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Home My WebLink About20081494.tiff RESOLUTION RE: DENY PETITION FOR ABATEMENT OR REFUND OF TAXES - GREELEY REGENCY HOTEL, INC. 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 19th day of May, 2008, at which meeting there were present the following members: Chair William H. Jerke, and Commissioners William F. Garcia, David E. Long, Robert D. Masden, 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 Greeley Regency Hotel, Inc., not being present, and WHEREAS, the Board of County Commissioners have carefully considered the attached petition, 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 petition be and hereby is, denied, and an abatement or refund not be allowed as follows: CORRECTION TO ASSESSED ABATEMENT TAX VALUATION OR REFUND YEAR $0.00 $0.00 2005 $0.00 $0.00 2006 2008-1494 n • 41i, 1 "6-7— AS0069 0 I tv'-L.'O TAX ABATEMENT PETITION - GREELEY REGENCY HOTEL, INC. PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 19th day of May, A.D., 2008. BOARD OF COUNTY COMMISSIONERS \ WELD COUNTY, COLORADO ATTEST: 8 - sI ,> Wi H. Jerke, Chair Weld County Clerk to�• =.ar � m \IV� �� . V �y ', � Robert D."Masden, Pro-Tern BY: ��/i //i<' �1i �✓ Deputy Cler o the Board Willi F. Garcia APP D F vid E. Long ttorney ouglas ademacher Date of signature: 2008-1494 AS0069 FORM 920 (66-93) PETITION 'OR ABATEMENT OR REFUND OF TAXES C9C-z'1-1_Lj� Must ae filed in duplicate and all questions must be answered. 1 Petitioners:� Complete this side only. ;�p� '9 I_', ,, r 6(�(�r('. \' ,Colorado C�1.VL k�^ 1 i J I - �.,y or Town To The Honorable Board of Commissioners of I,'Je.Id DEC7 '• rty Gentlemen: /' r j r C 31 200 The petition of GI Ie4 (�-e('(�t,1 Q,' d Ole yt�' I I WELD GUUN 1 Y AbbEbSOF whose mailing address is: G I OI ti. r tcf.vty(i \ fwt'V11it S' 'F e. 39. 00 GREELEY, COLORADO rj Dev er, COLORADO U 07 37 City or Town same Zip Code SCHEDULE NUMBER DESCRIPTION OF PROPERTY AS LISTED ON TAX ROIL rZ?IU(I.Q\ 7(lI `1,;ts jk-i'coA G R i43 k 4 Li tt-1 fe31, F; E43 TOO tc tTH VAC EA/3 pairs\ir c6 ST G R t E LE' 00631 Respectfully requests that the taxes assessed against the above property for the years AL). 200rr,200c.are erroneous,illegal,or due to error in valuation for the following reasons: Describe specifically the circumstances surrounding the incorrect value or tax,including owner's Estimate of value. (Attach additional sheets if necessary) The subject property is the former Greeley Regency hotel. As of the assessment dates of 1-1-2005 and l-1-2006, the property was in need of extensive deferred maintenance. The owners of the property performed much of the deferred maintenance during 2006. The 2007 value of the property was reduced from $3,000,000 to $2,664,000 during the appeal process. As stated above, much of the deferred maintenance had been corrected during 2006. On the assessment dates, the deferred maintenance was not yet corrected, and the value of the property was adversely affected by the condition of the property. We are in the process of compiling a list of the delcrred maintenance that was necessary to be completed and the estimated costs of the work as of the assessment dates. We will forward this information to you as soon as we complete the listing. 2005 200 6_, Value Tax Value Tax otig. 3,OCkD.c>cy:.'s GAT, I C`� 31OoO,Ocx) 6 ; 103 Abate. It100Ot()OU LjtOjt{ (t00 006 o3�03"1 Bal. Z,tOM, OM 46 061Li OO3, COO 4E 069 /t (��,q 'therefore the petitioner requests that the taxes may be abated or refunded in the sum of $ 4�(6Cri I declare,under penal L,of perjury in the second degree that this petition,together with any accompanying exhibits or statements,has been examined by me and to the best of my knowledge,information and belief Is fife,correct and complete. k4 fir iv ) Jho� remoter Address OI �, t-lie=ltJ"r )•evNUl 1 CU o 37 p BY LOAt (" W, ./y(. , tZ 3I-i I Daytime phone number .S03--S7 —(130C ume O I CM E, ke„ty can A t Every petition for abatement or refund filed pursuant to section 39-10-114 shall be acted upon pursuant to the provisions of this section by the board of county commissioners or the assessor,as appropriate,within six months of the date of filing such petition. 39-1-1130.7),C.R.S. • RESOLUTION OF COUNTY COMMISSIONERS ' Section I: In accordance with 39-I-1 13(1.5) C.R.S., the commissioners of —__.._ _Comity authorize the assessor to review per it i01154 for abatement or refund and to settle byywwwrtllen mrfiinl ngteemcut any such petition for abatement or refund in an amount of one thousand dollars or less per loud, parcel, or lot of bard or per schedule of personal property. County Commission Resolution II ---- The Assessor and petitioner mutually agree to an assessed value of $ Ito total tax 1'ur the years) 19_— and an abaluttenlhefmtd of$-------.---• PLEASE NOTE: THE TOTAL TAX AMOUNT DOES NOT INCLUDE ACCRUED INTEREST, PENALTIES, AND FEES IF AI'l'I.ICAI3I.E, PLEASE CONTACT YOUR COUNTY TREASURER FOR FULL PAYMENT INFORMA'T'ION. ahrrr.saw�nrs r.d nr Assessor's Mysore Doe If Section I is not complete and/or if petition is for more Than $1,000, Seel' I1 must he completed. Section II: Assessors's recommendation: ❑ approved - No protest Filed in 19 or 19 0 approved in part $ denied for the following reason(s): Note: If a protest was tiled please attach copy of NOD. 42,10.6.1/4s4 pin zo Cane • o_ By: De p. a9Se9Ser —__ Comity, I IEREAS, The County Corn I Issiuncrs of ------ do State of Colorado, at a duly and lawfully called regular meeting held on the ---- y of —.