The URL can be used to link to this page

Browse Search

Home My WebLink About20101629 t, •a CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4226 FAX: (970) 352-0242 P. O BOX BOX 758 GREELEY, COLORADO 80632 1119€. COLORADO July 29, 2010 MILE HIGH BANKS 1726 HOVER STREET LONGMONT, CO 80501 RE: THE BOARD OF EQUALIZATION, 2010, WELD COUNTY, COLORADO - DENY PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE DESCRIPTION OF PROPERTY: ACCOUNT #: R2806104 PARCEL #: 131325425002 - FRE TBRA L4B TOPS BUSINESS PARK RPLT A 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 $1,023,000 $1,023,000 cc: e/9, A8r(le//eri 2010-1629 l9s - eau-Meg fAlaciele /&9/&oio AS0076 MILE HIGH BANKS - R2806104 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 2010-1629 AS0076 MILE HIGH BANKS - R2806104 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 y truly yy y �lours, 424 Esther E. Gesick Deputy Clerk to the Board cc: Christopher Woodruff, Assessor STEVENS AND ASSOCIATES INC 9800 MT PYRAMID CT STE 220 ENGLEWOOD, CO 80112 2010-1629 AS0076 B0E SUMMARY SHEET Account Number: R2806104 Parcel Number: 131325425002 MILE HIGH BANKS 1726 HOVER STREET LONGMONT, CO 80501 HEARING DATE: 7/28/2010,�AT 4:00 PM HEARING ATTENDED? (Y'b NAME: AGENT NAME: STEVENS AND ASSOCIATES INC 9800 MT PYRAMID CT STE 220 ENGLEWOOD, CO 80112 APPRAISER NAME: WJM /t)a-G� c /21-(� 6 DECISION ACTUAL VALUATION APPROVE BY SET BY ASSESSOR BOARD TOTAL ACTUAL VALUE 1,023,000 // (ja 6 oad COMMENTS: MOTION BY '1)&1 TO SECONDED BY S S Garcia -- N) Rademacher-- N) Failed to prove appropriate value Conway-- ( N) No comparables given Kirkmeyer-- ( N) Assessor's value upheld Long -- ( /N) Other: RESOLUTION NO. 2010-1629 M:\BOE\SUMMARY.dotx Weld County CHRISTOPHER M.WOODRUFF COUNTY ASSESSOR BRENDA DONES,DEPUTY ASSESSOR VALUATION REPORT OF COMMERCIAL PROPERTY FOR Weld County Board of Equalization MILE HIGH BANKS PETITIONER VS. WELD COUNTY ASSESSOR'S OFFICE RESPONDENT Parcel Number: 1313-25-4-25-002 Schedule Number: R2806104 Log Number: 3130 Date: July 28, 2010 Time: 4:00 PM Board: Board # PREPARED BY WADED.MELIES WELD COUNTY ASSESSOR'S OFFICE STAFF APPRAISER ASSESSOR'S VALUE COMMERCIAL $1,023,000 Total: $1,023,000 'Y CCV( /(.)O/D_ /J CBOE_COMM_Ot( Pa, 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 7133 13 CR Frederick Land Area 28,968 Square Feet Property Type Commercial Mini Lube Garage Service Garage Year Built 2004 Effective Year 2006 Quality Good Class Masonry Number of Stories 1 Improvement Sq. Ft. 5,115 Value Indications: Land $282,438 Cost Approach $851,200 Market Approach $1,043,600 Income Approach $1,021,000 Reconciled $1,023,000 Final Value $1 ,023,000 CBOE_COMM_010998 Page 2 Subject Neighborhood The subject neighborhood is located in southwest Weld County in what is referred to as the Tri-Town area . The area consists of three towns , the town of Firestone , the town of Frederick, and the town of Dacono . The area is bordered by Hwy 119 or Firestone Blvd . on the north , Hwy 52 on the south , I-2! on the west and WCR 19 on the east. This area has seen development in both residential and commercial properties . The Subject The subject property is located on the west side of Weld County Road 13 and one lot north of Keyes Street in the town of Frederick. The subject is a mini lube and tire shop and is adjacent to a car wasl The subject is accessed via an adjacent parcel from Keyes Street along the west side. The subject consists of 28 , 968 square feet of land which has frontage on Weld County Road 13 . The subject improvements consist of a 5 , 115 square foot building with a 2 ,496 square foot basement. The improvements were built in 2004 and have been in