HomeMy WebLinkAbout20091853.tiffCLERK TO THE BOARD
PHONE (970) 336-7215, Ext. 4226
FAX: (970) 352-0242
P. O. BOX 758
GREELEY, COLORADO 80632
Whk
COLORADO
August 19, 2009
GREELEY MALL I/GKD FUND I LLC
O/O GK DEVELOPMENT INC
303 EAST MAIN ST STE 201
BARRINGTON, IL 60010
RE: THE BOARD OF EQUALIZATION, 2009, WELD COUNTY, COLORADO -
ADMINISTRATIVE DENIAL OF PETITIONER'S APPEAL AND AFFIRM
ASSESSOR'S VALUE
DESCRIPTION OF PROPERTY: ACCOUNT #: R4473006 PARCEL #: 096119218001 - GR GM
LOT 1 GREELEY MALL MINOR (IMPS ONLY PERKINS RESTAURANT 096119200057) SITUS:
2050 GREELEY MALL ST GREELEY 806310000
Dear Petitioner:
On July 31, 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 your request for an Administrative Denial of your petition of appeal of the County
Assessor's valuation of your property described above, for the year 2009.
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
$31,558,530 $31,558,530
c0". A-(04,1c'rLl \
2009-1853
AS0073
GREELEY MALL I/GKD FUND I LLC - R4473006
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 notice of 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
2009-1853
AS0073
GREELEY MALL I/GKD FUND I LLC - R4473006
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,
u t.
Esther E. Gesick
Deputy Clerk to the Board
cc: Christopher Woodruff, Assessor
DOWNEY AND MURRAY LLC
ATTN: THOMAS DOWNEY
383 INVERNESS PARKWAY STE 300
ENGLEWOOD, CO 80112
2009-1853
AS0073
Weld Count
CHRISTOPHER M. WOODRUFF COUNTY ASSESSO
BRENDA DONES, DEPUTY ASSESSO
VALUATION REPORT
OF
COMMERCIAL PROPERTY
FOR
County Board of Equalization
GREELEY MALL I/GKD FUND I LLC
PETITIONER
vs.
WELD COUNTY ASSESSOR'S OFFICE
RESPONDENT
Parcel Number: 0961-19-2-18-001
0961-19-2-18-020
0961-19-2-18-052
0961-19-2-18-002
0961-19-2-18-043
0961-19-2-18-003
Schedule Number: R4473006
R3761086
R1044296
R4473206
R0072287
R4473306
Log Number: 2480
Date: 08/05/2009
Time: 3:30
Board: CBOE
PREPARED BY
APPRAISERS NAME
Enclosed mall
Dillards
Pizza Hut
Strip Center
Habitat (old Safeway)
Land Parcel east
Signature
Date
Chuck Jack 08/05/09
ASSESSOR'S OFFICE STAFF APPRAISER
Page 1
„,?o°9_ 1753
SALIENT FACTS AND CONCLUSIONS
Purpose of Appraisal
Property Rights Appraised
Location
Land Area
To determine Market Value as of 1/1/09 based on an
appraisal date of 6/30/08.
Unencumbered fee simple interest.
2050 GREELEY MALL ST
GREELEY
2,593,759 Square Feet (59.55 acres)
Property Type Commercial
Regional Shopping Center
Year Built
Year Remodeled
Quality
Class
1973
Constant & on -going
Good
Metal Frame
Number of Stories 1
Improvement Sq. Ft. 425,752
Value Indications:
Land
Cost Approach
Market Approach
Income Approach
$10,375,036
$ 39,620,811
$ 42,575,200
$ 35,289,053
Assessor's Value $39,354,303
Page 2
DILLARDS
PIZZA HUT
PAGE 4
STRIP CENTER
HABITAT (OLD SAFEWAY)
-0713.1./20.09
SKETCH OF ENCLOSED MALL
BLDG #1
Location of
Sears
Bit 2003
6,552 sq.ft.
26.0'
sOS a 1130'
c2 ma 6
9a 43-
o- 4
ran• m
90
940
Location of 12 -flex
Theater
A.
