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Home My WebLink About20082067.tiff RESOLUTION RE: THE BOARD OF EQUALIZATION, 2008, WELD COUNTY, COLORADO - DENY PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE PETITION OF: WADDLE BRUCE M & C/O VINTAGE CORP 8232 GOLDEN EAGLE RD FT COLLINS, CO 80528 DESCRIPTION OF PROPERTY: ACCOUNT#: R8069899 PARCEL#: 095903421007 - GR 1RL1WMW L4 1ST REPLAT L1 2ND REPLAT OUTLOT C OF WESTMOOR WEST EXC ENVELOPES A-B-C-D WHEREAS, the Board of County Commissioners of Weld County, Colorado, convened as the Board of Equalization for the purpose of adjusting, equalizing, raising or lowering the assessment and valuation of real and personal property within Weld County, fixed and made by the County Assessor for the year 2008, and WHEREAS, said petition has been heard before the County Assessor and due Notice of Determination thereon has been given to the taxpayer(s), and WHEREAS, the taxpayer(s) presented a petition of appeal of the County Assessor's valuation for the year 2008, claiming that the property described in such petition was assessed too high, as more specifically stated in said petition, and WHEREAS, said petitioner was not present or represented, and WHEREAS,the Board has made its findings on the evidence,testimony and remonstrances and is now fully informed. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, acting as the Weld County Board of Equalization, that the evidence presented at the hearing clearly supported the value placed upon the Petitioner's property, after review by the Weld County Assessor. Such evidence indicated the value was reasonable, equitable, and derived according to the methodologies, percentages, figures and formulas dictated to the Weld County Assessor by law. The assessment and valuation of the Weld County Assessor shall be, and hereby is, affirmed as follows: ACTUAL VALUE AS DETERMINED BY ASSESSOR Land $ 457,552 Improvements OR Personal Property 70,809 TOTAL $ 528,361 2008-2067 ee: g 6,4 Per AS0070 RE: BOE - WADDLE BRUCE M & PAGE 2 BE IT FURTHER RESOLVED that a denial of a petition, in whole or in part, by the Board of Equalization may be appealed by selecting one of the following three options;however,said appeal must be filed within 30 days of the denial: 1. Board of Assessment Appeals: You have the right to appeal the County Board of Equalization's(CBOE's)decision to the Board of Assessment Appeals (BAA). Such hearing is the final hearing at which testimony, exhibits, or any other evidence may be introduced. If the decision of the BAA is further appealed to the Court of Appeals, only the record created at the BAA hearing shall be the basis for the Court's decision. No new evidence can be introduced at the Court of Appeals. (Section 39-8-108(10), C.R.S.) Appeals to the BAA must be made on forms furnished by the BAA, and such appeals should be mailed or delivered within thirty (30) days of denial by the CBOE to: Board of Assessment Appeals 1313 Sherman Street, Room 315 Denver, CO 80203 Phone: 303-866-5880 Fees: A taxpayer representing himself is not charged for the first two appeals to the Board of Assessment Appeals; however, a taxpayer being represented by an agent or an attorney must submit a fee of$101.25 per appeal. OR 2. District Court You have the right to appeal the CBOE's decision to the District Court of the county wherein your property is located. New testimony, exhibits or any other evidence may be introduced at the District Court hearing. For filing requirements, please contact your attorney or the Clerk of the District Court. Further appeal of the District Court's decision is made to the Court of Appeals fora review of the record. (Section 39-8-108(1), C.R.S.) OR 3. Binding Arbitration: You have the right to submit your case to arbitration. If you choose this option the arbitrator's decision is final and your right to appeal your current valuation ends. (Section 39-8-108.5, C.R.S.) Selecting the Arbitrator: In order to pursue arbitration, you must notify the CBOE of your intent. You and the CBOE select an arbitrator from the official list of qualified people. If you cannot agree on an arbitrator,the District Court of the county in which the property is located will make the selection. 