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Home My WebLink About20022101.tiff RESOLUTION RE: THE BOARD OF EQUALIZATION, 2002, WELD COUNTY, COLORADO - DENY PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE PETITION OF: DEMASKE JEFF L & 2380 27 ST GREELEY, CO 80634 DESCRIPTION OF PROPERTY: ACCOUNT #: R6811197 PARCEL#: 080720203007 - WIN WTCI12-2 LOT 2 WINDSOR TOWN CENTER II 2ND FLG SITUS: 1265 MAIN ST WINDSOR 0 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 2002, 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 2002, claiming that the property described in such petition was assessed too high, as more specifically stated in said petition, and WHEREAS, said petitioner being represented by Mike Walter, Bridge and Associates, 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 $ 181,124 Improvements OR Personal Property 818,876 TOTAL $ 1,000,000 n 2002-2101 c_a A-S, 0 4, AS0052 RE: BOE - DEMASKE JEFF L & 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), CRS) Appeals to the BAA must be made on forms furnished by the BAA, and 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 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), CRS) 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, CRS) 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. 2002-2101 AS0052 RE: BOE - DEMASKE JEFF L & 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., 2002. BOARD OF COUNTY COMMISSIONERS W LD COU TY, COLORADO ATTEST: Legged/4 'Try Clerk to the Board cu..• 11 �� David E. Lo g, Pro-Tem _c-x 1861 �,��; pu rk to the Board M. J. eile J y �S TO FORM: fl ,, /' etz �� Wni rk& Vc Assist t Cou y Attorney Robert D. Masden Date of signature: rtrA7-b (o - fJa 2002-2101 AS0052 ! NOTICE OF DENIAL OFFICE or COUNTY ASSESSORAVE.f 1400 TTII I 7th . GREELEY,C7 80031 WIN WTCII2-2 LOT 2 WINDSOR TOWN PHONE t97a)353-'S45. ENT 3050 CENTER II 2ND FLG SITUS : 1265 MAIN ST WINDSOR 0 (A3 -00f3 COLORADO IM.6,5 OWNER: WINDSOR TOWN CENTER INC BRIDGE & ASSOCIATES LOG 610 PO BOX 280367 PARCEL 08072020300 ACCOUNT R6811197 LAKEWOOD, CO 80228 YEAR 2002 Owner : WINDSOR TOWN CENTER 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 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 as follows: No change has been made to the valuation of this property. Colorado law requires us to send this notice of denial for all properties on which we do not adjust the value . PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIE\V COMMERCIAL 1000000 1000000 TOTALS $ $ 1000000 1000000 APPEAL DEADLINES: REAL PROPERTY-JULY 15, PERSONAL PROPERTY-JULY 22. 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. By: Stanley F. Sessions 06/21/2002 WELD COUNTY ASSESSOR DATE 15-DPT-AR Form PR-207-87/99 ADDITIONAL INFORMATION ON REVERSE SIDE • 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. APPEAL PROCEDURES: 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 15 FOR REAL PROPERTY, AND JULY 22 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD 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 5. TAXPAYER RIGHTS FOR FURTHER APPEALS: 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. An appeal form, rules and guidelines can be obtained on-line at www.dola.colorado.govAbaa. 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, 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. d 79c cr,r TL�F,5 T irc 4 o 99p //AL) ;Dec( ( sr T,N v Ti. tr . y r1E "CciC. .. I1CI cr 4II'% (I;o (6.1rciL !A�'(:SD:c. A%7) wri. A�-ii 61,ri1 c.1PA.4 "a ,- /.7h ; ^J.. cr. ,'V � �� 11 J Div CCTIVI TAX rU' C' '% .,2 ,; 4 il'sn4Ll '4f ,2.17E cc l$ .� % l.iJ,cA�S � ba[ti: �:- 76'2 `" t.� h14Lti LCLA)Z-.6 (f r/ Fc,iL 4 £.ct;?)7LJ 4 4r (7 *WC C e. S1UNA I URL OF IIITUNER DAIE BRIDGE & ASSOCIATES PO BOX 280367 LAKEWOOD, CO 8022fi PMKTG V7L),RY LODGING 9EV131.0P4RNT ,Statement of Prn(tr 6 Lose // For the Period Ended December 31, 2000 1 Month Ended Dior Year 12 Months Ended Prior Year _Dec,_31, 2000 — Period Variance._._ _ Pat Dec.- ]3_ 2000 Period Variance Pot operating Rev<nur Room Sales 5 21,161.50 $ 21.997.86 $ ! 814.761( al Telephone :Net) 61.01 S 111.7Am 07 5 369,367 69 < x1,441.505 5 Vending/Lohi1Y N !1 124.89 I 63.8811 Si) 3,671.65 0.00 0.00 0 5,519.60 (1,368.551 ( 71) n.00 Other 150.5n 519.60 1,248 66 35].47 ( 697.101 ( 71) — -- 891_23 249 5,199_06 2503.04 --- 2.59].02 309 Total Oper Rev tux 12,473.17-- ,._.__ _. 8 22,180.1 1 7.01) I_ 8 18 01 401, 09. 377 . __ .. . ___377,928.53 __-.23,880.55 5 Controllable Oper epenses. Management Wage. 1,056.62 1,057.64 f 1.0211 01 26,059 22 Front Desk Wage: 5,547 69 3,503.27 225,050 27 ( 2)4.5411 11 ,014.42 59 60.945 17G Housekeeping Sap1.589.519.270 Al 7,234.51 1 1,526.24 63.'<P 4 Maintenance Wag•� 26,124.99 1,610.56 7,131.77 41 0.00 ]57.28 ! 15].28111001 Other Compensat 1 1.110 99 1,617 22 693.9] q 0.00 t.nn o.oD n P/R Taxes F Bend is _ 3,402,02 170.90 1,813.76 (2,358.231 ! ?21 .. _ _-_1_226.20 2 P5;82 ,]7 __6,546_,92 16,188.59 --- — 358.23 2 Total Payroll t .vts 17,595.86 9.5]0.62 3,925.22 I1 Training/Semina' 131,564.119 123.698 98 9.914 86 8 0.00 0 00 0.00 9 Cleaning-laundr` uppl 24715 70 98.47 77,70) ) 35) 31 299-94 Linens 1 Sn6211 17) :,it 7_82 2,191.52 570,79 0.00 937.:411 35) Guest Room ,Stipp: : a 550. 19 9 1,117.15 199 161 2 165.56 27].29 917.94 225 `her Supplies 79 47 12 3,531 40 1,077.12 67] 76 399.49 3.109.73 49 eakfa9t Suppl1P 770 is 126 1,531 .40 4,051,15 777,00 1,159-P2 1 286.821 ! 25) 13,129,97 ( ♦26'051 ! 42 Pool and Spa Surp leg 32.54 ]•269.90 7,390.90 52 L 30 Utilities 1,271.00 ( 9.561 ! 211 640.)1 217.90 390.93 156 •1,899 13 112 n7 Telephone 19 24.102.95 1.9,772.58 1,028.22 921.00 1.741 63 12 Repairs & Na let 104 22 11 9,411 68 9,190.OS•1,124.10 137.91 71 .111 4 Bad Checks/Re(uni 7,786.39 999 n.Tt 6 6.392.74 1 108.12) 95 12 1 1,271.17 44 Red Debts ( ]67.2411?961 924,12 I.414 77 ( 610,40) ( 40) -_.....11,711.96 0.00 _1,711.96 0 Total Control!J e 23,540.51 ._ 14_924,41 8,616_10 58 216,205.13 17218.7] �— --- --- --- 9, —__ J6.986__46 _21 Contrib to P it ( yl 067.74) ,_ 7 555.77 _ (8,623.11) (114) 185,603.95 - __. 198,]09.76 _(13,„105.811 ( ]} Other Operating Ears 9es. Property Taxes 2,017.51 2,275.00 Insurance ( 7.5].4711 117 29,119.1R 26,54 n.38 1,327.75 352.75 2.884.77 11 955.00 276 5,755 17 9,1]2,]5 0.00 0.00 1,191.05 38 Super 8 M Fund 1r CI O.On 1.99.00 Marketing /1.OB 0.00 0 0.00 ( 198.001 !1001 71.08 0 6,113,02 1,216.79 4,886.23 395 Ca9nlasions 0.00 200.00 f 100.001 (100) 612.00 63 927.01 40.41 0 Cable 6 Satellitr V 410 410.62 n.00 0 4,92].44 Credit Card Expert 915,639.991.03 0.41 0 ( 492.48) 7.909.11 (2963 1'),0)1.5] Travel 6 entertain -int 46.16 9,115,17 ],181.82 76 Professional Feels 16.16 0.00 0 593.25 7J Mann 480.00 980.00 ( 500.00) 1 511 5.12 ( 981.01) ( 191 Bement Fees 1,263.41 4,547'31 7.190 51 1 906.4611 16) 1.119.fl7 ( 50.06) ( 4) 11,565 71 Lease Expense. 22,160.87 8,596 46 6 O.nn 0.00 0.00 0 Miscellaneous Err, le _ 491.40 0.00 7,50L.t7 17,591.171 (1 D01 --_--_ 0 291.9.9 200_46 69 �— ------ / _— —_ _.2 802.24 2273.56 539.68 23 Total Other Ore- hap 7,031:98 -.5277_86 3.]48.17 33 95,102.35 86,362.19 - —. 8,740.36 10 ante-lm Financial Report, For tnternal Use Only 9 'd iiSIGCEOLS S3W0H A3Wdf10r e80380 20 ea field • ] Month Ended riot Year 12 Months Fnded Prior Year Dec_31,__2.000 Period Variance �� Pet Dec. 31- ' � - -- ....._� 2000 Petlod Variance Pet( Net Operat i. ( Inca (0,099.]2.1 _ -- -.---__ .__2.2]1.91 __(l Os 371 231 (461 90,501.60 . ._112.347,57 __-121,ga5 9111 19.1 Interest Eepen x. (9.170.921 Other Non- fB,741.IS1 173 21 ( 2) Oper ielesp 42,00 (102,854 71”) Iln i,]61.151 5,350.n4 ( 1) )_ y])0:16 (].172.361 f.-. _ 991 2,059.50 80658 _ (5,352(S,ISJ.00) 1 551 Inca,MOBS) I f Dep (16.278.24) 1.101 52 Deprer.-allprti x.r on (11,910.16) (9991 (],101 n) 13,197.00_ 821_00 . 1]4.491.011 (1141 — --5_150 00— _ (l J 19001 ! 251 ..--q5 8]1.00 53,409.00 2,.1535.001 (--- 141 Net Income r osal $ (20,052.291$ _ (3,455.4915 115.596.361 990 5-- ----- —._.. _._. ,__23.2.79 _1.1.11 (J6 216.11u15 116 362 :11 -47 ( r Intel Es Financial Report, For Internal Use Only 4 .d Yi6TecE0L6 S3WOH A3W21f10C Q80 =60 20 82 RQW POU1DRR VALLEY LODOINO DRVELOPMFET Statement of Profit x Tons For the Period Ended December 31, 1999 1 Month Ended F,-far Year 12 Months Ended Prior Year Dec. 71,_19.99 Period _ Var_i_ance_ — -- — Pet De C. 71. 1999 — ____. _ Period _ -- Variance Pet Operating Revenue: Rope Sales $ 21.,997,96 $ 25,785.95 $ Telephone (Net) 13,541,091 ( 151 $ ?69,597 53 $ 11,28. 7 $ (25.739.371f 1) 32.4 89 56 5.96 ( 541.051 ( 811 9,590.20 1 Vending/Lobby Cl, 1 0.00 99. ;1,2991.55 (2,521.90) 1 91) 50 Other ( 199.[111(300) 519,fi0 757.43 3,391.500 0.00 357_41 0 (2,821.90) ! 94) —_ 2,.501.09 ( 532_591 _ -� 3 D�li I5701 Total Oper Re—, ue 22,7480,/8 __.. 2501_41 (4,,121_2]1 ( 151 .