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Home My WebLink About20101628 (it 6 CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4226 FAX: (970) 352-0242 P. O BOX BOX 758 GREELEY, COLORADO 80632 iIi'De COLORADO July 29, 2010 AMCAN LODGING PARTNERS LLC 1655 E. EISENHOWER LOVELAND, CO 80537 RE: THE BOARD OF EQUALIZATION, 2010, WELD COUNTY, COLORADO - DENY PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE DESCRIPTION OF PROPERTY:ACCOUNT#: R3868086 PARCEL#: 096120208016-EVS SG- 15 L15-16 AMENDED SOUTHGATE SUB Dear Petitioner: On July 28, 2010,the Board of County Commissioners of Weld County, Colorado, convened, and acting as the Board of Equalization, pursuant to Section 39-8-101, C.R.S., et.seq., considered your petition of appeal of the County Assessor's valuation of your property described above,for the year 2010. The Board of Equalization found that the evidence presented at the hearing clearly supported the value placed upon your above described property by the County Assessor. Such evidence indicated the value was reasonable, equitable, and derived according to the methodologies, percentages, figures and formulas dictated to the Weld County Assessor by law. The assessment and valuation of the Weld County Assessor was affirmed as follows: ACTUAL VALUE AS ACTUAL VALUE AS DETERMINED BY SET BY BOARD ASSESSOR $2,350,000 $2,350,000 cc. (7 pc-7-0enter).E Waco 2010-1628 AS0076 -�'Ck �n yFE( * l AMCAN LODGING PARTNERS LLC - R3868086 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 2010-1628 AS0076 AMCAN LODGING PARTNERS LLC - R3868086 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 2010-1628 AS0076 BOE SUMMARY SHEET Account Number: R3868086 Parcel Number: 096120208016 AMCAN LODGING PARTNERS LLC 1655 E. EISENHOWER LOVELAND, CO 80537 HEARING DATE: 7/28/2010,/ AT 3:30 PM ,1 y�'� HEARING ATTENDED? M/N) NAME: K J 6"ft EWM-- AGENT NAME: ��%%%%// APPRAISER NAME: CCJ ejlitek DECISION ACTUAL VALUATION APPROVE BY SET BY ASSESSOR BOARD TOTAL ACTUAL VALUE 2,350,000 sce toe COMMENTS: MOTION BY S(' I/l TO /SECONDED BY / Garcia -- N) Rademacher-- Y N) Failed to prove appropriate value Conway- (Y N) No comparables given Kirkmeyer- ( N) Assessor's value upheld Long - ( /N) Other: RESOLUTION NO. 2010-1628 M:\BOE\SUMMARY.dotx Weld County STANLEY F. SESSIONS COUNTY ASSESSOR CHRISTOPHER WOODRUFF, DEPUTY ASSESSOR APPRAISAL REPORT OF COMMERCIAL PROPERTY FOR County Board of Equalization Amcan Lodging Partners LLC PETITIONER vs. WELD COUNTY ASSESSOR'S OFFICE RESPONDENT Parcel Number: 0961-20-2-08-016 Schedule Number: R3868086 Date: 07/28/10 Time: 3:30 pm Board: CBOE PREPARED BY CHUCK JACK Signature Date ASSESSOR'S OFFICE STAFF APPRAISER 01O/O - /(O ' CBOE_COMM_oiogge Page 1 SALIENT FACTS AND CONCLUSIONS Purpose of Appraisal To determine Market Value as of 1/1/10 based on an appraisal date of 6/30/08. Property Rights Appraised Unencumbered fee simple interest. Location 3015 8 AV EVANS Land Area 83,040 Square Feet Zoning Property Type Commercial 1— Motel Year Built 1981 Effective age 1995 Quality Average Class Wood Frame Number of Stories 2 Improvement Sq. Ft. 26,676 Rooms 94 Basement Finished Sq. Ft. Value Indications: Land $ 166,080 Cost Approach $ 2,430,998 Market Approach $ 2,350,000 Income Approach $ 2,623,821 Assessor's Value $ 2,350,000 CBOE_COMM_01f Pal Subject Property Photo & Sketch 2 ' ,. . nu r ,. . ._ . , , L_ [I I 11 .. Ire /1 � � � Is 1 k1� • .aa._ l • Pt 16UI lista •%_— _- _ - _ . . _, . 