HomeMy WebLinkAbout20022100.tiff RESOLUTION
RE: THE BOARD OF EQUALIZATION, 2002, WELD COUNTY, COLORADO -ADJUST
VALUE IN PART
PETITION OF: EVERITT ENTERPRISES INC 51% INT &
ATTENTION DON
PO BOX 2125
FORT COLLINS, CO 80522
DESCRIPTION OF PROPERTY: ACCOUNT#: R0068387 PARCEL#: 095912101046 -
GR 1W1-A ALL TR A 1ST WESTVIEW EXC W100' S81.2' ALSO N20 L7 & W10' L9 & ALL
L10-11 BLK3 1ST WESTVIEW (PT WESTVIEW SHOPPING CENTER) SITUS: 2412 W 10 ST
GREELEY 80631
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 Dan George, 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 Board of Equalization, that the evidence presented at the hearing
supported, in part, the value placed upon the property by the petitioner. The assessment and
valuation of the Weld County Assessor shall be, and hereby is, adjusted as follows:
ACTUAL VALUE
AS DETERMINED ADJUSTED
BY ASSESSOR ACTUAL VALUE
Land $ 421,960 $ 421,960
Improvements OR
Personal Property 899,728 838,048
TOTAL $ 1,321,688 $ 1,260,008
2002-2100
AS0052
O_a : 4s, o4, 'ft4 .
RE: BOE - EVERITT ENTERPRISES INC 51% INT &
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 thirty (30) days of this resolution:
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.
2002-2100
AS0052
RE: BOE - EVERITT ENTERPRISES INC 51% INT &
Page 3
Arbitration Hearing Procedure: Arbitration hearings are held within sixty
days from the date the arbitrator is selected. Both you and the OBOE 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 OBOE. 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 1' day of August, A.D., 2002.
BOA
RD OF COUNTY COMMISSIONERS
OUNTLORADO
/� W1
Gle aa hair
1861 (`(' �1jr:+ rk to the BoardcNiL
David E. Long, -Tem
y Clerk to the Board C
. J. Gei
-
APPROVED AS TO FORM: 4,44 �
'4O4A&'Ø
nI Willi . JerkeVAL
&
Robert . Masden
Date of signature: g--V6 - Oa
2002-2100
AS0052
V14� NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR
ij 1400 N0RT H I7th AVE.
GR 1Wl-A ALL TR A 1ST WESTVIEW EXC cRE1_I_Ev.cosoe3l
W100' S81 . 2 ' ALSO N20 L7 & W10 ' L9 PII0NE(970)353-3a45,exT..3eso
& ALL L10-11 BLK3 1ST WESTVIEW (PT
W I lli C 2412VWE10SSTTPGREELEY CENTER)
80631SITUS :
COLORADO OWNER: EVERITT ENTERPRISES INC 51% INT & l.c��
BRIDGE & ASSOCIATES LOG 595
PO BOX 280367 PARCEL 09591210104
LAKEWOOD, CO 80228 ACCOUNT R0068387
Owner: EVERITT ENTERPRISES INC 51% INT & YEAR 2002
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 REVIEW
COMMERCIAL 1321688 1321688
TOTALS $ $ 1321688 $ 1321688
APPEAL DEADLINES: REAL PROPERTY-JULY IS,PERSONAL PROPERTY-JULY L.
If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration, 39-5-
10fi(1)(a),C.R.S. Please see the back of this form for detailed information on tiling your appeal.
By: Stanley F. Sessions 06/24/2002
-
WELD COUNTY ASSESSOR DATE
I5-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.gov\baa.
District Court:
9th Avenue and 9th Street, P.O. Box C
Greeley, Colorado 80632
Telephone (970) 356-4000, Ext. 4520
Arbitration:
WELD COUNTY BOARD OF EQUALIZATION
915 10th Street, P.O. Box 758
Greeley, Colorado 80632
Telephone (970) 356-4000, Ext. 4225
If you do not receive a determination from the County Board of Equalization, you must file an appeal with the Board
of Assessment Appeals by September 11.
TO PRESERVE YOUR APPEAL RIGHTS, YOU MUST PROVE YOU HAVE FILED A TIMELY
APPEAL; THEREFORE, WE RECOMMEND ALL CORRESPONDENCE BE MAILED WITH PROOF
OF MAILING.
PETITION TO THE COUNTY BOARD OF EQUALIZATION
In the space below, please explain why you disagree with the Assessor's valuation. IN ACCORDANCE WITH 39-
8-106, 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.
9SIONSITIMPh e
9
DAIL
4 CLERK TO THE BOARD
PHONE (970) 356-4000 EXT 4217
FAX: (303) 352-0242
WEBSITE: www.co.weld.co.us.co.us
915 10TH STREET
P.O. BOX 758
GREELEY, COLORADO 80632
C.
COLORADO
July 17, 2002
EVERITT ENTERPRISES INC 51% INT &
ATTENTION DON
P O BOX 2125
FORT COLLINS CO 80522
Parcel No.: 095912101046 Account No.: R0068387
Dear Petitioner(s):
The Weld County Board of Equalization has set a date of August 1, 2002, 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 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.
EVERITT ENTERPRISES INC 51% INT & - R0068387
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 EEQ�UAALIZATION
��_ DLI
Donald D. Warden,
Clerk to the Board
BY: lif ¢fsn. r2 7 r y
Carol A. Harding, eputy
cc: Stanley Sessions, Assessor
BRIDGE & ASSOCIATES
P O BOX 280367
LAKEWOOD CO 80228
• Weld County
STANLEY F. SESSIONS COUNTY ASSESSOR
MICHAEL SAMPSON, CHIEF APPRAISER
ASSESSOR'S VALUE REPORT
OF
COMMERCIAL PROPERTY
FOR
County Board of Equalization
EVERITT ENTERPRISES INC 51% INT &
LVD INVESTMENTS (49% INT)
PETITIONER
vs.
WELD COUNTY ASSESSOR'S OFFICE
RESPONDENT
Parcel Number: 0959-12-1-01-046
Schedule Number: R0068387
Log Number: 595
Date: 08/01/02
Time: 9:30
Board: CBOE
STAN JANTZ
APPRAISERS NAME Q
- Qom_
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 2412 W 10 ST
GREELEY
Land Area 120,560 Square Feet
Zoning GRE CL
Property Type Commercial
1- Neighborhood Shopping Center
Year Built 1962
Year Remodeled
Quality Average
Class Masonry
Number of Stories 1
Improvement Sq. Ft. 35,245
Basement Unfinished Sq. Ft.
Basement Finished Sq. Ft.
Mezzanine:
Value Indications:
Land 421,960.00
Cost Approach 1,566,841.00
Market Approach 1,691,000.00
Income Approach 1,280,800.00
Reconciled 1,321,688.00
Assessor's Value 1 ,321 ,688.00
CBOE_COMM_010998
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 120560square feet. Comparable commercial land in the subject area is
valued at 3.50 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 1 901 35th Ave 06/01/00 140,000 27,552 5.08
Comparable 2 4875 W 10th St 08/14/98 950,000 269,017 3.53
Comparable 3 1110 38th Ave 12/23/99 605,000 123,619 4.89
ASSESSOR'S INDICATED SUBJECT LAND VALUE
421,960.00
CBOE_CO MM_010998
3
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s hn� x M -"' '� a nt� tk`,t ;71,17 � 'r+to fog �{ 1. -.' w ..' -`';4th{r.
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e t il44 4 s tt43 1' ` {k t ry r : it f
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m
2:q
7. 23. 2.002
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. Aland value has likewise been established through the utilization of
vacant land sales of comparable properties.
Improvement Value 1,144,881.00
Land Value 421,960.00
TOTAL VALUE BY THE COST APPROACH
1,566,841.00
CBOE_COMM_010998
4
STRIP CENTER MARKET SALES
GROSS
SALE SALE SQUARE FEET PRICE PER
ADDRESS DATE PRICE SQUARE FOOT
ti SUBJECT
WESTVIEW CENTER 35,245
2412 W. 10TH STREET
GREELEY,CO.
yl WILSHIRE CENTER 03/19/97 $2,552,500 43,336 55.90
2900 W. I0TH STREET
GREELEY,CO
#2 L&I RETAIL CENTER 05/10/00 $946,000 26,463 35 ;
818 3157 STREET
EVANS,CO
SUNDOWN CENTER 05/23/97 $675,000 12,600
3505 11TH AVENUE
EVANS,CO
#4 LA SALLE CENTER 10/15/97 5350,000 7,684 45.55
218 N.2ND STREET
LA SALLE,CO
NOTE; The average for all four market sales is$48.44 per square foot.
MARKET CALCULATIONS
Subject's gross square feet 35,245 at$48.00 per square foot=$1,691,760
SUBJECT VALUE BY THE MARKET APPROACH; $1,691,000
5
•
COMPARABLE SALE
1 .
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PIN#, 7182597 PARCEL #: 095912201010
PRIMARY OCCUPANCY: SHOPPING CENTER
OFFICE:
2ND OCCUPANCY:
ADDRESS: 2900 W 10 ST GREELEY
PROJECT: WILSHIRE SHOPPING CENTER
SALE DATE: 03/19/97 BOOK #: 1597
SALE PRICE: $2,552,500 RECEPTION #: 2539027
ADJ SALE PRICE:
GRANTOR: PORTER ALAN & SMITH JAMES R
GRANTEE: ALEXANDER & BALDWIN INC
YEAR BLT: 1963/69
EFFECTIVE AGE: 1990 LAND/BLDG RATIO: 4.63
BLDG SIZE: 43,336 IMPS PRICE/PSF: $46.81
CLASS: C SALE PRICE/PSF: $58.90
CONSTRUCTION-QUAL: AVG CASH DOWN: $2,552,500
WALL HEIGHT: 16 LOAN:
STORIES: 1 INTEREST RATE:
BSMT SIZE: LOAN TERM (YRS):
LAND SIZE: 200,812 POINTS PAID:
LAND VALUE: 523,738
REMARKS: THIS NEIGHBORHOOD SHOPPING CENTER HAS THREE SEPARATE BLI)GS.