___377,920...51 912,334.25 _ _(35,405.]21f 9) Controllable Oper T penaes- -' Management Magee 3,057.59 1,390 62 3,471.02 121 25,090.27 3.503.2] 52..57.14 9, 361 55 51 Front Desk Wage 1,870.20 (3,765.911( 7.9) Housekeeping Was. 1,925 23 55.270.63 53,256.14 4,915.29 1 Maintenance Nag5s 1.253.47 762.76 21 357.23 ±8,2')0.22 23,406.12 !1,352.24) ( 25! z 6.95 7]O.11 999 Other Compensau 7 3,915.92 479.11 0'OD 535.51 ( 1.:62.04 295 P/R Taxes i 3enef 9 535.SP111001 2,913.95 ..._ .1,717.99 1,716.09 2.3]3.12 047.19 _q — _ 1 402.6011 bl ±6,25538 . _1112]_36 (2_047.19) I !1, Total Payroll 1 its 9,157.91 a -- ,]9].91 ( 40.0011 01 121.575.52 110,906.50 5,709.19 6 Training/Seminar, D.nn 3.00 o.Dn 0 Cleaning-Laundry t 'ppl 149.94 91 52 595.5n 214.0411 98: 4 179 02 Linens 120.92 64 ' 0.00 0.00 2,191.2 1,529 56 f1,734.0411 151 dues[ Room Su npl a 0'00 0 190.31 237'29 131.35374.99 1764.231 ( 171 her Supplies ( 91 0511 291 J,63 p. 32 4.( 299.49 458,43 I 044.99 1 069.as1 ( 311 •nk f,R 3u ppl i,= :59.15) ( 151 9,057.09 1,004.59 1.159,92 729.53 1,112) as 31 Pool and Spa SupFl es07O.29 59 3.161 97 42.10 6 35 17,390.10 (0.174.:0) ( 331 Utilities 15.�5 553 249.90 1.999 13 1,2]5,03 324,00 ( 54.2011 231 Telephone 523.10 14 19,772.58 924.00121,09].17 (1,902.021 ( 7) 984.44 Repelrs 6 Taint 337.9I 39.56 7 9,390.05 14,292.07 289.56 49.J5 17 (1,902 07.1 ! 171 Bad Checks/Refund. 1,534.74 4,701.55 2,833.46 57 55.12 0.00 55.12 0 Bad Debts1,539 77 0 00 D.00 0 00 0 ]01,25 922.25 119 - -- 0_DO _ 922.21 922.21 ( 922.217 11001 Total Controllal • 11,2,U,70��11 __.3,951.92 1,059.78 B 179,306.06 - 1]9,691.13 1 385_0])1 01 Contrib to Fri: t 7 068.48 __ : 2,649.49 -_ (5,161.011f 41) 198,622_47 - _„_?33,693.12 (35,020.4511_151 Other Operating Rxp,. ea: Property Taxes 2,275.00 r Insurance -.275.00 0.00 n 25,540.15 352.15 36,511.27 (4,340.9211 36) Super 9 Ad Fund Cc, r 520,00 ( ,67,1611 721 4, 92.7-c 0.00 l 6,517.].7 Marketing 0'00 0.00 0 198.00 (2•HQ.9211 36) 13.00 294 78 0.00 198.00 0 Com5l sslon9 ( 294.]8) (1001 1.214.19 100.00 21.102,132,51 ( 513.72) 1 41) Cable 6 Satellite r 50.30 361 567.26 410.62 010.21 4,162.6R (5,515.621 ( 91) Credit Card Bxpens, 9'31 0 4,927.07 1,990.29 6P5,71 812.971 6.94 0 Tteve3 h 6o[,rtalnn V. 3,499.30 I1R4) ]0,969.95 46.16 46.16 11,597 25 1 96.6.45) ( 1) Professional Fees 5 99 0 775.12 9130.00 N4.47 1.61.1.57 ( 366.15)1 53) Royalties 635.59 185 5,27.9,53 Mans 0.00 9.00 5,397.95 f 67.951 ( 01 Bement Fees 1,319,97 0.00 n 0.00 23,993.65 Lens, Expense 52].]4 7ql 33 129 (35,19].4511100) 22.150.97 10.442.62 (1,]92.]7) ( 7) Miscellaneous Fx 0,00 ?49'30 ( 949.301 (100) 5 pe•,e ,591.1 7 i _ 291_94 178.00 113_91 64 10.012.30 ((.951.13) ( ls) _-, 2,272_56 _ 2,182.96 3,391_96 ( 109.40)1 51 Interim Financial Report, For Internal Us, Only Era ib6T6EE0L6 S3WOH A3W80 0C x80160 20 B2 FeW I Month Ended rior Year 72 Menthe Ended Prior year Dec., 31,_1999 Period_. Variance — —_ Pc[ Dec.-31, 1999 _ Period Variance 'total Other uI r Exp 6,962.67 -_ — 11804_55 1,658.12 35 _97,541.08 14_1_2_698.10 (59,107.10) ( 381 Net Operat:r Into 3 005.81 7 819 — ---�--_94 _.— 16•A]9.131f 871 111,081.4] 91,995_02 11,2895 21 Interest Expense (8,394,151 (9,360.441 16.29 ( 01 (101,?61.151 (102,687 59) .—.205_0] 7 569 733. ( 673.56) 1 Other Mon-Oiler I :Map 7,774.76 _ 569,73. 999 306.58 (797.02 _ --- - 6,909.56 357 Income llnaal n E nap 9?5.92. De Incomel Lossln m 1 310.47) 746,99 (241) 15 .926.70 4,416_00 —.__5_118.00 (8.895.551 29,822.95 (2791 (_90.3.001 ( to 52,667.OD 60 J.J9.00 — —� 17567.001 ( 1]I Npt IpCd11e ( Gael $ (J,379'081.< 5 628.9715 164848_89 (_291 $ _( (38 740.10)5 (69,129.5515 32 399 45 f 471 Intern Financial Report, For Internal Use Only g �d * SIGCSOL6 S3WOH A3WNOOC R60 :60 20 82 I"+QW e t(ts a CLERK TO THE BOARD r �i PHONE (970) 356-4000 EXT 4217FAX: (303) 352-0242 WEBSITE: www.co.weld.co.us 915 10TH STREET P.O. BOX 758 C. GREELEY, COLORADO 80632 COLORADO July 17, 2002 DEMASKE JEFF L & 2380 27 ST GREELEY CO 80634 Parcel No.: 080720203007 Account No.: R6811197 Dear Petitioner(s): The Weld County Board of Equalization has set a date of August 1, 2002, at or about the hour of 10:00 AM, to hold a hearing on your valuation for assessment. This hearing will be held at the Weld County Centennial Center, First Floor Hearing Room, 915 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 5,2002, and mailed to you on or before August 12, 2002. 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. At least two (2) working days prior to your hearing the Assessor will have available, at your request, the data supporting his valuation of your property. DEMASKE JEFF L & - R6811197 Page 2 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. Very truly yours, BOARD OF EQUALIZATION iatieWa% Donald D. Warden, Clerk to the Board I BY: � ,t`T'r/lt.{. -�'c Carol A. Harding, Deputy cc: Stanley Sessions, Assessor BRIDGE &ASSOCIATES P O BOX 280367 LAKEWOOD CO 80228 My Weld County STANLEY F. SESSIONS COUNTY ASSESSOR MICHAEL SAMPSON, CHIEF APPRAISER ASSESSOR'S VALUE REPORT OF COMMERCIAL PROPERTY FOR County Board of Equalization DEMASKE JEFF L & DEMASKE JANN M PETITIONER vs. WELD COUNTY ASSESSOR'S OFFICE RESPONDENT Parcel Number: 0807-20-2-03-007 Schedule Number: R6811197 Log Number: 610 Business Name: SUPER 8 MOTEL Date: 08/01/02 Time: 10:00 AM Board: CBOE PREPARED BY /%nom STAN JANTZ ;iGniC� L r /- L) Z-. Signature Date Signature Date ASSESSOR'S OFFICE STAFF APPRAISER CBOE_COMM_010998 Page 1 SALIENT FACTS AND CONCLUSIONS Purpose of Appraisal To determine Market Value as of 1/1/2002 based on an appraisal date of 6/30/2000. Property Rights Appraised Unencumbered fee simple interest. Location 1265 MAIN ST WINDSOR Land Area 45281 Square Feet Zoning GC-PUD Property Type Commercial 1— Motel Year Built 1996 Year Remodeled Quality Average Class Wood Frame Number of Stories 2 Improvement Sq. Ft. 16568 Basement Unfinished Sq. Ft. Basement Finished Sq. Ft. Mezzanine: Value Indications: Land 181,124.00 Cost Approach 1,059,148.00 Market Approach 1,140,000.00 Income Approach 822,600.00 Reconciled 1,000,000.00 Assessor's Value 1 ,000,000.00 CBOE_COMM_010996 Page 2 2 COST APPROACH LAND VALUE Sales utilized to establish the value in the subject neighborhood are 1999 and 2000 market for the 2002 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 1995 through the June of 2000 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 45281 square feet. Comparable commercial land in the subject area is valued at 4.00 per square foot. If no vacant land sales were available in this area, we utilized the abstraction/allocation method to establish land value. Address Sale Date Sale Price Land Size Per Sq. Foot Comparable 1 1281 MAIN ST 09/30/99 310,250 43883 7.07 Comparable 2 1040 WALNUT 09/14/99 150,000 36406 4.12 Comparable 3 1245 MAIN ST 05/28/97 212,882 46,049 4.62 ASSESSOR'S INDICATED SUBJECT LAND VALUE 181,124.00 CBOE_COMM_010998 3 i C f e.,x..m�i s P `t ,s' s ,'1'.'2'.1.7;,,- ,��iw ' NW iis '..siff ' ��p rA ,i � � N 411k Xey � {� '� �re�'5$b' � ''8 b Fs,� d r r � I/j tprJ ;:rr; V sf a-� :':2-':'t� %�.M a pit'k i�¢'s'x'szt;,t ii y.� #, a i ` r '� :5 �� rr g> a �' i + , J"t r Ai +^ .44 as a { t * u 0'37 s,^-'"t 4`;+, '`{I v' +' ',, S` S i x 4 rn r�l �Y }Y i s g �i :;m 4 }d s. ,,gt ,, r , ` ' a:r ,4a ct s r ,at• � 3 ",° if tip "-uwP",v tl ," a + r yJ` �E+?5 kit 931 k : *, r , ,-.11 :::,...'1:1:ftc:4'...".E.::';•: . ;. Jeri i toy ` `' � � r ►'' r.r( .. m -E ...._... ^^^ ... "� ., ..: .,�.. +..—Doan.. 1.... 7r�nA .. .. - i. vf. G.,00? 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 l , Land ValueVaue 878181,124.00024.00 TOTAL VALUE BY THE COST APPROACH 1,059,148.00 030E COMM_01094R 4 COMPARABLE MOTEL SALES ADJUSTED DATE OF SALES NO. OF PRICE PER # ADDRESS GRANTOR / GRANTEE SALE PRICE ROOMS ROOM SUBJECT: SUPER 8 MOTEL 40 1265 MAIN STREET a5 00O WINDSOR CO. / RED COACH INN KWAN & NANG SONG/ 03/10/00 $513,000 18 $28,500 33125 HWY 85 TOK YOL CHOI LUCERNE, CO 2 SLEEP INN SIGNATURE HOSPITALITY/ 04/26/00 $1,770,000 61 $29,016 3025 8TH AVENUE JAMES YOO EVAN, CO 3 COUNTRY INN O I GREELEY#2, LLC/ 05/01/00 $3,083,077 63 $48,937 2501 29TH STREET HANZEL & MCDONOUGH GREELEY, CO 4 HERITAGE INN S. SANG & H. MYUNG/ 04/14/00 $2,100,000 73 $28,767 3301 SERVICE RD P. PARK& H. LEE EVANS, CO THE AVERAGE FOR ALL FOUR MARKET SALES IS $33,805 PER ROOM MARKET CALCULATIONS 40 ROOMS AT$28,500 PER ROOM EQUALS $1,140,000 5 COMPARABLE SALE 1 } n J2 + x t t Cnyl, +h x r r iz a a•�'�v .nxW3�.''ii. S' ... n3i�`,wY�ie "'P' § 'x y"1 .� S i,kril � k ."4 �VI t' T'R ti6f B.Yu 6^ , f. .'F{ 1'4 13} K r 0- w t 3 un 1408' r,'y114 " b 3- 1636-6°45-4, °4 x� 3 „4,44.13,141,0,4,444t4", ',60' Balcony 6.0' Balcony/1 Floor 6.0' Balcony , 1 v_� '2'42-76 royy �4.4.444:04.-,444,41 6664.4",40"614664181:4, 56.0' 288' 56.0' It,t ;.44.--,,,,,r,,6-3,`!... ,'i -FL`cf ma1 raeli 1 y.x x rocTsai r w. x , 7; of,46,.; T4 s h .' -p, ;.3y; -x,. 1 T u r{ z vm ra' :. a ,h .y y p3' a '1 <�x k mr H k r?43 2 2B 243' 2 t[ rir 4 f 8-"-u,";j a ag a s e .y .N 1 .'S4t xar c s • . � {6 r K � � `1 _..� „I -1 ��t�'.�? , pO. �CiS�%hx 6n' Balcony 60 1 2' F .. a 60.8' E00' k x <-0', 2:4— r+M1t6+M First Floor 3597.0 SF 34 2 s� 6 f a : .- . t , r� � a� � ' 6"., F , 2.1-642,,,i-54";60, Second Floor 3425.0 SF '� , it x J - -� r ' t 6' Storage - � ?{' 9 700.0 SF + ' ,� � J - 7 ty 8alcorry Rear 644.0 SF t ^* - 1,1. " i Az. Balco Front 1530.0 SF 200' 4,,.,'" " i tz '5'44 " r r 6 b .r' +64 .4>'�5' u 3 r; 1 2nd . � r i?.Y, ;=>�rs+atit C .• �'a.