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Home My WebLink About20091780.tiffCLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4226 FAX: (970) 352-0242 P. O. BOX 758 GREELEY, COLORADO 80632 Wine COLORADO August 4, 2009 LONGS PEAK BUSINESS CENTER LLC 7374 S ALTON WAY STE 203 CENTENNIAL, CO 80112 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 �AA {{�1 AS0073 0 (' s, ' A, Pc -r ((x-7 -rz�� 03/6047 LONGS PEAK BUSINESS CENTER LLC - R4647307 Page 2 A denial of a petition, in whole or in part, by the Board of Equalization may be appealed by selecting one of the following three options; however, said appeal must be filed within 30 days of the denial: 1. Board of Assessment Appeals: You have the right to appeal the County Board of Equalization's (CBOE's) decision to the Board of Assessment Appeals (BAA). Such hearing is the final hearing at which testimony, exhibits, or any other evidence may be introduced. If the decision of the BAA is further appealed to the Court of Appeals, only the record created at the BAA hearing shall be the basis for the Court's decision. No new evidence can be introduced at the Court of Appeals. (Section 39-8-108(10), C.R.S.) Appeals to the BAA must be made on forms furnished by the BAA, and such appeals should be mailed or delivered within thirty (30) days of denial by the CBOE to: Board of Assessment Appeals 1313 Sherman Street, Room 315 Denver, CO 80203 Phone: 303-866-5880 Fees: A taxpayer representing himself is not charged for the first two appeals to the Board of Assessment Appeals; however, a taxpayer being represented by an agent or an attorney must submit a fee of $101.25 per appeal. OR 2. District Court: You have the right to appeal the CBOE's decision to the District Court of the county wherein your property is located. New testimony, exhibits or any other evidence may be introduced at the District Court hearing. For filing requirements, please contact your attorney or the Clerk of the District Court. Further appeal of the District Court's decision is made to the Court of Appeals for a review of the record. (Section 39-8-108(1), C.R.S.) OR 3. Binding Arbitration: You have the right to submit your case to arbitration. If you choose this option the arbitrator's decision is final and your right to appeal your current valuation ends. (Section 39-8-108.5, C.R.S.) Selecting the Arbitrator: In order to pursue arbitration, you must notify the CBOE of your intent. You and the CBOE select an arbitrator from the official list of qualified people. If you cannot agree on an arbitrator, the District Court of the county in which the property is located will make the selection. Arbitration Hearing Procedure: Arbitration hearings are held within sixty days from the date the arbitrator is selected. Both you and the CBOE are entitled to participate. The hearings are informal. The arbitrator has the authority to issue subpoenas for witnesses, books, records, documents and other evidence. He 2009-1780 AS0073 LONGS PEAK BUSINESS CENTER LLC - R4647307 Page 3 also has the power to administer oaths, and all questions of law and fact shall be determined by him. The arbitration hearing may be confidential and closed to the public, upon mutual agreement. The arbitrator's written decision must be delivered to both parties personally or by registered mail within ten (10) days of the hearing. Such decision is final and not subject to review. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by you and the CBOE. In the case of residential real property, such fees and expenses cannot exceed $150.00 per case. The arbitrator's fees and expenses, not including counsel fees, are to be paid as provided in the decision. 