THE LARGEST RETAIL BLDGS HAS 41,552 SQ FT ANI) IS ANCHORED BY
"MOOVIES" VIDEO STORE. TEE OTHER TWO BLDGS ARE A 1500 SQ FT SINGLE
TENANT RETAIL STORE AND N. OVAL SHAPED A.T.M. BANK WITH 284 SQ FT.
BLDG NOT INCLUDED IN SALE, ONLY LAND UNDER BLDG IS.
6
•
COMPARABLE SALE
2
NEIGHBORHOOD SHOPPING CENTER
( -� x Class C
..fig IL � ;1 i.1. i RETAIL I „I &irwn
A c +� . ; ZHi ISpI st .. .. �.
a'• R .':_ .` t n 'P 81 0 7950 0 Sl
;:; �* Market
ss r;, 73,7447.
:-,\'.k K ik A ISwli
10584.0 sf
. _... A]pl1aR Pa'AIKJ ,I2 Concrete Slab
i.LIc.M*I-v.AIalT =—" 70,7 0](
—ti•^ :1'5- :+.ftw!'. —AC6..*r�� -: .. _ ..._.. 3.79309
"`
rf
.aa ro
PIN#, 0097391 PARCEL #: 096120306019
PRIMARY OCCUPANCY: SHOPPING CENTER
OFFICE:
2ND OCCUPANCY:
ADDRESS: 818 31 ST EVANS
PROJECT:
SALE DATE: 05/10/00 BOOK #:
SALE PRICE: $950,000 RECEPTION #: 2767445
ADJ SALE PRICE: $946,000
GRANTOR: B & S STAMPEDE, LLC
GRANTEE: HAYTHORN BROS.
YEAR BLT: 1990 LAND VALUE: 145,858
EFFECTIVE AGE: 1990 ZONING C-3
BLDG SIZE: 26,463 LAND/BLDG RATIO: 4.41
CLASS: C IMPS PRICE/PSF: $30.24
CONSTRUCTION-QUAL: AVG SALE PRICE/PSF: $35.75
WALL HEIGHT: 12/15 CASH DOWN: $946,000
STORIES: 1 LOAN:
BSMT SIZE: INTEREST RATE:
BSMT FINISH: LOAN TERM (YRS):
LAND SIZE: 116686 POINTS PAID:
REMARKS: This sale involved a 1031-tax exchanged from the Grantee.
The subject is anchored with the L & I Market along with 6 other
units. Approx.OAR 12.5%. Leases need updating per realtor.
7
COMPARABLE SALE
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PIN#, 3831786 PARCEL #: 096119417023
PRIMARY OCCUPANCY: NBHD SHOP CNTR
OFFICE:
2ND OCCUPANCY:
ADDRESS: 3505 11 AVE EVANS
PROJECT:
SALE DATE: 05/23/97 BOOK #: 1607
SALE PRICE: $675,000 RECEPTION #: 2549527
ADJ SALE PRICE:
GRANTOR: CECIL FARMS
GRANTEE: CARLSON STENER & FRANCIS
YEAR BLT: 1983
EFFECTIVE AGE: 1985 LAND/BLDG RATIO: 4.24
BLDG SIZE: 12,600 IMPS PRICE/PSF: $46.80
CLASS: C SALE PRICE/PSF: $53.57
CONSTRUCTION-QUAL: AVG CASH DOWN: $300,000
WALL HEIGHT: 16 LOAN: NEW
STORIES: 1 INTEREST RATE: 8.75%
BSMT SIZE: LOAN TERM (YRS): 20
LAND SIZE: 53,364 POINTS PAID: 1
LAND VALUE: 85,383
REMARKS: SOLD WOL PIN # 1200396 (LAND ONLY PARCEL)
0
0
COMPARABLE SALE
4
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PIN#, 4057786 PARCEL #: 096131412011
PRIMARY OCCUPANCY: SHP CTR
OFFICE:
2ND OCCUPANCY:
ADDRESS: 218 N 2 ST LA SALLE
PROJECT:
SALE DATE: 10/15/97 BOOK #:
SALE PRICE: $350,000 RECEPTION #: 2574320
ADJ SALE PRICE:
GRANTOR: BARTON JULIE A
GRANTEE: KELLOGG GEORGE B
YEAR BLT: 1984
EFFECTIVE AGE: 1990 LAND/BLDG RATIO: 3.96
BLDG SIZE: 7,684 IMPS PRICE/PSF: $41.59
CLASS: S SALE PRICE/PSF: $45.55
CONSTRUCTION-QUAL: AVG CASH DOWN: $50,000
WALL HEIGHT: 11 LOAN: NEW
STORIES: 1 INTEREST RATE: 8.50%
BSMT SIZE: LOAN TERM (YRS): 20 YRS
LAND SIZE: 30,400 POINTS PAID:
LAND VALUE: 30,400
REMARKS: THE SUBJECT WAS PURCHASED WITH ZERO VACANCY
9
INCOME APPROACH
WESTVIEW SHOPPING CENTER
2412 W. 10TH STREET
GREELEY, CO
YEAR YEAR
1999 2000 AVERAGE
ACTUAL GROSS INCOME 189,781 197,540 193,660
ACTUAL EXPENSES 35,789 31,318 33,553
NET OPERATING INCOME 153,992 166,222 160,107
CAPITALIZATION RATE 10%
PLUS 2.5%TAX RATE 12.5%
INCOME VALUE 1,280,856
ROUNDED TO 1,280,800
10
WESTVIEW SHOPPING CENTER
Budget Comparison Report
FOR TWELVE MONTHS ENDING DECEMBER 31, 1999
WESTVIEW SHOPPING CENTER
CURRENT BUDGET CURRENT ACTUAL CURE, VARIANCE PERCNT YTD BUDGET YTD ACTUAL YTD VARIANCE PERCNT
OPERATING INCOME
RENTAL INCOMES
RETAIL RENT $ 13,102 $ 13,627 $ (75) (1) $ 164,424 $ 162,151 $ (2,273) (1)
TENANT REIMBURSEMENTS 2,033 1,953 (80) (4) 24,396 23,675 (121) (3)
YEAR END ADJUSTMENTS 0 0 0 tit 0 (1,082) (1,082) t i
NET RENTAL INCOME 15,135 15,580 (155) (1) 188,820 184,744 (4,076) (2)
OTHER INCOME
UTILITY SUB-METER REIMB 240 163 (71) (32) 2,880 4,325 1,445 50
INTEREST INCOME 0 51 51 :tx 0 533 533 ***
MISCELLANEOUS INCOME 0 179 179 ft# 0 179 179 xli
TOTAL OTHER INCOME 240 393 153 64 2,880 5,031 2,157 75
TOTAL OPERATING INCOME 15,975 15,913 (2) (0) 191,100 189,781 (1,919) (1)
OPERATING EXPENSES
KBURSABLE-TYPE EXPS
imiNTENANCE REIMBS
INTERIOR BLDG MAINTENANCE 29 0 29 100 348 0 348 100
JANITORIAL/CLEANING 29 0 29 100 348 0 348 100
EXTERIOR BLDG MAINTENANCE 167 30 137 82 2,004 215 1,129 86
HVAC MAINTENANCE 50 0 50 100 600 292 308 51
ROOF MAINTENANCE 379 0 379 100 4,548 5,542 (994) (22)
LANDSCAPING MAINTENANCE 0 0 0 #** 300 280 20 7
PARKING LOT MAINTENANCE 42 0 42 100 504 25 479 95
LOT SWEEPING 60 30 30 50 720 570 150 21
SNOW REMOVAL 211 490 (213) (126) 1,302 844 458 35
TOTAL MAINTENANCE 973 550 423 43 10,674 7,828nk 2,846 27
UTILITIES-BLDG REIMB
ELECTRIC 183 0 183 100 2,196 0 2,196 100
TOTAL UTILITIES 183 0 183 100 2,196 0 2,196 . 100
OTHER REIMS OPERATING RIP
.. PROPERTY TAXES - 2-,411. 2 507.. _(-90-). ..(4.)..----..--.-29,004----- 30,089 (1,085) (4)
INSURANCE 217 207 10 5 2,604 2,484 120 5
TOTAL OTHER REIMB RIP 2,634 2,114 (80) (3) 31,608 32,513 (965) (3)
TOTAL REINS TYPE RIPS 3,190 3,264 526 14 44,478 40,401 4,077 9
i
11
WESTVIEW SHOPPING CENTER
Budget Comparison Report
FOR TWELVE MONTHS ENDING DECEMBER 31, 1999
WESTVIEW SHOPPING CENTER
CURRENT BUDGET CURRENT ACTUAL CURE. VARIANCE PERCNT YTD BUDGET YTD ACTUAL YTD VARIANCE PERCNT
OTHER OPERATING EXPENSES
MANAGEMENT FEE EXPENSE $ 192 $ 119 $ 13 2 $ 9,504 $ 9,237 $ 267 3
OWNERS BLDG MAINTENANCE 0 0 0 tit 0 1,381 (1,387) xxx
OWNERS INT BLDG MAIN? 0 0 0 xxx 0 481 (481) xxx
OWNERS UTILITY EXPENSE 0 90 (90) xxx 0 1,518 (1,518) xxx
OWNERS INSURANCE 0 13 (13) xxx 0 152 (152) **t
UTILITY SUB-METERS 240 302 (62) (26) 2,880 4,545 (1,665) (58)
OWNERS OTHER BLDG EXPENSE 0 0 0 xxx 0 8,151 (8,157) xxx
TOTAL OTHER OPERATING EXP 1,032 1,184 (152) (15) 12,384 25,477 (13,093) (106)
TOTAL BLDG OPERATING EXP 4,822 4,448 374 8 56,862 -65;14 � (9,016) (16)
NET OPERATING INCOME 11,153 11,525 312 3 134,838 123,903- (10,935) (8)
/53/99.7.-
DEBT SERVICE
MORTGAGE INTEREST 827 818 9 1 10,446 10,512 (126) (1)
MORTGAGE PRINCIPAL 1,529 1,538 (9) (1) 11,826 17,800 26 0
'TAL DEBT SERVICE 2,356 2,356 0 0 28,272 28,372 (100) (0)
NET INCOME AFTER DEBT SER 8,797 9,169 372 4 106,566 95,531 (11,035) (10)
ADMINISTRATIVE EXPENSES
