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Home My WebLink About20092011.tiff4Rrg COLORADO September 9, 2009 UNION COLONY BANK 1701 23 AVE GREELEY, CO 80631 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#: R6099686 PARCEL#: 147105001001 - FTL AP1- 1 L1 BLK1 ANDERSON-PUTNAM EXC S43' SITUS: 112 DENVER AV FORT LUPTON 80621 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 $409,035 $326,647 2009-2011 AS0073 CO : fisell, Flo(CC rr ,) oq/a3/O9 UNION COLONY BANK - R6099686 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 2009-2011 AS0073 07'22/2009 14:57 FAX 9703046433 WELDCOUNTYASSESSOR Z004/007 2008 COUNTY BOARD OF EQUALIZATION WELD COUNTY ASSESSOR'S ACCOUNT NUMBER R6099686 STIPULATION (As To Tax Year 2009 Actual Value) RE PETITION OF: NAME: UNION COLONY BANK 1701 23 AVE GREELEY CO 80631 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: FTL API -1 L1 BLK1 ANDERSON-PUTNAM EXC S43' SITUS: 112 DENVER AV FORT LUPTON 808210000 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: $172.754 IMPROVEMENTS: $236,281 TOTAL: $409.035 4. After further review and negotiation, the petitioner(s) and Weld County Assessor agree to the following actual value for the subject property. LAND: $172.754 IMPROVEMENTS: $153.$93 TOTAL: $326.647 2009-2011 07/)2/2009 14:57 FAX 9703046433 WELDCOUNTYASSESSOR li 005/007 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 7/31/2009 at 8:00 AM be vacated. DATED this 22 day of July, 2009. ? 6 Petitioner(s) or Atto Address: snasso pt cte. �Pi/lam Telephone: -3e3''3 //1/ County Assessor: ADDRESS: 1400 N.17th Avenue Greeley, CO 80631 (970) 353-3845 ext. 3656 Petitioner(s) or Attorney Address: Telephone: COMMERCIAL 409,035 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. R6099686 rAX YEAR ; 2009 0880 UNION COLONY BANK 1701 23 AVE GREELEY, CO 80631 RIPTIONI SICAL LOCATION FTL AP1-1 L1 BLK1 ANDERSON-PUTNAM EXC S43' SITUS: 112 DENVER AV FORT LUPTON 806210000 112 DENVER AV FORT LUPTON, CO 806210000 VALUATION', ACTUA1 VALUE AFTER SEW 409,035 TOTAL. $409,035 $409,035 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 N) 15 -DPI -AR PR 207-08/08 NOD 4: 2459 1 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 gth 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 or real pro property pursuant to § 39-8-106(1.5), C.R.S.) 5,1)317/ ��/ 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.) 0') )J )Jc AI STATION I, the undersigned owner or agent' of the property identified above, affirm that the statements ained hepeinand on apattchments hereto are true and complete. 8/3-1) �� / ..� 3 ©'' Signature /J Telephone Number Date Attach letter of authorization signed by property owner. 15-DPT-AR PR 207-08/08 NOD t/: 2459 DOWNEY & MURRAY u.c ATTORNEYS AT LAW July 14, 2009 VIA CERTIFIED MAIL RETURN RECEIPT REQUESTED Weld County Board of Equalization 915 10th Street Greeley, CO 80632 Re: 112 S. Denver, Ft Lupton, CO Schedule/Parcel Number: 147105001001 Dear Clerk to the Board: Thomas E. Downey, Jr. 303 813-1111 ted@,downeymurray.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, TED/ss Enclosure cc: McIntosh & Associates Thomas E. Downey, Jr. 383 Inverness Parkway H Suite 300 0 Englewood, Colorado 80112 2 fax 303 813-1122 EXHIBIT "A" ATTACHMENT TO COUNTY BOARD OF EQUALIZATION PETITION OF Union Colony Bank — SCHEDULE NO./PARCEL NO. 147105001001 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 $285,481.00 McIntosh & Associates, LLC I( k' I F. sI;I (' In Co n, ul t i n 112 S Denver County: Parcel: Bldg Area Year Built Income Approach Potential Gross Income Vacancy & Collection Loss Effective Gross Income Operating Expenses Net Operating Income Weld 147105001001 2,888 1979 per SF $ 31,768 $ $ (1,588) $ 30,180 $ (5,776) $ $ 24,404 Capitalization Rate 8.00% 11.00 Per Lease Comps 5.0% 2.00 Management Fees and other Operating Expenses Indicated Value $ 305,045 $ 106 Less Capital Expenditures $ 19,564 Signage and Building Wiring M & A Final Indicated Value $ 285,481 $ 99 FMV Assessment $ 409,035 $ 142 Assessment $ 118,620 Assessment Ratio 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 McIntosh & Associates, LLC R. al t Sul . 'I Lease Comparables Address Cit Annual Lease Rate Avail Space Space Type 50 N Main St Brighton $ 7.50 8,500 Retail 33 N Main St Brighton $ 10.00 3,500 Retail 117 N Main St Brighton $ 5.81 6,200 Retail 123 N Main St Brighton $ 15.50 4,329 Retail 90-100 Bridge St Brighton $ 18.00 4,329 Retail Average 11.36 * All lease comparables are from Brighton as this is the closest submarket that has lease comps Sales Comparables Address Cit SF Note List price 6/SF 45 N Main St Brighton 10,250 For Sale $ 850,000 $ 83 540 E Bridge Brighton 10,221 For Sale $ 699,000 $ 68 100 S 3rd Ave Brighton 4,978 For Sale $ 299,950 $ 60 225-227 Main St Brighton 6,161 For Sale $ 495,000 $ 80 Average 73 Space Type Retail Retail Retail M CERTIFIED MAI W ^^V `I1 U 01 T - C:1170 t0 ON• Z OOON •0 �O •0 JW £ ie2 N H _JCL• 0 O ti 7 J ra 0710 0003 2092 5627 M1 O O N O 0 O O N t W w O 5 C M O l0 >-„ 00 Q ti Cz� b co a) 713 co 3-C Hello