HomeMy WebLinkAbout20072214.tiff RESOLUTION
RE: THE BOARD OF EQUALIZATION, 2007, WELD COUNTY, COLORADO - DENY
PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE
PETITION OF:
TRIPOINTE BUSINESS CENTER LLC
2400 INDUSTRIAL LN STE 2100
BROOMFIELD, CO 82020
DESCRIPTION OF PROPERTY: ACCOUNT#: R4648007 PARCEL#: 096120226001 -GR
TBCC UNIT 1 TRIPOINTE BUSINESS CENTER CONDOS 3001 8 AV 1 EVANS 000000000
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 not being present or represented, 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 $ 0
Improvements OR
Personal Property 3,297,660
TOTAL $ 3,297,660
e4i°�7 tee' 2007-2214
L'�'' /95; i AS 067
3/496/o Off
RE: BOE - TRIPOINTE BUSINESS CENTER 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
Court of 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
fora 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.
2007-2214
AS0067
RE: BOE - TRIPOINTE BUSINESS CENTER 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 maybe 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 2nd day of August, A.D., 2007.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
ATTEST: a� EXCUSED
David E. Long, Chair
Weld County Clerk to th!BEI S� ?� 4 '*1
William e, ro-Tem
Deputy Clerk t:the Boar jIt
William F. Garcia
APPROVED AS TO FORM:
EXCUSED
^^ �� '' D. Masden
`)Glyn kefitiCil/
Assist t Courtly Attorney V o
Douglas ademacher
Date of signature: 0%7OD7
2007-2214
AS0067
Weld County
CHRISTOPHER WOODRUFF COUNTY ASSESSOR
BRENDA DONES, DEPUTY ASSESSOR
VALUATION REPORT
OF
COMMERCIAL PROPERTY
FOR
County Board of Equalization
TRIPOINTE BUSINESS CENTER LLC
PETITIONER
VS.
WELD COUNTY ASSESSOR'S OFFICE
RESPONDENT
Parcel Number: 0961-20-2-26-001
Schedule Number R4648007
Log Number: 3647
Date: 08/02/2007
Time: 3:30 pm
Board: CBOE
PREPARED BY
CHARLES C. JACK
07/31/2007
Signature Date
ASSESSOR'S OFFICE STAFF APPRAISER
ASSESSOR'S VALUE
Improvements $3,297,660
Land (CONDO) 0.00
Total: $3,297,660
Page #1
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 3001 8 AV, Condo #1
EVANS
Land Area 73.18% of GCE or 510,216.81 sq. ft.
Property Type Commercial
Office Building
Year Built 1963 through 1987
Year Remodeled 1980 through 2005
Quality Average
Class Masonry
Number of Stories 2
Improvement Sq. Ft. 164,883
Value Indications:
Cost Approach n/a
Market Approach $4,946,500
Income Approach $3,353,500
Assessor's Value $3,297,660
Page #2
CBOE_COMM_010998
Page 2
Subject Photo
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Page #3
CBOE_COMM_010998
Page 3
Subject Sketch
CV 47
6 Gross Area
c3 8'� First Floor 172,748.0 sq.It (P0.1)
^�. Garden Level Office 62,428.0 sq.S (P9.2)
44.1. r` 0. Total Gross Area 235,174.0 sq.ft.
-42 ftr
a 4
Pt ki
cb 1:1 S3 257.7'
GCE tideway es T
s' �126.6' 12.3' 116.8'
240.6' 6.4 T-
t.:
Condo
14
Unit#2 b e V
60,436.0 sq. ft. F. e x
L., Condo
Unit #1
'e) OCE b" 22.0' 1O4,668.O sq.R.
..
