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Home My WebLink About20062035.tiff RESOLUTION RE: THE BOARD OF EQUALIZATION, 2006, WELD COUNTY, COLORADO - DENY PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE PETITION OF: T & B GREELEY LC DBA CIO KMART CORP BURR WOLFF LP P O BOX 22799 HOUSTON, TX 77227-2799 DESCRIPTION OF PROPERTY: ACCOUNT#: R0131594 PARCEL#: 095924100075 -GR 17622-M PT NE4 24 5 66 (MEYER ANNEX) BEG NE COR SEC S688.26' TO SE COR TR 5 GALLERY GREEN ANNEX N89D53'W 610.67' TO TRUE POB S0D02'E 180' SOD01'E 740.95' N88D36'W 729.43' TO E LN GALLERY GREEN 4TH ANNEX NOD05'W 497.99' TO SW COR TRACT 3 GALLER 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 $ 776,964 Improvements OR Personal Property 5,182,054 TOTAL $ 5,959,018 2006-2035 AS0064 CO /4-e, CV4, "Eli; RE7° pg.-09-O RE: BOE - T & B GREELEY LC DBA 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. 2006-2035 AS0064 RE: BOE - T & B GREELEY LC DBA 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$150.00 per case. The arbitrator's fees and expenses, not including counsel fees, are to be paid as provided in the decision. The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 1st day of August, A.D., 2006. BOARD OF COUNTY COMMISSIONERS WELD COUNTY //OR_�ADO . _`,� Grew ATTEST: ��"` f �/ A' '� ` • M. eile, Chair Weld County Clerk to thjBo'r, r CV� J David E. Long, Pro-Ter BY: ��..� i. c _ ►. :i tk.I Deputy Clerk o the Board EXCUSED Willi H. Jerke APPROVED AS TO FORM: 11i f � /,� � Robe D. Masde � Assist Coin A$orneya Glenn Vaad Date of signature: 5/ 2006-2035 AS0064 NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. GR 17622-M PT NE4 24 5 66 (MEYER GREELEY,coao631 I/� ANNEX) BEG NE COR SEC 8688 .26' TO PHONE(970)353-3845,EXT.3650 SE COR TR 5 GALLERY GREEN ANNEX www.co.weld.co.us N89D53'W 610 . 67' TO TRUE FOB S0D02'E 1.80' S0D01'E 740 . 95' WIDc N88O36'W 7 OWNER: T &9 4GALLERY B GREELEY LC DBA COLORADO flly, T & B GREELEY LC DBA RECEIVED LOG 570 C/O KMART CORP BURR WOLFF LP PARCEL 095924100075 P O BOX. HOUSTON, 2TX279917227-2799 JUL 05 2U66 YEAR ACCON 20061594 BURR WOLFF goUSTON 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 1property is valued by considering the cost, market, and income uoproa.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: We :lave reviewed yourproperty value and feel it in :Oi±ect . Law requires that :all of- 2003 and he '-i -st 6 months of 2004 data be Used to establish current values. We have considered all (3) three approaches to value in arriving at. . .-lour current vaTh.at.i.on. We .have denied your appeal :based upon our research of . this data. - PETITIONER'S .ASSESSOR'S VALUATION .. PROPERTY CLASSIFICATION ESTIMATE OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW COMMERCIAL 5959018 5959018 TOTALS $ $ 5959018 $ 5959018 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 2006-2035 YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR'S DECISION Th hrough ro e oy(land and buil Board of d ings)s) and personal prozation will sit to par appealserty y(furnishings,ma hinery, and equip 1 and ment).tt)).. § 39-8-104 and § 39- st 5 for real 8-1070(C.R.S. g ) P P rtY AnWPP aGE h If you choose to appeal a the Assessor' s decision, mail or deliver one copy of this completed form to the County Board of ON OR BEFO1REtJULY17 preserve REAL Pour ROPERht to TY,AND r appeal must be JULY 20 FOR PERSONAL A PROPERTY. D OR DELIVERED WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone(970)356-4000 Ext. 4225 100I'_II+TCri"TI N:1OE,lff +rA`�R G You will be notified of the time and place set for the hearing of your appeal. COVN'I'33O14,RVORJECtU `TLATIO E.ERAIDT--AITION5 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. A%BAI'ERERTGH,T,SFORTUR ' 12 APPS 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): 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 Board of Assessment Appeals by September 11. TO PRESERVE YOUR APPEAL RIGHTS, YOU MUST PROVE YOU HAVE FILED A TIMELY APPEAL; THEREFORE,WE RECOMMEND CORRESPONDENCE BE MAILED WITH PROOF OF MA PETITION TO THE COUNTY BOARD OF EQUALIZATION of 2 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. $5 , 500,000 total for accounts R0131594 and R2597586 - one economic unit. County value exceeds fair market value . We wish to seek an administrative denial in order to file a higher appeal before the County Board of Equalization . Therefore, please deny this petition and we will file to the next level . 7/10/06 � � JP Rand for Burr Wolff LP DAtb ' 2900 NE 60TH ST.#205 PR-201-81/03 Gladstone,MO 64119-1329 816-455-4700 Fax 816-455-5140 dmcintire@burrwolff.com jrand@burrwolff.com Weld County STANLEY F. SESSIONS COUNTY ASSESSOR CHRISTOPHER WOODRUFF, DEPUTY ASSESSOR APPRAISAL REPORT OF COMMERCIAL PROPERTY FOR County Board of Equalization T & B GREELEY LC DBA T & B GREELEY LLC PETITIONER vs. WELD COUNTY ASSESSOR'S OFFICE RESPONDENT Parcel Number: 0959-24-1-00-075 & 0959-24-1-00-004 Schedule Number: R0131594 & R2597586 Log Number: 4316 Date: August 1, 2006 Time: 9:20 AM Board: CBOE PREPARED BY MICHAEL SAMPSON Signature Date Signature Date ASSESSOR'S OFFICE SENIOR REVIEW APPRAISER CBOE_COMM_010998 Page 1 SALIENT FACTS AND CONCLUSIONS Purpose of Appraisal To determine Market Value as of 1/1/05 based on an appraisal date of 6/30/04. Property Rights Appraised Unencumbered fee simple interest. Location 2400 W 29 ST GREELEY Land Area 868,955 Square Feet Zoning Property Type Commercial 1— Discount Store Year Built 1994 Quality Average Class Masonry Number of Stories 1 Improvement Sq. Ft. 172,261 Mezzanine: 7,740 Value Indications: Land $1,737,910.00 Cost Approach $7,898,030.00 Market Approach $8,613,000.00 Income Approach $14,720,000.00 ASSESSOR'S VALUE $7,579,484.00 CBOE_COMM_010998 Page 2 COST APPROACH LAND VALUE Sales utilized to establish the value in the subject neighborhood are from 2003 and the first six months of 2004 for the 2005 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 24 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 388,482 square feet. Comparable commercial land in the subject area is valued at $4.00 Per SF per square foot. Address Sale Date Sale Price Land Size Per Sq Ft Target Corporation Comparable 1 4400 Centerplace 12/13/02 $1,950,000 479,327 SF $4.07 Drive, Greeley Lowes Comparable 2 2400 47th Avenue, 4/29/04 $2,750,000 580443 SF $4.74 Greeley Dexter Development Comparable 3 SEC 47th Avenue & 12/31/03 $4,300,000 1,671,832 SF $2.57 24th Street, Greeley ASSESSOR'S LAND VALUE $2.00 X 868,955 SF = $1,737,910.00 CBOE_COMM_010998 Page 3 SUBJECT PHOTO T x. • 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 6,160,120.00 Land Value 1,737,910.00 TOTAL VALUE BY THE COST APPROACH 7,898,030.00 CBOE_COMM_010998 Page 4 MARKET APPROACH COMPARABLE DISCOUNT STORE SALES ADDRESS Grantor/Grantee Date of Sale