The URL can be used to link to this page

Browse Search

Home My WebLink About20091981.tiffSeptember 9, 2009 CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4226 FAX: (970) 352-0242 P. O. BOX 758 GREELEY, COLORADO 80632 SADDLEBACK GOLF CLUB LLC 8631 FRONTIER ST FIRESTONE, CO 80504-5448 RE: THE BOARD OF EQUALIZATION, 2009, WELD COUNTY, COLORADO - STIPULATE PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE DESCRIPTION OF PROPERTY: ACCOUNT #: R0544901 PARCEL #: 131119000005 - FIR PT 19-2-67 (ZADEL & ZADEL 2ND ANNEX) BEING PARCELS A -B -C -D -E AS DESC IN BARGAIN & SALE DEED REC #2813046 12/13/00 & ALSO DESC IN QUIT CLAIM REC #2818638 1/11/01 KNOWN AS SADDLEBACK GOLF COURSE (6D) SITUS: 8631 FRONTIER ST FIRESTONE 80502 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 $1,806,902 $1,300,000 2009-1981 AS0073 0 fi /'L 7 (1- E770s) SADDLEBACK GOLF CLUB LLC - R0544901 Page 2 If you have questions or need additional information, please do not hesitate to contact me at (970) 336-7215, Extension 4226. Very truly yours, Esther E. Gesick Deputy Clerk to the Board cc: Christopher Woodruff, Assessor 2009-1981 AS0073 Jul -09 09 09:45a Saddleback Golf Club 67!09/2009 09:44 FAX 9703046433 NKI.UCULNTYASSLSSUK tt 303-833-3515 p.2 tuuL'vuJ 2009 COUNTY BOARD OF EQUALIZATION WELItCOUNTY ASSESSOR'S ACCOUNT NUMBER R0544901 STIPULATION'(At TO Tax-Year2009" ActuatValue)"7 RE PETITION OF : NAME SaddtebactcGaltCtub ttG`Z. ADDRESS: 8631_ Frontier St. Firestone C{T.-80514-544t\ CD COC -D Ti- rn Petitioner(s),Saddleback.Golf Club. LLC and the Weld County Assessor, hereby enter into this Stipulation regarding the tax year 2009- valuation of thesubject propartr , andjointly move that the Boardot Equalization to enter its order based on this Stipulation. Petitioner(s) and the Assessor agree and stipulate as follows: 1. The property subject to this Stiputatfon- is doscr1bedas- (LegaLdescription) FIR PT 19-247 (2ADEL & ZADEL 2ND `ANNEX) BEING PARCELS A -B -C -D -E AS DESC-JN'BARGAIN& SALEMEL) rtEC'xn81304812/13/00 & ALSO OESC IN QUIT CLATIUN REC a28186381/11/01 KNOWN AS. SADDLEBACK GOLF. COURSE (60) 2. The subject property is classified as Golf Course and amenities prupglrty. 3. The CountyASsessororiofnalfyassignedthefbltowingactuatvaluttothe-subject) propertyYirtax year 2009. Land'— 17- 490240 — Improvements$.. 1.310.&6Z Totar- 3'7 4.. After further review and negotiation, the petitioner(s) and Weld County Assessor agree to-the.fdlibwtngactuat vatue-forthesubjeLt prupri3y. Land- ° 379",-188‘ Improvements$ 927.820 Totat- a` 2009-1981 Jul'09 09 09:45a Saddleback Golf Club 07/09/2009 08.45 FAX 9703046433 WELDCOUNTYASSESSOR 303-833-3515 IJ 003 /003 P.3 5. The valuations, as established above, shall be binding only with respect to tax year 279. 