—_., A.D. 19 —, al which meeting there were present Ilse lidlowing members: • -- — -- _ notice of such meeting and an opportunity to be present having been given to the taxpayer and the said lard taxpayer Assessor' of said Comity and ----- ----- pimnel being ineseldi illltl WIIEREAS, The said County Commissioners have carefully considered the within application, and are fully advised in relation Thereto, NOW BE IT RESOLVED, That the Board ___—_ will; the recommendation of (concurs or door not concur) the assessor and the petition he ___ — — _ , and an abatement refund (ba samrnd or nor tin nnnvndj (nppmmd or denim() on :In assessed valuation of $--- for $ — total lax for the year(s) 19___.. Clrelnnan of Boer)of County eommisslonors STATE OF COLORADO, SS. County of 1 _ _ _ — -----, County Clerk and Ex-officio Clerk of lire Doatd of County Commissioners in and for Me County of State of Colorado, do hereby certify that the above and foregoing order is truly copied from the recoils of the proceedings of the hoard of County Commissioners for said County, now in my office. IN WITNESS WHEREOF, I have hcreuulo set my hand and affixed the seal of said County, A.D. 19_ ai -- this — day of -- ----- Comay Clerk By Deputy— ACTION OF THE PROPERTY TAX ADMINISTRATOR Denver, Colorado, 19 The action of the Board of County Commissioners, relative to the within petition, is hereby ❑ approved;❑ approved in part $_ ❑ denied for the following reasons) --- ---- -- .... 2008 1494 Sncroln.y Milady Ina Administrator APPOINTMENT OF AGENT December 30, 2007 Licht Sr Company, Inc. is authorized to represent in property tax valuation matters for tax years 2005 and 2006, Please contact Licht St Company regarding all property tax issues. The property is indicated below: 701 8m Street, Greeley, Colorado County Schedule 111t281og86 AGENT: Licht& Company, Inc, 9101 E. Kenyon Avernus, Suite 3900 Deliver,CO 30237 Plume; (303)575-9306 • 03 5-9307 aS Signature Date Art C 'or Title: President Chmaanv: Phone Number: 3ft1-2064000 J7ate rf Gbmty of J The foregoing ins:rumenr was acknowledged befbrc nor this day of , 200 , by WITNESS my hints and official seal Notary PublicMy commission erplrea•:" M051-tosf o-d- SA"tQ-- eRecorded in Weld County, CO Doc Id: 3536261 O - Su h 20X 02/20/2008 12:49 P Receipt#: 7344557 Page: 1 of 2 Total Fee: $411.00 aI to / a� Steve Moreno, Clerk and Recorder t # t Et OaSi0Oa SPECIAL WARRANTY DEED \\ THIS DEED, made this 19th day of February, 2008, between GREELEY REGENCY HOTEL,INC.,a Colorado corporation,Grantor,and PENTA GREELEY,LW,a Colorado limited liability company,whose legal address is 1735 N. 1st St.,Suite 285, San Jose,California 95112, Grantee; WITNESSETH, That Grantor, for and in consideration of the sum of Four Million and no/100ths Dollars($4,000,000.00),the receipt and sufficiency of which are hereby acknowledged, has granted, bargained, sold and conveyed, and by these presents does grant, bargain, sell, convey and confirm, unto Grantee, and Grantee's successors and assigns forever, all the real O property, together with all improvements, if any, situate, lying and being in the County of Weld, O State of Colorado, described as follows: All of Block 43, City of Greeley, including the vacated east-west alley in said Block, County of Weld, State of Colorado; also known as 701 8th Street, Greeley, Colorado. TOGETHER WITH all and singular the hereditaments and appurtenances thereto belonging, or in anywise appertaining, and the reversion and reversions, remainder and remainders, rents, issues and profits thereof; and all the estate, right,title, interest, claim and demand whatsoever of Grantor, either in law or equity, of, in and to the above bargained premises,with the hereditaments and appurtenances; TO HAVE AND TO HOLD the said premises above bargained and described with the appurtenances,unto Grantee,and Grantee's successors and assigns forever.Grantor,for itself and its successors and assigns, does covenant and agree that it shall and will WARRANT AND FOREVER DEFEND the above bargained premises in the quiet and peaceable possession of Grantee, and its successors and assigns, against all and every person or persons claiming the whole or any part thereof, by, through or under Grantor, except taxes and assessments for 2008 and subsequent years, and except Ordinances recorded February 26, 2002 at Reception No. 2928003, February 19,2003 at Reception No.3033543, May 25,2005 at Reception No. 3288780. IN,WITNESS WHEREOF,Grantor has caused this deed to be executed on the date set forth above. r` T GREELEY REGENCY HOTEL, IDyJC., a k. . .,_- a . = Colorado corporation By: Arthur B . , Presi sM,c .w$v,� 0 !v3979A 3 � .14 eRecorded in Weld County, CO Doc Id: 3536261 02/20/2008 12:49 P Receipt#: 7344557 Page: 2 of 2 Total Fee: $411.00 Steve Moreno, Clerk and Recorder STATE OF COLORADO ss. CITY AND COUNTY OF DENVER ) The foregoing instrument was acknowledged before me this /Q"day of February,2008, by Arthur B. Cormier as president of Greeley Regency Hotel, Inc., a Colorado corporation. Witness my hand and official seal. My commission expires: 3-21-04 • Notary Public TERESA L. HOTf NOTARY PUBLIC ' STATE OF COLORADO 1 v My Commission Expires 03/21/2009 s:vumcom+.ncwmw smwy.wdwpd 2/18/08 2 eRecorded in Weld County, CO Doc Id: 3536261 , 10/09/2007 14:43 FAX 02/20/2008 12:49 P RecdP#9T611W557 Page: 1 of 2 Total Fee: $411.00 Steve Moreno, Clerk and Recorder REAL PROPERTY TRANSFER DECLARATION-(TD-1000) GENERAL INFORMATION Purpose:The Real Property Transfer Declaration provides essential information to the county assessor to help insure fair