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Home My WebLink About20072432.tiff RESOLUTION RE: THE BOARD OF EQUALIZATION, 2007, WELD COUNTY, COLORADO - STIPULATE PETITION OF: WESTLAKE VILLAGE II LLC CIO P B ROCHE SOLUTION P 0 BOX 336850 GREELEY, CO 80634 DESCRIPTION OF PROPERTY: ACCOUNT#: R0057793 PARCEL#: 095913221006- GR WLV-6A PT TRACT 6 WESTLAKE VILLAGE CENTER BEG NE COR SAID SUBDIVISION S39D13'W 294.02'TO TRUE POB SO1 D38'E 82.72'N88D13'E 46.3'S01 D06'E 10.65'S88D13'W 46.2'S01 D38'E 12'S88013'W 120.97'S01 O46'E 0.83'S88D13'W 19.9'NO1 D34'W 87.45'N88D12' 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 $ 75,305 $ 75,305 Improvements OR Personal Property 1,745,695 1,672,855 TOTAL $ 1,821,000 $ 1,748,160 WHEREAS,said Stipulation shall resolve all issues to have been determined by the Weld County Board of Equalization. 2007-2432 AS0067 C�: 04, /741, Al-7) er,%il 7 RE: BOE - WESTLAKE VILLAGE II LLC, R0057793 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 COUNNTY, COLORADO ATTEST: L ,I_D,��/%/// c� 4 '" 11 DD�/�/ c cili David E. Long, Chair eld County Clerk to the Board EXCUSED % :?t: : T0m ia D AS TO FORM: ( ` O • obert D. Masden Assisgrit CoUtity AttorneW <t r--, Douglas Ra emacher Date of signature: 2007-2432 AS0067 2007 COUNTY BOARD OF EQUALIZATION WELD COUNTY ASSESSOR'S ACCOUNT NUMBER R0057793 STIPULATION (As To Tax Year 2007 Actual Value) RE PETITION OF : NAME: WESTLAKE VILLAGE II LLC C/O P B ROCHE SOLUTIONS ADDRESS: P O BOX 336850 GREELEY, CO. 80634 Petitioner(s), WESTLAKE VILLAGE II LLC and the 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 desQribed as: PT OF TRACT 6 WESTLAKE VILLAGE CENTER, AKA 2030 35'n AVENUE GREELEY, CO. 80634 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 $ 75.305 Improvements$1,745.695 Total $1,821,000 4. After further review and negotiation, the petitioner(s) and Weld County Assessor agree to the following actual value for the subject property. Land $ 75.305 Improvements$1,672.855 Total $1,748.160 2007-2432 • 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 adjusted based upon the Income Approach. Subject had hiqh vacancy rate 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 his 16 day of July, 2007. e ' 'roner(s) or Agent Petitioner(s) or Attorney Address: Address: Telephone: Telephone: County Asse sor#1 .4i)fi 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 GR WLV-6A PT TRACT 6 WESTLAKE GREELEY,Co 80631 416it VILLAGE CENTER BEG NE COR SAID SUBDIVISION S39D13 'W 294 . 02 ' TO PHONE(970)353-3w co weT.3650 TRUE POE S01D38' E 82 . 72 ' N88D13 ' E ww .co.weld.co.us 46 . 3' S01D06' E 10 . 65'S0 12 ' G 120 . 97' V��'D OWNER: WESTLAKE VI 8 LLAGEIII3LLC COLORADO WESTLAKE VILLAGE II LLC LOG 2872 C/O P B ROCHE SOLUTION PARCEL 095913221006 P O BOX 336850 ACCOUNT R0057793 GREELEY, CO 80634 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 lfl PRIOR TO REVIEW AFTER REVIEW esi COI5MKItC6L 0 O'IS)JE'd 1821000 1821000 Lu �o Q > CD JD E�J to _ w E P 3 TOTALS $ $ 1821000 $ 1821000 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 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. ,41.ta^ cf. i : I you choose to appea t 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 [ lttai t,i. You will be note leo t e time and place set for the hearing of your appeal. : '; a'*S?6,'a' 1'GrEDIFAIAZATIONiSilEMIMINAMONF, 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. `• '�' tni, ?RT TER A S$ It you are not wit the County Board 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. / p (6e) 1:1 C<'+.< IX� { /( II I d 0 ".S 2a '_if Jc 1'in?,,.176 dtilJe . rill-IL [aOat A5,1t1SO/ 6_'4 J J 1414 lit d 9i e % s (av dl N . kOF S PE Ill 1ONER p�(,E NOD 20762 87/07 • RowE Solutions Fax Transmittal y TO: I4/#4 (I vi/x ArJth FAX#: 3d}/-- (r�3 FROM: 21";>' Al fir #PAGES: Y pages (INC. COVER) SUBJECT: TGrt 4cc.