental ii 1 r 93,8 00 1. 404,467.(lu Ronne rental_. other n_uo 130.00 t es,t Returns&Allowances 0 u(l a no Total Sales Iissr.ou 404,097.00 Gross Profit 1705(3.no 40459700 Operating Expenses Supplier; %1.5)4.')96 64,324 13 Wager,' Ill(0 15 110,074.10 Achim-6 l in 1)78_(10 4,409.00 Auto nod)luck expense 0.00 2,640.00 Hank service charge 493!,0 8,911.07 I rillndry& cleaning 0.01) 6.07 Royalty tee ,,182.1,1 39,802 00 Ileprecia11ur1 - bldg (1.00 37,125 1 00 . Depreciation improvement a un 1 807 84 Depreciation- egpt,turn, & u on 6,90'7.35 Arcot lizahon franchise fee rno 1,600.00 Amortier-0kmi- I oan fee nu11 3.019.99 I ere!,.and srlhscliplions 00)00 235.0(1 limy:19H,, 1-i /2 7,218.06 Intel e.st n n(1 63,848 24 I egar rind accounting 1011.00 3,040.00 I.)tenser,and permits ;1i0 00 44 24 3 0 37/ Miscellaneous expenses 01)11 Office expense turn 1331 70 Rent mach &egg( 60.11.Sr 5,998.60 ( 01rr0hssion tee 0.00 2,378.)1 Repan and maintenance 321..00 IQ119.69 Water ,1131 30 8,552 00 I rash '%12 00 -1,282.50 faxes payroll I (12.87 10 273.66 I axes personal property 0.00 024.29 Naxos real property 0.I))] 35,136.83 I elephant.,and telegraph at!!lii 11,556.23 I lfilities _ - I,409B2 20 680.33 Total operating Expenses . Hli n'()nO 463 073.61 Operating Income (Loss) _ (0,1162.15) (68,476.6 I) Other Income Other nnrarrte (0.:{b) 42.24 Other incor 1.r vendor's colle Roc 97.01 Total Other Income (Loss) _. . -- -.il _.._139.25_ Net Income (Loss) L - 2 ou, (3(14 2 _ (iE 337.336) I i See Acr.:LLdants'rJolnpilatlor, F.cport I -._. . , . . • ,,i ,, 1.,1111VI MI iVIr.LEI1);:T, IMr,..,taVrtry. 0 iu%„-04,1-1 IN}ICOMF. STATEMENT ,:,i l ,� I • , + . ih .7,,,;',:(f--,: eel `/` I jt MI1II �� 12 Moathe Ended L _X1100 1i L I December:I1,200R December 31,2001 December 31, December 31,2007 I I Sales I Ft+,i,;t m,,t:el $ :8.f15R.00 M 28,310.00 $ 553,337.75 $ 616,366.00 i IZc,{,,f;tc'ni , .,n, 0,00 0.00 1,978.47 0.00 I ,r cFy 0.00 0.00 c,.^ i, hay" I f,:, ,..t, ` I1(411 IlIfIr• °...856.00 28,310.00 555.316.22 - -618.386.00 +:it'n,,, r+.,-,{;,t _-_ ''g:1.. .. _-.—___ 2$.310.00 556,316.22 618,386.00. l. i aperatintl rvilianr,..; 3148.413 1,988.50 81.006,04 33,811.12 :] t„ � v,./.10(:,: ••)1;�S.i�l 6,438.30 108,096.68 90,713.;38 ii �(,..i..•1tI..i,,,, 329,00 0.00 4,606.00 2,384.42 Au..,,:.I,It tt; .`le 0.00 0.00 2,520.00 2.328.00 Ii ft.ri il,t,t. .,,, :, (10C 0.00 0.00 415.43 htc,t)L .x11;1,-,., J. ,,,r• 665.138 853.18 11,801.24 13,.565.17 I tr„y,f li'.,ff'f. :',,386.30 2,493.36 48,121.91 61,108.73 • tl(•I!rruiali„I, 14041 0.00 0.00 44,032.35 37,125.00 I)opIi,c:i<tti„r, in,,'.,,,'",Irlent 0.00 0.00 1,802.84 0.00 1,7rsprnri;,tu,,t -..i:'r, it tut. .Z 0.00 0.00 0.00 6,607.36 Amon!..;tli„I, i :;,,.11;;v,ii,,.! 0.00 0.00 1,800.00 1,800.00 Amu:ft/stii,,,, t : ,•:,.•.. 0 n11 0.00 3,019.59 0.00 t.1ri'M;Tut'.:I,r,•:, ,i,•ii,,,,•: 0.00 0.00 235.00 0.00 Insti :Ii,ci, 0.00 0.00 12,090.30 10,845.48 I ntet,_,A 7,532.51 10.848,90 87,160.40 128,503.11 I I.9(' 1I nnut,xcr',,n,,h,I1 180.00 180.00 '3,070.00 _ 1,980,00 1i,:or :•:,a, •,,, ,•.••,i'rt!: 154.00 • 0.00 633.00 18.00 111SChllo'iNn,p .....r.,.p,.