+ 1< "i:�#4, 6*e^x.4k'ai1'stG$'ay �.di�"� � f, a::?,e,e.5k s d%.. ��'E�n a.�. Y PIN#, 1257786 PARCEL #: 080318000006 PRIMARY OCCUPANCY: MOTEL OFFICE: 2ND OCCUPANCY: ADDRESS: 33125 HWY 85 LUCERNE PROJECT: SALE DATE: 03/10/00 BOOK #: SALE PRICE: $520,000 RECEPTION #: 2756599 ADJ SALE PRICE: $513,000 GRANTOR: SONG KWAN SEOP & NANG GRANTEE: CHOI TOK YOL & WOL YEAR BLT: 1963 LAND VALUE: 41,349 EFFECTIVE AGE: 1980 ZONING COMM BLDG SIZE: 7,022 LAND/BLDG RATIO: 6.20 CLASS: C IMPS PRICE/PSF: $67.17 CONSTRUCTION-QUAL: AVG SALE PRICE/PSF: $73.06 WALL HEIGHT: 18 CASH DOWN: $0 STORIES: 2 LOAN: BSMT SIZE: 700 INTEREST RATE: BSMT FINISH: • 700 100% LOAN TERM (YRS): LAND SIZE: 43,525 POINTS PAID: REMARKS: Adjusted sale for FF&E. 18 unit motel 7022 sf w/2 bdrm apt, bsmt laundry and bldg 2 metal gar 1408 sf. Per room price $28,889. 1031 exchange. Actual 1999 gross $113,500. Rm rate sgl $35, dbl $39 6 2 1st Floor 12,842 sq ft l0)Ira It oAVS 011e'x va.v - 1,010 ]4,A E,Q>ress Hotel ims .• 3> al Total Rooms Onto niro'.a t I ''1; I I [�ip ,mar i" °°a _ n )r ,�� Aim, 'k ° .. ti"S v ' ao o,1A t�A - 20? • p),erc,eer.vs I �ensaIooevs ® av Cone.sW 5440..n.0.5 nun FM.vWno� COMPARABLE SALE 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: $1,770,000 YEAR BUILT: 1995 CLASS: D EFFECTIVE AGE: LAND/BLDG 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: BSMNT SIZE: DOWN PYMT: $0 BSMNT FINISH: LOAN TERM (YRS): ZONING: C-3 POINTS PAID: QUALITY: Good COMMENTS: The S/P of $2,250,000 less P/P of$480,000 equals the Adj S/P of$1,770,000. The subject has 61 rooms, a lobby breakfast area, outdoor pool, and hot tub. Sold for$29,016 per room. 7 COMPARABLE SALE 3 0,00 6600 5001 1500 6600' 19300 1 )I Pod 51 Ilea JI 33.00' 168300 I 33 00 /' i J/ �. I _ _I '� �4' a00 Fhst Fl 100 loan 1 [, 9 1( E, ? Se[Imml Floor ID955.Wq 100 liry 1II:1"anWi5 III:. o lla'Lig 1 3j { 41,� (�' la ao TNN Furor 109]..00 at 1a 00 .• r..-11. I Il ll � L f Total ]]llfi 00 fl 900 3 - aII 1 L , fITIT�� f((TT��II�� '' 9 0 �'1 4 I��l e 11Y1Yjf tamiE -If . 5030' rAlLa' r j] 505030' soo 9 ' 113 oa soa l3 op 150.1 9.00' 150]' ll 30111e16 60-13.W Can00>y erxe fio Oo sr 708 O0 of 1 _ J111 , , Q6O0' PIN#, 0356595 PARCEL #: 095924100087 PRIMARY OCCUPANCY: MOTEL OFFICE: 2ND OCCUPANCY: ADDRESS: 2501 W 29 STREET GREELEY PROJECT: COUNTRY INN SALE DATE: 05/01/00 BOOK #: SALE PRICE: $3,300,000 RECEPTION #: 2768056 ADJ SALE PRICE: $3,083,077 GRANTOR: O I GREELEY #2, LLC GRANTEE: HANZEL RICHARD & McDONOUGH WILLIAM YEAR BLT: 1997 LAND VALUE: , 297,600 EFFECTIVE AGE: 1997 ZONING C-H BLDG SIZE: 33,116 LAND/BLDG RATIO: 2.25 CLASS: D IMPS PRICE/PSF: $84.11 CONSTRUCTION-QUAL: AVG SALE PRICE/PSF: $93.10 WALL HEIGHT: 9 CASH DOWN: UNK STORIES: 3 LOAN: ASSUMED BSMT SIZE: INTEREST RATE: BSMT FINISH: LOAN TERM (YRS): LAND SIZE: 74,400 POINTS PAID: REMARKS: ADJUSTED SALE FOR FF&E. MOTEL HAS 63 ROOMS - -15 SINGLE, 33 DOUBLE, 15 KING SUITES. PER ROOM PRICE $48,938. INDOOR SWIMMING POOL. SALE INFORMATION FROM TD 1000, UNABLE TO CONFIRM SALE WITH BUYER OR SELLER. 8 COMPARABLE SALE 4 1 t o rev .aa \ , , First Hour Second Floor BUM Storage # 30,517.0 sf 17,604 0 sf 21605 0 sf 547 /4 - Hotel Concrete Sleet '1 2 Close C '�n 2168 0 it e ' w.a 9.0 story height ti 4-Hot 8 Chilled Water 66.0 130 g 6t 1964 ' tr y k 73 Rooms Meeting Roams -^ 310' aF �x' •,-4 , .-fet! aal .` s ren t.` d Lounge * _ �l � o esae Lounge -is 78° i '.— ti ,. -r"'" Fa„ 1,_,,.� .. rzooe Krchen i f g • - -- .. ..a.. a e no wo .an a t 2i . w, a 1 54 0' 2B 15 2B 38 0 S _a�'S son 10 Restaurant 400' r �. 'I w a »..Cs—R—�� rY f r NSA' 9 a 19 0' .3 v " '_r0 39 0' ' roW 20�e } ,4.-r• ✓`� r{ t' ,h l_ _oJ6 0 sr FirstFloor 4f'. - 4 ski,^'' yn �3 L0t 00. 1 Pi N#, 3882086 PARCEL #: 096120306018 PRIMARY OCCUPANCY: HOTEL OFFICE: 2ND OCCUPANCY: ADDRESS: 3301 W SERVICE ROAD EVANS PROJECT: SALE DATE: 04/14/00 BOOK #: SALE PRICE: $2,300,000 RECEPTION #: 2762633 ADJ SALE PRICE: $2,100,000 GRANTOR: SANG, S. & MYUNG H. YI GRANTEE: PARK PHILIP & LEE C HANG YEAR BLT: 1964 LAND VALUE: 426,651 EFFECTIVE AGE: 1980 ZONING I-1 BLDG SIZE: 48,121 LAND/BLDG RATIO: 7.09 CLASS: C IMPS PRICE/PSF: $34.77 CONSTRUCTION-QUAL: AVG SALE PRICE/PSF: $43.64 WALL HEIGHT: 9 CASH DOWN: $460,000 STORIES: 2 LOAN: NEW BSMT SIZE: 11171 INTEREST RATE: 10.50% BSMT FINISH: LOAN TERM (YRS): 25 YRS LAND SIZE: 341,321 POINTS PAID: REMARKS: S/P less P/P of $200,000 equals the Adj S/P of$2,100,000. The subject is a full service hotel containing 73 rooms ( 59 regular. rooms & 14 fantasuite rooms) selling for $28,767 per room. 9 INCOME APPROACH SUPER 8 MOTEL 1265 MAIN STREET WINDSOR, CO YEAR YEAR 1999 2000 AVERAGE ACTUAL GROSS INCOME 377,929 401,809 389,869 ACTUAL EXPENSES 240,307 281,889 261,098 NET OPERATING INCOME 137,622 119,920 128,771 CAPITALIZATION RATE 11% PLUS TAX RATE 2.85% 13.85% INCOME VALUE 929,755 LESS PERSONAL PROPERTY 112,243 102,019 -107,131 REAL ESTATE VALUE 822,624 ROUNDED TO $822,600 to rOUDRR VOLLEY LODGING DEVELOPMENT Statement of Profit A loos For the Period Ended December 31, 1979 1 Month Ended Prior Year 32 months Ended Prior Year Dec, 31, 1999 _ Period Variance Pct c_33,_1999 _ Period _- Variance Pet Operating Revenue: Room Sales $ 23.,997.16 $ 25,785.95 $ (3,788.09) 1 15) $ 369,.14'].59 $ 399,27.6.]7 $ (21,879.091 ( ]) Telephone (Net) 124.99 665.95 Vending/Lobby IL 1 f 541,071 ( 13) 5,550.20 13,]91.57 0.00 149.50 $4) (5,]31.3]1 ( 511 Other 5 ( 149.501(1001 519.60 3,142.50 (2.821.90) ( 9q)357,43 0.00 357,43 0 2,501.04 ___ _, ( 532_591 __ ___3,033.53 (570) Total Cpet Rcv ue 2] 480_1$ _ 2E 501.41 (4,121_231 ( 151 377,929.53 413,139_25 (35,405.72) (_ 91 Controllable Oper r penmen) Management Nave: 3,057.14 1,?04.61 1,5]7.OJ. 121 27,150.2.'3 Y1,115.11 Front Desk Wage! 3.50/.21 3,:051.49 56 1,870.20 (1,165.93) ( 2.91 55,708.13 52,657.14 Housekeeping Wace 3,526 21 1.:.63.47 3,051.49 6 Maintenance Wages 360. 3 99 11,2111.22 23,406.18 (1.162,04) ( 21) 357.28 26,95 370,37 999 Other Compenaat10 2.813,92 478.82 3.335.04 215 0.00 575.50 1 536.58) (200) 2,913.96.-- P/R Taxes 6 0enef to 1,313,09 2,471.12 335.04 l4 �� _ 1L16:09 ( 902.6011 231 Ifi,27598 __,_1132]_16 (2,J4].11) 1 'ell Total Payroll ', rts 9,757,91 9,797.91 ( 40.00) I 01 121,736.52. 134,806.74 6,929,]18 6 Training/Seminar: aeon 1.oD p l 0 0.00 0 91.10 795.00 ' 9 '79.02 ( ]06.3211 993 Cleaning-Laundry 3 P 299. 120.92 68 2,193.02 1,525 56 :i,?34.04) 1 38) Linens 0.00 0.00 0.on 0 199.51 975.71 Silent Room Suppl a 237.29 l ( 764.26) ) 171 - 31..15 J.670.]2, 4,394.91 (' her Supplies 299,48 458,63 ( 59.15) ( 351 ( 012.861 ( 13) 1 159.15) 1 35) 4,057.15 3,044.59 1.012.85 13 •akfast Supplies 1,159,82 729,53 430.29 59 9,361.97 27,420.00 (4.174.20) 1 31) Pool and Spa Supll ee 42.10 6.35 I6.75 553 219.fl0 Utilities 037, 9 ( 64.60) ) 23) ' l.fl°1.13 1.275.01 527.10 49 19,772,59 11,037.337 (1,264.61) ( 6) Telephone 924.00 184,44 39.56 4 9,390.05 11.292.07 Repairs R Saint 337 9I !2,512 421 ! 571 2A 0,00 55.12 17 5,534.79 9,701.65 2,531,4E 57 Bad CTecke/Refund, 55.12 0.00 55.12 0 1.,539.72 7p.1.55 833.07 119 Had Debts 0,00 __ 0,00 0.00 0 0,00 922.21 --. ( 912.211 (1001 Total Contralla. ) _ 15,011.70 .3,951.92 1,059,78 8 179,306.06 l 179,691,13 ( 385,071 ( 01 Contrib to Pr.): t 7 468,48 :2,649.49 -- (5,201_011 ( 417 _._198,6]2.97 ..._233,643,12 X35,010_651(. 151 Other Operating Rig,, as, Property Taxes 2,275,00 1,275.00 0.00 n .1FrA411-Jas 71,192.15 (4,G51.773 ( i5) Insurance 352.75 520.21 Super 8 lid Fund Cfn r f 167.451 ( 32) 4,198.00 6,510.00 (2,198.00) 1 36) 0.00 0.00 Marketing 0.00 0 198.00 0.00 198.00 0 0.00 294.78 ( 294.791 (100) 1,216,79 6,032.51 ( 515,62) ( 42) Commissions loo.00 21.10 78.30 361 527.03 4,920.09 (5,515.94) ( 91) Cable 6 Satellite r 410.62 410.21 0.41 0 4,97.7.0.7 9,410.09 Credit Card Expens' 696.31 7.21 0 812.771 1,499.30 (19.11 ]n,9E4,05 11,59'(.25 Travel 4 Entertains it 46.16 1866.491 ( 3) 41,15 0.00 0 ]75.12 1,241.57 P3:ofeseional Peen 980.00 l 966,951( 53) 391'92 635.5R 185 Royalties 0.00 5.229.51 5,299.55 f 97 5) ( 1) Manes 2'10 n 0,87 23,357,95 ((1,792.751 (107) management Fees 1,319.87 577.74 -' Lease R 742 17 121 12,160.17 27,951.63 (1,]91.75) ( 7) Expense 0.00 949.30 Miacellane,Jus Rx ( 949.301 (100)64 6,591.77 10.442.30 (1,851.1J) f 111 Pe^` 291 94, 178.00 123_99 —�— —"—' -- _ 2,171.56 2,38.1.9i f 109.901! 51 Interim Financial Report. For Internal Use Only II 6 'd 446ISE£OL6 SJWOH 1BM (l0C 86O16O 20 82 ReW • 1 Month 6ndmr1 "riot Year 12 Menthe Mnded rrlor Year Dec. 31, 1999 ,._,_period__ Variance Pcc Oer,31 1999 Period Varian .ota1 Other ail r Exp 6,462.61 4 804.55 58.17 35 .e7,541,0 144 — _.__ __ .. 1 6_ ,_ o 1�-6_. 8.10� _ (54.107.10) ( 38) Net Operet:r lnco 1005.81 7 84.94 ,._�_ ,. (6,839.13}1 671 111,081.47 91.,99502 19,086.45 21 Interest Sxpeno /Z7.6a t.75 (9,344.15) (8,360.44) 16.29 ( 0) 4404,46.1-164- (102.687.59) ( 613.56) I Other Nnn-Oper T =1Rxp 7,774.76 203.03 7,569 73 999 8_,206.58 __.1,291,92 6,409.56 357 Incnme(Lossl n f Dep 436.42 ( 310.47) 746.89 (241) --4-b,P24.90 (8,895.55) 24,822.45 (279) Deprec-Amortlia_ In 4,416`00 5 318.00 ( 902.00)1 111 5J,i67-�A8- ...�6p23400 �.� (7,567.00) ( 13) Net Income ( ).