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Home My WebLink About20092009.tiffpc& .°Ar COLORADO September 9, 2009 CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4226 FAX: (970) 352-0242 P. O. BOX 758 GREELEY, COLORADO 80632 UNION COLONY BANK C/O FINANCE & PLANNING 205 W OAK ST FORT COLLINS, CO 80521 RE: THE BOARD OF EQUALIZATION, 2009, WELD COUNTY, COLORADO - STIPULATE PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE DESCRIPTION OF PROPERTY: ACCOUNT #: R4105686 PARCEL #: 096320100016 - KER 9118-J PT NE4 20-5-64 BEG SW COR BLK16 CLARK & HILLS 2ND ADD W60' S490' TO TRUE POB S230' THENCE W133' N230' E133' M/L TO TRUE POB SITUS: 301 1 ST KERSEY 80644 Dear Petitioner: On July 28, July 30, and August 5, 2009, the Board of County Commissioners of Weld County, Colorado, convened, and acting as the Board of Equalization, pursuant to Section 39-8-101, C.R.S., et.seq., considered the Stipulation on your petition of appeal of the County Assessor's valuation of your property described above, for the year 2009. The Stipulation was entered into between the Assessor and said petitioner(s), and accepted by the Board of Equalization, agreeing that the assessment and valuation of the Weld County Assessor be Stipulated as follows: ACTUAL VALUE AS DETERMINED BY ASSESSOR ACTUAL VALUE AS STIPULATED $515,890 $465,525 (1.0 Ills, OA, f CL.E 7 I e) 2009-2009 AS0073 Ogt'/23/O`( UNION COLONY BANK - R4105686 Page 2 If you have questions or need additional information, please do not hesitate to contact me at (970) 336-7215, Extension 4226. Very truly yours, Esther E. Gesick Deputy Clerk to the Board cc: Christopher Woodruff, Assessor DOWNEY AND MURRAY LLC 383 INVERNESS PARKWAY STE 300 ENGLEWOOD, CO 80112 2009-2009 AS0073 p7✓23/2009 09:12 FAX 9703046433 WELDC0UNTYASSESS0R U]002/003 2009 COUNTY BOARD OF EQUALIZATION WELD COUNTY ASSESSOR'S ACCOUNT NUMBER R4105686 STIPULATION (As To Tax Year 2009 Actual Value) RE PETITION OF: NAME: UNION COLONY BANK CIO FINANCE & PLANNING 205 W OAK ST FORT COLLINS CO 80521 Petitioner(s), UNION COLONY BANK and the Weld County Assessor, hereby enter into this Stipulation regarding the tax year 2009 valuation of the subject property, and jointly move that the Board of Equalization to enter its order based on this Stipulation, Petitioner(s) and the Assessor agree and stipulate as follows: 1. The property subject to this Stipulation is described as: KER 9118-J PT NE4 20-5-64 BEG SW COR BLK16 CLARK & HILLS 2ND ADD W60' S490' TO TRUE POB 8230' THENCE W133' N230' E133' M/L TO TRUE POB SITUS: 301 1 ST KERSEY 80644 2. The subject property is classified as Commercial property 3. The County Assessor originally assigned the following actual value to the subject property for 2009. LAND; $137,655 IMPROVEMENTS: $378.235 TOTAL: $515,890 4.After further review and negotiation, the petitioner(s) and Weld County Assessor agree to the following actual value for the subject property. LAND: $137.655 IMPROVEMENTS: $327.870 TOTAL: $465,525 2009-2009 .07/23/2009 k.9:12 FAX 9703046433 WELDCOUNTYASSESSOR 1003/003 5. The valuations, as established above, shall be binding only with respect to tax year 2009. 6. Brief narrative as to why the reduction was made: Value was adjusted based upon the general market prices per sq, ft. that were in place in the base period, additionally the income was considered as backup for the market. 7. Both parties agree that the hearing scheduled before the Weld County Board of Equalization on 7/30/2009 at 8:00 AM be vacated. DATED this 23 day of July, 2009. "DC ia/ Petitioner(s) or Attorney Petitioner(s) or Attorney Address: Address: '�yecc) ao-etiag et, WO Telephone: 3 3 1 / Telephone: County Assessor: (111111" "V s C" hr ADDRESS: 1400 N.17th Avenue Greeley, CO 80631 (970) 353-3845 ext. 3656 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.. . ;: TA tYEAR TAX AREA LEGAL DESCRIPTION/ PHYSICAL LOCATION R4105686 2009 0782 KER 9118-J PT NE4 20-5-64 BEG SW COR BLK16 CLARK & HILLS 2ND ADD W60' S490' TO TRUE POB S230' THENCE W133' N230' E133' M/L TO TRUE POB SITUS: 301 1 ST KERSEY 80644 301 1 ST KERSEY, CO 80644 ct z o w a o ce a UNION COLONY BANKIII CIO FINANCE & PLANNING 205 W OAK ST FORT COLLINS, CO 80521 PROPERTY CLASSIFICATION ASSESSOR'S VALUATION ACTUAL VALUE PRIOR REVIEW ACTUAL VALUE AFTER REVIEW COMMERCIAL 515,890 515,890 TOTAL $515,890 $515,890 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: CM05 - The law requires that all of 2007 and the first 6 months of 2008 data be used to establish current values. We have considered all (3) three approaches to value in arriving at your current valuation. We have denied your appeal based upon this data. 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 -1 r 0 •; ^• 15•bPt-AR .) PR 207-08/08 NOD #. 2452 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`" Street, P.O. Box C Denver, CO 80203 Greeley, Colorado 80632 (303) 866-5880 Telephone (970) 356-4000 Ext. 4520 www.dola.colorado.qov/baa Binding Arbitration For a list of arbitrators, contact the County Commissioners at the address listed for the County Board of Equalization. If the date for filing any report, schedule, claim, tax return, statement, remittance, or other document falls upon a Saturday, Sunday, or legal holiday, it shall be deemed to have been timely filed if filed on the next business day, § 39-1-120(3), C.R.S. PETITION TO =MY n 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.) s,),7 -‘);.5 -55 - 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.) A% -7/-A / ATTESTATION I, the undersigned owner or agent' of the property identified above, affirm that the statements contane erein ancl.an any attachments hereto are true and complete. Signature Telephone Number Date I Attach letter of authorization signed by property owner. 