•',.:• 0.00 0.00 45.00 1,585.85 Ottf,•r r(Ai)(,rn:I. 0.00 0.00 535.14 293.66 Ref!, :mid: :1 —1,1 530.00 0.00 9,300.99 6,963.88 i;rrn rI I it,,:i,u, ,13!37.74 1.510.53 8,490;84ri! 10,017.1 ti t�+>�,:ai, a r,l:;.,,.,, .,,,.•:,,•. 1:33.37 0.00 15,082.57 25,300.16 l �� 119.,1.•, ;:15.35 233.66 9,004.12 8,757.62 I 11;1•i, (16.011 101.00 1,222.00 1,661.50 lit I:71%;‘,.. ,.,ul ,r; ; 137 1, 1 ..,ar 48 1,714.07 10,264.31 7,972.21 Ii li 1;,xr.. ,:„r,•,,,, , , . :, .,,.ihr 0.00 0.00 838.34 0.00 l l ; Tax,..,.: ,,°:,,0,.,,..•... 0.00 0.00 30.527.15 22.538.82 l' "r,,l(.::,},::.,.' .,,; t;,.,. ,,,ii ':. 8,x0 649.55 9,342.01 rtrlir,.,: -.. 1,.I�i9_S( 1,305,82 8.089.77 '22k671, 21.440.23_ I n1 11 (]nnrn►i,.rw :irrumi u s —__—.—_--...':p:'PL 9. . .. . ..__ _28,094.67_ 508.122.64 495.893.88 ("1lipr:atlnrt h.”- it1N(Loss) ----_.-_0•I 7x'_49} - 215.33 48.193.58 120,0.12 Other lnrramc. . Othrr fncr„i,,. „.+r.,,.cnllla — - -- 13 77 ....__..._._ 27.00 _ 527.12 583.02 TntaI ntber 1.!1r`n.s,,i (Vona) .—.---------•---- -T:77. 27.00 527.12.__._.___.__.___ .______.__ 58302 A1r,t.Ineelnly, (I ,,..fit S 3 4:.448::97.) . __..,.... . _ 2070 S •---------� _..._._. _-- $ � ._ _ 121.0x45.14 I SR,,i.l'r',Jlltltlfti.';t.Luirllil5tion Report i • • .1,R, .... LIM INVESTMENTS, INC. (SIPPER 8 MO`T'E'&..) PP:3O11O.i STATEMENT I +” the I Month anc;' 12 Iliks iths Ended December ;:c.i , r'.L.fti, '! Monti)allied • 1 Months Ended p-'''{;ember:3'I, 21107 D :ember 31,2001 Splay hwvii :. rtf:11 I t•'n" !';.r:!rrr:.X/Vlttwances ".!8,3 1(1.411) 615,3(3601) .i r4lat Rains . . _..... !11,310,(41 °"•.••,•, Profit ;w,3'I0.(RJ ...,....______(;1.,361.00 tlrlprArinrl r'x)lenses lilhigr,•c 1,;:1011.6033,811.12 .krr..t.l lr•:ittt i (i,430.7111 90,713,38 n.rtr;r Itrr pnr'k erxpe n4H 0.(1(1 2,384.42 11ntt ti.,I,r—.Ism U.Il1) 2.,328.00 !Hid:,•..,t:i,.•t?I t.n'. 0,(10 415.43 Ituy'ltlp Ir•r• 1"'') Iti 13,585.17 I1,1fn•.,r.l., J ':19:1.:1(1 ►,Itt lrlri! 61,108.73 I1(.1,1 �i:rri„11 . catppl,1tf17l,& 11.111) 37,125.00 1r r"'I)s:.' ti;l l •ll'111(:i1pt3B*e I:LEI 6,907.;35 It win,pr ,• 11.00 1,.00.00 Ii"iIl:.a (l.0ti 10,845.46 1'''1''1 "'•'1 1rrrlrinGnO 11),6•18.90 129,1503.11 11l•rr,.;,...;.tt.cr p)eu1lfts lttta,tk: 1,980.0(1 Mi cr t,p:rlr t.�a:t�• 11.m) 16.00 menses If nts 1,585.85 i lilir:,:. ..•11,.•1•.7(• 1�'1 1i: ,.!:11•!. :r INFO 11.110 293.tl0 nrrtil ''!.l,•!1 It.,, 1`•.1111 (1,983.88 Ui'IIntl qt:trl ..r,i.r 01'.111ltl'l 111110!! 1.:i i;l.dta 10,017.15 ,,, U.rlll 25,3[)[1 f6 11ar••Ir :13611 (1.757.62 i0ittI!: It•�1.r„p1 1(110(1 1,13f 50 I:r:,II; t •.tl!�tulrr rly i,f'I .[)J 7,972.27 r'.1 ldtrr!i,• , •.(rt,l.•t,ray,it i.ikl 22,538.62 t llililit••. ii'l� 11 8,089.77 ..-- - .. .... . .I,;illa.le;' 21 440.23 '!'nta111t,,.,.1linti rxpenses _ ,11,1)111.111. ..._..... - . ..._ ....._495119188. t 1)1rtt.:ti.!,1,tt Irx•+11ne (Loss) -.... •'1ri,:Kt . . . .. ,._120,�477.12• (Moor lot.___ rr. i)fllrry'hI.