OFFICE EXPENSE 300 300 0 0 3,950 3,600 350 9
PROFESSIONAL SERVICES 0 0 0 xxx 0 7,148 (1,148) xxx
MISCELLANEOUS 0 • 35 (35) xxx 0 70 (10) ***
TOTAL ADMINISTRATIVE EIP 300 335 (35) (12) 3,950 10,818 (6,868) (174)
NET INCOME BEFORE DEPE 8,491 8,834 331 4 102,616 84,113 (11,903) (17)
DEPRECIATION & AMORT Elf
CAPITAL EXPENDITURES
CORPORATE TAXES
NET CASH FROM OPERATIONS $ 8,491 $ 8,834 $ 331 4 $ 102,616 $ 84,713 $ (11,903) (17)
c
12
•
INCOME STATEMENT Page
2/6/01
WESTVIEW SHOPPING CENTER - (30)
04:46 PM
FOR TWELVE MONTHS ENDING DECEMBER 31, 2000
MTD Actual MTD Budget $Var. %Var. YTD Actual YTD Budget $Var. %Var. Annual
OPERATING INCOME
Retail Rent 9,318.71 13,891.63 -4,572.92 -32.92 162,643.92 166,700.00 -4,056.08 -2.43 166,700.00
Retail Rent-Other 228.00 228.00 0.00 0.00 2,736.00 2,736.00 0.00 0.00 2,736.00
Tenant Reimbursements 888.86 2,027.88 -1,139.02 -56.17 23,151.36 24,335.00 -1,183.64 -4.86 24,335.00
----Year End Adjustments 0.00 0.00 0.00 0 75.48 0.00 -75.48 0 0.00
Other Rent Income 100.00 0.00 100.00 0 750.00 0.00 750.00 0 0.00
Uneellectable-LessAmeuat 0.00 0.00 0.00 0 -41,070.42 - 0.00 -41,070.42 0 0.00
Utility Sub-meter Reimbursemnt 233.52 325.00 -91.48 -28.15 3,704.22 3,900.00 -195.78 -5.02 3,900.00
Interest Income 7.55 0.00 7.55 0 300.77 0.00 300.77 0 0.00
Late Fees 1 348.89 0.00 348.89 0 3,803.64 0.00 3,803.64 0 0.00
Miscellaneous Income 0.00 0.00 0.00 0 450.00 0.00 450.00 0 0.00
TOTAL OPERATING INCOME 11,125.53 16,472.51 -5,346.98 -32.46 -156;394-:01- 197,671.00 -41,276.99 -20.88 197,671.00
OPERATING EXPENSES /97;539,2/
Interior Building Maintenance 60.00 12.50 47.50 -380.0 126.76 150.00 23.24 15.49 150.00
Janitorial Maintenance 0.00 8.37 8.37 100.0 0.00 100.00 100.00 100.0 100.00
Exterior Maintenance 0.00 83.37 83.37 100.0 1,432.24 1,000.00 -432.24 -43.22 1,000.00
HVAC Maintenance 0.00 25.00 25.00 100.0 0.00 300.00 300.00 100.0 300.00
Roof Maintenance 0.00 416.63 416.63 100.0 -34,597.093,4/R6,000.00 -29,597.09 -591.9 5,000.00
Landscaping Ffaintenance 0.00 0.00 0.00 0 519.00 300.00 -219.00 -73.00 300.00
Parking Lot Maintenance 0.00 41.63 41.63 100.0 5,662.94 500.00 -5,162.94 -1,032 500.00
Snow Removal 0.00 216.67 216.67 100.0 0.00 1,300.02 1,300.02 100.0 1,300.02
Lot Sweeping 70.00 60.00 -10.00 -16.67 790.00 720.00 -70.00 -9.72 720.00
Electric 0.00 183.37 183.37 100.0 0.00 2,200.00 2,200.00 100.0 2200.00
--..Property.Taxes ---- --2;515.98 -2;666.63 150.65 5.65 - 30,192.21 - 32,000.00 1,807.79 5.65 32,000.00
Insurance 236.50 216.63 -19.87 -9.17 2,838.00 2,600.00 -238.00 -9.15 2,600.00
Management Fee Expense 521.78 807.37 285.59 35.37 9,422.80 9,688.00 265.20 2.74 9,688.00
Owners Interior Building Maint 0.00 0.00 0.00 0 160.00 0.00 -160.00 0 0.00
Owners Utility Expenses 285.45 0.00 -285.45 0 2,237.11 0.00 -2,237.11 0 0.00
Owners Insurance 13.13 12.63 -0.50 -3.96 158.00 152.00 -6.00 -3.95 152.00
Utility Sub-Meters 466.08 325.00 -141.08 -43.41 4,511.55 3,900.00 -611.55 -15.68 3,900.00
TOTAL OPERATING EXPENSES 4,168.92 5,075.80 906.88 17.87 92,647.10 59,910.02 -32,737.68 -54.64 59,910.02
31,:/S•95
NET OPERATING INCOME 6,956.61 11,396.71 -4440.10 -38.96 63,746.31 137,760.98 -74,014.67 -53.73 137,760.98
OTHER EXPENSES /66,it-,•••;1.5i
ADMINISTRATIVE EXPENSES
Professional Service:Legal 0.00 0.00 0.00 0 90.00 0.00 -90.00 0 0.00
Accounting Charges-General Off 300.00 300.00 0.00 0.00 3,600.00 3,600.00 0.00 0.00 3,600.00
Recording Fees 0.00 0.00 0.00 0 45.00 0.00 -45.00 0 0.00
TOTAL ADMINISTRATIVE EXP 300.00 300.00 0.00 0.00 3,735.00 3,600.00 -135.00 -3.75 3,600.00
DEBT SERVICE
Mortgage Interest 676.99 805.13 128.14 15.92 8,760.77 9,662.00 901.23 9.33 9,662.00
Mortgage Principal 1,679.01 1,550.87 -128.14 -8.26 19,511.23 18,610.00 -901.23 -4.84 18,610.00
Intercompany Note Interest 63.65 0.00 -63.65 0 517.27 0.00 -517.27 0 0.00
TOTAL DEBT SERVICE 2,419.65 2,356.00 -63.65 -2.70 28,789.27 28,272.00 -517.27 -1.83 28,272.00
TOTAL OTHER EXPENSES 2,719.65 2,656.00 -63.65 -2.40 32,524.27 31,872.00 -652.27 -2.05 31,872.00
EARNINGS BEFORE DEPRECIA 4,236.96 8,740.71 -4,503.75 -51.53 31,222.04 105,888.98 -74,666.94 -70.51 105,888.98
NET INCOME(LOSS) 4,236.96 8,740.71 -4,503.75 -51.53 31,222.04 105,888.98 -74,666.94 -70.51 105,888.98
13
VALUE INDICATION
COST APPROACH: $1,566,841
MARKET APPROACH: $1,691,000
INCOME APPROACH: $1,280,800
ASSESSOR'S 2002 VALUE $1,321,688
14
Dollars & Centsof
Sbopping Centers ® :
2000
A Study of Receipts and Expenses in
Shopping Center Operations
Michael D. Beyard
Project Director
Anita Xramer & Associates
Project Manager
Booz•Allen & Hamilton, Inc.
Software Engineering for the Study
JUL 1 7 20GG
EXHIBIT
I
R osei
Urban Land
Institute
Ta sle 6-14 U.S.Neighborhood Shopping Centers in Age Group 2O Years Old and Older: Center Size, Center
Sales. and Operating Results .
Number of Centers in Sample 105 Lower Upper Lower Upper Number
Average Median Declle Dense Median Decde Docile Reporting
Center Size
crag:lcor soace icLA and all gale,nor areal 63206 59.976 38.882 33.399 '03
:snag cross:easaole area in souare 1eet1 30.899 58.120 37.145 32.258 105
Center Sales Dollars per Square Foot of GLA
4u tenants 5255.60 5233.65 5106.7 3504.30 58
Operating Results Dollars per Square Foot of CIA Percent of Total Receipts
Total Operating Receipts $1030 59.25 55.08 518.23 100.00% 100.000 100.00% 85
Total rent 326 3.01 (4,12)ti 13.48 31.75 68.96 9255 87
Rental'ncome-minimum 799 7.39 4.34 13.48 73.50 56622 30.'5 37
Rental moome-rverages 3.41 0.32 101 '.35 2.97 324 '5.54 46
Total common area charges 1.04 0.86 0.23 2.78 3.66 3.53 16.73 75
Total other charges 1.02 1.10 0.31 1.81 3.04 4.72 14.46 27
o•coem.. ndrnsurance 0.95 781 3.a36 _.02 3.Z5 4.57 5.34 55
...loom'axe 0.82 3.69 C7-10•14 '90 5.37 3.C3 '3.77 76
nsurance 0.11 9.10 3.03 3.25 3.36 342 340 55
Other'scalaarn charges 107 3.05 158 3
nmme'rem sale 0ruelites 027 71' _5 3
Total miscellaneous income 0.09 0.06 0.00 0.35 0.7 3.06 2.38 48
61Total Operating Expenses S 3.00 5292 51.21 5 5.29 29.80. 15.72% 45.36% 93
Total maintenance and housekeeping 1.00 0.92 3.21 2.:5 10.12 3.36 20.34 93
'vkmn or. -art :rner vmm0n areas 384 .._3 33 _2 .. 5.