1 I _ - .asAli Motel Blt 1981 Class D Warm & Cool Air Zoned 4' Balcony : / 0 l 1 First Floor Pool o First Floor 3686.0 sq. ft. N l 368 Second Floor 32.0' 3686.0 sq. ft. Second Floor 3686.0 sq. ft. 97.0' . 97.0' 84.0' 0 a First Floor 3192.0 sq. ft. 43. do First Floor Second Floor 3192.0 sq. ft. `'r' 38.0' 2774.0 sq. ft. Second Floor E 2774.0 sq. ft. 73.0' 38.0' 38.0' ------.........-...-..........- Balcony 18491.0 sq. ft. Sketch by Apex Ned CBOE_COMM_01 i Pa COST APPROACH SUMMARY The Assessor is currently using Marshall and Swift cost tables for the cost approach of commercial properties in Weld County, which has been approved by the Division of Property Taxation to be utilized by Colorado Assessors. The structure has been classified properly utilizing the Marshall and Swift Valuation service and an appropriate value assigned. A land value has likewise been established through the utilization of vacant land sales of comparable properties. Improvement Value $2,264,918 Land Value $ 166,080 TOTAL VALUE BY THE COST APPROACH $2,430,998 CBOE_COMM 0109! Page COST APPROACH LAND VALUE Sales utilized to establish the value in the subject neighborhood are from 2007 and the first six months of the 2008 market for the 2010 assessment date . The comparative sales approach is the most reliable method of land valuation . Pursuant to 39-104-( 10 . 2) (c) C . R. S . , the Assessor may utilize sales from July 2003 through June 2008 to establish the proper value, if sufficient information not available in the prior 18 months . Also , comparables outside the subject property area may be used . The Weld County Assessor has an established ongoing sales confirmation and validation program for property transactions used in developing value . The land size of the subject is 83 , 040 square feet. Comparable commercial land in the subject area range from $2 . 10 to $2 . 26 per sq ft. A value of $2 . 00 per square foot or $ 166 , 080 was chosen to be applicable for the subject property. Parcel Number Sale Date Sale Price Land Size Per Sq Ft Comparable 1 096130124001 09/27/07 $ 185 , 000 87 , 284 $2 . 12 Comparable 2 096130401011 04/01 /05 $ 100 , 000 44 , 165 $2 .26 Comparable 3 096130129001 06/30/05 $238 , 000 113 , 517 $2 . 10 ASSESSOR'S SUBJECT LAND VALUE $166,080 CBOE_COMM_O P Cost Approach Summary PARCEL NUMBER 096120208016 PROPERTY OWNER Amcan Loding - Motel 6 ADRESS 3015 8 Ave CITY, STATE,ZIP Evans DATE OF APPRAISAL 06/30/08 OCCUPANCY: Hotel NUMBER OF STORIES 2 FLOOR AREA (SQ. FT.) 26,676 AVERAGE STORY HEIGH1 9 #of Rooms 94 YEAR BUILT 1981 CLASS: D COST RANK Avg EFFECTIVE AGE 1995 HEATING AND COOLING Warm & Cool Air Zoned ESTIMATED LIFE 35 UNITS COST TOTAL RCN BASIC STRUCTURE COS' 26,676 $98.13 $2,617,716 perimeter adj. 1.015 wall height adj. 1 current multiplier 1.05 local multiplier 0.99 Adjusted RCN Basic Cost $2,761,932 EXTRAS: Sq Ft Cost PSF Conc. 1,432 $2.80 4,010 Asphalt 61,850 $1.82 112,567 Canopy 1,432 $17.62 25,232 TOTAL RCN $2,903,741 LESS DEPRECIATION PHYSICAL 0.22 $638,823 FUNCTIONAL 0.00 $0 ECONOMICAL 0.00 $0 TOTAL ACCRUED DEPREC. $2,264,918 ADD IN LAND VALUE $166,080 TOTAL VALUE $2,430,998 VALUE PER ROOM $25,86, LbUt LUNIIVLU It Pap MARKET APPROACH SUMMARY Real Property for the tax year 2010 must be valued utilizing data for the period one and one-half years immediately prior to July 1, 2008. If comparable valuation data is not available from such one and one-half year period to adequately determine the level of value for a class of property, pursuant 39-1-104 (10.2)(c) C.R.S., the Assessor may utilize sales five years prior to July 1, 2008 