HomeMy WebLinkAbout20102065.tiff clit DOWNEY & MURRAY ticc Thomas E.Downe}',Jr.
ATTORNEYS AT LAW 1 1 �i 303 513-1111
I 1- R j led/a downeymurray.com
ZJ7 Sias —2 A cl. 20
August 26, 2010
VIA HAND DELIVERY
Mr. J. Michael Beery
Administrator for the Board
Board of Assessment Appeals
1313 Sherman Street, Room 315
Denver, CO 80203
Re: GREELEY MALL I/GICD FUND I LLC v. WELD COUNTY
BOARD OF EQUALIZATION (SCHEDULE NUMBERS R4473006:
R3761086 AND RI044296
Dear Mr. Beery:
Please find enclosed for filing an original and three (3) copies of the above
referenced BAA Petition to the State Board of Assessment Appeals. In addition, we have
enclosed an extra copy of the Petition to be date-stamped and returned to the messenger for
round trip delivery. A filing fee check in the amount of$101.25 is also enclosed.
Please call if you have any questions concerning this appeal. Thank you for your
assistance.
Very truly yours, INitimvpi
27 Thomas E. Downey, Jr. L
TED/ss `o
Enclosures
cc: Mr. Greg Kveton (w/enc.)
Weld County Board of Equalization, (w/enc.)
2010-2065
Cemvnu✓ucv,.Eion.5 Ct. e Curdvd 1912
383 Inverness Parkway Suite 300 Englewood,Colorado 80112 fax 303 813-1122
PETITION TO STATE BOARD OF ASSESSMENT APPEALS For Office Use Only
1313 Sherman Street, Room 315 Phone: (303) 866-5880
Denver, Colorado 80203 Fax: (303) 866-4485 Docket No.
Fee: Y N
Check/Credit Card#
Date: August 26, 2010
Property Owner: Greeley Mall I/GKD Fund I LLC
Subject Property: 2050 Greeley Mall Greeley
Street Address City
Schedule Number(s): R4473006; R3761086 and R1044296
Attach separate sheet if necessary
❑Board of Equalization
Appeals the decision of the Weld ❑Board of Commissioners Dated: July 29, 201 C
County O State Property Tax Administrator
This Appeal concerns: OValuation ❑Refund/Abatement ❑Exemption ❑State Assessed Tax Year: 2010
The subject property is currently classified as:
O Agricultural Commercial ❑Exempt ❑Industrial ❑Mixed Use ❑Natural Resources
o Oil & Gas 0 Personal OPossessory O Producing ❑Residential ❑State Assessed
❑Vacant Land Interest Mines
Actual Value assigned to subject property: $35,150,690 Petitioner's estimate of value: $26,053,000
Estimated time for Petitioner to present the appeal: minutes or 8 hours.
Not less than 30 minutes. Board will allow equal time to County or Property Tax Administrator.
Appearance:
❑Petitioner will be present at the hearing OPetitioner will appear by telephone
❑Petitioner will be represented by an agent Petitioner is responsible for calling the Board at 303-866-5880
0 Petitioner will be represented by an attorney on the scheduled date and time of hearing(Mountain Time Zone)
p Petitioner would like to appear by video conference
Petitioner must contact the Board at 303-866-5880 at least 20 days in advance
of the scheduled hearing to confirm availability of video conference equipment
If the property owner is an entity,it must appear under the representation of an attorney licensed in Colorado except as follows. A closely held entity may be
represented by an officer of the entity as long as the amount in controversy does not exceed$10,000,exclusive of costs.interest or statutory penalties.
A closely held entity can have no more than three owners. See Section 13-1-127,C.R.S. A closely held entity that will be represented by an officer of the
entity must provide a letter to the Board with this petition stating that It has no more than three owners and that the tax amount at issue does not
exceed$10,000.A trust need not be represented by an attorney as it is not considered to be an entity.
Filing Fee:
❑ None Petitioner is appearing pro se (self-represented) and has not filed more than two Petitions with the Board
of Assessment Appeals during this fiscal year(July 1 —June 30).
❑ $ 33.75 Petitioner is appearing pro se (self-represented) and has filed more than two Petitions with the Board of
Assessment Appeals during this fiscal year(July 1 —June 30).
