HomeMy WebLinkAbout20090676.tiffRESOLUTION
RE: ACTION OF THE BOARD CONCERNING PETITION FOR ABATEMENT OR REFUND
OF TAXES - N AND S JOSEPH PROPERTIES
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 9th day of March, 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 N and S Joseph Properties, not being present, and
WHEREAS, at said meeting, at the request of the Assessor and Petitioner, the Board
deemed it advisable to continue the matter to March 23, 2009, in order to be able to consider
petitions from N and S Joseph Properties for Tax Years 2007 and 2008 at the same time, and
WHEREAS, on March 23, 2009, the Board of County Commissioners have carefully
considered the attached petitions, 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
petitions be and hereby are, denied, and an abatement or refund not be allowed as follows:
CORRECTION
TO ASSESSED
VALUATION
ABATEMENT
OR REFUND
TAX
YEAR
$0.00
$0.00
2007
$0.00
$0.00
2008
2009-0676
AS0072
TAX ABATEMENT PETITION - N AND S JOSEPH PROPERTIES
PAGE 2
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 23rd day of March, A.D., 2009.
ATTEST:
Weld County Clerk to the Board
BYE
DepUt Clerk t. the Board
7
APPROVED AS TO FORM:
Coufity Attorney
i
Date of signature
BOARD OF COUNTY COMMISSIONERS
WELD LORADO
William F. GarciaC[C-hair
David E. Long
2009-0676
AS0072
PETITION FOR ABATEMENT OR t- LFUND OF TAXES
Please submit if c. uplicate copies and :.ns:ver all questions.
County LoneWeld
PETITIOt..:R: Compieia Section I on this side only
Section
Date: 1`
aonlh Day Year
Petitioner'., Name: N88 Joseph Properties
Petitioner'_ mailing addrjss: 12076 E Mississippi Ave
09 2008
Date Received[..'
Use Assessor's or Commissioners' Date Stamp
Aurora
CO 80'. 12
City or Toen
State Z,; Code
Vale
ECEIVED
DEC 15 2008
:A,ELD COUNTY ASSESS(
GREELEY,COLORADO
SCHEDUL OR PARCEL dUMBER(S) PROPERTY ADDRESS JR LEGAL DESCRIPTION OF PROPERTY
14710530 . p003 1400 Dexter St,
139s4oa
Petitioner _bates that the taxes assessed against the above property tc: property tax year 2007 is
incorrect i :the foitowing reasons: (Briefly describe the circumstance surrounding ice incorrect value or tax.
(The peel. ;per's estirr ote of actual value ,oust be included.) Ai.ac.r additional sheets if necessary.
Market V: o for retail sauce in the area
6..5325
Petitions .: estimate c, actual value $
Value
Petitioner .quests an abatement or refund sf the appropriate taxes a_ociated with a reduction in value.
I declare, ..)der penalty of perjury in the second degree, that this ph:;tic t, together with any accompanying exhibits
or statemc.as, has been examined by me, and to the best of my kne\r-...dge, information and belief, is true, correct
and comp.cte.
303 755-5354
Daytime Phone do.aber (
Petitioners Signature
By •--C. wl'1Y�ll,.y% Daytime Phone a:bere303
)
Ag` nt's Signature'
*Latter c. _gency must. oe attached whet: petition is submitted.
Every pet ...on for abates sent or refund filed pursuant to section 39-1U- 154, C.R.S., shall be acted upon pursuant to
the provish as of this sec:ion by the board of county commissioners or toe assessor, as appropriate, within six
months of e date of Nll,g such petition. 39-1-113(1.7), C.R.S.
355-5871
Section LAssessor's Use Only
ZOO '%
Tax Year
Assessed Value
Or!:.inalJ�& i rf
Con _cted 'f2 G 43or
Abate/f.ofund
Tax
�ZJd. o41Jx7W
125 o W S 74f
c
Assess0e /'e4•4.as.u/J Iiel.', /
tirke c 4S,00 oil 4 of/ke,
2009-0676
03/02/09 17:18 FAX
ELITE
PROPERTY
SERVICES, inc.
Property Tax Adjustment Specialist, Inc.
• Subsidiary •
DENVER
5000 EAST EVANS AVE., STE 1.426
DENVER, CO 80222
(303) 355.5871
(800) 840-9688
FAX (303) 691-8882
WELD ASSESSOR IJ007
t\ COLORADO SP Alt :;S
• PO BOX 5L,ezi
COLORADO SPRINGS, CO 80849-0827
(719) 594-6410
(800)840-96;8
FM (800) 694-6983
AGENT AUTHORIZATION
TO WHOM IT MAY CONCERN:
We authorize Property Tax Adjustment Specialists, Inc., to act as our agent in property assessment matters for the real
and personal property Iliited below.
As our agents, Property Tax A-;justment Specialists, Inc. has full authority to handle all matters relative to assessments
with your office. This includes, but is not limited to, the inspection of any property record documents, both public and
confidential, for real and personal property, the receipt of assessment notices, tax statements, etc. Additionally, they have
permission to represent us in any appeal or abatement process.