•.1:•,-, ,,,•r1tltll'c4 lone •'.!.1111 583.02 fntlf I ill..., !prSr►In@ (Low) ----...... Not 1ru , . (I •,, q) . See Acco(;rif.it tti't.:unlp il.ltit,l l PIE pout 1 Weld Count CHRIS WOODRUFF, COUNTY ASSESSOF BRENDA DONES, DEPUTY ASSESSOF ASSESSOR'S VALUE REPORT OF COMMERCIAL PROPERTY FOR County Board LIM Investment INC PETITIONER VS. WELD COUNTY ASSESSOR'S OFFICE RESPONDENT Parcel Number: 1313-10-1-00-039 Schedule Number: R0085887 Log Number: 2010-034 Date: 06/23/2010 Time: 9:00 AM Type of Hearing Abatement 2009/2008 PREPARED BY WADE MELIES // / (�/ ) X/e CQ a- 6/18/2010 Signature Date SALIENT FACTS AND CONCLUSIONS To determine Market Value Purpose of Appraisal as of 1/1/2009based on an appraisal date of 6/30/2008. and as of 1/1/2008 based on an appraisal date of 6/30/2006 Property Rights Appraised Unencumbered fee simple interest. Location 10805 TURNER BLVD., Del Camino Land Area 78,497 Square Feet Property Type Commercial Use Motel Year Built 1986 Quality Average Class Wood Frame Number of Stories 2 Improvement Sq. Ft. 18,609 Number of Rooms 46 2009 Value Indications Cost approach N/A Market Approach $1,656,000 Income Approach $1,564,000 Assessor's Value $1 ,564,000 2008 Value Indications Cost Approach N/A Market Approach $1,610,000 Income Approach $1,472,000 Assessor's Value $1 ,472,000 CBOE_COMM_O11 Pal Subject Photo and Map tio i • • _ .-- 41 • •_�:�-�•a= aka :: - ... - _ _,I � _ r ii b. • � 0 ., U . - - - INIMMI illC R:24:5 + C R 21.5 ilillrilli: :-. 7 . 10 �.. Illiiits-21; _ __ CPS r fir ? S I lilt -,. ..-• I,'. Sig ,,n r! . „i - • ..il all Nor . IT xJ. \•_ . • 1111111111 2' Si :r„st0. tei Ji1 . , . _ ,..., _ CK 2A 25 - e- - . t��rF.IRESTONEiBL'-VD L Ss lifif Lill.: .-• . / - I - . f e ytC14-111 E T , i t�M lla i �. . ��? I M.......S.IL 7 q proat _i__I em 1 ASH AV ! us t. I , Toi' f LLB,`] AV - ; J I; -- - . - ST AGtC OACF- RO S , . Atli � .�• -.. , B 2i 7 /it 11I s ,,4 , • ULRAN.�G° f'L: y - Y 5 ~ . : Anttrit.a R = „ • _Piti{ Subjectirliellij .... 4 - - f 2S NA �Ircit ou s :rat Ifir'1t 1 • P 0 cmry •. • t3u r t h DR JU +r�*�3} V ,',~ Q =�l :�l .. w - ` is Map center: 40' 9' 39" N. 104' 58' 41" WI CBOE_COMM_0109 Page Subject Sketch 50.0' O uY Bag. b o r 1�0si p; m 9\ • 0 •a 45.0' 72 a:.... O 36.0' o%�* n 6 � Landscaping 7 Concrete Concrete /5 33504.9 sf .g 133.0 sf / o c§o Ss d/ m :' la. 120 22.0' �sa'°17R.! 7.0' 23.0' "'Landscaping �: Motel . 15.0' D a•9'' a o 46 Rooms - m' m a v �`, v k e Landscaping •.;B'•, a 0 _s1,., 18.0' 3.0' 23.0' ' '•., F 67T s'0 0 4. Concrete 9X1:'4sr'�' nm 6. oo Canopy o. 96.0' X60 sf °j n� Total Area First Floor N 18609.0 sq.ft 93045 sf 32.0' 0 m Class D Second Floor N FNACod el 10.60,4-.9' 0.0' o year Built 1996 9304.5 s1 '^ Concrete n N 11183.2 sf 171 0' 0 0' 0 ry m m N ry 227.0' 61.5' ;sketch by Apex Akan" COST APPROACH SUMMARY The structure was built in 1986 and has had no known major renovations. For buildings more than `e years old it is difficult to accurately estimate physical deprecation. For this valuation the cost approach is determined to be not applicable. TOTAL VALUE BY THE COST APPROACH FOR 2009 AND 2008 N/A CBOE_COMM_01( Pat 2009 MARKET APPROACH SUMMARY Real Property for the tax year 2009 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, the period of five years immediately prior to July 1, 2008 shall be utilized to determine the level of value. The Assessor has appropriately considered the Market Approach to value for the property on appeal. The Sales Comparison Approach was considered in developing a market value for the Subject. Sales used to establish a market value for the tax year 2009 are from January 1, 2007 through June 30, 2008. 