use till early 2009 . In early 2009 the property wa: listed for sale. Sub'ect Photo - - ru/l OPEN •i 11111 / ri • I ik hia. tie .111, - at i SUBJECT SKETCH 44.0' First Floor 5114.7' 14' WH Tire Storage Masonry Construction o Y0C 2004 co N 44.0' 10)(12 OH 10x12 OH 10x12 OH 77.3' Tire Shop 0Quick Lube Shop Rest Office 28.0 2640.0' 2474.7' 18 cro Cl I Cl C — Waiting o C « ^ Oq O Cashier �� CO Fest Rest B Bay 5 Bay 4 Bay 3 Bay 2 Bay 1 28.0' 10x12 OH 10x12 0 1H 0x12 OH 10x12 OH 10x12 OH 10x12 OH 121 .31 CBOE_COMM_01( 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 $568,720 Land Value $282,438 TOTAL VALUE BY THE COST APPROACH $851,200 rounded CBOE_COMM_010998 Page 4 Cost Approach Summary PARCEL NUMBER 1313-25-4-25-002 PROPERTY OWNER Mile High Banks ADRESS 7133 13 CR CITY Frederick DATE OF APPRAISAL 06/30/08 OCCUPANCY: Mini Lube NUMBER OF STORIES 1 FLOOR AREA (SQ. FT.) 2,475 AVG STORY HEIGHT 14 CLASS: Masonry YEAR BUILT 2004 COST RANK Good EFFECTIVE AGE 2006 HEATING AND COOLING Radiant ESTIMATED LIFE 40 UNITS COST TOTAL RCN STRUCTURE COST 2,475 $107.10 $265,073 Radiant Heat $1.20 $2,970 perimeter adjustment 1.11 wall height adjustment 1.00 Current multiplier 0.99 Local multiplier 0.99 Adjusted RCN Basic Cost $292,132 OCCUPANCY: Service Garage NUMBER OF STORIES 1 FLOOR AREA (SQ. FT.) 2,640 AVG STORY HEIGHT 14 CLASS: Masonry YEAR BUILT 2004 COST RANK Good EFFECTIVE AGE 2006 HEATING AND COOLING Radiant ESTIMATED LIFE 40 UNITS COST TOTAL RCN STRUCTURE COST 2,640 $64.74 $170,914 Radiant Heat $1.20 $3,168 perimeter adjustment 1.11 wall height adjustment 1.00 Current multiplier 0.99 Local multiplier 0.99 Adjusted RCN Basic Cost $189,727 EXTRAS: Sq Ft Cost PSF Concrete estimate 12,600 $3.80 47,880 Basement estimate 2,496 $27.61 68,915 TOTAL RCN $598,653 LESS DEPRECIATION PHYSICAL 0.05 $29,933 FUNCTIONAL 0.00 $0 ECONOMICAL 0.00 $0 RCN LESS DEPR. $568,720 ADD IN LAND VALUE $282,438 TOTAL VALUE $851,158 Rounded Value cBosat 1f Value Per Square Foot �a'�$16' 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 28 , 968 square feet. Comparable commercial land in the subject area range from $7 . 75 to $ 12 . 58 per sq ft. A value of $9 . 75 per square foot or $282 ,438 was chosen to la applicable for the subject property when considering its location . Parcel Number Sale Date Sale Price Land Size Per S . F . Comparable 1 131325425001 6/03 $380 , 000 30 , 210 $ 12 . 58 Comparable 2 131325425002 7/04 $400 , 786 51 , 751 $7 . 75 & 001 Comparable 3 131107218006 3/05 $450 , 000 51 , 501 $8 . 74 Comparable 4 131301414006 8/05 $455 , 000 46 ,694 $9 . 75 ASSESSOR'S SUBJECT LAND VALUE $282,438 CBOE_COMM_011 Pa( H__, Land Comparable Map w r-1. i , ittinn - I- CR'1�� TS_1 I �BUCHANA V pyLIESTNIEWCIR. .,:, ,, ,,T„ l CR NVI LE AV --- GRANVILLE CIR .. Comp 4 �--rR S. YIIII -� gERwlnpfAt 414111 7 miles ftfri 7 miles t North / _ L V FLORENCE CJ in tVUll _ E1 _ i , � dam . MAJESTIC ST MCCLURE AV I I "' BROPHY CT I. II II �,..! Rocky � � j� � Mountain •-ap - /►SPEN C R e Christian qq „ z 2tin H �— Church + - o x.al Subject g mija W Will laSk z y C C 1 —NURT.BT ' a Comp 2 m ". try' A 1 ? Z o r 2 1 , n 1 /T 5 x 8 �# -4 P- KEYES Si Y i - RI Y it • w�rr Wall CI '~II { Pei oo�A Comp 1 DAVIS:DR 4o dtcr+aHo Av } ' re ( lliiliLl 1 I! ! E' tSTST ti TrePtwv New Frederick -. 1_4 � 1_t i._, inn:ZNosr' High SchoolL Mapcenter: 40- 6' 26,7" N. 104- 56 32.6" W [purl-4i ZNO ST CBOE_COMM_01 Pa MARKET APPROACH SUMMARY Real property for the tax year 2010 must be valued utilizing the level of value for the period of one and one-half years immediately prior to June 30th, 2008. A period of five years immediately prior to July 1, 2008 shall be utilized to determine the level of value if adequate data is not available from such one and one-half year period to adequately determine the level of value for a class of property. 