2008-2067 AS0070 RE: BOE - WADDLE BRUCE M & PAGE 3 Arbitration Hearing Procedure: Arbitration hearings are held within sixty days from the date the arbitrator is selected. Both you and the CBOE are entitled to participate. The hearings are informal. The arbitrator has the authority to issue subpoenas for witnesses, books, records, documents and other evidence. He also has the power to administer oaths, and all questions of law and fact shall be determined by him. The arbitration hearing may be confidential and closed to the public, upon mutual agreement. The arbitrator's written decision must be delivered to both parties personally or by registered mail within ten (10) days of the hearing. Such decision is final and not subject to review. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by you and the CBOE. In the case of residential real property, such fees and expenses cannot exceed$150.00 per case. The arbitrator's fees and expenses, not including counsel fees, are to be paid as provided in the decision. The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 31st day of July, A.D., 2008. BOARD OF COUNTY COMMISSIONERS e' , . rr ii). WELD COUNTY, COLORADO ATTEST: £ 4IV�*44*'< / 1.-e--2.., Weld County Clerk to th 1t ,s i .1 William H. Jerke, Chair EXCUSED i A 2 l Y Robert D. a Pro-Tem BY: 41�Deputy Cler Board � —� William . Garcia APPROVED AS TO FORM: EXCUSED David E. Long ce ' A�tant unty Attor y y p,y a - Douglas ade cher Date of signature: 2008-2067 AS0070 Weld County CHRISTOPHER WOODRUFF COUNTY ASSESSOR BRENDA DONES, DEPUTY ASSESSOR VALUATION REPORT OF COMMERCIAL PROPERTY FOR County Board of Equalization WADDLE BRUCE M & WADDLE BEVERLY J & PETITIONER vs. WELD COUNTY ASSESSOR'S OFFICE RESPONDENT Parcel Number: 0959-03-4-21-007 Schedule Number: R8069899 Log Number: 402 Date: 07/31/08 Time: 9:00 Board: OBOE PREPARED BY STAN JANTZ Signature Date CBOE_COMM 010998 Page 1 €2607-a06'7 SALIENT FACTS AND CONCLUSIONS Purpose of Appraisal To determine Market Value as of 1/1/08 based on an appraisal date of 6/30/06. Property Rights Appraised Unencumbered fee simple interest. Location 4835 Thru 4895 W. 10th Street, Greeley Land Area 57,194 Square Feet Zoning GRE PUD Property Type Commercial — Parking Lot, with concrete paving Year Built 1999 Year Remodeled Quality Class Number of Stories Improvement Sq. Ft. Basement Unfinished Sq. Ft. Basement Finished Sq. Ft. Mezzanine: Value Indications: Land $457,552.00 Cost Approach $528,361.00 Market Approach N/A Income Approach N/A Assessor's Value $528,361.00 CBOE_COMM_010 Pag Sub'ect Parcel Ma - rs . `I - - • . ' n4 a _ L ''w9JNSTDR. r -- . F - --� t . ` ' 1 . • ? �• eirlast 0.12 � ' • 0 121 - e .'. 0. 122 j •.. r ! I - IA t . + 07 ' =3 o.11e 0_ 168itg , • 11 1 .569 • �' 006 ' , �� s`'as . J �j 03; _ "�""`' a • ) , ar . ..- t CBOE COMM_0105 Page Subject Photo • • - �_ .\ - ti 07/ 17/2008 Subject Photo • cid Weep* • -71,MQ p SO . a • _azy • 07/ 17/2008 CBOE COMM 0105 Pagf LAND VALUE The comparative sales approach is the most reliable method of land valuation. Pursuant to 39-104- (10.2) (c) C. R. S., the Assessor may utilize sales from July 2001 through June of 2006 to establish the proper value, if sufficient information is not available in the prior 18 months. Also, comparables outside the subject property area may be used. The Weld County Assessor has an established ongoing sales confirmation and validation program for property transactions used in developing value. The land size of the subject is 57,194 square feet. Comparable commercial land in the subject area is valued at $8.00 per square foot. COMPARABLE LAND SALES Address Sale Date Sale Price Land Size Per Sq Ft Comparable 1 5240 W 9th Street 01/14/05 672,315 64,030 10.50 Greeley Comparable 2 366 71st Avenue 11/18/05 515,000 58,273 8.84 Greeley Comparable 3 1801 59th Avenue 10/31/03 798,400 79,840 10.00 Greeley Comparable 4 7027 W 20th Street 04/10/06 920,000 78,301 11.75 Greeley ASSESSOR'S LAND VALUE $8.00 Per Sq Ft X 57,194 SF = $457,552.00 CBOE_COMM_010998 Page 5 LAND SALES LOCATION MAP 7 EFL, ) z :iIu1 "J1Ict1i� 1rdSt-'1 t ten-1 pne,,, � .7Dom_ GBoomerang —,1l-IL-R.Parks Golf Links d [�0;7:—. t-j 1 Comp 27 F-4 iifq MC\7 Pi 1 1=2 e c\ 6 iLl'ar /2,, Sub . , P arit 1-0 es _ wIotnsir 10 wiou, sI T I-, el._ dr 1[113, ! cortirr[reJ 1 a. r Greeley ` 1 r , rw.taa, sc---' U u (�n , t s !Ike:4 t\ c ) eca:11 tin inicw.,ast, st w.taa,o % i 1 . 