$101.25 Petitioner will be represented by an agent or by an attorney.
In the space below, please explain why you disagree with the value assigned to the subject property
Assigned value exceeds market value.
•-s _—. �>
Required attachments to this form:
2 Assessor's or Property Tax Administrator's Notice of Valuation or Notice of Denial
2 Decision of County Board of Equalization, County Board of Commissioners or Property Tax Administrator
Attachments required under certain circumstances:
❑ A notarized Letter of Authorization if an agent will be representing Petitioner
❑ A list of names, last known addresses and telephone numbers of co-owners or parties directly interested in the subject
property if applicable.
Certificate of Service
I hereby certify that a true and correct copy of the foregoing Petition to the State Board of Assessment Appeals and
attachments were mailed, faxed or hand delivered to:
Board of Equalization
Weld ❑Board of Commissioners
County O State Property Tax Administrator
at the following address: P.O. Box 758, Greeley, CO 80632
on August 26, 2010
Date
I hereby certify that a true and correct copy of the foregoing Petition to the State Board of Assessment Appeals and
attachments were mailed, faxed or hand delivered to all co-owners or parties directly interested in the subject property
on August 26, 2010
Date
I hereby certify that four (4) true and correct copies of the foregoing Petition to the State Board of Assessment Appeals
and attachments were mailed or hand delivered to the Board of Assessment Appeals at 1313 Sherman Street, Room
315, Denver, CO 80203 on August 26, 2010
Date
(One copy may be faxed to the Board but the original and two additional copies must be mailed or hand delivered.)
Petitioner's Mailing Address is Required Even if Petitioner is Represented by An Agent or Attorney (per C.R.S.
39-8-1091
i
Signature of Agent O or Attorney COI Signature of Petitioner
Thomas E. Downey, Jr. Greeley Mall I/GKD Fund I, LLC
Printed Name Printed Name
383 Inverness Parkway, Suite 300 2050 Greeley Mall St.
Mailing Address Mailing Address
Englewood, CO 80112 Greeley, CO 80631
City, State, Zip Code City, State, Zip Code
Telephone: (303)813-1111 Telephone:
Daytime number
E-Mail: ted@downeymurray.com E-Mail:
Attorney Reg. No.: #9686 It is the Petitioner's responsibility to notify the BAA of any
change of address.
Petitioners are strongly encouraged to read the Instructions and Rules of the Board of Assessment Appeals prior to
completing this Petition Form. The Instructions and Rules are available on the Web at www.dola.Colorado.gov/baa or
may be requested by phone at 303-866-5880.
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
wwuv co weld.co.us Office Hours: 8:00 AM - 5:00 PM
SCHEDULE/ACCOUNT Na TAX YEAR TAX AREA LEGAL DESCRIPTION/
. .. - PHYSICAL LOCATION
R3761086 2010 4049 GR 12780-A IMPS ONLY DILLARDS PT
N2NW4 19 5 65(YORK 1ST ANNEX)
w DILLARDS PROPERTY TAX DEPT RE LGEY, CO MALL
GREELEY, CO
4501 N BEACH ST
'> FORT WORTH, TX 76137
a
ASSESSOR'S VALUATION
:ACTUAL VALUE PRIOR
PROPERTY CLASSIFICATION : - ACTUAL VALUE AFTER
`REVIEW�}
COMMERCIAL 3,304.560 3.304,560
TOTAL 53,304,560 53,304,5611
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:
LHO2-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.
DOWNEY & MURRAY LLC
383 INVERNESS PARKWAY SUITE 300
ENGLEWOOD CO 80112
le CPT-e3
PP 2C'Jena
NOG a-42^.S
APPEAL PROCEDURES I
County Board of Equalization Hearings will be held from
July 1 through August 5 at
915 10th Street, Greeley, CO
To appeal the °.aa000v:' decision, complete the Petition to the County Board of Equalization shown
below, and mail or deliver a copy of both sides of this form to:
WELD COUNTY BOARD OF EQUALIZATION
915 10TH Street. P.O. Box 758
Greeley, Colorado 80632
Telephone (970) 356-4000 Ext. 4225
To preserve your appeal rights, your Petition to the County Board of Equalization must be
postmarked or delivered on or before July 15 for real property and on or before July 20 for
personal property — after such date, your right to appeal is lost. You may be required to prove that
you filed a timely appeal: therefore, we recommend that all correspondence be mailed with proof of
•
mailing.
