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Home My WebLink About20072469.tiff RESOLUTION RE: THE BOARD OF EQUALIZATION, 2007, WELD COUNTY, COLORADO - STIPULATE PETITION OF: EVERITT ENTERPRISES INC 3030 S COLLEGE FORT COLLINS, CO 80525 DESCRIPTION OF PROPERTY: ACCOUNT#: R7102498 PARCEL#: 080720209005-WIN SWW2R BLDG ENVELOPE A2 SHOPS AT WESTWOOD SUB 2ND REPLAT 1295 MAIN ST WINDSOR 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 $ 756,014 $ 756,014 Improvements OR Personal Property 578,386 382,930 TOTAL $ 1,334,400 $ 1,138,944 WHEREAS,said Stipulation shall resolve all issues to have been determined by the Weld County Board of Equalization. 2007-2469 AS0067 fi(i 4S e4, fa- 8 ,5107 RE: BOE - EVERITT ENTERPRISES INC, R7102498 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 j ��teei WEL OUNTY, COLORADO ATTEST: f ._�Q�/[/ e C "` 1 W David E. Long, Chair 1q,Cr$ Clerk to the Board EXCUSED ,�® William H. J e, Pro-Te lest e to the Boardify(> L j e' 4 Willia (Garcia TO FORM: . Robert D. Masden A istant unty�A to n q DSuglas demacher Date of signature: 2007-2469 AS0067 2007 COUNTY BOARD OF EQUALIZATION WELD COUNTY ASSESSOR'S ACCOUNT NUMBER R7102498 STIPULATION (As To Tax Year 2007 Actual Value) RE PETITION OF : NAME: EVERITT ENTERPRISES INC ADDRESS: 3030 S COLLEGE FORT COLLINS, CO. 80525 Petitioner(s), EVERITT ENTERPRISES INC 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: BLDG ENVELOPE A2 SHOP AT WESTWOOD 2ND REPLAT, AKA 1295 MAIN STREET WINDSOR, CO. 2. The subject property is classified as COMMERCIAL property. 3. The County Assessor originally assigned the following actual value to the subject property for tax year 2007. Land $ 756.014 Improvements$ 578.386 Total $1,334,400 4. After further review and negotiation, the petitioner(s) and Weld County Assessor agree to the following actual value for the subject property. Land $ 756.014 NEC:HI/EU Improvements$ 382.930 Total $1,138,944 AUG 0 $ 2007 WELD LOuNf Y ASSESSOR RFF[ FY COLORADO 7-,2969 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: Adiusted value based on the actual income & expenses in year 2006. 7. Both parties agree that the hearing scheduled before the Weld County Board of Equalization on DATE at TIME be vacated; or, a hearing has not yet been scheduled before the Board of Equalization x (check if appropriate). DATED this 18 day of JULY, 2007. Petitioner(s) or Agent / Petitioner(s) or Attorney Addpss: Address: 4A4-0. freNs 2-N Telephone: 9-7c -yam • i,)-oa Telephone: County A essor Address: 1400 N.17th Avenue Greeley, CO 80631 (970) 353-3845 ext. 3656 NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. / a WIN SWW2R BLDG ENVELOPE A2 SHOPS GREELEY,CO 80631 // akt 4DI AT PHONE(970)353-3845,EXT.3650 WESTWOOD SUB 2ND REPEAT 1295 MAIN www.co.weld.co.us WINDSOR DOOWNER: EVERITT ENTERPRISES INC COLORA DO EVERITT ENTERPRISES INC LOG 2348 3030 S COLLEGE PARCEL 080720209005 ACCOUNT R7102498 FORT COLLINS, CO 80525 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 COMMERCR IL 1334400 1334400 >-cc 8` I� I—w W CD Q :> 0 U) rn — o J w� PJ (-) r Q TOTALS $ $ 1334400 $ 1334400 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$7107 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. I you c oose to appea 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 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 You wi .e not ieo o e time and place set for the hearing of your appeal. iLlitt t1 4t'°I;' DLit'.4 �` =`P. `339; c/t I..'.. ;. 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. • , t's ; fad `I .1 C! I you are not saris ied with the County BoTrait r o 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. S ririesC os Jtif SIUNAIURE OF Phi I I IONLR DA I7//' NOD 207 62 87/07 Shops at Westwood Bldg One 1295 S Main Property Valuation June 30,2006 Suite 1 2 3 4 5 6 7 Total Rentable Sq Ft 1758 872 2421 1639 1354 877 1975 10896 Base rent Vacant $12.18 Vacant Vacant $14.46 $10.00 $14.21 Market rent $8.00 $8.00 $8.00 14,064 10,621 19,368 13,112 19,579 8,770 28,065 113,579 Less stabilized vac 5% (5,679) 107,900 Less ownership and res 5% (5,395) Income subj to capitalization 102,505 Capitalization rate 9.5% Value at 6/30/06 1,078,996 Prior actual value 1,188,241 Current actual value 1,334,400 Proposed value 1,079,000 Per square foot $99.03 Comparable Sales Property Parcel Bldg Area Price Per Ft Sale Date Comments New Windsor Center 80718402001 96,062 9,600,000 $99.94 10/24/2006 Anchored Windsor ,2,3,6,13 1039 and 1215 Main 80720130001 46,543 4,750,000 $102.06 2/3/2006 Windsor 80720223003 • COMP ITT July 12, 2007 Weld County Board of Equalization 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Re: Appeal of Assessor Decision Dear Sir or Madam: Enclosed are Notices of Denial for the following properties: 1295 Main Street, Windsor, Parcel 080720209005, owned by Everitt Enterprises, Inc.; 1293 Main Street, Windsor, Parcel 080720009004, owned by Westwood II, LLC; 1297 Main Street, Windsor, Parcel 080720222002, owned by Westwood III, LLC. As Treasurer of Everitt Enterprises, Inc. and Manager of Capital Managers, LLC, the manager of Westwood II, LLC and Westwood III, LLC, I am appealing the decision of the County Assessor. Attached are schedules that were previously provided to the Weld County Assessor's office with our original protest of value. We have added to these schedules a summary of two sales within six months of the valuation date of properties that are comparable or superior to the properties that are the focus of this appeal. The comparable properties sold for an average price of$101.00 per foot. The average value we have assigned to the above three properties is $101.48. Corporate Offices if) ',truth( ollcga AVmlll<•Port Culllns.