and uniform assessments for all property for property tax purposes.Refer to 39-14102(4),Colorado Revised Statutes(CRS.). Requirements:All conveyance documents(deeds)subject to the documentary fee submitted to the county clerk and recorder for recordation must be accompanied by a Real Property Transfer Declaration. This declaration must be completed and signed by the grantor(seller)or grantee(buyer). Refer to 39-I4-102(1xa),C.R.S. Penalty for Noncompliance:Whenever a Real Property Transfer Declaration does not accompany the deed,the clerk and recorder notifies the county assessor who will send a notice to the buyer requesting that the declaration be returned within thirty days after the notice is mailed. If the completed Real Ropaty Transfer Declaration is not returned to the county assessor within the 30 days of notice,the assessor may impose a penally ofS25.00 or.025%(.00025)of the Bale price,whichever is greater. This penalty may be imposed for any subsequent year that the buyer faits to submit the declaration until the property is sold. Refer to 39-14.102(1)(b),C.R.S. Confidentiality:The assessor is required to make the Real Property Transfer Declaration available for inspection to the buyer. However,it is only available to the seller if the seller tiled the declaration. Information derived from the Real Property Transfer Declaration is available to any taxpayer or any agent of such taxpayer subject to confidentiality requirements as provided by law. Refer to 39-5-121.5,C.R.S and 39-13.102(5Xc),C.R.S. 1. Address and/or legal description of the oral property sold: Please do not use P.O.box numbers. 701.8th Street,Greeley, CO 00631 2. Tempe of property purchased:❑Single Family Residential 0 Townhome ❑Condominium lm Multi-Unit Res a Commercial b Industrial O Agricultural C Mixed Use Q Vacant Land O Other 3. Date of closing: Month Day Year Date of contract if different than date of closing: Month Day Year 4. Total sale rice: including all real and personal property.S Nn(Y�f. nO 5. Was any personal pronrty included in the transaction? Personal property would include,but is not limited to, carpeting,draperies, standing appliances,equipment,inventory,fluniture. lithe personal property is not listed,the entire purchase price will be assumed to be for the real property as per 39.13.102„C,RS. aYes ❑No If yes,approximate value S Describe Firer a`HOC(1 G(' 6. Did the total sale price include a trade or exchange of additional real or personal property? If yes,give the approximate value of the goods or services as of the date of closing. ❑Yes 6'No If yes,value S If yes,does this transaction involve a trade under IRS Code Section 1031? 7. Was 100%interest in the real property purchased? Mark"no"if only a partial interest is being purchased. a Yes O No lino,interest purchased 8. Is this a transaction among related parties? Indicate whether the buyer or seller are related. Related parties include persons within the saute family,business affiliates,or affiliated corporations_ Q Yes I No ( File No.: 1439722 eRecorded in Weld County, CO Doc Id: 3536261 • 10/09/2007 14:44 FAX 02/20/2008 12:49 P RecM'/P344557 Page: 2 of 2 Total Fee: $411.00 Steve Moreno, Clerk and Recorder • 9. Check any of the followin that applyto the condition of the improvements at the time of purchase_ O New D Excellent D Good Average Cl Pair O Poor ❑ Salvage. If the property is financed,please complete the following. 10. Total amount financed.$ 4 l SOG 0 O0•o C 11. Type of financing:(Check all that apply) Z New O Assumed Cl Seller Cl Third Party O Combination; Explain 12. Tema: U 18 Variable, Statdng interest rate 70-6" O Fixed; Interest rate O Length of time vein O Balloon payment If yes,amount Due date 13. Please explain any special terms,seller concessions,or financing and any other information that would help the assessor understand the terms of sale. d ( S�CQ� cOn �txth raj k14—ttr e cL';s burs cen 045 ? SCAltr cox y be c-k. 41(s, Odd .(RZ For properties Elm than residential(Residential is defined as:single family detached,townhomes,apartments end condominiurua)please complete questions 14-16 if applicable. Otherwise,skip to#17 to complete, 14. Did the purchase price include a franchise or license fee? D Yes iv No If yes,franchise or license fee value S 15. Did the purchase price involve an installment land contract? O Yes Id No If yes,date of contract 16. If this was a vacant land sale,was an on-site inspection of the property conducted by the buyer prior to the closing? D Yes O No Remarks:Please include any additional information concerning the sale you may feel is important. 17. Signed this / ' day of O c'tb°t , 20 O7 Enter the day,month,and year,have at least one of the parties to the transaction sign the document,and include an address d a da ' hone number. Please designate buyer or seller. o Cranes(Buyer) or Grantor(Seller) 18. All future correspondence(tax bills,property valuations,etc.)regarding this property should be mailed to: 1126 ►Jo• 1 ' s-r. 5 ( l9oe • -5-73 - Address(mailing) Daytime Phone cCnTOSC ,(4 QSi( a, City,State and Zip Code is. File No.: 1439792 COMPARATIVE SALES APPROACH SALE# Subject J 1 2 3 4 Parcel# 96105314010 96105314010 96120306018 96120208021 95924100087 Address I 701 8th Street - t 701 8th Street 3301 W Service Rd 3025 8th Ave 2501 29 St City Greeley Greeley Evans [ - Evans ' Greeley Grantor Hotel Ventures Sang & Myung Yi Signature O1 Grly Grantee Grly Regency Park Philio & Lee Yoo James Hanzel Richard Sale Date 7/26/2001 4/14/2000 4/26/2000 5/1/2000 Sale Price $4,500,000 $2,300,000 $2,250,000 ' $3,300,000 Adj. Sales Price $4,210,119 $2,100,000 2,158,500 $3,083,077 Land Size 100,000 100,000 341,321 78,320 74,400 L/B Ratio 2.3 2.3 7.09 6.09 2.24 Bldg SF 113,787 113/87 48,121 25,182 33 116 #of Rooms 148 148 73 61 63 Year Blt 1964/1987 1964/1987 1964 1995 1997 Use Hotel Hotel Hotel Express Hotel I Express Hotel Value Per Sq Ft Assessor's$26.37 I $37.00 $43.64 I $85.71 $93.09 Value Per Room Assessor's $20,270 $28,447 $28,767 $35,385 $48,938 Adjustments: I Location -20% #of rooms -10% -10% -10% Room $Adj Value per ---28,447 $25,890 � $31,846 i $34,277 Subject Value: — $3,000,000 or$20,270 per room Comps Avg: $30,115 per room Comps Median: $30,147 per room Comps Range: I $25,890 -$34,277 per room Estimated Value per the Sales Approa $27,000 x 148 rooms = $3,996,000 1 Less Cost to Cure Deferred Maintenance $324,077I 1 Estimated Value less deferred maintenance: $3,672,000 I($24,810 per room) Subject i5ALe, ( a&se 504-) i 7 Soeet Y 4000_ Lino 0000000OF 1 First Floor 131®.0 SF qr Second Floor 403120 SF lMd Floo•31070 SF IM MC M1v t04122SF ' soi v�410 r , .,..: 8 4 y _ A t- n .asp_°o.io_ YA.O. a_ Y,i Iygmp� I IF ytl 1zov � O 'ffi � ' -I� 1 C 1p. Y.a. 20 ri �5;z rF ,Y Y Y,T-t4 Oi ear O� wv ^' f , t15O 14n I042228Mu "" d0 1" m0 111" 0 90 8 street COMPARABLE SALE COUNTY: WELD ACCOUNT R2810486 PARCEL NUMBER: 096105314010 PRIMARY OCC: Motel PERCENT: 100% SECONDARY OCC: PERCENT: THIRD OCC: PERCENT: ADDRESS: 701 8 ST GREELEY RECEPT NUMBER: 2872310 SALE DATE: 07/26/2001 GRANTOR: GREELEY HOTEL VENTURES SALE PRICE: $4,500,000 GRANTEE: GREELEY REGENCY HOTEL INC ADJ SALE PRICE: $4,210,119 YEAR BUILT: 1987 CLASS: D EFFECTIVE AGE: LAND/BLDG RATIO: 0.88 LAND SIZE (SF): 100,000 LAND VALUE: $350,000 BLDG SIZE (SF): 113,787 IMPS PRICE/SF: $33.92 WALL HEIGHT: 10 SALE PRICE/SF: $37.00 STORIES: 3 INTEREST RATE: 8.00% BSMNT SIZE: DOWN PYMT: $760,000 BSMNT FINISH: LOAN TERM (YRS): 8 YRS ZONING: GRE CH POINTS PAID: QUALITY: Average COMMENTS: Ramkota is a 3 story 148 rooms, 163 seat restaurant/lounge, 13,000 sf meeting space,indoor pool and 122 parking spaces in rear of Bldg. Sold for$28447 per room. • t �' , Ja°a L,o Fast Floor Second Floor Bsmt Storage k, --164065 21605- 30b1LOs1 17,004 O sf 21605 0 sf 61 Hotel 1 I Concrete matt .� yo ClassC zo 51 22660 9.0 story height -1:- Hot&Chilled Water 660' �1130' Blt 196 31 0' 73 Rooms meeting Rooms o 1,-; te 7 .:7y ,.'' .b.. t;^ Sr"!'. -`;::+4 180 :7 , 1B 78.0 �o .•�E r` 'Do, ,wl cc=we Lounge g x «o my 380' to 2 5x o 28 1B 28 aestaurant 400' r�� \' t 1380' eo so n 380' e £1 �- 190 20Oi 30' I, canopy First Floor 1 "1 t r44 2036 o.? 01 SOP' COMPARABLE SALE COUNTY: WELD ACCOUNT R3882086 PARCEL NUMBER: 096120306018 PRIMARY OCC: Hotel-Full Service PERCENT: 100% SECONDARY OCC: PERCENT: ADDRESS: 3301 W SERVICE RD, EVANS RECEPT NUMBER: 2762633 SALE DATE: 04/14/00 GRANTOR: SANG&MYUNG YI SALE PRICE: $2,300,000 GRANTEE: PARK PHILIO&LEE CHANG ADJ SALE PRICE: $2,100,000 YEAR BUILT: 1964 CLASS: C EFFECTIVE AGE: LAND/BLDG RATIO: 7.09 LAND SIZE (SF): 341,321 LAND VALUE: $426,651 BLDG SIZE(SF): 48,121 IMPS PRICE/SF: $34.77 WALL HEIGHT: 9 SALE PRICE/SF: $43.64 STORIES: 2 INTEREST RATE: BSMNT SIZE: 11,171 DOWN PYMT: BSMNT FINISH: LOAN TERM (YRS): ZONING: POINTS PAID: QUALITY: Fair COMMENTS: SALES PRICE OF$2,300,000 LESS PERSONAL PROPERTY OF$200,000 EQUALS THE ADJUSTED SALES PRICE OF $2,100,000. THE SUBJECT IS A FULL SERVICE HOTEL CONTAINING 73 ROOMS (59 REGULAR ROOMS & 14 FANTASUITE ROOMS) SELLING FOR$28,767 PER ROOM. >' J ° on Li �.,N.1 First Floor Second Floor Bsmt Storage yrit 30,517051 17604.0 s1 216050 sf l 040 Hotel h concrete Slab �t 2 uaa ClassC 2268001 9.0 story height Hot&Chilled Water 660 11A0' _�_ BII 1964 73 Rooms 31.0' _, Meeting Rooms V,.. - ,, 18O' 7 r a xaa 16 7s0o {t 4.,s io 040 `ti ,30 rnvd°e5 Lounge It ' .., Kitchen 4' 440. I 4. ... .._.. - m" w° 380 ru 2 540 2B 1B 2Bvol .e u It me L Restaurant 40.0' 1380 g 0. 12411fr,r-Th'30,- ,0 _ 200'20' 4 �ry nI Cantwy I First Floor t S31 49V ipro2036.0sr l r/r d a�anh Mnwaa,� COMPARABLE SALE COUNTY: WELD ACCOUNT R3882086 PARCEL NUMBER: 096120306018 PRIMARY OCC: Hotel-Full Service PERCENT: 100% SECONDARY OCC: PERCENT: ADDRESS: 3301 W SERVICE RD, EVANS RECEPT NUMBER: 3390485 SALE DATE: 4/28/2006 GRANTOR: EVANS HOSPITALITY SERVICES LLC SALE PRICE: $1,530,000 GRANTEE: PARK HAE CI IOON& ADJ SALE PRICE: $1,442,400 YEAR BUILT: 1964 CLASS: C EFFECTIVE AGE: LAND/BLDG RATIO: 7.09 LAND SIZE (SF): 341,321 LAND VALUE: $346,441 BLDG SIZE (SF): 48,121 IMPS PRICE/SF: $22.77 WALL HEIGHT: 9 SALE PRICE/SF: $29.97 STORIES: 2 INTEREST RATE: BSMNT SIZE: DOWN PYMT: BSMNT FINISH: LOAN TERM (YRS): ZONING: POINTS PAID: QUALITY: Average COMMENTS: The subject sold previously on 8/2005. It was a bank foreclosure sale at that time and was in poor condition with an unstable income history. The subject had minor remodeling done and then resold 4/28/2006 for$19,759 per room. The subject has 73 rooms and sold with no income history for the past 2 0/2 years. 1st Floor 12,842 sq ft (8)16'X1@BAYS N'A ) (1)16"XMAV J w 4.x 1 k^ 1°- ta@ —. —' " . _ "" . esI p ]5 Express Hotel 811985 tzx xD@ 61 Total Rooms cassD 55 9p y- vs wh t ihu wet M1eeticod Sa Wit% Ng 5]' ]II 20; "._ I. r t t of • "r" ' .---r. ' r" Yom• fl@ 110' B Irk @ (771'6'N1@BAYS w a° O 516 BAYS i- 115' �� h.� .. i� 1I n �, �e 4{i�.y� � "`"T'''�' 16U .• alit ' 1 p aa° 5 d ca10v i r y 1. csae 5110 SCI n. If Ji gyp .}"t 10A'.. 