181.6' 31.8' i, 22.4 N LD
180.7' fJ.n - - 1stfloor, 18.7' n1" Garden Level9.1' `o o rot.? (P0.2)
0 4' .tri—
66.0' 4 30.3' 33.0'4:412.4'
83
ci
140.9'
150.0' o I ao
v- r
w
30M. 102.0' N 1 11z.4
226.0' al N 4 115.0'
Sketch by Apex IVeA
Oarden Level Office 104.0'
Gross
62426.0 sgen.a 118.3' 0 83.3'
Cr" Condo Unit
o Unit#1 Garden Level
CV 60,215.0 sq.ft.
14.7' '+?
o [U
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oi m
CO m
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of
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196.0' O 0 20.0'
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Sketch by Apex IV^"
CBOE COMM 010998
Page 4
COMPARATIVE SALES 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 January 1, 2005 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.
Based upon investigation and analysis, it is the opinion of the appraisers that the
value of $30.00 accurately reflects the market value of the subject property.
VALUE AS INDICATED BY THE MARKET APPROACH
$4,946,500
Page#5
CBOE_COMM_010998
Page 5
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Out of base yr sale
6 Not included in analysis
Parcel # 96120208024 96120226002
Address 3001 8 Av 3001 8 Av#2
Grantor UNC Tripointe
Grantee Res-0310 LLC Normedco
1/9/2007
Sale Date 11/19/2003 (Contract date 05/2006)
$2,850,000
Sale Price Liquidation Sale $2,719,600
Land Size 697,232 (26.82%) 186,991
L/B Ratio 3.04 3.09
Bldg SF 229,036 60,436
Effective age 1963/1980 1980
Use Office/Whse Office
Sale PSF $12.44 $45.00
Remodel / updating $1,550,011
Adjusted sales price $4,400,011
$26.68
Page #7
CBOE_COMM_010990
Page 7
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- , , . ilk
a
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COMPARABLE SALE #1 COUNTY: WELD
ACCOUNT R3276804 PARCEL NUMBER: 080330200011
PRIMARY OCC: Office Building PERCENT: 100%
SECONDARY OCC:Office Building PERCENT: 100%
THIRD OCC: Office Building PERCENT: 100%
ADDRESS: 1900 AA ST GREELEY
RECEPT NUMBER: 3226161 SALE DATE: 10/8/2004
GRANTOR: MONFORT OF COLORADO INC SALE PRICE: $2,000,000
GRANTEE: GREELEY ASSEMBLY OF GOD CHURCH ADJ SALE PRICE:
YEAR BUILT: 1958 thru 1987 CLASS: S&D
EFFECTIVE AGE: LAND/BLDG RATIO: 13.84
LAND SIZE(SF): 866,844 LAND VALUE: $199,000
BLDG SIZE(SF): 62,603 IMPS PRICE/SF: $28.77
WALL HEIGHT: 9 SALE PRICE/SF: $31.95
STORIES: 1 INTEREST RATE:
BSMNT SIZE: DOWN PYMT:
BSMNT FINISH: 4,648 LOAN TERM (YRS):
ZONING: POINTS PAID:
QUALITY: Fair
COMMENTS: CONFIRMED SALE WITH PASTOR ANGEL FLORES,ESTABLISHED VALUE WAS$2,000,000,
CHURCH PAID$600,000, SELLER TOOK$1,400,000 AS CHARITABLE DONATION.IMPROVEMENTS
CONSIST OF THREE SEPARATE OFFICE BUILDINGS,FOUR MISCELLANEOUS OUTBUILDINGS.
NO VALUE.
Page #8
CBOE_COMM_010998
Page 8
Laedng W I I i
2206.0 B.F.\
Genurtoi Vl
0.5
34 EnNowre
Shad*
126E S.F.
19A' .j b
\CanoPY
Over
_ Loading Dock
20013 S F.
Office
Fbst Flow 91978.0 SF.
—
- 27811'
• .
• 29. 205
all Canop• y
rI IBM SF.