6. Brief n ffarratiVe as ta why the reduction was -made: daJue was ad8S upon the moralmarket prices cello. ft. that were in place in the base period. additlbil*Wthe tnconie-Was"Consl athackipb theiminket. 7. Both parties agree that the hearing scheduled before the Weld County B-oanfi* Equalization on N/A at N/A ac be vacated• or, a hearing has not yet been scheduled before the Bbardof Equalkation .. x {check if -appropriate). DATED this TAY day of MONTH; 70097) Petitioner(s) or Attorney Address: Telephone3 3 X33— C Telephone: a-D3-.0(0\3-22CD \ ounty Asf?asstir Address: T400'N:t7ttrAvenue' Greeley, co-806St (970) 353-3845 ext. 3658 Jul`09 ❑9 09:45a OY/U9/ZUU9 08:44 FAX i Saddleback Golf' Club 303-833-3515 9703046433 WELDCO➢NTYASSESSOR Z001/003 p.1 1400 N. 1710 Ave Greeley, CO 80631 970.3034541 art 3077 870-304.6433 wmeees®oo.welo W.us :124/ Tom O'mal{ey ✓' Weld County Assessor Office= s Wade Makes taxi _303=833-solb - Pilreale 3 Phoney 303-668-2210 Deis 8 -Jul -09 Rer- .Stipulation..._ - O Urgent O For Review O Please Comment x Please Reply 0 Phase Recycle • Comments: Sign and _return Thank you. Wade 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 R0544901 2009 3929 FIR PT 19-2-67 (ZADEL & ZADEL 2ND ANNEX) BEING PARCELS A -B -C -D -E AS DESC IN BARGAIN & SALE DEED REC #2813046 12/13/00 & ALSO DESC IN QUIT CLAIM REC #2818638 1/11/01 KNOWN AS SADDLEBACK GOLF COURSE (6D) SITUS: 8631 FRONTIER ST FIRESTONE 80502 8631 FRONTIER ST FIRESTONE, CO 80502 PROPERTY OWNER SADDLEBACK GOLF CLUB LLC 8631 FRONTIER ST FIRESTONE, CO 80504-5448 PROPERTY CLASSIFICATION ASSESSOR'S VALUATION ACTUAL VALUE PRIOR TO REVIEW ACTUAL VALUE AFTER REVIEW COMMERCIAL 1,806,902 1,806,902 TOTAL $1,806,902 $1,806,902 The Assessor has carefully studied all available information, giving particular attention to the specifics included on your protest. The Assessor's determination of value after review is based on the following: CM05 - The law requires that all of 2007 and the first 6 months of 2008 data be used to establish current values. We have considered all (3) three approaches to value in arriving at your current valuation. We have denied your appeal based upon this data. If you disagree with the Assessor's decision, you have the right to appeal to the County Board of Equalization for further consideration, § 39-8-106(1)(a), C.R.S. The deadline for filing real property appeals is July 15. The deadline for filing personal property appeals is July 20. The Assessor establishes property values. The local taxing authorities (county, school district, city, fire protection, and other special districts) set mill levies. The mill levy requested by each taxing authority is based on a projected budget and the property tax revenue required to adequately fund the services it provides to its taxpayers. The local taxing authorities hold budget hearings in the fall. If you are concerned about mill levies, we recommend that you attend these budget hearings. Please refer to last year's tax bill or ask your Assessor for a listing of the local taxing authorities. Please refer to the reverse side of this notice for additional information. 