9t . <4 } � Sk65 pl Wa NMM,t' COMPARABLE SALE COUNTY: WELD ACCOUNT R7130298 PARCEL NUMBER: 096120208021 PRIMARY OCC: Motel PERCENT: 100% SECONDARY OCC: PERCENT: ADDRESS: 3025 8 AV EVANS RECEPT NUMBER: 2845962 SALE DATE: 04/26/2000 GRANTOR: SIGNATURE HOSPITALITY SALE PRICE: $2,250,000 GRANTEE: YOO JAMES INVESTMENT INC ADJ SALE PRICE: $2,158,500 YEAR BUILT: 1995 CLASS: D EFFECTIVE AGE: 1995 LANDIBLDG RATIO: 3.11 LAND SIZE(SF): 78,320 LAND VALUE: $97,900 BLDG SIZE (SF): 25,182 IMPS PRICE/S F: $66.40 WALL HEIGHT: 9 SALE PRICE/SF: $70.29 STORIES: 2 INTEREST RATE: 7.25% BSMNT SIZE: DOWN PYMT: $256,000 BSMNT FINISH: LOAN TERM (YRS): 20 ZONING: C-3 POINTS PAID: QUALITY: Good COMMENTS: The S/P of $2,250,000 less P/P of$91,500 equals the Adj S/P of$2,158,500. The subject has 61 rooms, a lobby breakfast area, outdoor pool,and hot tub. Sold for$35,385 per room. •W x 4.1x= ,� ,A � � 5 51 00' 5 kdE.tl 1 LY 't •• 66.00 5 0l 5.00' 66.00' 33 00' Pool Area 33 00' 1683 00 sf 3301 4;/�-5� 4 00 FIr51 Floor 11 22100 sf 4.00' 11113) P mil 0 81 �'1 a Lie ta hr �^ E Second Floor 10955.00,( AI lat h i l- 3g �j I •WR a �, 00 00 mird Floor 10934.00 sf 9 a0 16 00' 1 I s. in 0 i I ✓'`+t Total 33116.00 sf 4:4: .44 m f � S ,plq�ll hI L. 8 1 900 ,3 00' 300' 50.50' 1 00' 4.00' ' 5050' 1300' 500 13.Od a?N& ;^ T ,�.•�', �k � s*`6. 4e.e^ys 1500' 9.00' 16 00' a' r 3044'__ 17.00' 2 000' 30% 1600:"2 D° Canopy y }. $, 708 00 sf h (�:1 oo shed 60.00,, COMPARABLE SALE SALE COUNTY: Weld ACCOUNT NUMBER: R0356595 PARCEL NUMBER: 095924100087 PRIMARY OCC: Hotel PERCENT: 100% SECONDARY OCC: PERCENT: ADDRESS: 2501 W 29 St, Greeley RECEPT NUMBER: 2768056 SALE DATE: 05/01/2000 GRANTOR: O1 Greeley #2 LLC SALE PRICE: $3,300,000 GRANTEE: Hanzel Richard ADJ SALE PRICE: $3,083,077 YEAR BUILT: 1997 CLASS: D EFFECTIVE AGE: LAND/BLDG RATIO: 2.25 LAND SIZE (SF): 74,400 LAND VALUE: $297,600 BLDG SIZE (SF): 33116 IMPS PRICE/SF: $84.11 WALL HEIGHT: 9 SALE PRICE/SF: $93.10 STORIES: 3 INTEREST RATE: BSMNT SIZE: DOWN PYMT: BSMNT FINISH: LOAN TERM (YRS): ZONING: POINTS PAID: QUALITY: Avg COMMENTS: 63 rooms selling for $48,938 per room 10 Concrete 4 B e 3 Mtl so ptl elchen '4'R.R. Rea ,ea °4 *ere ° Building 01 maoasgn o Asphalt r earasdtlms rc abdsgft :� r. ° ° WH'0' al m •.a. . - �-- + 8 n HVAc o (A5P10Y.Area from b b II OR 9 8 ° ClassC Property Record Card) ,— 7:- :Old I n I ' ::-;c1..1 -_ - J Ora Reception .b a e me E Canopyry 60 1184 o5q.6 WSd 213 0pee 5522 0 sq It c. n roe nee Ito Ana,by Wa NAVD0a,` COMPARABLE SALE COUNTY: WELD ACCOUNT R0080888 PARCEL NUMBER: 13 13 03 000041 PRIMARY OCC: Motel PERCENT: 94% SECONDARY OCC: Motel PERCENT: 94% THIRD OCC: Multiple-Residential PERCENT: 6 ADDRESS: 3815 119 HWY WELD RECEPT NUMBER: 2863169 SALE DATE: 06/27/2001 GRANTOR: TWIN PEAKS 1-IOSPITALITY INC SALE PRICE: $2,650,000 GRANTEE: TIIEINCO HOSPITALITY LLC ADJ SALE PRICE: $2,600,000 YEAR BUILT: 1973 CLASS: C EFFECTIVE AGE: LAND/BLDG RATIO: 4.14 LAND SIZE (SF): 160,432 LAND VALUE: $561,512 BLDG SIZE(SF): 38,789 IMPS PRICE/SF: $52.55 WALL HEIGHT: 10 SALE PRICE/SF: $67.03 STORIES: 2 INTEREST RATE: 9.00% BSMNT SIZE: DOWN PYMT: $550,000 BSMNT FINISH: LOAN TERM (YRS): 25 YRS ZONING: POINTS PAID: QUALITY: Average COMMENTS: NOT CONSIDERED TO BE A VALID SALE. PRICE BASED ON DON KAGY APPRAISAL(UPDATED FROM MAY 99). BUYER HAD NO PRIOR KNOWLEDGE ABOUT OWNING A MOTEL. 7i („o6 015 tit 34. ‘,2,0 yeti ('6orv\ 1 --tco/Y,e_ ApeftncK C A`' - D t7 c + 1/8/2008 ADR 2005-06 PERFORMANCE I Ratios I&E Year 2005-06 I&E Date 12/31/06 Average Daily Rate $65.00 Potential Gross Income $3,511,300 100.00%I Occupancy 50% 1- Effective Gross Income: $1,755,650 I Room expenses (16.2%) $284,415 Food & Beverage (23.4%) i $410,822 1 Telephone (1.4%) L $24,579 ' Administrative &General (9.1%) $159,764 Franchise Fees (0.8%) $14,045 Marketing & Guest Entertain (5.9%) $103,583 Prop Oper& Maintenance(5.1%) $89,538 Enegy Cost (5.0%) _ $87,783 Management Fees (2.3%) $40,380 --_ Insurance on Bldg (.08%) _ - $14,045 - Total Expense (70%) $1,228,955 _ NOI before Reserves $526,695 H less: Reserves for replacement _ $56,721 I NOI Before PP 1 $469,974 NOI $469,974 Cap Rate 13.0% _ 14.0%, Indicated value w/Personal Property I $3,615,185 1 $3,356,9501 Less Personal Property $204,554 $204,554 Less deferred maintenance 1 $324,077 I $324,077 Indicated Value $3,086,554 $2,828,320f Indicated Value/Room $20,855 I $19,110 Cost Approach Summary PARCEL NUMBER 96105314010 PROPERTY OWNER Greeley Regency Hotel ADRESS 701 8 Street CITY, STATE, ZIP Greeley, Colo DATE OF APPRAISAL 06/30/04 OCCUPANCY: Hotel NUMBER OF STORIES 3 FLOOR AREA (SQ. FT.) 113,787 AVERAGE STORY HEIGH1 12 # of Rooms 148 YEAR BUILT 1964 (45%) CLASS: A & D 1987 (55%) COST RANK Avg EFFECTIVE AGE 21 HEATING AND COOLING Warm & Cool Air Zoned ESTIMATED LIFE 55 UNITS COST TOTAL RCN BASIC STRUCTURE COS1 113,787 $84.36 $9,599,071 perimeter adjustment 0.916 wall height adjustment 1.055 Current multiplier 1.00 Local multiplier 1.04 Adjusted RCN Basic Cost $9,647,405 EXTRAS: Sq Ft Cost PSF Conc. 3,970 $2.80 11,116 Asphalt 41,000 $1.82 74,620 Swimming Pool 648 $54.00 34,992 TOTAL RCN $9,768,133 LESS DEPRECIATION PHYSICAL 0.38 $3,711,890 FUNCTIONAL 0.10 $976,813 ECONOMICAL 0.15 $1,465,220 RCN LESS DEPR. $3,614,209 ADD IN LAND VALUE $360,000 TOTAL VALUE $3,974,209 VALUE PER ROOM $26,853 Abatement dated 12/31/2007 For years 2005 & 2006 Parcel #096105314010 Greeley Regency Hotel, Inc. 701 8th Street Greeley, CO Chris, During the 2007 Assessor's Protest we took the value of the subject hotel from $3,000,000 (or $20,270 per room) down to $2,664,000 (or$18,000 per room.) This adjustment was made due to Best Western pulling their frase affiliation due to the subject's lack of normal maintenance and disrepair. Also, the subject