I
��
mxrn ev Poe.rw �
COMPARABLE SALE #2 COUNTY: WELD
ACCOUNT NUMBER: R0355194&R0355394 PARCEL NUMBER: 080331000038&
040
PRIMARY OCC: Office Building PERCENT: 100%
SECONDARY OCC: PERCENT:
ADDRESS: 1450 N. 12 AV GREELEY
RECEPT NUMBER: 3273746 SALE DATE: 4/1/2005
GRANTOR: SYKES REALTY INC SALE PRICE: $2,400,000
GRANTEE: S&E INVESTMENTS LLC ADJ SALE PRICE:
YEAR BUILT: 1994 CLASS: C
EFFECTIVE AGE: LAND/BLDG RATIO: 12.26
LAND SIZE(SF): 514,443 LAND VALUE: $411,554
BLDG SIZE(SF): 41,978 IMPS PRICE/SF: $47.37
WALL HEIGHT: 15 SALE PRICE/SF: $57.17
STORIES: 1 INTEREST RATE:
BSMNT SIZE: DOWN PYMT:
BSMNT FINISH: LOAN TERM (YRS):
ZONING: GRE PUD POINTS PAID:
QUALITY: Average
COMMENTS: BUILDING VACANT AT TIME OF SALE. PURCHASE PRICE INCLUDES 5.59 ACRES OF VACANT
LAND ON WEST SIDE OF N. 12TH AVENUE. NEW LEASE WITH TENANT(ACCUTEL, INC)
Page #9
CBOE_COM1M_010998
Page 9
100.0' 27 8'
Ihr . _ 140 0' ry ry 152.8' ry ry 78 T
}._. -
First Floor
- 126140.6 S.F.
, 7 - --, t - --t ry ry
80.0' 240'6,0, 133.3 42.T 12.0' 1200' Q 24.0'80,' 80.0'
COMPARABLE SALE #3 COUNTY: WELD
ACCOUNT NUMBER: R6926398 PARCEL NUMBER: 1 31 31 4200078
PRIMARY OCC: Industrial Light Manufacturing PERCENT: 60%
SECONDARY OCC:Storage Warehouse PERCENT: 20%
THIRD OCC: Office Building PERCENT: 20%
ADDRESS: 9586 E I-25 FRONTAGE RD, LONGMONT
RECEPT NUMBER: 3343660 SALE DATE: 11/28/2005
GRANTOR: 95861-25 E FRONTAGE ROAD SALE PRICE: $7,350,000
GRANTEE: APPLIED FILMS CORPORATION ADJ SALE PRICE: $7,350,000
YEAR BUILT: 1997 CLASS: C
EFFECTIVE AGE: LAND/BLDG RATIO: 2.64
LAND SIZE(SF): 333,670 LAND VALUE: $600,605
BLDG SIZE(SF): 126,245 IMPS PRICE/SF: $53.46
WALL HEIGHT: 20 SALE PRICE/SF: $58.22
STORIES: 1 INTEREST RATE: 0.00%
BSMNT SIZE: DOWN PYMT: $0
BSMNT FINISH: 0 LOAN TERM (YRS):
ZONING: POINTS PAID: 0
QUALITY: Average
COMMENTS: Building was formally Applied Films Corporation which created copied of video tapes
and distributed them.