8631 Frontier St. Firestone, Co. 80504 Telephone:303-833.5000 Fax:303-833-3515 Cell:303-668-2200 Whitey O'Malley General Manager tomalley@saddlebackgolf.com www.saddlebackgolf.com ih C C n O :Cm u)n v� rr1 -15-OPT-AR PR 207.08/08 NOD M. 3384 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 Av end 9th Street, P.O. Box C Denver, CO 80203 Greeley, Colorado 80632 (303) 866-5880 Telephone (970) 356-4000 Ext. 4520 www. dola. colorado. gov/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.) $ t ,og5Sat 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 ittstalleld cgst, appraisal, etc.) ATTESTATION under owner or agent' of the property identified above, affirm that the statements contai n! �• on any attachments hereto r trim and complete. / 3J3-Lp ZZ -7/ / /O� • nature Telephone Number Da e 1 Attach letter of authorization signed by property owner. 15 -OPT -AR PR 207-08/08 NOD 3384 7:54 AM 07/03/09 Accrual Basis Saddleback Golf Club Profit & Loss Prey Year Comparison January through December 2008 Ordinary Income/Expense Income Greens Fees Green Fees - Promo Greens Fees - Other Total Greens Fees Cart Rentals Cart Rentals - Tournament Cart Rentals - Other Total Cart Rentals Clubhouse Sales Accessorie Sales Bag Sales Club Sales Gloves Sales Golf Balls Hats/Caps Sales Ladies Clothing Men's Clothing Rentals - Clubs/Pull Carts Shoe Sales Clubhouse Sales - Other Total Clubhouse Sales F&B Alcoholic Beverages Beverages Food Sales Snack/Candy Sales Tobacco Total F Lessons Miscellaneous Income Range Sales Sales Season Pass/Corporate Member... Unredeemed Gift Certificates Total Income Cost of Goods Sold Clubhouse Sales Cost of Goods Accessories COGS Bags COGS Ball COGS Clubs COGS Headwear COGS Ladies Clothing COGS Mens Clothing COGS Shoes COGS Total Clubhouse Sales Cost of ... F& B Cost of Goods Beer & Alcohol Food COGS Non -Alcoholic Beverages Snack Foods Tobacco COGS F& B Cost of Goods - Other Total F8 B Cost of Goods Jan - Dec 08 Jan - Dec 07 $ Change % Change 0.00 5,520.00 -5,520.00 -100.0% 656,058.48 660,236.24 -4,177.76 -0.6% 656,058.48 665,756.24 -9,697.76 -1.5% 0.00 95.76 -95.76 -100.0% 190,664.01 187,719.35 2,944.66 1.6% 190,664.01 187,815.11 2,848.90 1.5% 19,431.34 23,295.90 -3,864.56 -16.6% 4,378.40 3,884.26 494.14 12.7% 27,798.73 22,760.51 5,038.22 22.1% 6,795.17 6,980.83 -185.66 -2.7% 21,273.98 21,166.23 107.75 0.5% 9,174.87 11,383.07 -2,208.20 -19.4% 6,292.08 8,301.36 -2,009.28 -24.2% 20,124.49 20,295.93 -171.44 -0.8% 8,567.33 