You will be notified of the date and time scheduled for your hearing. The County Board of
Equalization must mail a written decision to you within five business days following the date of the
decision. The County Board of Equalization must conclude hearings and render decisions by August
5, § 39-8-107(2), C R.S. If you do not receive a decision from the County Board of Equalization and
you wish to continue your appeal, you must file an appeal with the Board of Assessment Appeals by
September 11.
If you are dissatisfied with the County Board of Equalization's decision and you wish to continue your
appeal, you must appeal within 30 days of the date of the County Board's written decision to ONE of
the following:
Board of Assessment Appeals District Court
1313 Sherman Street, Room 315 9' Avg enue and 9'" Street, P.O. Box C
Denver, CO 80203 Greeley, Colorado 80632
(303) 866-5880 Telephone (970) 356-4000 Ext. 4520
w'wi dola.colorado covlbaa
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. 6 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 propertypursuant to § 39-8-106(1.5), C.R.S.)
$ q 4 )CmOO
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.)
\ \ e
, ( „ATTESTATION
I, the undersigned owner or agent' of the property identified above, affirm that the statements
ntained h r8lt nd on anattachments hereto are trug and complete. 4y/I
�, y ),jGCLty �&W 30 3 - Xl3 ll//
Signature / Telephone Number Dat
' Attach letter of authorization signed by property owner.
• 15-CPT-AP
PR 207.00,06
NOC e'.9205
• .%
EXHIBIT "A" TO 2010 CBOE PETITION OF GREELEY MALL 1/GKD
FUND I LLC -- SCHEDULE NUMBERS: R1044296; R3761086 and
R4473006
1. The Assessor has failed to give appropriate consideration to all the requisite approaches
to valuation in determining the value of the property.
2. The current year actual value assigned by the assessor does not reflect the actual value of
the subject property during the 18 month period ending June 30, 2008.
3. Upon consideration of all the approaches to value, values given to comparable land and
improvements and upon consideration of the requirements of Colorado law that require
that assessments be uniform,just and equitable, a reduction in the current year actual
value of this property is warranted.
4. The Subject Property was protested in 2009 (the "2009 Protest") and is the subject of a
pending Board of Assessment Appeals case (BAA Docket No. 52460) for 2009.
Petitioner's 2010 Protest incorporates all the objections to the assigned value previously
outlined in the 2009 Protest. The value assigned for 2010 does not reflect the proper
actual value of the Subject Property considering its condition on the Assessment Date and
the level of value during the 18 month period beginning January 1, 2007 and ending June
30, 2008. Petitioner believes that the proper actual value of the Subject Property for the
2010 tax year is significantly below the previously requested value of S26,053,000. The
Subject Property was approximately 62% vacant on January 1, 2010.
5. The $31,558,530 value assigned to schedule numbers R4473006 for 2009-2010, which
represents a increase of approximately 20% over the 2008 value, is excessive and should
be reduced. Review of the actual income and expenses indicates of value of
approximately$25,000,000. We request that the value be reduced to $25,000,000.
6. The 83,304,560 value assigned to schedule numbers R3761086 for 2009-2010 is
excessive and should be reduced. Review of the actual income and expenses indicates of
value of approximately $983,000. Dillards vacated the property in May, 2008. The was
100% vacant as of the January 1, 2009 and January 1, 2010 assessment dates. We
request that the value be reduced to 5983,000.
7. The $287,600 value assigned to schedule numbers R1044296 for 2009-2010 is
excessive and should be reduced. Review of the actual income and expenses indicates of
value of approximately S70,000. Pizza Hut vacated the property. The was 100% vacant
as of the January I, 2009 assessment date, but occupied by the January I, 2010
assessment date. We request that the value be reduced to $70,000.
8. Analysis of this property is ongoing. Further quantification of land values, market data,
cap rates and the economic obsolescence may warrant a further reduction in the requested
value.
..... J. ?