to establish the proper value. The Assessor has appropriately considered the Market Approach to value for the property on appeal The Sales Comparison Approach was considered in developing a market value for the Subject. Sale used to establish a market value for the tax year 2010 are from January 1, 2003 through June 30, 2008. All sales have been confirmed and verified through transfer declarations as well as interviews with buyers, sellers or their representatives to the sale. All sales used are arm's length transactions, and considered to be the most comparable properties sold in relationship to the Subject property. Based upon investigation and analysis, it is the opinion of the appraisers that the value of $25,000 PER ROOM accurately reflects the market value of the subject property. VALUE As INDICATED BY THE MARKET APPROACH $2,350,000 CBOE_COMM_010' Pag COMPARATIVE SALES APPROACH SALE# Subject 1 2 3 4 5 Parcel # 96120208016 96120208016 95924100083 95924100079 96120306018 95910227004 Address 3015 8 Av 3015 8 Av 2467 W 29 St 2423 W 29 St 3301 W Service Rd 5630 W 10th City Bans Evans Greeley Greeley Evans Greeley Grantor Greeley Inn Patel S&S Bans Hospitality B & S Grantee Amcan Khan USAE Janiga Park Hae Choon Brewster Sale Date 5/29/2008 7/27/2007 10/18/2006 4/28/2006 3/1/2006 Sale Price $2,500,000 $3,000,000 $1,800,000 $1,530,000 $1,700,000 *Assessors Value Adj. Sales Price $2,350,000 $2,387,200 $2,932,000 $1,741,200 $1,442,400 $1,675,000 Land Size 83,040 83,040 43,200 40,075 341,321 41,895 L/B Ratio 3.11 3.11 4.46 4.41 7.09 1.9 Bldg SF 26,676 26,676 27,510 18,190 48,121 22,037 #of Rooms 94 94 50 49 73 56 Year Blt 1981 1981 1997 1994 1964 1998 Use Hotel Hotel Express Hotel Express Hotel Hotel Hotel Value Per Sq Ft Assessor's $88.09 $89.49 $106.58 $95.72 $29.40 $76.00 Value Per Room Assessor's$25,000 $25,396 $58,640 $35,535 $19,759 $29,911 Comps Avg: $33,848 per room Comps Median: $29,911 per room Comps Range: $19,759 -$58,640 per room Subject Value: $25,000 x 94 = $2,350,000 CBOE_COMM_01099E Page E Motel Bt 1981 Class D Warm 8 Cod Al Zoned (Balcony CD O i A.arm&y rooms Floor Pool First Floor sq.R 36860sq. R. I li Second Floor 32 U Second Floor 3686 0 g tt 3686 0 sq.tt ' 07 a !__._..._.-.. .._......_---._.._—J 97O 84 0' O O2 First Floor 3192.0 sq.It• . i � I hot Floor 3102.0 tt ro 36.0' 27740 to 11 Stoond Floor s9 Second Floor ! 27740 sq n a , r.+ _ i 730' r? 390' 38 Cr Balcony 16901.0 sq.tt. Sketch by Pon MI, COMPARABLE SALE # 1 COUNTY: WELD ACCOUNT R3868086 PARCEL NUMBER: 096120208016 PRIMARY OCC: Motel PERCENT: 100% SECONDARY OCC : PERCENT: ADDRESS: 3015 8 AV, EVANS RECEPT NUMBER: 3557843 SALE DATE: 5/29/2008 GRANTOR: GREELEY INN AND SUITES INC SALE PRICE: $2,500,000 GRANTEE: AMCAN LODGING PARTNERS LLC ADJ SALE PRICE: $2.370,000 YEAR BUILT: 1981 CLASS: I) EFFECTIVE AGE: 14 LAND/BLDG RATIO: 3. 11 LAND SIZE (SF): 83,040 LAND VALUE: $ 166.080 BLDG SIZE (SF): 26,676 IMPS PRICE/SF: $82.62 WALL HEIGHT: 9 SALE PRICE/SF: $88.84 STORIES: 2 SALE PRICE/ROOM: $25,213 BSMNT SIZE: DOWN PYMT: BSMNT FINISH: LOAN TERM (YRS): ZONING: POINTS PAID: QUALITY: Average COMMENTS: The sales price of $2,500,000 less FF&E of $130,000 equals the adjusted sales price of $2,370,000. The subject has 94 rentable rooms selling for $25,213 per room. CBOE_COMM_01( Pa< z�wr S a 54503F t 530' 2. 5 -- ro tnaat 4112 LIP/ _ 72.0 Pool Area 0 Manager Living Quarters di a 24'x48' 5 0' Exercise Area Puri f I .` 40 o tE2 - _ to O .... . ' i . gt - ;is . •_ 1, . - ,: .