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Home My WebLink About20072284.tiff RESOLUTION RE: THE BOARD OF EQUALIZATION, 2007, WELD COUNTY, COLORADO - DENY PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE PETITION OF: SADDLEBACK GOLF CLUB LLC 8631 FRONTIER ST FIRESTONE, CO 80504-5448 DESCRIPTION OF PROPERTY: ACCOUNT#: R0544901 PARCEL#: 131119000005-FIR PT 19-2-67(ZADEL&ZADEL 2ND ANNEX)BEING PARCELS A-B-C-D-E AS DESC IN BARGAIN &SALE DEED REC#2813046 12/13/00&ALSO DESC IN QUIT CLAIM REC#2818638 1/11/01 KNOWN AS SADDLEBACK GOLF COURSE (6D) SITUS: 8631 FRONTIER ST FIRESTONE 80502 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, said petitioner being represented by Jeff Monroe and Tom O'Malley, 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 $ 992,480 Improvements OR Personal Property 1,310,662 TOTAL $ 2,303,142 2007-2284 CL'." . 'S d,' , AFT"EX' AS0067 d'ave7 RE: BOE - SADDLEBACK GOLF CLUB LLC 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 maybe 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 Courtof 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 for a 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. 2007-2284 AS0067 RE: BOE - SADDLEBACK GOLF CLUB LLC 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 3rd day of August, A.D., 2007. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO ATTEST: � 'I a EXCUSED David E. Long, Chair Clerk to the Board ,/�' �'Vii≥ ♦ -1-1- L.- t . �: William }i7JetiiD-Tem not- zi �_ /t(19 i to the Board � err l'i.,:146 A., `i William F. Garcia , APPROVED AS TO FORM: EXCUSED Robert D. Masden Assi nt Co ty Attoc rney U Q� ( 2 —7 r Douglas Rademach r Date of signature: /�( �7 2007-2284 AS0067 Weld County CHRISTOPHER WOODRUFF COUNTY ASSESSOR BRENDA DONES, DEPUTY ASSESSOR VALUATION REPORT OF COMMERCIAL PROPERTY FOR County Board of Equalization SADDLEBACK GOLF CLUB LLC PETITIONER VS. WELD COUNTY ASSESSOR'S OFFICE RESPONDENT Parcel Number: 1311-19-0-00-005 Schedule Number: R0544901 Log Number: 3635 Date: August 3, 2007 Time: 15:45 Board: BOARD PREPARED BY APPRAISERS NAME 11/,<A04 .Q #272e August 1, 2007 Signature Date ASSESSOR'S OFFICE STAFF APPRAISER ASSESSOR'S VALUE Improvements $1,310,662 Land $992,480 Total: $2,303,142 CBOE_COMM_010998 Page 1 SALIENT FACTS AND CONCLUSIONS Purpose of Appraisal To determine Market Value as of 1/1/07 based on an appraisal date of 6/30/06. Property Rights Appraised Unencumbered fee simple interest. Location 8631 FRONTIER ST FIRESTONE Land Area 248.12 Acres Zoning R-1 Residential Low Density Property Type Commercial 1— Golf Cart Storage Bldg 1— Clubhouse 1- Pavilion 1— Light Commercial Utility 1— Golf Course 18 Holes Professional Designed Year Built 1999 thru 2002 Year Remodeled N/A Quality Average Class Wood Frame Number of Stories 1 Total Improvement Sq. Ft. 9,385 Basement Unfinished Sq. Ft. 0 Number of Buildings 4 Value Indications: Land $ 992,480 Cost Approach $2,315,621 Market Approach N/A Income Approach $2,600,000 Assessor's Value $2,303,142 CBOE_COM M_0 10998 2 Page COST APPROACH LAND VALUE Sales utilized to establish the value in the subject neighborhood are from 2005 and the first six months of 2006 for the 2007 assessment date. 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 248.12 acres. Comparable commercial land in the subject area is valued at $4,000 per acres. Parcel Number Sale Date Sale Price Land Size Per Acre Comparable 1 131326100086 3/6/2006 $480,600 105.65 $4,549 Comparable 2 131120400033 7/18/2005 $7,420,000 382.07 $19,420 & 3 adj. parcels Comparable 3 131118000001 5/31/2005 $1,900,000 281 $6,762 Comparable One is approximately 1.5 miles west of the subject and zoned PUD in the Town of Frederick. Comparable Two is adjacent east of the subject in the Town of Firestone and zoned R-1 low density residential. Comparable Three was purchased by the Town of Firestone. The comparables support the Assessor Land Value of$4,000 per acres for the subjects land. $4,000 x 248.12 Ac ASSESSOR'S SUBJECT LAND VALUE $992,480.00 Land Comparable Map get ;j - }c 1 4. ,err, e J", _ - :n Comp #3 i e", t i ' +j�,,h C£'•1, I ,J - !c.J lr uIu Li, % f Zl" is t ; 1 G i0) f slr t. . a s• 1 —'a' r f 6„,, �, ., '` . � :I ��ItC `�t � 4 1 s.