255.0'
282.0
85.0'
85.0'
230.0' 243.0'
221 0'
10 0'
1601
Open Walkway 60 0
3726.0 sf
Location of
J.C. Pennys
Sketch by Ppea Medina^'
192V
5a
50
Bldg #1
Enclosed Mall Area
23171,409 anf ft
263.0'
80.0'
Location of
Dillards
DILLARDS SKETCH
186.0'
102.0'
220.0
Bldg #3
Dillards
Department Store
41,140 sq ft
30
16.0'
440
102.0'
Second Floor
1980.0 sf
45.0'
Op 170
410
: 1.0'
e 0121)
lt3O 0 of
410.0'
86.0'
Sketch by Rpm( Nadine.,
30.0
PAGE 6
Pizza Hut
400
w
10'
P
9.0'
CONC. SLAB 9.0'
1283.5
19.5'
29.5'
a
10.0' 3.7'
3.0
1.
33.0'
Sketch by $.x IV^'
0)
RESTAURANT
BLT 1995
CLASS D
Stucco Siding
15'- 18'wh
HVAC
3,617 sq.ft.
373 sq.it. equip loft
36.6'
25.0'
0
V
COOLER b
120.0 ,�
8' WH
Page 7
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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.
The land size of the subject is 2,593,759 square feet. It has been determined from market sales of
similar land that a value of $4.00 psf or $10,375,036 is applicable for the subject properties land area -
Parcel Number Sale Sale Price Land Size Per Acre
Date
Comparable
1
Comparable
2
Comparable
3
Comparable
4
095914416001
Centerplace
11/16/07 $4,183,851 721,332 $5.80
095922149001 06/30/04 $3,070,000 627,046
Greeley Commons
$4.90
095914310001
Lowes
095914309001
Kohls Centerplace
04/29/04 $2,750,000 580,443 $4.74
07/17/03 $1,868,500 533,864 $3.50
Range $3.50 to $5.80
Average $4.73
Median $4.82
ASSESSOR'S SUBJECT LAND VALUE
$10,375,036
Page 10
Cost Approach Summary
PARCEL NUMBER
PROPERTY OWNER
ADRESS
CITY, STATE, ZIP
DATE OF APPRAISAL
OCCUPANCY:
FLOOR AREA (SQ. FT.)
CLASS:
COST RANK
HEATING AND COOLING
RCN BASIC STRUCTURE
COST
perimeter adjustment
wall height adjustment
Current multiplier
Local multiplier
Adjusted RCN Basic Cost
EXTRAS:
Conc.
Asphalt
Loading Docks
TOTAL RCN
LESS DEPRECIATION
All forms
RCN LESS DEPR.
ADD IN LAND VALUE
TOTAL VALUE
VALUE PER Sq Ft
096119218001 +
Greeley Mall
2050 Greeley Mall Street
Greeley, Colo
06/30/08
Regional Shopping ctr
425,752
S
Avg
Warm & Cool Air
Zoned
UNITS
425,752
Sq Ft
28,680
998,614
1,290
0.21
NUMBER OF STORIES 1
AVERAGE STORY
HEIGHT 18
YEAR BUILT 1973
Effective Age 1985
Estimated Life 55
COST TOTAL
$38,057,97
$89.39
0.82
1.127
1.00
0.99
Cost PSF
$2.80
$2.10
$17.87
$7,774,122
$34,819,18
80,304
2,097,089
23,052
$37,019,63
$29,245,50
$10,375,03
$39,620,54
$93.1
MARKET APPROACH SUMMARY
Real Property for the tax year 2009 must be valued utilizing data for the period one and one-half
years immediately prior to July 1, 2008. If comparable valuation data is not available from such one
and one-half year period to adequately determine the level of value for a class of property, the perioc
of five years immediately prior to July 1, 2008 shall be utilized to determine the level of value.
The Assessor has appropriately considered the Market Approach to value for the property on appeal
The Sales Comparison Approach was considered in developing a market value for the Subject. Sale
used to establish a market value for the tax year 2009 are from January 1, 2007 through June 30,
2008. Pursuant to 39-1-104 (10.2)(c) C. R. S., the Assessor may utilize sales five years prior to July
1, 2008 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 are 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 $100.00 accurately reflects the market value of the subject property.