• a CLERK TO THE BOARD
a t-14it:
PHONE (970) 336-7215, Ext. 4226
FAX: (970)352-0242
-0242
P. O. BOX 758
GREELEY, COLORADO 80632
will c
COLORADO
August 2, 2010
DILLARDS PROPERTY TAX DEPT
4501 N BEACH ST
FORT WORTH, TX 76137
RE: THE BOARD OF EQUALIZATION, 2010, WELD COUNTY, COLORADO -
ADMINISTRATIVE DENIAL OF PETITIONER'S APPEAL AND AFFIRM
ASSESSORS VALUE
DESCRIPTION OF PROPERTY: ACCOUNT #: R3761086 PARCEL #: 096119218020 - GR
12780-A IMPS ONLY DILLARDS PT N2NW4 19 5 65 (YORK 1ST ANNEX)
Dear Petitioner:
On July 29, 2010, 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 request for an Administrative Denial of your petition of appeal of the County
Assessor's valuation of your property described above, for the year 2010.
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
$3,304,560 $3,304,560
2010-1643
AS0076
-x ' Di_LARDS PROPERTY TAX DEPT- R3761086
- 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 Court's 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
2010-1643
AS0076
LfLLARDS PROPERTY TAX DEPT - R3761086
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,
Esther E. Gesick
Deputy Clerk to the Board
cc: Christopher Woodruff, Assessor
DOWNEY& MURRAY LLC
383 INVERNESS PARKWAY SUITE 300
ENGLEWOOD, CO 80112
2010-1643
AS0076
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
R4473006 2010 I 4049 GR GM LOT 1 GREELEY MALL MINOR
(IMPS ONLY PERKINS RESTAURANT
GREELEY MALL I/GKD FUND I LLC 096179200057)
z C/O GK DEVELOPMENT INC 2050 GREELEY MALL ST
0 303 EAST MAIN ST STE 201 GREELEY, CO
i BARRINGTON, IL 60010
cc
;O
a
ASSESSOR'S VALUATION
ACTUAL VALUE PRIOR •
. F
PROPERTY CLASSIFICATION ` TO _ ACTUAL LU-E.FTER
COMMERCIAL 31,558.530 31,558,530
S31,i58,i3o 531,558.530
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:
LHO2-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.
DOWNEY & MURRAY LLC - — - - --' — -
383 INVERNESS PARKWAY SUITE 300 - -
ENGLEWOOD CO 80112
P4 2!)7. 6 C6
NNW E 3203
v.,. x . ' -
APPEAL PROCEDURES
County Board of Equalization Hearings will be held from
July 1 through August 5 at
915 10th Street, Greeley, CO
To appeal the Assessor's decision, complete the Petition to the County Board of Equalization shown
below, and mail or deliver a copy of both sides of this form to.
WELD COUNTY BOARD OF EQUALIZATION
915 10TH Street, P.O. Box 758
Greeley, Colorado 80632
Telephone (970) 356-4000 Ext. 4225
To preserve your appeal rights, your Petition to the County Board of Equalization must be
postmarked or delivered on or before July 15 for real property and on or before July 20 for
personal property — after such date. your right to appeal is lost. You may be required to prove that
you filed a timely appeal: therefore, we recommend that all correspondence be mailed with proof of
mailing.
You will be notified of the date and time scheduled for your hearing. The County Board of
Equalization must mail a written decision to you within five business days following the date of the
decision. The County Board of Equalization must conclude hearings and render decisions by August
5, § 39-8-107(2). C.R.S. If you do not receive a decision from the County Board of Equalization and
you wish to continue your appeal. you must file an appeal with the Board of Assessment Appeals by
September 11.
If you are dissatisfied with the County Board of Equalization's decision and you wish to continue your
• appeal, you must appeal within 30 days of the date of the County Board's written decision to ONE of
the following:
Board of Assessment Appeals District Court
1313 Sherman Street, Room 315 9' Avenue and 9`" Street, P.O. Box C
Denver, CO 80203 Greeley, Colorado 80632
(303) 866-5880 Telephone (970) 356-4000 Ext. 4520
1MMN.dcia coiorado.covibaa
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 I
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.)
$ A,5)<-c'° cco
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.)