✓4l # 4059293 DATE: S' d ` o 2 Comments: p / 1 4,7/( yu� -rot Cvllfdrll) j",i) Wed/ IF THERE IS A QUESTION OR PROBLEM WITH THIS TRANSMISSION,PLEASE CALL Phone-(970)356-6900 e-ai /J 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 35TH AVENUE,UNIT A-1 GRAEP.I EY,CO 80634 PHONE 970.356.6900 FACSIMILE 970.366.7171 Parcel # 095913221006 Account# R0057793 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: Weld County Assessor Name: Weit/dk ////td I ILK Address: 9,o ,'y� v4 tic N. 17th Avenue (A.4 Co Id6 2y / Greeley, CO 80631 Phone: C/) 55 69, 1°t 11 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 ego, 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 COMMUNITY SHOPPING C YEAR BUILT 1992 CLASS MASONRY TOTAL BLDG SQ FT 14568 TOTAL COMMERCIAL SQ FOOTAGE 14568 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 water rights erected upon or affixed to land,whether or not title to such land has been acquired, 39-1-102(71,C.R. S. NOV 18O212 62 04/07 REAL PROPERTY QUESTIONNAIRE ATTACH ADDITIONAL DOCUMENTS AS NECESSARY VIARKET APPROACH: This approach to value uses sales from the appropriate time period to determine the actual value of your property. The following items. if knot';n. will help you estimate the market value of your )roperty. f available, attach a copy of any appraisal or written estimate of value. -lave similar properties in your immediate neighborhood sold? )ATE SOLD PROPERTY ADDRESS SELLING PRICE 4Iote: The Cost and Income Approaches are used for Non-Residential properties only. 2OST APPROACH: This approach uses replacement cost new, less depreciation and is best when the structures tre new or less than 5 yrs old. If the structure is less than 5 yrs old please answer the following: Cype of Structure Cost to construct new -lave changes been made since construction. Tease describe them. Type of change Cost Cype of change Cost Fype of change Cost INCOME APPROACH: This approach uses net income from operation of a property which was rented or leased he previous year and converts the net income into actual market value. Please attach operating statements showing ncome and expenses related to operation of the buildings only. These statements should reflect the past 3 years of )peration if possible. Also show rents of comparable properties if you have that information available. If you have in appraisal showing the income approach which was done in the past 2 years, please attach also. 3ased upon the information shown above please give your estimate of the true market value of your property as of rune 30, 2006 $ J 6 dad . DOCUMENTATION - REASON FOR REM.UESTING A REVIEW: 2� ,Z4C;n -�`tcfi n p 1'p A Ai I>)/m✓4 _c.0, 144 of vekt Ad.,4 , 6i�j" StV. 444+11 'erification: I,the undersigned owner or agent of this property,state that the information and facts contained herein nd on any attachments onstitute true and complete statements concerning the described property. Signature: Owner, Date: ..- O' 6 (circle one) Address: a73.0 is-t _O14 4' L — Daytime Phone #:( 91a) 6:f 4ra ? 62 ' 1p. r• /1 NO'Ial/212 62 04107 Property: Westlake Village II 35th Avenue Greeley, CO PRIOR PROPOSE[DIFF Date: May 29, 2007 R0057793 1,748,160 1,821,000 72,840 SQ. FT. $/SQ. FT. TOTAL I. COSTS: A.Land &Building 14,384 126.60 1,821,000 B. Improvements TOTAL COSTS 1,821,000 ANNUAL SQ. FT. $/SQ. FT. TOTAL II. INCOME: Rent 14,384 15.98 229,856 19,155 RATE TOTAL III. EXPENSES: 5% 11,493 Vacancy Management Fee 2.95% 6,781 Insurance 2,087 Taxes 40,478 1,687 tax increase to value of 1,821,000 Utilities 3,604 Trash 4,716 Maintenance 16,774 TOTAL EXPENSES 85,933 NET OPERATING INCOME 143,923 ANNUAL DEBT SERVICE (18YR @ 6.25%) 117,193 9,766 ANNUAL NET INCOME 26,730 2,227 IV. SUMMARY N.O.I. 143,923 • Debt Service 117,193 Annual Cash Flow 26,730 • Actual Cap. Rate Value at a Cap. Rate of 8.5% 1,693,212 7.90% Conclusion: Based on the actual rental and expenses for this property the proposed 2007 Value for the property of$1,821,000 would show a Cap. Rate of 7.90%. With the current 2006 Value of$1,748,160 the Cap. Rate is 8.23%. With a minimum acceptable Cap. Rate of 8.5%the property value should be closer to$1,693,000. Thank you for considering this Real Property Valuation Appeal. Hello