This authorizacion is valid for the 2009 tax year petition and any previous year's abatement petitions.
PROPERTY OWNER OF RECORD:
Signature _
U
/V isS e 4? -7A-74:6, L
(Owner as shown on Property Tax Bill)
Title Qh e � a -Date -7_ /
n t✓
r�
Name (Printed or Typed) Phone Number
PROPERTY ADDRESS & TAX SCHEDULE NUMBER:
1(./00 )ex -71-1. ter! y/ /a ,3- 3 D v
03/02/09 17:19 FAX
WELD ASSESSOR 008
ELITE
PROPERTY
SERVICES, inc.
Property Tax Adjustment Specialist, Inc.
• Subsidiary •
DENVER
8000 EAST EVANS AVE., STE 1-426
DENVER, CO 80222
(303) 355-5871
(800) 840-9688
FAX (303) 691-8882
COLORADO SPRINGS
PO BOX 50827
COLORADO SPRINGS, CO 80949-0827
(719) 594-8440
(800) 840.9888
FAX (800) 594-8983
December loth, 2008
To: Weld County Assessor Office
Ref: 2007 tax year appeals
To Whom It May Concern:
Enclosed are the abatement petitions for the 2007 tax year, lean be reached at 303-355-
5871 if you need further information.
Thank you
Sincerely
lC�ttdy . ayer
RECEU I
DEC 15 2008
WELD COUNTY a OR
GREELEY, COLORADO
00/02/09 17:17 FAX
WELD ASSESSOR ¢1002
EVALUATION SUMMARY
TAX YEAR 2007
NAME:N & S Joseph Properties LLC
SITUS: 1400 DEXTER ST
PIN: 147105304003
COMMENTS: The sales comparables for the subject during the
valuation period denote a value of $114.15 per sq. ft.
lgnd and improvements. The mass model used for the subject
has assigned a very high value of $150.00 per sq. ft. land
and improvements. Respectfully request an adjustment to
the subject to reflect fair market value for the 2007 tax
year. Fair market value as denoted by the market approach
as of June 30th 2006 is $688,325.00. Thank you for your
consideration to this matter.
AFTER EVALUATION OF THE PROPERTY, ELITE PROPERTY
SERVICES, INC. RECOMENDS A VALUE OF $688325.00
03/02/09 17:17 FAX
WELD ASSESSOR
4 003
, 301 S, 4th'Ave-.Rumors!Salon,lBSpa
Brighton, CO 80601
Sale Date: 0112112005
Sale Price: $225,000 - Full Value
Price/SF: $87.41
Pro Fount Cap: -
Actual Cap Rate: -
Comp ID: 998056
Reaesrch Statue Research Complete
Mama County
Bldg Type: General Freestanding
Year Bulh/Age: Built 1920 Age: 86
RBA 3,338 SF
P arcel No: 1669-07-2-23-018
Sale Cond8ons: -
®:479 S:4th'Ave,-.AsIa, Inm R'estaurant0
Brighton, CO 80601
Sale Date: 07/29/2006
Sale Price: $470,000 - Full Value
Price/SF: $143-64
Pro Forma Cap; •
Actual Cap Rate: -
Comp ID: 1046302
Research Status: Research complete
SOLD
Bldg Type:
Year BuiltAge:
RBA:
Adams County
Restaurant
Bulk 1012 Age: 93
3,272 SF
P arcel No: 1569-07-3-01-004
Sale Conditions: -
114 Bthst - Spindens; Automotive, •,:':: • •
Dccono, CO 80514
Sale Date: 05/0512006
Sale Price: 6250,000 - Full Value
Price/SF: $115.68
Pm Forma Cap: -
Actual Cap Rate: -
Comp ID; 1136065
Research Statue: Research Complete
f. 702 E Bridge - Singdn phtne;e Ret9lau'rari'tri'' ;;;',,;,,,',;;:,
Weld County
Bldg Type: Auto Repair
Year BullUAge: Built 1980 Aga: 26
RBA 2,163 SF
Brighton, CO 80601
Sail Dale: 08/3012005
Sale Price: $350,C00 - Full Value
Price/SF: $148.05
Pro Forma Cap: •
Actual Cap Rate: -
Comp ID: 1071314
Research Status: Research Complete
Parcel NO: 146906206005
Sale Conditions: -
Bldg Type;
Year BuiIVAge:
RBA:
