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Home My WebLink About20062046.tiff RESOLUTION RE: THE BOARD OF EQUALIZATION, 2006, WELD COUNTY, COLORADO - DENY PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE PETITION OF: WESTLAKE OFFICE PLAZA LLC 1814 14 AVE GREELEY, CO 80631 DESCRIPTION OF PROPERTY: ACCOUNT#: R0273493 PARCEL#: 095912300025 - GR 17538-A PT SW4 12-5-66 WESTLAKE COMMONS EASEMENT VAC&DEDICATION PLAT BEG SW COR SEC N89D55'E 680' NOD04'W 50' S89D55'W 274.68' TO TPOB S89D55'W 335.32' N45D09'W 28.14' TO E LN 35 AVE NOD14'W 229.16' TO S LN ROLLING HILLS 3RD ADD N89D53'E 355 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 $ 441,790 Improvements OR Personal Property 2,138,260 TOTAL $ 2,580,050 2006-2046 AS0064 Pi-S, c a� PO /Q&� oc ov-v(0 RE: BOE - WESTLAKE OFFICE PLAZA 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 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. 2006-2046 AS0064 RE: BOE - WESTLAKE OFFICE PLAZA 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 �� E L, � WELD OUNTY ORADO ATTEST: `� , �. �� Ivj._,(. Geile, Chair Weld County Clerk to th (C? rr � � emok, David E. Long, Pro-Tern Pro-Tern BY: 1/ Deputy Cler o the Board EXCUSED /Y W H. Jerke APPROVED AS TO FORM: Robert D. Mas en Astant unty Attorney Glenn Vaad Date of signature: 5/3 2006-2046 AS0064 - Vtu'li0'vj- 5-1r-di W . 204ti 5F NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 6 17th AVE. GR 17538-A PT SW4 12-5-66 WESTLAKE ]aGREELEY00 NORTH CO061 COMMONS EASEMENT VAC & DEDICATION GREELEY,co so650 PLAT BEG SW COR SEC N89D55'E 680' PHONE(970)353-3 co weL3650 • N0D04 ' W 50' S89D55' W 274 . 68 ' TO www.co.weld.co.us TWIiDc. 81 STODE5 N 335 . 32 ' N45D09' W 28 . 14 ' TO E LN 35 AVE N0D14 'W OWNER: WESTLLAKE OFFICE PLAZA LLC COLORADO DELOITTE & TOUCHE LLP LOG 621 555 SEVENTEENTH STREET SUITE 3600 PARCEL 095912300025 DENVER, CO 802023942 ACCOUNT R0273493 Owner: WESTLAKE OFFICE ?LAZA LLC YEAR 2006 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: c c ialrye :so.; .Jeeii /na11e CO. Elle 'valuation of this pr-,per 'yJ _U3cLaO 'i2:w requires Ls r , send his notice of denial for all 2rCperzie8 on which xe :lo -ot adjus: :he rq .ue PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW COMMERCIAL 3580050 2580050 TOTALS $ $ 2580050 $ 2580050 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(I)(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 2006-2046 PR-20Zti1/0i 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. 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 .e note 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 e. wit t e ounty Board o Equa 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 theCounty 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 below, please explain why you disagree with �thhee Assesssor' s valuation. IN ACCORDANCE Valli § OPIII4OFF F'�YA'f,FA 3O S fOFtIL L°E R P`l 'I3flg�Yd fl�1 MUST oi necessam in ` 1�ew,c e LAwL 07,0'-;b,0oo - The property is valued in excess of fair market value based on the three appro ehes 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 an ad' ' is ratite denial and do not need to schedule a hearing date. Matt eta W P l g 7/14/06 DATE PR-207-87/03 Weld County STANLEY F. SESSIONS COUNTY ASSESSOR CHRISTOPHER WOODRUFF, DEPUTY ASSESSOR APPRAISAL REPORT OF COMMERCIAL PROPERTY FOR County Board of Equalization WESTLAKE OFFICE PLAZA LLC PETITIONER vs. WELD COUNTY ASSESSOR'S OFFICE RESPONDENT Parcel Number: 0959-12-3-00-025 Schedule Number: R0273493 Log Number: 621 Date: August 1, 2006 Time: 9:30 AM Board: CBOE PREPARED BY STAN JANTZ Signature Date Signature Date ASSESSOR'S OFFICE STAFF APPRAISER CEOE_COMM_010998 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 3459 W 20 STREET GREELEY Land Area 88,358 Square Feet Zoning Property Type Commercial Bank/ Office Building Year Built 1997 Year Remodeled Quality Good Class Metal Frame Number of Stories 2 Improvement Sq. Ft. 23,455 Basement Unfinished Sq. Ft. Basement Finished Sq. Ft. Value Indications: Land $441,790 Cost Approach $2,765,000 Market Approach $2,815,000 Income Approach $2,777,000 Assessor's Value $2,580,050 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 88,358 square feet. Comparable commercial land in the subject area is valued at $5.00 per square foot. Address Sale Date Sale Price Land Size Per Sq Ft Comparable 1 New Frontier Bank 01/10/02 $728,000 78,399 $9.29 2529 35th Avenue Greeley Comparable 2 Advantage Bank 10/31/03 $798,400 79,840 $10.00 1801 59m Avenue Greeley Comparable 3 Cob. Community Bank 06/12/03 $320,835 42,778 $7.50 6222 9th Street Greeley ASSESSOR'S LAND VALUE $5.00 Per Sq Ft X 88,358 SF = $441,790 CBOE_COMM_010998 Page 3 SUBJECT PHOTO . -.,-,....