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Home My WebLink About20072492.tiff RESOLUTION RE: THE BOARD OF EQUALIZATION, 2007, WELD COUNTY, COLORADO - STIPULATE PETITION OF: WESTWOOD III LLC PO BOX 2125 FORT COLLINS, CO 80522 DESCRIPTION OF PROPERTY: ACCOUNT#: R3915705 PARCEL#: 080720222002-WIN SWW3R BUILDING ENVELOPE A-3-2 SHOPS AT WESTWOOD SUB 3RD REPLAT SITUS: 1297 MAIN ST WINDSOR 805500000 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 year 2007,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 $ 376,040 $ 376,040 Improvements OR Personal Property 351,570 279,849 TOTAL $ 727,610 $ 655,889 WHEREAS,said Stipulation shall resolve all issues to have been determined by the Weld County Board of Equalization. 2007-2492 AS0067 71(2 /`,S (74 `f�;,ect9 l's//,S"7 RE: BOE - WESTWOOD III LLC, R3915705 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 /�� WELD �1NTYt C��DO ATTEST: � � E. Lon , , David E. Long, Chair Weld County Clerk to the Board EXCUSED Willis r e-Pro-Tem lerk to the Board e.'. Willis F. Garcia ILI P f TO FORM: (�1� V---- " a , ' Robert D. Masden ___Ass ant C my Attorne Ouspb Douglas rcademac er Date of signature:274 7/P 7 2007-2492 AS0067 f 2007 COUNTY BOARD OF EQUALIZATION WELD COUNTY ASSESSOR'S ACCOUNT NUMBER R3915705 STIPULATION (As To Tax Year 2007 Actual Value) RE PETITION OF : NAME: WESTWOOD III LLC ADDRESS: P O BOX 2125 FORT COLLINS, CO, 80522 Petitioner(s), WESTWOOD III 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: BLDG ENVELOPE A-3-2 SHOPS AT WESTWOOD 3 REPLAT, AKA 1297 MAIN ST. 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 $376,040 Improvements$399,680 35/ 5 is Total $775,720 127, &/o 4. After further review and negotiation, the petitioner(s) and Weld County Assessor agree to the following actual value for the subject property. Land $376,040 Improvements$279,849 ErEWED Total $655,889 AUG 0 8 2007 WELD COUNTY iiSSESSOR :GREELEY' COLORADO ay9� 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: Adjusted value based on the actual income and expenses in year 2006. Also deducted for approximately 4,744 square feet of space which has no interior finish. 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 20th day of JULY, 2007. 'Petitioner(s) or Agent Petitioner(s) or Attorney Address: n Address: PO besC a/ 11 AO Mr Os n15� L 'G7 �crsL Telephone: 970— .a G -/ J-0 o Telephone: Count r 66.2 Y Address: 1400 N.17th Avenue Greeley, CO 80631 (970) 353-3845 ext. 3656 • NOTICE OF ADJUSTMENT OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. a WIN SWW3R BUILDING ENVELOPE A-3-2 GREELEY,CO 80631 SHOPS AT WESTWOOD SUB 3RD REPLAY PHONE(970)353-3845,EXT.3650 SITUS : 1297 MAIN ST WINDSOR www.co.weld.co.us 805500000 �POWNER: WESTWOOD III LLC DO WESTWOOD III LLC LOG 2346 P O BOX 2125 PARCEL 080720222002 ACCOUNT R3915705 FORT COLLINS, CO 80522 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: After review of your property, we have made adjustments . This was done because of additional information obtained, or provided thru the appeal process . PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE M OF VALUE ACTUAL VALUE ACTUAL VALUE y h PRIOR TO REVIEW AFTER REVIEW ttal c5 Q COCIq, L./ 775720 727610 U O) rn - LLf tor z.CD -' LJ O ct a TOTALS $ $ 775720 $ 727610 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(I)(a),C.R.S. TO PRESERVE YOUR APPEAL RIGHTS,YOII 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 87107 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 choose to appeal 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 65.@e- y,:l f�a /r`c!t: s:4.+ tb,ii You wi be not iet o t e time and place set for the hearing of your appeal. t it • twi;® O'er N ' 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 h County n Board must conclude its hearings and render decisions by August 3. A m e I you are not satisfied with the County Boar 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, Cc E E .eC 0 J.LS'S• v71.