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Home My WebLink About20090151.tiffRESOLUTION RE: APPROVE PETITION FOR ABATEMENT OR REFUND OF TAXES - HAMPTON OWNED COLORADO, LLC WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to Colorado statute and the Weld County Home Rule Charter, is vested with the authority of administering the affairs of Weld County, Colorado, and WHEREAS, the Board of County Commissioners of Weld County, State of Colorado, at a duly and lawfully called regular meeting held on the 19th day of January, 2009, at which meeting there were present the following members: Chair William F. Garcia, and Commissioners Sean P. Conway, Barbara Kirkmeyer, David E. Long, and Douglas Rademacher, and WHEREAS, notice of such meeting and an opportunity to be present has been given to the taxpayer and the Assessor of said County, with said Assessor, Christopher Woodruff, being present, and taxpayer Hampton Owned Colorado, LLC, not being present, and WHEREAS, the Board of County Commissioners have carefully considered the attached petition, and are fully advised in relation thereto. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the Board concurs with the recommendation of the assessor and the petition be and hereby is, approved, and an abatement or refund be allowed as follows: CORRECTION TO ASSESSED VALUATION ABATEMENT OR REFUND TAX YEAR $125,160.00 $9,457.22 2007 go ,'ts, P�-i- 2009-0151 AS0072 03 -OS-o'7 TAX ABATEMENT PETITION - HAMPTON OWNED COLORADO, LLC PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 19th day of January, A.D., 2009. BOARD OF COUNTY COMMISSIONERS WELD QO,UNJ-;COLORADO ATTEST: William F. Garcia Chair Weld County Clerk ounty orney Date of signature• 2009-0151 AS0072 • County: WELD PETITION FQ,F1 A!ATt?MENT ON EFUND OF TAXES STATE OF .Ltji)Aou Date Received <-)11; ;A 2009 FEB -4 PM 1:19 Section I: Petitioner, please complete Section I only. Date: 10/22/2008 Month Day Year Petitioner's Name: HAMPTON O WNED COLORADO, LLC Petitioner's Mailing Address: 1125 17TH STREET, SUITE 1575 DENVER, CO 80202 (Use Assessor's or Commissioners' Date Stamp) City or Town State Zip Code tIED OCT 23 2008 SCHEDULE OR PARCEL NUMBER(S) PROPERTY ADDRESS OR LEGAL DESCRIPTION OF PROPERTY 095913120004 2325 23RD AVE. GREELEY. CO Petitioner states that the taxes assessed against the above property for the property tax year 2007 are incorrect for the following reasons: (Briefly describe the circumstances surrounding the incorrect value or tax. Attach additional sheets if necessary.) THE PROPERTY IS VALUED IN EXCESS OF FAIR MARKET VALUE BASED ON THE THREE APPROACHES TO VALUE; COST, MARKET AND INCOME APPROACHES. IN ADDITION, THE PROPERTY IS VALUED IN EXCESS OF OTHER SIMILARLY SITUATED PROPERTIES. 1, i:.ts/ 11, ii Itir.. L1( ,�✓;� .t�s r% �r1 :�L �1. Petitioner's estimate of value: $ 2,056,600 ( 2007 ) Value Year Petitioner requests an abatement or refund of the appropriate taxes. I declare, under penalty of perjury in the second degree, that this petition, together with any accompanying exhibits or statements, has been prepared or examined by me, and to the best of my knowledge, information and belief, is true, correct, and complete. See n44„i Lck itioner's Signature By _ Agent's Signature* ion Cs/1465 'Letter of agency must be attached when petition is submitted by an agent. If the board of county commissioners, pursuant to section 39-10-114(1), or the property tax administrator, pursuant to section 39-2-116, denies the petition for refund or abatement of taxes in whole or in part, the petitioner may appeal to the board of assessment appeals pursuant to the provisions of section 39-2-125 within thirty days of the entry of any such decision, § 39-10-114.5(1), C.R.S. Daytime Phone Number P3 )(A' - Daytime Phone Number j303 ) ag2-- CQa,O t Y ASSESSC COLORADO Section II: Aetual Assessor's Recommendation (For Assessor's Use Only) Tax Year 2007 Assessed Tax o ginal2/F88y/b'1. 