HomeMy WebLinkAbout20062047.tiff RESOLUTION
RE: THE BOARD OF EQUALIZATION, 2006, WELD COUNTY, COLORADO - DENY
PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE
PETITION OF:
LIM INVESTMENT INC
3820 HWY 119
LONGMONT, CO 80501
DESCRIPTION OF PROPERTY: ACCOUNT #: R0085887 PARCEL#: 131310100039 - PT
NE4 10-2-68 BEG E4 COR N89D49'W 451.4' N0D24'E 1323.4' TO TPOB N0D24'E 525.03'
N89D36'W 299.99' S0D24'W 523.2' S89D15'E 300' TO POB EXC COMM E4 COR N89D49'W
451.4' N0D24'E 1323.4'TO TPOB N0D24'E 262.09'N89D23'W 299.96'S0D24'W 261.33'S89D15
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 2006, 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 2006, 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 $ 431,734
Improvements OR
Personal Property 672,266
TOTAL $ 1,104,000
2006-2047
AS0064
C0 '• As, 0 a, Prl
RE: BOE - LIM INVESTMENT INC
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 may be 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
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.
2006-2047
AS0064
RE: BOE - LIM INVESTMENT INC
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 1st day of August, A.D., 2006.
EL BOARD OF COUNTY COMMISSIONERS
�` WELD COUNTY ORADO
ATTEST: at, /, .e/�,( ; ,�aia9= goed
1
eile Chair
Weld County Clerk to the�'tc`r� W
David E. Long, Pro-Tem
BY:
Deputy Clerk t• the Board EXCUSED
Will' H. Jerke
APPROVED AS TO FORM: /A
Robert D. Masde
Assista ountyt orney /A
4V-0_6_
Glenn Vaad
Date of signature:
2006-2047
AS0064
NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR
44) //, PT NE4 10-2-68 BEG E4 COR N89D49'W I4GREELEY,ORTH CO 7thAVE.
451 . 4 ' N0D24' E 1323 . 4' TO TPOB cREEL45 EXT 65
NOD?.4 'E 525 . 03 ' N89D36'W 299 . 99' PHONE(970)353-3845, weli 3650
S0D24 'W 523 .2 ' S89D15' E 300 ' TO POB www.co.weld.co.us
EXCVI`D� 0D2 COMME E4 CO N89D49'W TPOB 451 . 4 '
D24 ' E
N0D24' E 1323 .4 ' TO TPOB N0D24 ' E
OWNER: LIM INVESTMENT INC
COLORADO
DELOITTE & TOUCHE LLP LOG 622
555 SEVENTEENTH STREET SUITE 3600 PARCEL 131310100039
ACCOUNT R0085887
DENVER, CO 802023942 YEAR 2006
Owner, LIM INVESTMENT INC
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 app:-oe.ches . •
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:
No change Lug :een ca3 c tare /alll;S.t l 1"C c Lnis ”ro7Jerty . Cclorado av,
iequires us tc end this nnc?.c f c:eniai for all properties -a flinch we do no :
adjust the -., . ,
PETITIONER'S ASSESSOR'S VALUATION
PROPERTY CLASSIFICATION ESTIMATE
OF VALUE ACTUAL VALUE ACTUAL VALUE
PRIOR TO REVIEW AFTER REVIEW
COMMERCIAL 1104000 1104000
•
TOTALS $ $ 1104000 $1104000
APPEAL DEADLINES: REAL PROPERTY-JULY 15,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. Please see the back of this form for detailed information on filing your appeal.
06/28/2006
By: Stanley F. Sessions
WELD COUNTY ASSESSOR DATE
ADDITIONAL INFORMATION ON REVERSE SIDE 2006-2047
YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR'S DECISION
The County Board of Equalization will sit to hear appeals eals beginning July 1 and continuing through August 5 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 t e ssessor' 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 17 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
ou wi se non e' o e time an. place set for the hearing of your appeal.