.:sing.^ ; r5 _ .Z5 ..,4 59
.40e5 2.'3 .; 35 - _ -
Sec'cr•r3. :.30 :_ __ 1-2 -
9r-_,csee-air-::4C 373 .O2
-rcw amcra ..d8 1.37 ,,30 •-- '35 1 53'ass'ems':al '1 3 2 0
S evarcr esraeamr -
Omar 5.,7 .. _ ..53 ., _ _36 10
?Midis::^an.enanre ,.Z. 3.59 59 39
ccr,ece,r 5 36 3 3 .. 1 3._ 2 8 0
:Tier-a.nrerarce 3 •y _ -3.03 :_04 ._ _ -'3 '3
:antra .:m71 ;:'seem
_her cn¢e 4:ea:erricas 2.35 351
Total advenlsmq and oromotion 0.06 0.04 3.00 0.17 3.46 0.03 158 51
Amer-rising 502 2..0 .. r.1_ ' 22 _9
°•em00cnssoec:al?vents 3.04 3.04 3.63 3
:hristmas:scar events 703 3.03 3.00 3.05 5.Zh 'r_4 345
Marketing administration 0.06 3.07 3 a 3
Mercnants asscoauon 108 106 3.52
Total real estate taxes 0.87 051 0.33 1.85 3.30 3.78 15.98 96
Total insurance 0.16 0.14 0.07 0.31 1.53 0.67 3.74 97
Cadmry nsurance 0.09 0.08 0.02 117 3.37 3 23 65 38
prooem•nsurance 0.07 0.06 3.02 3.'7 3.70 0.17 1 83 39
Soeoar eartnouakertirei 0.08 003 24 3
Other nsurance 0.01 0.01 3.00 3.03 3.07 33)4 0.53 18
Total general and admmntnthle 024 0.75 0.22 1.95 5.77 357 17.47 93
Management agent'an 043 0.40 0.14 0.77 3.91 235 380 71
Leaanq agent roes 020 7.13 0.03 055 23 328 5.30 40
Sao not allowance 0.'4 0.11 3.02 0.44 7.73 0.12 '..95 14
Cn.site oayroll ano ceneets 0.-9 0.50 0.04 7.99 404 1 38 7 17 22
°•oressional services 0.09 0.07 001 0.31 3.69 0.11 2.95 53
Omer 0.14 0.06 0.00 1.15 3.57 0.03 5.63 59
Net Operating Balance 5 7.05 56.37 53.30 514.14 / 70.20% 54.64% 84.28% . 82
Vow- 3LA'or operating results is actiusted m as descnbec Chapter 2. '11 - tie
eiatIO
'lore: 3ecause cats are means.medians.and deoles.detailed amounts do not add to totals.Na median figures it b are shown 1:ewer'nan live'values iwere rezoned'or any
ncor`e or?xcense category,and no lower and upper docile amounts are 511ewn if ewer Man:en values were•eoorec.
U.S. !lelghhorncoo Shopping Centers 209
BRIDGE & ASSOCIATES
P O Box 280367
Lakewood, CO 80228
303-237-6997
Estimate of Taxable Value
For
Everitt Enterprises
2412 W. 10th Greeley
Greeley, CO
Weld County
Schedule # R-0068387
Board of Equalization
Tax Year 2002
= EXHIBIT
S. i277\j‘nr3S-7
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SUBJECT PROPERTY
LOCATION: 2412 W. 10th Greeley
COUNTY: Weld
SCHEDULE: R-0068387
IMPROVEMENT SIZE: 35,245 scLiare feet
LAND SIZE: 120.5605F
LAND TO BUILDING RATIO: 3.42 to i
YEAR OF CONSTRUCTION: 1962
LEASE RATE: Actual
PROPERTY TYPE: Commercial
USE: Retail
VERIFIED: Everitt Companies
2
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LETTER 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 LI.MITATION, ATTORNEYS FEES
AND COSTS.
THIS LETTER OF TRANSMITTAL SHALL NOT BE REMOVED FROM THE BODY OF THE REPORT
AT ANY TIME.
PETITIONER'S NAME: Everitt Enterprises
PROPERTY ADDRESS: 2412 W. 10th Greeley
IDENTIFICATION NUMBER: R-0068387
The final value was determined after careful consideration of the three approaches to value as required by
state law for income producing properties. The sales comparison approach concludes to a value of
$1,038,000 , the replacement cost approach supports a value of $ and the income approach indicates a
value of$1,080,000. 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:
$ 1,080,000
Daniel J. George #AR01315496
Registered Appraiser Registered Appraiser
3
Summary of Facts and Conclusions
Property.Type: Retail
Property Address: 2412 W. 10th Greeley
Assessment Date: January 1, 2002
Applicable Base Period: January 1, 1999 through June 30, 2000
County: Weld County, Colorado
Property ID/Schedule No.: R-0068387
County 2002
Actual Valuation: Land $ 421,960 Or $ 3.50 per sq. ft.
Improvements $ 899,728
Total $ 1,321,688 Or $ 37.50 per sq. ft.
Year of Construction: 1962
Land Area: 120,560 SF
Building Area: 35,245 square feet
Date of Value: June 30, 2000
Final Valuation Land 421,960 Or $ 3.50 per sq. ft.
Estimate:
Improvements $ 658,040
Total $ 1,080,000 Or $ 30.64 per sq. ft.
4
Contingent and Limiting Conditions
The appraisers assume no responsibility for legal matters or consequential damages, their liability in any
event being limited to the amount of the professional fee collected. It is assumed that the property
conforms to all applicable codes, ordinances, statutes, and/or any other covenants or governmental
regulations.
Unencumbered fee simple title is assumed to be held by the owner(s) of record, and the property is
appraised as if without encroachments, typically financed, and under responsible ownership and competent
management.
The appraisers, by rendering their consulting service report, are not offering legal advice or conclusions of
law. The client is advised that legal matters concerning the property may have a direct bearing on the value
of the property. If such legal matters are different than those assumed by the appraisers and set forth
herein, the appraisers' value conclusion may be invalid. Client is advised to retain legal counsel to advise
client regarding the effect, if any, of the assumptions. legal or otherwise. made by the appraisers, and set
forth in these contingent and limiting conditions.
For the purposes of this report. the appraisers have assumed that no governmental regulations. local or
federal in nature, are being violated by the property. Further, it is assumed that the utilization of this report
by the client will not violate any governmental regulations, local or federal, including, but not limited to.
any securities regulations.
The analysis and statements contained in the report are statements of opinion only, and not necessarily the
only indication of value or analysis that might be obtained on the subject property. Appraisal opinions by
qualified appraisers differ. No warranty or guarantee, express or implied, is made by the appraisers
indicating that their opinion represents the only opinion of dollar value which might be obtained by the
client on the date of valuation.
Only a visual surface inspection of the property appraised has been made by the appraisers, unless
otherwise instructed by the client. The appraisers assume no liability for damages or losses sustained by
the client for latent or non-apparent defects existing on, below, or above the property which may not
readily be ascertainable by a visual surface inspection. The appraisers assume that there are not hidden or
unapparent conditions of the property, sub-soil or structures which would render it more or less valuable.
No responsibility is assumed for such conditions or for engineering which might be required to discover
such factors.
5
Contingent and Limiting Conditions - Continued
Included as an integral part of this consulting service report are maps and sketches of the subject property
prepared by the appraisers. Although they do not purport to represent survey accuracy, it is believed they
are substantially correct and therefore, adequately serve as a visual reference to the property.
Nothing in this report should be deemed a certification or guaranty as to the structural and/or mechanical
soundness of the building(s) and the mechanical systems that relate to the functions and operations of the
subject property. Rather, this report assumes functions and operations are satisfactory. consistent with the
age and condition of the subject building(s) and associated mechanical systems. unless otherwise noted.
It is assumed that no insulation or other product banned by the Consumer Product Safety Commission has
been introduced onto the subject premises. Also, no environmental impact studies which would show the
existence of toxic wastes were requested or made in conjunction with this report and the appraisers hereby
reserve the right to alter, amend, rescind or revise any of the value conclusions based upon subsequent
environmental impact studies, research, or investigation.
Data in this report were secured from sources considered reliable and have been verified insofar as
possible; however, the appraisers can neither guarantee nor be responsible for the accuracy of information
furnished by others.
Loss or removal of any part of this consulting service report invalidates the entire report.
The appraisers shall not be required to testify or to attend court by reason of this consulting service report
unless subsequent written arrangements are made, including payment of an additional fee for such services.
Neither all nor part of the contents of this report shall be conveyed to the public through advertising, public
relations. news, sales or other media without written consent and approval of the appraisers, particularly as
to the valuation conclusions, the identity of the appraisers or the firm they represent.
Acceptance of, and/or use of, this consulting service report constitutes acceptance of all of the contingent
and limiting conditions.
6
Purpose of the Consulting service
The purpose of this report is to arrive at an opinion of the actual value of the subject property (the
"Property") for property tax purposes according to Colorado Law as set forth in Title 39, Colorado Revised
Statutes ("CRS"). Such actual value is based upon a personal inspection of the Property, giving appropriate
consideration to all factors relevant to the actual value of the Property as such Property existed and was
used, as of January 1, 1995 relying upon market conditions of the 18 month period prior to June 30, 1996.
Actual value, as used in this report, is determined as required in CRS §39-1-103(5)(a):
"....The actual value of such property shall be that value determined by appropriate consideration
of the cost approach, the market approach. and the income approach to appraisal.... [except that] the
actual value of residential real property shall be determined solely by consideration of the market
approach to appraisal."
The Colorado courts have equated "true value" with "market value". Colorado & Utah Coal Co. v. Rorex.