Aflame County
Restaurant
Built 1919 Woe 1988 Age: 86
2,364 SF
Parcel No: 1569-07.1.04-019
Sale Conditions: -
In, 2060E[Bridge St -'Queen SquareLaundr'' . ,o ,ni
Brighton, CO 30601
Sale Date; 03/7212006
Sale Price: 6230,000 - Full Value
Price/SF: $121.74
?ro Fem. Cap: -
Actual Cap Rate: -
Comp ID: 1109725
Raseerch Statue Reseo.:ch Complete
Adams County
Bldg Type: General Freestanding
Year Built/Age: Built 1984 Age: 22
RBA: 2,300 SF
Parcel No: 1599-C3-1-20-003
Sale Conditions: -
Elit . .,
230 Deriver Ar.'_ Qupen SquareLaundrom$' &'Rent?,
For. Lupton. CO 80821
Sale Date: 03/17:2006
Sale Price: $470,300 - Full Value
Price/SF: $106.:,3
Pro Forma Cap: -
Adual Cap Rate: -
Comp ID: 110374.0
Research Status: Research Complete
Weld County
Bldg.Tyas: General Freestanding
Year Built/Age: Built 1997 Age: 9
RBA 4,000 SF
Parcel No: 147106222001
Sale Conditions: -
'SOLD
lice mpy,lgnad ,.pon =airs reattach KoI•ad lc Site Raptly aoam-+Se71a-
12110/2008
Page 1
03/02/09 17:17 FAX
WELD ASSESSOR
II 004
218 N; Main St r Madams Restaurant.
Brighton, CO 50601
gale Dais: 1211912005
Sale Price: $315,000 • Full Vatue
Price/Br: 5112.50
"r rc Forma Cap: -
A$ual Zap Rate: -
Camp ID: •050802
R_searrll Status: Research Com:Sate
Adem5 County
Bldg Typo: Restaurant
Year Bsilt/Age: Bullt 1927 Aga: 78
RBA: 2,800 SF
Parcel No: 1558-08-3-00-017
Sale Conditions: -
12/1012002
Page 2
TNs m.Yaahma capon contains =cacti Inacoa ta atlm M,panr aavtas• 1at]ae
03/02/09 17:18 FAX
WELD ASSESSOR
005
Quick Stats Report
Median
High
Low
Average
Count
Price
Center Size
Pica per'S„F^•', y ;
Actual Cap Rate
.Da;s'or,.Madcat'
Sale Prim to Asking Price Ratio
.i
Sold Transactions
Total Sales Volume:
$2.310,000
Total Sales Transactions:
7
2,163 SF
;$33000er:: Nit000'. 000.
2,891 S9SF 3.; 2,800 SF 4,000 SF
;. $d`I6:38':• "$14x.06•./
Location: Locallon mathoC - Radius: Radius - 7.5 mile radius from 1460 Oster St, Fort Lupton, CO
Basic Criteria: Sale St>lus-sold;Property Type -Retail; Building Park -Shopping Center;ShoppingCenterType-
NolghGorhood Center; S.;ic Date -111/2005.61301200x; Total Building Size (SF) -2,000-10,000
7
mb oogn9lited report =lain: rpovl, runnd bear Pro:av Set:- ¶Sa>ea 12/10/2008
Pap I
03/02/09 17:18 FAX
WELD ASSESSOR
X1006
301 5 4th Ave
479,6410 Ave •
114 8th St
•9.02 E„bridge $....,'•
2060 E Bridge St
190 DenverAYe..
218 ht Main St
•
4:3 •cR-14 .
I'
grC0.12
't• A
`.paves
'r..�R.a ......»...�..... kBY.- ••.E leases+.., ..u. .,e
Brighton 3,338 SF RelaluGeneral
Freestandin',....... 3, 12F l/Re t:.
Vie, T q!P."._'
9riW+� 272 SFRetaiV�i
Dacono 2,163 SF Retail/Auto Repair
itp
Sold: 5228,000 (987.4115F)
old 54Y,0,000 (51.,,.'•�•''�•F1".
Sold: 5280,000 (5115.5813F)
,..-_ (8•148.0518F)•
Sold: 5288,000 ($121,74/SF)
:,;00;000 cS,10S)SF)',
Sold: $515,000 (5112.50/SF)
mu eapydpiia4 report ccsme,s nwwC1 IIUR%a m Liu PropQiq 3ttc++ - 135740.
12110/2008
Page
CHRISTOPHER M. WOODRUFF, COUNTY ASSESSOR
BRENDA DONES, DEPUTY ASSESSOR
APPRAISAL REPORT
OF
COMMERCIAL PROPERTY
FOR
Board of County Commissioners
N & S JOSEPH PROPERTIES LLC
PETITIONER
VS.
WELD COUNTY ASSESSOR'S OFFICE
RESPONDENT
Parcel Number: 1471-05-3-04-003
Schedule Number: R1395602
Petition for
Abatement Number: 2008-420 & 2009 -003
Date: March 16, 2009
Time: 9:00 AM
Board: County Commissioners
PREPARED BY
1/4,4)
March 23, 2009
Signature Date
WADE J. MELIES
ASSESSOR'S OFFICE STAFF APPRAISER
INDICATED VALUE
MERCHANDISING -LAND
MERCHANDISING -IMPROVEMENT
$439,914
$464,586
Total: $904,500
CBOE_COMM_010998
Page 1
SALIENT FACTS AND CONCLUSIONS
Purpose of Appraisal
Property Rights Appraised
Location
Land Area
Zoning
Property Type
To determine Market Value as of 1/1/07 and 1/1/08
based on an appraisal date of 6/30/06.