ATTESTATION /. . `1
I, the undersigned owner or agent' of the property identified above, affirm that the statements
.leantained her‘-4--ay and on, n attachments hereto are true and complete. �I //U
Ur7Y � 1 L1.4.� 6 ,S'C �c3 - Y'/3 — //1/
Signature ‘-4-- Telephone Number Dat
Attach letter of authorization signed by property owner
15-CPT-AR
PR 207-08/08
MOO o-9203
EXHIBIT "A" TO 2010 CBOE PETITION OF GREELEY MALL I/GKD
FUND I LLC -- SCHEDULE NUMBERS: R1044296; R3761086 and
R4473006
1. The Assessor has failed to give appropriate consideration to all the requisite approaches
to valuation in determining the value of the property.
2. The current year actual value assigned by the assessor does not reflect the actual value of
the subject property during the 18 month period ending June 30, 2008.
3. Upon consideration of all the approaches to value, values given to comparable land and
improvements and upon consideration of the requirements of Colorado law that require
that assessments be uniform,just and equitable, a reduction in the current year actual
value of this property is warranted.
4. The Subject Property was protested in 2009 (the "2009 Protest") and is the subject of a
pending Board of Assessment Appeals case (BAA Docket No. 52460) for 2009.
Petitioner's 2010 Protest incorporates all the objections to the assigned value previously
outlined in the 2009 Protest. The value assigned for 2010 does not reflect the proper
actual value of the Subject Property considering its condition on the Assessment Date and
the level of value during the 18 month period beginning January I, 2007 and ending June
30, 2008. Petitioner believes that the proper actual value of the Subject Property for the
2010 tax year is significantly below the previously requested value of$26,053,000. The
Subject Property was approximately 62% vacant on January 1, 2010.
5. The $31,558,530 value assigned to schedule numbers R4473006 for 2009-2010, which
represents a increase of approximately 20% over the 2008 value, is excessive and should
be reduced. Review of the actual income and expenses indicates of value of
approximately $25,000,000. We request that the value be reduced to $25,000,000.
6. The $3,304,560 value assigned to schedule numbers R3761086 for 2009-2010 is
excessive and should be reduced. Review of the actual income and expenses indicates of
value of approximately$983,000. Dillards vacated the property in May, 2008. The was
100% vacant as of the January 1, 2009 and January 1, 2010 assessment dates. We
request that the value be reduced to $983,000.
7. The $287,600 value assigned to schedule numbers R1044296 for 2009-2010 is
excessive and should be reduced. Review of the actual income and expenses indicates of
value of approximately $70,000. Pizza Hut vacated the property. The was 100% vacant
as of the January 1, 2009 assessment date, but occupied by the January 1, 2010
assessment date. We request that the value be reduced to $70,000.
8. Analysis of this property is ongoing. Further quantification of land values, market data,
cap rates and the economic obsolescence may warrant a further reduction in the requested
value.
' CLERK TO THE BOARD
ato t 41-. :.-- ,
PHONE (970) 336-7215, Ext. 4226
FAX: (970) 352-0242
P. O. BOX 758
GREELEY, COLORADO 80632
wilC.
COLORADO
August 2, 2010 . •
GREELEY MALL I/GKD FUND I LLC
C/O GK DEVELOPMENT INC
303 EAST MAIN ST STE 201
BARRINGTON, IL 60010
RE: THE BOARD OF EQUALIZATION, 2010, WELD COUNTY, COLORADO -
ADMINISTRATIVE DENIAL OF PETITIONER'S APPEAL AND AFFIRM
ASSESSOR'S VALUE
DESCRIPTION OF PROPERTY: ACCOUNT#: R4473006 PARCEL#: 096119218001 - GR GM
LOT 1 GREELEY MALL MINOR (IMPS ONLY PERKINS RESTAURANT 096119200057)
Dear Petitioner:
On July 29, 2010, 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 request for an Administrative Denial of your petition of appeal of the County
Assessor's valuation of your property described above, for the year 2010.