•....i.C' Iry 7/�i/ DAM NOD 207 62 87/07 Shops at Westwood Bldg Three 1297 W Main Property Valuation June 30, 2006 Suite 1 3 4 7 Total Rentable Sq Ft 2171 2725 2019 1111 8026 Base rent $14.00 Vacant Vacant $8.00 Market rent $8.00 $8.00 30,394 21,800 16,152 8,888 77,234 Less stabilized vac 5% (3,862) 73,372 Less ownership and res 5% (3,669) Income subj to capitalization 69,704 Capitalization rate 9.5% 733,723 Cost of providing basic finish $25.00 (68,125) (50,475) (118,600) Value at 6/30/06 615,123 Prior actual value 443,795 Current actual value 775,720 Proposed value 615,100 Per Foot"as is" $76.64 Cost to finish (above) $14.78 $91.42 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 R1 4 i li4"• it h •I,, � ,, , `' 1 t or th. I. :I y" ' I. .I :)S M� "ii hs bI 00 1 h�•....^-.yr,.,_ COMPARABLE SALE COUNTY: WELD ACCOUNT 82429803 PARCEL NUMBER: 080718402001,002,003,006,013 PRIMARY OCC: Community Shopping Center PERCENT: 100% SECONDARY OCC: PERCENT: THIRD OCC: PERCENT: ADDRESS: 1520, 1540, 1550, 1560 MAIN ST WINDSOR RECEPT NUMBER: 3431469 SALE DATE: 10/24/2006 GRANTOR: NEW WINDSOR MARKETPLACE LLC SALE PRICE: $9,900,000 GRANTEE: NSS WINDSOR HOLDINGS LLC ADJ SALE PRICE: $9,600,000 YEAR BUILT: 2003 CLASS: C EFFECTIVE AGE: LAND/BLDG RATIO: 4.92 LAND SIZE (SF): 472,389 LAND VALUE: 52,834,334 BLDG SIZE (SF): 96,062 IMPS PRICE/SF: $70.43 WALL HEIGHT: 25&22 SALE PRICE/SF: 599.94 STORIES: I INTEREST RATE: BSMNT SIZE: DOWN PYMT: BSMNT FINISH: LOAN TERM(YRS): ZONING: POINTS PAID: QUALITY: Good COMMENTS: NEW WINDSOR MARKETPLACE HAS 96,062 S.F.OF RETAIL SPACE.THE CENTER IS ANCHORED BY A 66,662 S.F.KING SOOPER'S STORE WITH AN ATTACHED SMALL RETAIL STRIP WING WITH 15,400 S.F.. A SECOND STANDALONE RETAIL BUILDING CONTAINS 14,000 S.F.. THE PURCHASE PRICE WAS ADJUSTED BY 5300,000 FOR THE KING SOOPER SELF SERVE GAS STATION INCLUDED IN SALE. 4,200 S.F.WAS VACANT OR 4.3%AT TIME OF SALE. CONFIRMED SALE WITH NICK STUDEN JR. \/`1 kr �,p ` 0001"l� r X44 al��. �: .ti '' , 1 f d I P s: ,� ..41 fY•�i1` a .� !� ,14:11� ' 5'+.e III .�C I Pi I. Ia {{ r +,� '.._.i I J ll „, NN.,,{,{: 7 ,,t I K f ,A, Iii .- r adry'��Ilq w pi� aY �� r :u_ i "1I 7��. . _ • COMPARABLE SALE COUNTY: WELD ACCOUNT R4267206&4347806 PARCEL NUMBER: 080720130001/080720223003 PRIMARY OCC: Neighborhood Shopping PERCENT: 100% SECONDARY OCC: PERCENT: THIRD OCC: PERCENT: ADDRESS: 1039& 1215 MAIN ST WINDSOR RECEPT NUMBER: 3361500 SALE DATE: 2/3/2006 GRANTOR: WINDSOR MALL INVESTMENTS LLC SALE PRICE: $4,750,000 GRANTEE: WINDSOR TOWN CENTER LLC ADJ SALE PRICE: YEAR BUILT: 1974& 1999 CLASS: C EFFECTIVE AGE: LAND/BLDG RATIO: 5.07 LAND SIZE (SF): 236,233 LAND VALUE: $569,657 BLDG SIZE (SF): 46,543 IMPS PRICE/SF: $89.82 WALL HEIGHT: 14& 16 SALE PRICE/SF: $102.06 STORIES: 1 INTEREST RATE: BSMNT SIZE: DOWN PYMT: BSMNT FINISH: LOAN TERM(YRS): ZONING: POINTS PAID: QUALITY: Average COMMENTS: WINDSOR TOWN CENTER II AT 1215 MAIN HAS 20,500 SF,BUILT 1999, WINDSOR WEST CENTER AT 1039 MAIN HAS 26,043 SF,BUILT 1974. 18'X 36' STORAGE SHED IN REAR NOT INCLUDED IN GROSS SQUARE FOOTAGE.CONFIRMED SALE WITH LARRY BUCKENDORF (SELLER). 4,. COMP JJESS 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 3030 South College Avenue•Fort Collins,Colorado 80525 Mailing Address:P.O.Box 2125•Fort Collins,Colorado 80522 Telephone:(970)226-1500•FAX: (970)223-4156 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, Can . Line, CPA Treasurer of Everitt Enterprise, Inc. and Manager of Capital Managers, LLC ACL/dmh Enclosures May 24, 2007 Mr. Christopher M. Woodruff c (� )..//j `C 1( Weld County Assessor u 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 II, 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.R7 102498 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