$) g (3 979.58)5 (5,628.47)S 1,648.89 ( 29) 5-- ,--.._...._._. _� ._I36,740.1015 169,I29_551S 32,389.45 f471 Inter: , Financial Report, Pnr Internal Use Only i2 6 'd *6T6E80G6 S3WOH �,3F32tilOC eso:60 20 82 8WW • 9)1)7055 VALLEY LOCCtNO DNF,I.04T4RNT Statement of Prnflt 6 Loss JJl, For the Period Ended December 31, 2000 ' . 1 Month Ended frier Year 12 Months Ended Pr ior for Year Dec. 31, 2000 Period Variance Pcr Period..__. .20c.._214...29.92 ...__.___._.___ Va clan«._._ Fet Operating nevent,, - Room Sales $ 21,163.50 $ 71,997,96 $ 1 034.161 ( 41 $ 392,780.97 5 369,34].69 .S Telephone (Net) - 71,888.50 6 61.01 124.89 1 63.981 ( 51) 1,671.65 5,560.70 Vendibg/lobby 6 Al (1,369.101 ( 71) n.po 0.00 0,00 n Isn.sn 519.60 ( 369.101 ( 711 Other 1,248,66 357.43 891_23 249 _ 5,198.06 _ 2,501.04 -. 2,597.02 108 Total Oper Rev Due 222 473_17 22 480.18 ( 7.01)(_01 — 401.809.18 777928.53 _23,880.65 6 Controllable Oper Tenses, Management Wage. 3,056.52 3.057,64 ( 1_021 ( 0) 26,068.09 27,050.27 Prone Desk Wage; 5,547.69 3 ( 287.181 ) 91 .503.27 2,044.47 58 60,915.17 55.'108.63 5,216.54 9 Housekeeping Wan. F 1,589.51 1.526.23 53 .28 4 21,748.99 18.270.56 7,131.)6 43 Maintenance ',MOD 0.00 ]57.78 ( 157.281 (100) 1,748.99 1.617.27 Other Compensat , . 0.0093.97 A 0.00 0.00 0 130.00 2.813.0E (2,6493.96) ( 951 P/R Taxes 6 Ben, is 3,402,02 .- __1,226.20 _ 2,1]5;82 ll7 _16,546.92 ---_1G,398_59 358.21 2 Total Payroll ( ats 13,595.84 9.670.62 3,925.22 41 131,564.09 121.649.2+,Training/Seminar , 0.00 0.00 9.973.86 4 0.00 0 Cleaning-Laundr• nppl 249-37 15 00 88 98 77.70) ( 35) 209.92 f Sn.621f 171 1,113 92 2,191.52 ( ]77.7011 351 Linens 570,79 0.00 570.79 0 1,)37.15 399.51 937,34 235 Guest Room Supp. l s 265,76 237.29 79.47 12 6,930.45 7,.510.72 3,199.73 99 / `her Supplies 677 96 799,99 778.39 126 3,631.40 4,057,45 ( ,, 159. eakfast Supplie 871,00 1, f 960.001 ( 13.) 92 ( >P6.92I ! 251 13.379.9'1 9,361.07 Pool and Spa Sun, 'es 37.54 1.390.93 6 47..10 ( 9.SF7 ( 231 640.73 249.90 Utilities730.37 1252 z.231.nn 1,890 13 ]12.07 14 29.107..95 1.9,77].58 4,330.37 22 Telephone 1,028,22 924.00 104 22 11 9,9 t1.69 0.190.05 41.'91 O Repairs A Maint 4,124.30 337.91 ).786.)9 999 11,771.91 6,092.74 4,379.17 54 Bad Checks/Refuel 1 108.12) 55 t> ! ]6].71) (8961 974.72. 1,514. )7 ( 610.40) ( ADI Rad Debts 0.00 ----__. _. 0:00 0,00 0 11,711:96 ._ _.,__0_00 11,]11,96 __0_ Total Controll J e 22,540.51 _ 14.924,41 8,616.10 58 216_205.23 179,218_77 - - 36.986.96 21 Contrib co P , At (1,067.74) 7 555.77 �.-. .>___ fe 627,_111 (3141 _ 185_6 n3.95 198.709.76 13,105.81) Cl) Other Operating Erin nes, Property Taxes ],017.53 2,275.00 ( 257,471 ( 111 297410.48- 26.540.38 7,878.00 11 Insurance 1,327,75 152.75 975.00 276 5,757.1>. 9,1 T7.]5 1,544.77 38 Super 8 Ad Fund Cc tr 0.00 0.00 0.00 0 0.00 136.79 ( 198.001 (100) Marketing 71.08 Cogweissionn 0.00 71.08 0 6, 12.00 3,547,26 4,844.74 395 0.00 100.00 ( 100.001 (1001 4 9D1 61z.Po 067.26 44.74 8 Cable b Satellite V 410.62 410.62 0.00 0 4,927.44 4.977.0.1 0.41 0 Credit Card Expera 916.53 ( 492.48) 1.409.31 (7803 ]],533.57 9,615.15 7,381.42 26 Travel 6 Entertain xnt 46.16 46.16 Professional Fees 490 0.00 0 593.7E 729.51 ( .991.51) ) 181 ,00 BRp,On Management Fees ( 500.0n) ( 54) 3,567.10 5.229.51 ( 401.417 ( 161 1,269.03 2,739.87 1 50.051 ( 4) 23,547.11 2>,160.9787 1.406.46 6 Lease Expense n,0n 0.00 0.00 n 0.00 0,591.17 (9,591.17) )1001 Miscellaneous Exp9 le _ 492 _. 292.)4. 300_96 69 2 2,272.56j 902_20 2]a.56 539.68 _23 / 40 _ Total Other Opt' kp 7,031.98 5,29].86 1,748.12 33 95,102.35 _86,361.19 8,740.16 10 inte' In Financial Report, For Internal Use Only • ,3 9 'd rPSIBECOLS S3woH A3wanor eeo :so 20 22 Rew ] Month Endrd rior Year 77 Months Rnd.d Prior Veer Dec. 3A, 2000 __ Period variance Pct •Rec_ 31 2000 Period Variance Pct ( Net Operati. ) Inca (8,099.32) 2 271.91 (1 1 (456) --_ 0-��..71.23} -.—_. }t: .._1]2,3!17..57 __- (2�A45 97} (.19) • f9d 24 •� //1, 9/9.7 Interest expen te,170.921 ra,344.Is) 173.27 ( 2) (100,460.21) (1nI..t61.t51 2.700.94 f 3) Other Non-Open ir.(Exp _ 42,00 _ 7,7.74.76 {7 732.76)) 991 .�._. _ 2 x54.50. _ 8,206.18 _ (5.352__OP) 1_65) Income Moos) 1 f )7ep (I6.278.24) 1.702 52 (17.930.'61{999) (7.304.17) 17,193.04 (2q,497.111 (147.) eprer,-Mortiz,. on 3.824.00 -•515e 000 (1 J34.00)) 26) 45,874.00 53,409.00 Ilan Net Income oea) $ (20 052.24)S (3,455.481.5 (16,596.76) 400� •--• ._ S 154.1�78,1)? (36 216.0015 .(.16,962_11) _47 •r • Intel Ira Finaneial Report, POr Internal Use Only 4 L 'd **61SEEOG6 S3WOH A3NJfOC Q80060 20 82 geW VALUE INDICATION COST APPROACH: $1,059,148 MARKET APPROACH: $1,140,000 INCOME APPROACH: $822,600 ASSESSOR'S 2002 VALUE $1,000,000 15 THIS IS A RESTRICTED REPORT OF REAL PROPERTY PREFORMED AS A CONSULTING SERVICE AND IS INTENDED FOR A STATE BOARD OF ASSESSMENT APPEALS HEARING PROCESS. SEE UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE, AS AMENDED EFFECTIVE JANUARY 1, 1997 BRIDGE & ASSOCIATES 820 SIMMS STREET #12 GOLDEN, CO 80401 303-573-7000 Estimate of Taxable Value For Poudre Valley Lodging Development LLC (Jeff Demaske et al) 1265 Main Street Windsor, CO Weld County Schedule # 080720203007 Board of Equalization Tax Year 2002 = EXH)BIT I I lAIII97 1 LET l ER OF TRANSMITTAL This consulting service report was prepared for the purpose of determining the June 30, 2000 level of value of the property identified. The contents of this report are considered to be confidential and, except as required by the rules, regulations and guidelines which govern the keeping of records of the public agency before which this hearing or proceeding is held, the contents of this report are not to be distributed to the public or made a part of any permanent county record for any real property and are not to be made available so as to permit any public inspection of this report. This report was prepared solely for presentation on the date of the hearing for which this report was prepared. No portion of this report may be used for any other purpose. Bridge & Associates has been retained to provide consulting services for the property owner and is being compensated in whole or part on the basis of potential savings that may result from a reduction of the subject property assessment. This disclosure of a contingent fee arrangement is intended to comply with the requirements of 12-61-712(1)(d), CRS and the Uniform Standards of Professional Appraisal Practice. ANY PERSON OR ENTITY THAT USES THIS REPORT OR ANY PORTION THEREOF FOR ANY OTHER PURPOSE WITHOUT THE PRIOR WRITTEN CONSENT OF APPRAISER SHALL BE LIABLE FOR ANY DAMAGES OR LOSS SUFFERED BY THE APPRAISER OR ANY PERSON RELATED THERETO, INCLUDING, WITHOUT LIMITATION, ATTORNEYS FEES AND COSTS. POSSESSION OF THIS REPORT OR ANY PORTION THEREOF COUPLED WITH IMPROPER USE OF THIS REPORT OR ANY PORTION THEREOF SHALL CONSTITUTE ACCEPTANCE FOR ALL LIABILITIES INCLUDING WITHOUT LIMITATION,ATTORNEYS FEES AND COSTS. THIS LETTER OF TRANSMITTAL SHALL NOT BE REMOVED FROM THE BODY OF THE REPORT AT ANY TIME. PETITIONERS NAME: Poudre Valley Lodging Development LLC PROPERTY ADDRESS: 1265 Main Street IDENTIFICATION NUMBER: 080720203007 The final value was determined after careful consideration of the three approaches to value, as required by state law for commercial properties. The cost approach has been considered, but is not included in this report. The sales comparison approach concludes to a value of$680,000. The income approach concludes to a value of $790,000. Based on the information detailed in this consulting service report, we respectfully request the Board reduce the Weld County actual value for tax year 2002 to: $ 790,000 Registered Appraiser Registered Appraiser 2 • :if'. aa-.• r.•y• ,.. :,x . :;.3 S;`a ':e; a: �t :';;s :i < ;. r b.' ,is::�?z r may • . 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Summary of Facts and Conclusions Property Type: Hotel/Motel Property Address: 1265 Main Street Assessment Date: January 1, 2002 Applicable Base Period: January 1, 1999 through June 30, 2000 County: Weld County, Colorado Property ID/Schedule No.: 080720203007 County 2002 Actual Valuation: Land $ 181,138 Or $ per sq. ft. Improvements $ 818,862 Total $ 1,000,000 Or $ 25,000 per room Year of Construction: 1996 Land Area: Building Area: 40 rooms Date of Value: June 30, 2000 Final Valuation Land 181,138 Or $ per sq. ft. Estimate: Improvements $ 608,862 Total $ 790,000 Or $ 19,750 per room 3 Market Approach Market Approach Conclusion: 40 rooms @ $17,000 per room $ 680,000 Rounded $ 680,000 * This report was accompanied by a letter of transmittal containing stringent limitations and conditions for the use of this report and creating liability for the improper use of this report. If your copy of this report does not contain a copy of such letter contact Bridge & Associates 820 Simms Street #12 Golden, CO 80401; 303-573-7000 immediately. 4 I • \ / \ f 8 § % ! , pa Nil * j / 2 § � }a[ ^ ~ - - . \ kg - \ § \ ) ; j ) f } /a { \ k § / ) / | | ( / Ruf ? ! } : - - » * ` - - � ; } ! � a ° ) / }f \X \ L � � � � � � � � 0 {\ ` ! ! ! ! / \ \ 15 \ / ' _ \ _ . ( \ \ 1 rl }) E ) . ! !_ # ! = � zzr / m • H. \\ } c : - § : ` ! : r \ \ \ j \ / } \ - 43 }} \ 2_ -- a - . i „ zz85" \ � , . :l ! 