Unencumbered fee simple interest.
1400 DEXTER ST
FORT LUPTON
67,679 Square Feet
FTL C2
Commercial
Neighborhood Shopping Center
Inline Retail
Year Built 2005
Quality
Class
Number of Stories
Improvement Sq. Ft.
Value Indications:
Land
Cost Approach
Market Approach
Income Approach
Average
Metal Frame
1
6,030 square feet
$439,914
$904,459
$995,000
$926,000
Final Value $904,500
CBOE_COMM_010998
Page 2
n 11'
PO x012 010! C 14'0"07 I "
Rank of
'on
Ui . lay R
eereatOrce
s _
rs man IW r--.alt.A a[Aar r .,... Partner m a and rs Wrong
rsw
Subject Neighborhood
The subject neighborhood is located in the City of Fort Lupton in southern Weld County. The subject
neighborho d is located in the recently developed southeastern portion of Fort Lupton. The
neighborho d is dissected by the major arterial road 1st Street or Colorado Highway 52 which runs
east to 1-76 nd west to Hwy 85 and 1-25. Recent development in the area includes residential
subdivision such as Appel Farms Estate, Coyote Creek, and Diamond V Addition. In addition to the
Coyote Cre k Golf Course; the Fort Lupton Recreation and Community Center have been recently
built. Recen commercial developments are the Fort Lupton Community Shopping Center which
includes inline retail and anchored by Safeway Grocery Store with gas, the Salud Medical
Administrative Offices, ACE Hardware, Bank of Colorado, Grease Monkey, and a car wash. The Fort
Lupton Co munity Shopping Center has the only major chain grocery store in Fort Lupton. The
subject's N ighborhood Shopping Center has 1.47 acres of developable vacant land remaining.
Subject Property
The subject property is attached inline retail in the Fort Lupton Community Shopping Center which is
anchored bsk Safeway grocery store. The subject is at the opposite end of additional inline retail. The
subject is 6,030 square foot steel supported attached inline retail building with 1,936 square feet of
basement storage built in 2005. The subject has 22 foot sidewall height and is fully sprinklered. The
subject is currently a single use large retail liquor store. The subject could be divided. The subject
has good visibility from 1St Street and the Safeway parking lot.
Neighborhood Map
I : MST_.. . '+✓•
001 013 00in
'002: -014 -!
n , r -r ir; ' . rt.." 002 ' e
1015 ,Q07Y� !! rT`. 002
HT nil
0.5 �0�11 °z !ti 05 _Qi1121 0 001 01 4 0
j4DEXTER-ST
CNS
Inline
Retail
f i
Ss
QO. .a
K
004
1e4b 48' 15.6' W
1% 4 Conte ely 8;nnurary
I49Iiv.wy
Roads
Par crlAcres
Parch
Mydia
sea 1:3210
)t r)CO(CCX
�..�.w.. W.H\/
CBOE_COMM_010991
Page
Subject Photograph
Front View
Rear View
t
Frst Floor
6030 0'
Subject Sketch
3
Unfinished
Basement
1910,
_21
Safeway
CBOECOMM _010998
Page 4
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 and an
appropriate value assigned. A land value has likewise been established through the utilization of
vacant land sales of comparable properties.
Improvement Value $464,545
Land Value $439,914
TOTAL VALUE BY THE COST APPROACH
$904,459
CBOE_COMM_010998
Page 5
Class S, Neighborhood Shopping Center
Inline Retail
Section 13, Page 33, May 2006 Average Quality
Base Cost per Square Foot Attached
Sprinkler System
Multiplied by Factors For
Size -Shape Ratio
Story Height
Location Modifier
Current Cost Update
Combined Modifier
0.969
1.170
1.020
1.010
$56.72
$4.21
1.1680
Final Adjusted Base Cost per Square Foot $71.16
Main Level Cost 6,030 S.F. x $71.16 = $429,095
Basement Level Cost (storage) 1,936 S.F. x $25.90 = $50,142
Total Estimated Costs for Building Improvements $479,237
Less Depreciation:
Total Accrued
Depreciation
Estimated Depreciated Cost of Building $465,545
Physical (Modified AgelLife Method)
Actual Age 2 Yrs
Effective Age 1 Yrs
Economic Life 35 Yrs
Effective Age/Total Economic Life = Physical Depreciation
1 Yrs / 35 = 2.86%
Functional Obsolescence 0.00%
External Obsolescence 0.00%
2.86% $13,692
CBOE_COMM_01099f
Page E
COST APPROACH
LAND VALUE
Sales utiliz to establish the value in the subject neighborhood are Jan 1, 2005 to Jun. 30, 2006
market for t e 2007 and 2008 assessment date. The comparative sales approach is the most reliable
method of I nd valuation. Pursuant to 39-104-(10.2) (c) C. R. S., the Assessor may utilize sales from
Sept. 2004 hrough the current market to establish the proper value, if sufficient information is not
available in he prior 18 months. The Weld County Assessor has an established ongoing sales
confirmation and validation program for property transactions used in developing value.