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 is implemented, other than additions, change in use, detrimental acts of nature, damage due to fire, etc., creation of a condominium, new regulations restricting or increasing the use of the land, or a combination thereof{39-1-104(11)(b)(I), CRS}. The comparable sales in this report were selected using county records, as well as the Multiple Listing Services. The Weld County Assessor's Office has verified that the comparable sales are arms-length transactions based on review of the Real Property Transfer Declaration, telephone or personal confirmation interviews and physical inspections to confirm property characteristics at the time of sale. Based upon investigation and analysis, it is the opinion of the appraisers that the value of $1,043,600 or $204 per square foot accurately reflects the market value of the subject property. VALUE As INDICATED BY THE MARKET APPROACH $1,043,600 rounded CBOE_COMM_01C Pag COMPARATIVE SALES APPROACH SALE# Subject 1 2 3 4 5 . Parcel # 131325425002 95924401006 14710531002 080720203002 120723304022 147131006001 Address 7133 13 CR 3303 23 Av 1160 Dexter St 1231 Main St 4100 S Valley Dr 890 N 9th Av Frederick Evans Ft Lupton Windsor Mead Brighton Sale Date 8/25/2006 9/29/2006 11/15/2007 1/6/2005 3/20/2008 Sale Price $625,000 $1,200,000 $500,000 $1,380,000 $465,000 Land Size 28,968 16,965 45,997 26,049 91,041 31,159 Bldg SF 5,115 1,984 2,305 1,396 15,265 3,744 Effective age 2006 2000 2007 1997 1999 2000 Mini Lube and Use Mini Lube Mini Lube Mini Lube Automotive Center Senrice garage Tire Shop Unadj Sale PSF $315.02 $520.61 $358.17 $90.40 $124.20 Mini Lube Automotive Comps Range: $315-$521 $90-$124 Comps Avg: $397.93 $107.30 Comps Median: $358.17 $107.30 per S.F. Value S.F. Mini Lube Value per Market Sale $315 $779,625 2,475 Tire Shop Value per Market Sale: $100 $264,000 2,640 Total Value per Market Sales $1,043,625 CBOE_COMM_01, Pa COMPARABLE 1 Aspnart Paving 9,968 st ;;, Mini Lube Concrete 320 0 SF b; Class C 4 a 64 0' Stairs 811 1998 tce heat neat b 3 bays Office C (6)OH Doors(10x12) c __cam m �_ Waiting area b J ah EN 17 Conaete 716 0 Sf b liat3 1K .. Itt . al Lim II �4.,1t' 6ba - A1RA r• First Floor 19810 SF s - Basement Storage 19810 SF 23rd AVE -. r. . _ _ -.. s• . . _ COMPARABLE SALE COUNTY: WELD ACCOUNT R7443998 PARCEL NUMBER: 095924401006 PRIMARY OCC: Mini Lube Garage PERCENT: 100% SECONDARY OCC: PERCENT: THIRD OCC: PERCENT: ADDRESS: 3303 23 AV EVANS RECEPT NUMBER: 3417132 SALE DATE: 8/25/2006 GRANTOR: I I & H HOLDINGS INC SALE PRICE: $925,000 GRANTEE: FAWSOME LLC AD.! SALE PRICE: $625,000 YEAR BUILT: 1998 CLASS: C EFFECTIVE AGE: LAND/BLDG RATIO: 8.55 LAND SIZE (SF): 16,965 LAND VALUE: $ 101 ,790 BLDG SIZE (SF): 1,984 IMPS PRICE/SF: $263.71 WALL HEIGHT: 19 SALE PRICE/SF: $315.02 STORIES: 1 INTEREST RATE: BSMNT SIZE: 1 .984 DOWN PYMT: BSMNT FINISH: LOAN TERM (YRS): ZONING: POINTS PAID: QUALITY: Good COMMENTS: DEDUCTED $300,000 FOR F F & E AND BLUE SKY PER TD- 1000 AND BUYER. BASEMENT UNFINISHED STORAGE. CBOE_COMM_C Pa 1 COMPARABLE 2 -dr 720' 200 I 16 0' RR - - - - RR waiting Area 6400' storage b b 5120' tn 1 f. = (Future Pit) \ • I i 1 a\ I IN " - - 1 -I - -i 1 1 20 0 --, —� 16.0' 720' First Floor 2304 0' COMPARABLE SALE COUNTY: WELD ACCOUNT NUMBER: R4561906 PARCEL NUMBER: 147105310002 PRIMARY OCC: Mini Lube Garage PERCENT: 100% SECONDARY OCC: PERCENT: ADDRESS: 1160 DEXTER ST., FORT LUPTON RECEPT NUMBER: 3427135 SALE DATE: 9/29/2006 GRANTOR: SLG EQUITIES INC SALE PRICE: $ 1 ,225,000 GRANTEE: RPM PROPERTIES RLLP ADJ SALE PRICE: $ 1 ,200,000 YEAR BUILT: 2006 CLASS: C EFFECTIVE AGE: LAND/BLDG RATIO: 19.96 LAND SIZE (SF): 45,997 LAND VALUE: $ 132,471 BLDG SIZE (SF): 2,305 IMPS PRICE/SF: $463. 