The URL can be used to link to this page

Browse Search

Home My WebLink About20092025.tiff‘It COLORADO September 9, 2009 ZUNDEL LLC 2510 WHITE WING RD JOHNSTOWN, CO 80534 CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4226 FAX: (970) 352-0242 P. O. BOX 758 GREELEY, COLORADO 80632 RE: THE BOARD OF EQUALIZATION, 2009, WELD COUNTY, COLORADO - STIPULATE PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE DESCRIPTION OF PROPERTY: ACCOUNT #: R7053698 PARCEL #: 120723203006 - RAD L6 BLK2 RADEMACHER BUSINESS PARK PUD AMD PLAT SITUS: 4059 CAMELOT CIR WELD 80504 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 $2,301,790 $1,977,500 2009-2025 AS0073 C -S c , / kTt E7 T77_I� A3/ 011 ZUNDEL LLC - R7053698 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, Crz:LCG� j� J .� Esther E. Gesick Deputy Clerk to the Board cc: Christopher Woodruff, Assessor 2009-2025 AS0073 2009 COUNTY BOARD OF EQUALIZATION WELD COUNTY ASSESSOR'S ACCOUNT NUMBER R7053698 STIPULATION (As To Tax Year 2009 Actual Value) RE PETITION OF: NAME: ZUNDEL LLC 2510 WHITE WING RD JOHNSTOWN CO 80534 Petitioner(s), ZUNDEL LLC 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: RAD L6 BLK2 RADEMACHER BUSINESS PARK PUD AMD PLAT SITUS: 4059 CAMELOT CIR WELD 805040000 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: IMPROVEMENTS: TOTAL: $407,112 $1,894,678 $2,301,790 4. After further review and negotiation, the petitioner(s) and Weld County Assessor agree to the following actual value for the subject property. LAND: $407,112 IMPROVEMENTS: $1,570,388 TOTAL: $1.977,500 R7CJ69E RA 18 BLK2 RADEMACHER RUSANTEE PARK PUO AMC) PLAT SITUS WSN c:AMEIOT CIR WELD 80 5O10 0 0 0 2009-2025 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: Value was 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 that the hearing scheduled before the Weld County Board of Equalization on 7/30/2009 at 1:00 PM be vacated. DATED this 27 day of July, 2009. Petitioner(s) or Attorney Petitioner(s) or Attorney Address: Address: 25;o uQh,7Q W,/;L,) 1 J'o �L.'.r ow, CO_ 80..53'-f Telephone: ' 4 0 s'5, I £' County Assessor: Telephone: ADDRESS: 1400 N.17th Avenue Greeley, CO 80631 (970) 353-3845 ext. 3656 R7050898 RAD L6 BU(2 RADEMAC4ER BUSINESS PARK PUD AMD PLAT S&TUS. 411511 CAMELOT OR WELD $05040000 M 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 R7053698 2009 2309 RAD L6 BLK2 RADEMACHER BUSINESS PARK PUD AMD PLAT SITUS: 4059 CAMELOT CIR WELD 805040000 4059 CAMELOT CIR WELD, CO 805040000 PROPERTY OWNER ZUNDEL LLC 2510 WHITE WING RD JOHNSTOWN, CO 80534 PROPERTY CLASSIFICATION ASSESSOR'S VALUATION,, ACTUAL VALUE PRIOR TO REVIEW ACTUAL VALUE AFTER REVIEW COMMERCIAL 2,301,790 2,301,790 -...TOTAL $2,301,790 $2,301,790 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 mil! 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. 15,DPT-AR PR 20708/08 NObit 2783 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 99 Av�nd 9"' 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.) $ I18'g2 q3 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.) r�t Mr'A c e * 14 pp roacA NtY No Cot-, DArt Pe_ 51; (Pr L4.rcre IA6I- ✓ inatie_up-lo i5,76 \!1(0Me- 403 roc ref,P4LL Iz '5s' oes6 2pLtce,.,-{-Cam "-Prrocut I,9L11&0. 2s Pt -Fr iv - "hSuil(aJt I5,6S0APr (`"2.0, To Pr ATTESTATION I, the undersigned owner or agent' of the property identified above, affirm that the statements con ined her in and any att chments hereto are true an complete. CI' n)NC! C'6 7/%N/0cl Signature Telephone Number Date/ Attach letter of authorization signed by property owner. 15-DPT-AR PR 207-08/08 NOD #'. 2783 r 11:11 AM 01/05/09 Accrual Basis Beacon Storage Profit 8 Loss January 2007 thn ugh June 2008 OrdinarylncomeExpense Income 4000 • Rental 4002 • Credits Issued 4005 • Uncategorized Total Income Cost of Goods Sold 5000 • POS COGS 5100 • Bus Park Owners As sac Fees 5500 • Subcontract Labor Jan '07 -Jun 08 370,630.06 -3,057.57 1,07523 368,647.72 2,000.00 4,394.50 Total 5000 • POS COGS 6,394.50 Total COGS 6,394.50 Gross Profit 362,253.22 Expense 6120 • Bank Service Charges/ UC Fees 7,620.03 6140 • Contributions 120.00 _5150 • Depreciation Expense 67,230.7 6170 • Equipment Rental 6180 • Insurance 2,100.80 6200• Interest Expense 6206 • Mortgage 159,575.50 _.4 - Total 6200 • Interest Expense 6240 • Miscellaneous 6250 • Postage and Delivery 6260 • Printing and Reproduction 6270 • Professional Fees 6272 • Accounting 6274 • Engineering Total 6270 • Professional Fees 6300 • Repairs & Maint 6302 • Bullding Repairs & taint 6304 • Computer Repairs & tint 6308 • JerMorial Exp Total 6300 • Repairs & MaiM 6340 • TeNOhorelAdvertising 6350 • Meals and Entertainment 6380 • Travel 6390•Utilities 6392 • Gas and Electric 6394 • Trash 6396 • Water 6390 • Utilities - Other Total 6390 • Utilities 6550.Office Supplies 6720 • Snow Removal 6820 • Taxes 6822• Federal 6826 • Property 6828 • State Total 6820 • Taxes Total Expense Piet Ordinary Income 159,575.50 368.73 440.83 1,005.00 4,275.00 526.20 4,801.20 13,476.18 3,124.10 22.50 16,6'2.78 16,496.49 2136.09 1,005.33 5,563.42 763.01 2,398.13 40.00 8,764.56 1,084.67 2,574.00 0.00 43,826.56 0.00 43,826.56 333,999.54 28,253.68 Page 11:111WR -. ' miasma mass Basis Beacon wage Pry i Loss aa.ne.,VWWtth lgbJens ZS Onetnaan espense Other Monte 1ow•emeeeteeee ToldO9Nreeeame ItatOllarktains Net boons I guar 3 D,, rt4 y iV;;LW— `J -i- ig MO rt. "trAt�X2 5 Jan -Jun OB 1.018.89 1,18.89 1918+w assist i- tow DapfeGa4't+,Bre"" 1 - ee y( It Qa'L.kek— 45igla SSner 22cct! 1Z '1b4ir IS I, 2-36,6u (y,4-Ct.r,. Gm Rt te. see $r NSW' I:attIci Po.xribizRick- SS;(ko h`itr Sae )> Go°jo Qaa l ex •r-nce' io3 3;,20K 2 6O0 72.