The land size of the subject is 67,679 square feet. Comparable commercial land in the subject area is
valued at $6.50 per square foot
Parcel Number Sale Date Sale Price Land Size Per Square Ft
Comparable 1
Comparable 2
Comparable 3
Comparable 4
147105304003 08/19/04 $460,000 67,679
$6.80
147105306001 09/15/05 $490,000 70,884
$6.91
147105308003 05/19/05 $300,000 45,997
$6.52
147105308002 10/28/04 $353,000 33,748
$10.46
The four co parable land sales used are in the subject neighborhood and located less than a block
from the su ject. Comparables 1, 3, and 4 are in the subject's Neighborhood Shopping Center.
Comparabl 1 is the subject property. The comparables develop a range of $6.52 to $10.46 per
square foot After adjusting for size and time, the sale presented support a value of $6.50 per square
foot for the ubject property.
ASSESSOR'S INDICATED SUBJECT LAND VALUE
$439,914 424riLcuinOt!tisalquj2, Land Sales Map
WJ 1r 0061 g'
se -I 6 i' 005 012 —1
0'
1 Z l 7` %.t4.11".u1
L(3
Oirgl
com
LE NY"! a OMwaO a lailieT /t rA
s,_. env OM ies Se GB A r• . Hearne! r 4 maSNP
WSW .raa 7110 1W II MOT TO ! USED MR ,n ocnOfa
it9Elld
Wad c.. -n, &LlIn .y
sane: tIJa
CBOECOMM _010991
Page i
MARKET APPROACH SUMMARY
The Asses or has appropriately considered the Market Approach to value for the property on appeal.
The Sales omparison Approach was considered in developing a market value for the subject. Sales
used to est blish a market value for the tax year 2007 and 2008 are from January 1, 2005 through
June 30, 2006. Pursuant to 39-1-104 (10.2)(c) C. R. S., the Assessor may utilize sales five years prior
to July 1, 2606 to establish the proper value. All sales have been confirmed and verified through
transfer declarations as well as interviews with buyers, sellers or their representatives to the sale. All
sales used re arm's length transactions, and considered to be the most comparable properties sold in
relationship to the subject property.
Based upon investigation and analysis, it is the opinion of the appraisers that the
value of $165 per square foot accurately reflects the market value of the subject
property. The subject property contains 6,030 square feet of inline retail space in
an anchored Neighborhood shopping Center
Comparable 1
Comparable 2
Comparable 3
Comparable 4
Comparable 5
Parcel Number
Sale Date
Sale Price Bldg Size Per Square Ft
131107218007
& 008
5/12/2005
$9,750,000
29,752 $327.71
131119304004
& 006
5/15/2005
$6,200,000
22,757 $272.44
131301414006
3/24/2006
$1,723,000
7,000 $246.14
147106121017
9/30/2002
$335,600
2,289 $146.61
130931400026
9/17/2001
$388,400
2,848 $136.38
Comparables 1 and 2 are inline retail properties in anchored Neighborhood Shopping Center and are
much larger. Comparables 3 is a standalone retail store similar in size and locate near an anchored
Neighborhood Shopping Center. Comparable 1, 2, and 3 are located in Firestone. Comparables 4
and 5 are I sated in the City of Fort Lupton, are used as liquor stores, smaller in size, and are older
sales. Co parable 3 is an attached building and comparable 4 is a stand alone building. The sales
develop a r nge of $136 to $328. After adjustments for sale date, size, location, and relation to an
anchor, the subject's market value is thought to be $165 per square foot.
VALUE AS INDICATED BY THE MARKET APPROACH
$995,000 (rounded)
CBOE_COMM _01099t
Page
Market Approach Comparables
Comparable Number 1
UNIT 1011101 • RKUuai
LINT 103 • Subway
UNIT 104 • UPS Slur!
INT 10s • Dens o*. • :006
UNIT 106 pedal A'$
I IT 101 • Salon•Trade Secret
UNIT t 08 •Nae Cate
UNIT 109 • Cosl Cutlets
VAT 110. Lon Note-ligh Rams Liquor
Asphalt Pa kmg Area
:030
Rea Parlingfoairx area
Total Sq. Ft.
18,412
CO ARABLE SALE
ACCOUN11 NUMBER: R2718704
PRIMARY OCC: Neighborhood Shopping Ct
1617
Unix*
Nairn
4
UM201
Spell
UM206
Get
o
UM20s
Un1204
IA203
o
-
UM 201
PaW> 1''t
Pea
0
0
p.