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 5.
you are not satrs le' wit t e County Boar' o qua ization' 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):
Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (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, you must file an appeal with the Boardof Assessment Appeals by September 11.
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 theejspace below, please eexplain why you disagree with��ttEhhee�AIssessor' s valuation. IN ACCORDANVNCE WITH §
39-8_7OPI wo lYAIL 'ff*Tl c6P3 SP1 I L°EcR N1 RTYd �STdiaPp��TheR&s
necess al in�r c„rAto N CAW_ '�zo�1DWI1� fItfli
The property is valued in excess of fair market value based on the three approaches to
value; cost-,- market and income. In addition, the property is valued in excess of other
similarly situated properties. This parcel number was appealed in 2005 to the Colorado
Board of Assessment Appeals and is pending at that level of appeal. We are requesting
aIONL '
ratite denial d do not need to schedule a hearing date.
x HI�ttha�• W- piling DATE 7/14/06
PA-2W-8]/03
Weld County
STANLEY F. SESSIONS COUNTY ASSESSOR
CHRIS WOODRUFF, DEPUTY ASSESSOR
ASSESSOR'S VALUE REPORT
OF
COMMERCIAL PROPERTY
FOR
County Board of Equalization
LONGMONT GROUP INC
PETITIONER
VS.
WELD COUNTY ASSESSOR'S OFFICE
RESPONDENT
Parcel Number: 1313-10-1-00-039
Schedule Number: R0085887
Log Number:
Date: 08/01/2006
Time: 9:30 AM
Board: CBOE
PREPARED BY
MICHAEL SAMPSON
Signature Date
ASSESSOR'S OFFICE STAFF APPRAISER
Page 1
SALIENT FACTS AND CONCLUSIONS
Purpose of Appraisal To determine Market Value as of 1/1/2005 based on an
appraisal date of 6/30/2004.
Property Rights Appraised Unencumbered fee simple interest.
Location 10805 TURNER BLVD
Longmont
Land Area 78,497 Square Feet
Zoning
Property Type Commercial
1- Motel
Year Built 1986
Year Remodeled
Quality Average
Class Wood Frame
Number of Stories 2
Improvement Sq. Ft. 18,609
Number of Rooms 46
Basement Finished Sq. Ft.
Mezzanine:
Value Indications:
Land $ 431,734
Cost Approach $1,555,905
Market Approach $1,380,000
Income Approach $1,275,544
Assessor's Value $1 ,104,000
Page 2
Subject Photo and Sketch
S�V -sr • 4`
•�`kA
111 1__ it _r 1 r_„ ..
..m.. f-wM1.............p 4 may+ ✓._
50.0
Utility 0ia9. o of o
1080.0 sq.ft n v l ry
mi
a.a
,t3 452' Jj c,._
36.0• o•,.i .a
CO Landscaping
Concrete •`'°'
'• Concrete a
33501,9 sq.11. 133.0 sq.rt. q
pd 0
'eo, 1?.1220 pg
7A' 23A'
a`Landscaping
7, a Motel 15.0
" w 46 Rooms - m
a
o m
ye
.7 LnJ cepyg Ni 18.0' 00 23O a'•-., H., 67.21 yd p
v C6neieti-Ili'i sd:if. �m 6.0jCanopy
b 96.0 il
b eue.o s4.it N
Icis Area Fast Floor ^
18609.0 sq.fl. 9304.5 sq.ft. 32.0'
O
m Class D Second Floc h in
HVAC 9301.5 sq.fl.
10.0 b Veal Beim 1986 Concrete
F m 11183.2 sq.It.
