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Home My WebLink About20092344.tiffPETITION TO STATE BOARD OF ASSESSMENT APPEALS 1313 Sherman Street, Room 315 Phone: (303) 866-5880 Denver, Colorado 80203 Fax: (303) 866-4485 Date: August 20, 2009 Property Owner: Longs Peak Business Center, LLC Subject Property: 5073 Silver Peaks Dacon® Street Address City Schedule Number(s): R4647307 Attach separate sheet if necessary Appeals the decision of the Weld County VI Board of Equalization ❑ Board of Commissioners ❑ State Property Tax Administrator For Office Use Only Docket No Fee: Y N Check/Credit Card # P F H Dated: 8/4/09 This Appeal concerns: 2Valuation O Refund/Abatement O Exemption O State Assessed Tax Year: 2009 The subject property is currently classified as: ❑ Agricultural O Commercial [Exempt VI Industrial [2Mixed Use O Natural Resources ❑ Oil & Gas (O Personal OPossessory O Producing ❑Residential O State Assessed O Vacant Land Interest Mines Actual Value assigned to subject property: $2,178,117 Petitioner's estimate of value: $1,400,000 Estimated time for Petitioner to present the appeal: minutes or 4 hours. Not less than 30 minutes. Board will allow equal time to County or Property Tax Administrator. Appearance: 0 Petitioner will be present at the hearing ❑ Petitioner will be represented by an agent VI Petitioner will be represented by an attorney Petitioner will appear by telephone Petitioner is responsible for calling the Board at 303-866-5880 on the scheduled date and time of hearing (Mountain Time Zone) All entities must appear under the representation of an attorney licensed in Colorado. Closely held entities, however, require no attorney if they are represented by an officer of the entity as long as the amount in controversy does not exceed $10,000, exclusive of costs, interest or statutory penalties. A closely held entity can have no more than three owners. A trust need not be represented by an attorney as it is not an entity. Filing Fee: ❑ None Petitioner is appearing pro se (self -represented) and has not filed more than two Petitions with the Board of Assessment Appeals during this fiscal year (July 1 — June 30). O $ 33.75 Petitioner is appearing pro se (self -represented) and has filed more than two Petitions with the Board of Assessment Appeals during this fiscal year (July 1 — June 30). VI $101.25 Petitioner will be represented by an agent or by an attorney. In the space below, please explain why you disagree with the value assigned to the subject property SEE ATTACHED 4S(Y_%?/ CoAic-M%4 e i319 co,. Mc; (41 oc3h(C`1 2009-2344 Required attachments to this form: • Assessor's or Property Tax Administrator's Notice of Valuation or Notice of Denial O Decision of County Board of Equalization, County Board of Commissioners or Property Tax Administrator Attachments required under certain circumstances: ❑ A notarized Letter of Authorization if an agent will be representing Petitioner ❑ A list of names, last known addresses and telephone numbers of co -owners or parties directly interested in the subject property if applicable. Certificate of Service I hereby certify that a true and correct copy of the foregoing Petition to the State Board of Assessment Appeals and attachments were mailed, faxed or hand delivered to: Weld County Board of Equalization ❑ Board of Commissioners ❑ State Property Tax Administrator at the following address: 915 10th Street Greeley, CO 80632 on 8/20/09 Date I hereby certify that a true and correct copy of the foregoing Petition to the State Board of Assessment Appeals and attachments were mailed, faxed or hand delivered to all co -owners or parties directly interested in the subject property on 8/20/09 Date I hereby certify that four (4) true and correct copies of the foregoing Petition to the State Board of Assessment Appeals and attachments were mailed or hand delivered to the Board of Assessment Appeals at 1313 Sherman Street, Room 315, Denver, CO 80203 on 8/20/09 Date (One copy may be faxed to the Board but the original and two additional copies must be mailed or hand delivered.) Petitioner's Mailing Address is Required Even if Petitioner is Represented by An Agent or Attorney (per C.R.S. Signature of Agent O or Attorney al Barry J. Goldstein Printed Name 950 S. Cherry Street #320 Mailing Address Denver, CO 80246 City, State, Zip Code Telephone: 303 757-8865 E -Mail: boddstein@sterlingpts.com Attorney Reg. No.: 2218 Signature of Petitioner Longs Peak Business Center Printed Name 7374 S. Alton Way #203 Mailing Address Englewood, CO 80112 City, State, Zip Code Telephone: 303 645-0505 E -Mail: Daytime number It is the Petitioner's responsibility to notify the BAA of any change of address. Petitioners are strongly encouraged to read the