2 .2 . ) \ ( - `. 2 b /\ ! ) ! ! ! j j ! /] I . G < ; - _ , : : : : , , . � #f! ! f/ ) ! { . 'CoStar Comps Full Sale Comps Report Page 37 of 84 3709 W Colorado Ave 'ucg,sne^_ "-COSTAR Rainbow Motel d 'f's-A , Lan Colorado Springs, CO 80904 —�"'�'�== 40 Room Motel of 3,686 SF Sold for$900,000 buyer ` ° ai Arkadiusz &Janina Bala '^' v a " � 3709 W Colorado Ave Colorado Springs, CO 80904 x az (719) 632-4551 , seller Jeannette Maciejewski - a " 403 1st St SE ` ` Avon, MN 56310-9514 . t .. (320) 356-7397 vital data Recording Date: 06/29/1998 Sale Price: ;900,000 Escrow/Contract: 365 days Status: Confirmed Days on Market: N/Av Building SF: 8,686 Gross Exchange: No Price/SF: $103.62 Pnce/Room: $22,500 Conditions: None No Rooms: 40 Land Area SF: 71,547 Down Pmnt: $230,000 Acres: 1.643 Pct Down: 26% 4/SF Land Gross: $12.58 Doc No: 0089533 4/SF Land Net: $2.64 Trans Tax: ($90.00 ) Year Built: 1941 Age 57 Zoning: C-2, County Lot Dim: Irregular Parking Spaces: 56 Parking Ratio: 6.45/1000 SF Improv Ratio: 79% Frontage: N/Av Submarket: Corner: No Comp No: EPC-37540-11-9819 Property Type: Hotel/ Motel income/expense listing broker The buyer reported a $50.00 AOR with 10%to 40% vacancy throughout None involved per principal the Ybar selling broker None involved per principal financing 1st(9.25%,due in 1 yn ) Bal/Pmt: $670,000 Contlpte 111,9-1002 Cestar Realty Iebreatloa,lac by male peened.rebrnatlee*blamed Ire=seam°daud reliable bet at qunened.ebo°1100.221.1373 http://www.costarcomps.com/Report/Report.asp?aCacheSequence=3&ReportSelect—fullsale&S itet.. 7/25/2002 Costar Comps Full Sale Comps Report Page 38 of 84 property characteristics building Yr Built Bldgs Stories Construction Veneer Condition Comments 1941 4 1 Frame/stucco Average 1946 1 2 Frame/stucco Average office Total Buildings: 5 parking Composition Open Open Tandem Covered Covered Tandem Total Spaces Condition Asphalt 50 6 56 Average Total Spaces: 56 plat mao ^ --- Map: S1-KG/151 Legal: Lots 4 thru 9 blk 4 East Manitou Comps No: EPC-37 540-1 1-98 1 9 Parcel Number 74033-24-077 Title Co: Not shown — ._- - Pi. a_ � , J. F' E z, ' i.� ais[ �w t f f` 1� (4 -,wit . � Itate; aty AfF( t�,�r+��' 24 / CnST, This plat map is derived from tax assessor's maps. No opinion is expressed concerning the accuracy of any information contained herein. http://www.costarcomps.com/Report/Report.asp.2aCacheSequence=3&ReportSelect=fullsale&Sitel.. 7/25/2002 CoStar Comps Full Sale Comps Report Page 39 of 84 site map :.- a a• sa M� aw- Az 3tlpd Df • , 3� tr�' SiaRB erwa. za kar°, y t• t '4... 6i9 Batt'Park Oar hla,Tw-.. 4,� Nature Park' �71a, �, • der 02002 MapQuest.com. Inc.,02002 Navigation Technologies •�'• .. This site map is derived from MapQuest.com Inc. No opinion is expressed concerning the accuracy of any information contained herein. descnotion '- 'C.' - tr.a :us _ s This crocert; _no_-des I swimming cool. - 'sac o___]: -__]_..-s .: rjce_', . ._ - ou___ _ . _'4:, 1,4%i, .?49 3G] 1951. Tofas Assessed: Ssi" -19 Year Assessed: 1996 Doc Num / Transfer Tax 0089533 :590) Confirmed oy: Jerry D'Hanlon Date: 11/10/1998 Email: lualitycontrol@costargroup.aom Phone: !900)929-6156 Updated Date: 12/07/1998 http://www.costarcomps.com/Report/Report.asp7aCacheSequence=3&ReportSelect fullsale&Site?.. 7/25/2002 CoStar Comps Full Sale Comps Report Page 28 of 84 820 N Nevada Ave 2.dortsnea COSTAR J's Motor Hotel t ^a . a ,�. Colorado Springs, CO 80903 -4706 `�"/' Hotel - 50 Rooms of 22,798 SF Sold for$1,150,000 a Santa Fe Partners c/o Ramon Castillo 3240 Glenarm Rd Colorado Springs, CO 80911 - - .� (719) 392-1985 i,'�P/w .as , i //F.�,pk,q:. ,¢r ..,, Seiler mow„ Joseph Sarai ` .'.. 4315 Meadowview Ct Colorado Springs, CO 80918 ,,, .-... .. (719) 632-8801 vital data Recording Date: 06/04/1998 Sale Price: $1,150,000 Escrow/Contract: 40 days Status: Confirmed Days on Market: N/Ap Building SF: 22,798 Gross Exchange: No Price/SF: $50.44 Price/Room: $23,000 Conditions: None No Rooms: 50 Land Area SF: 28,000 Down Pmnt: $83,135 Acres: 0.643 Pct Down: 7% $/SF Land Gross: $41.07 Doc No: 0075785 S/SF Land Net: $6.16 Trans Tax: ($115.00 ) Year Built: 1952 Age 46 Zoning: C-5, Colo Springs Lot Dim: Irregular Parking Spaces: 26 Parking Ratio: 1.14/1000 SF Improv Ratio: 85% Frontage: N/Av Submarket: Corner: No Comp No: EPC-32395-09-9819 Property Type: Hotel/ Motel income/expense listing broker The buyer reported roam rates of$43.00/night/single occupancy and Homestead USA $53.00/night/double occupancy with avenge annual occupancy of 80%. 2914 Austin Bluffs Pkwy No further information was available. Colorado Springs, CO 80918 -5740 (719) 598-1111 Scott Schwartz sellingtrrpker Castle Company 3240 Glenarm Rd Colorado Springs, CO 80911 -9751 (719) 393-1985 Ray Castillo financing 1st Community Industrial Bank(9.88%,due in 1 yrs ) Bal/Pmt: $474,162 2nd Community Industrial Bank(7.75%, 20 yr amtz, ) Bat/Pmt: $592,703 C.Fri04te ass-2002 costar Realty iei.r .Oo.,lac.All riebt marred.r.brotiw ebOiva Item coerces anima tellable bet eat Gnawed.....•.00.nl.lm http://www.costarcomps.com/Report/Report.asp?aCacheSequence=3&ReportSelect=fullsale&Siter.. 7/25/2002 CoStar Comps Full Sale Comps Report Page 29 of 34 property characteristics building Yr Built Bldgs Stories Construction Veneer Condition Comments 1952 1 2 Masonry Average Total Buildings: 1 parking Composition Open Open Tandem Covered Covered Tandem Total Spaces Condition Aspnalt 26 26 Fair Total Spaces: 26 plat mao Mao: 52-KK/152 Legai: Lots 3,4 blk 2 Colorado Springs,Add No 1 Comps No: EPC-3239S-09-9819 Parcel Number. 64074-06-003 'itle Co-. Not shown ....__r_. . --e _ _.. ..18it S!"" -- CACHE Ld Pa4DRC -� 8T h I .• Awn. � :a yam - -1.2 �''rose • 1i 1 I } _°_ - ) i4re : ' ice. l J ".I."' la j ti " �' tJ. 9 ry 111 _ ORS£ nir, at t n ` �t a ;� b—�l ti iy al 7 "'4=—i� d Ji1 :Jr 'n real Cr, iC -il } p Al—.0ytENT r ___._.—bt_..r, ., .`a —_-- a COS TAR‘ This plat map is derived from tax assessor's maps. No opinion is expressed concerning the accuracy of any information contained herein. http://www costarcomps.corrvReport/Report.asp?aCacheSequence=3&ReportSelect=fullsale&Site?.. 7/25/2002 . CoStar Comps Full Sale Comps Report Page 30 of 34 site map J k.�,� _: A. y_,si WCaiamtk1 Ste �T7 ` �, • e s s 7 CI7tJIjpYS. - . St! vico�m—ti' 3 e -Ar '• r 'P 4- t ;Gate(Eme fi ns!') ;tli a .. / :' -At L Jai :Q.�b • Si Y�tsfR ." to .s ta�MTh/11 tdaitc99Wd uAReL'a1 e. , 0 N u4 ..; ,... ..... _ Ste, 4t 7 m ,-,, wpale5St. ss r--.N c II: _.._.~w.__.._._ i tr7aetrSt -" Sift B1-.;... ' a3 Mdd!t.11.7.'";Yroks...5%.4., T▪ E F 4,6 : - ' izt� Kun Pant �yC- ___.....— J.... 9 .. .._ t` ra tsstvoes 3 Z..v s 1 . yA = a_- 42 'e ; E Bouldarst 3a.ide Pafk }_ Sr --_ . ^'or its ys dE � _ 91- Te r, Pca a Paika9f Spa te EP se r N W Wwa St:N oa ,_. r. tW Pte.Ratan • " Olorado Spnngwer-. n i. 1 ..4: E Pikes Pea kAve+P�....�O2002 MapQuest.com, Inc:O2002 Navigation Technologies. This site map is derived from MapQuest.com Inc. No opinion is expressed concerning the accuracy of any information contained herein. description .—._.—.__..............._..._...._......_......._.__...._..........._..._.................. . ru.Tter __ -._"at_.s: :• Icd:t.%ni_ __c rr.ca, Jay': Mot:: Yoce_ =_c in_:::) Lsr 7fmrn:n_t': =ncuat-_.,i Banc .%:4-4,16L '.354, .ue _ . r _nc :ommu,-.:- _ncl_sc,_a_ Ban< _5_-, , '.T5%, _0 yr :unfit, Base _____: The ouver report=_c 350, :00 t_ :so, :o0 spent an r=novit:cns .nn _ep,:rs, 5C:. .i .:n:_n was .et._,_c 'na_nrenancs. Total Assessec: t_:5 5- , 'fear Assesses: 1'96 Doc Num / Transfer Tax C0TS795 IS1_'5) Confirmed oy: Jerry D'Hanion Date: 09/09/1999 Email: quaiitycontrol3costargroup. -om Phone: 18001829-6156 Updated Date: 09/29/1998 http://www.costarcomps.com/Report/Report.asp?aCacheSequence=3&ReportSelect fullsale&Sites.. 7/25/2002 CoStar Comps Full Sale Comps Report Page 49 of 34 2724 N Nevada Ave �±bhshed COOSIAR Colorado Spruce Lodge it n.,/, $""' Colorado Sorings, CO 80907 -6221 -'j"�"�" '� Motel -42 Rooms of 15,930 SF Sold for$600,000 buyer Stefan &Anna Komperda "*�"^wu-,� 2724 N Nevada Ave 'Xt"- ' `----, , Colorado Springs, CO 80907 _ EE `i (719) 635-3523 i t seller § i 3i y Roltlan Family Limited Partnership ..ea, a, £ I �' '�, ..f. c/o Luis E.Angeles :'„i 1 3305 W Spring Mountain Rd Ste. 60-A i ' h a` �i"' s ' - Las Vegas, NV 89102 i1 „j, , :4,r, vital data Recording Date: 06/10/1998 Sale Price: $600,000 Escrow/Contract: N/Av Status: Confirmed Days on Market: N/Av Building SF: 15,930 Gross Exchange: N/Av Price/SF: $37.66 Price/Room: $14,286 Conditions: None No Rooms: 42 Land Area SF: 52,250 Down Pmnt: $160,000 Acres: 1.200 Pct Down: 27% $/SF Land Gross: $11.48 Doc No: 0078958 S/SF Land Net: $6.55 Trans Tax: ($60.00 ) Year Built: 1948 Age 50 Zoning: C-5, Colorado Sprgs Lot Dim: 190 x 275 Parking Spaces: 42 Parking Ratio: 2.64/1000 SF Improv Ratio: 43% Frontage: 275' Nevada Submarket: 190' Polk Corner: No Comp No: EPC-32532-09-9819 Property Type: Hotel/ Motel income/expense listing broker The buyer reported an A0R of$42.00/day and average vacancy of 35%. None involved per principal No further information was available. selling broker None involved per principal financing 1st Emergent Business Capital,Inc.