121O 2,0
i i
a) Wi
Ri ryj
227.0 j 61.5' i
;Sblcb by mix NM t5- —......-._.•
COST APPROACH SUMMARY
The Assessor is currently using Marshall and Swift cost tables for the cost approach of commercial
properties in Weld 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 $1,124,171
Land Value $ 431,734
TOTAL VALUE BY THE COST APPROACH
$1,555,905
PAGE 4
LAND VALUE
Sales utilized to establish the value in the subject neighborhood are 2003 and 2004 market for the
2004 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 1999
through the June of 2004 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 78,497 square feet. Comparable commercial land in the subject area is
valued at $5.50 per square foot. If no vacant land sales were available in this area, we utilized the
abstraction/allocation method to establish land value.
Parcel Number Sale Date Sale Price Land Per Sq Ft
Size
Comparable 1 131302001009 06/12/00 $250,000 50,355 $4.96
Comparable 2 131302003002 04/03/01 $700,000 92,565 $7.56
131302003003
Comparable 3 131302304002 04/09/04 $500,000 64,686 $7.73
The average price of the above listed comparable land sales is $6.75 per square foot and
supports the Assessor's indicated value of$5.50 per square foot.
ASSESSOR'S INDICATED SUBJECT LAND VALUE
78,497 SQ. FT. X $5.50 = $431,734
Page 5
Limited Service Hotel
PARCEL NUMBER 131310100039
PROPERTY OWNER Longmont Group Inc.
ADRESS 10805 Turner Blvd
CITY, STATE, ZIP Del Camino
DATE OF SURVEY 06/30/04
OCCUPANCY: Limited Hotel NUMBER OF STORIES 2
AVERAGE STORY
FLOOR AREA (SQ. FT.) 18,609 HEIGHT 9
CLASS: Wood Frame YEAR BUILT 1986
COST RANK Avg EFFECTIVE AGE 1990
HEATING AND COOLING heat pump ESTIMATED LIFE 35
UNITS COST TOTAL
RCN BASIC
STRUCTURE COST 18,609 $76.92 $1,431,404
(.978 perimeter,
1.01 local, & 1.06
current)
EXTRAS:
Canopy 696 4,176
Conc. Slab 46,000 74,520
Shed 1,080 $9,050
TOTAL RCN $1,519,150
LESS DEPRECIATION
PHYSICAL 0.26 $394,979
FUNCTIONAL
ECONOMICAL
DEPRECIATED COST $1,124,171
ADD IN LAND VALUE $431,734
TOTAL VALUE $1,555,905
Page 6
MARKET APPROACH SUMMARY
Real Property for the tax year 2005 must be valued utilizing data for the period one and one-half
years immediately prior to July 1, 2004. 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, the period
of five years immediately prior to July 1, 2004 shall be utilized to determine the level of 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 2005 are from January 1, 2003 through June 30,
2004. Pursuant to 39-1-104 (10.2)(c) C. R. S., the Assessor may utilize sales five years prior to July
1, 2004 to establish the proper value. 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
Assessor's estimated value of $1,380,000 is supported by the indicated market
value for the subject property.
VALUE As INDICATED BY THE MARKET APPROACH
$1,380,000
Page 7
co
d
CO
CO
0.
Osc5N 00
oo
g O v ° 00 .--. V 7
Vl N 0
�1�111' 69 C > 69 69 69 69 69 en "Zr en en
V N en n
N 'O
sr N
O
0
0
D\ 'C 0, N N E co
a�iyQVi O — 00
C/� — 00 00 0 r
00 M 00 O V1 S. V!
""' en en en N G 1..
II
0
O N 0 0 0 O 0 0
0 O 0 0 0
kn Cl. CO O O
0- eri 41
4j 00 O O N /A O1 0 ` VT
"ja O O ,O N N � Di
i 69 6M9 69 699 69
OX
a fR 1. " a £
O
Lu rn
JU) S V O O O O Nco CO
Lii �. rin ~ N 'CB M n
O N N 44*
k 'C en M O M C
O O O O O o c Co +'
O C Y
ts to
W I b H •_d b 2
CO ° O N ctl > ° a J d
U Gil �, P. C —4
ry L
E.