VALUE As INDICATED BY THE MARKET APPROACH
$42,575,200
Page 12
COMPARATIVE SALES APPROACH
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Adj Sale PSF
Comps range:
_ $42,575,200
$100.00 x 425,752
O O^
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CompsMedian:
COMPARABLE SALE #1
ACCOUNT R4473006 +
PRIMARY OCC: Regional Shopping Center
SECONDARY OCC:
THIRD OCC:
ADDRESS:
Be 2003
6, 5Q.R.
25O
—113T
WI _
Leetlea M 12•Pla
then, §
a
Wed
230.7
flit
Open Malwnr
37260
02 Cr
Si0 of 4a ivies_"
Laurin el
SC. Pony,
er
560
16t
2520
2420
Bldg #1
Enclosed MaR Area
225310.0
2030
800
Levan et
[Wards
4100
188.0'
220.0'
Bldg #3
Wards
Deparonent Store
42,852 Si
102.0' 30, 1f6Mff
op 1211
Pot
186.0'
441
Senn floor
Mee
45
102.0'
COUNTY: WELD
PARCEL NUMBER: 096119218001 +
PERCENT: 100%
PERCENT:
PERCENT:
2050 GREELEY MALL ST, GREELEY
RECEPT NUMBER: 3407475 & 3407476
GRANTOR: MACERICH GREELEY ASSOCIATES
GRANTEE: GREELEY MALL I/GKD FUND I LLC
YEAR BUILT:
EFFECTIVE AGE:
LAND SIZE (SF):
BLDG SIZE (SF):
WALL HEIGHT:
STORIES:
BSMNT SIZE:
BSMNT FINISH:
ZONING:
QUALITY:
COMMENTS:
1973, 1995, 2003
2,603,453
477,446
20
1
Average
The sale as one economic unit.
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:
7/27/2006
$49,200,000
$49,180,000
C
5.34
$10,413,812
$77.13
$103.00
�+ft
awes
MSS vl
300
PAGE 14
0
c
COMPARABLE SALE #2
ACCOUNT
PRIMARY OCC:
SECONDARY OCC:
THIRD OCC:
R3118504
Community Shopping Center
ADDRESS: 4711 T11RU 4759 29 ST GREELEY
RECEPT NUMBER: 3321190
GRANTOR: GREELEY COMMONS LLC
GRANTEE: GREELEY SHOPPING CENTER LLC
COUNTY: WELD
PARCEL NUMBER: 095922149001
PERCENT: 100%
PERCENT:
PERCENT:
SALE DATE:
SALE PRICE:
ADJ SALE PRICE:
8/25/2005
$21,000.000
YEAR BUILT: 2004 & 2005 CLASS:
EFFECTIVE AGE: LAND/BLDG RATIO: 4.62
LAND SIZE (SF): 627,046 LAND VALUE: $2,506,304
BLDG SIZE (SF): 138,446 IMPS PRICE/SF: $133.58
WALL HEIGHT: SALE PRICE/SF: $151.68
STORIES: 1 INTEREST RATE:
BSMNT SIZE: DOWN PYMT:
BSMNT FINISH: LOAN TERM (YRS):
ZONING: POINTS PAID:
QUALITY: Good
COMMENTS: GREELEY COMMONS SHOPPING CENTER HAS SIX SEPARATE RETAIL BUILDINGS AND
ONE BANK WITH DRIVE -UP FACILITY. IT IS ANCHORED BY BIG BOX TENANTS SUCH AS
CIRCUIT CITY 21,236 SF, OFFICE MAX 19,848 SF, and MICHAEL'S 21,323 SF.
APPROXIMATELY 5,073 SF VACANT AS SHELL BUILDING SPACE AT TIME OF SALE.
