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Home My WebLink About20091924.tiffCOLORADO CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4226 FAX: (970) 352-0242 P. O. BOX 758 GREELEY, COLORADO 80632 September 3, 2009 JOHNSON INVESTMENTS INC 126 W HARVARD, STE 2 FORT COLLINS, CO 80525 RE: THE BOARD OF EQUALIZATION, 2009, WELD COUNTY, COLORADO - STIPULATE PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE DESCRIPTION OF PROPERTY: ACCOUNT #: R3915705 PARCEL #: 080720222002 - WIN SWW3R BUILDING ENVELOPE A-3-2 SHOPS AT WESTWOOD SUB 3RD REPLAT SITUS: 1297 MAIN ST WINDSOR 805500000 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 $501,500 $432,420 c 4-f 044, &7-(Lt7,� 2009-1924 AS00733 09//14' JOHNSON INVESTMENTS INC - R3915705 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 2009-1924 AS0073 Ippli7/12/2009 20:54 9702262989 UiFlUttUV,,... Cl'vevxoev., k JOHNSON INVESTMENTS PAGE 02/09 2009 COUNTY BOARD OF EQUALIZATION WELD.COUNTY ASSESSOR'S ACCOUNT NUMBER R3915705 STIPULATION (As To Tax Year 2009 Actual Value) RE PETITION OF: NAME: JOHNSON INVESTMENTS INC 126 W HARVARD, STE 2 FORT COLLINS CO 80525 u Petitioner(s), JOHNSON INVESTMENTS INC 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: WIN SWW3R BUILDING ENVELOPE A-3.2 SHOPS AT WESTWOOD SUB 3RD REPLAT SITUS: 1297 MAIN ST WINDSOR 805500000 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: $107.440 IMPROVEMENTS: $548,449 TOTAL: $655.889 4. After further review and negotiation, the petitioner(s) and Weld County Assessor agree to the following actual value for the subject property. LAND: $107,440 IMPROVEMENTS: $324.98 TOTAL: $432.420 2009-1924 k 7/12/2009 20:54 9702262989 U/12/ 2UU9 14:'6'1 PAX 7@22529B9 JOHNSON INVESTMENTS nnU/VVWrA xaaanoaun PAGE 03/09 WAkni . UUC 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. A hearing has not yet been scheduled before the Board of Equalization. DATED this 15 day of July, 2009. Petitioner(s) or Attorney Petitioner(s) or Attorney Add-~~ Johnson Investments, Inc A, 126 West Harvard Street, Suite #2 4.0,1001/4.4 Fort Collins, CO 80525 ''&" Telephone: fZ 34/5705 9 '6 2r,- So County Assessor: Address: Telephone: 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. TAX YEAR TAX AREA LEGAL DESCRIPTION/ PHYSICAL LOCATION R3915705 2009 0421 WIN SWW3R BUILDING ENVELOPE A-3-2 SHOPS AT WESTWOOD SUB 3RD REPLAT SITUS: 1297 MAIN ST WINDSOR 805500000 1297 MAIN ST WINDSOR, CO 805500000 PROPERTY OWNER WESTWOOD III LLC 3003 E HARMONY RD STE 400 FORT COLLINS, CO 80528 PROPERTY CLASSIFICATION ASSESSOR'S VALUATION ACTUAL VALUE PRIOR REVIEW ACTUAL VALUE AFTER REVIEW ; ., COMMERCIAL 655,889 501,500 TOTAL $655,889 $501,500 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: CM03 - After review of your property, we have made adjustments. This was done because of additional information obtained, or provided thru the appeal process. 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. JOHNSON INVESTMENTS INC 126 WEST HARVARD ST SUITE #2 FORT COLLINS CO 805252142 15-DPLAR PR 207-08108 NOD #'. 