( 10.25%, 25 yr amtz, ) Bal/Pmt: $440,000 Calrri,bte 1111.2002 Caster Realty Iabrmado..Inc.All ri9bb resorted.IPlorotlel tAllaitool Des Asarco doomed tellable Mt not O..natlsa.Pba.100J21.1sr] http://www.costarcomps.com/Report/Report.asp?aCacheSequence=3&ReportSelect fullsale&Site1.. 7/25/2002 CoStar Comps Full Sale Comps Report Page 50 of 34 property characteristics building Yr Built Bidgs Stories Construction Veneer Condition Comments 1948 3 1. Framerstucco Poor Total Buildings: 3 parking Composition Open Open Tandem Covered Covered Tandem Total Spaces Condition Asphalt 42 42 Fair Total Spaces: 42 plat map Map: 42-1(1(1150 Legal: Lots 21 thru 31 blk 542 North Colorado Springs Comps No: EPC-32532-09-9919 Parcel Number: 53314-12-007 Title Co: Not shown ran,. se r i f it s 4 4.Zat' _ d ,. Al s li. • i . 4i Th7t !.—=.•...d_—.d `_& ' vatue' e'3 L.L.c, p tarrur ra.i'_ . —f-AeZa a-_aM1. wr l • . 1 — — v '- ----•l is t. *ix.< I i ..u+ r. :l „ _ l :tixr•n't El " A l • .. z fi . 4 Y ...x...., G. C litleSIl-r It . --- ..---"-÷-e. > 3 nom" ent.Y f ,— 5 .��. ANCRIO ..._. J r • i A ��y3 Ut4`t t f✓ nV —.s n..1, COSTAR% This plat map is derived from tax assessor's maps. No opinion is expressed concerning the accuracy of any information contained herein. http-//www.costarcomps comiReportReport asp7aCacheSequence=3&ReportSelect=fullsale&Sitel.. 7/25/2002 CoStar Comps Full Sale Comps Report Page 51 of 84 site map wrgi ate' lell0Jraae Je Fi"°13'9.„., P.ai r. 'Y w 'orcSt II St . 3 m . P:apeton ilp ' %r.P Fact !! 21 _ : i lstSti- COIMDIKIte C-‘1•7:-.-j, -m Ne St -.. % osre• C E Fll irate St g ..._s jj[, m< 2%:.. : NS r t� iRespell ?ail(' • e": ::.z °' Sp ➢ .A Nacy uuls; -ET 2 al s(ANDC ,-� FikesYark � qtr t os o �. ulva llrtrat ....50r. m ( t),. ,b = q" li. • Ullapiol Sr eaadu lSt ry - Sc �oe� 'if.; r a ual o.st; s > ilom ne Far rj°2 x� < ,nnf P,enrost Ho pis ,qe� + 4 ' ' n.:. WS ualapt St‘riv '/,tr j' aJ@ra02 N ? m.. EJitl_irepn •g euaatomst 'C ..EWalhl ei r ......., ,.;.- 0 ill Por6iwst E Fanfa ero STt- 2 - ' -. I WEsAunolxcl S#: 3 EEa no last 02002 MapQuestcom, Inc.:02002 Navigation Technologies ._. pa,_. This site map is derived from MapQuest.com Inc. No opinion is expressed concerning the accuracy of any information contained herein. description I umc..: t =_-.3'-...: -Liao_.:.::: -mot : 3u.3:-__s :acjt3:, =nc. :44'C,T0C :)._5}, _ 'mt=. __t_1_ --3.3.1:=;°{2: ._99 __5 __ar so_saeo: ::a5 Ton lum To 3nafer Tax .,C-3o5e _ .:; 7.;n___neo O . :"{anion Tate: 39/T1/_398 ,ma,_: ,ua:rycontro_3costargroup.corn shone: 90'719:?-4156 ❑ocatea Tara: :9/_S/L999 http://www.costarcomps.corn/Report/Report asp?aCacheSequence=3&ReportSelect=fullsale&Sitel.. 7/25/2002 •CoStar Comps Full Sale Comps Report Page 13 of 84 725 W Cimarron St VClisnec COSIAR Holiday Inn Express ,�'r.n r- Av Colorado Springs, CO 80905 -1760 '-"�--- Motel - 207 Rooms of 82,090 SF Sold for $2,900,000 buyer Grot Cimarron ( LLC ) a c/o Zbigniew P. Grot E.,:: 3125 Sinton Rd =j; s Colorado Springs, CO 80907 . ;i (719) 633-5541 "°" seller Metro Hotels ( LLC ) E = .. c/o Suresh Gupta 5401 S Kirkman Rd Ste. 325 ��s' � ^ Orlando, FL 32819 f /r�j/ii/ry/ ,, '` (407) 206-4011 F'�/• ..,. i.>i„�.�hze� ' vital data Recording Date: 03/03/2000 Sale Price: $2,900,000 Escrow/Contract: N/Av Status: Confirmed Days on Marker: N/Av Building SF: 82,090 Gross Exchange: N/Av Price/SF: $35.33 Price/Room: $14,009 Conditions: None No Rooms: 207 Land Area SF: 201,524 Dawn Pmnt: $328,250 Acres: 4.626 Pct Down: 11°/0 S/SF Land Gross: $14.39 Doc No: 0022474 3/SF Land Net: $2.16 Trans Tax: ($290.00 ) Year Built: 1965 Age 35 Zoning: M-1, Colorado Sprgs Lot Dim: Irregular Parking Spaces: 287 Parking Ratio: 3.50/1000 SF Improv Ratio: 85°i0 Frontage: 640' Cimarron Submarket: 341' 8th Street Corner: No Camp No: EPC-33245-04-0020 Property Type: Hotel/ Motel income/expense listing broker Subject property reported average room rates of$65.00/night prior to any Unknown discounts. No further information was available. selling broker Unknown financing 1st Peoples National Bank( 9.75%,due in 20 yrs) Bal/Pmt: $2,196,750 2nd Seller(due in 6 yrs) Bal/Pmt: $375,000 Copyright°ISB-2002 Costa,Realty Information.Inc.AU rights nrrv.d.Information obtained he.aeon[.Sand reliable bet set e..n.4.d.Pease t00.e21.1S13 http://www.costarcomps.com/Report/Report.asp7aCacheSequence=3&ReportSelect=fullsale&Sitel.. 7/25/2002 CoStar Comps Full Sale Comps Report Page 14 of 34 property characteristics building Yr Built Bldgs Stories Construction Veneer Condition Comments 1965 3 1 Masonry Average 1969 3 2 Masonry Average Total Buildings: 6 parking Composition Open Open Tandem Covered Covered Tandem Total Spaces Condition Asphalt 287 287 Average Total Spaces: 287 plat mao Map: 52-K3/153 Legal: Sec 13 T145 R67W Camps No: EPC-33 245-04-00 20 Parcel Number: 74134-00-019 Title Co: Stewart Title ' .....ti we5T " . / 4 .4. /.7 4 .f 1 L v I. l v d , c: -- I . ^} • l i i i \\•. \ .y i YJy .. . .�',1yi v fy� }J a e 9 f 1— E. _ , Y Y• --.11, LLACROCE , MR =rr } m Flj- �.Cag-t', This plat map is derived from tax assessor's maps. No opinion is expressed concerning the accuracy of any information contained herein. http://www costarcomps.com/Report/Report,asp?aCacheSequence=3&ReportSelect=fullsale&Site?.. 7/25/2002 CoStar Comps Full Sale Comps Report Page 15 of 34 site map 16D1 Ct vsZ NIIlfat' s d A ito? MtiNt$t q llom,�a Fark C 'MtelrMa W a, a1rnM 41rr:' : y P�99 v�fOepttab °a4f i lr1]ratlsgfia. `P "^).01 „�.EC; tie W.Cuchanaa5 { r ,... yK fLllta t sar Square r tttrft . to UV donna:: _ Gall -ry _ (Emergency) wCn-1- 41 of Ctliarmt S.. ECimrlbm3} Q m`. \ off'}. •N UsllbnloSr7f W ROG RIQSt ..+ pttt-NT n. ., Bear CReW _ .� R alonaiQ,, : ` .. lsnllns st to 011 rn t r a ri.earth Yn l •• o a .1glr s? x " i.F .,.@ '' Eg PaM R c wAmg. .-7,Sp!'" Lq St e N t ttt- `3` in EN- ' t •••Sox `4` \ :W t . ,� Dorchester a:r+. '',giAstestasses9 tl �O 32002 MaoQuest com Inc. 3,2002 Navigation Technologies losaglievi` This site map is derived from MapQuest.com Inc. No opinion is expressed concerning the accuracy of any information contained herein. description ___pay _.hr. anc-o: ',men-- _c__-.:: , .eaten w simmrr: boo: ar: in :n-a:e restaurant. For a ___ae transact-:n, -_ease refer -o =P_-___'9-:4-J00,i. 3aie ?r::_: The ouver :on__rmea she sale ,prloe shown. Tr a_ 4..ssessec: __. '94, ,1_ :ear Assesses: _?9q Too Sum , Transfer Tax )022474 {3290; Confirmed by: Jere; O'ianion :ate: 04/19/2000 Email: qualityControl@costargrouo.aom Phone: ;8001829-v:55 Updated Date: 55/0J?000 http://www.costarcomps.com/Report/Report.asp?aCacheSequence=3&ReportSel eft=-fullsale&Sitel.. 7/25/2002 CoStar Comps Full Sale Comps Report Page 4 of 34 3125 Sinton Rd -__nsnec-, CoSrAR Ramada Inn I 'C > in' Colorado Springs, CO 30907 -5021 ''�"�'j`""' Motel - 220 Rooms of 101,339 SF Sold for $3,550,000 buyer Grot Sinton ( LLC ) ""` c/o Zbigniew P. Grot/Ramada Inn " 3125 Sinton Rd 7432%, Colorado Springs, CO 80907 macr. ." t (719) 633-5541 - ,"` sever , > ar rr Omni Hotels, Inc. m ' se V >f r>s- c/o Suresh K. Gupta (Pres) - x:j, "'� Y.4,40U,„:.;0 5401 S Kirkman Rd Ste. 325 r 9r.�', ', `x�.,da. r ' 5 f e f Orlando, FL 32819 !IP t /•<< SSISP ,,. suite (407) 206-4011 " vital data Recording Date: 03/03/2000 Sale Price: $3,550,000 Escrow/Contract: N/Av Status: Confirmed Days on Market: N/Av Building SF: 101,339 Gross Exchange: N/Av Price/SF: $35.03 Price/Room: $16,136 Conditions: None No Roams: 220 Land Area SF: 335,847 Down Pmnt: $1,230,000 Acres: 7.710 Pct Down: 35% $/SF Land Gross: $10.57 Doc No: 0022466 S/SF Land Net: $3.49 Trans Tax: ($355.00 ) Year Built: 1972 Age 28 Zoning: PBC, Colorado Sprgs Lot Dim: Irregular Parking Spaces: 287 Parking Ratio: 2.83/1000 SF Improv Ratio: 67%/a Frontage: N/Av Submarket: Corner: No Comp No: EPC-33239-04-0020 Property Type: Hotel/ Motel income/expense listing broker Subject property reported an average room rate of$50.00/night, prior to Unknown any discounts. No further information was available. selling broker Unknown financing 1st Peoples National Bank(9.75%,due in 20 yrs) Bal/Pmt: $2,045,000 2nd Asset Preservation,Inc. Bal/Pmt: $275,000 C..ynpte 1992.3002 Colta,Roll,lelermeees,4e.All rights r.ee,wa.leler....s obUu.a from @arm ae.ud r.11f•1.list set ORareetwa.floe.9O0J21.1173 http://www.costarcomps.com/Report/Report.asp?aCacheSequence=3&ReportSelect=fullsale&Site?.. 7/25/2002 CoStar Comps Full Sale Comps Report Page 5 of 84 property characteristics building Yr Built Bldgs Stories Construction Veneer Condition Comments 1972 3 1 Masonry Average 1982 3 2 Masonry Average Total Buildings: 6 parking Composition Open Open Tandem Covered Covered Tandem Total Space Condition Asphalt 287 287 Avenge Total Spaces: 287 plat man Map: 42-10/150 Legal: Lot 2 blk 1 Holiday Park Sub 2 Colorado Springs Camps No: EPC-33239-04-0020 Parcel Number. 