Page 15
COMPARABLE SALE #3
ACCOUNT NUMBER: R2587603 & R2587703
PRIMARY OCC:
SECONDARY OCC:
THIRD OCC:
ADDRESS:
Community Shopping Center
COUNTY: WELD
PARCEL NUMBER: 095914309001 & 002
PERCENT: 100%
PERCENT:
PERCENT:
4224 CENTERPLACE DR GREELEY
RECEPT NUMBER: 3213029
GRANTOR: CENTERPLACE GREELEY LLC
GRANTEE: GREELEY REALTY VENTURES LLC
YEAR BUILT:
EFFECTIVE AGE:
LAND SIZE (SF):
BLDG SIZE (SF):
WALL HEIGHT:
STORIES:
BSMNT SIZE:
BSMNT FINISH:
ZONING:
2003
491,948
98,039
20
1
GRE PUD
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:
QUALITY:
8/6/2004
$11,900,000
$11.900,000
C
5.09
$1,967,792
$101.30
$121.38
Average
PAGE 16
CBOE_COMM _01C
Page
COMPARABLE SALE #4
ACCOUNT R2459886
PRIMARY OCC: Neighborhood Shopping
SECONDARY OCC:
THIRD OCC:
ADDRESS:
COUNTY: WELD
PARCEL NUMBER: 095913412013
PERCENT: 100%
PERCENT:
PERCENT:
2305 THRU 2401 W 27 ST GREELEY
RECEPT NUMBER: 3357052
GRANTOR: 2305 GREELEY LLC UND 20% INT &
GRANTEE: SOUTH STREET PARTNERS LTD LLC
YEAR BUILT:
EFFECTIVE AGE:
LAND SIZE (SF):
BLDG SIZE (SF):
WALL HEIGHT:
STORIES:
BSMNT SIZE:
BSMNT FINISH:
ZONING:
QUALITY:
COMMENTS:
SALE DATE: 1/19/2006
SALE PRICE: $7,100,000
ADJ SALE PRICE:
CLASS:
LAND/BLDG RATIO:
LAND VALUE:
IMPS PRICE/SF:
SALE PRICE/SF:
INTEREST RATE:
DOWN PYMT:
LOAN TERM (YRS):
POINTS PAID:
1979 THRU 1986
368,561
86,064
16
1
GRE CH
Average
WILLOW STATION SHOPPING CENTER I S AN UNANCHORED CENTER WITH FIVE
SEPARATE RETAIL BUILDINGS. APPROXIMATELY 20% VACANT AT TIME OF SALE.
CONFIRMED WITH NAVID SAIDI.
C
4.28
$1,474,244
$65.36
$82.49
PAGE 17
CBOE_COMM_01 0
Page
COMPARABLE SALE #5
ACCOUNT R2429803
PRIMARY OCC: Community Shopping Center
SECONDARY OCC:
THIRD OCC:
ADDRESS:
COUNTY: WELD
PARCEL NUMBER: 080718402001, 002,003, 006, 013
PERCENT: 100%
PERCENT:
PERCENT:
1520, 1540, 1550, 1560 MAIN ST WINDSOR
RECEPT NUMBER: 3431469
GRANTOR: NEW WINDSOR MARKETPLACE LLC
GRANTEE: NSS WINDSOR HOLDINGS LLC
YEAR BUILT: 2003
EFFECTIVE AGE:
LAND SIZE (SF): 472,389
BLDG SIZE (SF): 96,062
WALL HEIGHT: 25 & 22
STORIES: 1
BSMNT SIZE:
BSMNT FINISH:
ZONING:
QUALITY: Good
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:
10/24/2006
$9,900,000
$9,600,000
C
4.92
$2,834,334
$70.43
$99.94
COMMENTS: NEW WINDSOR MARKETPLACE HAS 96,062 S.F. OF RETAIL SPACE. THE CENTER IS ANCHORED BY A
66,662 S.F. KING SOOPER'S STORE WITH AN ATTACHED SMALL RETAIL STRIP WING WITH 15,400 S.F.. A SECOND
STANDALONE RETAIL BUILDING CONTAINS 14,000 S.F.. THE PURCHASE PRICE WAS ADJUSTED BY $300,000 FOR
THE KING SOOPER SELF SERVE GAS STATION INCLUDED IN SALE. 4,200 S.F. WAS VACANT OR 4.3% AT TIME OF
SALE. CONFIRMED SALE WITH NICK STUDEN JR.