13 WALL HEIGHT: 13 SALE PRICE/SF: $520.60 STORIES: 1 INTEREST RATE: BSMNT SIZE: DOWN PYMT: BSMNT FINISH: LOAN TERM (YRS): ZONING: POINTS PAID: QUALITY: Average COMMENTS: Two bay mini lube garage with basement storage. Buyer owns several other Grease Monkey's. According the buyer the purchase price included $25,000 PP. CBOE_COMM_0' Pac COMPARABLE 3 O , ='OILCAN HENRY S Servxe Area S Restroor >Z I�,.�t mJrmxhmrrr f 16 �a : eNI N I.' C = Storapr � � .- . 0.40. M� Ill II .� Km 1a.. Jut r -?entry • -I N 43 re". Fast floor 1396 1 SF ]0' Basement Storage 936 4 SF COMPARABLE SALE COUNTY: WTI) ACCOUNT R1066096 PARCEL NUMBER: 080720203002 PRIMARY OCC: Mini Lube Garage PERCENT: 100% SECONDARY OCC: PERCENT: THIRD OCC: PERCENT: ADDRESS: 1231 MAIN S"I' WINDSOR RECEPT NUMBER: 3520105 SALE DATE: 11/15/2007 GRANTOR: RLW H LLC SALE PRICE: $500,000 GRANTEE: OCH PARTNERS TWO LLC ADJ SALE PRICE: YEAR BUILT: 1995 CLASS: D EFFECTIVE AGE: LAND/BLDG RATIO: 18.66 LAND SIZE (SF): 26,049 LAND VALUE: $130,245 BLDG SIZE (SF): 1396 IMPS PRICE/SF: $264.86 WALL HEIGHT: 11 SALE PRICE/SF: $358. 16 STORIES: 1 INTEREST RATE: BSMNT SIZE: 936 DOWN PYMT: BSMNT FINISH: LOAN TERM (YRS): ZONING: WIN GC POINTS PAID: QUALITY: Average COMMENTS: CBOE_COMM_0' Pac COMPARABLE 4 40 1 ape. simis Fist FIOOx 1526&$ f? C.2y1 • tillaSESSIMadaaA.c*Ir p.h" COMPARABLE SALE COUNTY: WELD ACCOUNT R7194098 PARCEL NUMBER: 120723304022 PRIMARY OCC: Automotive Center PERCENT: 100% SECONDARY OCC: PERCENT: THIRD OCC: PERCENT: ADDRESS: 4100 S VALLEY DR MEAD RECEPT NUMBER: 3250273 SALE DATE: 1/6/2005 GRANTOR: JBP REAL ESTATE LLC SALE PRICE: $1 .380M00 GRANTEE: ELMORE STAN & ADJ SALE PRICE: YEAR BUILT: 1997 CLASS: S EFFECTIVE AGE: LAND/BLDG RATIO: 5.96 LAND SIZE (SF): 91,041 LAND VALUE: $286,779 BLDG SIZE (SF): 15,265 IMPS PRICE/SF: $71 .61 WALL HEIGHT: 16 SALE PRICE/SF: $90.40 STORIES: 1 INTEREST RATE: BSMNT SIZE: DOWN PYMT: BSMNT FINISH: LOAN TERM (YRS): ZONING: POINTS PAID: QUALITY: Average COMMENTS: Confirmed sale with owner. All inventory, goodwill and non-real estate involved in sale were on separate bill of sale. This sale was real estate only. CBOE_COMM_0 Pa< COMPARABLE 5 78.0' Office 15g air cond 41 .0' w ` Storage Warehouse Class S 48.0' BLT 1998 ro Space Heat 16' WH , - 4i4 12' Interior wall 3744.0 sq. ft. 05/21 /2008 COMPARABLE SALE COUNTY: WELD ACCOUNT NUMBER: R6297286 PARCEL NUMBER: 147131006001 PRIMARY OCC: Service Garage PERCENT: 100% ADDRESS: 890 N 9 AV BRIGHTON RECEPT NUMBER: 3543676 SALE DATE: 3/20/2008 GRANTOR: HEDSTROM STEPHEN W SALE PRICE: $465,000 GRANTEE: DYNAMIC COMMERCIAL PROPERTIES ADJ SALE PRICE: $465,000 YEAR BUILT: 1998 CLASS: S EFFECTIVE AGE: 2000 LAND/BLDG RATIO: 8.32 LAND SIZE (SF): 31,159 LAND VALUE: $70. 108 BLDG SIZE (SF): 3,744 IMPS PRICE/SF: $ 105.47 WALL HEIGHT: 16 SALE PRICE/SF: $124. 19 STORIES: 1 INTEREST RATE: BSMNT SIZE: DOWN PYMT: BSMNT FINISH: LOAN TERM (YRS): ZONING: POINTS PAID: QUALITY: Good COMMENTS: Purchase below asking price the property had been on the market for several years. Owner occupied. CBOE_COMM_01 Pag 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 January 1, 2007 through June 30, 2008. This information, combined with statewide and industry-wic 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 pu 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 $1,021,000 Lease Comparables Address Use Square Feet Lease Rate Lease Type Subject 7133 13 CR Mini Lube & 5,115 Tire Shop Comp 1 1640 Main St., Mini