149 Colo. 502. 369 P.2d 796 (1962) and have stated that "Market Value" is "Actually. what a willing buyer
would pay a willing seller under normal economic conditions..." May Stores Shopping Centers, Inc. v.
Shoemaker, 151 Colo. 100, 376 P.2d 679 (1962). that "true value of taxable property....is simply value
which property has in exchange for money in free market...." Colorado & Utah Coal Co.. supra., and that
property is not valued for any intrinsic value, but is valued according to its market value by considering all
of the various circumstances which affect the property. City and County of Denver v. Lewin. 106 Colo.
331, 105 P.2d 854 (1940).
Market Value has also been defined as:
"The most probable price, as of a specified date, in cash, or in terms equivalent to cash, or in other
precisely revealed terms, for which the specified property rights should sell after reasonable
exposure in a competitive market under all conditions requisite to fair sale, with the buyer and seller
each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under
undue duress."
The Appraisal of Real Estate, Ninth Edition, p. 19,
American Institute of Real Estate Appraisers, 1987
For the purposes of this consulting service report, "Actual Value" will be considered to be the equivalent of
"Market Value", as defined by Colorado Law.
7
Property Rights Appraised
The Property is appraised for the purposes of this report as a fee simple ownership interest in the Property.
A fee simple estate is defined as an absolute ownership interest, subject only to the limitations of eminent
domain. escheat, police power and taxation.
The Dictionary of Real Estate Appraisal
Second Edition, p.120 American Institute of Real
Estate Appraisers, 1989.
Scope of the Appraisal Process
The Property was inspected. Pertinent information was obtained from owners. property managers. brokers
and real estate appraisers familiar with the market in which the Property participates and competes.
Comparable economic rent, economic expenses and sales data from this market were collected and
analyzed during the consulting service process.
Highest and Best Use
Highest and Best Use is defined as:
The reasonably probable and legal use of vacant land or an improved property, which is physically
possible, appropriately supported, financially feasible, and that results in the highest value. The four
criteria that highest and best use must meet are legal permissibility, physical possibility, financial
feasibility, and maximum profitability.
The Dictionary of Real Estate Appraisal, Second
Edition, American Institute of Real Estate
Appraisers, 1989.
Because the purpose of this report is for ad valorem taxation and is restricted from standard appraisal
procedures only by state law regarding those procedures and by limitations based on mass appraisal
procedures, highest and best use will be assumed to be the present use of the property based on CRS 39-1-
103 5 (c) "Once any property is classified for property tax purposes, it shall remain so classified until such
time as its actual use changes or the assessor discovers that the classification is erroneous." If information
is made available to the appraiser to show that the current improvements demonstrate qualities that make
its current use detrimental to it's market value then obsolescence of the appropriate type and scope will be
considered on an individual or group basis.
8
Property Description
The subject property is a Retail parcel with 35,245 square feet of improvements built in 1962 on a site of
120,560 SF. It is located at 2412 W. 10th Greeley in Greeley, Colorado.
Regional Analysis
It is assumed that the readers of this report are well informed about the area in and around Greeley. as well
as Weld County and that a long dissertation concerning the economic conditions affecting the area is
unnecessary.
* 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 P O Box
280367 LAKEWOOD, CO 80228: 303-237-6997 immediately.
9
AREA MAP
1
ti
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Greeley Junction:
Farmers i _ per Comer
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/0
Market Approach
Market Approach Conclusion:
35,245 square feet @ $29.45 per square feet $ 1,038.000
Rounded S 1,038,000
* 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 P O Box
280367 LAKEWOOD, CO 80228; 303-237-6997 immediately.
11
IMPROVED BUILDING SALE NO. I
NAME fhe L & I Plaza
LOCATION 818 31'' Street
Evans. Colorado
SALE. DATE May 10. 2000
SALE PRICE 5950.000
GRANTOR B & S Stampede. LLC
GRANTEE Hawthorn Brothers
RECEPTION NO 2767445
TERMS OF SALE New Conventional Loan — 3-00.000 u 7.5 o
DOM Approximately 120 days
sal i Nay } ie .
Aep
- 'A —
_ 31
a
a
Ya
,'' rk, ,,, ¢
BUILDING SIZE One-story masonry buildings (2:-_,o-163 sf)
PRICE PER SQUARE FOOT $35.90
LAND TO BLILDING RATIO 4.40 to 1 (good parking)
AGE AND CONDITION 1990/Good
EGRM/OVERAL L RATE 8.60'10.80% i actuail
CONFIRMATION OF SALT- Ron Kohl at RE/MAN
REMARKS: This sale involved a good quality one-story masonry retail complex located in the
Evans area. This property is a multi-tenant retail complex with seven tenants and
suites ranging in size from 550 square feet to 10.000 square feet with L & I
Supermarket being the anchor tenant. The propert. was listed at S1.200.000 and sold
in less than L'0 days. The property was fully leased at the time of sale. Similar
property- in many respects.
I11
IMPROVED BUILDING SALE NO.
NAME 23`° Avenue Plaza
LOCATION 3100 :3" Avenue
Greeley. Colorado
SALE DATE May 21. 1993
SALE PRICE. 5750.000
GRANTOR IDCL_LLC__---
GRANTEE West and Sue Foster \
RECEPTION NO. 2'61=, »
TERMS OF SALE New Conventional Loan —5500.000 a 7.5%
DOM Approximately 60 days
I.
- l
a 3 �y
- Y'
• ...
-. �.
•
I
BUILDING SIZE One-story masonry. building 11:4.3:6 sf)
PRICE PER SQUARE FOOT S52.35
LAND TO BUILDING RATIO 3.91 to 1 (good parking)
AGE AND CONDITION 1986/Good
EGRM/OVERALL RATE 8.86/9.10.50% (actual)
CONFIRMATION OF SALE West Foster (buyer)
REMARKS: This sale involved a good quality one-story masonry retail building located near the
Greeley Mall along the _3`s Avenue Commercial Corridor. This property is a
multi-tenant building with suites ranging in size from L000 square feet to 5.000
square feet with Denver Mattress being the anchor tenant. The property was listed
at 5850.000 and was on the market for approximately 60 days before going under
contract. The property was fully leased at the time of sale. Similar property in many
respects.
/ t
IMPROVED BUILDING SALE N'O, 3
NANtE Sundown Center
LOCATION 3505 11th -Avenue
Evans. Colorado
SALE DATE Ma% =3 19Q-
SALE PRICE S675.000
GRANTOR Cecil Farms. Inc.
GRANTEE Stener and Frances Carlson
RECEPTION NO. 2549=37
TERMS OF SALE New Conventional Loan - Ut .'mr, ct 8°40
DO.A-1 .approximate! 60 Days
;:, 1 •.� 14 d �.� Ey .^ I
z •• ,yam H r". P ,'.'.rt•.
• "1r11'
= • .;;Tir
-. . _
J
BUILDING SIZE One-stor\ masonry Building ' 6(ln sD
PRICE PER SQUARE FOOT S53.57
LAND TO BUILDING RATIO 423 to 1 igood par!tingj
AGE AND CJNDITION 1983/Good
EGRM/OVERALL RATE 8.73110.65% factual'.
CONFIRMATION OF SALE Stener Carlson ;buyer'
REMARKS: This sale involved a good quality one-store masonn- retail comple>:located along the
1 1" Avenue Commercial Corridor on the south side of Greeie . This property is a
multi-tenant building with suites ranging in size fron-.500 score -get to 3.000 square
feet and no major anchor tenant. The prooert} was listed a:S-00.000 and was on the
market for approximately 60 days before going under c.�n..-ict. :"nc property was
approximately 100% leased at the rime of sale. Similar nroncr• in many respects.
i1
IMPROVED BUILDING SALE NO. 4
NAME Wilshire Shonpim_ =eme:
LOCATION `'400 West 10`" Sircc
Greeley. Colorado
SALE DATE \larch l0? "-
SALE PRICE S=._-7^.so j
GRANTOR \tat. Porter and_lames it Sunni
GRANTEE Alexander & Baidw.w.n.
RECEPTION NO. 4g_
TERMS OF SALE New L onyentiu , ..f r - ;ft '!uO 3 -o o�
li
DOM Approximates'. Li, a,
II
•
BUILDING SIZE One-ston masons buiiding �6 sit
PRICE PER SQUARE FOOT 558.40
LAND TO BUILDING RATIO 4.53 to ;good narking_
AGE AND CONDITION 1%3 Averane toiiood remodeled
EGRM/OVERALL RATE 8.65 `.0. °t, iactuai
CONFIRMATION OF SALE James R. Smith !seller:
REMARKS: This sale involved good quality one-store mast r retail :nuisdinas located in the
Wilshire Shopping Center along the \N as: 10' :Tree: Commercial Corridor. This
propenv is a multi-tenant building with suites ranking in ;i7: from 1.500 square feet
to 15.000 square tee'. occupied by mostly local tenants vylth \iooyies Video store
being the anchor tenant. The property was listed at ST.o00.000 and was on the
marxat for less than 90 days before ,_oing under contract. The property was fully
leased at the time of sale. Similar property in mans respeo'.s.
\ C)
Sale # 1 This May 2000 sale was for $35.90 PSF base on the sale price of
$950,000.
Superior Income conditions (the average rent was $3.88 PSF versus the subject at $3.13).
This sale requires a downward adjustment of 19% which gives an adjusted value of
$29.07 PSF
This is a similar commercial building with frontage along US Highway 85 in the Town of
Evans.
Sale # 2 This May 1998 sale was for $52.35 PSF base on the sale price of
$750,000.
Superior Income conditions (the average rent was $5.50 PSF versus the subject at $3.13).
This sale requires a downward adjustment of 43% which gives an adjusted value of
$29.83 PSF
This is a similar commercial building in the south Greeley Area.