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 STERLING PROPERTY TAX SPECIALISTS INC 950 S CHERRY ST STE 320 DENVER, CO 80246 2009-1780 AS0073 Weld County CHRISTOPHER M. WOODRUFF COUNTY ASSESSOR BRENDA DONES, DEPUTY ASSESSOR VALUATION REPORT OF COMMERCIAL PROPERTY FOR County Board of Equalization LONGS PEAK BUSINESS CENTER LLC PETITIONER VS. WELD COUNTY ASSESSOR'S OFFICE RESPONDENT Parcel Number: 1467-02-3-01-002 Schedule Number: R4647307 Log Number: 2370 Date: July 30, 2009 Time: 1:30 pm Board: CBOE PREPARED BY APPRAISERS NAME 7/27/2009 Signature Date ASSESSOR'S OFFICE STAFF APPRAISER ASSESSOR'S VALUE COMMERCIAL LAND $1,468,665 COMMERCIAL $709,452 Total: $2,178,117 2009-1780 SALIENT FACTS AND CONCLUSIONS Purpose of Appraisal To determine Market Value as of 1/1/09 based on an appraisal date of 6/30/08. Property Rights Appraised Unencumbered fee simple interest. Location 5073 SILVER PEAKS AV DACONO Land Area 260,402 Square Feet Property Type Commercial 1— Industrial Flex Mall Building Year Built 2007 (started) Quality Average Class Masonry Number of Stories 1 Improvement Sq. Ft. 42,920 Value Indications: Land $1,468,665 Cost Approach $2,178,117 Market Approach N/A Income Approach N/A Final Value $2,178,117 CBOE_COMM_01099 Page THE SUBJECT NEIGHBORHOOD The subject neighborhood is located east of Interstate 25 on the East 1-25 Frontage Road. The neighborhood is located half way between State Highway 52 on the north and Weld County Road 8 on the south. The development is near Glacier Business Park, Erie Motor Speedway, and within the Dacono city limits. The neighborhood includes Vans Equipment Rental, Furniture Row, Split Rail Fence Company, and Formby Ford. The neighborhood is highly visible from 1-25 and easily accessc by two exits. THE SUBJECT PROPERTY The subject property is located in the newly created Silver Peaks Business Park. Silver Peaks Business Park is located at northeast corner of East 1-25 Frontage Road and County Road 12. The business park is made up of approximately 12 vacant lots, one developed lot and several outlots. TI subject parcel contains 260,402 square feet of land or 5.98 acres. The original site plan was for two buildings to be developed on one lot. Construction on the subject property began in 2007 and has y to be completed. The building is designed as a 42,900 square foot Industrial Flex Mall building. Industrial Flex Mall buildings are designed to be extremely flexible in their use. This kind of building can be finished into a variety of uses from retail showroom, 100% office, part office part warehouse, part office part light manufacturing, or 100% warehouse. In the case of the subject no interior finish had been completed as of January 1, 2009. The building is considered to be core and shell only witl minimal lighting and space heaters. Utilities are stub into the building. The landscaping, curb and gutter, sidewalks, and loading docks where completed. It is estimate that as of January 1, 2009 the building was 50% complete. A construction permit was pulled with the Town of Dacono with an estimated construction value of $3,200,000, see addendum. 440.0' 240.0' _ 40.0' 0 40.0' �i First Floor 42920.0 S.F Precast Masonry 16' to 20' Side -wall Height 40 0'. 