5405 APPEAL PROCEDURES County Board of Equalization Hearings will be held from July 1 through August 5 at 915 10'" 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.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 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.) $'i71CIL' 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 ccc( ATTESTATION I, the undersign er or agent' of the property identified above, affirm that the statements ed here}'r a d by a hments h eto are true and cople e. Ijt t �\ " 18 t% I�` `c.7CG �jC �j� -7/�� Signa re fl Telephone Number Date 1 Attach letter of authorization signed by property owner. 15 -OPT -AR PR 207-08/08 NOD #. 5445 Johnson Investments Inc 126 West Harvard Street, Suite #2 Fort Collins, Colorado 80525-2142 Phone: (970)-206-9090 Fax: (970)-226-2989 May 29, 2009 Christopher M Woodruff, Assessor Weld County Administrative Offices 1400 North 17th Avenue Greeley, CO 80631 ATTN: Stan Jantz RE: R7102498 - R3915705 - R7102398 Johnson Investments purchased the Shops at Westwood - 1293-1297 Main Street, Windsor, Colorado on May 21, 2009. As such, I am protesting the value you have placed on this property. I am enclosing budget comparisons provided by the former owners of these properties. I am also enclosing a worksheet where I analyzed these income and expense numbers. Several things come to mind that I think you should take into consideration: You currently have the 3 parcels valued at a total of $2,846,911. This property was listed for sale in 2007-2008 for over $3 million. It did not sell. It was also listed in 2008, into 2009, for a total of 7 months at $2.7 million, it did not sell. During the time period, a peak selling time frame, this asset didn't trade at a sales price below what you have it valued at. The market would not absorb this asset at that price. Next — based on the income and expense figures provided by the previous owners, and the CAP rates that you told me you were using the analyze this type of property in the Windsor market, the value of this property in the time period would be somewhere between $1.3 and $1.5 million. Also, although outside the time period, we recently purchased the 3 properties (1293-1297 Main Street) for $1,515,000. This property has hovered around 40% vacant for an. extended length of time. I respectfully request that you change the value of the property, 1293-1297 Main Street, Windsor, Colorado 80550, to $1.5 Million. I would be happy to discuss this with you by phone or meet with you in person at your convenience. Thanks! Cheryl Olson Shops at Westwood Profit & Loss Analysis NOI Building 1 - 1295 Building 2 -1293 Building 3 - 1297 Using 18 months div by 18 mult by 12 2007-18 mos 6 mos 2008 $99,565.62 28,544.29 $71,033.19 21,378.78 $24,135.01 9,232.28 $194,733.82 59,155.35 Value Analysis $194,733.82 10,818.55 $129,822.44 8.5 CAP 9 CAP 6 months x 2 $118,310.70 8.5 CAP 9 CAP Weld County Values