9,358.95 -791.62 -8.5% 7,064.70 6,006.55 1,058.15 17.6% 0.00 26.31 -26.31 -100.0% 130,901.09 133,459.90 -2,558.81 -1.9% 146,065.81 140,046.05 6,019.76 4.3% 37,150.21 36,376.47 773.74 2.1% 37,724.51 37,271.78 452.73 1.2% 12,364.08 8,908.11 3,455.97 38.8% 2,462.50 4,278.38 -1,815.88 -42.4% 235,767.11 226,880.79 8,886.32 3.9% 8,754.04 9,324.25 -570.21 -6.1% 1,096.81 1,080.34 16.47 1.5% 44,135.85 41,683.48 2,452.37 5.9% 246.00 0.00 246.00 100.0% 28,100.00 29,541.03 -1,441.03 -4.9% 5,513.47 14,400.62 -8,887.15 -61.7% 1,301,236.86 1,309,941.76 -8,704.90 -0.7% 18,258.02 17,010.81 1,247.21 7.3% 2,986.82 2,302.92 683.90 29.7% 16, 217.49 14, 306.73 1,910.76 13.4% 19,413.19 15,713.12 3,700.07 23.6% 5,356.84 4,985.28 371.56 7.5% 3,963.17 7,599.29 -3,636.12 -47.9% 14,392.44 14,181.26 211.18 1.5% .5,314.65 3,887.49 1,427.16 36.7% 85,902.62 79,986.90 5,915.72 7A% 42,254.50 42,581.42 -326.92 -0.8% 27,879.97 26,730.68 1,149.29 4.3% 10,753.26 12,057.52 -1,304.26 -10.8% 2,889.26 2,513.20 376.06 15.0% 1,764.55 3,200.84 -1,436.29 -44.9% 167.84 6.36 161.48 2,539.0% 85,709.38 87,090.02 -1,380.64 -1.6% Page 1 Paid Starts (Paid start being a 9 or 18 hole start) M C r M M M M 00 N aD r 0) 0) cc) N O Na O� O N r r O V O - r O O O O O co T 10 0 co U O 0 r 0 0) O CO O r O O) M M c0 CD O) CO O) 0 CO N-- CON- 0O (D V V r CD r O OD CO (NO OD LO N NNNNNNN Cr) CO Cr) N NN 0 • u) O O u) u) V O O r O) U) cO O cO OMO ODO O) 0003 Or 0 (D O CO 0) u) r M 0 co rN M N N N CD v —O M CO 01M N N N r 'r) r CD C V N CO f0 r 0 M_ O N r N 0 CD (O "4- M O u)N r O r V: 0. OO(OrO0) (0 OO O r O) r O CO r OD (CV cA p r (f) _ N co M N M N N N Z O co C O N r r u) N UD OD N O 0) O u)ONOOcoMMu)OCOu)OOD 0 5 r op u) O CO O R O O N N- O OD CO c0 O NONON OD La Tr N N N N N N N N • O M u) r u) O c0 t0 O (O C CD O O (O N r O CD 7 O M M N CO r N CO P. co top CO) I-- co o co O M COD N M N N N (j) N N N N N N N r u) r r N (O co M O LO O O CD CO M O c0 co O M coOCO CoD OO M CD c0 naD N 7 COO CO OD ON) I"- CO < O NC N 01 N t CV N tr O1 N Tr col N t 0N M O N N CO UD u) CDOO u) 0) CO V V OO NCOMNOODOOUO0)NN V N CO a00r CO V LC) CD u)NOOO CO CO = u) CO V CO V OD u) CO V CO CO LO N r r r r r r r r CO V N CO (O O CO 0)M N up co u)ON C C N V M? r C() O UD O CO V Nr Or) r Uul OO N COO • u) V N O O r O O 0 a V M R M 7 V r M N 0) r u) M V (D CO N N O O r 0) T-- C) CD O u) CO ON- r- up O) 0) NCD .L. m0_' 0) N co r O 0 r r CO a) O N C O .L.. LL r 0 r N� -`O O O O 4 0 E ( C n 3 J)m aci min CD COr O) N O)F2O 0 CO (dp LLO L ~ Oa y) O 2 03 CN N CO r CO (O M CO CO r CO CO CO O CO O N Or LO N O O `"' -O rt.. ', (0 fn N U 0 0 0 0 0 0 0 0 C N (n a O N H F- H 0) L 3 N m o E N CA r) CA a 0) c0 CA (0 O r a O a O a O N M V LO O r cO CO CD �i C :E O C O c O c O c O c O c O c O c p 0 0 0 0C) 0 0 0 y o a o o o o o O O O O O O O o 7 