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Home My WebLink About20092012.tiffCLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4226 FM: (970) 352-0242 P. O. BOX 758 GREELEY, COLORADO 80632 COLORADO September 9, 2009 UNION COLONY BANK 1701 23 AVE GREELEY, CO 80631-5014 RE: THE BOARD OF EQUALIZATION, 2009, WELD COUNTY, COLORADO - STIPULATE PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE DESCRIPTION OF PROPERTY: ACCOUNT #: R0585001 PARCEL #: 080719006007 - WIN 1 HS L5 BLK1 HOEHNE 1ST FG 1505 MAIN ST WINDSOR 80550 Dear Petitioner: On July 28, July 30, and August 5, 2009, 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 the Stipulation on your petition of appeal of the County Assessor's valuation of your property described above, for the year 2009. The Stipulation was entered into between the Assessor and said petitioner(s), and accepted by the Board of Equalization, agreeing that the assessment and valuation of the Weld County Assessor be Stipulated as follows: ACTUAL VALUE AS DETERMINED BY ASSESSOR ACTUAL VALUE AS STIPULATED $1,054,500 $969,000 2009-2012 AS0073 UNION COLONY BANK - R0585001 Page 2 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 AND MURRAY LLC 383 INVERNESS PARKWAY STE 300 ENGLEWOOD, CO 80112 2009-2012 AS0073 0-x/27/2009 14:07 FAX 9703046433 NELDCOUNTYASSESSOR a002/003 2009 COUNTY BOARD OF EQUALIZATION WELD COUNTY ASSESSOR'S ACCOUNT NUMBER R0585001 STIPULATION (As To Tax Year 2009 Actual Value) RE PETITION OF: NAME: UNION COLONY BANK 1701 23 AVE GREELEY CO 80631-5014 • Petitioner(s), UNION COLONY BANK and the Weld County Assessor, hereby enter into this Stipulation regarding the tax year 2009 valuation of the subject property, and jointly move that the Board of Equalization to enter its order based on this Stipulation. Petitioner(s) and the Assessor agree and stipulate as follows: 1. The property subject to this Stipulation is described as: WIN 1HS L5 BLK1 HOEHNE 1ST FG 1505 MAIN ST WINDSOR 805500000 2. The subject property is classified as Commercial property 3. The County Assessor originally assigned the following actual value to the subject property for 2009. LAND: $564.156 IMPROVEMENTS: $490,344 TOTAL: $1,054.500 4. After further, review and negotiation, the petitioner(s) and Weld County Assessor agree to the following actual value for the subject property. LAND:. $564.156 IMPROVEMENTS: $404,844 TOTAL: $969,000 RO5IIOOl VAN MB L5 BUM HOENN! ,et Po 1505 MAIN R WINDSOR 155300000 2009-2012 07727/2009 14:08 FAX 9703046433 WELDCOUNTYASSESSOR Q003/003 5, The valuations, as established above, shall be binding only with respect to tax year 2009. 6. Brief narrative' as to why the reduction was made: Valuewas adjusted based upon the general market prices per sq. ft. that were in place in the base period, additionally the income was considered as backup for the market. 7. Both parties agree thatthe hearing scheduled before the Weld County Board of Equalization on 7/31/2009 at 8:00 AM be vacated. DATED this 27 day of July, 2009. -fifto Petitioner(s) orAttorn Address: i111/4F°rnV)ry t (car. r /? 4 cOi s/ Telephone:303-8/3--/1 1/ County Assessor: Petitioner(s) or Attorney Address: Telephone: ADDRESS: 1400 N.17th Avenue Greeley, CO 80631 (970) 353-3845 ext. 3656 WIN IX8 LI OW Kom* i 18T IW WO MAN R WINDSOR 105!00000 07727/2009 14:07 FAX 9703046433 WELDC0UJNTYASSESS0R WJ 001/003 FAX TRANSMISSION WELD COUNTY ASSESSOR'S OFFICE Fax: 970-304.6433 Phone: 970-353-3845, Ext. 3695 To: Tom Downey Fax: 303 813-1122 Phone: 303813-1111 From: Stan Jantz Subject: Union Colony Bank Stipulation R0585001 Date: July 27, 2009 Pages: 3 COMMENTS: If you have questions, please call 970 353-3845 ext 3695 or send email to sjantz@co.weld.co.us CONFIDENTIAL This facsimile is intended only for the use of the individual or entity to which it is addressed and may contain information that is privileged. confidential, and exempt front disclosure under auplicable law. If the reader of this facsimile is not the intended recipient nor the employee or agent responsible for delivering the facsimile to the intended recipient, you are hereby notified that any dissemination, distribution, or copying of this communication is strictly prohibited. If you have received this communication in error, please notify us immediately by telephone and return the original message to us at the above address via the U.S. Postal Service. Thank you. REAL AND PERSONAL PROPERTY NOTICE OF DETERMINATION Christopher M. Woodruff WELD Assessor 1400 N 17th Ave GREELEY, CO 80631 Date of Notice: 6/24/2009 Telephone: (970) 353-3845 Fax: (970) 304-6433 Office Hours: 8:00 AM - 5:00 PM SCHEDULE/ACCOUNT NO. TAX YEAR TAX AREA LEGAL DESCRIPTION/ PHYSICAL LOCATION R0585001 2009 0437 WIN 1HS L5 BLK1 HOEHNE 1ST FG 1505 MAIN ST WINDSOR 805500000 1505 MAIN ST WINDSOR, CO 805500000 PROPERTY OWNER UNION COLONY BANK 1701 23 