ITINlet OM tee =1400 St
TOUT Gross Set Ft
11340 0 sr
eactwattkonicon2100sf
bbd nalydan4 202 was rardeo
rot, unit 201 ex lets leslina ll
COUNTY: WELD
PARCEL NUMBER: 131107218007 & 009
PERCENT: 100%
ADDRESS: 6160 FIRESTONE BLVD FIRESTONE
RECEPT UMBER: 3287286 SALE DATE:
GRANTO : QUADRANT FIRESTONE PARTNERS SALE PRICE:
GRANTEE, CONQUEST FIRESTONE LLC & ADJ SALE PRICE:
YEAR BUI T: 2004
EFFECTI AGE: 2004
LAND SIZ (SF): 77,229 & 81,543 = 158,772
BLDG SIZ (SF): 18,412 & 11,340 = 29,752
WALL HEI HT: 16
STORIES:
QUALITY: Good
5/12/2005
$10,750,000
$9,750,000
CLASS: C
LAND/BLDG RATIO: 5.34
LAND VALUE: $1,270,176
IMPS PRICE/SF: $285.02
SALE PRICE/SF: $327.71
COMMEN S: Sale included five adjacent vacant lots. Two lots are water retention ponds
used for he entire shopping center. The buyer allocated $1,000,000 to the three
develops le lots. The sale price was adjusted for these lots.
CBOE_COMM _010998
Page 9
Comparabl - Number 2
COMP RABLE SALE
ACCOUNT
PRIMARY OC
SECONDARY
THIRD OCC:
ADDRESS:
R0722601 & R0722801
Neighborhood Shopping
OCC:
FIRESTONE
RECEPT NUMBER: 3286869
GRANTOR: SHOPS AT FIRESTONE LLC
GRANTEE: LAWRENCE JAMES BOWLES
YEAR BUILT: 2002
EFFECTIVE AGE:
LAND SIZE ( )
BLDG SIZE ( )
WALL HEIGH
STORIES:
BSMNT SIZE:
BSMNT FINIS
ZONING:
QUALITY:
109,149
22,757
16
1
Average
COMMENTS: Confirmed sale with buyer.
COUNTY: WELD
PARCEL NUMBER: 131119304004 & 006
PERCENT: 100%
PERCENT:
PERCENT:
SALE DATE:
SALE PRICE:
ADJ SALE PRICE:
CLASS:
LAND/BLDG RATIO:
LAND VALUE:
IMPS PRICE/SF:
SALE PRICE/SF:
INTEREST RATE:
DOWN PYMT:
LOAN TERM (YRS):
POINTS PAID:
5/16/2005
$6,200,000
C
3.08
$491,171
$250.86
$272.44
CBOE_COMM _010998
Page 10
Comparable Number 3
C MPARABLE SALE
ACC UNT R2651503
PRI ARY OCC:
SEC NDARY OCC:
THI OCC:
ADDRESS:
Retail Discount Store
O
1Mh OW I'M
►Oo
Fag F1xa
7000 0'
COUNTY: WELD
PARCEL NUMBER: 131301414006
PERCENT: 100%
PERCENT:
PERCENT:
5919 FIRESTONE BLVD FIRESTONE
RECPT NUMBER: 3388667
GRANTOR: AARD-TSD-CSK FIRESTONE LLC
GRANTEE: CC LAND COMPANY INC
YEAR BUILT: 2005
EFF$CTIVE AGE:
LAND SIZE (SF):
BLDG SIZE (SF):
46,694
7,000
WALL HEIGHT: 14
STORIES:
BSMNT SIZE:
BSMVT FINISH:
ZON NG:
QUA ITY:
1
Average
SALE DATE:
SALE PRICE:
ADJ SALE PRICE:
CLASS:
LAND/BLDG RATIO:
LAND VALUE:
IMPS PRICE/SF:
SALE PRICE/SF:
INTEREST RATE:
DOWN PYMT:
LOAN TERM (YRS):
POINTS PAID:
COMMENTS: Confirmed with buyer. Lease is NNN for 15 years with 2 options to renew.
3/24/2006
$1,723,000
D
6.67
$210,123
$216.12
$246.14
b
2
CBOE_COMM _010998
Page 11
BLDG SIZ (SF):
WALL HEI HT:
STORIES:
BSMNT SI
BSMNT Fl
ZONING:
QUALITY:
COMMEN
Comparable Number 4
COMPARABLE SALE
ACCOUNT
PRIMARY ?CC:
SECONDAKIY OCC:
R7117798
Retail Store (Liquor Store)
ADDRESS: 417 DENVER AV FORT LUPTON
Deriver Ave
31 8'
:Off
lie
Retail
lit,0.o S140
BLi 1921 1.;1945
R,mod.led 19?i
Class 0:
10'• 12'4
Packer i
2289 s4 ft
�
i
1
3.8'
sa;w0:
6O
COUNTY: WELD
PARCEL NUMBER: 147106121017
PERCENT: 100%
PERCENT:
RECEPT NUMBER: 2999198 SALE DATE: 9/30/2002
GRANTOR₹ COMEAU DORSEY A & MARY J SALE PRICE: $410,600
GRANTEE: CHA YING & MAILY ADJ SALE PRICE: $335,600
YEAR BUI T: 1921 CLASS: D
EFFECTIV AGE: 1976 LAND/BLDG RATIO: 1.81
LAND SIZ (SF): 4,134 LAND VALUE: $22,737
2,289 IMPS PRICE/SF: $136.68
12 SALE PRICE/SF: $ 146.61
I INTEREST RATE: 6.75%
1,038 DOWN PYMT: $160,610
ISH: Storage LOAN TERM (YRS): 30 years
Comm POINTS PAID:
Average
The sales price less $75,000 for FF&E equals the adjusted SP of $335,600.