3 ob � VI x'a l w 0y y co
Q2
0. U {❑r O
[ }A
F. O Z E--^ t" r:4 cn r" a C 73
CO
Et V
'ci) Z.
0'
q H m p° '- - a U ,5. oho CO
C ° (c; 0 t'N 6b 0 . °� U ° C
^y �F. •o Q O a cl y � U ou N
in - Q ..) ,, ic UN1/4.1 enn 0.irnwChenW7
0, N —
ac en o o 8
0 U o 0 0 o
'.
oM b o
en N0
M O in —. C 'p
o en o
-W
t
u
d
qt r - N M on
Comp #1
1642 Main St A it(irred IIIIIIIII
Longmont Lamplighter Motel
Longmont,CO 80501
Motel of 16,404 SF Sold for 31,050,000
overview 1_ financial 1: property 1_ contacts 'I map 1
M ` Taller I.
Moon Light Enterprises, Inc. Thong Naha Corporation
6 c/o Moon Sung Moo c/o Sank Chung
.- - 101 S Joliet Cir Ste. 206 0000E Colfax Ave
alu)ulnl,Photn5 Aurora, CO soon Denver,CO 00220
__ (303) 355-1613
• l'.
. &llal data I.
Sale Date: 00/14/2001 Sale Price: $1,050,000
+fi% i A Escrow/Contract; 60 days apx Status: Conf rmed
?1st Map Days on Market: N/Ap Building SF: 16,404 Gross
Exchange: N/Av Price/SF: 004.01
1. Price/Room: $32,012
Conditions: None No Rooms; 32
1 Land Area SF: 32,500 Down Pmnt: $403,000
Acres: 0.746 Pct Dawn: 473
`` I_ $/SF Land
sts cross: $32.31 Dec No: 2161317
2001
Iwaualeme lne.• $/SF Land Net: $6.14 Trans Tax- ($105.00 F)
2004 obi.be
Site Mao Year Built: 1005 Age 36 Zoning: C-2, Longmont
Lot Dim- 260 x 121
Parking Spaces: 50
Parking Ratio: 3.05/1000 SF lmprov Ratio: 51%
Frontage: 125'Main Corner: No
Comp No: IDC-07022-05-
Property Moth/ Motel
Se Cie eta / `
The seller reported an average dally rata of 00%Ste own rates evera2lnr 042.00 PI".
Gross Scheduled Income:
Vacancy : c >
Effective Gross Income:
Property Tax :
Other Expenses:
Total Expenses : < 114 >
{$0.00/SE)
CBOE_COMM_010998
Page 9
_.._
"1 5100'
6600 5 00I 1500' 6600IS
t r 0 `'
Pool Area
133 00' 1683.00 st
33.00I
`. 400 First Floor 1113).00 sf q00
Second Floor 10955.00sf
J .I J r +� ae 16.00
� Third Floor 1303931460000s; 9001800'
mi ,t'J 14Y I ,L L p� Total
'..' _ a 9.00
9 00
. ] " 11111 � � I-_:.F _ , J. AI 50.50' 3 00' 00' 4.00' 3 001 50 50'
' rr + < 1300' 500 1300f
II _- 1500' 34.L0' 1203 90fJpx15 m'
3.06 fD,-'3m'
Canopy
708 00 sf
Shed 60.00 sf
0(n��n 6.00'
COMPARABLE SALE #2 COUNTY: Wald
ACCOUNT NUMBER: R0356595 PARCEL NUMBER: 095924100087
PRIMARY OCC: Hotel PERCENT: 100%
SECONDARY OCC: PERCENT:
ADDRESS: 2501 W 29 St, Greeley
RECEPT NUMBER: 2768056 SALE DATE: 05/01/2000
GRANTOR: O1 Greeley#2 LLC SALE PRICE: $3,300,000
GRANTEE: Hanzel Richard ADJ SALE PRICE: $3,083,077