73361-08-012 Title Ca: Stewart Title J l i I ikj ! I f•` .mr � . I / ' v r I :rife 4(3 a 4 • is . �,ra &\;'-i'�x'C z y ba 5ii Yy j tPo9 kr f q / r • •q'tn rc .R'r'A • f 'I � �� I -a f> �l`.'ix / �i f--L, t _. COSTAE; This plat map is derived from tax assessor's maps. No opinion is expressed concerning the accuracy of any information contained herein. http://www.costarcomps.com/Report/Report asp'?aCacheSequence=3&ReportSel ect=ful l sale&Sitei.. 7/25/2002 CoStar Comps Full Sale Comps Report Page 6 of 34 site map Maz r st Voalit 'lfp �•1, fwfltdl Of ._ p vyf` -Peal rI . < : .G. G3s'sa9e �'a m ` Mare Oilier Lr .9 c. eW1 tlkluti yeiti*itAW. a@ r x `! .8 7 '...rn • v ' '` # ` t H Yep. �" :GSk..32 £z c AS', v A m i" .. p - Sunflower -»Z`� C5ergCti � 46 -../c4 : aF in a z 2. s Q.t m T 2 U'C.FJlmofe Sl i� s MA €-_ -444^ so 4 plump gi 2 ( F'° N }(( - eFIIhOR S< Roswell Id i NbT�prSt e ... t .% •• .Acsud P"adr..— Erokst S--.... ..., Cj. :F u rrykrsrl.lac,St ej --Flew Park ' 'pt elartaocstE on. m 1 2 e. X91 4:Y•J1 IrnrSt o Li uaaamsor S< e �t <. W petrol n > t$ . Penrost Nosp oaaI 6 ttrste Palfi 3i 2002 Map Quest corn. Inc.;k. 2002 Navigation Tecnnolegles •• This site map is derived from MapQuest.com Inc. No opinion is expressed concerning the accuracy of any information contained herein. description =amaca =-.r -i-.an acra: -3- ?e _es .3-canal 3anK :72,345, :00 t.-5.,, :LIP _., _= rn - :. 33._ _es.-r'"it l—n, =nc. __ : -ransacic:n, 0 ease _ _ __ _ ._ _ .-1-_-.0 . =me s _.--n-C.,_.--n-C., _n _nacorleatea 000i .n,a .n _.n-s_-e _est3urznr. -____. In-- Guyer ron'irmea -de sale onze sm.,>rn. Assessed: 33,035,029 /ear Assessea: .998 :cc 'Wm / Transfer Tax 502_466 ,5355; Dontirmed by: Jerry O'Hanion Tare: 04/29/2000 Emat_: qua lit ycontrol@costarqroup•tom ?hone: (900)929-9.156 Updated Date: 05/02/2000 http://www.costarcomps.com/ReportReport.asp?aCacheSequence=3&ReportSelect—full sale&Site1.. 7/25/2002 Income Approach Using 2000 actual income Building Area: 40 rooms @ $ 51.20 per room ADR $ 747,520 Total Gross Potential Income $ 747,520 Less: Vacancy& Collection Loss (46%) $( 345,711) Effective Gross Income $ 401,809 Less: Actual Expenses $( 281,889) Net Operating Income $ 119,920 Cap Rate Selection: Note: The cap rate was derived from an analysis of Market Sales as well as the Joseph Farber and Company, LLC Report for the midyear of 2000. Cap Rate 15.2 % (12% stabilized cap rate plus 3.2% effective tax rate) $ 119,920 15.2% $ 788,947 Rounded $ 790,000 5 POUMR %/ALM'? LOIX71NG DN%A.wMpr Statement of 4roftr 6 t,,a For the Period Ended December 31. 20110 ( 1 Month Ended I -ior Year tJ. Months Ended Prior Year _Gee. 31, 2000 _ Period ver4ance Pet Dec. 31_ 2000 - __ Period _ v8 5.19152L.___- Pct Operating Revenue Room Sales $ 21,163.50 $ 21.997.96 $ 1411.)511 4) $ 393.164.93 c 363,343 to ^_ 21,441 79 5 Telephone 'Net) 61.01 124.89 1 61.9911 51) 3,2]1.65 Vending/tubby 6 4) 5.560.20 ;1,380.;51 ( 341 0.00 0.00 Other 0.00 ] 150.40 519.60 1 369 Ins ( 711 1,248.56 35].43 991_23 249 _ 5.198_06 __, 2�Sp3_04 2.597 32 109 Total Cper R99 ive 22477=1T 22,180.18 . ___,_I?.02) (_O) _ 401_309:18 _._.377„226.53 23,880. 5 5 Controllable Oper (penmen. -- Management wage: 3,055.52 3,057.54 ( 1.021 ( 01 24,069 09 25,009 27 f 997 541f 11 Front Desk Wage: 5,547.69 3,507.27 2,044.12 SA 76 ' 5.2;4.54 Housekeeping Wa r 1,589.51 345 47 65.700 51 L 526.23 53.2A 4 25.'31.92 14,270.56 7,334 36 4t Maintenance Rag., 0.00 ]57.26 357 28)11001 1,'40 99 L5:> 22 111 Other Compeneat . 0.00 0.00 0.30 n :1O.n0 2.817.45 P/R Taxes 5 Ben t9 3,402.02 f1.553 23: ' ?2; - _ _1_226.20 2.175;02 ,T] 16,546.32 59 ____16.188. '_58.23 2 Total Payroll / eta 13,595.84 9,270.6) 3,330.20 41 4 131,554.2 121.449.21 '4,114 46 9 Tralninq/Semina-f 0.001 0.00 n IS 700 90 9A 73 API ( 911 Cleaning-�Undr' Tool 249 32 209.34 1 10.521 ! 1]1 :.117 42 2,19E 52 337 'CII 3$, Linens 570.79 3.10 Guest ROOT Stipp. a 255.72 217.20 570. '9 9 1.137.75 199 G11 937.3• 235 Per Supplies 9]7 45 29 47 32 5.840 15 i 4.410.37 1.199 73 44 ]99,44 176 19 :26 1.511.40 4,15],35 : 125 .6 (0°—' eakfast SuDPlte 473.00 ^ 1 ''2) 1,159.92 17376.92: ! 251 122 Pool end Spa Sure fee 72.54 42.10 1 :3. 93 a,;49.37 7.:90. 33 1J 9.541! 231 540.17 249.90 790.33 152 Otilitles 2,231.00 1,996 II 132.]7 is 24,102.95 1.9,7]2 5q q,340. 3 Telephone 7,026.22 924.00 - / `2 104 39 i Ii Repairs 6 .5a lot 4,:24.10 337.91 ].786.39 999 (1,411 60 9 490,.15 11 63 1,371.91 6.892.74 Bad Checks/Refuel ( 108.12) c5 n 14 1 I6).?41 fJ 961 921.12 Ni']1. 10.1011 401 Bed Debts 0.00 t n _ 0.00 __ . 0,09 0:00 _ q _.__33.711_96 .. 0.00 11,711.a6 7 Total Control],J e 2],540.51 14,924.41 8,616.10 58 - - 3362205.2] 179,238.77 ]6.986.{6 21 Contrib to P . It (14067.74) Ty 555.?] (8.623.11)(114) __185_603_95 198,709.]6 __. - _C13,105.831 ( 7) Other Operating Exp. 9e9 t Property Taxes 2,017.53 2,275.00 ( 25].4]1 ( 111 29,914.38 24,540 39 2.871.00 11 Insurance 1,327,75 352.75 979 00 276 5,757 0, 4,192.)0 1,198.07 38 Super a Ad Fund it tr 0.00 D.00 0.00 0 3.00 236.79 ( 186.231 f 3951 Marketing '1.09 0.00 71.08 0 6,327.02 1,236.79 4,886.23 395 Coenlssione 0.00 100.00 f 100.001(100) 922,40 927.06 40.11 9 Cable 6 Satellite V 110.62 4)0.62 0.00 8 1,923,44 9.991.1] 2.41 0 Credit Card tepees 914.61 ( 492.48! 7.100.1111 (736) ]7.0]3.57 9,695.15 ],181.42 76 Travel i Entertain nit 46.16 46.16 Professional Peep 480.00 0.00 0 591. 725.51 ( 141.51 ! 131 990.08 ( Sp0.nn71 511 MaMgement Fee, 1,259,41 4,244.0n 3n R.229 51 1 401.46111 161 1,319.47 ( 50.041 ( 4) 313,,553 11 27.140.17 1.406 46 5 Leese Expense 0.00 0.00 Miscellaneous F,xp2 3e __ 492_10 0.00 A 0.00 4,591.1$ (8.591.171 f1003 _, 291.,94 ]00_16 69 .802_24 4,272.5$ 529.6! _23 Total Other Ope- fxp 7,031.98 _ 5,251.86 1,748.12 31 -' 95 X02.75 86,362.19 8,310.16 10 rnte' in Financial Report, Far Internal Use Only 8 'd itSISCEOLS S3W0H A3Wdf10C e80 :80 20 82 Few 1 month ended riot" Year 1? Month. Prided Dec. 1._ 2000 Prior veer _ Period Varlanee Pct _Dec.,_IL 31, 2000 ,, r.. �� _, _^er laa_ Variance Pet Net Overetl. ) ineo _ (8,099.321 2,2"11.91 l'l]_2J114561 112,199.S] ___/.21,945 nor 19) Interest Expenn (8.170.921 (8,341.151 �-- - 197.21 ( 2) (!00,560.21) (101, 161.15) 2,900.04 f )1 Other Win-Open i<IExp _ 92,00 -9'14._16 rJ 9— ,__ - 72_961 ( 991 _ 2,854.50 Pi 206_38_ 15,35i 9P1 (_5-1 Inenme1Loss) 1 f Dep (16,228.24) 1.7112 52 ' Deprer- (19.910.'761(099) (9,304.11) 1],193.Op (24,49'1 hnortlr. r on 3 824.00 .111 (1421 _.42158.00 Il 334_00) ( 261 45.324 00 -.— 57.409.00 19yj75_001 '_tni Net Income . peal 5 (20 062.241$ I3,455 581$ (16.596 76) 460 -__IS],176.11)1 (]6.21 eOul,i (16,362_:±) 49 ( r IntelIs Financial Report, For internal Use Only L 'd tii6ISEE0LS S3W0H A3Wdf10C Q!0260 20 82 gVW Income Approach Using 1999 actual income Building Area: 40 rooms @ $ 49.68 per room ADR $ 725,328 Total Gross Potential Income $ 725,328 Less: Vacancy& Collection Loss(48%) $( 347,399) Effective Gross Income $ 377,929 Less: Actual Expenses $( 240,307) Net Operating Income $ 137,622 Cap Rate Selection: Note: The cap rate was derived from an analysis of Market Sales as well as the Joseph Farber and Company, LLC Report for the midyear of 2000. Cap Rate 15.2% (12% stabilized cap rate plus 3.2% effective tax rate) $ 137,622 15.2 % $ 905,408 Rounded $ 905,000 6 POU1lpR VALLEY LODGING ORVELOPMRNT Statement of Profit F /4.99 For the Period Ended December 31, 1999 1 Mpnth ended Prior Year 12 nnnchs seder( Prior Veer Dec. 31, 1999 Period Variance ---- Pet Dec. 31.2.32? _ Period —. Vwrianee Pet Operating Revenue. Rope Sales 5 21.,997,96 $ 2.5.785.95 Telephone ;Net) 5 17,)91.071 ( 15) S 369,347 29 S 111,298.77 5 (29.979 191 71 :21 89 565.95 ( 511.077 ( 111 5.559.20.20 Vending/Lobby ( L 1 0.00 149.50 ( 199 11,298 57 (5.)21.3711 84 Other .Gn111091 119,50 ],142.5n _35)'47 — 0.00 35]_43 0 (3,033.6311 941) _ 1 1.-01. 1 _.. ( 512_591 _ __3,037.63 '570) Total Oper Re-. ue 22, -80._._918 --_ _ __ 2 6601_41 _±1.,121.211 ( 151 )T,328.3J 413,]]9.25 (15,105-1211. 31 Controllable Oper F censes. Management Wage, 1.057.54 1,184 52 3.5)1.n2 121 �).050.>'7 Ftont Desk wage, 3,501.2] 12,557'14 9,151 55 it 1,8]0.20 (3,365.911 ( 2.91 55.108.61 Housekeeping Wane I.574 71 92,257 14 1,916.29 5 I.263.i7 762.16 21 18.270 54 Maintenance Wages 357.27 23,294.12 5 I (4,916 1 .2fi11 2'.I 2E.95 ]]0.)3 399 .R1].22 Other Compensacl7 0.90 279 92 1.:52.04 5)5 58 ( 915.581 (1001 J.,all.96 P/R Taxes S 3enef 9 1,31].49 2,32) 15279 92 047.91 `4 _ 1`16.09 l 402.501 1 221 _5,P9.38 _ _ - . _11122.16 —,_(2,.]41.:811__1 Total Payroll -, rts 9.757.11 9,747 91 _ Training/seminar, 0.00 1 40.00) 1 01 ;21,715 52 134,996.71 5,706 19 9 ).30 Cleaning-Laundry : Dpi 199 41 0.1e o 11 90 195.;5 214.241 99) Linens 179 02 120.12 69 2.)9. 0.00 0.90 _2 1,375 5E ;L,??4.2111 59) Guest Seem 9.30 ' 190 Sur pi e 11 394.19 1 574 63) ' 59)P 237-29 111.35 ' 94 x611 291 her Supplies 3.630 IJ. 1,,744 59 ! 913 96) ' 17) / 2'9.45 158.53 ( 159.!511 351 4,057 1S •wkfagt 3upplil= 1,,190.'? 1.129 15 1] 1.159.92 729 53 430.29 59 9,3fi1.97 17, ;90.'2 Pool and Spa Spoil as 42.10 (4,174.201 ! 331 Utilities 5.35 15.75 543 29.80 1.999 13 1,275.07 037.19 f 201 231 4 - Telephnne 924.00 784,44 539.56 44 19,172.09 11,292.:7 ,1,902.5211 71 Repairs 6 Main[ 39.56 4 9.190.05 X1,292.07 (1,902 9?1 ! 