Page #10
CBOE_COMM 010998
Page 10
458.3'
70.0'
E m
O
mom ( 188045.6 S.F. N
w r __
Office
N
N_ 05 cc[
0
70.0'
Truck Wast o
•
b m
523.3'
COMPARABLE SALE #4 COUNTY: WELD
ACCOUNT NUMBER: R7433398 PARCEL NUMBER: 1 31 31 4301 001
PRIMARY OCC: Distribution Warehouse PERCENT: 90%
SECONDARY OCC:Office Building PERCENT: 10%
THIRD OCC: PERCENT:
ADDRESS: 4001 SALAZAR WAY FREDERICK
RECEPT NUMBER: 3355277 SALE DATE: 1/11/2006
GRANTOR: SNKTW LLC UND 62%INT& SALE PRICE: $9,200,000
GRANTEE: FIRST INDUSTRIAL LP ADJ SALE PRICE: $9,200,000
YEAR BUILT: 1999 CLASS: C
EFFECTIVE AGE: LAND/BLDG RATIO: 3.01
LAND SIZE(SF): 570,636 LAND VALUE: $770,359
BLDG SIZE(SF): 189,776 IMPS PRICE/SF: $44.41
WALL HEIGHT: 31' &16' SALE PRICE/SF: $48.47
STORIES: 1 INTEREST RATE:
BSMNT SIZE: DOWN PYMT:
BSMNT FINISH: LOAN TERM (YRS):
ZONING: POINTS PAID:
QUALITY: Average
COMMENTS: Building consists of office, warehouse, truck wash, and scale house. There is a 50 ton
scale, dock high, and ground level overhead doors.
Page# 11
OBOE_COMM 010998
Page 11
200.50'
144.00 154.50'
Warehouse Office Area
ffi
8640.0 S.F. 60.00' 9270.0 S.F. 80.00'
Year Built 2000 Year Built 2000
WH 20'
43.00'
240.00'
Light Industrial Manufacturing—
-- - Total Building Area
8701 S.• F.
I..�. 70 00 g HVAC
IV, RI 181.00' - Year Built 1994
— r r's- I —1.�Q.` - "L ^—. . L. 1, _El 142.00 Zr
__- 3---7,.-3,—. .._,-- —_ m Noe Area — ,_ 19999.0 S.F. _
_
_ — —�- ._. — 2950'
20.00' :B Loed'mg Dock
0O 40.00' m
152.00 100.00'
6Mo�by Po++IVTM
COMPARABLE SALE #5 COUNTY: WELD
ACCOUNT NUMBER: R0258195 PARCEL NUMBER: 131314000003
PRIMARY OCC: Storage Warehouse PERCENT: 64%
SECONDARY OCC:Office Building PERCENT: 36%
THIRD OCC: PERCENT:
ADDRESS: 4076 SPECIALTY PL Firestone, CO
RECEPT NUMBER: 3128267 SALE DATE: 11/12/2003
GRANTOR: DOVATRON INTERNATIONAL INC SALE PRICE: $3,500,000
GRANTEE: HCF LLC ADJ SALE PRICE: $3,500,000
YEAR BUILT: 1994 CLASS: C
EFFECTIVE AGE: LAND/BLDG RATIO: 2.77
LAND SIZE (SF): 241,758 LAND VALUE: $435,164
BLDG SIZE (SF): 87,231 IMPS PRICE/SF: $35.13
WALL HEIGHT: 20 SALE PRICE/SF: $40.12
STORIES: 1 INTEREST RATE:
BSMNT SIZE: DOWN PYMT:
BSMNT FINISH: LOAN TERM (YRS):
ZONING: POINTS PAID:
QUALITY: Average
COMMENTS:
Page #12
CBOE_COMM_010998
Page 12
- Main Level 167,593
200' Lower Level 61,443
ran eon Total SF 229,036
188.0'
20 1'
84.0' 32.0'
258 0
_ 1 Level
—_ _. �- --- -- 145.0'
- — - 315.0'
sue-
'� y '�
�= 47.0'
228.0'
35 n'
270'
s�o3v Poevmwlntlew» """""""" 356.0'
COMPARABLE SALE #6 COUNTY: WELD
ACCOUNT R8924300 PARCEL NUMBER: 096120208024
PRIMARY OCC: Office Building PERCENT: 100%
SECONDARY OCC: PERCENT:
ADDRESS: 3001 8 AV EVANS
RECEPT NUMBER: 3129231 SALE DATE: 11/19/2003
GRANTOR: UNIVERSITY OF NORTHERN CO SALE PRICE: $2,850,000
GRANTEE: RES-0310 LLC ADJ SALE PRICE: $2,850,000
YEAR BUILT: 1963 CLASS: C
EFFECTIVE AGE: 14 LAND/BLDG RATIO: 3.04
LAND SIZE (SF): 697,232 LAND VALUE: $732,094
BLDG SIZE (SF): 229,036 IMPS PRICE/SF: $9.24
WALL HEIGHT: 15 SALE PRICE/SF: $12.44
STORIES: 2 INTEREST RATE:
BSMNT SIZE: DOWN PYMT:
BSMNT FINISH: LOAN TERM (YRS):
ZONING: C-3 POINTS PAID:
QUALITY: Average
COMMENTS: This property was dumped by the UNC Foundation in late 2003 to an investment company from Denver.