=:-,- P4 �, 4 :' -e ",. �. � -e t,.r'. n t ii_,. }C i b" -- _____ C may r r u a 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 $ 2,323,111 Land Value $ 441,790 TOTAL VALUE By THE Cos-r APPROACH $2,764,901 Rounded To $2,765,000 CBOE_COMM_010998 Page 4 MARKET APPROACH COMPARABLE BANK/ OFFICE SALES ADDRESS Grantor/Grantee Date of Sale Price Square Price Per Sale Foot Sq Ft Subject New West Bank 23,455 SF $110.00 3459 W 20`h St. Greeley 1 West Point West Point Development Professional Bld /Clarkson Land 4/26/2004 $3,400,000 24,895 SF $136.57 910 54th Ave Greeley 2 Peakview Pointe Dona Investments LLC/ 5754 W 11th St. MLS Properties LLC 1/28/2004 $3,500,000 31,583 SF $110.81 Greeley 3 The Group Alglo LLC/Group Inc. 3257 W 20th St. Real Estate 8/1/2003 $1,370,000 11,009 SF $124.12 Greeley Average selling price for all three sales is $123.83 MARKET CALCULATIONS SUBJECT 23,455 SQ. FT. TIMES $120.00 PER SQ. FT. EQUALS $2,814,600 ROUNDED TO $2,815,000 CBOE_COMM_010998 Page 5 COMPARABLE #1 • COMPARABLE #2 • COMPARABLE #3 y n z til VI NEXT DOOR To SUBJECT CBOE_COMM_010998 Page 6 INCOME APPROACH NEW WEST BANK/OFFICE 3459 W 20TH STREET GREELEY, CO THE ACTUAL INCOME AND EXPENSES FOR YEAR 2004 WERE UTILIZED IN THIS ANALYSIS. TOTAL INCOME 407,831 LESS TOTAL EXPENSES WITHOUT TAXES -102,398 NET OPERATING INCOME 305,433 CAPITALIZATION RATE 8.5% PLUS TAX RATE 2.5% 11% INCOME VALUE 2,776,664 ROUNDED TO 2,777,000 CBOE_COMM_010998 Page 7 FINAL RECONCILIATION COST APPROACH MARKET APPROACH INCOME APPROACH $2,765,000 $2,815,000 $2,777,000 ASSESSOR'S VALUE $2,580,050 CBOE_COMM_010998 Page 8 investors Group of Companies, Inc. 826 Ninth Street, Suite 100 Brokerage Greeley, Colorado 80631 Tel. 970.356.6699 Management 'Fax 970.353.0660 Leasing I 3333 East Camelback Road, Suite 253 • Financing "4 Phoenix,Arizona 85018 Tel. 602.954.2385 • Acquisitions Fax 602.954.7086 Development INVESTORS" www.investors-usa.com LETTER OF AUTHORIZATION To Whom It May Concern: Property Owner Name: Westlake Office Plaza LLC 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 they have the right to file appeals to the appropriate jurisdiction, if authorized by law. By: Name: Jon ecker Title: Controller/Broker Address: 826 9`h Street, Suite 100 Greeley, CO 80631 Phone Number: 970-356-6699 Property Desc: Parcel Address Assessor State R0273493 3459 W 20 ST GREELEY Weld County CO Subscribed and sworn before me this 9— day of -4-iL. , c1"JOS J, :=--I'l Vic, e — Noll ub1iC Sfate of rt �' vlr �. •® C of 1 My cgts9lbit a ' . --' — Westlake Office 373-3ia- 4040 &vLau p.Rmw,) &Jowl da,ino e6 'Roos5Bs1 rRoa73y93 Deloittee 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, CO 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 a CLERK TO THE BOARD Kliste PHONE (970) 3564000 EXT 4226 FAX: (97(970) 35252-0242 VVEBSITE: www.co.weld.co.us ' 915 10TH STREET P.O. BOX 758 C. GREELEY, COLORADO 80632 COLORADO July 21, 2006 WESTLAKE OFFICE PLAZA LLC 1814 14 AVE GREELEY CO 80631 Parcel No.: 095912300025 Account No.: R0273493 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 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)3O4-6433, or if you have questions, call (97O) 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,atwhich 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. WESTLAKE OFFICE PLAZA LLC - R0273493 Page 2 Very truly yours, BOARD OF EQUALIZATION laat4 Donald D. Warden Clerk to the Board cc: Stanley Sessions, Assessor DELOITTE & TOUCHE LLP 555 SEVENTEENTH STREET SUITE 3600 DENVER CO 802023942 Hello