� -. � O ' 41 C� ' 1o.a s o 2417 t 109 ' t2a12 U rl 1 — 1 t: 7-- •-• _ First Floor 9694.0 SF 12 Room & 1 Mgr Apt Bit 1997 - ., Second Floor 8908.0 S F 18 Rooms Wood Frame • �.`y -' . '>s.'.' /25i�� 20�� ` � Third Floor 8908 0 S F 20 Rooms W1128' "_ � • . . '�• "_ 03! Heat Pumps indMdual Units . . •r,g4Li s.y•. _,: ro•- Total 27510 S F 50 Rooms & 1 Mgr Apt r 7's:: , �" %era by Apex NM COMPARABLE SALE #2 COUNTY: WELD ACCOUNT NUMBER: R0134695 PARCEL NUMBER: 095924100083 PRIMARY OCC: Motel PERCENT: 100% ADDRESS: 2467 W 29 ST GREELEY RECEPT NUMBER: 3493941 SALE DATE: 7/27/2007 GRANTOR: PATEL TUSUAR R & SALE PRICE: $3,000,000 GRANTEE: KHAN USAE LLC ADJ SALE PRICE: $2,932.000 YEAR BUILT: 1997 CLASS: D EFFECTIVE AGE: 1999 LAND/BLDG RATIO: 1 .57 LAND SIZE (SF): 43,200 LAND VALUE: $270,000 BLDG SIZE (SF): 27,510 IMPS PRICE/SF: $96.76 WALL HEIGHT: SALE PRICE/SF: $ 106.57 STORIES: 3 Sale Price per Unit: $58,640 BSMNT SIZE: DOWN PYMT: BSMNT FINISH: LOAN TERM (YRS): ZONING: POINTS PAID: QUALITY: Average COMMENTS: The subject property is a 3 story Hotel with 50 units, a manager's apartment, dining lounge, pool area and exercise area. Sale price was adjusted for a claimed value for personnel property however parties involved suggest ii is to low. Sale should be reconfirmed. CBOE_COMM_010' Page tt t • - 1 Parknq Lo16t250' Conarela Pav'Xmy 17 5' b h First Floor 90946 SF — 24 T.. l Second Floor 90916 SF e T bl Total 18190 SF Pr Canopy _ 49 Rentable Rooms 701 8 SF • _ li 1 ,I I] t 1792 20a _ 9rcn hr cp,nr• COMPARABLE SALE #3 COUNTY: WELD ACCOUNT R0329194 PARCEL NUMBER: 095924100079 PRIMARY OCC: Motel PERCENT: 100% SECONDARY OCC: PERCENT: THIRD OCC: PERCENT: ADDRESS: 2423 W 29 ST GREELEY RECEPT NUMBER: 3428407 SALE DATE: 10/18/2006 GRANTOR: S & S LODGING DEVELOPMENT LLC SALE PRICE: $ 1 ,800,000 GRANTEE: JANIGA MARIA & ADJ SALE PRICE: YEAR BUILT: 1994 CLASS: D EFFECTIVE AGE: LAND/BLDG RATIO: 2.20 LAND SIZE (SF): 40,075 LAND VALUE: $200,375 BLDG SIZE (SF): 18, 190 IMPS PRICE/SF: $87.93 WALL HEIGHT: 10 SALE PRICE/SF: $98.95 STORIES: 2 INTEREST RATE: BSMNT SIZE: DOWN PYMT: BSMNT FINISH: LOAN TERM (YRS): ZONING: POINTS PAID: 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_010S Page A0' i8 O' 10.O' 10.0' SCE First Floor Second Floor Bsmt Storage 30,517.0 sf 17.604.0 sf 21605.0 sf 54.0' Hotel I Concrete Slab' 2 -Class-C- 4°'j 2268.0 sf I 9.0 story height { I Hot & Chilled Water 66.0' 13.0' • Bit 1964• • 31.0' 73 Rooms Meeting Rooms i t 1l "" 780 - = 78 0' 10 a sal concrek 51ab Lounge o 720.oa Kitchen x. 35 a -.l 50 O' 38 0' ae.o TIT 2 54.0' 2B 16 2B Restaurant 40.0' r • 1 5001 10.0 r' r �' - 1380 �0' 90' ,0O70.? fail 2.0 38.0' - -,._- 19.0' 120' 20)3 Canopy I First Floor eau 2036.0 sf I Sketch by k4x N Windows" COMPARABLE SALE #4 COUNTY: WELD ACCOUNT R3882086 PARCEL NUMBER: 096120306018 PRIMARY OCC: Hotel - Full Service PERCENT: 100% SECONDARY OCC: PERCENT: ADDRESS: 3301 W SERVICE RD, EVANS RECEPT NUMBER: 3496212 SALE DATE: 5/22/2007 GRANTOR: PARK HAE CROON & SALE PRICE: $2, 100,000 GRANTEE: WON SHIN JUNG LLC ADJ SALE PRICE: $2,012,400 YEAR BUILT: 1964 CLASS: C EFFECTIVE AGE: LAND/BLDG RATIO: 7.09 LAND SIZE (SF): 341 ,321 LAND VALUE: $511 ,982 BLDG SIZE (SF): 48, 121 IMPS PRICE/SF: $33.00 WALL HEIGHT: 9 SALE PRICE/SF: $43.63 STORIES: 2 INTEREST RATE: BSMNT SIZE: DOWN PYMT: BSMNT FINISH: LOAN TERM (YRS): ZONING: POINTS PAID: QUALITY: Average COMMENTS: The subject was foreclosed on by the bank and sold to a refurbishing company on 08/15/2005. That company updated and remodeled the building and then resold to Hae Choon Park on 4/28/2006. Park developed the business and a two year income history and then sold to Won Shin Jung LLC, the subject sale. The subject has 73 room: selling for $27,567 per room. CBOE_COMM_010 Page 14 Single Rooms -+e-4►Q 25 Double Rooms WH 24'r'P& ) 13 Suites YOC 11;98 56 Total Rooms Class D(Vnyl Siding) 1017 120 70 71 70 70 71 70 Id leo p 42 20'b10• ah u s L. 1 e t a b ,, 0 3 b 4 F. t (i I 72 h 7? Ii hit 59704278 It 4? o It - 7. 