The Foundation is on record as saying it needed to liquidate the property because they had just lost their leasee and
couldn't afford to have it eat them up if they couldn't use it for some function related to the University.
Page #13
CBOE_COMM_010998
Page 13
No yo, Gross Area
p >gg First Floor 172,746.0 sq,tt (P5.1)
^� Garden Level Office 62,426.0 sq.ft. (Pg.2)
Via. 8°o Total Gross Area 235,174.0 sq ft.
ss
assffi-
.
ea.
4 m 73 257
` e,'•e ':' y say GCE Hallway F.(' 1259' 123' 118.8'
et .., ,�.�.'.1 2906 5.41 IL
/i ^
Condolt v 1
135 Unit#2 b b
a u 60,436.0 sq.ft. g @
Condo
Unit#1
31.0'
_ �_�_ r -4c a GCE r zze ,668.0sq e N
04 ft
` .a." „,,_,0—.'7ra 181.5' 710' 224 n [n
'f �.�- —Z..�i� 180.7' GCE n o- 1st floor ,3, m
J`, ;ter M ^ Gartlen Level
_ .� ..1"....4416 .,_ M o :16,
m IPG.27
'�6`. 56.1'
-�_�`J' �l _ ,�'+ m B34 ;'194 N 330�12 N
--7447" AO
—e """ 85 0 30 3 33 9 12 9+�f{V1%" -
199.9'
�:.p.Y+'1�If�b' ..1rAS;lira; 150 0
3p$ 1920' n1^ 112.4'
226.0' 115.0'
Sketch by Apex IV.
COMPARABLE SALE COUNTY: WELD
ACCOUNT R4648107 PARCEL NUMBER: 096120226002
PRIMARY OCC: Office Building-Condo PERCENT: 100%
SECONDARY OCC: PERCENT:
THIRD OCC: PERCENT:
ADDRESS: 3001 8 AV#2, EVANS
RECEPT NUMBER: 3447299 SALE DATE: 1/9/2007
GRANTOR: TRIPOINTE BUSINESS CENTER LLC SALE PRICE: $2,719,600
GRANTEE: NORMEDCO CARE INC ADJ SALE PRICE:
YEAR BUILT: 1963 CLASS: C
EFFECTIVE AGE: 1980 LAND/BLDG RATIO:
LAND SIZE (SF): LAND VALUE:
BLDG SIZE(SF): 60,436 IMPS PRICE/SF:
WALL HEIGHT: 15 SALE PRICE/SF: $45.00
STORIES: 2 INTEREST RATE:
BSMNT SIZE: DOWN PYMT: $2,719,600
BSMNT FINISH: LOAN TERM (YRS):
ZONING: POINTS PAID:
QUALITY: Average
COMMENTS: The date of the contract was May 25th, 2006. The subject is Condo unit#2 of the Tripointe Business
Center Condos with 26.82%of the GCE.