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. 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. COMPARABLE MOTEL SALES ADDRESS Grantor/Grantee Date of Adj. Sale Square Number Price Per Sale Price Foot Rooms Room Subject $34,000 Subject 10805 Turner 18,609 46 Assessor Value Del Camino Subject Longmont Group 1 10805 Turner LIM Investment 4/27/06 $1,650,000 18,609 46 $35,870 Del Camino Inc Days Inn LIM Investments 3820 119 2 Inc 1/2/08 $2,227,500 18,095 40 $55,688 HwY i Hazro Enterprises Del Camino Super 8 10811 I-25 B&L Motels Inc 3 10/1/04 $1,800,000 22,450 52 $36,000 Frontage Rd. Song Hyun Suk Del Camino Super 8 S&S Lodging 4 2423 W 29 St Dev. 10/18/06 $1,800,000 18,190 49 $36,735 Greeley Janiga Maria The sales presented develop a range of $35,870 to $55,688 per room. If the higher end of the range is discarded, the three remaining sales average $36,202 per room, and the median is $36,000 per room. Subject Value per the Market: 46 rooms X $36,000 = $1,656,000 CBOE_COMM_010991 Page 4 COMPARABLE ONE Mt j uaar SM. a q iil moon* et, n Asa til M° a A--45-(7.—;>: is • 4 laM ;R icxnp i Conn* 1\ COWS i 335045sgA 1330 sot 1 Qi a '`F°� g z i tin A*ar , �a �"'flU f I/ E mowud i ,: � � � = 6 Roans k ° e _ i �d°lip—feher. - , 4 ' i'an"'ob �! r ar Al.. In id b,� ►- o-cm'-: �4 -It 6I° ) TM . u ; tdakrn %0 reaab, Pei" i -tll I I I ' - 11 i - i 1 1 , ! faca�o�a s W45w s ltd I �rrrr � t �, ' ��. . . ' na _ • � _ _ , F Chao 5ttmarba h � ,N.C 8 s1 tod ° Ye bit 13e6 4#cS�47 C�p1M F ., ,,,83:co s -- tit Cr O 1U - - — _. b i fl F gI'I ms 1__ 61s _._— _ - - NSWAaaWMw• COMPARABLE SALE COUNTY: WELD ACCOUNT R0085887 PARCEL NUMBER: 131310100039 PRIMARY OCC: Motel PERCENT: 100% ADDRESS: 10805 TURNER BLVD WELD RECEPT NUMBER: 3383588 SALE DATE: 4/27/2006 GRANTOR: LONGMONT GROUP INC SALE PRICE: $1,710,000 GRANTEE: LIM INVESTMENT INC ADJ SALE PRICE: $1,650,000 YEAR BUILT: 1986 CLASS: D EFFECTIVE AGE: 14 LAND/BLDG RATIO: 4.22 LAND SIZE (SF): 78,497 LAND VALUE: $431,734 BLDG SIZE (SF): 18,609 IMPS PRICE/SF: $65.46 WALL HEIGHT: 9 SALE PRICE/SF: $88.66 STORIES: 2 Sale Price per Room: $35,870 QUALITY: Average COMMENTS: Confirmed sale with GM on site. Sales price adjusted $60,000 adjustment for FF&E. Subject has 46 rooms plus office area. Sale was $35,870 per room. Shed was built in 1986, same year as the motel. CBOE_COMM_01C Pac COMPARABLE Two 164 3' x VIM woos 8 Mfg Apt First Floor DA Hot 88697SF b el 15 Units to Pool Lobby ' ` r.., , k�pl ^ 13 ?' 0 96.0' �I� 1' ° Jot lie 90'0 96' r+ _.. - U 164 3'ItilfiII"+ . • Secona Floor r ��T :•:347 SF o 35 Urals in 01160100 • `:�--: :. - - l 433' 0 960' - . - v n. N COMPARABLE SALE COUNTY: WELD ACCOUNT NUMBER: R0220188 PARCEL NUMBER: 131310100040 PRIMARY OCC: Motel PERCENT: 100% SECONDARY OCC: Storage Shed - PERCENT: 100% ADDRESS: 3820 119 HWY WELD RECEPT NUMBER: 3527216 SALE DATE: 1/2/2008 GRANTOR: LIM INVESTMENTS INC SALE PRICE: $2,250,000 GRANTEE: HAZRO ENTERPRISES LLC ADJ SALE PRICE: $2,227,500 YEAR BUILT: 1994 CLASS: D EFFECTIVE AGE: 1994 LAND/BLDG RATIO: 3.37 LAND SIZE (SF): 60,984 LAND VALUE: $268,330 BLDG SIZE (SF): 18,095 IMPS PRICE/SF: $ 108.27 WALL HEIGHT: 10 SALE PRICE/SF: $123. 