7asf5io 1f(Sy522.ar/ Corrected 2/054, 400 546,'!/D 450/5/0 65.32 AbatelRefund if 31 f 542 /25/4,0 4 9 4(57t' f22-- LEVy75.S6I Assessor recommends approval as outlined above. No protest was filed for the year: (If a protest was filed, please attach a copy of the NOD.) Fl Assessor recommends denial for the following reason(s): lessor's iputy AssessesiSit re 15-DPT-AR No. 920-66/06 2009-0151 FOR ASSESSORS AND COUNTY COMMISSIONERS USE ONLY (Section III or Section IV must be completed) Every petition for abatement or refund filed pursuant to section 39-10-114 shall be acted upon pursuant to the provisions of this section by the board of county commissioners or the assessor, as appropriate, within six months of the date of filing such petition, § 39-1-113(1.7), C.R.S. Section III: Written Mutual Agreement of Assessor and Petitioner (Only for abatements up to $1,000) The commissioners of County authorize the assessor by Resolution No. to review petitions for abatement or refund and to settle by written mutual agreement any such petition for abatement or refund in an amount of one thousand dollars or less per tract, parcel, or lot of land or per schedule of personal property, in accordance with § 39-1-113(1.5), C.R.S. The assessor and petitioner mutually agree to the values and tax abatement/refund of: Actual Tax Year Assessed In Original Corrected Abate/Refund Note: The total tax amount does not include accnied interest, penalties, and fees associated with late and/or delinquent tax payments, if applicable. Please contact the county treasurer for full payment information. Petitioner's Signature Date Assessor's or Deputy Assessor's Signature Date Section IV: Decision of the County Commissioners (Must be completed IT Section III does not apply) WHEREAS, The County Commissioners of County, State of Colorado, at a duly a.. lawfully called regular meeting held on / / 2007 at which meeting there were present the follow '• . members: Month Day Year with notice of such meeting and an opportunity to be present having been given to t. taxpayer and the Assessor of said County and Assessor •sing present --not present) and Name petitioner (being present--• . t present), and WHEREAS, The said Name County Commissioners have carefully considered the within p- ' on, and are fully advised in relation thereto, NOW BE IT RESOLVED, That the Board (agrees —does . agree) with the recommendation of the assessor and the petition be (approved —approved in part —d ' • ed) with an abatementlrefund as follows: Year Assessed Value in and for the aforement record of the proceed'• ��At Chairperson of the Board of County Commissioners' Signature County Clerk and Ex -officio Clerk of the Board of County Commissioners ed county, do hereby certify that the above and foregoing order is truly copied from the s of the Board of County Commissioners. IN WITNESS W - REOF, I have hereunto set my hand and affixed the seal of said County this day of Month Year County Clerk's or Deputy County Clerk's Signature No Abatements greater than $1,000 per schedule, per year, must be submitted in duplicate to the Property Tax Administrator for review. Section V: Action of the Property Tax Administrator (For all abatements greater than $1,000) e action of th oard of County Commissioners, relative tot -he within petition, is hereby I -I Approved in part $ I I Denied for thtollowing reason(s): f „f /gecretery's Signature 15-DPk,..AR No. 920-66/06 party Tax Administratore t/ Date A VALUE ANALYSIS OF Hampton Development Vacant Alberstons - 883 2325 23rd Avenue Greeley, CO SCHEDULE NUMBER: 095913120004 2007 ABATEMENT REQUEST 2007 ASSESSOR'S ACTUAL VALUE $2,488,162 2007 TAXPAYER'S OPINION OF ACTUAL VALUE $2,056,600 (Reduced from $2,488,162 to $2,056,600 during 2008 appeal) Prepared by Thomson Property Tax Services Ian James (303) 292-6204 As of January 1, 2007 Owned - #883 - 2325 23rd Ave 2007 Abatement Pro Forma 10-19-08 tJ XLS.Cover THOMSON PROPERTY TAX SERVICES VALUE SUMMARY Consultant Ian James Property Name Vacant Alberstons - 883 Location 2325 23rd Avenue Greeley, CO Property Type Retail Site Size (Acres) Site Size (SF) 3.3097 144,172 Description of Improvements Retail YOC 1989 NLA (SF) 41,383 9/) 13? 