0oa 717 77 0 •L7 4 42 42 1o7Y tat 70 10 70 It le 78, rytStri: ly First Floor 7649.0' - -._ -- - - — - Second Floor 7194.0' I , a.. - . , Third Floor 7194/ "7 1VeNN+oo M' COMPARABLE SALE #5 COUNTY: WELD ACCOUNT R6940898 PARCEL NUMBER: 095910227004 PRIMARY OCC: Motel PERCENT: 100% SECONDARY OCC: PERCENT: THIRD OCC: PERCENT: ADDRESS: 5630 W 10 ST GREELEY RECEPT NUMBER: 3367042 SALE DATE: 3/1/2006 GRANTOR: B & S LODGING LLC SALE PRICE: $1,700,000 GRANTEE: BREWSTER FRANK ADJ SALE PRICE: $1 ,675,000 YEAR BUILT: 1998 CLASS: D EFFECTIVE AGE: 0 LAND/BLDG RATIO: 1.90 LAND SIZE (SF): 41,895 LAND VALUE: $272,318 BLDG SIZE (SF): 22,037 IMPS PRICE/SF: $63.65 WALL HEIGHT: 8 SALE PRICE/SF: $76.00 STORIES: 3 INTEREST RATE: BSMNT SIZE: DOWN PYMT: BSMNT FINISH: LOAN TERM (YRS): ZONING: POINTS PAID: QUALITY: Average COMMENTS: Confirmed with buyer on site. PP was beds, furniture. Total of 56 rooms and sale price is $30,357. 14 per room. CBOE_COMM_01( Page INCOME APPROACH SUMMARY The Weld County Assessor has appropriately considered the Income Approach to value for the Subject property on appeal. The Assessor has gathered income information from local commercial properties for the time frame of January 1, 2007 through June 30, 2008. This information, combined with statewide and industry-wide data, is used to determine typical income and expenses for various property types. In conclusion of the Income Approach, the Assessor has considered both groups of data and has put more emphasis on the local factors and data than the state and national data. This information was then applied to the subject property to arrive at an appropriate Income Approach Value. TOTAL INCOME VALUE FOR THE SUBJECT PROPERTY $2,623,821 CBOE_COMM_01099 Page 1. ADR 2007-2008 PERFORMANCE Ratios I&E Year 2007-2008 I&E Date 12/31/08 Average Daily Rate $39.00 Potential Gross Income $1,338,090 100.00% Occupancy 50% Effective Gross Income: $669,045 Room expenses (16.2%) $108,385 Food & Beverage (5%) $17,558 Telephone (1.4%) $9,367 Administrative & General (9.1%) $60,883 Franchise Fees (0.8%) $5,352 Marketing & Guest Entertain (5.9%) $39,474 R/R (3%) $20,071 Prop Oper & Maintenance (5.1%) $34,121 Enegy Cost (5.0%) $33,452 Management Fees (2.3%) $15,388 Insurance on Bldg (.08%) $5,352 Total Expense (50%) $349,405 NOI before personal property $319,640 (141,104 less: Return on personal property $15,510 11%) x NOI $304,130 Cap Rate 11.0% Indicated value w/ Personal Property $2,764,821 Less Personal Property $141,000 Indicated Value $2,623,821 Indicated Value/Room $27,913 CBOE_COMM_0109' Page 1 CONCLUSION Real property for tax year 2010 must be valued utilizing the level of value for the period of one and one-half years immediately prior to July 1, 2008. Except that, if comparable valuation data is not available from such one-and one-half-year period to adequately determine the level of value of a cla: of property, the period of five years immediately prior to July 1, 2008 shall be utilized to determine th level of value. Said level of value shall be adjusted to the final day of the data gathering period. Changes occurring between base years are not to be accounted for until the following level of value implemented, other than additions, change in use, detrimental acts of nature, damage due to fire, et or creation of a condominium, or any new regulations restricting or increasing the use of the land, or combination thereof. {39-1-104(11)(b)(1) C. R .S.