hotel had an all time low occupancy rate of 21% for 2006. The normal occupancy rate is 55%to 65%. Jack Snow, the property manager, said this was due to poor ratings on travel web sites. The abatement filed is for the years 2005 & 2006. The agent is requesting the subject value to be reduced from $3,000,000 to $2,000,000 for both years which is still lower than our 2007 value adjustment to $2,644,000. Reasons for denial as follows as per our conversations: The subject just sold with all its deferred maintenance and high vacancy for $4,000,000 on 02/19/2008. I believe this sale would be real property & personal property only and would not include any kind of business value or blue sky. Any further adjustment would be for bad management and not real estate. Also the subject property sold on 07/26/2001 for $4,210,120 or $24,810 per room. This sale occurred before all of the deferred maintenance and increase vacancy but is still in our base year for the subject abatements. Attached market sales comparables would support a value of$3,671,880 or $24,810 per room. K The income approach using an average daily rate and a typical 50% vacancy and then less cost to cure deferred maintenance would support a value of$2,82_8_320 or $19,110 per room. The cost approach less deferred maintenance would support a value of$3,974,200 or$26,853 per room. Thanks for your help, Chuck #3676 Weld County, Colorado Page 1 of 1 Weld County, Colorado ® ;} r � m. CR. $ 11 ... (•t ��.:- .t flte ! ® �y x k a rr. t rt t . jl. a r " " �• Legend .� a ' Street/Road Mama J, i - , ., ,,.l ri County Border }. Parcels 4I Y .g015, 1 ..� ''� t .� , .:,— Section Grk1 e tY r ..r._ + . 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I0TH STS W .c�ry.c -...;0`.�._. 400fta r's `• 096105314010 PENTA GREELEY LLC (total Taxes: $58,375.40 1735 N 1 ST STE 285 mount Due: $58,375.40 SAN JOSE, CA 95112 (c,nee let, Resew ►4ot,t {- 7© 1 Sr`' 54- Gremleaj , http://maps2.merrick.com/MerrickIMS/ims?ServiceName=weldovr&Form=True&Encode... 3/21/2008 WELD COUNTY ASSESSOR Account#: R2810486 PROPERTY PROFILE Parcel 096105314010 MH Seq#: MH Space: Appr Year: 2006 Levy: 79.429 #of Bldgs: 1 Active On: Tax Dist: 0615 Map#: LEA: GRLY11 InactiveOn: Assign To: CCJ Initials: BRF Acct Type: Commercial Last Updated: 11/19/2007 New Growth: 0 Owner's Name and Address: Property Address: GREELEY REGENCY HOTEL INC Street: 701 8 ST I City: GREELEY 0/O PAUL PATEL 701 8TH ST GREELEY CO 80631 Business/Complex: Sales Summary Sale Date Sale Price Deed Type Reception # Book Page# Grantor 7/26/2001 $4,500,000 SWD 2872310 GREELEY HOTEL VENTURES 12/16/1983 $1,792,000 X0007402 Legal Description ' GR 4814 L1 THRU 32 BLK43 TOG WITH VAC E-W ALLEY SITUS:701 8 ST GREELEY 80631 Land Valuation Summary Abst Unit of Number Value Assmt *Assessed Land Type Ag Code Code Measure Of Units Per Unit Actual Value Percent Value Commercial 2115 Square Feet 100000 $3.50 $350,000.00 0.29 $101,500.00 (Land Subtotal: 100000 $350,000.00 $101,500.00 Buildings Valuation Summary Abst Assmt *Assessed Bldg # Property Type Code Occupancy Actual Value Percent Value 1 Commercial 2215 343 - Motel $2,650,000 0.29 $768,500 'Improvements Subtotal: $2,650,000 $768,500 Total Property Value $3,000,000 $870,000 *Approximate Assessed Value Friday, March 21, 2008 Page 1 of 3 WELD COUNTY ASSESSOR Account#: R2810486 PROPERTY PROFILE Parcel #: 096105314010 MH Seq#: MH Space: Building #: 1 Condo SF Condo % Land: Condo% Bldg: Unit Type: Landscaping $: Property Type: Commercial 0 1 $0.00 Quality: Average Nbhd: 6907 Occupancy: Motel Condition: Typical Nbhd Ext: 00 Perimeter: 1333 Nbhd Adj: 1 Percent Comp: 100.00% Individual Built As Detail Built As: Hotel - Full Service Year Built: 1964 Il Construction Type: A Year Remodeled: 1987 i HVAC: Hot Chilled Water % Remodeled: 0.9 Interior Finish: Adj Year Blt: 1985 Roof Cover: Effective Age: 19 Built As SF: 51802 Mh Make: #of Baths: Tag Length/Width: X #of Bdrms: Tag Length/Width: X #of Stories: 3 Mh Skirting LF: Story Height: 12 MH Skirting Type: Sprinkler SF: 51802 Diameter: Capacity: Height: Built As: Hotel - Full Service Year Built: 1987 Construction Type: D Year Remodeled: HVAC: Heat Pump % Remodeled: Interior Finish: Adj Year Blt: 1987 Roof Cover: Effective Age: 17 Built As SF: 61985 Mh Make: #of Baths: Tag Length/Width: X #of Bdrms: Tag Length/Width: X #of Stories: 3 Mh Skirting LF: Story Height: 10 MH Skirting Type: Sprinkler SF: 61985 Diameter: Capacity: Height: Building Details ,Bldg #: 1 Units Units Price RCN Actual Value No Int Finish 3 fir 10402 $0.00 $0.00 $0.00 Add On :P f . A: .r Swimming Pool 648 $40.00 $25,920.00 $21,254.00 IAsphaltAverage 41000 $1.51 $61,910.00 $50,766.00 !Concrete Slab Average 3970 $2.36 $9,369.20 $7,683.00 Friday, March 21, 2008 Page 2 of 3 WELD COUNTY ASSESSOR Account#: R2810486 PROPERTY PROFILE Parcel#: 096105314010 MH Seq#: MH Space: Value Details Design dj %: 0 Func Obs %: 0 I Total RCN: $10,996,643.00 ExteriorA Adj %: 0 Econ Obs %: 0 Phys Depr%: 0.15 Interior Adj %: 0 Other Obs %: 0 Phys Depr$: 1652413 Amateur Adj %: 0 RCNLD $: $9,344,230.00 RCNLD Cost/S $82.12 Market/SF: $0.00 Friday, March 21, 2008 Page 3 of 3 Account Notes Account#: R2810486 Entry Date Office Note Bldg Category 1/1/1989 A BILL OF SALE 1170-2114159 9/11/87 DENVER DRY BUILDING AGEN 1/1/1989 A THE VALUE CHANGES FOR 1989 ARE BASED ON SALES DATA OF SIMILAR MRKT 1/1/1989 A PROPERTIES IN THE PAST 2 1/2 YEARS. 4-24-89 MFS/MS MRKT 1/1/1989 A CHANGED ALLOCATION OF VALUES ON MOTEL SECTION AND CONVENTION 001 MRKT SECTION 1/1/1989 A DUE TO APPRAISER OVERSITE,OVERALL VALUE DID NOT CHANGE. 