YEAR BUILT: 1997 CLASS: D
EFFECTIVE AGE: LAND/BLDG RATIO: 2.25
LAND SIZE (SF): 74,400 LAND VALUE: $297,600
BLDG SIZE (SF): 33116 IMPS PRICE/SF: $84.11
WALL HEIGHT: 9 SALE PRICE/SF: $93.10
STORIES: 3 INTEREST RATE:
BSMNT SIZE: DOWN PYMT:
BSMNT FINISH: LOAN TERM (YRS):
ZONING: POINTS PAID:
QUALITY: Avg
COMMENTS: 63 rooms selling for$48,938 per room
CBOE_COMM_010998
Page 10
I
- A
OnIRk
,,,,ly� /JR: "
` 1990 n9.A
` 44 :d.0.rruKAhenmaw+r Meiy Roam O
BuiNing#1
ye
e 10620 0 sq.Q. o AsphaX
a 3a year But cc 522060 ft— m a q
�_..__r,� ' g 8 n i0' m = E (AsphattAreaFrom
ga 6 HAC o
- NS
Y 8 8 4' Class Properly Record Card)
�_ — — � 1 - Onc�e Reception
� � 4 a ea i
IADS
3 717,-<:' 11B40 q
no. COncrae
5520 sq.R
M1°o //
WV C n / O. —737
1430
ma ey kp.vrr,.
COMPARABLE SALE #3 COUNTY: WELD
ACCOUNT R0080888 PARCEL NUMBER: 131303000041
PRIMARY OCC: Motel PERCENT: 94%
SECONDARY OCC: Motel PERCENT: 94%
THIRD OCC: Multiple-Residential PERCENT: 6
ADDRESS: 3815 119 HWY WELD
RECEPT NUMBER: 2863169 SALE DATE: 06/27/2001
GRANTOR: TWIN PEAKS HOSPITALITY INC SALE PRICE: $2,650,000
GRANTEE: THEINCO HOSPITALITY LLC ADJ SALE PRICE: $2,600,000
YEAR BUILT: 1973 CLASS: C
EFFECTIVE AGE: LAND/BLDG RATIO: 4.14
LAND SIZE(SF): 160,432 LAND VALUE: $561,512
BLDG SIZE(SF): 38,789 IMPS PRICE/SF: $52.55
WALL HEIGHT: 10 SALE PRICE/SF: $67.03
STORIES: 2 INTEREST RATE: 9.00%
BSMNT SIZE: DOWN PYMT: $550,000
BSMNT FINISH: LOAN TERM(YRS): 25 YRS
ZONING: POINTS PAID:
QUALITY: Average
CBO E_COMM_0 10998
Page 11
COMPARABLE SALE #4 COUNTY: Larimer
ACCOUNT NUMBER: PARCEL NUMBER:
PRIMARY OCC: Limited Service Hotel PERCENT: 100%
SECONDARY OCC: PERCENT:
ADDRESS: 914 S College Av,Ft.Collins
RECEPT NUMBER: SALE DATE: 03/2002
GRANTOR: Remiasz,Ewa SALE PRICE: $2,700,000
GRANTEE: Stratborough Investors ADJ SALE PRICE:
YEAR BUILT: 1962 CLASS: D
EFFECTIVE AGE: LAND/BLDG RATIO:
LAND SIZE(SF): 28,546 LAND VALUE:
BLDG SIZE(SF): 30,867 IMPS PRICE/SF:
WALL HEIGHT: 9 SALE PRICE/SF: $87.47
STORIES: 2 INTEREST RATE:
BSMNT SIZE: DOWN PYMT:
BSMNT FINISH: LOAN TERM(YRS):
ZONING: POINTS PAID:
QUALITY: Avg
COMMENTS: The subject has 74 rooms selling for $36,486. Best Western University Inn
CBOE_COMM_010998
Page 12
1st Floor 12,842 sq ft
(9)901 to BAYS
(Q19'X2?BAY
U 2110 1@ 9@
Evress Hotel
61 1595 61 Total Roams Gins o 186
aP 9um
@wA
trLL10helhd pp
' a,..r v.•, y x , x " �, ,•P: +�+` a,C`'' 3 .,s' ,3.s.: „ 711 V r@1l X.