Lube 2283 $39.42 NNN Windsor Comp 2 2415 W 10" St., Mini Lube 2,482 $22.58 NNN Greeley Comp 3 1571 Main St., Tire Shop 5,335 23.62 NNN Windsor Comp 4 1130 Eagle Dr., Tire Shop 6,480 $18.52 NNN Loveland The lease comparables presented are all triple net leases in which the tenant pays all expenses. Th comparables presented develop a range from $22.58 to $39.42 per square foot for mini lube garage and $18.53 to 23.62 for tire shops. Considering the subject property is part mini lube and part tire shop the lower end of each range is used. The vacancy rate use for this approach is a mixed rate based on retail and industrial vacancies in the subject's area. The capitalization rate was derived from Burbach & Associates, Inc Real Estate Investment Survey Winter 2007/2008. The following is the Income Approach calculations; CBOE_COMM_011 Page Potential Income Worksheet Parcel : 1313-25-4-25-002 Name : Rapid Lube & Tire Center Address : 7133 13 CR, Frederick Bldg Sq Ft Use No of Units 5 , 115 Mini Lube & Tire Shop 1 Effective Tax Rate Mill Rate Assm't Rate Tax Rate 0 .092291 0 .29 0 .0267644 Avg Rent PSF Subject Rent, Annual Rent per Annual Gross Area Rent PSF Month Income Mini Lube 2 ,475 $22.58 $4 ,657 $55 ,886 Tire Shop 2,640 $ 18 .52 $4,074 $48,893 Loss & Vacancy 10% $ 10 ,478 EGI $94,300 Expenses mgmt 5% $4 ,715 R/R 3% $2 ,829 Net Income $16.96 $86,756 Net Income/Overall Cap Rate = Property Value Property Value Value Per Sq Ft Estimate Property Value 0.085 $ 1 ,020,664 $199.54 Rounded $1 ,021 ,000 $199.61 CBOE_COMM_0 Pai CONCLUSION Real property for the tax year 2010 must be valued utilizing the level of value for the period of one and one-half years immediately prior to June 30th, 2008. A period of five years immediately prior to July 1, 2008 shall be utilized to determine the level of value if adequate data is not available from such one and one-half year period to adequately determine the level of value for a class of property. 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 is implemented, other than additions, change in use, detrimental acts of nature, damage due to fire, etc., creation of a condominium, new regulations restricting or increasing the use of the land, or a combination thereof{39-1-104(11)(b)(I), CRS}. 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$1,023,000 or $200 per square foot, most accurately reflects the value of th subject property in Weld County for the 2010 tax year. COST APPROACH MARKET APPROACH INCOME APPROACH $851,200 $1,043,600 $1,021,000 ASSESSOR'S VALUE COMMERCIAL $1,023,000 Total: $1,023,000 CBOE_COMM_01( Page APPRAISAL STANDARDS AND ETHICS CERTIFICATION I certify to the best of my knowledge and belief that: The statements of fact contained in this report are true and correct. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions and is my personal unbiased professional analyses, opinions and conclusions. I have no present or prospective interest in the property that is the subject of this report, and I have r personal interest or bias with respect to the parties involved. My compensation is not contingent on an action or event resulting from the opinion or conclusions in or the use of, this report. My analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. No one provided significant professional assistance to the person signing this report. I have made a personal inspection of the property that is the subject of this report. 1/47,1t) Wade J. Melies Colorado Certified General Appraiser CG40036400 CBOE_COMM_011 Page ADDENDUM TRESS (Search.'ShowDetailsMain)- www.iresis.com Page 1 of 1 ,�„� 40,/ % /41., tiblitirossAreret Saes vitt.