91 Major Tenants Vacant Alberstons Age (Years) 19 Tax Account Parcel Numbers 095913120004 Tax Year 2008 2007 ACTUAL VALUE Land $720,860 Land/SF $5.00 Improvements $1,767,302 Improvements/SF/NLA $42.71 Personal Property $0 Total $2,488,162 Total/SF/NLA ( $60.13 ) 6", L/K/ p5 > Owned - #883 - 2325 23rd Ave 2007 Abatement Pro Forma 10-19-08 IJ-)1LS 2007 OWNER'S OPINION OF VALUE Total Value/SF of NLA $ 2,000,000 $ 48.33 2007 ASSESSED VALUE Land $ 720,860 Improvements $ 1,767,302 Personal Property $ Total $ 2,488,162 Assessed Value/SF of NLA $ 60.13 Owned - #883 - 2325 23rd Ave 2007 Abatement Pro Forma 10-19-08 IJ-tS INCOME CAPITALIZATION APPROACH KEY ELEMENTS Net Leasable Area (NLA) Market Rent/SF Market Expenses/SF Occupancy (as of January 1) Stabilized Occupancy Deferred Maintenance $7.00 NNN 8.00% (of sales) 41,383 $7.00 $0.56 0% 95% $0 Owned - #883 - 2325 23rd Ave 2007 Abatement Pro Forma 10-19-08 W:tS PRO FORMA Gross Annual Income $7.00 psf (NNN) $ 289,681 Other Income $0.00 psf $ - Total Gross Annual Income $ 289,681 Less: Vacancy and Credit Loss 5.00% $ 14,484 Effective Gross Income $ 275,197 Less: Expenses - net of taxes or $0.56 psf $ 23,174 Less: Tenant Finish $0.00 psf $ - Less: Leasing Commissions $0.00 psf $ - Less: Reserve for Replacements $0.07 psf $ 2,897 Net Operating Income $ 249,126 Owned - #883 - 2325 23rd Ave 2007 Abatement Pro Forma 10-19-08 IJ'FL-S OVERALL CAP RATE Built-up (Mortgage Equity) Technique: Ro = M x RM + [E x RE] M = 0.75 RM = 0.08971 RE = 0.09 Ro = 0.0900 Ro = Overall Rate M = Loan -to -value ratio RM = Capitalization rate to mortgage constant (7.5%, 25 years, $1) RE = Capitalization rate to mortgage equity (Equity dividend) OAR Selected Plus: Tax Rate Composite Overall Capitalization Rate 9.00% 0.00% 9.00% Note: Long-term mortgage rate per Korpacz Real Estate Investor Survey; based upon 25 -year term. SUMMARY OF INCOME CAPITALIZATION APPROACH NOI T OAR = VALUE $249,126 9.00% $2,768,063 Less: Deferred Maintenance/ErMronmental $0 Less: Income Loss due to Lease -up $750,000 Value by Income Capitalization Approach Rounded to, $2,000,000 Owned - #883 - 2325 23rd Ave 2007 Abatement Pro Forma 10-19-08 IJ XLS ADDENDA Annual Merkel Rent SR. of Perode in Year. Retnsursem90VSF: Tenant Improvement CostsSF: Absorption Partdlyears): Leasing Commissions: Average Leese Term lyears): Annual Oiscgnt Rate: Total SF (0r Units) Ftegiiming IXopan y se54--SE Occupancy SF To Lease (or Urns) Sale Cate $7.00 12 $000 $1500 $ 1 5 12.50% 41,383 0'F 95% 38,314 01/01/07 LEAWOSIAuu YSS �$ 750,0001 SF or U Lease Rem- Tenant Total to Start SF or U Income 0urseme/ Leasing Improvement Lease -up Present Lease Date Leased Loss Loss Commissions Costs Cost Value 39,314 01/01/07 3,278 $22,933 £0 $4,914 $49,142 $76,990 $76,156 35,038 01/31/07 3,278 $21,022 $0 $4,914 549,142 $75,079 $73,539 32.782 03/02/07 3,276 $19,111 $0 $4,914 $49,142 $73,167 970,928 29,485 04/02/07 3,276 $1]208 $0 $4,914 $49,142 471,256 $88,363 26,209 05/02/07 3,276 $15,289 9O 34,914 $49,142 089345 $65,844 22,933 0002/07 3.278 $13,378 $0 $4,914 $49,142 987,434 963,369 19,657 07/02/07 3.278 $11,467 $0 $4.914 349,142 $65,523 49638 16,381 06'01/07 3,276 99.555 $0 $4,914 949,142 $63,612 $58,551 13105 09/01/07 3,276 91644 $0 $4,914 $49,142 $61.701 456,207 9.828 10/01/07 3.276 $6733 $0 $4,914 $49,142 $59,790 453,904 6.552 11/01/07 3.276 $3,822 $0 $4,914 $49,142 457,879 $51,643 3,276 12/01107 3,276 $1,911 90 54,914 $49,142 $55,968 $49,423 O 01/01108 0 $0 90 90 $0 $0 90 O 01/31/08 0 90 $0 $a $o $0 90 0 03/01/06 0 $o $o $o $o $o $o 0 04/01/08 0 10 40 50 $0 90 34 O 05/0103 0 $0 $9 $0 $0 40 60 O 06/01/08 0 $0 40 50 $0 $0 50 O 07/01/06 0 90 $0 s0 $0 So $0 0 07/31/08 0 90 $0 90 $0 $0 80 0 08/31/08 0 $0 80 10 $0 90 90 O 093008 0 $0 50 $0 $0 34 $0 O 1031109 0 80 $0 40 So 34 So O 11/33'08 0 8o m SO 90 90 SO O 12/31/08 0 90 $0 90 90 $0 $.0 O 01130/09 0 90 90 50 90 $0 $0 O 03/01/09 0 90 80 $0 80 90 90 O 04/01109 0 $0 $0 $0 90 $0 $0 O 05/01/09 0 90 S0 SO $0 90 90 O 06101/09 0 90 00 SO SO 80 M 0 07/01/08 0 $0 00 $0 SO $0 $0 a 07131/09 0 $0 $0 $0 $0 90 $0 O OW31/09 0 $0 50 90 $0 90 $0 O 099109 o So 10 So 50 34 $o O 10/31109 a $0 50 M 40 SO $0 O 11/30/09 0 90 40 90 90 $0 M 0 12/31/09 0 $0 $0 SO $0 $0 $0 a 01130/10 0 $O $0 SO $0 $0 $0 O 03/01/10 0 $9 $0 $0 $0 $0 SO O 04/01/10 0 $0 10 $0 10 90 90 O 05/01/10 0 90 9O 90 So $o $o 0 06/01/10 0 $0 SO 90 $0 SO M O 07/01/10 0 90 $0 90 $0 50 40 O 07/31/10 0 5a $0 $0 $a W W O 08/31/10 0 $0 $0 10 90 SO 90 O 09/3000 0 50 89 90 SO $0 $0 O 10/31/10 0 $O 89 50 SO 90 50 0 11/3010 0 $0 $0 90 so 50 So O 12/31no 0 90 00 $0 $0 59 34 a 01/3011 0 $0 50 $9 so 90 $0 O 03/01/11 0 $O 90 $0 90 90 90 O 04/01/11 0 $0 $0 90 90 $0 $0 O 05/01/11 0 $9 YO 80 90 $0 40 O 06ro1n1 a SO So 90 $0 90 $O O (loll 0 so So $o 90 4.0 $O O 07131/11 0 30 s0 So $O $0 $0 O 00/01/01 0 $0 90 90 90 80 10 O 09'30/11 0 $0 s0 $9 W $0 $0 O 1031/11 0 $0 $0 90 50 $a $0 O 11/3811 0 $0 $0 $0 $0 $0 40 O 12/31/11 0 So $0 10 S0 $0 $O O ol/30/12 0 40 $0 so so so SO O 02/2912 0 $0 50 $0 $0 90 90 O 03/31/12 0 $0 40 $0 SO 90 $0 O 04/3,12 0 $O $0 90 SO 00 $0 O 05131/12 0 90 $0 90 $0 90 4,0 0 06/30/12 0 $0 50 $0 90 SO 90 O 0700/12 0 80 10 $0 90 50 90 O 06/3812 o s0 80 $o so 10 $0 O 092912 0 $0 SO 4.0 $0 SO 90 O 10/3812 0 90 $0 49 M SO SO 0 11/29/12 0 90 $0 90 $0 SO $0 Present Value: 9748.905 $ 740.905 000009010, 4 750,083 2008 NOTICE OF DETERMINATION o*p�cx, bz-VOO4 .-Li - cp3� a LPN RESOLUTION RE: THE BOARD OF EQUALIZATION, 2008, WELD COUNTY, COLORADO - STIPULATE PETITION OF: HAMPTON OWNED COLORADO LLC C/O THOMSON PROPERTY TAX SERVICE 1125 17 ST STE 1575 DENVER, CO 80202 DESCRIPTION OF PROPERTY: ACCOUNT #: R0026989 PARCEL #: 095913120004 - GR BPSCA PT TRACT A & ALL OF TRACT B BLK 1 BRENTWOOD PARK SHOPPING CENTER ADDN SITUS: 2325 23 AV GREELEY 80631 WHEREAS, the Board of County Commissioners of Weld County, Colorado, convened as the Board of Equalization for the purpose of adjusting, equalizing, raising or lowering the assessment and valuation of real and personal property within Weld County, fixed and made by the County Assessor for the year 2008, and WHEREAS, said petition has been heard before the County Assessor and due Notice of Determination thereon has been given to the taxpayer(s), and WHEREAS, the taxpayer(s) presented a petition of appeal of the County Assessor's valuation for the year 2008, claiming that the property described in such petition was assessed too high, as more specifically stated in said petition, and WHEREAS, in lieu of the hearing scheduled before the Board of Equalization a Stipulation was agreed upon by the Assessor and said petitioner(s), and WHEREAS, the petitioner(s) and the Weed County Assessor agree that the assessment and valuation of the Weld County Assessor shall be, and hereby is, stipulated as follows: Land Improvements OR Personal Property TOTAL ACTUAL VALUE AS DETERMINED BY ASSESSOR ACTUAL VALUE AS STIPULATED $ 720,860 $ 720,860 1,767,302 1,335,740 $ 2,488,162 $ 2,056,800 WHEREAS, said Stipulation shall resolve all Issues to have been determined by the Weld County Board of Equalization. 