1 11_0n Lwl Int St i`4_ .<<� n L cwieth st Comp , _ Gtttza° h ,: tCO114tzley 1. . /01 lJ �- ' w.,em 1 w.tvm%--1) I ‘ 1 iLii { rb___3 ? - ‘. .v_ill LLUI i w20thSt n ) is J? 4q fl n rt n n r-1-1 fl 1 r-, iTh CBOE _COMM_01( Pac COST APPROACH SUMMARY The Assessor is currently using Marshall and Swift cost tables for the cost approach of commercial properties in Weld County, which has been approved by the Division of Property Taxation to be utilized by Colorado Assessors. The structure has been classified properly utilizing the Marshall and Swift Valuation service and an appropriate value assigned. A land value has likewise been established through the utilization of vacant land sales of comparable properties. 37,745 SF Concrete Paving @ $2.80 SF = $105,686 Less 33% Depreciation = - $34,877 Depreciated Cost $70,809 Land Value $457,552 Total $528,361 TOTAL VALUE BY THE COST APPROACH $528,361.00 CBOE_COMM_010998 Page 7 Westmoor Commons Shopping Center Summary tirtitii. Mang S.F. , 0959-03-4-21-003 5,026 $543,831 0959-03-4-21-004 3,978 $316,649 0959-03-4-21-005 3,978 $316,649 0959-03-4-21-006 5,026 $400,086 0959-03-4-21-007 Parking Lot $528,361 0959-03-4-21-008 6,000 $477,600 0959-03-4-21-009 6,000 $477,600 0959-03-4-21-010 Parking Lot $540,184 Totals 30,008 $3,600,960 Value Per Sq.Ft. $120 Valuation on Competing Shopping Centers Market Square $122.55 Per Sq Ft Country Club Plaza $120.00 Per Sq Ft Hillcrest Center $120.00 Per Sq Ft CBOE_COMM_010998 Page 8 FINAL RECONCILIATION COST APPROACH MARKET APPROACH INCOME APPROACH $528,361 N/A N/A ASSESSOR'S VALUE Improvements $70,809.00 Land $457,552.00 Total: $528,361.00 CBOE_COMM_010998 Page 9 NOTICE OF DETERMINATION ,e ' NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. t 6 GR 1RLIWMW L4 1ST REPLAT Ll 2ND GREELEY,CO 80631 fa t\ IMO REPLAT OUTLOT C OF WESTMOOR WEST PHONE(970)353-3845,EXT.3650 EXC ENVELOPES A-B—C—D www.co.weld.co.us DOOWNER: WADDLE BRUCE M & COLORADO WADDLE BRUCE M & LOG 402 C/O VINTAGE CORP PARCEL 095903421007 8232 GOLDEN EAGLE RD ACCOUNT R8069899 FT COLLINS, CO 80528 YEAR 2008 The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The Assessor has determined that your property should be included in the following category(ies): Commercial property is valued by considering the cost, market, and income approaches . If your concern is the amount of your property tax,local taxing authorities(county,school,city,fire protection,and other special districts)hold budget hearings in the fall. Please refer to your tax bill or ask your Assessor for a listing of these districts,and plan to attend these budget hearings. The Assessor has carefully studied all available information,giving particular attention to the specifics included on your protest,and has determined the valuation(s)assigned to your property. The reasons for this determination of value are as follows: The Colorado Constitution requires commercial property to be valued based on actual value and assessed at 29%. Replacement cost, market, and income are approaches used to determine the actual value of your property. Your valuation is supported by the appraisal procedures required by law. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE OF VALUE ACTUAL VALUE ACTUAL VALUI PRIOR TO REVIEW AFTER REVIEW COMMERCIAL 528361 528361 r r a:..._ TOTALS $ $ 528361 $ 528361 PEAL DEADLINES: REAL PROPERTY-JULY 15,PERSONAL PROPERTY-JULY 21. If you disagree with the As es ssor s decision,you have the right to appeal to the County Board of Equalization for further consideration. 06/25/2008 By: Christopher M.Woodruff WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE 2008-2067 \ YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR' S DECISION The County Board of Equalization will sit to hear appeals beginning July 1 and continuing through August 5 for real property(land and buildings) and personal property(furnishings, machinery, and equipment). § 39-8-104 and § 39- 8-107(2), C.R.S. 3 t • r I s aw € L I you c oose to appe. the Assessor' s decision, mail or deliver one copy of this completed form to the County Board of Equalization. To preserve your right to appeal, your appeal must be POSTMARKED OR DELIVERED ON OR BEFORE JULY 15 FOR REAL PROPERTY, AND JULY 21 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970) 356-4000 Ext. 4225 You wi .e non ree o e time and place set for the hearing of your appeal. .aF s U�ra., . 