� a r , flPli it. , .f#:12?-' . .,_ I ' •,,,: •- r - =""' Subject Comp 2 { y 1rs Ytt6 i n YY 4/.-..; ;- CBOE_COMM_010998 Page 3 Subject Photographs 1 li • „..okj.__ I .._ . .,4111:41Vet-- - - '-w--.---- « $ .____I ill I i • --N. _ ®L ? , .„.. ,,,: 71' ,, , , _ ,„:_ lig i . ______. .. ., ;,„ , ,,,,,, _ . . ,,,, it k,� �, i!. ui nn1� _„ a_ ,k4,6,- ,8y _ _ , _ _ _ __ ..._____ ., _ ...._ COST APPROACH SUMMARY The Assessor is currently using Marshall and Swift cost tables for the cost approach of commercial properties in 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. Improvement Value $1 ,323,141 Land Value $ 992,480 TOTAL VALUE BY THE COST APPROACH $2,315,621 Detail breakdown on the following page. CBOE_COMM_010998 A Page A } \ fK § k CO k � S 69 \ S \ {� S S B Is.' § \ ( k § ( § \ 4 � S 49 k I C § _ _ §01 04 C9 7 m 4.9 09 ® U II 2 i O. / Cli11 p I # # JJ 7 iC _ S \ pifiel co = © \ w ) / F5 r co o § o ) E• ) a — fa00 a « * 2 \ ) ) ) \ ) -J 0 MARKET APPROACH SUMMARY Real Property for the tax year 2007 must be valued utilizing data for the period one and one-half years immediately prior to July 1, 2006. If comparable valuation data is not available from such one and one-half year period to adequately determine the level of value for a class of property, pursuant to 39- 1-104 (10.2)(c) C.R.S, the Assessor may utilize sales five years prior to July 1, 2006 to establish the proper value. The Assessor has appropriately considered the Market Approach to value for the property on appeal. The Sales Comparison Approach was considered in developing a market value for the Subject. Sales used to establish a market value for the tax year 2007 are from June 3, 2002 through June 30, 2006. All sales have been confirmed and verified through transfer declarations as well as interviews with buyers, sellers or their representatives to the sale. All sales used are arm's length transactions, and considered to be the most comparable properties sold in relationship to the Subject property. Due to the nature of Golf Course properties the market analysis in not given much weight in Golf Course Valuation. Due to the limited sales of Golf Courses and the intangleables involved the Market Approach will not be considered for this analysis. The following sales are presented to illustrate that sales of Golf Courses have occurred in Northern Colorado. VALUE As INDICATED BY THE MARKET APPROACH N/A COMPARABLE SALES ADDRESS Grantor/Grantee Date of Sale Sale Price Holes Price Per Hole Subject 8631 Frontier St., N/A N/A N/A 18 $130K Firestone assessed 1 1745 Colorado 7 Vista Ridge Golf Venture 12/29/2006 $3,350,000 18 $185K Hwy.,Erie In Play Membership Golf 2 5416 Vardon Way Ptarmigan Club LLC 10/01/2004 $4,795,600 18 $265K Fort Collins Ptarmigan Acquisition LL 3 3350 W Fox Acre Campbell Development 6/3/2002 $3,250,000 18 $180K Red Feather Fox Acres Equity Club Lakes # Atite • 0sM¢jti' Sr ,.; Subject: Saddleback Andy Johnson 248 Ac 72 N/A N/A Golf Club 1 Vista Ridge Jay Morrish 200 Ac 72 Club House Superior Golf Club 2 Ptarmigan Jack Nicklaus 151 Ac 72 Club House Superior County Club 3 Fox Acers John Cochran 162 Ac 71 Mountains Superior Golf Club CBOE_COMM_010998 Page 6 Comparable One T Comparable Two r .110 ti': r . Comparable Three CBOE_COM M_910998 Page 7 INCOME APPROACH SUMMARY The Weld County Assessor has appropriately considered the Income Approach to value for the Subject property on appeal. The actual subject's income and expense was used to develop a value using the Income Approach to value. TOTAL INCOME VALUE FOR THE SUBJECT PROPERTY $2,600,000 2005 2006 Total Gross Income $1,435,278 $1,423,361 Cost of Goods $194,772 $192,259 Effective Gross Income $1,240,506 $1,231,102 Expenses payroll $521,144 $532,832 operation $393,953 $347,724 property Taxes $49,266 $40,139 Total expenses 78% $964,363 $920,695 Net Operating Income(before PP) $276,143 $310,407 Less Return on PP $8,914 $8,914 Net Operating Income $267,229 $301,493 Cap Rate 10.00% 10.00% Estimate Value $2,761,430 $3,104,070 Minus Return of Personnel Property $75,000 $75,000 Minus Business Value $148,900 $147,700 Indicated Income Approach Value $2,537,530 $2,881,370 CBOE_COMM_010998 Page 8 CONCLUSION Real property for tax year 2007 must be valued utilizing the level of value for the period of one and one-half years immediately prior to July 1,2006. Except that, if comparable valuation data is not available from such one-and one-half-year period to adequately determine the level of value of a class of property, the period of five years immediately prior to July 1, 2006 shall be utilized to determine the level of value. Said level of value shall be adjusted to the final day of the data gathering period. Changes occurring between base years are not to be accounted for until the following level of value is implemented, other than additions, change in use, detrimental acts of nature, damage due to fire, etc., or creation of a condominium, or any new regulations restricting or increasing the use of the land, or a combination thereof. {39-1-104(11)(b)(1)C. R .S.} The subject property has been classified as Commercial Property for assessment purposes. Commercial property value shall be determined by appropriate consideration of the Cost Approach, Market Approach, and Income Approach to value. {39-1-103(5)(a)C. R. S.} The Assessor has considered all three approaches to value for the subject parcel on appeal. FINAL RECONCILIATION After consideration of the cost, market and income approaches, it is the Weld County Assessor's opinion that the value of$2,303,142 , most accurately reflects the value of the subject property in Weld County for the 2007 tax year. COST APPROACH MARKET APPROACH INCOME APPROACH $2,315,621 N/A $2,600,000 ASSESSOR'S VALUE Improvements $1,310,662 Land $ 992,480 Total: $2,303,142 CBOE_COMM_0 010998 Page 9 APPRAISAL STANDARDS AND ETHICS CERTIFICATION I certify to the best of my knowledge and belief that: The statements of fact contained in this report are true and correct. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions and is my personal unbiased professional analyses, opinions and conclusions. I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved. My compensation is not contingent on an action or event resulting from the opinion or conclusions in, or the use of, this report. My analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. No one provided significant professional assistance to the person signing this report. I have made a personal inspection of the property that is the subject of this report. f/ ) �G Wade J. Melies Commercial Appraiser Colorado Licensed Appraiser 40036400 CBOE_COMM_010998.Page 10 STATE OF COLORADO WELD COUNTY C0 COUNTY OF WELD 2001 JUL -2 P 12: 13 PETITION FOR APPEAL RECEIVED TO THE HONORABLE BOARD OF EQUALIZATION OF WELD COUNTY: Petitioner, SADDLEBACK GOLF CLUB,LLC.,, by and through its undersigned agent, TAX PROFILE SERVICES,INC. (TPS),hereby requests a review of the County Assessor's Notice/s of Determination,copy attached, for the real property described below for tax year 2007. A notarized Statement of Agency is also attached. PETITIONER / PROPERTY OWNER: Saddleback Golf Club, LLC. MAILING ADDRESS: c/o Tax Profile Services, Inc . 1380 S. Santa Fe Drive, Suite 200 Denver, CO 80223 PROPERTY DESCRIPTION: Saddleback Golf Club PROPERTY ADDRESS: 8631 Frontier Street Firestone, CO 80520 SCHEDULE NUMBER/s: R0544901 APPEAL IS ON: Land & Improvements DESCRIPTIVE COMMENTS OF APPEAL: The Assessor has relied exclusively upon the Cost Approach in valuing this property. During the prior valuation period this property was valued at $1, 558, 782 . During the most recent data gathering period actual revenue and total rounds played in the metropolitan Denver area continued to drop. Additional public and private courses opened, increasing competition. There can be NO justification for ANY INCREASE in value, and a substantial reduction is warranted. Actual revenue and expense data from the subject property has been supplied to the Assessor.AGENT FOR PETITIONER: 'k DATE: June 29, 2007 NAME: Jeffrey