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
$31,558,530 $31,558,530
2010-1644
AS0076
5 .GI EELEY MALL I/GKD FUND I LLC - R4473006
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 Court's 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 OBOE 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
2010-1644
AS0076
a GREELEY MALL I/GKD FUND I LLC - R4473006
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 yours,
Gi t CPo �2
Esther E. Gesick
Deputy Clerk to the Board
cc: Christopher Woodruff, Assessor
DOWNEY & MURRAY LLC
383 INVERNESS PARKWAY SUITE 300
ENGLEWOOD, CO 80112
2010-1644
AS0076
„
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
Fax: (970) 304-6433
1400 N 17th Ave E-mail: appeals aco.weld co.us
Greeley. CO 80631
Office Hours: 8:00 Awl - 5:00 PM
+i;vsv c;weld cc.us
SCHEOULEtACCOUNT NO. I TAX YEAR TAX AREA LEGAL DESCRIPTION/
PHYSICAL LOCATION
R1044295 2cij - OR l' ,,;-S IMPS ONLY PTN2NIN4 13 5 35
;s(ORI( !ST ANNEX ;LAND li51-19.2-':8-
s GREELEY MALL I/GKD FUND I LLC 2253 GREELEY MALL
z CIO ROAD KILL SPORTS GRILL GREELEY.CO
o 2263 GREELEY MALL
GREELEY,CO 80631
ix
w
a.
O
a.
ASSESSOR'S VALUATION
PROPERTY CLASSIFICATION ACTUAL VALUE PRIOR ACTUAL VALUE AFTER
REVIEW
REVIEW
COMMERCIAL 287,600 i 287,500
TOTAL 5'-874'011 5237,!00
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:
LN02-No change has been made to the valuation of this property Colorado law requires us to serd
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.
DOWNEY &MURRAY LLC
383 INVERNESS PARKWAY SUITE 300
ENGLEWOOD CO 80112
77 i]':;.,rq
•:CU
r
APPEAL PROCEDURES
County Board of Equalization Hearings will he held from
July 1 through August 5 at
915 10'h Street,Greeley, CO
To appeal the Assessor's decision. complete the Peti cn to the County Board of Equalization s„c',vr
below anu mail or deliver a copy cf both sides of:his form tc.
WELD COUNTY BOARD OF EOUALIZAT:ON
315 lOr''Street, P.O. Box 758
Greeley. Colorado 806632
Telephone(970) 356-4000 Ext, 4225
To preserie your appeal rights, your Petition to the County Board of Equalization must be
postmarked or delivered on Cr before July 15 for real property and on cr 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 he mailed with proof of
mailing.
You will be notified of the date and time scheduled for your hearing. The County Board cf
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 rot 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 ycu 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 wrtten decision to ONE of
the following:
Board of Assessment Appeals District Court
1313 Sherman Street, Room 315 9"'Avenue and 9`"Street, P.O Box C
Denver, CO 80203 Greeley, Colorado 80632
(303)863-5880 Telephone(970)356-4000 Ext. 4520
',WPM ctola.coloradc.cim'I as
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 tiling 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 it tiled on
the next business clay,;+'39-1-120(3), C.R.S.
PETITION TO COUNTY BOARD OF EQUALIZATION _ 1
What Is your estimate of the property's value as of June 30, 2098? (Your opinion of value in
terms of a specific dollar amount is required for real property pursuant to §39-8-103(1.5), C.R.S.)
$ r1C: CC7c,
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.)
ATTESTATION
I, the undersigned owner or agent' of the property identified above. affirm that the statements
r") contain erein and o any ttachments hereto are true and comf rote.
09.11/),N ' ))ci.tlY/1 a—'Ac7rJ 'A.)0 'et 3— %%r ) /1111 11/
/ Signre 1,atu Telephone Number Date/
Attach letter of authorization signed by property owner.
nH 207 C,143
} y e
EXHIBIT "A" TO 2010 CBOE PETITION OF GREELEY MALL I/GKD
FUND I LLC -- SCHEDULE NUMBERS: R1044296; R3761086 and
R4473006
1. The Assessor has failed to give appropriate consideration to all the requisite approaches
to valuation in determining the value of the property.
2. The current year actual value assigned by the assessor does not reflect the actual value of
the subject property during the 18 month period ending June 30, 2008.