6614
00
CBOE_COMM _01099E
Page 12
Comparable Number 5
COMPARABLE SALE
ACCOUNT R5275386
PRIMARY OCC: Liquor Store
SECONDARY OCC:
ADDRESS: 640 14 ST FORT LUPTON
RECEPT NUMBER: 2884625
GRANTOR: MINTLE DOROTHY SMITS
GRANTEE: PATTON DONALD D & LUANN D
YEAR BUILT: 1978
EFFECTIVE AGE: 1990
LAND SIZE (SF): 43,560
BLDG SIZE (SF): 2,848
WALL HEIGHT: 12
STORIES: 1
BSMNT SIZE;
BSMNT FINISH:
ZONING: I-1
QUALITY:
Average
70.3'
Ilattti Ole r+w.mn"
40N
150'
Cooler
40 7
COUNTY: WELD
PARCEL NUMBER: 130931400026
PERCENT: 100%
PERCENT:
SALE DATE:
SALE PRICE:
ADJ SALE PRICE:
CLASS:
LAND/BLDG RATIO:
LAND VALUE:
IMPS PRICE/SF:
SALE PRICE/SF:
INTEREST RATE:
DOWN PYMT:
LOAN TERM (YRS):
POINTS PAID:
09/17/2001
$440,000
$388,400
S
15.29
$53,317
$117.66
$136.38
7.50%
$0
20 YRS
COMMENtS: The subject is a liquor store. The sales price includes the fixtures & equipment valued at
$51,600 giving an adjusted SP of $388,400
Liquor Store
SI 1978
Remodeled 1997
Class S
Space Heat
17 rob
2848.0 sq. ft.
CBOE_COMM _01099f
Page 1:
Market Sales Map
ent
r
--- Vollmer
rte!
:iota Dacono
4
• a
..
r Coyot.S ee&.
Got course
Fort Lupton
11 ISit
Subject
853
85
I�
r:
s
Anstocrat
Rnnchettes
CBOE_COMM 01099E
Page 14
INCOME APPROACH SUMMARY
The Weld C unty Assessor has appropriately considered the Income Approach to value for the
Subject pro erty on appeal. The Assessor has gathered income information from local inline retail
commercial properties for the time frame of January 1, 2005 through June 30, 2006. This information,
combined th countywide and industry -wide data, is used to determine typical income and expenses
for inline ret it type property. The comparables used are inline retail spaces in an anchored
Neighborho d Shopping Centers. Comparable 1 is inline retail space in the subjects Neighborhood
Shopping C nter. Comparables 2 and 3 are inline retail liquor store spaces in similarly anchored
Neighborho d shopping Centers approximately 9 miles form the subject. The range develop by the
comparable is $19 to $24.50 NNN per square foot. After adjustments for location and size the
estimated i come for the subject is $19 NNN per square foot. All the comparables are NNN type
leases in which the tenant is responsible for their portion of the property taxes and other expenses.
For this analysis the direct capitalization rate use in this analysis. Smith / Burbach — Real Estate
Investment urvey - Winter 2005/2006 indicates stabilized Cap Rates for Shopping Centers in
Colorado to range from 7 to 10 percent. Recent sales of inline retail in Weld County support the
middle of th range. Considering the subject's location a cap rate of 9% is appropriate. The vacancy
and loss for Neighborhood Shopping Centers inline retail range from 13 to 17 percent in Southwestern
Weld Coun . The subject's Neighborhood Shopping Center inline retail has experienced a 21%
vacancy. F r this analysis we will use a 21% for the subject's vacancy and loss.
Comparable 1
Comparable 2
Comparable 3
Address
Lease
Size
Use
Per Square Ft
NNN
1200 Dexter St.
Fort Lupton
1,200 to
2,800
Restaurant, Retail & $19
Office
8180 C R 13
Firestone
6160 Firestone Blvd,
#110 Firestone
4,200
5,555
Liquor Store $24.50
Liquor Store, $24
TOTAL INCOME VALUE FOR THE SUBJECT PROPERTY
$926,000 rounded)
Potential Gross Income
Size
6,030
Loss & Vacancy
Effective Gross Income
Expense
s
Managemen
t
Reserves
Total
Net Operating Income
Cap Rate
Indicated Value
Value per S.F.