* @ 11b `ter: IRES M'LSt: 607345 PRICE: $1.124.900 ADOR: 7133 WCR 13 Rd. Longmont, 80504 _ SALE: COMIERCIALMOUSTRIAL ACTIVE Locale: Frederick County: Weld ---..... Alu■1liibAres: 10/31 Map Book: X - 0-X , Solli ldslon: Tops Business Para DL 45&49 , a 343 - ® .1 • mt .. Yea rsut it: 2005 Soft Source: PrxASib New Court No New Consft( K j -- MIS Conmenb: Plug-1-143y Aid hedaeivbe laWly l valigi OW- service garage and wailllaise. South wing Is 2,496 la allrie t r Lot Stze:511196 sew Acme": 1.19 olt/kblferrtce area w'3 bars wdrve-ttru oh.dOla IMriecharics EIeC: Web Sal area le pr; d racks, lockers equip. rm. &an tidilld dtaelorage area. Gas: Xcel North sing is 2,618 Si. abate grade Irr13 service bays & 2 hoists. + large PIN: R2806104 raw ON wallas aeastorage racks. Al ei/seg FF&E, 2 hoists. lute equipment and re.medisinics equipment storage tarts, racks aid lockets. Ava S Ode:mum loo pr�M: Firm 1-25 sib hair ,tale _ !!d eat b AIMS Vat 78atttt70ertwrt~C 1 Mang Total tisleig Wt 7624 WCR 13 (aka Cavity Rd. 13.orColoalloAate.),Imt ell and go Keyes St Total : 't Quist 0 Pa6. turn+ b Ist driveway at Loma an north se d Car Wash raw.Total Ake sqR Male 0 En art Almideic o Property Features US ils ei,- 16 Construction - Block, Root - RubbenMembraie, Potosi'. Rae income 50.00Cosieddliesures - IS Vacancy Rafts 0% LoaMig: t)mre-.in LNemead Doors, Views - Back R Property ss Capped, Lot eladlla Rental Inane 51'.00 Irr*lolrsrnani - Street Paved, Rood Access - Ctty Sweet, Parking Per aLt Noes 50.09 gang Square Foot - 1250, Besement#Foundatlon - Partial Basement Gloss Operating income 50.09 Hoeg -Forced Air, 2 Or More Heat Sources, Cooling -Reetgeratbn,HVAC. Property Taxes 519,366.00 Irma -Some Furriture, area Room, Disabled Accassitiettly - Leve4 Tax Year 3109 Cr v ►e.tan - Nabs Gas, Electric, Waterlsewer - District Water, Ditto Building Insurance $0O0 Sewer,OwtanMp - Lender Owner/REO, Utilities S0O0 Occupied By -Vacant Not For Rent. Common Area MaintenanceS0.00 Postage=-Spedfc Date, Tenant Pays - Notirng, Flood Plait -lantrrui Other: JOA0 RS tidelttdudes -Buiding(S). Laid, FinturescEqutprnent Possible Usage Other: WOO - Distress,Commercial Or Industrial, New Flaandrglt..ending -Cr, Other �� ConeTtlarrd Government 1031 Exchange. Showing Instru .y ttlans - xx. Total Operating Expense $19,366.00 Net Operating income ;519.366.0C! Cap Rate -1 72 Gross Rent Mult 7.X3 IA: Jahn Marlin Phase: 303-931-1717 Ernst an=Fair: 303-772-1377 LO: Prudential RAy Mtn Realtors Lg Pliorls: 303-772-2222 TB: 100 BA: 300 For Showings: Centralized StiowIngs-303573-7469 Buyer Bid: No Contract: T Mtn EM: 450,000.00 EM Redp: Prudential MAR LS: N Prepared By Stanley anti - 9:19 AM -7/21/2010 information Deemed Reliable But Not Guaranteed. MLS Consent kid images Copyright 1995-2010. IRES LLC. NI Rights Reserved. http://www.iresis.com/MIS/Se rch/index.efm?Actioi=ShowDetailsMain&Listing ID 90.._ 7,21/2010 CBOE_COMM_01( Page 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 Gree 1400 ree N , CO Ave E-mail: appeals@co.weld.co.us ley, C 80631 Office Hours: 8:00 AM -5:00 PM www co weld co us FRE TBRA L4B TOPS BUSINESS PARK R2806104 2010 1432 RPLT A 7133 13 CR ww MILE HIGH BANKS FREDERICK,CO A 1726 HOVER STREET 'c2 LONGMONT, CO 80501 t: • COMMERCIAL 1,023,000 1,023,000 r.OG $1,023,000 $1,023,000 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: CM01- The Colorado Constitution requires commercial properly to be valued based on actual value and assessed at 29%. Replacement cost, market, and income are approaches used to determine the actual value of your property. 