3. Upon consideration of all the approaches to value, values given to comparable land and
improvements and upon consideration of the requirements of Colorado law that require
that assessments be uniform,just and equitable, a reduction in the current year actual
value of this property is warranted.
4. The Subject Property was protested in 2009 (the "2009 Protest") and is the subject of a
pending Board of Assessment Appeals case (BAA Docket No. 52460) for 2009.
Petitioner's 2010 Protest incorporates all the objections to the assigned value previously
outlined in the 2009 Protest. The value assigned for 2010 does not reflect the proper
actual value of the Subject Property considering its condition on the Assessment Date and
the level of value during the 18 month period beginning January 1, 2007 and ending June
30, 2008. Petitioner believes that the proper actual value of the Subject Property for the
2010 tax year is significantly below the previously requested value of 326,053,000. The
Subject Property was approximately 62% vacant on January 1, 2010.
5. The $31,558,530 value assigned to schedule numbers R4473006 for 2009-2010, which
represents a increase of approximately 20% over the 2008 value, is excessive and should
be reduced. Review of the actual income and expenses indicates of value of
approximately 325,000,000. We request that the value be reduced to 325,000,000.
6. The 53,304,560 value assigned to schedule numbers 83761086 for 2009-2010 is
excessive and should be reduced. Review of the actual income and expenses indicates of
value of approximately 5983,000. Dillards vacated the property in May, 2008. The was
100% vacant as of the January 1, 2009 and January 1, 2010 assessment dates. We
request that the value be reduced to 5983,000.
7. The 5287,600 value assigned to schedule numbers R1044296 for 2009-2010 is
excessive and should be reduced. Review of the actual income and expenses indicates of
value of approximately$70,000. Pizza Hut vacated the property. The was 100% vacant
as of the January 1, 2009 assessment date, but occupied by the January 1, 2010
assessment date. We request that the value be reduced to 570,000.
8. Analysis of this property is ongoing. Further quantification of land values, market data,
cap rates and the economic obsolescence may warrant a further reduction in the requested
value.
CLERK TO THE BOARD
PHONE (970) 336-7215, Ext. 4226
FAX: (970) 352-0242
P. O. BOX 632
GREELEY, COLORADO 80632
C.
COLORADO
August 2, 2010
GREELEY MALL I/GKD FUND I LLC
CIO ROAD KILL SPORTS GRILL
2263 GREELEY MALL
GREELEY, CO 80631
RE: THE BOARD OF EQUALIZATION, 2010, WELD COUNTY, COLORADO -
ADMINISTRATIVE DENIAL OF PETITIONER'S APPEAL AND AFFIRM
ASSESSOR'S VALUE
DESCRIPTION OF PROPERTY: ACCOUNT #: R1044296 PARCEL #: 096119218001 - GR
12780-S IMPS ONLY PTN2NW4 19 5 65 (YORK 1ST ANNEX) (LAND 0961-19-2-18-001)
Dear Petitioner:
On July 29, 2010, 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 request for an Administrative Denial of your petition of appeal of the County
Assessor's valuation of your property described above, for the year 2010.
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
$287,600 $287,600
2010-1645
AS0076
I ,QREELEY MALL I/GKD FUND I LLC - R1044296
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 Court's 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
2010-1645
AS0076
' £G£ZEELEY MALL I/GKD FUND I LLC - R1044296
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 OBOE. 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,
Esther E. Gesick
Deputy Clerk to the Board
cc: Christopher Woodruff, Assessor
DOWNEY & MURRAY LLC
383 INVERNESS PARKWAY SUITE 300
ENGLEWOOD, CO 80112
2010-1645
AS0076
BOARD OF ASSESSMENT APPEALS, Docket Number: 55836
STATE OF COLORADO
1313 Sherman Street, Room 315
Denver, Colorado 80203
St
Petitioner:
GREELEY MALL/GKD FUND I LLC, FEB • I V Et
v.
Respondent:
•
WELD COUNTY BOARD OF EQUALIZATION.
ORDER ON STIPULATION
THE PARTIES TO THIS ACTION entered into a Stipulation, which has been approved
by the Board of Assessment Appeals. A copy of the Stipulation is attached and incorporated as,a
part of this decision.
