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Home My WebLink About20101644.tiff a CLERK TO THE BOARD (itPHONE (970) 336-7215, Ext. 4226 FAX: (970) 352-0242 P. O. BOX BOX P. 758 GREELEY, COLORADO 80632 €. 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 ed.' c// `"ST(ef'er) „Now, AASg'aerimewy ceAIe 20A30644 GREELEY 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 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 2010-1644 AS0076 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 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 2010-1644 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 1400 N 17th Ave Fax: (970) 304-6433 Greeley, CO 80631 E-mail: appeals@co.weld.co.us Office Hours: 8:00 AM -5:00 PM www.co.weld.co.us SCHEDULE/ACCOUNT NO. TAX YEAR TAX AREA LEGAL DESCRIPTION/ PHYSICAL LOCATION R4473006 2010 4049 GR GM LOT 1 GREELEY MALL MINOR (IMPS ONLY PERKINS RESTAURANT 096119200057) re GREELEY MALL I/GKD FUND 1 LLC 2050 GREELEY MALL ST z C/O GK DEVELOPMENT INC GREELEY,CO o 303 EAST MAIN ST STE 201 r BARRINGTON, IL 60010 CC w a. O a. ASSESSOR'S VALUATION ACTUAL VALUE PRIOR PROPERTY CLASSIFICATION ACTUAL VALUE AFTER TO REVIEW REVIEW COMMERCIAL 31,558,530 31,558,530 TOTAL 531,558,530 S31,558,530 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 informatioIJ IT., c r2-9r-- C DOWNEY& MURRAY LLC ` D 383 INVERNESS PARKWAY SUITE 300 {"'EIS ENGLEWOOD CO 80112 2010-1644 G 15-DfR Pi 207-08/08 D# 9203 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 9th Street, P.O. Box C Denver, CO 80203 Greeley, Colorado 80632 (303) 866-5880 Telephone (970) 356-4000 Ext. 4520 www dola.colorado.qov/baa Binding Arbitration For a list of arbitrators, contact the County Commissioners at the address listed for the County Board of Equalization. If the date for filing any report, schedule, claim, tax return, statement, remittance, or other document falls upon a Saturday, Sunday, or legal holiday, it shall be deemed to have been timely filed if filed on the next business day, §39-1-120(3), C.R.S. PETITION TO COUNTY BOARD OF EQUALIZATION What is your estimate of the property's value as of June 30, 2008? (Your opinion of value in terms of a specific dollar amount is required for real property pursuant to § 39-8-106(1.5), C.R.S.) $ �5�ter_o Lcv 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.) ( A ‘e_e_ ATTESTATION I, the undersigned owner or agent' of the property identified above, affirm that the statements ntained and o an attachments hereto are true and complete. ' 6, gzsOc3 — Y'/3 - /to ' iyi//G signature Telephone Number Da• th ' Attach letter of authorization signed by property owner. 15-OPT-AR PR 207-08/08 NODC 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 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$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. 4 DOWNEY & MURRAY LLC Thomas E.Downey,Jr. ATTORNEYS AT LAW 303 813-1111 ted@downeymurray.com July 13, 2010 VIA CERTIFIED MAIL RETURN RECEIPT REQUESTED Weld County Board of Equalization 915 10`h Street, P.O. Box 758 Greeley, CO 80632 Re: GREELEY MALL I/GKD FUND I LLC SCHEDULE NUMBERS: R1044296; R3761086 AND R4473006 Dear Clerk to the Board: We represent the owners of the above referenced real property in Weld County. Enclosed are three (3) separate Petitions to the Board of Equalization appealing the denials of the owners' Protests to the County Assessor. We would appreciate your setting this matters for consecutive hearings on the same day. The Notices of Hearing on this matter should be directed to the undersigned. Petitioner,pursuant to C.R.S.§ 39-8-107(3), respectfully requests that the Assessor provide all data supporting the assessor's determination of actual value on this appeal to the undersigned no later than two working days prior to the CBOE hearing. Thank you for your cooperation in this regard. Should you have questions, please call. Very truly ly yours, 1.T rghomas E. Down e), r. TED/ss Enclosure cc: Gregory Kveton 383 Inverness Parkway u Suite 300 ❑ Englewood,Colorado 80112 n fax 303 813-1122 Esther Gesick From: Tom Downey[ted@downeymurray.com] Sent: Monday, July 26, 2010 9:43 AM To: Esther Gesick Cc: Charles Jack; Courtney Anaya; Sue Schield Subject: RE: FYI FW: Greeley Mall -Weld County request for administrative denial I respectfully request that an administrative denial be issued for the parcels under appeal to the CBOE for 2010. Please confirm that an Administrative denials will be issued. Thank you. Tom From: Esther Gesick (mailto:egesick@co.weld.co.us] Sent: Friday,July 23, 2010 12:37 PM To:Tom Downey Cc:Charles Jack; Courtney Anaya Subject: FW: FYI FW: Greeley Mall -Weld County request for administrative denial Hi Tom, As follow-up to the messages below, I'm just wanting to confirm whether you intend to request Administrative Denial or if I should proceed with scheduling. I need to have the notice in the mail today by 2:00 if you intend to go forward with a hearing. Please let me know. Thanks! Esther E.Gesick Deputy Clerk to the Board Weld County,Colorado 915 10th Street Greeley, CO 80631 (970)336-7215 X4226 (970)352-0242 (fax) From: Courtney Anaya Sent: Friday,July 23, 2010 7:35 AM To: Esther Gesick Subject: FW: FYI FW: Greeley Mall -Weld County request for administrative denial FYI From:Charles Jack Sent: Friday,July 23, 2010 7:26 AM To:Courtney Anaya Subject: FYI FW: Greeley Mall-Weld County request for administrative denial From: Charles Jack Sent: Friday,July 23, 2010 7:24 AM 1 To: 'Tom Downey' Subject: RE:Greeley Mall -Weld County Good Morning Tom, Looks like the Mall was schedule for Friday the 30th at 9:30. You should be receiving the notice soon. Could someone from your office let Ester Gesick with the Weld County Clerk to the Board know of the administrative denial request. Her number is 970-356-4000 Ext 4226 or by fax at 970-352-0242. Thanks for your help, Chuck From:Tom Downey [mailto:ted@downeymurray.com] Sent:Thursday,July 22, 2010 4:00 PM To:Charles Jack Subject: RE: Greeley Mall -Weld County Chuck, We haven't received any notice of when the 2010 CBOE is scheduled. Do you have a date and time? We will just ask for an Admin denial, like we did last year, and try to get it resolved either by agreement for 2009-2010, or by Order of the BAA. Thanks. Tom From:Charles Jack [mailto:cjack@co.weld.co.us] Sent:Thursday,July 22, 2010 3:45 PM To:Tom Downey Subject:Greeley Mall-Weld County Hi Tom, Are you going to prepare something for our County Board hearing or are you going to do an administrative denial and wait the outcome of our BAA(or Stipulation to the BAA)for 2009. Just need to know so I could prepare a packet also if you're going. Thanks for your help, Chuck 2 Hello