10 STORIES: 2 INTEREST RATE: 0.00% BSMNT SIZE: DOWN PYMT: No. Of Rooms: 40 Sale Price per Rm.: $55,688 ZONING: POINTS PAID: QUALITY: Fair COMMENTS: Subject property is a 2 story hotel with a detached storage shed . The hotel contains 40 units, a managers apartment, pool , and hot tub. Owner was aware of other hotel/motel sales and listings in the area. CBOE_COMM_01( Pac COMPARABLE THREE 218' —, m to 1615818'(Xi J ,ea r i 930' , q Fist Floor bl b s6 voa Nna K IQ r m L 1�trJ r 2 II - I 1 - I 'I ' 1 1 - First Floor 112250' Second Flea 112250' s ' COMPARABLE SALE COUNTY: WELD ACCOUNT NUMBER: R5610286 PARCEL NUMBER: 131310100035 PRIMARY OCC: Motel PERCENT: 100% ADDRESS: 10811 I-25 FRONTAGE RD LONGMONT RECEPT NUMBER: 3224377 SALE DATE: 10/1/2004 GRANTOR: B & L MOTELS INC SALE PRICE: $1,800,000 GRANTEE: SONG HYUN SUK & ADJ SALE PRICE: YEAR BUILT: 1995 CLASS: D EFFECTIVE AGE: LAND/BLDG RATIO: 2.98 LAND SIZE (SF): 66,966 LAND VALUE: $334,830 BLDG SIZE (SF): 22,450 IMPS PRICE/SF: $65.26 WALL HEIGHT: 9 SALE PRICE/SF: $80. 17 STORIES: 2 Sale Price per Room: $36,000 QUALITY: Average COMMENTS: Confirmed with buyer. Sold for $36,000 per room. No adjustment for personal property. This Comfort Inn has 52 rooms and an indoor swimming pool. CBOE_COMM_010i Pag* COMPARABLE FOUR TIIIIIIIIIIIIIIII 4 - I I Parr=6rx2W ConcnM PrMq 174 s a $1 h Fact Floor 909r 6 v _...247 ! ,^ SIcon4 Hoof 9094 6 SF 4 T f g� _l TcO118,903, ,q Z! `� --.- -r _ C9 RMobit Rooms 101 RI 8F f . — I 1792 ..._`UO•.. • _tea^. AMa by r"' COMPARABLE SALE COUNTY: WELD ACCOUNT R0329194 PARCEL NUMBER: 095924100079 PRIMARY OCC: Motel PERCENT: 100% 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 Sale Price per Room: $36,735 QUALITY: Average COMMENTS: SUPER 8 MOTEL WITH A TOTAL OF 49 ROOMS. SELLING PRICE PER ROOM $36,735. SEPARATE BILL OF SALE FOR PERSONAL PROPERTY. CONFIRMED SALE WITH KAROL JANIGA. CBOE_COMM_01 Pa 2009 INCOME APPROACH SUMMARY The Weld County Assessor has appropriately considered the Income Approach to value for the Subject property on appeal. The petitioner has provided income for the years 2009, 2008 and 2007. For the 2009 Income Approach the Assessor has analyzed the petitioner's income for 2007 and 2008. For this analysis we used the actual income which includes vacancy. The subject's vacancy and expenses appear to be similar to the market in the Del Camino area. The capitalization rate was derived from Burbach & Associates, Inc Real Estate Investment Survey, Winter 2007/2008. The 2007 analysis indicated a value of $2,297,212 or $49,939 per room. The 2008 analysis indicated a value of$1,510,979 or $32,847 per room. In an effort to reconcile to a June 30, 2008 appraisal date and to account for the decline in income for the year 2008, the Assessor has reconciled to the lower end of the range. INCOME VALUE FOR THE SUBJECT PROPERTY $34,000 x 46 ROOMS = $1 ,564,000 CBOE_COMM_0109f Page Income Analysis 46 rooms 2007 2008 Actual Gross Income $616,366 $555,316 Total Expenses $495,894 $509,123 Expensed Excluded Depreciation