M. Monroe PHONE: (303)477-4504 FAX: (303)477-4597 EMAIL: monroe@golftax.com • STATEMENT OF AGENCY SADDLEBACK GOLF CLUB, LLC hereby appoints TAX PROFILE SERVICES,INC. 8631 Frontier Street 1380 S. Santa Fe Drive, Suite 200 Firestone, Colorado 80504 Denver, Colorado 80223 Telephone: 303.833.5000 Telephone: 303.477.4504 (hereinafter"Taxpayer") (hereinafter"TPS") as its representative and agent in connection with the valuations for assessment of Taxpayer's real and personal property known as SADDLEBACK GOLF CLUB located in Firestone, Weld County,Colorado, (hereinafter "the Property") for assessment years 2007 and 2008. TPS shall have full authority to: I. Review all applicable records relating to the valuation for assessment for the Property; 2. Discuss the valuation for assessment of the Property with the County Assessor, or any of his or her representatives, as to the amount of valuation which TPS deems appropriate in the circumstances; 3. Accept on behalf of the Taxpayer any valuation for assessment; and 4. Pursue any statutory remedies which Taxpayer may possess, before the County Assessor, County Board of Equalization, State Board of Assessment Appeals, District Court, Appellate Courts, the Supreme Court, or in binding arbitration, in the Taxpayer's name and on Taxpayer's behalf with - regard to the Property. This appointment of agency shall remain in effect until revoked in writing by the parties. SADDLEBACK GOLF CLUB, LLC ( f Thomas P. O'Malley, Managing Memb ate STATE OF COLORADO ) ss. COUNTY OF WELD SUBSCRIBED AND SWORN TO (or affirmed) before me this 'ST day of, (1,11, , 2007, by Thomas P. O'Malley. My cop„ri th,'Mike SALLY J.TOWER \ NOTARY PUBLIC STATE OF COLORADO fr ul[ My Commission Expires Apr.27,2007 Notary ublic (//J NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. 4 FIR PT 19-2-67 (ZADEL & ZADEL 2ND GREELEY,CO 80631 ANNEX) BEING PARCELS A-B-C-D-E AS PHONE(970)353-3845,EXT.3650 DESC IN BARGAIN & SALE DEED REC www.co.weacaus #2813046 12/13/00 & ALSO DESC IN Vi�,PC QUIT CLAIM S DDC #2818638 O 1/11/01 OURS KNOWN AS SADDLEBACK GOLF COURSE OWNER: SADDLEBACK GOLF CLUB LLC COLORADO C/O TAX PROFILE SERVICES INC LOG 3635 1380 S SANTA FE DRIVE SUITE 200 PARCEL 131119000005 ACCOUNT R0544901 DENVER, CO 80223 YEAR 2007 Owner: SADDLEBACK GOLF CLUB LLC 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 I•l CO RC 17/ 0 2303142 2303142 11J =o d > - wE o U o 0 TOTALS $ $ 2303142 $2303142 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 307 6z 87/09 • Sts)-) of NOTICE OF VALUATION REAL PROPERTY This Is Not a Tax Bill LEGAL DESCRIPTION: B1P19 Christopher M. Woodruff FIR PT 19-2-67 (ZADEL& ZADEL 2ND ANNE Weld County Assessor X)) BEING PARCELS A-B-C-D-E AS DESC IN B 1400 N. 17th Avenue Al2GAIN & SALE DEED REC #2813046 12/13/0 Greeley CO 80631 0 &ALSO DESC IN QUIT CLAIM REC#281863 appealsta,co.weld.co.us Date: MAY 1, 2007 HEARING DATESS 05/01/07-06/01/07 LOCATION: 146d N 17TH AVENUE OFFICE HOURS: 8:30-4:30 TELEPHONE NO: (970) 353-3845 x-3650 FAX NO: (970) 304-6433 SADDLEBACK GOLF CLUB LLC 8631 FRONTIER ST FIRESTONE CO 80504-5448 TAX YEAR: 2007 TAX AREA: 3519 PARCEL NO: 131119000005 ACCOUNT NO: R0544901 PROPERTY PRIOR YEAR CURRENT YEAR INCREASE/ CLASSIFICATION ACTUAL VALUE ACTUAL VALUE DECREASE COMMERCIAL 1558782 2303142 744360 TOTAL 1558782 2303142 744380 r _ _ Parcel # 131119000005 Account# R0544901 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: Weld County Assessor Address: 1400 N. 17th Avenue Greeley, CO 80631 Phone: An assessment percentage will be applied to the actual value of your property before taxes are calculated. The assessment percentage for residences is projected to be 7.96 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: OCCUPANCYI GOLF COURSE "CODE OCCUPANCY2 GOLF CART STORAGE BL OCCUPANCY3 CLUBHOUSE YEAR BUILT 2000 TOTAL BLDG SQ FT 9386 TOTAL COMMERCIAL SQ FOOTAGE 9386 TOTAL BUILDING COUNT 5 'The square footage listed is the total exterior square footage and may include other structures on the progeny. Improvements means all structures,buildings,fixtures,fences,and water rights erected upon or