Bp Tub �1Sxi@BAYS ' 160 ra V (4)15'x1@@Ays
i w
_'' - __'I r $a_ 1 r C Ntl
it
.... 't 2` [ac.ShB ' ev.n.
u .-- 1 1e.v
�._,. 1 I1. f l _ ` '� •__ . "" -'tom.-.
• n
xiei,by*pet r,an9o..`
COMPARABLE SALE #5 COUNTY: WELD
ACCOUNT R7130298 PARCEL NUMBER: 096120208021
PRIMARY OCC: Motel PERCENT: 100%
SECONDARY OCC: PERCENT:
ADDRESS: 3025 8 AV EVANS
RECEPT NUMBER: 2845962 SALE DATE: 04/26/2000
GRANTOR: SIGNATURE HOSPITALITY SALE PRICE: $2,250,000
GRANTEE: YOO JAMES INVESTMENT INC ADJ SALE PRICE: $2,158,500
YEAR BUILT: 1995 CLASS: D
EFFECTIVE AGE: 1995 LANDIBLDG RATIO: 3.11
LAND SIZE(SF): 78,320 LAND VALUE: $97,900
BLDG SIZE(SF): 25,182 IMPS PRICE/SF: $66.40
WALL HEIGHT: 9 SALE PRICE/SF: $70.29
STORIES: 2 INTEREST RATE: 7.25%
BSMNT SIZE: DOWN PYMT: $256,000
BSMNT FINISH: LOAN TERM(YRS): 20
ZONING: C-3 POINTS PAID:
QUALITY: Good
COMMENTS: The S/P of $2,250,000 less P/P of$91,500 equals the Adj S/P of$2,158,500. The subject has 61 rooms, a lobby
breakfast area,outdoor pool,and hot tub. Sold for$35,385 per room.
C9OE_CCMM_010998
Page 13
INCOME APPROACH SUMMARY
The Weld County Assessor has appropriately considered the Income Approach to value for the
Subject property on appeal.
The Assessor has gathered income information from local commercial properties for the time frame of
January 1, 2003 through June 30, 2004. This information, combined with statewide and industry-wide
data, is used to determine typical income and expenses for various property types.
In conclusion of the Income Approach, the Assessor has considered both groups of data and has put
more emphasis on the local factors and data than the state and national data. This information was
then applied to the subject property to arrive at an appropriate Income Approach Value.
MEDIAN INCOME VALUE FOR THE SUBJECT PROPERTY
$1,275,544
CBOE_COMM_010998
Page 14
Income Approach
3 YEAR
AVG
PERFORMANCE Ratios
I&E Year 2002-2004
ADR $51.32
OCCUPANCY 54.92%
Effective Gross Income $504,067 3 year avg
(includes misc. income)
LESS: Total Expense $327,643 Used 65% Avg Mkt expense
55% to 65%
Subtotal $176,424
NOI before Reserves $176,424
less: Reserves for replacement $10,081 2.0%
NOI Before PP $166,343
NOI $166,343 28%
Loaded Cap Rate 12.50%
$1,330,744
$1,200 X 46
Less Return OF PP $55,200 ROOMS
Indicated Value $1,275,544
Indicated Value/Room $27,729
C8OE_COMM_010998
Page 15
CONCLUSION
Real property for tax year 2004 must be valued utilizing the level of value for the period of one and
one-half years immediately prior to July 1,2002. 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, 2002 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$1,380,000.00 , most accurately reflects the value of the subject property in
Weld County for the 2004 tax year.