Rate
$19.00 NNN
21%
5%
3%
9.00%
$153
$114,570
$24,025
$90,545
$4,527
$2,716
$7,244
$83,301
$925,568
CBOECOMM 010998
Page 15
Income Approach Comparables
Lease Comparable #1
Lease Comparable #2
Lease Comparable #3
CBOE_COMM _01099E
Page 16
Income Comparable Map
Firestone
r.�.. Comp #3
-41 Comp #2
IRd=-; Dacono
ha. - 7
1
4
E
A
dii
M
1
.0
ttg ,
coyote Leek
3d n
_sitCa e
Fort Lupton
I" _N___.
Subject
Wattenberg�
CBOE_COMM _010998
Page 17
CONCLUSION
Real property for tax year 2007 and 2008 must be valued utilizing the level of value for the period of
one and one-half years immediately prior to July 1, 2006. Except that, if comparable valuation data is
not available from such one -and one -half -year period to adequately determine the level of value of a
class of property. The period of five years immediately prior to July 1, 2006 shall be utilized to
determine the level of value. Said level of value shall be adjusted to the final day of the data gathering
period. Changes occurring between base years are not to be accounted for until the following level of
value is implemented, other than additions, change in use, detrimental acts of nature, damage due to
fire, etc., or creation of a condominium, or any new regulations restricting or increasing the use of the
land, or a combination thereof. {39-1-104(11)(b)(1) C. R .S.}
The subject property has been classified as inline retail Commercial Property for assessment
purposes. Commercial property value shall be determined by appropriate consideration of the Cost
Approach, Market Approach, and Income Approach to value. {39-1-103(5)(a) C. R. s.} The Assessor has
considered all three approaches to value for the subject parcel on appeal.
FINAL RECONCILIATION
After consideration of the cost, market and income approaches, it is the Weld County Assessor's
opinion that the value of $904,500, most accurately reflects the value of the subject property in Weld
County for the 2007 tax year.
COST APPROACH MARKET APPROACH INCOME APPROACH
$904,459
$995,000 $926,000
INDICATED VALUE
MERCHANDISING -LAND
MERCHANDISING -IMPROVEMENT
$439,914
$464,586
Total: $904,500
CBOE_COMM_010998
Page 18
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.
Wade J. Melies
Commercial Appraiser
Colorado Certified General Appraiser CG40036400
CBOE_COMM_010998
Page 19
Wine
COLORADO
February 11, 2009
N and S Joseph Properties
12078 East Mississippi Avenue
Aurora, CO 80012
RE: SCHEDULE NUMBER R1395602
Dear Property Owner:
CLERK TO THE BOARD
PHONE (970) 336-7215, EXT. 4225
FAX: (970) 352-0242
P.O. BOX 758
GREELEY, COLORADO 80632
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: 1400 Dexter Street, Fort Lupton,
Colorado 80621. The meeting is scheduled for March 9, 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 deny 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,
62
Esther E. Gesick
Deputy Clerk to the Board
cc: Assessor
WIWDc.
COLORADO
April 6, 2009
N and S Joseph Properties
12078 East Mississippi Avenue
Aurora, CO 80012
RE: SCHEDULE NUMBER R1395602
CLERK TO THE BOARD
PHONE (970) 336-7215, Ext. 4225
FAX: (970) 352-0242
P. O. BOX 758
GREELEY, COLORADO 80632
Dear Property Owner:
On March 9, 2009, the Board of Weld County Commissioners considered your petition for
abatement or refund of taxes and denied same.
Pursuant to Section 39-2-125(f), C.R.S., you have the right to appeal this decision to the State
Board of Assessment Appeals within thirty days. You may obtain the appropriate forms and
instructions from the Board of Assessment Appeals, Department of Local Affairs, 1313 Sherman
Street, Room 420, Denver, Colorado 80203.
V truly/7,/
ruly you /
/l7
1 A
Donald D. Warden,
Clerk to the Board
By: )72,
Deputy Clerk to the Board
cc: Assessor
Cindy Mayer
Elite Property Services, Inc.
6000 East Evans Avenue, Suite 1-426
Denver, CO 80222
Ain
WID€.
COLORADO
April 6, 2009
N and S Joseph Properties
12078 East Mississippi Avenue
Aurora, CO 80012
RE: SCHEDULE NUMBER R1395602
CLERK TO THE BOARD
PHONE (970) 336-7215, Ext. 4225
FAX: (970) 352-0242
P. O. BOX 758
GREELEY, COLORADO 80632
Dear Property Owner:
On March 9, 2009, the Board of Weld County Commissioners considered your petition for
abatement or refund of taxes and denied same.
Pursuant to Section 39-2-125(f), C.R.S., you have the right to appeal this decision to the State
Board of Assessment Appeals within thirty days. You may obtain the appropriate forms and
instructions from the Board of Assessment Appeals, Department of Local Affairs, 1313 Sherman
Street, Room 420, Denver, Colorado 80203.
Vey truly youy�,/
/f`/y' 1 rl f ,/ / /1
Donald D. Warden,
Clerk to the Board
By: 7/7
Deputy Clerk to the Board
cc: Assessor
Cindy Mayer
Elite Property Services, Inc.
6000 East Evans Avenue, Suite 1-426
Denver, CO 80222
Hello