Bldg $37,125 Depreciation Bldg $44,032 Deprec Equip $6,907 Deprec Improv $1,803 Interest $128,503 Loan Fee $3,020 Prop Tax $22,539 Interest $87,160 PP Tax $838 Prop Tax $30,527 Total $195,074 $167,380 Expense (Allowable excluded) $300,820 $341,743 Percent of Gross 48.81% 61.54% NOI before Reserves $315,546 $213,573 Reserves and Replacement 2% of AGI $12,327 $11,106 Net Operating Income $303,219 $202,467 Eff Cap Rate 12.81% Indicated Value and w/PP $2,366,212 $1,579,979 Less Return on PP $1,500 per rm $69,000 $69,000 Indicated Value of the Real Property $2,297,212 $1,510,979 per rm $49,939 per rm $32,847 Effective Cap Rate Calculation Mill Levy Assmnt Cap Rate Eff Cap Rate 0.079811 29% 10.50% 12.81% 2009 RECONCILIATION The Market Approach indicates a value of $1,656,000. The Income Approach indicates a value of $1,564,000. Weld County Assessor has appropriately given the most weight to the Income approac $1,564,000 or$34,000 per room CBOE_COMM_01 Peg 2008 MARKET APPROACH SUMMARY Real Property for the tax year 2008 must be valued utilizing data for the period one and one-half years immediately prior to July 1, 2006. 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, the period of five years immediately prior to July 1, 2006 shall be utilized to determine the level of value. The Assessor has appropriately considered the Market Approach to value for the property on appeal. The Sales Comparison Approach was considered in developing a market value for the Subject. Sales used to establish a market value for the tax year 2008 are from January 1, 2005 through June 30, 2006. Pursuant to 39-1-104 (10.2)(c) C. R. S., the Assessor may utilize sales five years prior to July 1, 2006 to establish the proper value. 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. COMPARABLE MOTEL SALES # ADDRESS Grantor/Grantee Date of Adj. Sale Square Number Price Per Sale Price Foot Rooms Room Subject $32,000 Subject 10805 Turner 18,609 46 Assessor Value Del Camino Subject Longmont Group 1 10805 Turner LIM Investment 4/27/2006 $1,650,000 18,609 46 $35,870 Del Camino Inc 1st Interstate 2 3940 119 Rite-A-Way Ind 5/11/2005 $900,000 10,945 31 $30,645 Hwy Mountain Zion Del Camino Super 8 3 10811 I-25 B&L Motels Inc 10/1/2004 $1,800,000 22,450 52 $36,000 Frontage Rd. Song Hyun Suk Del Camino Sleep Inn Yoo James Inve 4 3025 8`h Av 3/12/2004 $2,222,500 25,182 61 $36,434 Investments Inc Evans The sales presented develop a range of $30,645 to $36,434 per room. The average sale price per room is $34,734 and the median is $35,935. Subject Value per the Market: 46 rooms X $35,000 = $1,610,000 CBOE_COMM_01099 Page 1 COMPARABLE ONE saw I b 4 air '1s 4 !I I L f- I Comb 'j Ca Vt nsaasvt Mewla l lI tela rig* ,i 1 Te ,afi'Isilec*+n b 1*0I WI I / N44,4. gil I Siloam b ir 1 Anagt174\+, ; go 4::\ i ' Taal-111J—1: re, TT _, _r. b sea amore* x L it Man raft. • tail1�ppaef f 9Ja1Sp l VG b "' II11 i { �y t ]. 