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Home My WebLink About20092178.tiffWIDc. COLORADO August 21, 2009 FIRST NATIONAL BANK OF JOHNSTOWN C/O UNION COLONY BANK 1701 23RD AVE GREELEY, CO 80634 Dear Petitioner(s): CLERK TO THE BOARD PHONE (970) 356-4000 EXT 4226 FAX: (970) 352-0242 915 10TH STREET P.O. BOX 758 GREELEY, COLORADO 80632 Parcel No.: 105908102001 Account No.: R0276895 Based upon information furnished to the Weld County Board of Equalization, we understand that you have withdrawn the petition challenging the valuation of the above PIN number. Please be informed that a withdrawn petition precludes any further challenge to the valuation of the above PIN number for this assessment period. Therefore, the Board of Equalization took no action on your petition and the assessed value remains as set by the Assessor. Very truly yours, BOARD OF EQUALIZATION Vie: L/6 Esther E. Gesick Deputy Clerk to the Board cc: Christopher Woodruff, Assessor DOWNEY AND MURRAY LLC 383 INVERNESS PARKWAY STE 300 ENGLEWOOD, CO 80112 2009-2178 AS0073 II 0 AI, Pc -t (2ctx) COMMERCIAL 914,820 914,820 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 RULE/ACCOUNT NO. TAX YEAR TAX AREA R0276895 2009 0567 FIRST NATIONAL BANK OF JOHNSTOWN C/O UNION COLONY BANK 1701 23RD AVE GREELEY, CO 80634 JOH 2JC-CBD PARCEL REFERRED TO AS CENTRAL BUSINESS DISTRICT ON PLAT OF JOHNSTOWN CENTER 2ND ADD 100 JOHNSTOWN CENTER DR JOHNSTOWN 0 100 JOHNSTOWN CENTER DR JOHNSTOWN, CO 0 ASSESSOR'S VALUATION TOT1 $914,820 $914,820 The Assessor has carefully studied all available information, giving particular attention to the specifics included on your protest. The Assessor's determination of value after review is based on the following: LHO2 - No change has been made to the valuation of this property. Colorado law requires us to send this notice of denial for all properties on which we do not adjust the value. If you disagree with the Assessor's decision, you have the right to appeal to the County Board of Equalization for further consideration, § 39-8-106(1)(a), C.R.S. The deadline for filing real property appeals is July 15. The deadline for filing personal property appeals is July 20. The Assessor establishes property values. The local taxing authorities (county, school district, city, fire protection, and other special districts) set mill levies. The mill levy requested by each taxing authority is based on a projected budget and the property tax revenue required to adequately fund the services it provides to its taxpayers. The local taxing authorities hold budget hearings in the fall. If you are concerned about mill levies, we recommend that you attend these budget hearings. Please refer to last year's tax bill or ask your Assessor for a listing of the local taxing authorities. Please refer to the reverse side of this notice for additional information. DOWNEY & MURRAY LLC 383 INVERNESS PARKWAY SUITE 300 ENGLEWOOD CO 80112 2009-2178 -J N) PR 2ph-08/08 NQ9Yj: 2602 E\) 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 9`h Street, P.O. Box C Denver, CO 80203 Greeley, Colorado 80632 (303) 866-5880 Telephone (970) 356-4000 Ext. 4520 www.dola.colorado.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,r} �al property pursuant to § 39-8-106(1.5), C.R.S.) $ (;� D, /C26, 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 ptained her nd on any attamen ere to are ttrue and complete. ;�/ y� {U,_ / l/ l %' Telephone Number Date Signature Attach letter of authorization signed by property owner. 15-DPT-AR PR 207-08/08 NOD # 2092 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 Re: 100 Johnstown Center Drive Schedule/Parcel Number: 105908102001 Dear Clerk to the Board: Thomas E. Downey, Jr. 303 813-1111 ted(2lidowneymurray.com We represent the owner of the above referenced real property in Weld County. Enclosed is a Petition to the Board of Equalization protesting denials, or inadequate adjustments, by the Weld County Assessor. The Notice of the hearing on this matter should be directed to the undersigned. I am not available for hearings on August 3`d 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, Tittvwt, 2-15a114v12 Thomas E. Downey, Jr. TED/ss Enclosure cc: McIntosh & Associates 383 Inverness Parkway 0 Suite 300 = Englewood, Colorado 80112 0 fax 303 813-1122 EXHIBIT "A" ATTACHMENT TO COUNTY BOARD OF EQUALIZATION PETITION OF First National Bank of Johnston — SCHEDULE NO./PARCEL NO. 105908102001 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 $682,166. McIntosh & Associates, LLC R „ 'I'a l'0,,.0 1, n„ 100 Johnstown Center Dr County: Weld Parcel: 105908102001 Bldg Area Year Built Income Approach per SF Potential Gross Income $ 70,512 $ 13.00 Per Lease Comps Vacancy & Collection Loss $ (3,526) 5.0% Effective Gross Income $ 66,986 Operating Expenses $ (10,848) $ 2.00 Management Fees and other Operating Expenses Net Operating Income $ 56,138 5,424 1997 Capitalization Rate 8.00% Indicated Value Less Capital Expenditures M & A Final Indicated Value FMV Assessment Assessment Assessment Ratio $ 701,730 $ 129 $ 19,564 See Attached $ 682,166 $ 126 $ 914,820 $ 169 $ 265,298 29% 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 rn cz cc V W ¢ O m - ti) zLO- - OOONNO 6 •0.J0C0 £ N N J6 • F- roh,t4„1 7007 0710 0003 2092 5627 CO CO CO O 0 O 03 N -CC.; W 0 o= M O co co OO O U O 6 'n o 0 o co Esther Gesick From: Sent: To: Subject: Courtney Anaya Monday, July 27, 2009 1:06 PM Esther Gesick FW: Post Offices FYI — You may already have this, but just wanted to be sure. Thanks! Courtney From: Wade Melies Sent: Monday, July 27, 2009 10:56 AM To: Courtney Anaya Subject: FW: Post Offices Here' a withdrawal. Wade From: Tom Downey [mailto:ted@downeymurray.com] Sent: Monday, July 27, 2009 10:54 AM To: Wade Melies Subject: RE: Post Offices Wade, This e-mail shall serve as confirmation of my withdrawal of the 2009 CBOE petition for 100 Johnstown Center Drive , R0276895. It is my understanding that the 2009 value will remain in place for the 2010 year as well. Thank you for your consideration. Thomas E. Downey, Jr. Downey & Murray LLC 383 Inverness Parkway Suite 300 Englewood, CO 80112 Tele: (303)813-1111 Fax: (303)813-1122 The preceding e-mail message (including any attachments) contains information that may be confidential, be protected by attorney -client or other applicable privileges, or constitute non-public information. It is intended to be conveyed only to the designated recipient(s). If you are not an intended recipient of this message, please notify the sender by replying to this message and then delete it from your system. Use, dissimination, distribution, or reproductin of this message by unintended recipients is not authorized and may be unlawful. FEDERAL TAX ADVISE DISCLAIMER: We are required by 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. 1 From: Wade Melies [mailto:wmelies@co.weld.co.us] Sent: Monday, July 27, 2009 7:28 AM To: Tom Downey Subject: RE: Post Offices We look forward to hearing from you regarding the Windsor and Johnstown Banks. Wade From: Tom Downey [mailto:ted@downeymurray.com] Sent: Sunday, July 26, 2009 11:14 AM To: Wade Melies Subject: FW: Post Offices Wade, In my e-mail of July 23rd, as set forth below, I withdrew the Johnstown Post office CBOE Petition. I'll get back to you on the Johnstown bank parcel. Tom From: Tom Downey Sent: Thursday, July 23, 2009 12:47 PM To: 'wmelies@co.weld.co.us' Cc: Sue Schield; Sharif Mitchell (sharif@mcintoshtaxllc.com) Subject: Post Offices Wade, Thanks for your time yesterday and your professional review of our CBOE matters. Attached hereto is the Stipulation for 150 Wells Street in Erie reducing the value from $547,200 to $441,365. Please forward a copy of the fully executed Stip for my file. Having reviewed your income approach with respect to the Johnstown post office at 121 Castle Pines, I am withdrawing that appeal. Please consider this message as a formal withdrawal of the Johnston CBOE petition. Tom Thomas E. Downey, Jr. Downey & Murray LLC 383 Inverness Parkway Suite 300 Englewood, CO 80112 Tele: (303)813-1111 Fax: (303)813-1122 The preceding e-mail message (including any attachments) contains information that may be confidential, be protected by attorney -client or other applicable privileges, or constitute non-public information. It is intended to be conveyed only to the designated recipient(s). If you are not an intended recipient of this message, please notify the sender by replying 2 to this message and then delete it from your system. Use, dissimination, distribution, or reproductin of this message by unintended recipients is not authorized and may be unlawful. FEDERAL TAX ADVISE DISCLAIMER: We are required by 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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