AVE GREELEY, CO 80631-5014 PROPERTY CLASSIFICATION ASSESSOR'S VALUATION ACTUAL VALUE PRIOR TO REVIEW ACTUAL VALUE AFTER REVIEW COMMERCIAL 1,054,500 1,054,500 TOTAL $1,054,500 $1,054,500 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 —J L �oar..Ad' PR 20749/ -NOD a. /1954 IN) i 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`h 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, S 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.) $ 'SIN/ 6,4 -f4 — 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, appraisa- etc.) I ATTESTATION I, the undersigned owner or agent' of the property identified above, affirm that the statements ontained rein and on any attachments ja,ereto are true and complete. I 'YY) -r1' r//// /M 1 Signature / �'% Telephone Number ate 'Attach letter of authorization signed by property owner. 15•DPT-AR PR 207-08/08 NOD /4 1954 Rit DOWNEY & MURRAY ttc ATTORNEYS AT LAW July 14, 2009 VIA CERTIFIED MAIL RETURN RECEIPT REQUESTED County Board of Equalization 915 10`11 Street Greeley, CO 80632 Re: 1505 Main Street, Windsor, CO Schedule/Parcel Number: 080719006007 Dear Clerk to the Board: Thomas E. Downey, Jr. 303 813-1111 ted1ccdowneymmray.com We represent the owner of the above referenced real property in Weld County. Enclosed is a Petition to the Board of Equalization protesting denials, or inadequate adjustments, by the Weld County Assessor. The Notice of the hearing on this matter should be directed to the undersigned. I am not available for hearings on August 3rd through the 5th. Thank you for your cooperation in this regard. Should you have questions, please call. Further, pursuant to C.R.S.§ 39-8-107(3), Petitioner, for each protest, hereby request that the Assessor provide all data supporting the assessor's determination of actual value to the undersigned no later than two working days prior to the CBOE hearing. Very truly yours, 7 - Thomas E. Downey, Jr. TED/ss Enclosure cc: McIntosh & Associates 383 Inverness Parkway 0 Suite 300 Englewood, Colorado 80112 n fax 303 813-1122 EXHIBIT "A" ATTACHMENT TO COUNTY BOARD OF EQUALIZATION PETITION OF UNION COLONY BANK- SCHEDULE NO./PARCEL NO. 080719006007 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 attached analysis of McIntosh & Associates indicates that the value should be reduced to $571,045.00. McIntosh & Associates, LLC I< k a l I v 4 1 t t r n a Can o l t i u G 1505 Main St County: Parcel: Bldg Area Year Built Income Approach per SF Potential Gross Income $ 65,550 $ Vacancy & Collection Loss $ (3,278) Effective Gross Income $ 62,273 Operating Expenses $ (11,400) $ Net Operating Income $ 50,873 Weld 080719006007 5,700 2001 Capitalization Rate 8.00% Indicated Value Less Capital Expenditures M & A Final Indicated Value FMV Assessment Assessment Assessment Ratio 11.50 Per Lease Comps 5.0% 2.00 Management Fees and other Operating Expenses $ 635,906 $ 64,861 Bldg Improvements & Signage; See Attached $ 571,045 $ 100 $ 1,054,500 $ 185 $ 305,805 29% Notes: * In these economic times, we believe that the highest and best use is the current use of this property. With financing options for new construction and development completely disappearing, all investors would gladly purchase and maintain properties that generate market cash flows. * Comparable retail properties for sale in the same submarket are listed at values lower than the assessed value. 1)44 McIntosh & Associates, LLC Lease Comparables Address Cit Annual Space Lease Rate Avail Space Type 1450 Westwood Dr Windsor $ 12.00 3,129 Retail 1290-1292 Main St Windsor $ 10.00 5,560 Retail 1039-1053 Main St Windsor $ 12.00 2,960 Retail 1215 Main St Windsor $ 11.50 1,550 Retail Sales Comparables Address j513-515 Main St Average 'Windsor City SF Note List price 5/SF 6,600 I For Sale I $ 350,000 $ 53 Average $ 53 Space Type 'Retail McIntosh & Associates, LLC Planed Capital Expenditures 1505 Main St - Windsor Costs COWI1505MAINST BUILDING BIMPROVE WINDSOR P.O. PROJECT -BLDG IMPV 2,325.80 COWI1505MAINST SIGN SIGN PROJECT 62,535.40 Totals 64,861.20 M W P CCD 1 Cr U m i7) ZIO.o P _ C303 OOON •2 000 d.+F--v» r.„„o dJm L /O In F- J2 V�� • F - J ti 7007 0710 0003 2092 5627 M (O co O • Y N N C O b O o M C O 0 p < 00 u U Z 6 'n o a) a O u Wilk COLORADO July 24, 2009 UNION COLONY BANK 1701 23 AVE GREELEY, CO 80631-5014 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 Parcel No.: 080719006007 Account No.: R0585001 Dear Petitioner(s): The Weld County Board of Equalization has set a date of July 31, 2009, at or about the hour of 8:00 AM, 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, 2009, and mailed to you on or before August 12, 2009. 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. UNION COLONY BANK - R0585001 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 DOWNEY AND MURRAY LLC 383 INVERNESS PARKWAY STE 300 ENGLEWOOD CO 80112 Hello