1-2-91 MFS/MS 001 MRKT 1/1/1989 A 1991 VALUE BASED ON SALE 1.609 8 AV GREELEY SOLD 6-23-88$2,400,000 001 MRKT 1/1/1989 A LESS PP 110,400 LESS LAND 310,800 EQUALS 1,979200/100 ROOM IS 19792 OR 001 MRKT 1/1/1989 A DIVIDE BY 60400 SF EQUAL 32.77 PSF. SALE 2. 800 28 ST BOULDER SOLD 001 MRKT 1/1/1989 A $5,000,000 LESS LAND IS 3,873,900/165 ROOM IS 23478. USING SALE 1. 001 MRKT 1/1/1989 A HOTEL 62509 SF X 32.77=$2,033,673 1ST FLR RSTRNT/LOUNGE 20,700 SF X 001 MRKT 1/1/1989 A 32.77=$678,339. NO VALUE TO 2ND OR 3RD FLR OF CONVENTION CENTER.DS4/91 001 MRKT 1/1/1989 A GROUND LEASE RECORDED 11/7/86 1134-2076341, FIRST AMENDMENT RECORDED AGEN 1/1/1989 A 12/8/86 1137-2079727,SECOND AMENDMENT RECORDED 12/8/86 1137-2079728 AGEN 1/1/1989 A &ASSIGNMENT&ASSUMPTION RECORDED 5/25/90 1265-2215093. TLF AGEN 1/1/1989 A CHANGED VALUE FOR 1991 PER B.A.A.STIPULATION. AGEN 1/1/1989 A 1992 CHANGED VALUE FOR 1991 AND'92 PER B.A.A. STIPULATION. MFS/MRK 001 MRKT 1/1/1989 A CORRECTED ASSESSMENT 00884 AGEN 1/1/1989 A BLDG PERMIT 911283 9/27/91 $5,500 REMODEL INTERIOR OF GIFT SHOP.DS 001 MRKT 1/1/1989 A BLDG PERMIT 94110093 11/16/94$143,000 INT REMODEL OF BAR AREA. 001 MRKT 1/1/1989 A PROPERTY BEING APPRAISED BY MIKE KEEFE NORWEST BANK 1/95.DS 001 MRKT 1/1/1989 A SENT REQUEST FOR INCOME AND APPRASIAL 1/31/95. DS 001 MRKT 1/1/1989 A PHONE CALL FROM TOM MORRIS CORP OFFICE.WILL SEND APPRASIAL TO 001 MRKT CORRECT 1/1/1989 A 95 VALUE W/PROTEST MAIL-IN. DS 001 MRKT 1/1/1989 A 1995 PROTEST REQUESTED THE APPRAISAL OF THE SUBJECT. RECEIVED A PART 001 MRKT 1/1/1989 A OF APPRAISAL WILL INCREAS VALUE$150000 FOR REMODEL OF BAR IN 1996 001 MRKT 1/1/1989 A DWS/CSS 001 MRKT 4/16/1996 A 4/16/96 KRD-Put override on bldg#1 to correct sequence then deleted bldg#1A. APPR Friday, March 21, 2008 Page 1 ' Sketches\Photos for Acct# R2810486 BIdgID: 1 Q:\data\photos\096105314010_001_rv.jpg n o — titi>y� f h x --. g P Yy P • • v vim .• .s, w�y •. BIdgID: 1 Q:\data\photos\096105314010_001_2x.jpg s 6 a 5 .-__._ Sketches\Photos for Acct# R2810486 BIdgID: 1 Q:\data\photos\096105314010_001_1x.jpg ti -f' t3 t4f, t,,, .•s$RpTy� Ly�.nY 4: n .:'F • 1't-11 ,...,_. .. .„,, .. • . -. lit , ttj.10-"""ilir 1i 1.00.- XIR„: R ` _t t ' .,r - .r' ,�,,......,.- y.ssep mss'.^-� ` ` 1 e -� qy. . ..#'x`i "3z` t .Y43 r..ar=,r"I, • .n,> i r - • x h :.- •' t„! BIdgID: 1 Q:\data\photos\096105314010_0013x.jpg • Y 4 , .. ..rtTT w. .. ...!• ' ' ra-aY..S.w all . • .. .. t #r w _...i.._ t ' t _ „�_ wa - r Sketches\Photos for Acct# R2810486 BIdgID: 1 Q:\data\photos1096105314010_00I.JPG y •• a 1' 77 ar„j wt[. -' -tiff 1 4,1 N, Y vla7 "'d ° M ...., ,:,, t:r .../......?“:.._ N r••R.e pe • . rHe a« may, e'' 1�'.' s��u fl t73zx. tx $'1 c a . aay.,. ... _ �..`.`t.: � eyz9lkn°.� a�a.ywrw. A , pB0.�: y'4 pp BIdgID: 1 Q:\DATA\SKETCHES\096105314010001-1.jpg 7 Street 400.0' Land 100000.0 SF First Floor 43468.0 SF Second Floor 40312.0 SF Third Floor 30007.0 SF Unf Third Floor 10402.0 SF 149.0' 21.0' 16.0' W H 30' 12.3' CD co 22.2' YOC 1907 39.5' Class 0 41.0' m 173.5' 114.0' 250.0' Indoor ool a 60.0' 120.0' `fl WH 30' YOC 1964Whl 40. E:l—Elevators I 38'0 53.5' Class C Q 5@ Q 0 86.7' na.o' 115.0' Non-Calculated Area , 114.0' 10402.0 SF , Q 41.0' 12.3' 28.0' 20.0' 149.0' 16.0'1 180.0' 5.7' 81 Street Sketch by Ppex IV" WELD COUNTY ASSESSOR Account#: R2810486 PROPERTY PROFILE Parcel#: 096105314010 MH Seri#: MH Space: Appr Year: 2005 Levy: 80.941 #of Bldgs: 1 Active On: Tax Dist: 0615 Map#: LEA: GRLY11 InactiveOn: Assign To: CCJ Initials: JSW Acct Type: Commercial Last Updated: 5/4/2005 New Growth: 0 Owner's Name and Address: Property Address: GREELEY REGENCY HOTEL INC Street: 701 8 ST City: GREELEY C/O PAUL PATEL 701 8TH ST GREELEY CO 80631 Business/Complex: Sales Summary Sale Date Sale Price Deed Type Reception # Book Page# Grantor 7/26/2001 $4,500,000 SWD 2872310 GREELEY HOTEL VENTURES 12/16/1983 $1,792,000 X0007402 Legal Description GR 4814 L1 THRU 32 BLK43 TOG WITH VAC E-W ALLEY SITUS: 701 8 ST GREELEY 80631 Land Valuation Summary Abst Unit of Number Value Assmt *Assessed Land Type Ag Code Code Measure Of Units Per Unit Actual Value Percent Value Commercial 2115 Square Feet 100000 $3.50 $350,000.00 0.29 $101,500.00 Land Subtotal: 100000 $350,000.00 $101,500.00 Buildings Valuation Summary Abst Assmt *Assessed Bldg # Property Type Code Occupancy Actual Value Percent Value 1 Commercial 2215 343 - Motel $2,650,000 0.29 $768,500 Improvements Subtotal: $2,650,000 $768,500 Total Property Value $3,000,000 $870,000 *Approximate Assessed Value Friday, March 21, 2008 Page 1 of 3 WELD COUNTY ASSESSOR Account#: R2810486 PROPERTY PROFILE Parcel #: 096105314010 MH Seq#: MH Space:. Building #: 1 Condo SF Condo % Land: Condo % Bldg: Unit Type: Landscaping $: Property Type: Commercial 0 1 $0.00 Quality: Average Nbhd: 6907 Occupancy: Motel Condition: Typical Nbhd Ext: 00 Perimeter: 1333 Nbhd Adj: 1 Percent Comp: 100.00% Individual Built As Detail Built As: Hotel - Full Service Year Built: 1964 Construction Type: A Year Remodeled: 1987 HVAC: Hot Chilled Water % Remodeled: 0.9 Interior Finish: Adj Year Blt: 1985 Roof Cover: Effective Age: 19 Built As SF: 51802 Mh Make: #of Baths: Tag Length/Width: X #of Bdrms: Tag Length/Width: X #of Stories: 3 Mh Skirting LF: Story Height: 12 MH Skirting Type: Sprinkler SF: 51802 Diameter: Capacity: Height: Built As: Hotel - Full Service Year Built: 1987 Construction Type: D Year Remodeled: HVAC: Heat Pump % Remodeled: Interior Finish: Adj Year Blt: 1987 Roof Cover: Effective Age: 17 Built As SF: 61985 Mh Make: #of Baths: Tag Length/Width: X #of Bdrms: Tag Length/Width: X #of Stories: 3 Mh Skirting LF: Story Height: 10 MH Skirting Type: II Sprinkler SF: 61985 Diameter: Capacity: Height: Building Details Bldg #: 1 Units Units Price RCN Actual Value „ - . User t, r - µryy: No Int Finish 3 flr 10402 $0 00 $0.00 $0.00 _ . , :',Add On . ..,;....e• „. . Swimming Pool 648 $40.00 $25,920.00 $21,254.00 Asphalt Average 41000 $1.51 $61,910.00 $50,766.00 Concrete Slab Average 3970 $2.36 $9,369.20 $7,683.00, Friday, March 21, 2008 Page 2 of 3 WELD COUNTY ASSESSOR Amount#: R2810486 PROPERTY PROFILE Parcel #: 096105314010 MH Seq#: MH Space: Value Details RCN Cost/SF: $93.99 Design Adj %: 0 Func Obs %: 0 Total RCN: $10,996,643.00 Exterior Adj %: 0 Econ Obs °/0: 0 Phys Depr%: 0.15 Interior Adj %: 0 Other Obs %: 0 Phys Depr$: 1652413 Amateur Adj %: 0 RCNLD $: $9,344,230.00 RCNLD Cost/S $82.12 Market/SF: $0.00 Friday, March 21, 2008 Page 3 of 3 • Account Notes Account#: R2810486 Entry Date Office Note Bldg Category 1/1/1989 A BILL OF SALE 1170-2114159 9/11/87 DENVER DRY BUILDING AGEN 1/1/1989 A THE VALUE CHANGES FOR 1989 ARE BASED ON SALES DATA OF SIMILAR MRKT 1/1/1989 A PROPERTIES IN THE PAST 2 1/2 YEARS. 4-24-89 MFS/MS MRKT 1/1/1989 A CHANGED ALLOCATION OF VALUES ON MOTEL SECTION AND CONVENTION 001 MRKT SECTION 1/1/1989 A DUE TO APPRAISER OVERSITE,OVERALL VALUE DID NOT CHANGE. 1-2-91 MFS/MS 001 MRKT 1/1/1989 A 1991 VALUE BASED ON SALE 1.609 8 AV GREELEY SOLD 6-23-88$2,400,000 001 MRKT 1/1/1989 A LESS PP 110,400 LESS LAND 310,800 EQUALS 1,979200/100 ROOM IS 19792 OR 001 MRKT 1/1/1989 A DIVIDE BY 60400 SF EQUAL 32.77 PSF. SALE 2. 800 28 ST BOULDER SOLD 001 MRKT 1/1/1989 A $5,000,000 LESS LAND IS 3,873,900/165 ROOM IS 23478. USING SALE 1. 001 MRKT 1/1/1989 A HOTEL 62509 SF X 32.77=$2,033,673 1ST FLR RSTRNT/LOUNGE 20,700 SF X 001 MRKT 1/1/1989 A 32.77=$678,339.NO VALUE TO 2ND OR 3RD FLR OF CONVENTION CENTER.DS4/91 001 MRKT 1/1/1989 A GROUND LEASE RECORDED 11/7/86 1134-2076341, FIRST AMENDMENT RECORDED AGEN 1/1/1989 A 12/8/86 1137-2079727, SECOND AMENDMENT RECORDED 12/8/86 1137-2079728 AGEN 1/1/1989 A &ASSIGNMENT&ASSUMPTION RECORDED 5/25/90 1265-2215093. TLF AGEN 1/1/1989 A CHANGED VALUE FOR 1991 PER B.A.A. STIPULATION. AGEN 1/1/1989 A 1992 CHANGED VALUE FOR 1991 AND'92 PER B.A.A. STIPULATION. MFS/MRK 001 MRKT 1/1/1989 A CORRECTED ASSESSMENT 00884 AGEN 1/1/1989 A BLDG PERMIT 911283 9/27/91 $5,500 REMODEL INTERIOR OF GIFT SHOP.DS 001 MRKT 1/1/1989 A BLDG PERMIT 94110093 11/16/94$143,000 INT REMODEL OF BAR AREA. 001 MRKT 1/1/1989 A PROPERTY BEING APPRAISED BY MIKE KEEFE NORWEST BANK 1/95.DS 001 MRKT 1/1/1989 A SENT REQUEST FOR INCOME AND APPRASIAL 1/31/95. DS 001 MRKT 1/1/1989 A PHONE CALL FROM TOM MORRIS CORP OFFICE.WILL SEND APPRASIAL TO 001 MRKT CORRECT 1/1/1989 A 95 VALUE W/PROTEST MAIL-IN. DS 001 MRKT 1/1/1989 A 1995 PROTEST REQUESTED THE APPRAISAL OF THE SUBJECT. RECEIVED A PART 001 MRKT 1/1/1989 A OF APPRAISAL WILL INCREAS VALUE$150000 FOR REMODEL OF BAR IN 1996 001 MRKT 1/1/1989 A DWS/CSS 001 MRKT 4/16/1996 A 4/16/96 KRD-Put override on bldg#1 to correct sequence then deleted bldg#1A. APPR Friday, March 21, 2008 Page 1 • -'Sketches\Photos for Acct# R2810486 BIdgID: 1 Q:\data\photos\096105314010_001_rv.jpg ..y } o- • ys { ,r. BIdgID: 1 Q:\data\photos\096105314010_001_2x.jpg t0 141 1 ,AI-3114i v5Y� x • •'Sketches\Photos for Acct# R2810486 BIdgID: 1 Q:\data\photos1096105314010_001_1x.jpg • 4 )'y'1yb..t... •aw f s .,: - a - .. C �h ..,•—• x 7et�1 :$ ! iL w.r- -s '4 ','� � • +/M-OA kb *--4.‘41V-4-91:4- .� 'P- :tw5Vy.—,r ��' Ly r� .ry,w✓i..,F ,..E 4. ,ro `+'' -- . f-„1/4 . i"�� . BIdgID: 1 t]:\data\photos\096105314010_0013x.jpg V*v• ( Y tit '‘'4', 1 1R3ti '.4( w. SIB t't . Y ""fir' .. '..--alsiatifeai • •Sketches\Photos for Acct# R2810486 BIdgID: 1 Q:\data\photos\096105314010_001.JPG z � . A r it r Ffi , ,:T t 4rz0 ,c 1 3. 2002 BIdgID: 1 Q:\DATA\SKETCHES\096105314010001-1.jpg 7 Street 400.0' Land 100000.0 SF First Floor 43468.0 SF . A Second Floor 40312.0 SF Third Floor 30007.0 SF Unf Third Floor 10402.0 SF 149.0' 16.0' 21.0' WH 12.3' 22.2' V C 1987 Q 0o Class O 41.0' 39.5' 173.5' 114.0' 250.0' - Indoor ool c 60.0' 120.0' r° WH 30' WH 40' 30.0 • YOC Class9Cd �—Elevators I O Il!\1 ( 53.5' 86.7' 0 i 58 0'ta.o' 115.0' Non-Calculated Area I 114.0' 10402.0 SF 1 Q 41 0' 12.3' 28.0' 1 20.0' 149.0' 16.0'I 180.0' 15.7' 8 Street Sketch by Cper iv"' CLERK TO THE BOARD fPHONE (970) 215, EXT. 4225 FAX37(970)) 3520242 P.O. BOX 758 GREELEY, COLORADO 80632 COLORADO April 28, 2008 Greeley Regency Hotel, Inc. 9101 East Kenyon Avenue, Suite 3900 Denver, CO 80237 RE: SCHEDULE NUMBER R2810486 (for 2005 and 2006) Dear Property Owner: This is to advise you that the Weld County Board of Commissioners will hear your petition for abatement or refund of taxes for 2005 and 2006, on the property described as: 701 8th Street, Greeley,Floor Meeting rRoom, Weld County Centennial Center, 915 10th Street, First 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, i �' Esther E. Gesick Deputy Clerk to the Board cc: Assessor Howard Licht Licht and Company, Inc. ft 6 eitit I;( avolir CLERK TO THE BOARD PHONE (970)336-7215, Ext. 4225 igligFAX: (970) 352-0242 P.O. BOX 758 CGREELEY, COLORADO 80632 COLORADO June 16, 2008 Greeley Regency Hotel, Inc. 9101 East Kenyon Avenue, Suite 3900 Denver, CO 80237 RE: SCHEDULE NUMBER R2810486 Dear Property Owner: On May 19, 2008, 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. Ver'truly yours, } / 1;/ 7 . �l/i bL✓�'YL Donald D. Warden, Clerk to the Board _._, Ai/ By: Clerk to the Board cc: Assessor Howard Licht Licht and Company, Inc. Hello