( olomdu Y05≥5 V1 sili,i Add'," PU. I3u.212S•Pon Calllns. "10,111,."S' l�laphonc(9'01 126-1500•PAS:(0-01 "(-t I56 Weld County Board of Equalization July 12, 2007 Page 2 Our proposed values are fully supported by both the income and market approaches. We have not applied the cost approach, since the rental market in Windsor does not support construction of new retail space. We ask that our original proposed values be accepted. If additional data or explanation is necessary, we ask that a time and place for a hearing with the Board be set to hear our appeal. The hearing will be attended by Dawn Fahrion, Assistant Treasurer, or me, or both of us. Yours very truly, an . Line, CPA Treasurer of Everitt Enterprise, Inc. and Manager of Capital Managers, LLC ACL/dmh Enclosures May 24, 2007 Mr. Christopher M. Woodruff CO Weld County Assessor 1400 N. 17`h Avenue Greeley, CO 80631 Dear Mr. Woodruff Pursuant to Colorado Statute 39 we wish to protest and appeal the value assigned to these three properties . The Property one is owned by Westwood III, LLC and Property Two by Westwood I1, LLC. Capital Managers, LLC is manager of both limited liability companies and as a manager of Capital Manager, LLC I am filing this appeal on their behalves. Property Three is owned by Everitt Enterprises,Inc. I am filing this protest on behalf of Everitt Enterprises, Inc. as it treasurer. If you have questions or need additional information please contact me at 970-204-6308. Yours very truly, Alan C. Line, CPA. Manager Capital Managers, LLC and Treasurer, Everitt Enterprises, Inc. Property One 1297 South Main, Windsor, Parcel No.080720222002, Acct No.R3915705 Property One is a single story mixed use retail/office building constructed in 2003 at a cost of$679,856 including land. Two tenants occupied approximately 3,149 of the buildings 7,926 rentable square feet. The balance of the space has remained vacant since its completion in February, 2003. During this period the remaining portions of the building have been actively marketed with little interest irrespective of price.. Net rental rates have been discounted from an initial $13.50 to $10.00 per square foot. A proposal to lease a portion of the building at$8.00 was unsuccessful. The unoccupied space is basic core and shell only and all finish, included the concrete slab, must be completed prior to any rental. The Windsor market for unanchored retail space has been extremely soft. Attempts to sell the property to a user or investor have been unsuccessful. Competing space on Main has been offered for $8.00 per foot. Suite 7, a finished portion of the building that was previously vacated, was leased in January, 2006 for $8.00 per foot under a triple net lease. We have valued the property under the income approach. Income from vacant spaces was projected based on an $8.00 per square foot market rate as evidenced above. This projected income stream, after allowances for stabilized vacancies and management and reserve costs, was capitalized at 9.5%. This capitalization rate reflects the over built condition of the market. Based on our analysis we believe the fair value of the property to be $615,100 and request that the current year actual value be reduced from $775,720. Property Two 1293 South Main, Windsor, Parcel No.080720209004, Acct No.R7102398 Property two is a single story mixed use retail/office building constructed in 1998 for a cost of $586,557. Three tenants occupied 4,729 of the 7,454 rentable square feet of the building. A 2,725 square foot space has been vacant since March of 2004. All leases are triple net with operating expenses ranging from $5.83 to $6.84 per square foot. Competing properties operating expense are generally from $4.50-$5.00 per square foot. The building was valued under the income approach assuming the vacancy could be leased at$8 per square foot based on a 9.5% capitalization rate (see discussion above). This space has been offered at that rate and remains vacant. The result was then adjusted for a vacancy factor and for a repair and replacement reserve and ownership costs. Based on our analysis we believe the fair value of the property to be $864,200 and request that the current year actual cash value be reduced from $916,320. Property Three 1293 South Main, Windsor, Parcel No.080720209005, Acct No.R7102498 Property three is a single story mixed use retail/office building constructed in 1995 consisting of 10,896 rentable square feet. Four tenants occupied 6,836 square feet. The balance of the space is vacant. All leases are triple net with operating expenses of$5.77 being paid by tenants. Competing properties operating expenses generally range from $4.50-$5.00 per square foot. The building was valued under the income approach assuming the vacancy could be leased at $8 per square foot based on a 9.5% capitalization rate (see discussion above). This space has been offered at that rate and remains vacant. The result was then adjusted for a vacancy factor and for a repair and replacement reserve and ownership costs Based on our analysis we believe the fair value of the property to be $1,079,000 and request that the current year actual value be reduced from $1,334,000. Enclosures Hello