Instructions and Rules of the Board of Assessment Appeals prior to completing this Petition Form. The Instructions and Rules are available on the Web at www.dola.Colorado.gov/baa or may be requested by phone at 303-866-5880. S --a ! !la ! ! i Sib. ! S i! ! -!! ! a ! _ i! S ! _ SI a PROPERTY TAX SPECIALISTS, INC 950 S. Cherry Street, Suite 320 Denver, CO 80246 Office: 303-757-8865 Fax: 303-757-7691 www.sterlingpropertytaxspecialists.corn May 15, 2009 Mr. Christopher Woodruff Weld County Assessor 1400 N. 17th Avenue Greeley, CO 80631 Re: 5073 Silver Peaks (Schedule Number R4647307) (the "Property") Gentlemen: The undersigned, Sterling Property Tax Specialists, Inc., represents the owner of the Property for the purpose of protesting the 2009 Notice of Valuation. A copy of the Letter of Authorization is attached hereto and made an integral part hereof. The Property is an approximate 42,000 square foot industrial building completed to core and shell. On the valuation date, the Property was 100% vacant and subsequent to the valuation date through the present time, approximately 1/3 of the Property has been leased at rates between $4 and $4.50 per square foot triple net. We have valued the Property based on an income approach. We have utilized a June 30, 2008 market rental rate of $5.00 per square foot, triple net. However, due to the total vacancy at that time and the fact that it is still 2/3 vacant, we have applied a 25% vacancy factor on our income approach. We have further applied a 20% landlord expense to cover the costs relating to the vacancy as well as normal landlord non -reimbursable expenses as well as reserves for capital improvements; tenant improvements and leasing costs. We have utilized'a.capitalization rate of 9% for return on and return of investment for this type of facility, which again reflects the high vacancy. Our income approach is as follows: 42,000 sq. ft. x $5.00 = $ 210,000 Vacancy (25%) $ 52,500 Effective Gross Income $ 157,500 Less Expenses (20%) $ .31,500 Net Operating Income $ 126.000 Capitalized at 9% $ 1.400,000 5073 Silver Peaks Page 2 Based upon the foregoing, Petitioner hereby requests the assessor adjust the value of the Property to $1,400,000. All information contained herein should be considered confidential and not available to any third parties. Respectfully submitted, STERLING PROPERTY TAX SPECIALISTS, INC. gay, I By: Barry J. Goldstein, President BJG/sal LETTER OF AUTHORIZATION December 16, 2008 Sterling Property Tax Specialists, Inc. 950 South Cherry Street, Suite 320 Denver, Colorado 80246 RE: 2009 and 2010 Property Tax Assessment Matters Gentlemen: The undersigned, as owner(s) of property located in Weld County, Colorado, at 5073 Silver Peaks Avenue, and more particularly described on Assessor's Notice of Valuation, Schedule No. R4647307 hereby authorizes Sterling Property Tax Specialists, Inc. and Barry J. Goldstein, Esq., to act as agent on my behalf regarding all 2009 and 2010 property tax assessment matters, and obtain any and all documents relating thereto and file any protests necessary. This Authorization shall be effective as of the date set forth above. LONGS PEAK BUSINESS CENTER, LLC By Resolute Investments, Inc., Manager By: Gary Rohr, ident Telephone: 303-645-0505 COMMERCIAL INDUSTRIAL 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: (97D) 353-3845 Fax: (970) 304-6433 Office Hours: 8:00 AM - 5:00 PM SCHEDULE/ACCOUNT NO. R4647307 TAX YEAR 2009 TAX AREA 2981 re D, a JCL LONGS PEAK BUSINESS CENTER LLC 7374 S ALTON WAY STE 203 CENTENNIAL, CO 80112 LEGAL DESCRIPTION/ PHYSICAL LOCATION DAC 2SPD L2 BLK1 (CARLSON ANNEX) SILVER PEAKS AT DACONO FG #2 SITUS: DACONO 000000000 5073 SILVER PEAKS AV DACONO, CO 805140000 ASSESSOR'SVALU ATI ON ACTUAL =VALUE;P.RIOR REVIEW • a ACTUAL VALUE:AFTE REVIEW 1,468,665 709,452 1,468,665 709,452 TOTAL '. $2,178,117 $2,178,117 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. STERLING PROPERTY TAX SPECIALISTS INC 950 S CHERRY ST SUITE 320 DENVER CO 80246 15-DPT-AR PR 207-08/06 NOD*: 3155 #0 Mae COLORADO August 4, 2009 LONGS PEAK BUSINESS CENTER LLC 7374 S ALTON WAY STE 203 CENTENNIAL, CO 80112 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 - DENY PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE DESCRIPTION OF PROPERTY: ACCOUNT #: R4647307 PARCEL #: 146702301002 - DAC 2SPD L2 BLK1 (CARLSON ANNEX) SILVER PEAKS AT DACONO FG #2 SITUS: DACONO 000000000 Dear Petitioner: On July 30, 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 your petition of appeal of the County Assessor's valuation of your property described above, for the year 2009. 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 DETERMINED BY ASSESSOR ACTUAL VALUE AS SET BY BOARD $2,178,117 $2,178,117 2009-1780 AS0073 Hello