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Home My WebLink About20072397.tiff RESOLUTION RE: THE BOARD OF EQUALIZATION, 2007, WELD COUNTY, COLORADO- STIPULATE PETITION OF: PBRJD GREELEY LAND ENTERPRISES LLC PO BOX 336850 GREELEY, CO 80633 DESCRIPTION OF PROPERTY: ACCOUNT#: R3550986 PARCEL#: 096117317021 -GC 6048 L9-12 BLK 161ST ARL PK TOG WITH VAC ROW ADJ THERETO 2647 8 AV GARDEN CITY 80631 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 2007, 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 year2007,claiming that the property described in such petition was assessed too high, as more specifically stated in said petition, and WHEREAS,in lieu of the hearing scheduled before the Board of Equalization a Stipulation was agreed upon by the Assessor and said petitioner(s), and WHEREAS,the petitioner(s)and the Weld County Assessor agree that the assessment and valuation of the Weld County Assessor shall be, and hereby is, stipulated as follows: ACTUAL VALUE AS DETERMINED ACTUAL VALUE BY ASSESSOR AS STIPULATED Land $ 148,225 $ 127,103 Improvements OR Personal Property 664,475 625,397 TOTAL $ 812,700 $ 752,500 WHEREAS,said Stipulation shall resolve all issues to have been determined by the Weld County Board of Equalization. 2007-2397 AS0967 O '. 4 04 1177 ifer es/ac%2 RE: BOE - PBRJD GREELEY LAND ENTERPRISES LLC, R3550986 Page 2 NOW,THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, acting as the Board of Equalization, that the Stipulation agreed to by the Weld County Assessor and the above-named petitioner(s) be, and hereby is, accepted by the Board. The above and foregoing Resolution was,on motion duly made and seconded,adopted by the following vote on the 31st day of July, 2007. BOARD OF COUNTY COMMISSIONERS �,�,� WE COUNTY, COLORADO ATTEST: 4.4,40 / r "``"��1111 w� David E. Long, Chair Weld County Clerk to the Board EXCUSED William k P o-Tem 1 . 1 k to the Board ( 361 to, _ f♦� William F. G rcia TO FORM: \ kV 0470;ist Robert D. Masde Ass' ant C ;f my Attorn-,� t ougla Rademacher Date of signature: 0'24%7 2007-2397 AS0067 2007 COUNTY BOARD OF EQUALIZATION WELD COUNTY ASSESSOR'S ACCOUNT NUMBER R3550986 STIPULATION (As To Tax Year 2007 Actual Value) RE PETITION OF : NAME: PBRJD Greeley Land Enterprises LLC ADDRESS: P.O. Box 336850 Greeley, Co, 80633 * * * * Petitioner(s), PBRJD Greeley Land Enterprises LLC and the Weld County Assessor, hereby enter into this Stipulation regarding the tax year 2007 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: L9-12 Blk 16 1st Arl Pk tog with vac row adj there to situs: 2647 8 AV, Garden City 80631 2. The subject property is classified as Retail/Service Garage/Warehouse property. 3. The County Assessor originally assigned the following actual value to the subject property for tax year 2007. Land $ 148,225 Improvements$ 664.475 Total $ 812.700 4. After further review and negotiation, the petitioner(s) and Weld County Assessor agree to the following actual value for the subject property. Land $ 127.103 Improvements$ 625.397 Total $ 752.500 2007-2397 5. The valuations, as established above, shall be binding only with respect to tax year 2007. 6. Brief narrative as to why the reduction was made: Value was reconciled based upon the general market prices per sq. ft. that were in place in the base period and the estimate market income. The sublect had been vacant for approx. 