CVCCVCCVCNCCVCNCCVCNC TNNNNNNNNaCO'mw in = = = 7 7 7 7 7 (0 2 ) N« x w •LL d' 2 Q' d' 2' d' Q' 2 O r rr rr 4 # 4 4 r O O N N C 7 2 C) C O N co L y L (n C Cl) in _ co O C c F2 .E cn N- N- u O O O O N r u)OO(0rUa) N M M N N N N O O O O O O O co M M M N M N O O M MM Ch co ceN O M • M M M CO M M O 0 0 0 0 0 0 0) 0 M M M N M M M N N 'O M MRNMMNO u) (O u)Mu)r LO N N T op N u) u) O N 7 N O O) M 00 N O N C (0 u) V UD M M O r M LO N r O CO u) y r O O O 0) O O CO O c c C r M co M co V O M O M O CO r M r M c0 N N CO N M N N N O N 0) .„,w o LL') 0 O Q r O LL) (.O O (D u) r M N co V C • C 3 7 — u) t CO O O M O r M co u) V o (O CO N '— O (0 CO (O u) u) (O 0 CO LO N N r NC O') rM7 V OC)� N N C aN V Nu)N LO CA LC) CO u)N V N �Nu) NNNNMNNN > C w 'O 'O 0 C C 0) 0) V LO CO N- CO 0) C'+) CO O N N (D 0) (O co U > 0 U r rr el r O Tr M O V' Cp Op Cp O W r CO u) O CO M (O r r CO O p 0 C O V- N r M N M r M r N N r r N N r N r r 3 0 N N 0 0 3 r O 8 u) r u) (D r O CO V V O 0 O M M UD M " C C O O � ' t (o C o U cc 0 0 W up v z' F CID Z' ox U zz d W V] c W U g P. d 1 g rn o F • U F = zz W d ; cn cip U O Md U Qa 0 L.; >- 6 - c .cm V LI u 3.c O. = 'F3 v E `e a = z o n T v U e e T U N O b a t G \ e- -o U C =2 U e e e e e e e O O o pq V C O O T T_ ,:`4' F - a e e e e e e 000000 Po w T r "r C O r O r 0 G L 6 P P P e e t O O O '00 00 ee `OOO o= r`..Om`o m P O r ca ,,g,— e r .c wvo vcr e ``�. ee• ee Le, vv •. ' r e O a0 O O vl e Lc; •46 Lb rif Ti C 15 C T y T y tbs EE _a 9 v g o '3 y n y g m o 4 V UL too -E C O.C E U L "Pe A C C pT V O"a o A vv 2:3 T 3 �i o C_ ` NC CL .� 0 .9 ,..Onn ESc q0E vGu'C v9 m. a q o G ii a, _$ a k 15 o a c 2 o v o 8 q d vN E t# o L co co „ G my v v E 0 2.:,-"°13 Y O$ V O j 0 V .L u .4 1` U o O G UCZ. UDCU f NUCZ a EL.La. CCU c 0 0 5 cOU c o Ln v ° o 0 v- Si i.) v U O E L p O OU �'A n O Tii = i te 0 0 Y 22 V C m a.iU > 0 0 L L 0 0 0 0 0 0 e e e .e a i O O O err e O P aO � T e r e n O OR P m O: o m r P• „ e° re O O pi u] en e W cO e O r O„ O e e P r ' a e O O ri.iv� n 'o r C °i V T U >. n C E j y the - EIn y i, EOv Eu EOEq'O c E v z„ E g y q„ a ir2 _c�v Qzuy„ H V E �4g. Lill" E O O i m :PTA =..0;..E o f O 2 r2UCZ.E 2e)zS i 2i) C 6 Si C t. - b 1 O 6 i V y C co „ E O U o _U U u 8 rvi OV a c> OU U OU Ir; E `° "c .0 c 6 c P E o$ Sr'? __ c ° c c dg °U'oG' >'�i XG`ov zmo N r • cn Lo r Market Commentary RealtyRates.com Investor Survey Cap Rate Index Records Modest Increase During 1st Quarter 2008 Contrary to a 41 basis point drop in Treasury rates to which most commercial mortgage interest rates are indexed. but buoyed by generally higher spreads -over -base and a two basis point jump in surveyed equity dividend rates, the RealtyRates.con? Investor Survey Weighted Composite (Cap Rate) IndexTlN increased a modest seven basis points, from 9.49% to 9.56% during the 1st