Page #14
CBOE_COMM_010998
Page 14
Income Approach
Lease comparables
is t ' iv l�sj wl Lae
Asking
Rents $2.95 42,843 29% $126,387
$4.00 19,171 13% $76,684
$4.95 68,540 45% $339,273
$7.95 14,085 9% $111,976
$11.95 6,565 4% $78,452
Totals 151.204 sa. ft 1Q4°!n $732.772 Avg $4.85 nnn
.. r.. r y}� '�u� Mtx "v qg;�` �,�v v� '� �d�Av L" vv Ei t vag� � ¢� ya�:. r v:
t .. s'a;: ., rt�v, ,�,gymy ,�,sv;... .. vv. 1'{�'v.1�!,� ° x,r:::� .. v k v, ,a,x e ' v'C+ 'i''i,.vi tlt�r";_:
� `� .. 7;T1/$a.�# �:. i:':_f �� :. �dn 1 p fi.s�;.Y R .=�r: �`,I,I � ..:,I+.,. .:
Account# Address Area leased yr blt NNN PSF
R2811086 801 8 St 20,000 $7.50 NNN
R4696707 2600 11 Av 19,000 $8.00 NNN
R3854286 3026 4 Av 26,878 $8.50 NNN
R0030992 1001 9 Av 5,124 $7.80 NNN
Real Tec Range $8.00 - $12.00
Page #15
CBOE COMM_010996
Page 15
-1 r 3 a:Mq t! a Ns 9 a^5i a� !
Parcel : 096120226001
Name: Tripointe Business Center
Address: 3001 8 Av, Evans
Bldg Sq Ft Use No of Units
164,883 Office/Retail/Whse
Effective
Tax Rate Mill Rate Assm't Rate Tax Rate
0.081691 0.29 0.0236904
Avg Rent
PSF
a9 Annual
sitt ., Net Area NNN Rent per Gross
^v� Rent PSF Month Income
" anir �Gsem2'. .`a..1d.s.�wAA.€,wx r-(
Less Vacancy & Expenses
Vacanc 30% $220,002
.R P. 3tYll rx �titS ¢3x"�E raxa
�L :_ ' k., :is,r a• ;s t " S.Ys< •.s Yam _c` , "s"
tk,
mgmt 5% $25,667
maintenace 39/0 $15,400
utilities .60 psf $98,929
Insurance .18 psf $27,732
R/R 2% $10,267
•eifr. itr*.- �W r 2xi. ✓ v FT. '3 z[ FN.b-,�" ".,
Net Income/Overall Cap Rate = Property Value
Property
Value
70% of
.023 $20.33
Pak¢�^=�.�a.a'.�'1';. �- 2 ,w•
.
Value per sq. ft. $20.33
Page #16
CBOE_COMM_010998
Page 16
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$3,297,660 , most accurately reflects the value of the subject property in
Weld County for the 2007 tax year.
COST APPROACH MARKET APPROACH INCOME APPROACH
n/a $4,946,500 $3,353,500
moist I liiy3XxYkz
Improvements & Land $3,297,660
Total: $3,297,660
Page #17
CBOE_COMM 0109998
Gage 17
NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR
1400 NORTH 17th AVE.
44t ' GR TBCC UNIT 1 TRIPOINTE BUSINESS GREELEY,CO80631
CENTER CONDOS 3001 8 AV 1 EVANS PHONE(970)353-3845,EXT.3650
'"* 000000000 www.co.weld.co.us
OWNER: TRIPOINTE BUSINESS CENTER LLC
COLORADO
BARTHOLOMEW DAIEL R LOG 3647
6795 EAST TENNESSEE AVENUE SUITE 400 PARCEL 096120226001
ACCOUNT R4648007
DENVER, CO 80224 YEAR 2007
Owner: TRIPOINTE BUSINESS CENTER 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
OFVALUE ACTUAL VALUE ACTUAL VALUE
PRIOR TO REVIEW AFTER REVIEW
COMMERCIAL 3297660 3297660
TOTALS $ $ 3297660 $3297660
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 87109
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.
APPEAL PR a *. o
If you choose to appeal a 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
NOTIFICATIONOF HEARING:
You will be notified of the time and place set for the hearing of your appeal.