80 0' CBOE_COMM_01 Pa COST APPROACH SUMMARY The Assessor is currently using Marshall and Swift cost tables for the cost approach of commercial properties in Weld County, which has been approved by the Division of Property Taxation to be utilized by Colorado Assessors. The structure has been classified properly utilizing the Marshall and Swift Valuation service, estimated to be 50% completed, and an appropriate value assigned. A land value has likewise been established through the utilization of vacant land sales of comparable properties. Improvement Value $709,452 Land Value $1,468,665 TOTAL VALUE BY THE COST APPROACH $2,178,117 CBOE_COMM_01099 Page COST APPROACH LAND VALUE Sales utilized to establish the value in the subject neighborhood are from 2007 and the first six months of the 2008 market for the 2009 assessment date. The comparative sales approach is the most reliable method of land valuation. Pursuant to 39-104-(10.2) (c) C. R. S., the Assessor may utilize sales from July 2003 through June 2008 to establish the proper value, if sufficient information not available in the prior 18 months. Also, comparables outside the subject property area may be used. The Weld County Assessor has an established ongoing sales confirmation and validation program for property transactions used in developing value. Three land comparable sales are presented here. Comparable One is the subject property which is highly visible from 1-25 and easily accessed. Comparable Two is adjacent to the subject with similar visibility and access, and smaller in size. Comparable Three is located in Glacier Business Park, does not have 1-25 visibility and is smaller. After adjustments for visibility, access, and size the comparables support the subject value of $5.64 per square foot. Parcel Number Sale Date Sale Price Land Size Per S.F. Comparable 1 Comparable 2 Comparable 3 146702301002 05/02/07 $1,483,300 260,402 $5.70 (the subject) 146702305001 04/10/07 $662,500 95,869 $6.91 146703102008 4/10/08 $793,900 169,217 $4.69 ASSESSOR'S SUBJECT LAND VALUE $1,468,665 Subject & Sale 1 North CBOE_COMM _01 i Pa Improvements Cost Calculation OCCUPANCY: FLOOR AREA (SQ. FT.) CLASS: COST RANK HEATING AND COOLING Marshall Valuation Service RCN BASIC STRUCTURE COST Warehouse w/small office Partial Complete EXTRAS: Asphalt TOTAL RCN LESS DEPRECIATION DEPRECIATED COST ADD IN LAND VALUE Industrial Flex Mall 42,920 C Avg space heat Section 14 Page 13 UNITS 42,920 NUMBER OF STORIES AVERAGE STORY HEIGHT YEAR BUILT EFFECTIVE AGE ESTIMATED LIFE COST 30.95 (.916 perimeter, .99 local, & 1.086 height) -50.00% 25,000 Sq. Ft. 1.00% $7,165.47 1 18 2007 2007 40 TOTAL $1,328,235 $664,117 $52,500 $716,617 $709,452 $1,468,665 TOTAL VALUE $2,178,117 CBOE_COMM_010998 Page 6 MARKET APPROACH SUMMARY The Market Approach is not applicable as the building has not been completed. The building is considered 50 % complete as of January 1, 2009. Market sales indicate the value of a whole economic unit, building and land. Thus the land value and 50% of a building cannot accurately be extracted from a market sale. INCOME APPROACH SUMMARY The Income Approach is not applicable as the building has not been completed. The building, as of January 1, 2009, had no interior finish. Before an Income Analysis can be performed the interior unit sizes, quality of finish, and use must be determined. An example would be one unit could be used for retail sales, another as office, one as office/warehouse, and two unit as all warehouse. Each use type would generate different levels of income. FINAL RECONCILIATION After consideration of the cost approach, it is the Weld County Assessor's opinion that the value of $2,178,117 , most accurately reflects the value of the subject property in Weld County for the 2008 tax year. COST APPROACH MARKET APPROACH INCOME APPROACH $2,178,117 N/A N/A ASSESSOR'S VALUE COMMERCIAL LAND COMMERCIAL Total: $1,468,665 $709,452 $2,178,117 CBOE_COMM_010998 Page 7 APPRAISAL STANDARDS AND ETHICS CERTIFICATION I certify to the best of my knowledge and belief that: The statements of fact contained in this report are true and correct. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions and is my personal unbiased professional analyses, opinions and conclusions. I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved. My compensation is not contingent on an action or event resulting from the opinion or conclusions in, or the use of, this report. My analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. No one provided significant professional assistance to the person signing this report. I have made a personal inspection of the property that is the subject of this report. VetAh) yzeyee Wade J. Melies Certified General Colorado Certified General Appraiser CG40036400 CBOE_COMM_010998 Page 8 ADDENDUM 0 a i O A a 431) CITY ACONO Building Permit Ag cation o DACONO, COLORADO u.r ADUHE S OF JQO / 6013 SILVER p 1� -'t- _p�� vl`�E&1!IT\\'C\ CQNIITRUCTION PERMIT 'MIEN SIGNED AND VALIDATED 9Y BLt tDIN0 DEPARTMENT T►aa PERM I AUR4UWZES THE WORK DEaCRIt BELOW: MATERIALS AND ECIUIPUEIVT PSDUASO 'O OOMPL THIS WC O( ARE SUBJECT TO THE OACOHO SALES ANThUR USE TAX INCLUDING &MOOIN TRACTOR CLASS OF WORK: NEW ADDITION 0 REPLACE ❑ ALTERATION 0 REPAIR 0 MOVE 0 WRECK 0 OWNER kita� " • P PHON iZS •NASA kC. 0L V1 INVE4rM D ll'.IG AU RESS �iti�y �5��`. - Q "rc-I CONTRACTOR N4 me IAS LICENSE 0I \'d66 Ceo NcTiztiCflOPJ LICENSED EXPIRATION CLASS & NO. DATE OF LIC. ADORESS9 gea /\JfE, CITY pe4,YF--,J1yL/VI ZIP COOS emitPHON1 267,5% f USE OF BUILDING cirri erio I..�^ -- - Inwrona LEGAL DESCFPTION I OT }1O. as &LOCK NO. / RUNG NO. 2. SRt RVFY� t f i� aflncNcr.0 DERYSIG EDI cS lL• w& . t IAfji. AaPA MF1 AT CRAW: 4:110 I.EICIIT / IFEET; he S'1iH1ES I ,(m : f O►hl, f/ LIAM'S OCCUPANCY GROUP 5 L Ii... 52 //- i) P.4SEh1EMT r H I�- GARAC1>" YULE p DOUBLE LATTAUHEU O 0 _ ACI IECr U I DIAL f ROOMS j I TYPE CONSTR. _ fr,i AZON FrRE E GCPT1• I I MN��srs OIL FIRST FLGOR sr? r 'SPACING SVAI• 11/RLt.P1JUlt Ot 'NO Flatyit �f jtp(J� 11dilir N 7 racRin to Ct1AAr—ICCtiS t AMOUNT TOTAL I- '00 �Nrs ..r�� Rantoe,. CEILING j� aUu --- < e) 1y j Ex 1 an to n I 0 CONIRALL doff corer. -0+ V fA.iZY RaoF g �-y PLAN r as\1tw , ) i11 �. . CKNR$5 ` en' 'F1fCKli rruar CAMESOt*5 [� RQ7rINQ 1 p 51 0 USE TAX 1.5 �:` .JldCf .; Ftl 6 Uk WEANS M�+TIAIA_. MrLffp/t4 TJALL *ROVErl ABOVE ArErvt fAVA_1 HIS MASONRY cxT'nton Tream vs t8fl ' ft NA 2ND FLA WA Inn ELR NA WATER TAB ,or W41 1 s: UO S. 7r atanvr Ant)vE ABC 1/C FEES -' (- ) 4s._ I, ;.0 I, j,. 6 SFACE 1sr rLR �Jd SAC FLR _ >tb 3An rl a M f `44 REMARKS fI -A1-} `� -j' Li -_,,(2 OTHER �' X . i ,es. • j f_.O„,, �1 I 1i a ,' Lam `� ✓1 / /fir -�'a a. ./� Jv r --1► <7t.tCC0 � tC .+� . C,Ckt.. a F/61.Tirk•:I.S; em '1 • /- nc.lk•o - .._ NOTES TO APPLICANT: FOR INSPECTION CALL 033-2317 KIn - $QA ALL INC,bg IC Mane UNDO. P. THIS �t•tMl 1 i HE INERti'ITrEE ACC PArs P1:1 I or sa.-:km no rye •'AR COMPLIANCE .'sITH r..r_ Cacain l MYO4M DSJ•_C INC; COOT ANT)ALL OTHER APPLICABLE DACrni1 1HI1 NANCEl. $ \ ("� li] XIS; 'EKrrt r E*PI RCS 00 DAYre r ROM CIA, ft IS%LIEU UNLESS .YORK '5 STA reftel OR tMSP_CTION Rr1.ZUrrtn. PLA?1 "S PILE) 0 tt Ci 0 1.)1A.' =FE' RFWWI 1 V88ECTIONSSHALL et HSOUE:STEC ONE WORKING OAT IN ADVANCE 0 ALL PIbAL INS►eMTIONS SHALL BE MACE ON ALL IWAS OF YVOIIK BEFORE OCCUPANCY OI?M:rlLc •fit IS FtMil rYEO T*IpG MAI.nth= SI IAL_ NUT NE CGCJ' TED I.NTII. GCR'" AfF"4115116 II 1 SIGNATURE OF APPLICANT ... sr. CATS CP OCCL PANCY HAS 1 : .. Still rmil PARTMEKT +' ', k (17/11 7 THIS FORM IS A PERMIT ONLY TE PERMIT NO. RECEIPTS CLASS AMOUNT WHEN VALIDATED HERE jjliffr _V .CSA TA\C\Th /✓�9..? I0 41/2022J 7i r !. J--Ar'yr ' c5 -s 1'- -;s 4“3 3 CBOE_COMM_01 i Pa 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. R4647307 2009 TAX AREA 2981 LONGS PEAK BUSINESS CENTER LLC 7374 S ALTON WAY STE 203 CENTENNIAL, CO 80112 LECiA PI CR(PTIONt NATION DAC 2SPD L2 BLK1 (CARLSON ANNEX) SILVER PEAKS AT DACONO FG #2 SITUS: DACONO 000000000 5073 SILVER PEAKS AV DACONO, CO 805140000 1,468,665 COMMERCIAL INDUSTRIAL ASSESSOR'S VALUATION TUAL VALUE PRIOR 709,452 ACTUAL VALUE AFTER REVIEW 1,468,665 709,452 TOTA $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 notiee•foteddiforiai information. ;\ STERLING PROPERTY TAX SPECIALISTS INC 950 S CHERRY ST SUITE 320 DENVER CO 80246 0 �a 15 -OPT -AR 1- PR 201-08/08 NOD #'. 3155 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, § 39-1-120(3), C.R.S. I 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.) $ /.''00100O 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.) Set Cc -c, c kei . ATTESTATION e ynder ne rot: pt.the property identified above, affirm that the statements h I (tb Ehmoais hereto are true and complete. 3v3-1S1-8fMS Telephone Number Date Signature ae Sarin 7• &Notch -he 1 r, "v She-rt Prvear+m T 1 Attach letter of authorization signed by property owner. "I 2-I oi 15-DPT-AR PR 207-08/08 NOD #: 3155 a a a a a a a Ea a a PROPERTY TAX SPECIALISTS, INC a a as a a a SI at IS --- aSI- -aINS a a — �- 950 S. Cherry Street, Suite 320 Denver, CO 80246 Office: 303-757-8865 Fax: 303-757-7691 www. sterlingpropertytaxspecialists.com July 2, 2009 Weld County Board of Equalization 915 10th Street Greeley, CO 80632 ATTENTION: Esther RE: 2009 PROPERTY TAX ASSESSMENTS Enclosed please find the appeals of the Assessor's Notice of Determinations for the following schedule numbers: SEE ATTACHED We would appreciate your contacting us by phone at (303) 757-8865 to confirm BOE hearings per our previous conversation. We are currently still available for hearings on Wednesday, July 29th in the afternoon; all day Thursday, July 30th; and Monday, August 3rd in the afternoon. Thanks for your help. Sincerely, Steph4nie L6vy Sterling Property Tax Specialists, Inc. Please sign and return the attached copy of this letter to confirm receipt of the Appeals. Date Signed Weld County Properties for Appeal Board of Equalization Weld County 2009 1010 Carbon Court Unit A R4655707 Unit B R4655807 Unit C R4655907 Unit D R4656007 Unit E R4656107 Unit F R4656207 Unit G R4656307 Unit I R4656507 Commercial Land R4196606 Longs Peak 5073 Silver Peaks R4647307 SSE --- NM- -_ _= - Il - MIN -- - _ - S =II ME - a =A MIS a SSW - - as - - 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 = Vacancy (25%) Effective Gross Income Less Expenses (20%) Net Operating Income Capitalized at 9% $ 210,000 $ 52,500 $ 157,500 $ 31,500 $ 126.000 $ 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. By: / -d - 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, re.ident Telephone: 303-645-0505 Ott *rr Wilk COLORADO July 16, 2009 LONGS PEAK BUSINESS CENTER LLC 7374 S ALTON WAY STE 203 CENTENNIAL, CO 80112 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.: 146702301002 Account No.: R4647307 The Weld County Board of Equalization has set a date of July 30, 2009, at or about the hour of 1:30 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. LONGS PEAK BUSINESS CENTER LLC - R4647307 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 STERLING PROPERTY TAX SPECIALISTS INC 950 S CHERRY ST STE 320 DENVER, CO 80246 Hello