FINDINGS OF FACT AND CONCLUSIONS:
1. Subject property is described as follows:
County Schedule No.: R1044296+2
Category: Valuation Property Type: Commercial Real
2. Petitioner is protesting the 2010 actual value of the subject property.
3. The parties agreed that the 2010 actual value of the subject property should be
reduced to:
Total Value: $31,000,000
(Reference Attached Stipulation)
4. The Board concurs with the Stipulation.
1
tXunteD a-g3- .otl
��,� 1C
f\Sc riy
ORDER:
Respondent is ordered to reduce the 2010 actual value of the subject property, as set forth
above.
The Weld County Assessor is directed to change his/her records accordingly.
DATED AND MAILED this 8th day of February 2011.
BOARD OF ASSESSMENT APPEALS
a & 1/444ad-
Karen E. Hart
I hereby certify that this is a true and �
correct copy of the decision of the a SQ.0 b�Q�'l/
Board of Assessment Appeals. I
n / Debra A. Baumbach
Cara McKeller OF COLO
% Zb
SEAL
9 •
ooF Q
4ssESSme>.,,
2
BOARD OF ASSESSMENT APPEALS
STATE OF COLORADO
Docket Number 55836 STATE OF CGL0RADq
Single County Schedule Number R4473006, R3761086, R1044296:0 ff `'FSC 1 v3 ",;
STIPULATION (As To Tax Year 2010 Actual Value) 2011 FEB -3 PM 2 47.
Greeley Mall I/GKD Fund I LLC,
Petitioner(s),
vs.
WELD COUNTY BOARD OF EQUALIZATION,
Respondent.
Petitioner(s) and Respondent hereby enter into this Stipulation regarding the tax
year 2010 valuation of the subject property, and jointly move the Board of Assessment
Appeals to enter its order based on this Stipulation.
Petitioner (s)and Respondent agree and stipulate as follows:
1. The property subject to this Stipulation is described as:
GR GM LOT 1 GREELEY MALL MINOR,
GR 12780-A IMPS ONLY DILLARDS PT N2NW4 19 5 65 (YORK 1ST
ANNEX), GR 12780-S IMPS ONLY PTN2NW4 19 5 65 (YORK 1ST
ANNEX) (LAND 0961-19-2-18-001)
2. The subject property is classified as commercial property(what type).
3. The County Assessor originally assigned the following actual value to the
subject property for the tax year 2010:
Land $8,674,216.00
Improvements $26,476,474.00
Total $35,150,690.00
4. After a timely appeal to the Board of Equalization, the Board of Equalization
valued the subject property as follows:
Land $8,674,216.00
Improvements $26,476,474.00
Total $35,150,690.00
R4473006, R3761086, R1044296
M:\Stipulations\BAA form for Stipulations.doc 1
l
•
5. After further review and negotiation, Petitioner(s) and County Board of
Equalization agree to the following tax year 2010 actual value for the subject
property:
Land $8,674,216.00
Improvements $22,325,784.00
Total $31,000,000.00
6. The valuation, as established above, shall be binding only with respect to tax
year 2010.
7. Brief narrative as to why the reduction was made:
The 2010 value was changed to match the 2009 value set by the
Board of Assessment Appeals Order, docket no. 52460, on
12/01/2010.
8. Both parties agree that the hearing scheduled before the Board of Assessment
Appeals on (date) at (time)be vacated; or, a hearing has not yet
been scheduled before the Board of Assessment Appeals x (check if
appropriate).
DATED this 6th day of January, 2011
iontrD > i Y6 139 l
Pet Petitioners) or Attorney County�At rney r Responder
Togns C- 7ar,,,44-y-3� Board of Equalization
Address: Address:
• 32t371vr rtes TRrnr�y i 5 I D`� St. 19, 0. P)nX •75?
�. 6 ice�-eAd , co gUs,
Ex,Gt6/arad°, Co i/.
Telephone:' 3-//// Telephone: 970- 35&,-L+DDD ex+ y391
County As ssor dif
Address:
1400 N.17th Avenue
Greeley, CO 80631
Telephone: (970) 353-3845 ext. 3697
Docket Number
Stip-1.Frm
R4473006, R3761086, R1044296
M:\Stipulations\BAA form for Stipulations.doc 2
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