1 ''A years during the base year. 7. Both parties agree that the hearing scheduled before the Weld County Board of Equalization on DATE at TIMEam be vacated; or, a hearing has not yet been scheduled before the Board of Equalization x (check if appropriate). DATED 07/23/ 2007. Pet)) or Agent Petitioner(s) or Agent Address: Telephone: Telephone: County Assessor Address: 1400 N.17th Avenue Greeley, CO 80631 (970) 353-3845 ext. 3656 NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. At4iv GC 6048 L9-12 BLK 16 1ST ARL PK TOG GREELEY,CO 80631 WITH VAC ROW ADJ THERETO 2647 8 AV PHONE(970)353-3845,EXf.3650 GARDEN CITY 80631 www.co.weld.co.us wokOWNER: PBRJD GREELEY LAND ENTERPRISES LLC COLORADO PBRJD GREELEY LAND ENTERPRISES LLC LOG 2874 PO BOX 336850 PARCEL 096117317021 ACCOUNT R3550986 GREELEY, CO 80633 YEAR 2007 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,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: 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 VALUE PRIOR TO REVIEW AFTER REVIEW co COMME,12.CiNL `/SO uoa 812700 812700 rcc gt, C I-W zz Q o Urn -O W �r U wE R in o 0 N TOTALS $ $ 812700 $ 812700 APPEAL DEADLINES: REAL PROPERTY-JULY 16,PERSONAL PROPERTY-JULY 20. 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. TO PRESERVE YOUR APPEAL RIGHTS,YOU MAY BE REQUIRED TO PROVE THAT YOU FILED A TIMELY APPEAL; THEREFORE,WE RECOMMEND ALL CORRESPONDENCE BE MAILED WITH PROOF OF MAILING. 06/27/2007 By: Christopher M.Woodruff WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE NOD 207 62 57107 YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR'S DECISION The County Board of Equalization will sit to hear appeals beginning July 2 and continuing through August 3 for real property(land and buildings) and personal property(furnishings, machinery, and equipment). § 39-8-104 and § 39- 8-107(2), C.R.S. nn S °.M 4'IDD 1iF a.`: e 1 e5 If you c Dose to appe. e 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 16 FOR REAL PROPERTY, AND JULY 20 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970) 356-4000 Ext. 4225 Litelitlek Y r i G You will be notified of the time and place set for the hearing of your appeal. COUNITBOAIIDIMEOMIZA11O1WSDETERMICATIONi 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 3. TIMAYEKRIGAIS `l URTHER APPS 3 If ou are not satisfied with the County Board of Equalization'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 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 10th. TO PRESERVE YOUR APPEAL RIGHTS,YOU MUST 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. / t✓sc p „w r�< ( t� p;^' /:/rr , s1,/ V��, a 1 (.7 iy< /, ir� 2� 7Pgi�� { r/n �J.f)a„� f+✓� ✓° ��. (✓9✓�� ¢z14 1 r2 1UAh Ue Ph a HONER !.' J� llAIE NOD 207 62 87/07 • • RoCHE Solutions Fax Transmittal TO: W&t Gil> /7bC.t.1J' FAX#: 3 - (9; FROM: prr1 J.0)ervti #PAGES: V pages (INC. COVER) yy�� p SUBJECT: �( j,,' /7rc0✓'CI t 2rs-og�'6 DATE: f--;7O 0 Comments: 'iti 441 '1C,1J CcOrder'rj f2,tl Type IF THERE IS A QUESTION OR PROBLEM WITH THIS TRANSMISSION, PLEASE CALL Phone-(970)356-6900 CXP 1/ Fax-(970) -356-7171 PB Roche Solutions Co. LLC 2030 35th Avenue, Unit A-1 Greeley, CO 80634 CONFIDENTIALITY NOTICE The information contained in this fax message,and all attachments thereto,is intended solely for the personal and confidential use of recipients(s)specifically named above.If the reader of this message is not the intended recipient or an agent responsible for delivering it to the intended recipient,you are hereby notified that you have received this document in error,and that any review,dissemination, distribution or copying of this message or any attachments is strictly prohibited If you have received this transmission in error,please immediately notify the sender by telephone and return the original attachments unread with this coversheet to the above address via the U.S.Postal Service. Thank you. PB ROCHE SOLUTIONS CO,LLC 2030 36Tn AVENUE,UNIT