2w.'..€ x:;PIK.:s... CA)C`. • 2t. 5.. a." The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 5. I you are not sans ies wi e ounty Boar. o Equa ization' s decision you must file within thirty days of the County Board of Equalization' s written decision with ONE of the following: Board of Assessment Appeals (BAA): 1313 Sherman Street, Room 315 Denver, Colorado 80203 Telephone (303) 866-5880 An appeal form, rules and guidelines can be obtained on-line at www.dola.colorado.gov/baa District Court: 9th Avenue and 9th Street, P.O. Box C Greeley, Colorado 80632 Telephone (970) 356-4000, Ext. 4520 Arbitration: WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970) 356-4000, Ext. 4225 If you do not receive a determination from the County Board of Equalization, contact the county board. If the county board is not going to mail a decision, you must file an appeal with the Board of Assessment Appeals by September 11th. TO PRESERVE YOUR APPEAL RIGHTS, YOU MAY BE REQUIRED TO PROVE YOU HAVE FILED A TIMELY APPEAL; THEREFORE, WE RECOMMEND ALL CORRESPONDENCE BE MAILED WITH PROOF OF MAILING. PETITION TO THE COUNTY BOARD OF EQUALIZATION In the space below, please explain why you disagree with the Assessor' s valuation. IN ACCORDANCE WITH § 39-8-106(1.5), C.R.S., IF YOUR APPEAL INVOLVES REAL PROPERTY, YOU MUST STATE YOUR OPINION OF VALUE IN TERMS OF A SPECIFIC DOLLAR AMOUNT. Attach additional documents as necessary. Cyr AtAct.e-D SIGNAL URE OF PEI r1 IONER DATE . -. NOD 207 62 87/08 J 13121 "('F. s1 . AV-.U)1 )1.1+: 8232 Golden Eagle Road Fort Collins,Colorado 80528 Phone 970.207-9615 Fax 970-207-9615 bmwaddle@msncom July 10,2008 Weld County Assessor P.0.Box 458 Greeley,Colorado, 80632 Gentlemen, As I mentioned in my letter of May 5,I believe the valuations on this property are extremely high.The property consists of only 25,000 square feet of rental space and the taxes are$66,990.10.This amounts to $2.70 per square foot that our tenants must pay,just for taxes. The average square footage fora tenant such as Perrys Vacuum and Alpine Haus is 4,000 square feet.At $2.70 per square foot,these tenants are paying$10,800.00 per year in taxes alone. There is no question that valuations of all real estate,not just home values,have dropped significantly.I believe that the current Assessor valuation of $3,057,129.00 is extremely high,even without discounting the value due to current market conditions. The property is about 8 to 12 feet below 10th street This is certainly not a plus.As I mentioned in my previous letter,the property required a retainer wall which has been a real problem.The snow piles up against the wall and has to be hauled out in order to have access to the parking.Considering the fact that the property is this far below the street surely would greatly diminish the value of the property. The land alone is valued at$1,068,545.00 which I believe is totally unreasonable considering the negatives of the property. Thank you for your consideration. Jo✓ C Wake-- Bruce Waddle ' f1 CLERK TO THE BOARD k\(*\I PHONE (970) 356-4000 EXT 4226 FAX: (970)352-0242 WEBSITE: www.co.weld.co.us.co.us 915 10TH STREET I P.O. BOX 758 GREELEY, COLORADO 80632 C. COLORADO July 21, 2008 WADDLE BRUCE M & CIO VINTAGE CORP 8232 GOLDEN EAGLE RD FT COLLINS CO 80528 Parcel No.: 095903421007 Account No.: R8069899 Dear Petitioner(s): The Weld County Board of Equalization has set a date of July 31, 2008, at or about the hour of 9:00 AM,to hold a hearing on your valuation for assessment. This hearing will be held at the Weld County Centennial Center, First Floor Hearing Room, 915 10th Street, Greeley, Colorado. You have a right to attend this hearing and present evidence in support of your petition. The Weld County Assessor or his designee will be present. The Board will make its decision on the basis of the record made at the aforementioned hearing, as well as your petition, so it would be in your interest to have a representative present. If you plan to be represented by an agent or an attorney at your hearing, prior to the hearing you shall provide, in writing to the Clerk to the Board's Office, an authorization for the agent or attorney to represent you. If you do not choose to attend this hearing, a decision will still be made