Price Square Price Sale Foot Per SF Subject Kmart 172,231 $44.00 2400 W 29th Street, Greeley 1 Country General Frank Benton/ 2699 47th FSY Partnership 9/30/2002 $3,950,000 62,550 $63.15 Avenue, Greeley 2 Frontier Academy David Calvin/ 2500 &2560 W Frontier Academy 10/25/2001 $6,300,000 54,910 $114.73 2O Street, Greeley 3 Hobby Lobby& Walmart Realty/ 11/30/2004 $3,750,000 87,166 $43.02 Hasting Lamar 2000 3001 23'a Avenue Holding Corp. Greeley MARKET CALCULATIONS SUBJECT 172,261 SQ. FT. TIMES $50.00 PER SQ. FT. EQUALS $8,613,050 ROUNDED TO $8,613,000 CBOE_COMM_070998 Page 5 INCOME APPROACH KMART 2400 W 29TH STREET GREELEY, CO THE SUBJECT PROPERTY IS LEASED BY KMART FOR 25 YEARS STARTING ON NOVEMBER 29TH 1993 AND RUNNING THRU NOVEMBER 28TH 2018. THIS TRIPLE NET LEASE HAS AN ANNUAL BASE RENT OF $1,339,000. BASE RENT 1,339,000 LESS 10%VACANCY & COLLECTION LOSS -133,900 EFFECTIVE INCOME 1205,100 LESS 5% MANAGEMENT&RESERVES -60,255 NET OPERATING INCOME 1,144,845 CAPITALIZATION RATE 9% INCOME VALUE 12,720,500 ROUNDED TO 12,720,000 CEOE_COMM_010998 Page 6 FINAL RECONCILIATION COST APPROACH MARKET APPROACH INCOME APPROACH $7,898,030.00 $8,613,000.00 $12,720,000.00 ASSESSOR'S VALUE $7,579,484.00 CBOE_COMM_010998 Page 7 ;#1. Kmart Corporation Resource Center 3100 West Big Beaver Road Troy MI 480843163 STATEMENT OF AGENCY This is to authorize Burr Wolff, LP, to act in our behalf as our agent in assessment matters related to property owned, possessed or controlled by the undersigned. Any and all previous authorizations are hereby revoked. This agent is delegated full authority to handle all matters relative to assessments and to represent us, with the assistance of legal counsel if necessary, in the appeal process. Name: KMART CORPORATION Mailing Address: P. O. BOX 22799 HOUSTON, TX 77227 Signed: , N a . ThTitle: �.O,a.tc `eax Date: R->��-20k0 Subscribed and sworn to before me on this / day of liif & H 2006. �� Notaa�ry Public PATRICIA A. GRACE Notary Public,Oakland County,MI State of My Commission Expires 9.2&2014 Jul. 27. 2006 10: 10AM Burr Wolff No. 0467 P. 1 Burr Wolff•Gladstone 816.455.4700 eel 2900 NE 60th Street,Suite 205 816.455.5140 fax Gladstone MO 64119-1329 wwwburrwolff.com Sent Via Pax 970-352-0242 V\( ll ! sues Leal Tax soGAon: July 27, 2006 Clerk to the Board—Donald Warden Weld County Colorado 915 10'"St. Greeley,CO 80632 RE: Acct No's R0131594 and R2597586 Heating Scheduled August 1 at 9:2O AM Dear Mr.Warden: I do not plan to attend the hearing as we wish to seek an administrative denial in order to file to a higher level. Therefore,please deny these petitions and we will file to the State. Sincerely, JP Rand Petitioner for Kmart Corporation cc Ace a CLERK TO THE BOARD PHONE (970) 356-4000 EXT 4226 FAX: 352(970) 352-0242 WEBSITE: www.co.weld.co.us 915 10TH STREET 1111 P.O. BOX 758 C. GREELEY, COLORADO 80632 COLORADO July 21, 2006 T & B GREELEY LC DBA C/O KMART CORP BURR WOLFF LP P O BOX 22799 HOUSTON TX 77227-2799 Parcel No.: 095924100075 Account No.: R0131594 Dear Petitioner(s): The Weld County Board of Equalization has set a date of August 1, 2006, at or about the hour of 9:20 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. T & B GREELEY LC DBA- R0131594 Page 2 Very truly yours, BOARD OF EQUALIZATION ILLS 7 Donald D. Warden Clerk to the Board cc: Stanley Sessions, Assessor BURR WOLFF LP 2900 NE 60TH STREET #205 GLADSTONE MO 64119-1329 Hello