affixed to land,whether or not title to such land has been acquired,¢ 39-1-102(7),C.R.S. • NOV 111/2126204/01 Saddleback Golf Club Golf Course Revenue and Expense Analysis 2006 2005 2004 2003 2002 Gross Revenue Golf Operations 975,122.27 983,397.75 981,064.31 1,010,395.09 1,042,116.80 Practice Range 56,877.18 62,859.56 62,863.18 54,534.63 50,749.60 Food Service 64,362.90 74,112.56 73,134.21 61,406.24 70,312.56 Beverage Service 169,855.59 175,629.78 145,991.33 152,567.33 146,019.70 Pro Shop 157,142.79 139,278.84 135,633.01 140,328.49 124,804.74 Total 1,423,360.73 1,435,278.49 1,398,686.04 1,419,231.78 1,434,003.40 Less Cost of Goode Food Service 36,720.86 46,878.58 48,902.74 39,179.14 44,683.92 Beverage Service 52,968.17 58,836.21 57,316.95 53,742.74 49,985.72 Pro Shop 102,569.57 89,056.84 75,546.35 83,420.93 76,874.22 Total 192,258.60 194,771.63 181,766.04 176,342.81 171,543.86 Effective Gross Income 1,231,102.13 1,240,506.86 1,216,920.00 1,242,888.97 1,262,459.54 Percent COS to Revenue 13.5% 13.6% 13.0% 12.4% 12.0% Percent EGI to Revenue 86.5% 86.4% 87.0% 87.6% 88.0 Less Payroll Golf Operations 532,832.42 521,143.92 547,158.51 573,271.93 537,824.02 Practice Range 0.00 0.00 0.00 0.00 0.00 Food Service 0.00 0.00 0.00 0.00 0.00 Beverage Service 0.00 0.00 0.00 0.00 0.00 Pro Shop 0.00 0.00 0.00 0.00 0.00 General&Administrative 0.00 0.00 0.00 0.00 15,296.12 Total 532,832.42 521,143.92 547,158.51 573,271.93 553,120.14 Percent Payroll to Revenue 37.4% 36.3% 39.1% 40.4% 38.6% Less Expenses Golf Operations 145,564.04 165,681.37 252,700.64 252,539.01 304,836.78 Practice Range 22,881.60 14,960.54 11,920.50 200.66 3,534.85 Food Services 3,801.41 0.00 0.00 0.00 0.00 Beverage Services 0.00 0.00 0.00 0.00 0.00 Pro Shop 10,233.90 19,555.96 15,148.53 17,651.78 23,661.79 General&Administrative 165,242.91 193,755.25 164,903.85 171,164.75 148,814.30 Total 347,723.86 393,953.12 444,673.52 441,556.20 480,847.72 Percent Expenses To Revenue 24.4% 27.4% 31.8% 31.1% 33.5% Total Payroll and Expenses 880,556.28 915,097.04 991,832.03 1,014,828.13 1,033,967.86 Percent Payroll and Exp to Revenue 61.9% 63.8% 70.9% 71.5% 72.1% Net Operating Income 350,545.85 325,409.82 225,087.97 228,060.84 228,491.68 Percent N0I to Revenue 24.6% 22.7% 16.1% 16.1% 15.9% Prepared by TPS 5/17/2007 Saddleback Golf Club Golf Course Revenue and Expense Analysis 2006 2005 2004 2003 2002 The following information is not included in property tax consideration. Plus Other Income . Other Income 0.00 0.00 0.00 75,000.00 0.00 Interest Income 2,704.21 2,213.02 10,941.28 20,368.32 4,109.10 Initiation Fees 19,507.40 0.00 0.00 0.00 0.00 Total 22,211.61 2,213.02 10,941.28 95,368.32 4,109.10 Less Other Expenses loss on sale of equipment 42.19 0.00 77.42 0.00 0.00 Property Taxes 40,548.13 58,915.65 60,450.25 47,856.32 27,960.97 Interest Expense 144,930.71 141,340.28 135,014.83 131,037.83 135,510.43 Depreciation and Amortization 44.39 (562.54) 2.50 15.68 2,106.48 Total 185,565.42 199,693.39 195,545.00 178,909.83 165577.88 Net Income (Loss) 187,192.04 127,929.45 40,484.25 144,519.33 67,022.90 Percent Net Income to Revenue 13.2% 8.9% 2.9% 10.2% 4.7% Prepared by TPS 5/17/2007 SADDLEBACK GOLF COURSE Firestone, CO Rounds Summary 2002 2003 2004 2005 2006 Saddleback 29,393 27,729 26,552 31,191 24,191 North Region 444,489 416,650 422,342 440,966 434,328 Ft. Collins Greeley Windsor Loveland (15 courses) Front Range 2,858,674 2,677,687 2,711,943 2,744,273 2,724,098 Ft. Collins to Pueblo (82 courses) Average Greens Fee Surnrnary — Public Courses Change from 2002—2006 North Region $24.87 —$28.32 = 13.87% increase/ 2.8% annually Front Range $27.66 —$30.32 = 9.62%/ 1.9% annually During this period the increase in operating costs was from 5% to10% annually. These costs had to be offset by reducing capital improvements, chemical use, and hiring fewer seasonal workers. Additionally, during this period there were 18 new golf courses opened on the Front Range— including three new courses within the subject property's immediate market. cThir,1/4 aCLERK TO THE BOARD PHONE (970)AX: 900 EXT 3520242 FAX: (970) 352-0242 WEBSITE: www.co.weld.co.us 915 10TH STREET P.O. BOX 758 CGREELEY, COLORADO 80632 C9I O4ADO SADDLEBACK GOLF CLUB LLC 8631 FRONTIER ST FIRESTONE CO 80504-5448 Parcel No.: 131119000005 Account No.: R0544901 Dear Petitioner(s): The Weld County Board of Equalization has set a date of August 3, 2007, at or about the hour of 3:45 PM,to hold a hearing on your valuation for assessment. This hearing will be held at the Weld County Department of Planning Services, Conference Room, 918 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 3, 2007, and mailed to you on or before August 10, 2007. 