by the Board by the close of business on August 5, 2008, and mailed to you on or before August 12, 2008. Because of the volume of cases before the Board of Equalization, all cases shall be limited to 15 minutes. Also due to volume, cases cannot be rescheduled. It is imperative that you provide evidence to support your position. This may include evidence that similar homes in your area are valued less than yours or you are being assessed on improvements you do not have. Please note: The fact that your valuation has increased cannot be your sole basis of appeal. Without documented evidence as indicated above,the Board will have no choice but to deny your appeal. If you wish to obtain the data supporting the Assessor's valuation of your property, please submit a written request directly to the Assessor's Office by fax(970)304-6433, or if you have questions, call (970) 353-3845. Upon receipt of your written request, the Assessor will notify you of the estimated cost of providing such information. Payment must be made prior to the Assessor providing such information, at which time the Assessor will make the data available within three(3) working days, subject to any confidentiality requirements. WADDLE BRUCE M & - R8069899 Page 2 Please advise me if you decide not to keep your appointment as scheduled. If you need any additional information, please call me at your convenience. Very truly yours, BOARD OF EQUALIZATION Mi 4 Donald D. Warden Clerk to the Board cc: Christopher Woodruff, Assessor FAX TRANSMISSION 6t \ CLERK P. O. OX 758 STREET COLORADO GREELEY, CO 80631 PHONE: 970-356-4000 EXT.4226 FAX: 970-352-0242 To: Randi Kimmi Date: July 30, 2008 Fax: 353-3845 Pages: 4, including cover page From: Esther Gesick, Deputy Clerk to the Board Subject: Additional backup for R8070199/R8069899 - Bruce Waddle, c/o Vintage Corp COMMENTS: Randi, • I received the following via fax this morning. I called Mr. Waddle and he said he will not be attending due to a scheduling conflict with a prearranged Dr. appointment; however, he requested the following letters serve as his testimony in his absence. I will provide a copy for the County attorney to make record during the hearing. Thanks! Esther CONFIDENTIAL This facsimile is intended only for the use of the individual or entity to which it is addressed and may contain information that is privileged confidential,and exempt from disclosure under applicable law. If the reader of this facsimile is not the intended recipient nor the employee or agent responsible for delivering the facsimile to the intended recipient,you are hereby notified that any dissemination,distribution,or copying of this communication is strictly prohibited. If you have received this communication in error,please notify us immediately by telephone and return the original message to us at the above address via the U.S.Postal Service. Thank you. Jul 30 08 1123a Bruce M. Waddle 970-207-9615 p.2 \\1\ I)I )14F. 8232 Golden Ease Road Fort Collies.Colorado 80528 Phone 970-207-9615 Fax 970-207-9615 bmwaddb@mxndern July 29,2008 Weld County Board of Equalization 915 10th Street Greeley,Colorado, 80632 Gentlemen, Your letter mentions the high volume of cases you have and the time limits that must be confined to each. I believe that corresponding in this manner may be a benefit to yourtime restraints. I believe that my two previous letters faidy well outline our concerns and opinion regarding the valuations on our property,the WestmoorCommons. Plus the fact that on today's market,al real estate is not worth what is was two or three years ago. As I mentioned in my previous letters,I believe that the valuations placed on our land are extremely high considering the factthat the property is several feet below street level,which limitsvisability from the street as wen as the problem we continue to have every year with snow buildup. Please mad my two previous letters(enclosed)and consider the realistic value of this property. Thank you for your consideration. G..- Bruce Waddle Jul 30 08 11:23a Bruce M. Waddle 970-207-9615 p.3 1312!'