PAGE 18
CBOE_COMM_01 f
Page
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$103.00 - $151.68
Comps Range:
$100.00 x 425,725 =
Subject Value:
INCOME APPROACH SUMMARY
The Weld County Assessor has appropriately considered the Income Approach to value for the
Subject property on appeal.
The Assessor has gathered income information from local commercial properties for the time frame
January 1, 2007 through June 30, 2008. This information, combined with statewide and industry-wid
data, is used to determine typical income and expenses for various property types.
In conclusion of the Income Approach, the Assessor has considered both groups of data and has pu
more emphasis on the local factors and data than the state and national data. This information was
then applied to the subject property to arrive at an appropriate Income Approach Value.
TOTAL INCOME VALUE FOR THE SUBJECT PROPERTY
$35,289,053
Page 20
CBOE_COMM_O10!
Page
Capitalization Rates
The overall capitalization rate was established by utilizing the Winter 2007/2008
issue of the Burbach & Associates Real Estate Investment Survey and the Korpacz
Real Estate Investor Survey. The Burbach Report showed a range of stabilized cap
rates from 6.5% to 8.5%. The Korpacz Report showed an average rate of 6.78%.
For the purpose of this report a capitalization rate of 8.0% was chosen to be
applicable for the subject property. Added to the 8.0% cap rate was an effective tax
rate of 2.18% and then rounded to 10.5% .
The 10.5% was reduced 2.0% to 8.5% for the land only leases. This was done
because a land capitalization rates do not include a recapture rate. Recapture is the
return of the portion of the investment in an asset that will waste away (be used up)
during the investment period. Land does not waste away thus the 2.0% reduction it
the land capitalization rate. The recapture rate was determined by dividing 1 by the
expected life of the subject's building or 1/50 = 2%.
Page 21
CBOE_COMM_0la
Page
Income Approach
(Actual Income and actual vacancy)
Net Operating
Income
Lot #1
Cap Rate Value per Income
Enclosed Mall (includes
Dillards) $2,874,739 10.5% $27,378,467
Land Leases $504,971 8.5% $5,940,835
Total Lot #1 $3,379,710 $33,319,302
Lot #2
Habitat (old Safeway) -$13,737 10.5% -$130,829
Main Strip Center $169,453 10.5% $1,613,838
Auto Zone Land $36,850 8.5% $433,529
Gas Station Land $4,523 8.5% $53,212
Total #2 $197,089 $1,969,751
Total Income (both lots 1- 2) $3,576,799
Total Value per the
income Approachl $35,289,053
Page 22
CBOE_COMM_O1C
Page
CONCLUSION
Real property for tax year 2009 must be valued utilizing the level of value for the period of one and
one-half years immediately prior to July 1, 2008. 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 cla:
of property. The period of five years immediately prior to July 1, 2008 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
implemented, other than additions, change in use, detrimental acts of nature, damage due to fire, et
or creation of a condominium, or any new regulations restricting or increasing the use of the land, or
combination thereof. {39-1-104(11)(b)(1) c. R .S.}
The subject property has been classified as 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 consider(
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 $39,384,303 most accurately reflects the value of the subject property in
Weld County for the 2009 tax year.
Cost Approach
Sales Comparable
Approach
Income Approach
$39,620,811
$42,575,200
$35,289,053
Assessor's Value
Land $10,375,036
Improvements $28,979,267
Total Value $39,354,303
Page 23
CBOE_COMM_01(
Page
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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.
TAX YEAR
TAX AREA
LEGAL DESCRIPTION/
PHYSICAL LOCATION
R4473006
2009
4049
GR GM LOT 1 GREELEY MALL MINOR
(IMPS ONLY PERKINS RESTAURANT
096119200057) SITUS: 2050 GREELEY
MALL ST GREELEY 86310000
2050 GREELEY MALL ST
GREELEY,
GREELEY, CO 806310000
PROPERTY OWNER
GREELEY MALL I/GKD FUND I LLC
C/O GK DEVELOPMENT INC
303 EAST MAIN ST STE 201
BARRINGTON, IL 60010
PROPERTY CLASSIFICATION
ASSESSOR'S VALUATION
ACTUAL VALUE PRIOR
TO
REVIEW
ACTUAL VALUE AFTER
REVIEW
COMMERCIAL
31,558,530
31,558,530
TOTAL
$31,558,530
$31,558,530
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:
LF102 - 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
2009-1853
APPEAL PROCEDURES
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 9th Street, P.O. Box C
Denver, CO 80203 Greeley, Colorado 80632
(303) 866-5880 Telephone (970) 356-4000 Ext. 4520
www.dola.colorado.gov/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 for real property pursuant to § 39-8-106(1.5), C.R.S.)