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. 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. 4. EXHIBIT liKCS ) ,si SADDLEBACK GOLF CLUB LLC - R0544901 Page 2 Very truly yours, B RD OF EQUALI TION 12447 Donald D. Warden Clerk to the Board cc: Christopher Woodruff, Assessor TAX PROFILE SERVICES INC 1380 SOUTH SANTA FE DRIVE SUITE 200 DENVER CO 80223 O STATE OF COLORADO COUNTY OF WELD PETITION FOR APPEAL TO THE HONORABLE BOARD OF EQUALIZATION OF WELD COUNTY: Petitioner, SADDLEBACK GOLF CLUB,LLC.,, by and through its undersigned agent, TAX PROFILE SERVICES, INC. (TPS), hereby requests a review of the County Assessor's Notice/s of Determination, copy attached, for the real property described below for tax year 2007. A notarized Statement of Agency is also attached. PETITIONER / PROPERTY OWNER: Saddleback Golf Club, LLC. MAILING ADDRESS: c/o Tax Profile Services, Inc . 1380 S. Santa Fe Drive, Suite 200 Denver, CO 80223 PROPERTY DESCRIPTION: Saddleback Golf Club PROPERTY ADDRESS: 8631 Frontier Street Firestone, CO 80520 SCHEDULE NUMBER/s: R0544901 APPEAL IS ON: Land & Improvements DESCRIPTIVE COMMENTS OF APPEAL: The Assessor has relied exclusively upon the Cost Approach in valuing this property. During the prior valuation period this property was valued at $1, 558, 782 . During the most recent data gathering period actual revenue and total rounds played in the metropolitan Denver area continued to drop. Additional public and private courses opened, increasing competition. There can be NO justification for ANY INCREASE in value, and a substantial reduction is warranted. Actual revenue and expense data from the subject property has been supplied to the Assessor. y� AGENT FOR PETITIONER: '��M' J " DATE: June 29, 2007 NAME: Jeffrey M. Monroe PHONE: (303)477-4504 FAX: (303)477-4597 EMAIL: monroe@golftax.com O • STATEMENT OF AGENCY SADDLEBACK GOLF CLUB, LLC hereby appoints TAX PROFILE SERVICES,INC. 8631 Frontier Street 1380 S. Santa Fe Drive, Suite 200 Firestone, Colorado 80504 Denver, Colorado 80223 Telephone: 303.833.5000 Telephone: 303.477.4504 (hereinafter"Taxpayer") (hereinafter"TPS") as its representative and agent in connection with the valuations for assessment of Taxpayer's real and personal property known as SADDLEBACK GOLF CLUB located in Firestone, Weld County,Colorado, (hereinafter "the Property") for assessment years 2007 and 2008. TPS shall have full authority to: I. Review all applicable records relating to the valuation for assessment for the Property; 2. Discuss the valuation for assessment of the Property with the County Assessor, or any of his or her representatives, as to the amount of valuation which TPS deems appropriate in the circumstances; 3. Accept on behalf of the Taxpayer any valuation for assessment; and 4. Pursue any statutory remedies which Taxpayer may possess, before the County Assessor, County Board of Equalization, State Board of Assessment Appeals, District Court, Appellate Courts, the Supreme Court,or in binding arbitration, in the Taxpayer's name and on Taxpayer's behalf with - regard to the Property. This appointment of agency shall remain in effect until revoked in writing by the parties. SADDLEBACK GOLF CLUB, LLC ( .1 i I-Ca: , --),..r- _3 7. (3 Thomas P. O'Malley, Managing Memb ate STATE OF COLORADO ) ) ss. COUNTY OF WELD ) SUBSCRIBED AND SWORN TO(or affirmed) before me this 1-W' day ofZ'l U,. diU , 2007, by Thomas P. O'Malley. My coi tsbn Ut��tttif �___ SALLY J.TOWEA NOTARY PUBLIC �" STATE OF COLORADO ` jam✓ -- My Commission