} The subject property has been classified as Commercial Property for assessment purposes. Commercial property value shall be determined by appropriate consideration of the Cost Approach, Market Approach, and Income Approach to value. {39-1-103(5)(a) C. R. S.} The Assessor has consider( all three approaches to value for the subject parcel on appeal. FINAL RECONCILIATION After consideration of the cost, market and income approaches, it is the Weld County Assessor's opinion that the value of $2,350,000 , most accurately reflects the value of the subject property in Weld County for the 2010 tax year. COST APPROACH MARKET APPROACH INCOME APPROACH $2,430,998 $2,350,000 $2,623,821 ASSESSOR'S VALUE Improvements $2,183,920 Land 166,080 Total: $2,350,000 CBOE_COMM_O1i Pag1 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 SCH@ Y4 v m... -ei N`�3,a Fes, %y� .r �y� 5j �L,., ,x, M 7i�17I' ryry�� I�11 DULElAGlffflOTQ _fz nw icr,+%..hi l h r (I • r Y.YY31[zt..tI - � A r 4 i(r h, rte ay.Ll�i wv�P�f S...j«.„�:.F y.� . .. . tl. r N 3-it R3868086 2010 0650 EVS SG-15 L15-16 AMENDED SOUTHGATE SUB it 3015 8 AV AMCAN LODGING PARTNERS LLC EVANS,CO 1655 E. EISENHOWER LOVELAND, CO 80537 8, 6. �kv' ro N! �� rui Ewa i^R 01, 4 r ≥, L riR iff •i.lAiottkg ,. i �V; t � �, ,. sa irFh� x �� ' nR . COMMERCIAL 2,350,000 2,350,000 'wig" z pi°'4" ;( $2,350,000 $2,350,000 The Assessor has carefully studied all available information, giving particular attention to the specifics included on your protest. The Assessor's determination of value after review is based on the following: CM05- The law requires that all of 2007 and the first 6 months of 2008 data be used to establish current values.We have considered all(3) three approaches to value in arriving at your current valuation. We have denied your appeal based upon this data. 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. Ni r G ` - 2010-1628 L I«i w.: -0 �94d,2 rt] lJ ri'1—i N 7-O^.< cn r. :,> 1 County Board of Equalization Hearings will be held from July 1 through August 6 at 91610'"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 91510TH 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 re is roperty and dm on or rebufore July e top 20 0tfor personal property—after such date, your right to appeal be e mailed with proof of you filed a timely appeal; therefore, we recommend that all correspondence 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 tamale Dlytrici emit] • 1313 Sherman Street,Room 315 99-Avenue and 9"'Street, P.O. Box C Denver, CO 80203 Greeley, Colorado 80632 (303)866-5880 Telephone(970) 356-4000 Ext. 4520 www.dola.colorado.aov/baa Binding Arbitration For a list of arbitrators,contact the County Commissioners at the address listed for the County Board of Equalization. If the date for filing any report, schedule, claim, tax return, statement, remittance, or other document falls upon a Saturday, Sunday, or legal holiday, it shall be deemed to have been timely filed if filed on . the next business day,§39-1-120(3), C.R.S. , What is your estimate of the property's value as of June 30,2008? (Your opinion of value in terms of a specific dollar amount is required for real