Sale # 3 This May 1997 sale was for $53.57 PSF base on the sale price of
$675,000.
Superior Income conditions (the average rent was $5.70 PSF versus the subject at $3.13).
This sale requires a downward adjustment of 45% which gives an adjusted value of
$29.46 PSF
This is a similar commercial building in the south Greeley Area.
Sale # 4 This March 1997 sale was for $58.90 PSF base on the sale price of
$2,552,500.
Superior Income conditions (the average rent was$6.35 PSF versus the subject at $3.13).
This sale requires a downward adjustment of 50% which gives an adjusted value of
$29.45 PSF
This is a similar commercial building in the West side of Greeley.
After adjusting the sales for date of sale. quality of construction, age and condition,
location, functional utility, land to building ratio etc. these sales form range of$29.07 to
29.83 mid point being $29.45
The following value indication is based on a price per square foot:
35,245 SF @ 29.45 = $1,037,965
Rounded to $1,038,000
6
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I
Income Approach to Value
The income approach involves calculating the economic income that may be generated by a property and
capitalizing this income at a rate typical within the relevant market. Board of Assessment Appeals v. E.E.
Sonnenberg & Sons, Inc., 797 P.2d 27 (Colo. 1990).
The principle of"anticipation" underlying this approach recognizes that a prudent investor acknowledges a
relationship between income and asset value. The process of estimating anticipated economic benefits
from a particular property requires the estimation of potential income and expense and the selection of the
most appropriate capitalization rate. It should be noted that most all income producing properties are
purchased based upon this method. This is particularly true in a market where there are no inflationary
forces that could cause the appreciation of an asset independent of its income producing capacity.
Determination of Market Rent
The lease comparisons provide a guideline to follow when establishing market rent for the subject property.
Care was taken to present the properties which are most comparable to the subject and those properties
which prospective tenants would most likely consider an alternative location to the subject. Therefore, the
Rental Comparison survey focused on the properties which are located closest to the subject.
Based Actual income.
12
Westview Shopping Center
2412 W. 10th St. (Greeley)
Income Approach
to Value Based on Actual Incomes
1999 2000 2001
Total Operating Revenue $ 189,781 $ 156,394 $114,111
35,164 Rentable SF
Operating Expense
Exp1999 Exp2000 Exp2001
Interior Building Maint. 127
Janitoral/Cleaning
Exterior Maint. 275 1,432 5,636
HVAC Maim. 292
Roof Maint. removed
Trash Removal
Landscape Maint. 280 519 180
Parking Lot Maint.& Sweep 595 6,453 595
Snow Removal 844 244
Total Utilities 26
Property Taxes
Insurance 2,484 2,838 1,884
Business Park Dues
Management Fee 9,237 9,422 5.359
Owner Bldg. Maint 1,387 268
Owner Interior Bldg.Maint. 481 160 3,104
Owner Utility Exp. 1,518 2,237 2,742
Owner Insurance 152 158 166
Utility Sub-meter 4,545 4,511 4,026
Owners Other Bldg Exp. 8,157
5% Reserves 9,489 7,820 5,706
Total Expenses $ 39,736 $ 35,677 29,935 $ 189,781 $ 156,394 $114,111
Per SF $ 1.13 $ 1.01 0.85
Net Income from Rental Real Estate $ 150,045 $ 120,717 $ 84,176
Capitalization Rat 10% Effective Rate2.5% 0.125 0.125 0.125
Mill .087290
Indicated Property Value $ 1,200,360 $ 965,739 $673,411
Final Assigned Value $ 1,080,000
IaH
WESTVIEW SHOPPING CENTER
Budget Comparison Report
FOR TWELVE MONTHS ENDING DECEMBER 31, 1999
WESTVIEW SHOPPING CENTER
CURRENT BUDGET CURRENT ACTUAL CORR, VARIANCE PERCNT YTD BUDGET YTD ACTUAL YTD VARIANCE PERCNT
OPERATING INCOME
RENTAL INCOME
RETAIL RENT $ 13,702 $ 13,627 $ (75) (1) $ 164,424 $ 162,151 $ (2,273) (1)
TENANT REIMBURSEMENTS 2,033 1,953 (80) (4) 24,396 23,675 (721) (3)
YEAR END ADJUSTMENTS 0 0 0 sit 0 (1,082) (1,082) stt
NET RENTAL INCOME 15,735 15,580 (155) (1) 188,820 184,744 (4,076) (2)
OTHER INCOME
UTILITY SUB-METER REIMB 240 163 (77) (32) 2,880 4,325 1,445 50
INTEREST INCOME 0 51 51 stt 0 533 533 ttt
MISCELLANEOUS INCOME 0 179 179 ttt 0 179 179 att
TOTAL OTHER INCOME 240 393 153 64 2,880 5,037 2,157 75
TOTAL OPERATING INCOME 15,975 15,973 (2) (0) 191,700 189,781 (1,919) (1)
OPERATING EXPENSES
MBURSABLE-TYPE EXPS
nnAHTENANCE REIMBS
INTERIOR BLDG MAINTENANCE 29 0 29 100 348 0 348 100
JANITORIAL/CLEANING 29 0 29 100 348 0 348 100
EXTERIOR BLDG MAINTENANCE 167 30 137 82 2,004 275 1,729 86
HVAC MAINTENANCE 50 0 50 100 600 292 308 51
ROOF MAINTENANCE 379 0 379 100 4,548 5,542 (994) (22)
LANDSCAPING MAINTENANCE 0 0 0 ttt 300 280 20 7
PARKING LOT MAINTENANCE 42 0 42 100 504 25 479 95
LOT SWEEPING 60 30 30 50 720 570 150 21
SNOW REMOVAL 217 490 (273) (126) 1,302 844 458 35
TOTAL MAINTENANCE 973 550 423 43 10,674 7,828 2,846 27
UTILITIES-BLDG REIMB
ELECTRIC 183 0 183 100 2,196 0 2,196 100
TOTAL UTILITIES 183 0 183 100 2,196 0 2,196 100
OTHER REINS OPERATING EXP
PROPERTY TAXES 2,417 2,507 (90) (4) 29,004 30,089 (1,085) (4)
INSURANCE 217 207 10 5 2,604 2,484 120 5
TOTAL OTHER REIMS EXP 2,634 2,714 (80) (3) 31,608 32,573 (965) (3)
TOTAL REIMS TYPE RIPS 3,790 3,264 526 14 44,478 40,401 4,077 9
/2 Q
WESTVIEW SHOPPING CENTER
Budget Comparison Report
FOR TWELVE MONTHS ENDING DECEMBER 31, 1999
WESTVIEW SHOPPING CENTER
CURRENT BUDGET CURRENT ACTUAL CURR. VARIANCE PERCNT YTD BUDGET YTD ACTUAL YTD VARIANCE PERCNT
OTHER OPERATING EXPENSES
MANAGEMENT FEE EXPENSE $ 792 $ 779 $ 13 2 $ 9,504 $ 9,237 $ 267 3
OWNERS BLDG MAINTENANCE 0 0 0 Ail 0 1,387 (1,387) tta
OWNERS INT BLDG MAINT 0 0 0 ttt 0 481 (481) tit
OWNERS UTILITY EXPENSE 0 90 (901 ttt 0 1,518 (1,518) tat
OWNERS INSURANCE 0 13 (13) ttt 0 152 (152) ttt
UTILITY SUB-METERS 240 302 (62) (26) 2,880 4,545 (1,665) (58)
OWNERS OTHER BLDG EXPENSE 0 0 0 att 0 8,157 (8,1571 ttt
TOTAL OTHER OPERATING EXP 1,032 1,184 (152) (151 12,384 25,477 (13,0931 (1061
TOTAL BLDG OPERATING EXP 4,822 4,448 374 8 56,862 65,878 (9,016) (16)
NET OPERATING INCOME 11,153 11,525 372 3 134,838 123,903 (10,935) (8)
DEBT SERVICE
MORTGAGE INTEREST 827 818 9 1 10,446 10,572 (1261 (1)
MORTGAGE PRINCIPAL 1,529 1,538 (91 (1) 17,826 17,800 26 0
TAL DEBT SERVICE 2,356 2,356 0 0 28,272 28,372 11001 (01
NET INCOME AFTER DEBT SEE 8,797 9,169 372 4 106,566 95,531 (11,035) (10)
ADMINISTRATIVE EXPENSES
OFFICE EXPENSE 300 300 0 0 3,950 3,600 350 9
PROFESSIONAL SERVICES 0 0 0 ttt 0 7,148 (7,148) *tt
MISCELLANEOUS 0 35 (35) tat 0 70 (70) it*
TOTAL ADMINISTRATIVE EXP 300 335 (35) (12) 3,950 10,818 (6,8681 (174)
NET INCOME BEFORE DEPR 8,497 8,834 337 4 102,616 84,713 (17,903) (171
DEPRECIATION & AMORT EXP
CAPITAL EXPENDITURES
CORPORATE TAXES
NET CASH FROM OPERATIONS $ 8,497 $ 8,834 $ 337 4 $ 102,616 $ 84,713 $ (17,903) (171
t; C
INCOME STATEMENT Page 1
2/6/01
WESTVIEW SHOPPING CENTER - (30)
04:46 PM
FOR TWELVE MONTHS ENDING DECEMBER 31, 2000
MTD Actual MTD Budget $Var. %Var. YTD Actual YTD Budget $Var. %Var. Annual
OPERATING INCOME
Retail Rent 9,318.71 13,891.63 -4,572.92 -32.92 162,643.92 166,700.00 -4,056.08 -2.43 166,700.00
Retail Rent-Other 228.00 228.00 0.00 0.00 2,736.00 2,736.00 0.00 0.00 2,736.00
Tenant Reimbursements 888.86 2,027.88 -1,139.02 -56.17 23,151.36 24,335.00 -1,183.64 -4.86 24,335.00
Year End Adjustments 0.00 0.00 0.00 0 -75.48 0.00 -75.48 0 0.00
Other Rent Income 100.00 0.00 100.00 0 I •I 0.00 750.00 0 0.00
Uncollectable Loss Amount 0.00 0.00 0.00 0 ,070.4 0.00 -41,070.42 0 0.00