�f la vo 32 �� i,�cg0'4 Valuation of Self Storage Facilities A Primer on the Language and Calculation of Value By: Michael L. McCune, President Argus Self Storage Network What Creates Value? Although the word valuation seems to be quite straight forward, a little thinking about the term will give us some insight into ways of determining an accurate measure of value. The first question to ask is why someone wants to own a self -storage facility. The answer is almost always that they want the current income with a potential for growth in that income over time and the ability to sell the facility at some time in the future at a profit. Very few people buy a self -storage facility for esthetic satisfaction or to impress their friends or even to use it for their own needs. If, for example, someone were purchasing a diamond or an automobile, the reasons to purchase and the elements of value would be much different than those for acquiring a self - storage facility. In reality, the only reason to buy a self -storage facility is that it produces income and more of it in the investor's view than could be produced at similar risks in other types of investments such as stocks, bonds, car washes or hotels. It is now probably clear that the principle underlying theme of value as it relates to self -storage is the ability of the facility to generate income and to continue to compete against other self -storage facilities for the business available in the marketplace. Little concern is given to any characteristic of the facility in the valuation process that does not contribute to the production of income. Thus, to measure the value of a given facility, we have to first understand not only the amount of income generated by the project, but also the nature and reliability of the income. This income "stream" must then be compared to other forms of investment to determine the appropriate level of return on investment that induce buyers to buy self -storage facilities rather than other types of investments. A Word About Appraisals This article focuses on the three traditional approaches to value used by real estate appraisers: I) the income approach, 2) the comparable sales approach, and 3) the cost to replace the facility. In appraisal theory, all three approaches provide the same answer to the question of real estate value. However, because of the dominance of the importance of income in generating value, a great deal of focus is placed on understanding the composition and nature of the income. As will be seen, the other two appraisal approaches are also important in determining and confirming value. The Source of Value In self -storage, and most other income producing real estate, the source of value is either current actual income or the reasonable potential of future income. The potential future income can come in the form of either increased actual income or the proceeds from a sale of the property. Income seems like an easy word to understand, but in determining real estate value, the term income has several meanings, and we need to further define exactly what is included in income. For purposes of determining value, the definition of the term Net Operating Income (NOI) is important. NOI is merely the product of subtracting the Operating Expenses from the Operating Revenues. Operating Revenues are those revenues that are generated from the day to day operations of the facility such as rents, reasonable late fees, lock sales, box sales and auctions. Operating revenues are not proceeds of sales of equipment or partnerships in the property, insurance claim payments, proceeds of refinancing, or other non -reoccurring income. The key to understanding Operating Revenues is that they occur in the ordinary course of the primary business on a recurring basis. In the case of self -storage business, this is collecting rents from tenants. Other revenue can be included only if it is ancillary to the main business of renting spaces to tenants. Other revenues will not be considered as real estate in valuing the project if they become more than ancillary to the real estate business. For example, if box sales contributed sixty percent of the total revenue, that income would be viewed as income of another business rather than real estate value, which unfortunately is less valuable than real estate. Operating Expenses used in valuation are most interesting for what they do not include. Operating Expenses do not include interest, depreciation, large equipment costs or