$ c%
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.))
ATTESTATION
I, the undersigned owner or agent' of the property identified above, affirm that the statements
contained her and on an attachments hereto ar true and complete.
Signature Telephone Number Date
'Attach letter of authorization signed by property owner.
15-DPT-AR
PR 207-08/08
NOD #: 7493
EXHIBIT "A"
ATTACHMENT TO COUNTY BOARD OF EQUALIZATION PETITION OF
GREELEY MALL Mall I/GKD FUND I LLC, SCHEDULE NUMBERS
R4473006, R3761086 and R1044296
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 $31,558,530 value assigned to schedule numbers R4473006 for 2009, which
represents a increase of approximately 20% over the 2008 value, is excessive and should
be reduced. Review of the actual income and expenses indicates of value of
approximately $25,000,000. We request that the value be reduced to $25,000,000.
5. The $3,304,560 value assigned to schedule numbers R3761086 for 2009 is excessive
and should be reduced. Review of the actual income and expenses indicates of value of
approximately $983,000. Dillards vacated the property in May, 2008. The was 100%
vacant as of the January 1, 2009 assessment date. We request that the value be reduced
to $983,000.
6. The $287,600 value assigned to schedule numbers R1044296 for 2009 is excessive and
should be reduced. Review of the actual income and expenses indicates of value of
approximately $70,000. Pizza Hut vacated the property. The was 100% vacant as of the
January 1, 2009 assessment date. We request that the value be reduced to $70,000.
7. Analysis of this property is ongoing. Further quantification of the economic
obsolescence and other market factors may warrant a further reduction in the requested
value.
DOWNEY & MURRAY ac
ATTORNEYS AT LAW
July 15, 2009
VIA CERTIFIED MAIL RETURN RECEIPT REQUESTED
Weld County Board of Equalization
915 10th Street
P.O. Box 758
Greeley, CO 80632
Thomas E. Downey, Jr.
303 813-1111
ted(aidowneymurray.com
Re: Greeley Mall I/GICD Fund I LLC
Schedule numbers R4473006, R3761086 and R1044296 and
Greeley GKD LLC
Schedule numbers R4473206, R4473306, and R0072287
Dear Clerk to the Board:
We represent the owners of the above referenced real property in Weld County.
Enclosed are our Six (6) separate Petitions to the Board of Equalization appealing the denials of
the owners' Protests to the County Assessor.
We would appreciate your setting these three matters for consecutive hearings on
the same day. I am not available for hearing on August 4th or 5th.. The Notices of Hearing on
these matters should be directed to the undersigned.
Petitioner, pursuant to C.R.S.§ 39-8-107(3), respectfully requests that the
Assessor provide all data supporting the assessor's determination of actual value on these three
appeals to the undersigned no later than two working days prior to the CBOE hearing.
Thank you for your cooperation in this regard. Should you have questions, please call.
TED/ss
Enclosure
cc: D. Lakowski
Very truly yours,
reyinit
Thomas E. Downey, Jr.
383 Inverness Parkway ❑ Suite 300 c Englewood, Colorado 80112 '' fax 303 813-1122
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July 22, 2009
GREELEY MALL I/GKD FUND I LLC
C/O GK DEVELOPMENT INC
303 EAST MAIN ST STE 201
BARRINGTON, IL 60010
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.: 096119218001 Account No.: R4473006
Dear Petitioner(s):
The Weld County Board of Equalization has set a date of July 28, 2009, at or about the hour of
3:45 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.