A-1 GREET EY,CO 80634 PHONE 970.866.6900 FACSIMILE 970.866.7171 Property: 2647 8 AV Garden City, CO Date: May 30, 2007 SQ.FT. $/SQ.FT. TOTAL I. COSTS:A.Land&Building 15,000 54.18 812,700 B. Improvements TOTAL COSTS 812,700 • ANNUAL SQ.FT. $/SQ.FT. TOTAL II. INCOME: — Rent 15,050 4.98 75,000 6,250 RATE TOTAL III. EXPENSES: Vacancy 5% 3,750 Management Fee 2.75% 2,063 Insurance 2,671 Taxes 18,359 Utilities 7,859 Trash 0 Maintenance 2,000 TOTAL EXPENSES 36,701 NET OPERATING INCOME 38.299 LOAN AMOUNT 650,000 Balance - ANNUAL DEBT SERVIC(25Th @ 7%) 55,727 4,644 ANNUAL NET INCOME (17,428) (1,452) IV. SUMMARY Debt Coverage Ratio 0.69 N.O.I. 38,299 Debt Service 55,727 Annual Cash Flow (17,428) Total Costs 812,700 Total Face of Loan 650,000 Total Loan Principal Paid Assumption&Closing 0 Down Payment 162,700 Cash on Cash Return -10.71% Actual Cap. Rate Value at a Cap.Rate of 8.5% 450,579 4.71% Loan to value 144.26% Conclusion: Based on the actual rental and expenses for this property the proposed 2007 Value for the property of$812,700 would show a Cap. Rate of 4.71%. Even with the current 2006 Value of$752,500 the Cap. Rate is 5.09%. With a minimum acceptable Cap.Rate of 8.5%the property value should be closer to$450,000. Thank you for considering this Real Property Valuation Appeal. PARCEL NO: "yR395O986 ACCOUNT NO: PROPERTY PRIOR YEAR CURRENT YEAR INCREASE/ CLASSIFICATION ACTUAL VALUE ACTUAL VALUE DECREASE COMMERCIAL 752500 TOTAL 752500 812700 80200 Parcel # 096117317021 Account # R3550986 To appeal by mail, list your name, address, and phone number below, detach the lower portion of this notice and mail in accordance with instructions on the reverse side to: Name: PQ /iv fa/Liri/ (Lt. Weld County Assessor Address: 20?e, .Sl( Ax. V4(1 A-/ 1400 N. 17th Avenue �7'etic, (" oraIii Greeley, CO 80631 Phone: y lc 47;7— (4, Ai 11 An assessment percentage will be applied to the actual value of your prop7.96 erty before taxes are calculated. The assessment percentage for residences is projected to be Generally,all other property,including vacant land,is assessed at 29% of actual value.§39-1-104(1)and (1.5), C.R.S. • Your property was valued as it existed on January 1 of the current year. • The tax notice you receive next January will be based on this value. • Your right to appeal your property value expires on June 1, 2007. • All property in Colorado is revalued every odd year. APPRAISAL PERIOD: The appraisal data used to establish your real property value was from the 18 month period ending June 30, 2006. Your value is based on comparable sales of properties during that period. If the senior citizen property tax exemption has been applied to your property,it is not reflected in the value shown above. The following property characteristics were used to estimate your property value: OCCUPANCY1 SERVICE GARAGE OCCUPANCY2 RETAIL STORE 1984 YEAR BUILT METAL FRAME CLASS COMMERCIAL 15050 TOTAL SQ FT TOTAL SQ FOOTAGE 15050 TOTAL BUILDING COUNT 1 'The square footage listed is the total exterior square footage and may include other structures on the property. Improvements means all structures,buildings,fixtures,fences,and water9 ghts0 erected upon n or affixed to land,whether or not title to such land has been acquired,§ NOV 181/212 62 06/07 . -- -- ar ,ia- : f .114 i a'';nn and 1$ best ; fiats ere,. 8i +, i e ' d{+ k 1, ,craung Stci'f1l:till she atiiic . :. ,:.']d i•elle7Ct the pas': 3 years cf i. \2,--2,.; Innie - - 1:, J, 1`d]' . -tie u s f /9f0Pr4, j EfJ (/Setif fcd dalb' c yet? ' /0/Yje(ie.( tti.4i0 f� 2-04) _ ( w&l V4/JC ci �Jjp✓v Alt)) �S % CcrJ ..}n .e? �. It 'A . t 3'r-1 hereiIE 'Awn_ 3 ^ (yY°ei soo CU - Hello