Expires Apr.27,2007 ;Notary ublic �� Lt�� NOTICE OF VALUATION 9181-1 a t REALPROPE Ty his Is Not a Tax Rill Ch LEGAL DESCRIPTION: 01410 W rr t r.W�rof FIR PT 19.2.67(ZADEL 8 ZADEL 2ND ANNE Oun AAssessor X)BEING PARCELS A-B-C-D-E AS DESC IN B reeley hC 80f19� ARGAIN 8 SALE DEED REC 02813046 12113/0 a reee l:co.wel .w.us 0 8 ALSO DESC IN QUIT CLAIM REC a)281863 S7 �g Date: MAY1,2007 m N NE S: :30- :3038W4ro5 x03650 (970)304-6433SADDLEBACK GOLF CLUB LLCO: 8631 FRONTIER ST jp� Ep FIRESTONE CO 80504-5448 TAJCCAEREA 35031119000005 R pgRT PRIOR ��77PAACRCNNOTULNITVAO: 805449011Ep E� CLASSIFICATION CTUAL VALUE ACTTUAAL VALUE DECREASE COMMERCIAL 1558782 2303142 744360 TOTAL 15587112 2303142 744360 Parcel A 131119000005 Account 0 R0544901 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: Weld County Assessor Address: 1400 N. 17th Avenue Greeley,CO 80631 Phone: An assessment percentage will be applied to the actual value of your property before taxes are calculated. The assessment percentage for residences is projected to be 7.96 %. G IN,all other property,including vacant land,is assessed at 29V.of actual value.§39-1-104(1)and (1.5),C.R.S. • Your property was valued as it existed on January I 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 1,2907. - • All property in Colorado is revalued even'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 GOLF COURSE 'CODE OCCUPANCY2 GOLF CART STORAGE BL OCCUPANCY3 YEAR BUILT 20000HOUSE TOTAL BLDG SO FT 9386 TOTAL COMMERCIAL SO FOOTAGE 9386 TOTAL BUILDING COUNT 5 •The square feaye lied is the total exteriot tq.en footage and may include.am thuMures on the progeny. ingro•emeats NAM all nrucnres,buiWinµ.fixtures.fawn.and waist rights crested upon Of affixed to bunt,.hewer at M Nth in such lad has Inn•equired.I O 39-1-10211).C a.5. • NOV tuna II WV • NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. c//6 FIR PT 19-2-67 (ZADEL & ZADEL 2ND GREELEY,CO 80631 / r ANNEX) BEING PARCELS A-B-C-D-E AS PHONE(970)353-3845,EXT.3650 VA DESC IN BARGAIN & SALE DEED REC www.co.weld.co.us #2813046 12/13/00 & ALSO DESC IN QUIT CLAIM REC #2818638 1/11/01 W IlD C KNOWN AS OWNER: SADDLEBACK KGOLF FCLUUB LLC COLORADO C/O TAX PROFILE SERVICES INC LOG 3635 13380 S SANTA' FE DRIVE SUITE 200 PARCEL 131119000005 ACCOUNT R0544901 DENVER, CO 80223 YEAR 2007 Owner: SADDLEBACK GOLF CLUB LLC 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 COMMERCIAL 2303142 2303142 • TOTALS $ $ 2303142 $2303142 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. §394-106(1Xa),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 87/07 Saddleback Golf Club Golf Course Revenue and Expense Analysis 2006 2005 ZQQ_4 20_3 2002 Gross Revenue Golf Operations 975,122.27 983,397.75 981,064.31 1,010,395.09 1,042,116.80 Practice Range 56,877.18 62,859.56 62,863.18 54,534.63 50,749.60 Food Service 64,362.90 74,112.56 73,134.21 61,406.24 70,312.56 Beverage Service 169,855.59 175,629.78 145,991.33 152,567.33 146,019.70 Pro Shop 157,142.79 139,278.84 135,633.01 140,328.49 124,804.74 Total 1,423,360.73 1,435,278.49 1,398,686.04 1,419,231.78 1,434,003.40 Less Cost of Goods Food Service 36,720.86 46,878.58 48,902.74 39,179.14 44,683.92 Beverage Service 52,968.17 58,836.21 57,316.95 53,742.74 49,985.72 Pro Shop 102,569.57 89,056.84 75,546.35 83,420.93 76,874.22 Total 192,258.60 194,771.63 181,766.04 176,342.81 171,543.86 Effective Gross Income 1,231,102.13 1,240,506.86 1,216,920.00 1,242,888.97 1,262,459.54 Percent COS to Revenue 13.5% 13.6% 13.0% 12.4% 12.0% Percent EGI to Revenue 86.5% 66.4% 87.0% 87.6% 88.0% Less Payroll Golf Operations 532,832.42 521,143.92 547,158.51 573,271.93 537,824.02 Practice Range 0.00 0.00 0.00 0.00 0.00 Food Service 0.00 0.00 0.00 0.00 0.00 Beverage Service 0.00 0.00 0.00 0.00 0.00 Pro Shop 0.00 0.00 0.00 0.00 0.00 General&Administrative 0.00 0.00 0.00 0.00 15,296.12 Total 532,832.42 521,143.92 547,158.51 573,271.93 553,120.14 Percent Payroll to Revenue 37.4% 36.3% 39.1% 40.4% 38.6% Less Expenses Golf Operations 145,564.04 165,681.37 252,700.64 252,539.01 304,836.78 Practice Range 22,881.60 14,960.54 11,920.50 200.66 