2008-2113 AS0070 8-I -08 4zzzo_p_ RE: 130E - HAMPTON OWNED COLORADO LLC, R0026989 Page 2 NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, acting as the Board of Equalization, that the Stipulation agreed to by the Weld County Assessor and the above -named petitioners) be, and hereby is, accepted by the Board. The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 31st day of July, 2008. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO ATTEST: Nam H. Jerke, Chair Weld County Clerk to the BY: Deputy Clerk : Board William F. Garcia APPROVED AS TO FORM: EXCUSED David E. Long adema cher " acher Date of signature: 2008-2113 AS0070 LETTER OF AUTHORIZATION LETTER OF AUTHORIZATION To Whom It May Concern: Property Owner Name: Hampton Owned Colorado LLC Hereby appoints and authorizes Thomson Property Tax Services as taxpayer's property tax representative on all matters pertaining to the 2007/2008 ad valorem taxes relating to the property listed below. Until written notice of termination is issued, Thomson Property Tax Services may have the right to, exclusive to the below listed property, examine property tax records, obtain all property tax statements, and discuss or appeal any property tax assessments with the proper authorities, when in their opinion, the property tax assessment does not constitute fair market value. Additionally, Thomson Property Tax Services has the right to file property tax appeals to the appropriate jurisdiction, if authorized by law. Parcel No. Address Jurisdiction State 2077-34-3-06-010 101 W. County Line Road Arapahoe County Assessor CO 63084-12-037 1710 Dublin Blvd. El Paso County Assessor CO R0026989 2325 23rd Ave. Weld County Assessor CO 65114-15-039 302 Main St. El Paso County Assessor CO 01719-31-3-28-014 5005 W. 72nd Ave. Adams County Assessor CO 01719-19-3-23-004 5036 W. 92nd Ave. Adams County Assessor CO 182463 6575 W. Colfax Ave. Jefferson County Assessor CO 0378298 9751 S. Parker Rd. fif Douglas County CO Signature: Printed Name: Title: Address: Phone Number: libs:42At a, 36-5-5 Nndtr, ca 20(0 36,-C 71fr 10 ff Subscribed and sworn before me thisDl-F "day of LtC)-r1 j , 00 . Notary Public State of etko Yf0 County of t111\'J QY- My commission expires Ir\et-1-A 3k.OO 1 ASHLEE SHAFER NOTARY PUBLIC STATE OF COLORADO My Commission Expires May 25, 2009 \ £oo fw U - ##® yea 2 //\z▪ \ 0 0 cu in o oa»: CC— cst COLORADO December 23, 2008 Hampton Owned Colorado, LLC 1125 17th Street, Suite 1575 Denver, CO 80202 RE: SCHEDULE NUMBER R0026989 CLERK TO THE BOARD PHONE (970) 336-7215, EXT. 4225 FAX: (970) 352-0242 P.O. BOX 758 GREELEY, COLORADO 80632 Dear Property Owner: This is to advise you that the Weld County Board of Commissioners will hear your petition for abatement or refund of taxes on the property described as: 2325 23rd Avenue, Greeley, Colorado. The meeting is scheduled for January 19, 2009, at 9:00 a.m., in the First Floor Meeting Room, Weld County Centennial Center, 915 10th Street, Greeley, Colorado. The Assessor is recommending that the Board approve your petition. You are not required to be present at this hearing, however, this is your opportunity to have your position heard, especially if your position is opposed to the Assessor's recommendation. If you intend to submit any documentation in support of your position for this hearing, all such documentation must be submitted to the Office of the Clerk to the Board and to the Weld County Assessor's Office at least seven calendar days prior to the meeting date in order for it to be considered at the scheduled hearing. If you have any questions concerning this matter, please do not hesitate to contact Esther Gesick at (970) 336-7215, extension 4226. Sincerely, td r Esther E. Gesick Deputy Clerk to the Board cc: Assessor Ian James, Thomson Tax & Accounting 1125 17th Street, Suite 1575 Denver, CO 80202 Hello