Building 1 - 1295 $1,278,800 Building 2 - 1293 $912,222 Building 3 -1297 $655,889 Total Value $2,846,911 $1,527,322.82 $1,442.471.56 $1,391,890.59 $1,314,563.33 2- (c, G' -i8-/ REAL PROPERTY NOTICE OF VALUATION Christopher M. Woodruff Weld Assessor 1400 N 17th Ave Greeley, CO 80631 Date of Notice: 4/14/2009 Telephone: (970) 353-3845 Fax: (970) 304-6433 E-mail: appeals@co.weld.co.us Office Hours: 8:00 AM - 5:00 PM SCHEDULE NUMBER bins TAX YEAR TAX AREA LEGAL DESCRIPTION/ PROPERTY ADDRESS R3915705 2009 0421 WIN SWW3R BUILDING ENVELOPE A-3-2 SHOPS AT WESTWOOD SUB 3RD REPLAT SITUS: 1297 MAIN ST WINDSOR 805500000 1297 MAIN ST WINDSOR CO 805500000 T ...--- PROPERTY OWNER WESTWOOD III LLC 3003E HARMONY RD STE 400 FORT COLLINS CO 80528 PROPERTY CLASSIFICATION ACTUAL VALUE +OR - CHANGE PRIOR YEAR CURRENT YEAR COMMERCIAL 655,889 655,889 0 TOTAL 655889 655889 PROPERTY CHARACTERISTICS LAND NET SQET 13430 LAND NET ACRES 0.3083 OCCUPANCY1 NEIGHBORHOOD SHOPPING CENTER OCCUPANCY2 2002 OCCUPANCY3 WOOD FRAME YEAR BUILT 8068 CLASS 8068 TOTAL BLDG SQ FT 1 `-_, TOTAL COMMERCIAL SQ FOOTAGE '`' = ` .,, ri UNIT SQ FT f. '. c_ TOTAL BUILDING COUNT C.. r— " -r— a t *The square footage listed is the total exterior square footage and may include other structures on the property. Improvements meat's. all , ugs, structuresfixtures, fence , and water rights erected upon or affixed to land, whether or not title to such land has been acquired, § 39-1-IO2(7), C.R. S. - 3y t- t • = ri Fr - The assessment rate for residential property is projected to be 7.96%, § 39-1-104.2(3), C.R.S.Ut chan@a irpf projected residential assessment percentage is not grounds for protest or abatement of taxes, § 39-5-121(1), O..R.S.<enerally, all other property, including vacant land, is assessed at 29%, § 39-1-104(1) C.R.S. LU The tax notice you receive next January will be based on the current year actual value. If the Senior Citizen or Disabled Veteran Property Tax Exemption has been applied to your residential property, it is not reflected in the current year actual value shown above. You have the right to protest the classification and/or valuation of your property. Please refer to the reverse side of this notice for additional information. 15-DPT-AR NOV 181-04/08 NOV # 10919 OPERATING INCOME Retail Rent Tenant Reimbursements Year End Adjustments Interest Income TOTAL OPERATING INCOME Budget Comparison (Accrual,CONVERSION) WESTWOOD III -1297 MAIN STREET - (34) Jan 2007 - Jun 2008 Page 1 5/26/2009 12:13 PM PTD Actual PTD Budget $ Var. '6 Var. YTD Actual YTD Budget $ Var. % Var. Annual 58,060.44 58,062.96 -2.52 0.00 58,060.44 58,062.96 -2.52 0.00 38,712.00 20,706.66 20,706.66 0.00 0.00 20,706.66 20,706.66 0.00 0.00 14.149.08 -1,622.59 0.00 -1.622.59 0 -1,622.59 0.00 -1,622.59 0 0.00 1,153.59 240.00 913.59 380.66 1,153.59 240.00 913.59 380.66 480.00 78,298.10 79,009.62 -711.52 -0.90 78,298.10 79.009.62 -711.52 -0.90 53,341.08 OPERATING EXPENSES Interior Building Maintenance 0.00 309.48 