Quarter of 2008. That said however, five of the 11 property sectors surveyed, including core Industrial, Office and Retail sectors recorded Method -Weighted Property Category (Cap Rate) Index decreases. The greatest increase was recorded by the Lodging sector, up 73 basis points, followed by the Golf sector, up 17 basis points. The greatest decrease was recorded by the Restaurant sector, down 19 basis points, followed by the Office sector, down 11 basis points from the previous quarter. RealtgRates.com INVESTOR SURVEY - 2nd CURRENT & HISTORICAL CAP RATE Quartet 2008' INDICES ILIAr igMeA.tero' t . _rural. r 11.42 or Fa 9.861y a 11.14 mince composite ndea.=�, 9.56 9.56 Healthcare. Se 7 FKf�. ' - e A Go Housing 2008 i 8.60: 11.89 . 9251 ` &7 Ind; 9.1 9 .Mill , Par _. .. Ladgmg caroms pt.._ „. _. 10.9221 8.861 8.07 7 9. 1st Qtr.! 8.60 11.891 9.25 9.19 10.971 9.22 8.861 8.87, 11.421 9.86 11.14 2007 I 8.81 11.72, 9.53 9.52 10.49 9.37 9.251 9.20 11.851 9.931 11.29 9.75 9.49 4th Qtr.: 8.59 11.72'. 9.36.:9.29. 10.24! 9.14 8.97 8.97 10.61 9.941 11.08 2006 i 9.26 11.93 10.18 9.77 10.771 9.63! 9.72, 9.32 11.24 10.31] 11.53 10.03 2005 9.14 11.46 10O3 9.42 10.50: 9.221 9.46 9.02 11.06 10.041 11.44 9.77 2004 9.00 10.661 10.19! 9.72', 10.711 9.03 9.40 8.86 11.011 1 9.91! 11.74 9.75 9.94 9.82 2003 9.19 10.38. 10.56 9.53. 11.63! - 9.51, 9.44 9.05 11.16] 10.041 12.04 2002 9.21 10.70: 9.92 9.20 11.13. 9.62 9.43 9.23 11.08. , 10.57'1 10.99 2001 ; 9.611 10.52 10.31 9.81 10.87. 10.22! 9.781 9.85 11.11'1 10.691 12.76 10.23 2000 8.97] 9.19 941. 9.65. 9.89 10.90,, 10.13] 10.38 10.641 10.561 12.44 10.01 1999 7.941 8.14 8.34 8.54 8.76'4 9.651 8.971 9.19 9.42' 9.351 11.02 8.87 1998 8.711 8.93' 9.15 9.37 9.601 10.591 9.84 10.08 10.331 10.26! 12.09 9.73 1997 ' 8.451 8.66, 8.88 9.10 9.32' 10.28 9.55 9.79 10.03; 9.96' 11.73 9.44 t 1996 ' 8.471 8.70 8.93 9.17 9.4T 10.46'' 9.66 9.92 10.68 11.35 10.191 10.06. 11.92 12.80 14.78 9.54 1995 9.22; 9.45 9.68 9.92 10.17 11.21 10.42' 1594' 12.63! 10.86: 12.84' 10.30 11.90 11.90 1994 I 9.155 10.37; 11.63 1037 1163 12.92 12.74; 13.94. 12.05 1993 7 9 1292' 12.74 13.94, 12.051 11.35 12.63: 12.841 14.78 -�- 1992 i 9.681 10.90. 12.17. 13.47 13.30 14.561 12.63-- 11.94 13.24] 13.451 15.49 12.48 'Je'ghtedbymehodology: Band of Investment, OCR Technique Salers Stnvej� Clapp Wtstherweightedbypropertg category ,.-....................4& • a a± -.aisdOlr.ts,�-emu, i•.,. ,a f{+ . ' . ;.r.. r'., • 1:t Quxter 2008 0 to Copyright 2008 Rc4ItyRotc:.com'" The increase in the Weighted Composite (Cap Rate) IndexTM is consistent with coincident increases in surveyed cap rates, i.e., those derived from actual market transactions, which are historical in nature, as well as rates derived via built-up techniques, which tend to be forward looking. RealtyRates.comTM Hello