amortization on a loan. Also, for valuation purposes, Operating Expenses do not encompass any personal expenses -- skip the car, the club and carats (diamonds for that special person). However, Operating Expenses may include some things that are not currently being paid for by the facility such as management fees. The reason for including management fees, even if they are not currently being paid, is that the next owner would have to pay them or provide the service himself. Operating Expenses that are used in valuing the property can also include increased property taxes caused by the sale of the property because the new buyer will have higher tax expenses (thus, less income) than the current owner. The expenses that are included are the usual recurring costs such as labor, utilities, legal, insurance, advertising, repairs, and telephone. Now it is time for the math. "Net" the Operating Revenues, the Operating Expenses, and the product is Net Operating Income (NOI). As an example that can be used further along in this review, assume that the Operating Revenues are $342,000 and the Operating Expenses are $120,000 (about 35%) for a resulting NOI of $222,000. It should be noted that, except in extraordinary cases, the buyer would only consider "Trailing Income" (i.e., the last 12 months of actual NOI and not projections of rent increases in the future). Note that NOI is not Cash Flow. Cash flow is the NOI minus the Debt Service, both the principal and the interest on any loans. Cash flow is not a component of valuation. However, it is a very important component in calculating the Return on Equity, which is the ratio of the Debt Service to the amount of equity required after placing a loan on the property. How Much Will The Buyer Pay For the Income? Now that the NOI has been calculated, it must be determined what reasonable buyers in the marketplace will pay for the level of NOI that the facility has available to a new owner. This relates to the buyer's perception of risk and his requirement for a return on investment. The Market Value of the property is the capitalized value of the income stream that can be reasonably expected to be achieved in the marketplace meeting the return on investment expectations of buyers. How is the expected rate of return on investment determined for the marketplace? As noted earlier, the appraisers use comparable sales to help determine value. In this case, previous sales of self -storage are examined to determine what rate of return buyers demanded to earn in order to purchase a given facility. For example, a comparable sale may have been a first class project in a large metropolitan area with an NOI of $160,000 and sales price $1,641,000. This would indicate that this buyer required a 9.75% return on NOI and that the seller would accept that return. Mother sale of a class C facility in a small declining industrial town sold with a $120,000 NOI and a sales price of $1,043,000, indicating that the buyer was willing to buy only if he could achieve a return of 11.5% on this less attractive property because he thought there was more risk and less potential for income growth. After looking at many such sales, it becomes clear that the market for selling self -storage facilities exists almost exclusively at rates of return to the buyer of between 9.0% for the very best properties and 11.5% for the properties with the most risk and least quality. The chart below shows some recent sales and the lines that represent the 9.5% and 11.5% returns. As can be seen the large majority of sales occur in that market range. Because there is a supply of buyers and sellers that are willing to sell or buy at these rates of return, it is very rare to find a sale out of this range. For example, if a seller will not sell for the market rate of return for his property, another seller will sell for that price thus satisfying the buyers in the market. The fact that most self - storage facilities are bought by current owners of other facilities who are very familiar with the business, means that the range of market values is very narrow; they know what the risks and rewards of self -storage are worth, both when buying and selling. Recent Self Storage Sales $ 150 140 _ 130 _ 120 _ 110 _ LL 100 _ CO 90 _ a 80 7 70 tis • 60 _ 50 40 30 _ 20 _ 10 0a _ 0 1 2 3 4 5 6 7 8 9 NOI PSF of Net Rentable Area Lines represent Cap Rates 10 11 12 13 $ Data supplied by SSDS. Computing the Value Now it's time to calculate the value of the self -storage facility that was used in our discussion of NOI. The NOI in the example was $222,000 and now that we know the range of returns that buyers expect (and at which other sellers are willing to sell), the value can be determined by learning just a bit more about our hypothetical property. First, assume that the property is in a fast growing area, low vacancy, new and of good construction. This property would compare favorably to the property that sold for the 9.75% return, thus the value of the NOI divided by the rate of return (9.75%) would be $2,256,000. Now assume