Utility Sub-meter Reimbursemnt 233.52 325.00 -91.48 -28.15 "- r . 3,900.00 -195.78 -5.02 3,900.00
Interest Income 7.55 0.00 7.55 0 300.77 0.00 300.77 0 0.00
Late Fees 348.89 0.00 348.89 0 3,803.64 0.00 3,803.64 0 0.00
Miscellaneous Income 0.00 0.00 0.00 0 450.00 0.00 450.00 0 0.00
TOTAL OPERATING INCOME 11,125.53 16,472.51 -5,346.98 -32.46 . 394.01 197,671.00 -41,276.99 -20.88 197,671.00
OPERATING EXPENSES
Interior Building Maintenance 60.00 12.50 -47.50 -380.0 126.76 150.00 23.24 15.49 150.00
Janitorial Maintenance 0.00 8.37 8.37 100.0 0.00 100.00 100.00 100.0 100.00
Exterior Maintenance 0.00 83.37 83.37 100.0 1,432.24 1,000.00 -432.24 -43.22 1,000.00
HVAC Maintenance 0.00 25.00 25.00 100.0 0.00 300.00 300.00 100.0 300.00
Roof Maintenance 0.00 416.63 416.63 100.0 34,597.09 5,000.00 -29,597.09 -591.9 5,000.00
Landscaping Maintenance 0.00 0.00 0.00 0 519.00 300.00 -219.00 -73.00 300.00
Parking Lot Maintenance 0.00 41.63 41.63 100.0 5,662.94 500.00 -5,162.94 -1,032 500.00
Snow Removal 0.00 216.67 216.67 100.0 0.00 1,300.02 1,300.02 100.0 1,300.02
Lot Sweeping 70.00 60.00 -10.00 -16.67 790.00 720.00 -70.00 -9.72 720.00
Electric 0.00 183.37 183.37 100.0 0.00 2,200.00 2,200.00 100.0 2,200.00
Property Taxes 2,515.98 2,666.63 150.65 5.65 30,192.21 32,000.00 1,807.79 5.65 32,000.00
Insurance 236.50 216.63 -19.87 -9.17 2,838.00 2,600.00 -238.00 -9.15 2,600.00
Management Fee Expense 521.78 807.37 285.59 35.37 9,422.80 9,688.00 265.20 2.74 9,688.00
Owners Interior Building Maint 0.00 0.00 0.00 0 160.00 0.00 -160.00 0 0.00
Owners Utility Expenses 285.45 0.00 -285.45 0 2,237.11 0.00 -2,237.11 0 0.00
Owners Insurance 13.13 12.63 -0.50 -3.96 158.00 152.00 -6.00 -3.95 152.00
Utility Sub-Meters 466.08 325.00 -141.08 -43.41 4,511.55 3,900.00 -611.55 -15.68 3,900.00
TOTAL OPERATING EXPENSES 4,168.92 5,075.80 906.88 17.87 92,647.70 59,910.02 -32,737.68 -54.64 59,910.02
NET OPERATING INCOME 6,956.61 11,396.71 -4,440.10 -38.96 63,746.31 137,760.98 -74,014.67 -53.73 137,760.98
OTHER EXPENSES
ADMINISTRATIVE EXPENSES
Professional Service:Legal 0.00 0.00 0.00 0 90.00 0.00 -90.00 0 0.00
Accounting Charges-General Off 300.00 300.00 0.00 0.00 3,600.00 3,600.00 0.00 0.00 3,600.00
Recording Fees 0.00 0.00 0.00 0 45.00 0.00 -45.00 0 0.00
TOTAL ADMINISTRATIVE EXP 300.00 300.00 0.00 0.00 3,735.00 3,600.00 -135.00 -3.75 3,600.00
DEBT SERVICE
Mortgage Interest 676.99 805.13 128.14 15.92 8,760.77 9,662.00 901.23 9.33 9,662.00
Mortgage Principal 1,679.01 1,550.87 -128.14 -8.26 19,511.23 18,610.00 -901.23 -4.84 18,610.00
Intercompany Note Interest 63.65 0.00 -63.65 0 517.27 0.00 -517.27 0 0.00
TOTAL DEBT SERVICE 2,419.65 2,356.00 -63.65 -2.70 28,789.27 28,272.00 -517.27 -1.83 28,272.00
TOTAL OTHER EXPENSES 2,719.65 2,656.00 -63.65 -2.40 32,524.27 31,872.00 -652.27 -2.05 31,872.00
EARNINGS BEFORE DEPRECIA 4,236.96 8,740.71 -4,503.75 -51.53 31,222.04 105,888.98 -74,666.94 -70.51 105,888.98
NET INCOME(LOSS) 4,236.96 8,740.71 -4,503.75 -51.53 31 222.04 105,888.98 -74,666.94 -70.51 105,888.98
( D
• JUL-30-2002 TUE 01 :59 PM EVERITT COMPANIES FAX NO. 19702234156 P. 02
•
INCOME STATEMENT Pagel
WESTVIEW SHOPPING CENTER a:50 AM
FOR NINE MONTHS ENDING DECEMBER 31, 2001
MTU Actual MTD Dutlgot $Var. Y Var. 770 Actual YID Budget $Vac Yo Var, _Annual_
r
OPERATING INCOME
• Rs Loa K nl 11.198.87 38.203.15 -27,007.28 -70.69 89.232.62 114,613.80 -25,381.18 -22.14 114,613.80
Rptnd Pon r-Other 0.00 912.00 -912.00 -100.0 1,596.00 2,736.00 -1,140.00 -41.67 2,736.00
-e coat l<c:mnursamen Ls 2,141,33 3,867,29 -1,725.93 -44.63 14.375.61 11,595.48 2,760.13 23.98 11,505.48
ve::r Gtd 40:uotnants 0.00 0.00 0.00 0 1,385.28 0.00 1,985.28 0 0.00
Lunar Runt Incama 100.00 0.00 100.00 0 900.00 0.00 900.00 0 0.00
LRilily 5uh-rneter Reeubursemn 1,026.35 500.00 526.35 105.2 4,326.72 6.000.00 -1,673.28 -27.89 n".000.00
Interest Interne 2.68 0.00 2.68 0 50.35 0.00 50.38 0 0.00
L rI0 Fins 0.00 0.00 0.00 0 1.644.33 C.00 1,644.33 0 0.00
TOTAL OPERATING INCOME 14,469.25 43,485.14 -29,016.18 -6573 114,110,94 134,945.28 •20,834.34 -15.44 134,945.28
)PERATiNG EXPENSES ..
Inlenor 3r_I'dn0 NI3r.tcnance 0.00 45.50 45.50 100.0 0.00 150.00 150.00 100.0 150.00
Fsv+rior Ma;xertnca 489.47 336 37 -153.10 -45.52 5,635.52 1,000.00 -4,535.52 -463.5 1,000.00
''11" �''' •t-n'�ned 0.00 100,00 100.00 100,0 0,00 300.00 300.00 100.0, 300.00
Root'd7nteno,ac 0.00 2.173.83 2,173.83 100,0 15,530.00 3,58550 •11,994.04 -334.4 3,58556
Roo;C.,f.:rrad Cos( 328,17 326.17 0.00 0.00 2,935.53 3,914.04 978.51 25.00 3,914.04
L rr 1n;;rnyl Maintcnnnco 0.00 0.0) 0,00 0 100.00 750.00 570,00 76.00 750.00
2.' 500.00 100.0 0.00 1,500.00 1,500.00 100.0 1,500.00
r,cny c;Ma:n lannnCa 0.00 `,:0000 c
2r,.:w R:nloval 244.00 867.57 523.87 71.85 244.00 1,300.02 1,056.02 81.23 1,300.02
LsI Swzeping 70.00 300.00 230.00 76.57 595.00 000.00 305.00 33.89 900,00
E cctar, 0.00 736.3'7 7307 100.0 25.61 2.200,00 2,174.39 98.84 2,200.00
2-on'crly'razes 2,971.20 10,936.37 7,965.17 72.33 27,454.41 32,800.00 5,345.59 16.30 32,50000
Iru:,.r.r,:r..; 216.03 823.25 6607,17 73.75 1,883.50 2,463.00 579.50 23.53 2,453.00
'h;r::.;:r'cnt Fee Expon::c 007.01 2,085.59 1,419.63 68,04 5,359.49 6,≥53.34 903.56 14.43 6,233,34
Ocn.cr5 2LLE'c'n,t Maintenance 0.00 0 268.28 0.00 -268.28 0 0.00
Owrcrt ^lencr Codling Main, 3'.56 0.00 -35.56 0 3,104.16 0.00 -3,104.16 0 0.00
OtvnaIS Ufdily Expenses 230,07 0.00 -20907 0 2,741.68 0.00 -2,741.68 0 0.00
Owc_rc 11;ur'anca 17.17 49.38 32.21 65.23 165,49 137.00 •29.49 -21.53 137.00
Ulii,ty Sub.Mcic rs 505.33 500.30 -5.38 -1.07 4025,82 6,000.00 1,974.18 32.90 6,000.00
I1c'::rred Mcin:unance Costs _ -326_17 _•326.17 0.00 0.00 -2,93553 -3,914.04 -978.51 25.00 -3,914.04
—
TOTAL OPERATING EXPENSES 5,475.92 19,455.03 13,979.71 71.85 67,263,95 59.349.32 -7,914.53 -13.34 59.349.32
NET OPERATING INCOME 8.993.34 24,029.81 15,030.47 -62.57 46,845.99 75,595.96 -28,748.97 -38.03 75,595.95
•IFR EXPENSES
ADMINISTRATIVE EXPENSES
Profaedrn l Service-AudiVTax 0.00 0.00 0 CO 0 150.00 0.00 -150.00 0 0.00
Acccunlrg(Jgarge_-'.m,ner2I 011 300,00 0.00 -300.00 0 2,700.00 0.00 -2,700.00 0 090
Rcc3ru:ng Fee : _ _0.00_ 0.00 0,03_ _ 0 45.00 0.00 -45.00 0 0.00
TOTAL ADMINISTRATIVE EXP 300.00 0.00 -300.00 0 2,905.03 0.00 -2,905.00 O 0.00
PE6 f SERVICE
McrtOago:slo=t 521.65 2,655.63 2,133.00 80.38 5,097,94 7,976.00 2,878.06 36.08 7,976.00
n:ecoon-pony Nolo,rcr asl 0.00 0_00 0.00 0 00.82 0.00 ' -90.82 0 0,00
TOTAL 95i3T SERVICE 521.652,555,03 2,133,03 80.36 5,188.76 7,976.00 2,787,24 34.957,976,00
TOTAL OTHER EXPENSES 321.65 2.655 X53 1,633,98 59.06 8,093.75 7,076.00 •1?7.76 -1.48 7,976.00
EARNINGS BEFORE DE.PRECIA 8,171.69 21,374.15 -13,202,49 -61.77 38,753.23 67,619.96 -28,966.73 42,69 57,519.96
DEPRECIATION 8.AMORTIZATI
3uildir:g Oaprecta4°n 1.018,48 4,076.00 3,057.52 75.01 9,166.32 12,223.50 3,057.18 25.01 12,223.50
t ern FeeAlnortit,lian 17.70 72.00 54.30 75.42 159.30 212.73 53.43 25.12 212.73
Oat'P'nis6ia'I Nro.ttra;ion _ _ 110.57_ 0.00 -110.57 0_ _ 331.83 0.00 -331.83 0 0.00
TOTAL.DOPSECIATIO,N&AMC 1,146.75 4,148.00 3,001.25 72,35 9,657.45 12.436.23- 2,778,78 22.34 12,438.23
NET INCOME (LOSS) 7.024.94 17,226_18 -10.201.24 -5022 29,095.78 55,183`73^ -26,087.95 -47,27 55,183.73
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Westview Shopping Center
2412 W. 10th St.(Greeley)
Income Approach
to Value Based on 2000 Rent Roll
Total Operating Revenue
35164 Rentable SF 2000
35,164 Actual Income Base on rent roll $ 161,916
Operating Expense
Exp1999
Interior Building Maint. 127
Janitoral/Cleaning
Exterior Maint. 1,432
HVAC Maint.
