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Home My WebLink About20062048.tiff RESOLUTION RE: THE BOARD OF EQUALIZATION, 2006, WELD COUNTY, COLORADO - DENY PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE PETITION OF: GREELEY SHOPPING CENTER LLC C/O KIMCO REALTY CORP 333 NEW HYDE PARK RD#100 PO BOX 5020 NEW HYDE PARK, NY 11042-0020 DESCRIPTION OF PROPERTY: ACCOUNT#: R3118504 PARCEL#: 095922149001 -GR GCM L1 GREELEY COMMONS MINOR 4735 29 ST GREELEY 806340000 4759 29 ST GREELEY 000000000 4711 29 ST GREELEY 806340000 4727 29 ST GREELEY 806340000 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 $ 2,506,304 Improvements OR Personal Property 13,729,590 TOTAL $ 16,235,894 2006-2048 AS0064 CIO C sus 00‘, PC-F of(-ov oc RE: BOE - GREELEY SHOPPING 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 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 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. 2006-2048 AS0064 RE: BOE - GREELEY SHOPPING 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 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 EL,f 1 WELD OUNTY ORADO A &Zoe ATTEST: gal/'�- _/1�tr b �11 �'•'' ``� M. -eile, Chair Weld County Clerk to th �_ d fi4is � Ck.Y ,x.1.1 ;►•` �• David E. Long, Pro-Tem I / BY: Deputy Cler o the Board EXCUSED Wi am H. Jerke APPROVED AS TO FORM:SidtiCalqi Robert as cline Assi ant C my Attorney Alta Glenn Vaad //27-0-A Date of signature: 2006-2048 AS0064 NOTICE OF DENIAL OFFICE OF COUNTY AS@ESSOR • 1400 NORTH 17th AVE. GR GCM Li GREELEY COMMONS MINOR GREELEY,CO 80631 4735 29 ST GREELEY 806340000 2959 PHONE(970)353-3845,EX C.3650 29 ST GREELEY 000000000 4711 29 ST GREELEY www.co.weld.co.us 806340000 4727 29 ST GREELEY 806340000 OWNER: GREELEY SHOPPING CENTER LLC COLORADO HOLLAND AND HART LLP LOG 584 ATTORNEYS AT LAW PARCEL 095922149001 8390 E CRESCENT PARKWAY SUITE 400 ACCOUNT R3118504 GREENWOOD VILLAGE, CO 80111-2800 YEAR 2006 Owner: GREELEY SHOPPING 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: No c:la..ic, has b,3en made to the -ra.1uation of -:h:. property. 'olcracio law '.reouireS '.s :O send this notice_ of denial for rill. properties on w)",.1ch '+'e io not ad)n;p7 h'-: r '.ue . - PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW COMMERCIAL 16235894 1.6235894 TOTALS $ $ 162.3589'' $ 16235894 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 SID] 2006-2048 rK.20!.N//03 YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR'S DECISION 'The County Board of Equalization will sit to hear appeals 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. If you choose to appeal the 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 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 You will be notified of the time and place set for the hearing of your appeal. `t7r�:ae°sWl1 ."`°D$'thi�$l)tP `tl °-( l`"ri;rii- k 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. rte, I pa t•i".1 K: "°0•'01 . I0 '- -fit'': 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. wvvw.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 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. The actual value assigned to this property for tax year 2006 is excessive. The actual value assigned to this property for tax year 2006 increased by more than $7 million (more than 75%) over the actual value assigned to the property for tax year 2005. e assigned to this property for tax year 2006 should be no more than t t 1 vale assigned to the property for tax year 2005 ($9,197,218) . \fi it ftt,�aq Alan Poe, 07641 Attorney for Greeley Shopping Center LLC DATE Holland&Hart LLP PR-207-87/03 8390 E.Crescent Parkway.,Suite 400 Phone: (303)290-1616 Greenwood Village,CO 80111 Fax: (303)975-5295 Weld County STANLEY F. SESSIONS COUNTY ASSESSOR CHRISTOPHER WOODRUFF, DEPUTY ASSESSOR APPRAISAL REPORT OF COMMERCIAL PROPERTY FOR County Board of Equalization GREELEY SHOPPING CENTER LLC PETITIONER vs. WELD COUNTY ASSESSOR'S OFFICE RESPONDENT Parcel Number: 0959-22-1-49-001 Schedule Number: R3118504 Log Number: 584 Date: August 1, 2006 Time: 9:40 Board: CBOE PREPARED BY STAN JANTZ Signature Date Signature Date ASSESSOR'S OFFICE STAFF APPRAISER CBOE_COMM_010996 Page 1 SALIENT FACTS AND CONCLUSIONS Purpose of Appraisal To determine Market Value as of 1/1/06 based on an appraisal date of 6/30/04. Property Rights Appraised Unencumbered fee simple interest. Location 4711 thru 4759 29 ST GREELEY Land Area 627,046.2 Square Feet Zoning Property Type Commercial 1— Community Shopping Center Year Built 2004 & 2005 Year Remodeled Quality Good Class Masonry Number of Stories 1 Improvement Sq. Ft. 138,446 Basement Unfinished Sq. Ft. Basement Finished Sq. Ft. Value Indications: Land $2,506,304 Cost Approach $16,631,973 Market Approach $19,936,000 Income Approach $17,700,000 Assessor's Value $16,235,894 CBOE_COMM_010998 Page 2 LAND VALUE 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 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 627,046 square feet. Comparable commercial land in the subject area is valued at $4.00 per square foot. Address Sale Date Sale Price Land Size Per Sq Ft Comparable 1 Greeley Commons 06/30/2004 $3,070,000 627,046 $4.90 4711 29th Street Greeley Comparable 2 Target Corporation 12/13/2002 $1,950,000 479,327 $4.07 4400 Center Place Dr Greeley Comparable 3 Lowes 04/29/2004 $2,750,000 580,443 $4.74 2400 47th Avenue Greeley ASSESSOR'S LAND VALUE $4.00 Per Sq Ft X 627,046 = 2,506,304 CBOE_COMM_010998 Page 3 Subject Photos �.f, .gam :: 4. x } LAI 11 i•II i "1 - * *S r I.M. I r .hi.... -. !lea Ir. lA __ r �` . ea 1 1 CBOE COMM 010998 Page 4 SUBJECT PHOTOS rtJ w <_ !M R: �� - ,+s+, kAJ ice., . }s`t-s.'•1 . : ; ate... aqi EE CBOE CO MM_0 10998 Page 5 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 14,125,669 Land Value 2,506,304 TOTAL VALUE BY THE COST APPROACH 16,631,973 CBOE_COMM010998 Page 6 MARKET APPROACH COMPARABLE SHOPPING CENTER SALES ADDRESS Grantor/Grantee Date of Sale Price Square Price Sale Foot Per Sq Ft Greeley Commons Subject 4711 29t Street 138,446 117.27 Greeley 1 Elk Lakes Center Elk Lakes LLC/ 10/31/2003 $16,237,600 95,766 169.55 2819 351°Avenue Gemtone Elk Lakes Etal Greeley 2 Market Square Wheeler Square Associates Inc/ 02/27/2003 $6,000,000 43513 137.89 3820 W 10h Street AMALFI LLC&UMBRIA LLC Greeley 3 Hillcrest Center Jack Cody Etal/ 10/01/2002 $1,898,400 15,081 125.97 5750 W 101h Street James Dollar Greeley 4 Subject Greeley Commons LLC/ 08/25/2005 $21,000,000 138,446 151.68 4711 29th Street Greeley Shopping Center LLC Greeley THE AVERAGE FOR THE THREE MARKET SALES IS $144.47 PER SQUARE FOOT MARKET CALCULATIONS SUBJECT 138,446 SQ. FT. TIMES $144.00 PER SQ. FT. EQUALS $19,936,224 ROUNDED TO $19,936,000 CBOE_COMM_010998 Page 7 Corn 'arable #1 A4.f icy \₹ 'zS • m` Comparable #2 alga ,- Comparable #3 1 aJ.11. 2003 CDC E_COMM010998 Page 8 INCOME APPROACH LEASE RATES FOR GREELEY COMMONS Name Square Feet Rent Rate Annual Rent Office Max 19,913 $11.50 NNN 229,000 Circuit City 21,095 $12.50 NNN 263,688 America's Best 4,152 $14.00 NNN 58,128 Petco 15,340 $13.25 NNN 203,255 Michael's 20,944 $10.50 NNN 219,912 Big 5 11,264 $12.25 NNN 137,984 Bed Bath&Beyond 27,850 $10.67 NNN 297,160 CSK 6,300 $17.00 NNN 107,100 Chase Bank 4,253 $19.32 NNN 82,168 Buffalo Wild Wings 5,560 $22.00 NNN 122,320 EB Games 1,680 $23.21 NNN 38,993 Total Potential Gross $1,759,708 INCOME CAPITALIZATION Total Income 1,759,708 Less Vacancy & Collection Loss 10% (Actual 7.5%) - 175,971 Effective Gross Income 1,583,737 Less Management & Reserves 5% - 79,187 Net Operating Income 1,504,550 Capitalization Rate 8.5% Income Value 17,700,588 Rounded To $17,700,000 CBOE_COMM010998 Page 9 FINAL RECONCILIATION COST APPROACH MARKET APPROACH INCOME APPROACH $16,631,973.00 $19,936,000 $17,700,000 ASSESSOR'S VALUE $16,235,894 CBOE_COMM_0 10998 Page 10 LETTER OF AUTHORIZATION Greeley Shopping Center LLC ("Taxpayer")hereby authorizes Alan Poe and Arthur A. Hundhausen of Holland&Hart u.r, 8390 East Crescent Parkway,Suite 400, Greenwood Village, CO 80111,to represent Taxpayer before the Weld County Assessor,the Weld County Board of Equalization, and the Colorado Board of Assessment Appeals in connection with the 2006 property tax valuation and assessment of Taxpayer's property located in Weld County,Colorado and described on account number 83118504. The representatives identified above may file protests and appeals, obtain information,discuss the valuation,and take all actions that Taxpayer could take in connection with the 2006 property tax valuation and assessment of the property identified above. Dated: June 1,2006 GREELEY SHOPPING CENTER LLC 3562086 I.DOC a j t, CLERK TO THE BOARD PHONE (970) 00 4226 FAX: (970) 352-0242 WEBSITE: www.co.weld.co.us I 915 10TH STREET W I P.O. BOX 758 C. GREELEY, COLORADO 80632 COLORADO July 21, 2006 GREELEY SHOPPING CENTER LLC C/O KIMCO REALTY CORP 333 NEW HYDE PARK RD #100 PO BOX 5020 NEW HYDE PARK NY 11042-0020 Parcel No.: 095922149001 Account No.: R3118504 Dear Petitioner(s): The Weld County Board of Equalization has set a date of August 1, 2006, at or about the hour of 9:40 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 August4,2006,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. GREELEY SHOPPING CENTER LLC - R3118504 Page 2 Very truly yours, BOARD OF EQUALIZATION gal-at Donald D. Warden Clerk to the Board cc: Stanley Sessions, Assessor HOLLAND AND HART LLP ATTORNEYS AT LAW 8390 E CRESCENT PARKWAY SUITE 400 GREENWOOD VILLAGE CO 80111-2800 Hello