309.48 100.00 0.00 309.48 309.48 100.00 19.00 Exterior Maintenance 1,014.34 872.52 -141.82 -16.25 1,014.34 872.52 -141.82 -16.25 545,00 HVAC Maintenance 382.95 332.02,. -50.93 -15.34 382.95 332.02 -50.93 -15.34 164.00 Roof Maintenance 191.33 108.52 -82.81 -76.31 191.33 108.52 -82.81 -76.31 17.00 Trash Removal 1,041.00 1,030.00 -11.00 -1.07 1,041.00 1,030.00 -11.00 -1.07 660.00 Parking Lot Maintenance 0.00 268.50 268.50 100.00 0.00 x268.50 268.50 100.00 537.00 Snow Removal 0.00 950.49 950.49 100.00 0.00 950.49 950.49 100.00 1,900.98 Electric 2056.74 2,229.48 172.74 7.75 2,056.74 2,229.48 172.74 7.75 1,459.00 Water & Sewer 1,775.04 2,105.52 330.48 15.70 1,775.04 2,105.52 330.48 15.70 1,211.00 Property Taxes 26,325.74 20,671.50 -5,654.24 -27.35 26,325.74 20,671.50 -5,654.24 -27.35 11,343.00 Insurance 2,094.48 2.874.02 779.54 27.12 2,094.48 2,874.02 77934 27.12 1,874.00 Business Park Dues 11,156.47 4.353.00 -6,803.47 -156.2 11,156.47 4,353.00 -6,803.47 -156.2 8,706.00 Business Park Deferred Costs 0.00 7,025.00 7,025.00 100.00 0.00 7,025.00 7,025.00 100.00 0.00 Management Fee Expense 8,100.00 8,100.00 0.00 0.00 8,100.00 8,100.00 0.00 0.00 5,400.00 Owners Other Building Expense 25.00 0.00 -25.00 0 25.00 0.00 -25.00 0 0.00 TOTAL OPERATING EXPENSES 54,163.09 51,230.05 -2,933.04 -5.73 54,163.09 51,230.05 -2,933.04 -5.73 33,835.98 NET OPERATING INCOME 24,135.01 27,779.57 -3,644.56 -13.12 24,135.01 27,779.57 -3,644.56 -13.12 19,505.10 OTHER EXPENSES ADMINISTRATIVE EXPENSES Professional Service-Audit/Tax Administrative Charges Recording Fees Miscellaneous Expense TOTAL ADMINISTRATIVE EXP 650.00 0.00 -650.00 0 650.00 0.00 -650.00 0 0.00 1,800.00 1,200.00 -600.00 -50.00 1,800.00 1,200.00 -600.00 -50.00 0.00 18.00 0.00 -18.00 0 18.00 0.00 -18.00 0 0.00 33.33 0.00 -33.33 0 33.33 0.00 -33.33 0 0.00 2,501.33 1,200.00 -1,301.33 -108.4 2,501.33 1,200.00 -1,301.33 -108.4 0.00 DEBT SERVICE Mortgage Interest 42,883.44 44,646.06 1,762.62 3.95 42,883.44 44,646.06 1,762.62 3.95 29,044.00 TOTAL DEBT SERVICE 42,883.44 44,646.06 1,762.62 3.95 42,883.44 44,646.06 1,762.62 3.95 29,044.00 TOTAL OTHER EXPENSES 45,384.77 45,846.06 461.29 1.01 45,384.77 45,846.06 461.29 1.01 29,044.00 EARNINGS BEFORE DEPRECIA -21,249.76 -18,066.49 -3,183.27 17.62 -21,249.76 -18,066.49 -3,183.27 17.62 -9,538.90 DEPRECIATION & AMORTIZATI Building Depreciation 19,942.02 19,942,02 0.00 0.00 19,942.02 19,942.02 0.00 0.00 13,294.68 Organization Amortization 20.04 20.04 0.00 0.00 20.04 20.04 0.00 0.00 0.00 Loan Fee Amortization 1,395.36 1,395.36 0.00 0.00 1,395.36 1,395.36 0.00 0.00 930.24 Commission Amortization 1,977.17 1.997.31 20.14 1.01 1,977.17 1,997.31 20.14 1.01 1,202.79 TOTAL DEPRECIATION & AMOR 23,334.59 23,354.73 20.14 0.09 23,334.59 23,354.73 20.14 0.09 15.427.71 NET INCOME (LOSS) -44,584.35 -41,421.22 -3,163.13 7.64 -44,584.35 -41,421.22 -3,163.13 7.64 -24.966.61 OPERATING INCOME Retail Rent Tenant Reimbursements Year End Adjustments Interest Income Budget Comparison (Accrual,CONVERSION) WESTWOOD III -1297 MAIN STREET - (34) Jan 2008 - Jun 2008 Page 1 5/20/2009 12:14 PM PTO Actual PTD Budget S Var. V. Var. YTD Actual YTD Budget S Var. V. Var. __Annual 19,353.48 19,356.00 -2.52 -0.01 19,353.48 19,356.00 -2.52 -0.01 38,712.00 7,074.54 7,074.54 0.00 0.00 7,074.54 7,074.54 0.00 0.00 14,149.08 713.56 0.00 713.56 0 713.56 0.00 713.56 0 0.00 120.85 240.00 _ -119.15 -49.65 120.85 240.00 -119.15 -49.65 480.00 _ TOTAL OPERATING INCOME 27,262.43 26,670.54 591.89 2.22 27,262.43 26,670.54 591.89 2.22 53,341.08 OPERATING EXPENSES Interior Building Maintenance 0.00 9.48 9.48 100.00 0.00 9.48 9.48 100.00 19.00 Exterior Maintenance 97.44 272.52 175.08 64.24 97.44 272.52 175.08 64.24 545.00 HVAC Maintenance 66.00 82.Q,2,_ 16.02 19.53 66.00 82.02 16.02 19.53 164.00 Roof Maintenance 73.33 8.52 -64.81 -760.6 7323 8.52 -64.81 -760.6 17.00 Trash Removal 360.00 330.00 -30.00 -9.09 360.00 330.00 -30.00 -9.09 660.00 Parking Lot Maintenance 0.00 268.50 268'50 100.00 0.00 i ' 268.50 268.50 100.00 537.00 Snow Removal 0.00 950.49 950.49 100.00 0.00 950.49 950.49 100.00 1,900.98 Electric 704.21 729.48 25.27 3.46 704.21 729.48 25.27 3.46 1,459.00 Water & Sewer 533.42 605.52 72.10 11.91 533.42 605.52 72.10 11.91 1,211.00 Property Taxes 9,060.00 5,671.50 -3,388.50 -59.75 9,060.00 5,671.50 -3,388.50 -59.75 11,343.00 Insurance 407.48 937.02 529.54 56.51 407.48 937.02 529.54 56.51 1,874.00 Business Park Dues 4,028,27 4,353.00 324.73 7.46 4,028.27 4,353.00 324.73 7.46 8,706.00 Management Fee Expense 2,700.00 2,700_00 0.00 0.00 2,700.00 2,700.00 0.00 0O0 5,400.00 TOTAL OPERATING EXPENSES 18,030.15 16,918.05 -1.112.10 -6.57 18,030.15 16,918.05 -1,112.10 -6.57 33,835.98 NET OPERATING INCOME 9,232.28 9,752.49 -520.21 -5.33 9,232.28 9,752.49 -520.21 -5.33 19,505.10 OTHER EXPENSES ADMINISTRATIVE EXPENSES Professional Service-Audit/Tax 650.00 0.00 -650.00 0 650.00 0.00 -650.00 0 0.00 Administrative Charges 600.00 0.00 -600.00 0 600.00 0.00 -600.00 0 0.00 Recording Fees 12.00 0.00 -12.00 0 12.00 0.00 -12.00 0 0.00 TOTAL ADMINISTRATIVE EXP 1,262.00 0.00 -1,262.00 0 1,262.00 0.00 -1,262.00 0 0.00 DEBT SERVICE Mortgage Interest TOTAL DEBT SERVICE TOTAL OTHER EXPENSES 14,173.70 14,521.98 348.28 2.40 14,173.70 14,521.98 348.28 2.40 29,044.00 14,173.70 14,521.98 348.28 2.40 14,173.70 14,521.98 348.28 2.40 29,044.00 15,435.70 14,521.98 -913.72 -6.29 15,435.70 14,521.98 -913.72 -6.29 29,044.00 EARNINGS BEFORE DEPRECIA -6,203.42 4,769.49 -1,433.93 30.06 -6,203.42 -4,769.49 -1,433.93 30.06 -9,538.90 DEPRECIATION & AMORTIZATI Building Depreciation Loan Fee Amortization Commission Amortization TOTAL DEPRECIATION & AMOR 7,713.81 7,713.81 6,647.34 6,647.34 465.12 465.12 601.35 601.35 0.00 0.00 6,647.34 6,647.34 0.00 0.00 13,294.68 0.00 0.00 465.12 465.12 0.00 0.00 930.24 0.00 0.00 601.35 601.35 0.00 0.00 1,202.79 0.00 0.00 7,713.81 7,713.81 0.00 0.00 15,427 71 NET INCOME (LOSS) -13,917.23 -12,483.30 -1,433.93 11.49 -13,917.23 -12,483.30 -1,433.93 11.49 -24,966.61 Hello