71 ��In I !! � li W — . - ► Ota�D Stoeetfifa $ l! 9304$14 l MI b Unit* � c A ttmm7tf e ot0 $ 0 I—_—__ 7270 - -..1--- MS Nett Ar tnYMw• COMPARABLE SALE COUNTY: WELD ACCOUNT R0085887 PARCEL NUMBER: 131310100039 PRIMARY OCC: Motel PERCENT: 100% ADDRESS: 10805 TURNER BLVD WELD RECEPT NUMBER: 3383588 SALE DATE: 4/27/2006 GRANTOR: LONGMONT GROUP INC SALE PRICE: $1,710,000 GRANTEE: LAM INVESTMENT INC ADJ SALE PRICE: $1,650,000 YEAR BUILT: 1986 CLASS: D EFFECTIVE AGE: 14 LAND/BLDG RATIO: 4.22 LAND SIZE (SF): 78,497 LAND VALUE: $431,734 BLDG SIZE (SF): 18,609 IMPS PRICE/SF: $65.46 WALL HEIGHT: 9 SALE PRICE/SF: $88.66 STORIES: 2 Sale Price per Room: $35,870 QUALITY: Average COMMENTS: Confirmed sale with GM on site. Sales price adjusted $60,000 adjustment for FF&E. Subject has 46 rooms plus office area. Sale was $35,870 per room. Shed was built in 1986, same year as the motel. C BOE_COMM_01 0 Page COMPARABLE Two se `t>• I e tb vrtt nos as If w lam I sr �y ar L? 3ntl FitibRS6pt Iuuha• r+srb.a0no Sitai"w gnr %hint ta'.a.6ViW ....,�.: risky. COMPARABLE SALE COUNTY: WELD ACCOUNT NUMBER: R5588486 PARCEL NUMBER: 131310100009 PRIMARY OCC: Motel PERCENT: 100% SECONDARY OCC: Motel PERCENT: 100% ADDRESS: 3940 119 HWY LONGMONT RECEPT NUMBER: 3292227 SALE DATE: 5/11/2005 GRANTOR: RITE-A-WAY INDUSTRIES INC SALE PRICE: $950,000 GRANTEE: MOUNTAIN ZION INC ADJ SALE PRICE: $900,000 YEAR BUILT: 1971 CLASS: D EFFECTIVE AGE: 20 LAND/BLDG RATIO: 4. 11 LAND SIZE (SF): 44,999 LAND VALUE: $247,495 BLDG SIZE (SF): 10,945 IMPS PRICE/SF: $59.61 WALL HEIGHT: 8 SALE PRICE/SF: $82.22 STORIES: 2 Sale Price per Room: $30,645 QUALITY: Fair COMMENTS: Confirmed sale with buyer. Purchase price adjusted for personal property. Motel has 31 units plus a manager's apartment, per room price is $30,645. CBOE_COMM_0 Pal COMPARABLE THREE 218' r---1 �e iota? �w Ilya18'Ii4 J1ST Fir, i ` 13000 7 - - - ,,1 � 500' J t 1A 2 r r n ,w.�. t eoi Fargtnoor 112250' SecondFloor 112250' fn—ti. bath�M IS COMPARABLE SALE COUNTY: WELD ACCOUNT NUMBER: R5610286 PARCEL NUMBER: 131310100035 PRIMARY OCC: Motel PERCENT: 100% ADDRESS: 10811 I-25 FRONTAGE RD LONGMONT RECEPT NUMBER: 3224377 SALE DATE: 10/1/2004 GRANTOR: B & L MOTELS INC SALE PRICE: $1,800,000 GRANTEE: SONG I-IYUN SUK & ADJ SALE PRICE: YEAR BUILT: 1995 CLASS: D EFFECTIVE AGE: LAND/BLDG RATIO: 2.98 LAND SIZE (SF): 66,966 LAND VALUE: $334,830 BLDG SIZE (SF): 22,450 IMPS PRICE/SF: $65.26 WALL HEIGHT: 9 SALE PRICE/SF: $80. 17 STORIES: 2 Sale Price per Room: $36,000 QUALITY: Average COMMENTS: Confirmed with buyer. Sold for $36,000 per room. No adjustment for personal property. This Comfort Inn has 52 rooms and an indoor swimming pool. CBOE_COMM_01C Page COMPARABLE FOUR 1st Floor 12,842 sq R (8)IVX16MAYS (1)11'•X23'MAY ••.• w w w w w w w ,. 14 a .0 “J ' a 211O 7s s EXpTess Hotel wa 61 Total Rooms a'mD '( I. Sluxco ' ` It _ Y wA U nawr/Mditool • ' i 207 sr ,�o g 86O 7O`.,', 81 1 ter" Tom• `_�'• 110' —11-1561.9,—. —r v..) •... �.. r.• e a w w w w _ • .. . , (3)r6•x 18 BAYS :7°. D (s)1�6•X 1t eAvs it : .'e I ,� � hlpl Tub �' % 160 i ?12 C /•Ellr / P alms . . 7. - - . = :�E0 6 Caret Cox %'f : :SMAsq.11 .3978A>,!.!!:.... ' E__Lsaj ti Sheath,!'n NYidsn•• COMPARABLE SALE COUNTY: WELD ACCOUNT R7130298 PARCEL NUMBER: 096120208021 PRIMARY OCC: Motel PERCENT: 100% ADDRESS: 3025 8 AV EVANS RECEPT NUMBER: 3162106 SALE DATE: 3/12/2004 GRANTOR: YOO JAMES INVESTMENT INC SALE PRICE: $2,300,000 GRANTEE: INVESTMENTS INC ADJ SALE PRICE: $2,222,500 YEAR BUILT: 1995 CLASS: D EFFECTIVE AGE: LAND/BLDG RATIO: 3. 