CODE i ROARD'OF EQUALIZATION'S DETERMINATION
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.
TA fPA'YEI RIGHTS FOR FURTHER WEALS:
If you are not satisfied with the County Board of Equalization' s decision you must file within thirty days of the
County Board of Equalization' s written decision with ONE of the following:
Board of Assessment Appeals (BAA):
1313 Sherman Street, Room 315
Denver, Colorado 80203
Telephone (303) 866-5880
www.dola.colorado.gov/baa
District Court:
9th Avenue and 9th Street, P.O. Box C
Greeley, Colorado 80632
Telephone (970) 356-4000, Ext. 4520
Arbitration:
WELD COUNTY BOARD OF EQUALIZATION
915 10th Street, P.O. Box 758
Greeley, Colorado 80632
Telephone (970) 356-4000, Ext. 4225
If you do not receive a determination from the County Board of Equalization, contact the county board. If the
county board is not going to mail a decision, you must file an appeal with the Board of Assessment Appeals by
September 10th.
TO PRESERVE YOUR APPEAL RIGHTS,YOU MUST PROVE YOU HAVE FILED A TIMELY
APPEAL; THEREFORE, WE RECOMMEND ALL CORRESPONDENCE BE MAILED WITH PROOF
OF MAILING.
PETITION TO THE COUNTY BOARD OF EQUALIZATION
In the space below, please explain why you disagree with the Assessor' s valuation. IN ACCORDANCE WITH §
39-8-106(1.5), C.R.S., IF YOUR APPEAL INVOLVES REAL PROPERTY, YOU MUST STATE YOUR
OPINION OF VALUE IN TERMS OF A SPECIFIC DOLLAR AMOUNT. Attach additional documents as
necessary. 1r=t tic _ € ieserve t-E3 _
516 Al RE OFPti11170 R DA�J(317
I
NOD 207 62 87/07
DANIEL R. BARTHOLOMEW
Attorney&Counselor at Law
6795 East Tennessee Avenue
Sake 400
Denver Colorado 80124
(303)757-1799
(303)757-1793 fax
July 13, 2007
Weld County Board of Equalization
915 10th Street,P.O. Box 758
Greeley, Colorado 80632
Re: Notice of Appeal
TriPointe Business Center
Arsenault Acquisition Corp. - Owner contact
Susan Christensen or Sharon Eshima(303)466-2500
do Dan R. Bartholomew
6795 East Tennessee Avenue
Suite 400
Denver, Colorado 80224
Schedule Numbers: 096120226001 and 096120208025
Property Address: 3001 E. 8th Avenue
Evans, CO 80620
To the Board:
In my capacity as a Colorado licensed attorney(Registration#16772) I have been engaged by the
Owner of the above referenced property (the "Property"), to review the actual value assigned by
the Assessor to the Property.
The Property was purchased on October 10, 2003 for $950,000. The NOI of the Property
for 2004 was negative $82,266 (not subtracting the property taxes as an operating expense)
and the NOI for 2003 was substantially negative also. The NOI of the Property for 2005
was negative $946,961 (not subtracting the property taxes as an operating expense) and the
NOI for 2006 was negative $98,780 (not subtracting the property taxes as an operating
expense). The cumulative negative NOI for the Property from the time of purchase
through 1/1/07 is in excess of $1,300,000, not including the property taxes as an operating
expense or other carrying costs to the owner.
Based upon the actual income and expenses of the Property during the eighteen month base
period, the Property should not be valued in excess of $1,600,000. The Property has
averaged 76.90%vacancy from the time of purchase through the present, averaged 75.23%
vacancy from 1/1/05 through 1/1/07 and was 69.99% vacant on 6/30/06. The vacant land
parcel was acquired to provide additional parking to the primary parcel and should be
valued as a tie back parcel to the main parcel.