property pursuant to § 39-8-106(1.5), C.R.S.)What ls the a ase attach additional sheets forasas necesimate of sary and valuea pp0ortiing 6documeour reason ntat dr ocumentation, comps ablesalesa rent roll, original installed cost,appraisal,etc.) This is a Motel btnat generated $630, 000 in Total revenue . Property of this caliber typically sells for 2x revenue . net income at the property was about $100, 000 . an appropriate cap rate would be about 12% I, the undersigned owner or nt of the property Identified above, affirm that the statements contain a red ny a hments hereto are true and complete. _/y ._/ • Signature Telephone Number Date 'Attach letter of authorization signed by property owner. 7S-OPT.AR PR 207.06V! N000:5412 rtit fttips0 CLERK TO THE BOARD PHONE (970) 356-4000 EXT 4226 FAX: (970) 352-0242 WEBSITE: www.co.weld.co.us 915 10TH STREET P.O. BOX 758 GREELEY, COLORADO 80632 COLORADO July 22, 2010 AMCAN LODGING PARTNERS LLC 1655 E. EISENHOWER LOVELAND, CO 80537 Parcel No.: 096120208016 Account No.: R3868086 Dear Petitioner(s): The Weld County Board of Equalization has set a date of July 28, 2010, at or about the hour of 3:30 PM, to hold a hearing on your valuation for assessment. This hearing will be held at the Weld County Centennial Center, First Floor Hearing Room, 915 10th Street, Greeley, Colorado. You have a right to attend this hearing and present evidence in support of your petition. The Weld County Assessor or his designee will be present. The Board will make its decision on the basis of the record made at the aforementioned hearing, as well as your petition, so it would be in your interest to have a representative present. If you plan to be represented by an agent or an attorney at your hearing, prior to the hearing you shall provide, in writing to the Clerk to the Board's Office, an authorization for the agent or attorney to represent you. If you do not choose to attend this hearing, a decision will still be made by the Board by the close of business on August 5, 2010, and mailed to you on or before August 10, 2010. Because of the volume of cases before the Board of Equalization, all cases shall be limited to 15 minutes. Also due to volume, cases cannot be rescheduled. It is imperative that you provide evidence to support your position. This may include evidence that similar homes in your area are valued less than yours or you are being assessed on improvements you do not have. Please note: The fact that your valuation has increased cannot be your sole basis of appeal. Without documented evidence as indicated above, the Board will have no choice but to deny your appeal. If you wish to obtain the data supporting the Assessor's valuation of your property, please submit a written request directly to the Assessor's Office by fax (970) 304-6433, or if you have questions, call (970) 353-3845. Upon receipt of your written request, the Assessor will notify you of the estimated cost of providing such information. Payment must be made prior to the Assessor providing such information, at which time the Assessor will make the data available within three (3) working days, subject to any confidentiality requirements. 2010-1628 AS0076 AMCAN LODGING PARTNERS LLC - R3868086 Page 2 Please advise me if you decide not to keep your appointment as scheduled. If you need any additional information, please call me at your convenience. Very truly yours, BOARD OF EQUALIZATION Esther E. Gesick Deputy Clerk to the Board cc: Christopher Woodruff, Assessor 2010-1628 AS0076 Hello