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 informationA o g-- fTw c rn r `— - =o i.TT.iw D o Stevens&Associates 1Inc. rn2010-1629 a ;o �� 9800 Mt.Pyramid Court,Suite 220 to 15-0P Englewood CO 80112 PR o0 8474 rkEWBOCEDUBESe 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 viAirj- q business days following the date of the decision. The County Board of Equalization mdtif offeFGae'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 YCFMEEPlitiggeftddilth Inks" i , afi trbititgb90 M}dDt@ieontinue your app I afelh t�irb�dh� gofp4SpGpty B�arti written decision to ONE of the Tdil Board of Assessment Appeals P District Court lon 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 www.dola.colorado. ov/b Bind For 1� st www.dola.coloicOov/b ntact the County Commissioners at the address listed for the County Board of Equalization. / ID-10 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. 9_r9 , 8 ,r- ®.. "4B S 71,2:27E,TThe'llkl'W7Kkt 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.) $ $ 120,000 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.) The assessor did not properly consider the market, cost or income approaches to value or aspects of the property in question. ' ye�%d � . ��n}.�="- -:._..,• �,� ,'��°~9�"�seaT�.Wt.4. ,'n,.T",�' n' 'vd;C'Ts,xF-a'5^� P �, . I, the undersigned owner or n Q ry - property identified above, affirm that the statements containe� �e�on � - • are true and complete. Signature �p(�'� Telephone Number 713IS10 15-OPT-AR PR 207-08NB NOD*8474 - • Property Tax Consultant-Agency Agreement Owner Address:8400 East Crescent Parkway,Suite 100,Greenwood Village,CO 80111 • Property Address/Legal Description/Schedule#:See Attached exhibit A Consultant/Agent:Stevens&Associates Cost Reduction Specialists,Inc. I/We Mile High Banks,subsidiaries,parent companies and all affiliated companies agree with Stevens&Associates Cost Reduction Specialists,Inc.that for the property tax assessment years 2010,2011 and prior years,In Colorado as the property referred to above,that Stevens&Associates Cost Reduction Specialists,Inc.is hereby engaged and authorized to act as agent and consultant before either the Board of review as well as the State Tax Review Board or for any hearing pertinent to the property for the property tax assessment years 2010,2011 and prior years. Please direct all correspondence and refunds to Stevens&Associates Cost Reduction Specialists,Inc. The undersigned further authorizes Stevens&Associates Cost Reduction Specialists,Inc.as agent of the undersigned,in the name of the undersigned,to execute and cause to be filed on behalf of the undersigned,in the name of the undersigned,any and all documents relating to an appeal of the said assessments,for the assessment years In question and prior years,before either the Board of review as well as the State Tax Review Board or any hearings pertinent to the property. Thus done and executed on this �/iF day of February 2010. Agreed: Please Please Sign ems By: ,�// j,(�oe psk• Please Print Name Title: 45•s4✓if v., STATE OF p a r�R o C L The foregoing Instillment was acknowledged before me} This It day of b- PPQIM9, dot D Please Direct all correspondence/refunds to: By; Okra Li- ite.cooSia Stevens&Associates/Inc. Please Print Contract Signers Name 640 Plaza Dr.,Suite 290 Witness my hand and official seal. •Littleton,Colorado 80129 " oo .,,,,, s 1 t a--•r .5ayp� my commission expires: 3� � • ®ate Notary Public Notary Signature � N Exhibit A Mile High Banks 893 Kuner Rd Adams County Parcel/Account# 0157112410004/R0008852 Mile High Banks 713313 CR Weld County Parcel/Account# 131325425002/R2806104 Mile High Banks 7340 S.Clinton St Arapahoe County Parcel# 2075-27-4-13-007 Mile High Banks 2323 S Troy St Arapahoe County Parcel/Account# 1973-25-3-11-003/1233224 Mile High