3,534.85 Food Services 3,801.41 0.00 0.00 0.00 0.00 Beverage Services 0.00 0.00 0.00 0.00 0.00 Pro Shop 10,233.90 19,555.96 15,148.53 17,651.78 23,661.79 General&Administrative 165,242.91 193,755.25 164,903.85 171,164.75 148,814.30 Total 347,723.86 393,953.12 444,673.52 441,556.20 480,847.72 Percent Expenses To Revenue 24.4% 27.4% 31.8% 31.1% 33.5% Total Payroll and Expenses 880,556.28 915,097.04 991,832.03 1,014,828.13 1,033,967.86 Percent Payroll and Exp to Revenue 61.9% 63.8% 70.9% 71.5% 72.1% Net Operating Income 350,545.85 325,409.82 225,087.97 228,060.84 228,491.68 Percent NOI to Revenue 24.6% 22.7% 16.1% 16.1% 15.9% Prepared by TPS 5/17/2007 • Saddleback Golf Club Golf Course Revenue and Expense Analysis 2QQ¢ 2005 2004 2003 2222 The following information is not included in property tax consideration. Plus Other Income Other Income 0.00 0.00 0.00 75,000.00 0.00 Interest Income 2,704.21 2,213.02 10,941.28 20,368.32 4,109.10 Initiation Fees 19,507.40 0.00 0.00 0.00 0.00 Total 22,211.61 2,213.02 10,941.28 95,368.32 4,109.10 Less Other Expenses loss on sale of equipment 42.19 0.00 77.42 0.00 0.00 Property Taxes 40,548.13 58,915.65 60,450.25 47,856.32 27,960.97 Interest Expense 144,930.71 141,340.28 135,014.83 131,037.83 135,510.43 Depreciation and Amortization 44.39 (562.54) 2.50 15.68 2,106.48 Total 185,565.42 199,693.39 195,545.00 178,909.83 165,577.88 Net Income(Loss) 187,192.04 127,929.45 40,484.25 144,519.33 67,022.90 Percent Net Income to Revenue 13.2% 8.9% 2.9% 10.2% 4.7% Prepared by TPS 5/17/2007 SADDLEBACK GOLF COURSE Firestone, CO Rounds Summary 2002 2003 2004 2005 2006 Saddleback 29,393 27,729 26,552 31,191 24,191 North Region 444,489 416,650 422,342 440,966 434,328 Ft. Collins Greeley Windsor Loveland (15 courses) Front Range 2,858,674 2,677,687 2,711,943 2,744,273 2,724,098 Ft. Collins to Pueblo (82 courses) Average Greens Fee Summary — Public Courses Change from 2002—2006 North Region $24.87—$28.32 = 13.87% increase/2.8% annually Front Range $27.66—$30.32 = 9.62%/ 1.9% annually During this period the increase in operating costs was from 5%to10% annually. These costs had to be offset by reducing capital improvements, chemical use, and hiring fewer seasonal workers. Additionally, during this period there were 18 new golf courses opened on the Front Range— including three new courses within the subject property's immediate market. O Saddleback Golf Club Summary Income Approach Analysis of Four Year Income History Golf Revenue $1,088,329 Non-golf Revenue $ 399,113 Total Gross Revenue $1,487,442 Less Operating Expenses $1,193,659 (Includes Cost of Goods Sold) Less Reserves for Replacement $ 49,643 (3% of depreciable course improvements) Net Operating Revenue (N.O.I.) $ 244,140 Capitalization Rate 12% Income or Going Concern Value $2,034,500 ADJUSTMENTS The following adjustments must be made to determine Real Property Value LESS Tangible Personal Property(TPP) contribution ($ 410,000) (Book Value—New) Intangible Personal Property—Business Value ($ 283,325) (4% of Gross Revenues/Cap @ 21%) Real Property Value $ 1,341,175 0 a CLERK TO THE BOARD PHONE (970) 356-4000 EXT 4226 FAX: (970) 352-0242 WEBSITE: www.co.weld.co.us.co.us 915 10TH STREET WIlD P.O. BOX 758 GREELEY, COLORADO 80632 C. C9110gADO SADDLEBACK GOLF CLUB LLC 8631 FRONTIER ST FIRESTONE CO 80504-5448 Parcel No.: 131119000005 Account No.: R0544901 Dear Petitioner(s): The Weld County Board of Equalization has set a date of August 3, 2007, at or about the hour of 3:45 PM,to hold a hearing on your valuation for assessment. This hearing will be held at the Weld County Department of Planning Services, Conference Room, 918 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 3, 2007, and mailed to you on or before August 10, 2007. 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. 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. SADDLEBACK GOLF CLUB LLC - R0544901 Page 2 Very truly yours, B RD OF EQUAL' TION Gti Donald D. Warden Clerk to the Board cc: Christopher Woodruff, Assessor TAX PROFILE SERVICES INC 1380 SOUTH SANTA FE DRIVE SUITE 200 DENVER CO 80223 Hello