that the example project closely resembles the project in which the buyer required an 11.5% retum to buy. The value would then be $222,000 divided by 11.5% or $1,930,000. Real estate professionals refer to these market rates of returns as Capitalization Rates or simply Cap Rates. The accompanying chart shows some of the characteristics of projects for relating to various Cap Rates. This chart should be used as a general guide in developing values. Clearly, there are other adjustments to be made in calculating values of self -storage facilities, such as a deduction for excessive deferred maintenance or the economic consequences of a high -rate loan that must be assumed. Positive adjustments can be made for extra land or rental rates that are grossly below market. Cap Rate Adjustments ITEM 9.50-10.00 10.00-11.00 11.00-11.50 Occupancy 95% - 100% 90% - 95% < 90% (last two years) Rates Continuous Rise Steady Falling (last two years) Size >45,000 30,000 to 45,000 <30,000 Competition None One More than One (3 mile radius) Competition's 95% - 100% 90% - 95% < 90% Occupancy Surrounding Area Growing Metro Large City Rural Density >200,000 100,000 to 200,000 <100,000 (5 mile radius) Traffic Counts >25,000 10,000 to 25,000 <10,000 Median Household Above Average Average Below Average Income Manager Full-time Full -Time Other Living on Site Living on Site Records Computerized and Computerized Other (last 3 years) Professionally Audited Computer System Computers and SS Computers None Accounting Software Construction Concrete or Brick Combination Metal Brick and Metal Maintenance Pristine Little Deferred Modest Deferred Maintenance Maintenance Security Full Gate and Full Gate Other Card Access Access Very Direct Clear, but Difficult not Direct Visibility Can see Sign Can see Sign and Can see Sign only and Facility Entrance Drives Concrete Paved Gravel Argus Real Estate, Inc., Denver, CO The Last Approach to Value As you may recall, there is a third way to look at value, which is the Cost to Replace method. This method simply attempts to develop the current costs to replace the project today. Theoretically, this method should produce roughly the same value as was computed in the above analysis when the appraiser makes the right adjustments. However, it is more than an exercise in good appraisal to make this comparison. In the market today there are a number of projects where the value computed on income capitalization significantly exceeds replacement cost of the project. The difficultly arises because this situation provides an incentive for developers to build additional units that could cause the market rental rates to decrease from existing levels. Over- building continues to be the most significant risk to self -storage values. Sophisticated or well - represented buyers always make this calculation and will make an adjustment to the NOI of a facility for sale if there is a significant potential exposure to over -building (or simply look elsewhere). Lenders, in their appraisals, are beginning to become even more sensitive to replacement costs and are often using them as an upper limit to loan value. While not a rule, it appears that when income capitalization derived values exceed replacement cost valuations by more than 15%, adjustments to the income valuation become necessary to consider. How to Value Your Property The above review will provide most of the mechanics to help you get to a preliminary or ball park value for your facility. However, you have to be impartial when making the judgment call required regarding income and expenses and compare your project to the chart to get an estimate of the Cap Rate. Then talk to a professional -a broker or an appraiser - and ask them for an estimate of value. Talk to them in detail about how they developed their value and see if you concur. Unless you fully understand all the assumptions they use and agree with them, you should hire an appraiser to do a complete appraisal to be sure of the value. Such assurances will allow you the to enter into the sales process with confidence that you are pricing the property correctly. The time to be sure is before you list the facility. It is important when getting professional advice to get it from a broker or appraiser who is familiar with self -storage. Like any business, there are some things that are unique to self -storage that the average broker or appraiser may be unfamiliar with regardless of his other experience or intentions. Understanding and setting the value of the property is the single most important step in the selling process. eito COLORADO July 23, 2009 ZUNDEL LLC 2510 WHITE WING RD JOHNSTOWN, CO 80534 Dear Petitioner(s): 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.: 120723203006 Account No.: R7053698 The Weld County Board of Equalization has set a date of July 30, 2009, at or about the hour of 1:00 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, 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. ZUNDEL LLC - R7053698 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 Hello