15-DPT-AR PR 207-08/08 NOD 4: 2452 DOWNEY & MURRAY u.c ATTORNEYS AT LAW July 14, 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-I11I ted(dl�downeymurray.com Re: Schedule/Parcel Number: R4105686; R3575305; R0585001; R6099686; R0276895 Dear Clerk to the Board: We represent the owner of the above referenced real property in Weld County. Enclosed are Petitions for all five of them. We respectfully request that all the hearings be scheduled in consecutive order on the same day. I will not be available for hearings on August 3rd through the 5th. The Notice of the hearings on this matter should be directed to the undersigned. Thank you for your cooperation in this regard. Should you have questions, please call. Very truly yours, 1;-744 >few/ Thomas E. Downey, Jr. TED/ss Enclosure cc: McIntosh & Associates Lai 383 Inverness Parkway ❑ Suite 300 a Englewood, Colorado 80112 0 fax 303 813-1122 DOWNEY & MURRAY uc ATTORNEYS AT LAW July 14, 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 ted4downeymurray.com Re: 301 1st St., Kersey, CO Schedule/Parcel Number: 096320100016 — R4105686 Dear Clerk to the Board: We represent the owner of the above referenced real property in Weld County. Enclosed is the Petition to the Board of Equalization protesting denials, or inadequate adjustments, by the Weld County Assessor. The Notice of the hearings on this matter should be directed to the undersigned. I am not available for hearings on August 3rd through the 5th Thank you for your cooperation in this regard. Should you have questions, please call. Further, pursuant to C.R.S.§ 39-8-107(3), Petitioner, for each protest, hereby request that the Assessor provide all data supporting the assessor's determination of actual value to the undersigned no later than two working days prior to the CBOE hearing. Very truly yours, P1)2� Thomas E. Downey, 'Jr. TED/ss Enclosure cc: McIntosh & Associates 383 Inverness Parkway 0 Suite 300 ❑ Englewood, Colorado 80112 c fax 303 813-1122 EXHIBIT "A" ATTACHMENT TO COUNTY BOARD OF EQUALIZATION PETITION OF UNION COLONY BANK - SCHEDULE NO./PARCEL NO. R4105686 1. The Assessor has failed to give appropriate consideration to all the requisite approaches to valuation in determining the value of the property. 2. The current year actual value assigned by the assessor does not reflect the actual value of the subject property during the 18 month period ending June 30, 2008. 3. Upon consideration of all the approaches to value, values given to comparable land and improvements and upon consideration of the requirements of Colorado law that require that assessments be uniform, just and equitable, a reduction in the current year actual value of this property is warranted. 4. The attached analysis of McIntosh & Associates indicates that the value should be reduced to $272.555. McIntosh & Associates, LLC [ I• , , II I G �r 0 l 1. ,i „ , ,i = 301 1st St County: Parcel: Bldg Area Year Built Income Approach Potential Gross Income Vacancy & Collection Loss Effective Gross Income Operating Expenses Net Operating Income Weld 096320100016 4,486 1980 per SF 33,645 $ (1,682) 31,963 (8,972) $ 22,991 Capitalization Rate 8.00% Indicated Value Less Capital Expenditures M & A Final Indicated Value FMV Assessment Assessment Assessment Ratio 29% $ 7.50 Per Lease Comps 5.0% 2.00 Management Fees and other Operating Expenses 287,384 14,830 Fan Controller, Repair Directional Sign & Signage Project (See Attached) 272,555 $ 61 515,890 $ 115 149,608 Notes: * In these economic times, we believe that the highest and best use is the current use of this property. With financing options for new construction and development completely disappearing, all investors would gladly purchase and maintain properties that generate market cash flows. * Comparable retail properties for sale in the same submarket are listed at values lower than the assessed value. Doff McIntosh & Associates, LLC Lease Comparables Annual Building Cit Lease Rate SF Space Type 802 9th St Greeley $ 6.17 5,700 Retail 1113 8th Ave Greeley $ 7.50 5,000 Retail 302 1st Ave Greeley $ 7.80 7,400 Retail Average Lease comparables are from Greeley, as it's the closest submarket with comparable properties Sales Comparables Cit SF Note List price $1SF 618 25th St Greeley 7,080 For Sale $ 425,000 $ 60 302 1st Ave Greeley 7,400 For Sale $ 375,000 $ 51 2400 W 17th St Greeley - 5,563 For Sale $ 550,000 $ 99 verage Space Type Retail Retail Retail M McIntosh & Associates, LLC Planed Capital Expenditures 301 1st St - Kersey Costs COKE301FIRSTSTR BUILDING BCOMPONEN FAN CONTROLLER & FILTER INSTAL 1,589.75 COKE301FIRSTSTR SIGN REPAIR DIRECTIONAL SIGN 1,887.19 COKE301FIRSTSTR SIGN SIGN PROJECT 11,352.57 Totals 14,829.51 M co 00 CERTIFIED MA ri!1 0710 0003 2092 5627 C O O M1 0 O O • NN � C O cr O G M O 00 r Q g N O oz, b O a) o O O Hello