COST APPROACH MARKET APPROACH INCOME APPROACH ASSESSOR'S VALUE
$1,555,905 $1,380,000 $1,275,544 $1,104,000
ASSESSOR'S VALUE
$1,104,000
CBOE_COMM_010998
Page 16
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.
Michael Sampson
Senior Industrial/ Review Appraiser
Colorado Certified General CG01318543
Appraiser
CBOE_COMM_010998
Page 17
SCgp,►ss4uw►NOILIVIO t 16VCcSltoC;01$3 t C9C:SIN0,U:8AS:fawll NOOK'uiuooyj Wd 4:1R S0od19Z19 #/63911d
LETTBIt OFAUTRORIZATION
To Whom It May Concern:
Property Owner Name: Longmont Group.Inc.
Hereby appoints and authorizes Deloitte Tax,LLP as taxpayer's representative to represent our firm's
property and all property controlled by our firm or any of its subsidiaries of partnerships on all
matters pertaining to the 2005 and 2006 ad valorem taxes. Until written notice of termination is
issued, they have the right to file returns, examine records, obtain all tax statements, and discuss or
appeal any tax assessments to the proper authorities when, in their opinion, the assessment does not
constitute fair market value. In addition hey have the right to file appeals to the appropriate
jurisdiction,if authorized by law.
By:
Name! Navin C.Dimond
Title: President
Address: 9100 E.Panorama Drive, Suite 300
$nglewood,CO 80112
Phone Number: 303,785.3100
Property Desc:
Parcel Address Assessor State
80085887 10805 Turner Blvd Weld County ^� CO
Subscribed and sworn before me this 23 day of / ' "uy , 7.C.t J .
111 . 6)4° hnna
Notary Public
State of L itYL.f irA (J�)- M CAROL DOHA=
County of C ( lJ /��l ItL Public
S y
l / �° ,°
My commission expires
Longmont
600'd 5569# ZOCITIENNOIS L6TE56L£0E 6TUET 500Z,5Z'AKW
303-3/a- yoyo
+�; atd pPumss-)
acv., dw,.ao :
'Rooz688.1
,Roa73y93
Deloitte. Deloitte Tax LLP
Suite 3600
555 Seventeenth St.
Denver,CO 80202-3942
USA
Tel:+1 303 292 5400
Fax:+1 303 312 4000
www.deloitte.com
July 14. 2006
CERTIFIED MAIL
7006 0100 0005 0733 3832
Weld County
Board of Equalization
915 10th St.
P.O. Box 758
Greeley, Ct) 80632
Re: 2006 Real Estate Appeals
Dear Board Members:
Enclosed are the 2006 Board of Equalization Appeal Petitions for the following taxpayers
and parcel numbers:
Taxpayer Parcel
Westlake Office Plaza R0273493
Longmont Group R0085887
If you have questions, or need additional information, please contact me at (303) 308-
2191.
Sincerely,
Matthew W. Poling
Senior Manager
Enclosures
Member of
Deloitte Touche Tohmatsu
CLERK TO THE BOARD
(it
PHONE (970) 356-4000 EXT 4226
FAX: (97(970) 35252-0242
WEBSITE: www.co.weld.co.us
liD 915 10TH STREET
P.O. BOX 758
GREELEY, COLORADO 80632
COLORADO
July 21, 2006
LIM INVESTMENT INC
3820 HWY 119
LONGMONT CO 80501
Parcel No.: 131310100039 Account No.: R0085887
Dear Petitioner(s):
The Weld County Board of Equalization has set a date of August 1, 2006, at or about the hour of
9:30 AM,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 4, 2006, and
mailed to you on or before August 11, 2006.
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.
LIM INVESTMENT INC - R0085887
Page 2
Very truly yours,
BOARD OF EQUALIZATION
LI/A/
Donald D. Warden
Clerk to the Board
cc: Stanley Sessions, Assessor
DELOITTE & TOUCHE LLP
555 SEVENTEENTH STREET SUITE 3600
DENVER CO 802023942
Hello