GREELEY MALL I/GKD FUND I LLC - R4473006
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
• 4
Esther E. Gesick
Deputy Clerk to the Board
cc: Christopher Woodruff, Assessor
DOWNEY & MURRAY LLC
383 INVERNESS PARKWAY STE 300
ENGLEWOOD, CO 80112
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
COLORADO
July 27, 2009
GREELEY MALL IIGKD FUND I LLC
C/O GK DEVELOPMENT INC
303 EAST MAIN ST STE 201
BARRINGTON, IL 60010
Parcel No.: 096119218001 Account No.: R4473006
Dear Petitioner(s):
The Weld County Board of Equalization has set a date of August 5, 2009, at or about the hour of
3:30 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.
GREELEY MALL I/GKD FUND I LLC - R4473006
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
CC -'
Esther E. Gesick
Deputy Clerk to the Board
cc: Christopher Woodruff, Assessor
DOWNEY AND MURRAY LLC
ATTN: THOMAS DOWNEY
383 INVERNESS PARKWAY STE 300
ENGLEWOOD, CO 80112
Esther Gesick
From:
Sent:
To:
Cc:
Subject:
Mr. Downey,
Esther Gesick
Friday, July 24, 2009 12:12 PM
'ted@downeymurray.com'
Courtney Anaya; 'Esther Gesick, Weld County'
Weld County Board of Equalization (BOE)
Although I had previously sent letters indicating the Greeley Mall accounts were scheduled
for July 28, 2009, at 3:45 p.m., the Assessor's Office informed me that the accounts were
rescheduled to Wednesday, August 5, 2009, at 3:30-4:30 p.m., to allow additional time to
review the properties. The accounts are as follows:
R0072287 - Greeley GKD, LLC
R4473206 - Greeley GKD, LLC
R4473306 - Greeley GKD, LLC
R4473006 - Greeley Mall I/GKD Fund I, LLC
R3761086 - Dillards Property Tax Dept
R1044296 - Preferred Income Investors LLC, dba, c/o Pizza Hut - Greeley Mall
Please accept this e-mail as your notification to disregard the letters concerning a hearing
on the 28th and I will follow-up with revised letters for the hearing on August 5, 2009.
If you have any questions, please reply or call me at the address below.
Thank you.
Esther E. Gesick
Deputy Clerk to the Board
Weld County, Colorado
915 10th Street
Greeley, CO 80631
(970)356-4000 X4226
(970)352-0242 (fax)
1
Esther Gesick
From:
To:
Sent:
Subject:
Tom Downey [ted@downeymurray.com]
Esther Gesick
Friday, July 24, 2009 12:16 PM
Read: Weld County Board of Equalization (BOE)
Your message was read on Friday, July 24, 2009 12:16:06 PM (GMT -07:00) Mountain Time (US & Canada).
1
Esther Gesick
From:
Sent:
To:
Cc:
Subject:
Dear Ms. Gesick:
Sue Schield (SS@downeymurray.com]
Wednesday, August 05, 2009 9:44 AM
Esther Gesick
Tom Downey
Requet for Administrative Denial for Greeley Mall I/GKD Fund I LLC
Thank you for returning my call this morning. Pursuant to your request, this e-mail is being sent to request
administrative denial for the following accounts:
1. R4473006
2. R3761086
3. R1044296.
Thank you again for your assistance with regard to this matter.
Sue Schield
Paralegal to Thomas E. Downey, Jr.
Downey & Murray LLC
383 Inverness Parkway, Suite 300
Englewood, CO 80112
Telephone: (303)813-1111
Fax: (303)813-1122
The preceding e-mail message (including any attachments) may contain information that is confidential, be protected by
the attorney -client or other applicable legal privleges, or constitute non-public information. It is intended to be
conveyed only to the designated recipient(s). If are not an intended recipient of this message, you are hereby notified
that you may not read this message, and that any disclosure, distribution, reproduction, printing or use of any of the
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notify the sender immediately by return e-mail or by telephone and delete the original message from your system. Use,
disclosure, distribution, reproduction or printing of this message by unintended recipients is not authorized and may be
unlawful.
FEDERAL TAX ADVICE DISCLAIMER: We are required by the U.S. Treasury Regulations to inform you that, to the extent
this message includes any federal tax advice, this message is not intended or written by the sender to be used, and
cannot be used, for the purpose of avoiding federal tax penalties.
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