11 LAND SIZE (SF): 78,320 LAND VALUE: $137,060 BLDG SIZE (SF): 25, 182 IMPS PRICE/SF: $82.81 WALL HEIGHT: 9 SALE PRICE/SF: $88.25 STORIES: 2 Sale Price per Room: $36,434 QUALITY: Good COMMENTS: The subject is a 61 units express hotel selling for $36,434 per unit. The sale price of $2,300,000 less FF&E of$75,000 and franchise fee of$2,500 equals the adjusted sales price of $2,222,500. CBOE_COMM_01i PagE 2008 INCOME APPROACH SUMMARY The Weld County Assessor has appropriately considered the Income Approach to value for the Subject property on appeal. The petitioner has provided income for 2009, 2008 and 2007. For the 2008 Income Approach the Assessor was not able to use any of the petitioner's income. For the 2008 Income Approach the Assessor used market data surveyed from similar motels in Weld County during the years of 2005 and 2006. For this analysis we used typical vacancy and expenses in the Del Camino area during tt years 2005 and 2006. The capitalization rate was derived from Burbach & Associates, Inc Real Estate Investment Survey, Winter 2005/2006. INCOME VALUE FOR THE SUBJECT PROPERTY $32,000 x 46 ROOMS = $1,472,000 2005-2006 Market Income Analysis 46 Room @ $39 per night $1,794 Occupancy per night 59% $1,058 Potential Annual Income $386,338 Expense 50% $193,169 NOI before Reserves $193,169 Reserves and Replacement 2% of EGI $7,727 Net Operating Income $185,442 Eff Cap Rate 12.32% Indicated Value and PP $1,505,560 Less Return on PP $1,000 per rm $46,000 Indicated Value of the Real Property $1,459,560 per rm $31,730 Effective Cap Rate Calculation Mill Levey Assmnt Cap Rate Eff Cap Rate 0.079902 29% 10.00% 12.32% 2008 RECONCILIATION The Market Approach indicates a value of $1,610,000. The Income Approach indicates a value of $1,472,000. Weld County Assessor has appropriately has given the most weight to the Income approach. $1,472,000 or$32,000 per room CROE_COMM_01( Page 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 nc 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 Melies Commercial Appraiser Colorado Certified General CG40036400 Appraiser / Qp' VILA)al 0222 . CBOE_COMM_0109 Page 1 CLERK TO THE BOARD PHONE: (970) 336-7215, EXT. 4226 a FAX: (970) 352-0242 915 10TH STREET P.O. BOX 758 GREELEY, COLORADO 80632 111k COLORADO JUNE 4, 2010 LIM INVESTMENT INC 10805 TURNER BLVD LONGMONT CO 80504 RE: SCHEDULE NUMBER R0085887 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: 10805 Turner Blvd, Longmont, CO 80504. The meeting is scheduled for June 21,2010, 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, ° YIt ,L (///�{/.IO - mQ� L / cy„"��" •4" 'f{j°4- ia/bWn¢ti Esther E. Gesick 4:41/4 "1 e`niC //^^// Deputy Clerk to the Board W'2S/ 10- cc: Assessor 0 4 CLERK TO THE BOARD PHONE: (970) 336-7215, Ext. 4225 FAX: (970) 352-0242 915 10TH STREET P.O. BOX 758 GREELEY, COLORADO 80632 WIIDe. COLORADO July 15, 2010 LIM INVESTMENT INC 10805 TURNER BLVD LONGMONT CO 80504 RE: SCHEDULE NUMBER: 0085887 Dear Property Owner: On June 23, 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 td/eg Hello