Additionally, the Notices of Valuation and the country records contain erroneous land
square footages for the land parcel. The remaining amount of land is only approximately
119,255 square feet of land (2.737 acres), not the 315,153 square feet (7.23 acres) shown in
the Assessor's records. The 4,118 square foot structure listed as a restaurant is unusable,
will need to be demolished and is a negative to the Property.
Therefore, we respectfully request that the valuation of the Property be reduced accordingly.
Sincerely,
,„„„dasnistrd4pLipti
Dan R. Bartholomew
CLERK TO THE BOARD
I PHONE (970) 356-4000 EXT 4226
r�l FAX: (970)352-0242
WEBSITE: www.co.weld.co.us
I 915 10TH STREET
WI P.O. BOX 758
C GREELEY, COLORADO 80632
O
COLORADO
July 25, 2007
TRIPOINTE BUSINESS CENTER LLC
2400 INDUSTRIAL LN STE 2100
BROOMFIELD CO 82020
Parcel No.: 096120226001 Account No.: R4648007
Dear Petitioner(s):
The Weld County Board of Equalization has set a date of August 2, 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.
TRIPOINTE BUSINESS CENTER LLC - R4648007
Page 2
Very truly yours,
BOAS/ D OF®E ALI TN
JE ''usu/ (JAL-
Donald D. Warden
Clerk to the Board
cc: Christopher Woodruff, Assessor
DANIEL BARTHOLOMEW
6795 EAST TENNESSEE AVENUE
SUITE 400
DENVER CO 80224
DANIEL It.BARTHOLOMEW
Attorney&Counselor at Law
6795 East Tennessee Avenue
snnte 400
Denver,Colorado 80224
(303)757-1799
(303)757-1793 fa:
Facsimile Cover Sheet
To: Esther & the BOE
Company: Weld County B0E, Clerk to the Board
Phone: (970) 356-4000 x14225
Fax: (970) 352-0242
From: Dan Bartholomew
Company: DANIEL IL BARTHOLOMEW,
Attorney& Counselor at Law
Phone: (303) 757-1799
Fax: (303)757-1793
Date: 8/2/07
Pages including this
cover page: 5
Comments: I will not be present at the BOE hearings this afternoon
that are referred to in the attached letters. Therefore,I hereby request
that the Board issue an Administrative Denial for each of the parcels
involved.
I have had several discussions with Chuck Jack of the Assessor's Office
regarding this matter, but we have not yet reached a stipulated value.
Please call me if you have any questions regarding the foregoing.
Thank you,
Dan Bartholomew
d ESIA-LSL (8OE) M3WOloHlaua •a 33IWHO WHbb =Ot LOO2 2O 2nu
6 CLERK TO THE BOARD
rips PHONE (970)356-4000 EXT 4226
FAX: (970)352-0242
WEBSITE: www.co.weld.co.us
91510TH STREET
' P.O. BOX 758
GREELEY, COLORADO 80832
COLORADO
July 25, 2007
TRIPOINTE BUSINESS CENTER LLC
2400 INDUSTRIAL LN STE 2100
BROOMFIELD CO 82020
Parcel No.: 098120226001 Account No.: R4648007
Dear Petitioner(s):
The Weld County Board of Equalization has set a date of August 2,2007,at or about the hour of
3:45 PM,to hold a hearing on your valuation forassessment. 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, ce$ea cannot ha rescheduled.-leis 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.
b •d EGLI-LSI. (COE) 1r3W010H1dUB 'a 13INHO WHbb :OT t002 20 gnu
TRIPOINTE BUSINESS CENTER LLC- R4648007
Page 2
Very truly yours,
BOZD3� N
Donald D. Warden
Clerk to the Board
cc: Christopher Woodruff, Assessor
DANIEL BARTHOLOMEW
_ _6795EASTTENNESSEEAVENUE_
SUITE 400
DENVER CO 80224
S 'd 66LI-LSL (606) I13W010H1dUH '8 13INU0 WUbb =0I L002 20 9fU
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