Banks 3055 65th Ave Weld County Parcel/Account# • 095921255008/R3485505 Mile High Banks 3050 sr Ave Weld County Parcel/Account# 095921255009/R3485605 Mile High Banks 2939 sr Ave Weld County Parcel/Account# 095921255007/R3485405 Mile High Banks 180 E Hampden Ave Arapahoe County Parcel# 2077-03-1-06-012 Mile High Banks 8140 E 5th Ave Denver County Parcel# 0609201183000 And all other Properties designated by Mile High Banks ©© Stevens & Associates R © Specialists in:Property Tax Reductions Utility Bill Auditing July 15, 2010 Weld County Board of Equalization 915 10th Street Greeley, Colorado 80631 Dear County Board: Please find enclosed our 2010 Real Property Tax Appeals for the following properties: Mile High Banks 7133 13 CR R2806104 Please call us to schedule a hearing at (303) 347-1878 and ask for Carol or Angie. Thank you for your assistance. Sincerely, Todd J. Stevens President Stevens &Associates Cost Reduction Specialists, Inc. 9800 Mt. Pyramid Court,Suite 220, Englewood,Colorado 80112 (303) 347-1878•fax(303)347-9242 Page 1 of 1 Kit cfte d CLERK TO THE BOARD PHONE (970) 356-4000 EXT 4226 FAX: (970) 352-0242 WEBSITE: www.co.weld.co.us 915 10TH STREET 1119 P.O. BOX 758 GREELEY, COLORADO 80632 COLORADO July 22, 2010 MILE HIGH BANKS 1726 HOVER STREET LONGMONT, CO 80501 Parcel No.: 131325425002 Account No.: R2806104 Dear Petitioner(s): The Weld County Board of Equalization has set a date of July 28, 2010, at or about the hour of 4:00 PM, to hold a hearing on your valuation for assessment. This hearing will be held at the Weld County Centennial Center, First Floor Hearing Room, 915 10th Street, Greeley, Colorado. You have a right to attend this hearing and present evidence in support of your petition. The Weld County Assessor or his designee will be present. The Board will make its decision on the basis of the record made at the aforementioned hearing, as well as your petition, so it would be in your interest to have a representative present. If you plan to be represented by an agent or an attorney at your hearing, prior to the hearing you shall provide, in writing to the Clerk to the Board's Office, an authorization for the agent or attorney to represent you. If you do not choose to attend this hearing, a decision will still be made by the Board by the close of business on August 5, 2010, and mailed to you on or before August 10, 2010. Because of the volume of cases before the Board of Equalization, all cases shall be limited to 15 minutes. Also due to volume, cases cannot be rescheduled. It is imperative that you provide evidence to support your position. This may include evidence that similar homes in your area are valued less than yours or you are being assessed on improvements you do not have. Please note: The fact that your valuation has increased cannot be your sole basis of appeal. Without documented evidence as indicated above, the Board will have no choice but to deny your appeal. If you wish to obtain the data supporting the Assessor's valuation of your property, please submit a written request directly to the Assessor's Office by fax (970) 304-6433, or if you have questions, call (970) 353-3845. Upon receipt of your written request, the Assessor will notify you of the estimated cost of providing such information. Payment must be made prior to the Assessor providing such information, at which time the Assessor will make the data available within three (3) working days, subject to any confidentiality requirements. 2010-1629 AS0076 MILE HIGH BANKS - R2806104 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 STEVENS AND ASSOCIATES INC 9800 MT PYRAMID CT STE 220 ENGLEWOOD CO 80112 2010-1629 AS0076 Hello