171 57 337.91 299.66 49 25 17 Bad Checks/Refunds5,594.74 a,701.55 7, 33..9E 19 55.:2 Bad Debts 0 0.00 0.90 55.12 0 I,SJ1.]Z ]01.55 883.97 119 00 0.00 0.00 09 — 922.21 ( 92_2.21; (1001 Total Controllai , 15 O1. 70 7,951.92 1,059,78 8 179,306.06 179.691.13 f lB5_07) ( )1 Contrib to Pre: t 7.468,48 _2,649.49 -- 15,181.011 f 411 _ 198__6]3.47 ___.233.643412 (3070.651 (_151 ` Other Operating 9117ht ear Property Taxes 2,275.00 2]5.00 Insurance 0.00 n 24,540.14 )1.:92.19 (4,251.)]11 15) 352.75 520.21 ( 167.461 ( 32) 4,172.75 Soper A Ad Fund Ccn r 0.00 6,510.00 (2,190.00) ( 301 Marketing 0.00 0.00 0 198.00 0.00 0.00893.00 0 294.78 ( 191.79113001 1,216.79 2,1]0,53 Cdeal9afona 100.00 f 891.7271 42) 21.70 7R-30 361 567.26 6,082.88 15,515.621 ( 911 Coble 6 Satellite I 417 62 410.21 0.41 0 4.427.03 Credit Card ?xpens• 696.33 1,920.29 7.21 3 Travel 4 812.7]1 1.199.30 114141 17,959.95 Entertains it 46.16 11.641.27 1866.451 ( 7) Professional F..9 15'15 0.00 0 775.12 980.On 5.291.55 1 966.451 ( 11) Royalties 111'12 635.59 185 5.229,51 0 00 5,294.55 f 65.041 ( 11 Mwnw amen Fen 0.00 4 t s 1,319.9) 0.00 0 0.00 21,973.92 f(1,792,75) 11071 5]7.71 742 13 129 G9se Rxpense ].2.JSn.w7 27,9 0.00 14 42.30 (1.951.1311 81 9.20 ( 919.]0) (100 1 R.591.17 10.442 30 (1.151.1]1 ( 111 Miscellaneous Ripen, -- 291_94 1]8.00 113_94 64 - 2,271.5656 _ 1,381_96 1 309.!0)1 51 Interim Financial Report, For Internal URe Only 8 'd 4i6T6EE0L6 S3WOH A3N21f10C 1180 :60 20 82 R11W 1 Month 6Yd-d riot Year 7.3 Monthe ended rr%nr rear , Dec. 31.-1999 Period _ _Parlance Pet Dec._Jt 1999 _ Period _Variance let 'otal Other (§ r Rep _ 6,462.67 4,801_55 _ .4,804.55 ._ _ 1`65812 35 ___8),541.On 111618.10 _ (54,307.:0) ;_381 Net Operat:r Into 1 005.31 _ 7,844.91 (6,839.13) 1 871 111,081.47 91,995.02 ' 19 0� 8_6.45 21 Intereat argent• (9,344.15) (8.360.441 Other Nnn- :6.79 f 01 n03.361.15)06 1102,697.59)per I 01Rrp 7,774.76 ( 673.56) _ 205.03 L 569.73 999 _1206_58 1 797.02 _ 6.409.56 357 Incomeltoesl '1 l Dee 436.42 1 310.471 746.89 (24)1 15.926.10 Oepree-arortitn'. +n 4,416_00 (9,995.00) 24,922.45 !2791 5_]38_00 1 902.0011_n ___52_567.00 _ .,_60,_234,00 ___27.,567.001 f 1.31 Net Income f +asl $ (3,e,ee. ,)C 5 628.4714—. `_ _ 1_646.99 ( 291 5 (36,740.1015 (69 129 5515 32,399.45 ! 471 Inter: n Financial Report, For Internal Use Only 6 'd ii6TSCCOL6 S3NOH d3N21(lOC e60 60 20 82 TRW • \ ,rEGRL Realty Resources IQSc%F. .-., ;=R i. Co: • ^,tfl'�'FR • SUMMER 2000 REAL ESTATE INVESTMENT SURVEY ROCKY MOUNTAIN REGION • !mega Joseph Farber et Company is pleased to many months typically elapsed between the rime the present the results of our Summer 2000 Survey. property was listed and the time it was placed under Provided is a summary of the respondents' perceptions contract,assuming the property was reasonably priced. • of the real estate market in the Rocky Mountain The estimated marketing time decreased with 30% of Region. primarily covering the States of Colorado, the respondents indicating up to six months. The Wyoming,Montana.and New Mexico. second question pertained to the rime between contract and actual closing. The range was typically one to six • Through our questionnaire we investigated several months, with 70% of the respondents indicating up to select indices used by the real estate community in the three months and 100% up to six months. In some acquisition. disposition, or tinanc:ng of income cases respondents observed the due diligence period producing properties. being longer than the actual marketing time. Analysis Methods Sales/Closing Costs We asked what type of valuation technique they most We also asked the respondents to estimate on a heavily relied upon. Capitalized Income or Direct percentage basis the total closing costs For a seller of Capitalization was the predominant method followed real estate including brokerage commissions. by the Discounted Cash Row Technique and the legal/title work and other closing costs. The averages Market Approach. Of the respondents. 65% indicated are summarized as follows: • that they rarely use the Cost Approach. Improved Primary Secondary Rarely Vacant Commercial Cost.Approach 0% 35% 65% Sale Price Land Properties Up to 51.0 Million 9% 7% Direct Sales/ Market Approach 38% 42% 19% 51.0 To 32.199 Million 8% 696 Capitalized 52.5 To 54.999 Million 6% 5% Income 69% 31% 0% 55.0 To 59.999 Million 5% 4% Discounted $10.0 Million&Over 4% 3% Cash Flow 38% 15% 46% In Discounted Cash Flow(DCF) analyses, the holding We look forward to continuing the survey with a • period ranged from 5 to 10 years, with 10 years being Winter 2000/2001 issue. We welcome any comments predominant or suggestions you may have on how we may improve future issues to better meet the needs of those in the • Marketing Time real estate industry. We sincerely thank those firms -11/4 and individnals who participated in this Investment We again asked the respondents about marketing Survey. Let us know if your firm would like to be a times for properties. The first question asked how respondent to future surveys. u L C } O O r 1--. 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LO'.e 01 tg c- cr -r7 F '9 '''r_C e s ""'r F � a,� = m" a� vmm roc et el Es ec�� Y C F.I r y Y a C V₹•E L C C Y p U c . p. m V T SE msc& E se ° E_S c7tr ,a .,VD E oI pp trcC YEtoeC rge oEEPt P+-._ C ,, c _frnuc z�m=H e-ctcL kfxZcc fcc U° ,m„ C i4 a , m ['t T cr r Z • ° goi C R Do- 1., ' c t < _ 2 t € c EAU u m C>C i r N CERTIFICATION CERTIFICATION: The Appraiser hereby certifies, except as otherwise noted in the consulting service report, that: This report was accompanied by a letter of transmittal containing stringent limitations and conditions for the use of this report and creating liability for the improper use of this report. If your copy of this report does not contain a copy of such letter contact Bridge & Associates, 820 Simms Street #12 Golden, CO 80401 (303) 573-7000 immediately. 2. Bridge& Associates has been retained to provide consulting services for the property owner and is being compensated in whole or part on the basis of potential savings that may result from a reduction of the subject property assessment. This disclosure of a contingent fee arrangement is intended to comply with the requirements of 12-61-712(1)(d), CRS and the Uniform Standards of Professional Consulting service Practice. 3. To the best of the Appraiser's knowledge and belief, all statements and information in this report are true and correct, and the Appraiser has not knowingly withheld any significant information. 4 The information furnished by others is believed to be reliable, however, no warranty is given for its accuracy. 5. All engineering is assumed to be correct. The plot plans and illustrative material in this report are included only to assist the reader in visualizing the property, and should not be considered surveys. 6. The distribution, if any, of the total valuation of this report between land and improvements applies only under the Extraction Method for Property Tax purposes. The separate allocations for land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. 7 CERTIFICATION- CONTINUED 7. Possession of this report, or a copy thereof, does not carry with it the right of publication. It may not be used for any other purpose by any other person other than the party to whom it is addressed without the written consent of the Appraiser. 8. Neither all nor any part of this report shall be disseminated to the public or other media without the prior written consent and approval of the Appraiser. 9. All conclusions and opinions concerning the real estate that are set forth in the consulting service report were prepared by the Appraiser whose signature appears on the consulting service report. Unless otherwise noted, no one provided significant professional assistance to the Appraiser signing this report. No change of any item in the consulting service report shall be made by anyone other than the Appraiser, and the Appraiser shall have no responsibility for any such unauthorized change. 10. This report was completed as a part of a consulting service for the expressed purpose of convincing the County Assessor, Board of Equalization, Board of County Commissioners, Board of Assessment Appeals, or Arbitrator, as may be applicable, that the Subject Property has been overvalued for property tax purposes as set fourth in Colorado property tax law. As is common in property tax consulting assignments, no representations of independence is made by the Appraiser, or intended to be made by the Appraiser. The reader of this report shall not imply any independence in this assignment, as no such independence is required. The Appraiser's compensation, in whole or in part, from the property owner is contingent upon the Appraiser's ability to convince the County Assessor, Board of Equalization, Board of County Commissioners, Board of Assessment Appeals, or Arbitrator, as may be applicable, that the facts and conclusions set forth in this report are reasonable and tend to show by a preponderance of the evidence that the Subject property has been overvalued for property tax purposes. Registered Appraiser Registered Appraiser 8 Hello