( '1' \1. WV I)1)T1K 8232 Golden Eagle Road FOR Collins,Colorado 80528 6. Phan 970-207-9615 g Fax970-207-9615 b,mnaddleA n;rt.001n July 10,2008 Weld Countyfvteswr P.O.Box 458 Greeley,Colorado, 80632 Gentlemen, As I mentioned in my letter of May 5,I believe the valuations on this property are extremely high.The property consists of only 25,000 square feet of rental space and the taxes are$66,990.10.This amounts to $2.70 per square foot that our tenants must pay,just for taxes. The average square footage for a tenant such asPenysVacuum andMpMe Hans is 4,000 squaiefeetAt $2.70 per square foot,these tenants are paying$10,800.00 peryear in taxes alone. There is no question that valuations of all real estate,notjust home values,have dropped significantly.I believe thatthe current Assessor valuation of $3,057,129.00 is extromelyhigh,even without discounting the value due to current market conditions. The property is about 8 to 12 feet below 10th street.This is certainly not a plus.As I mentioned in my previous letter,the property required a retainer wall which has been a real problem.The snow piles up against the wall and has to be hauled out in order to have access to the parking.Considering the fact that the property is this far below the street surely would greatly diminish the value of the property, The land alone is valued at$1,068,545.00 which I believe is totally unreasonable considering the negatives of the property. Thank you for your consideration. Bruce Waddle Jul 30 08 11:23a Bruce M. Waddle 970-207-9615 p.4 \t 1 )J)1,14 8232 Golden Eagle Road Fort Collins,Colorado ',. 80528 Phone 970-207-9615 FM 970-207-9615 bmwarldlee@Vmmsncom May5,2008 Weld CountyTreasurer P.O.Box 456 Greeley,Colorado, 80632 Gentlemen, I am vatting this because I am very concerned about the current economic crises that exits today,and the disastrous effect it is having on oursmall businesses here in Greeley as well as the entire U.S. We are in a most serious,and possiblya period of recession neverseen before in this country. We are facing record high gasoline prices Our homes as well as all other mai estate have lost a sizable portion of theirvalue.The collapse in the credit markets,the national I iquidity shortage,the ba Bout of Bea Stems,all of which will be castingthetax paying public huge amounts of money.This is a real negative for small business and with Stile hopes of Improving We have tenants that are struggling to stay in business.Some who have been in business here in Greeley for over 40 years that are having difficulty making ends meet.Which brings me to the point of this Idler. We(and the Wells Fargo Bank)own the small strip mall on 47D and 100 Street. We are very concerned for ourtenants as vmll as the future of our abihty to meet thefinancial demands on this property. This entkeproperty(exdudingthe State Farm owned bulldin®is only 25,000 square feet and hasa tax bill of$66,990.10. As I'm sure you are aware,the property is about 8 to 12 feet below the street.The buildings are down in a hole,with a retainerwail several feet from the sheet.This retainer wall is a great snow collector. Itcollects a huge amount of snow each yearwhich otherwise would have continued onto 10%street and beyond. This Isa huge problem for us every year. We have to haul the snow away in orderforthetenants and their customers to be able to park This past year,as you know,the snow was extremely heavy. The cost of snow removal was$15,500.00.The tenants are expected to pay for all of CAM and snow removal is part of CAM. We know that several of our tenants are having tough time so we borrowed enough money from the bank to pay three fouths of this cost ourselves.This may sound ridiculous since the leases dearly include snow removal,however,if this helps even one of ou rtenalts from dosing their doors,it was certainythe right thing for us to do.Also,whatwill we do if we loose even one more tenant? We already have two vacancies.Even one more vacancywould result in a negative cash flow.We cannot make the bank payments with a negative cash flow. I believe that the parking and landscape areas are valued extremely high. Itishard for me to believe that this propeity with only 25,000 square feet of rental space could have a valuation of$3,097,129.00.The land alone is valued at $1,143,608.00,which I believe is totally unreasonable when you consider the negatives of this property. Please review the valuations on this propertyand help ourtenantsto be able to continue to stay In business. Thank you for your consideration kij.flarC 44.la Bruce M.Waddle Hello