Roof Maint. removed
Trash Removal
Landscape Maim. 519
Parking Lot Maint.& Sweep 6,453
Snow Removal
Total Utilities
Property Taxes
Insurance 2,838
Business Park Dues
Management Fee 9,422
Owner Bldg. Maint
Owner Interior Bldg.Maint. 160
Owner Utility Exp. 2,237
Owner Insurance 158
Utility Sub-meter 4,511
Owners Other Bldg Exp.
5% Reserves 8,096
Total Expenses $ 35,953 $ 161,916
Per SF $ 1.02
Net Income from Rental Real Estate $ 125,963
Capitalization Rate 10% Effective Rate2.5% 0.125
Mill .087290
Indicated Property Value $ 1,007,706
Final Assigned Value
a I
JUL-30-2002 TUE 04:00 PM EVERITT COMPANIES FAX NO. 19702234156 P. 01
Post-ir F a NUIE '7671 unn, ^of j^`
_ _ '130 l)2.i�.�.n5
l'n . � --__Fray •-•
r� .. ._..L! •
CO li
i-XYIu.w
•
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Nom R �7_,_..x77.. Phan„79O ..c).±19. _63( 4.
F:ixM 963,&`3 / _i 1 S�l..._ t
CARPET WORKS OF GREELEY,INC,
2418 West 19th Street Greeley, Colorado 80631
(970) 392- 1688 "or" (979) 223-3064 Fail
May t, 2000
To; Westview shopping center of Greeley
a Colorado Joint Venture
By: Everitt Investments, Inc
a Kansas corporation
Subject: Carpet Works Of Greeley, Inc.
2410 W. 10"' Street Greeley, Colorado.
a Colorado corporation
To Whom it May Concern:
This letter is to notify the landlords of the property at Westview
shopping center in Greeley, Colorado, of the closer of Carpet Works Of
Greeley, Inc as of May I , 2000.
Carpet Works Of Greeley, Inc. has vacated the premises at 2410 W.
loft' Street in Greeley and has Ieft the premises in very good condition.
Here attached to this letter is a key to the premises. I am personally
sorry this venture did not work.
Czar Worlrs of (, ee ey, l c.
Douglas Hendershott president
�� c2Y-. 3 9.3 q �7—,,� ) /_3
' JUL-30-2002 TUE 04:00 PM EVERITT COMPANIES FAX NO. 19702234156 P. 02
Tenant Ledger
Date: 07/30/02
Tenant Code: 301car
Property: 30
Unit: 1
Status: Past
Rent: 2,655.00
Deposit 0.00
Move In Date: 06/01/96
Carpet Works of Greeley,Inc.
Move Out Date: 11/30/00
2410 W. 10th Street Due Day: 1
Greeley, CO 80634
Tel#(O)' (970) 392-1688
Tel#(H):
Date Description Charges Payments Balance
Balance Forward 0.00
01/01/00 RETAIL RENT((01/00) 2,655.00 2,655.00
01/01/00 TENANT REIMBURSE (01/00) 679.49 3,334.49
01/03/00 chk#4411 3,334.49 0.00
07/01/00 RETAIL REN r(02/00) 2,655.00 2,655.00
02/01/00 TENANT REIMMBURSE. (02/00) 679.49 3,334.49
02'08/n0 chk#4465 2,000.00 1,334.49
03/01/00 RETAIL RENT(03/00) 2,655.00 3,989.49
03/01/00 'I ENANT REIMBURSE (03/00) 679.49 4,668.98
03)14/03 chk#4485 1,334.49 3,334.49
03/11/00 chk#4503 3,334.49 0.00
04/01/30 RETAIL RENT(04/00) 2,655.00 2,655 00
04/01/00 TENANT REIMBURSE (04/00) 679.49 3.334.49
04/10/30 1999 OPERATING EXPENSE ADJUST -26.33 3,308.16
05/01/00 RETAIL. RENT(05/00) 2,655.00 5,963.16
05/01/30 TENANT REIMBURSE (05/00) 679.49 6,642.65
03/01/00 RETAIL RENT(06/00) 2,655.00 9,297.65
06/01/00 TENANT REIMBURSE. (06/00) 679.49 9,977.14
07/01/00 RETAIL RENT(07/00) 2,655.00 12,632.14
07/01/00 TENANT REIMBURSE (07/00) 679,49 13,311.63
08/01/00 RETAIL RENT (08/00) 2,655.00 15,966.63
08/01/00 TENANT REIMBURSE (08/00) 679.49 16,646.12
00'01/00 RETAIL RENT (09/00) 2,655.00 19,301.12
00/01/00 TENANT REIMBURSE (09/00) 679.49 19,980.61
10%01/00 RETAIL RENT (10/00) 2,655.00 22,635.61
10/01/(.30 'TENANT REIMBURSE (10/00) 679.49 23,315.10
11/01/00 RETAIL RENT (11/00) 2,655.00 25,970.10
11%01/00 TENANT REIMBURSE (11/00) - 26,649.59
11/30/00 WRITE-OFF' PER JACK 11/29/00 -2 49.5 2,500.00
11/30%00 Deposit Credit u.00 0.00
Current 30 Days 60 Days 90 Days Amount Due
0 00 0.00 0.00 0.00 0.00
/L/
JUL-31-2002 WED 02:19 PM EVERITT COMPANIES FAX NO, 19702234156 P. 01
Rob Hoffman
To: David Everitt; Jack Gillum; Cathy Parynik
Cc: Sonja Mills
Subject: J's Lighting Gallery, LTD. -Westvicw Shopping Center-Greeley CO
S.A' Oleo" P,wk.
I have been in the process of trying to secure a meeting with Bob Smith of Ss Lighting Gallery, LTD. to discuss the terms
and conditions forlease renewal upon the current lease expiration of 10/31100. Mr. Smith and I spoke today (6/7/00) and
Mr Smith advised that he is closing the business and indeed has done so from the standpoint of the store being open to
the public for business. Mr. Smith advised that he is still filling some contractor orders. Mr. Smith will remain in the area for
the next two (2)weeks and then he is taking some personal time away until the middle of July 2000.
I advised Mr. Smith that as he hss ceased operation of the business he is in default of the lease and I inquired twice as to
Mr. Smith's intent as to the remaining rent and charges due under the existing lease, Mr. Smith simply stated that he was
not sure, as he currently did not have the funds available to bring his account current, much less secure the remaining
lease obligation. The lease is executed as J's Lighting Gallery, LTD. By Sharon Smith, President andAe t and Robert
. Mr. S thatated
Secretary. There does not appear to be a personal guarantee, and there is a UCC Security g
that he is now considering his options in terms of liquidating approximately 200,000.00 in inventory.
Cathy advises that currently there is 6,637.14 in accrued charges on Mr. Smith's account which reflects May and June
lease00 ccrualsand
late charges.
a g s of his
am unt2 combined ue h Ih the
end oftaemonthe l raccruals through the remainder of the
re aPlease advise as to how you wish to proceed.
(970 59D ^ Sti90
Post-it"Fnx Note 7671 u—,,i6-'/3,%`,, n igo,r --
cum,=vi Co j_/G„N lb i (•I• _�.
Lone tl Phanu k 1 • g,/1
13X11 � G /il L ,3 CI
L,'i,j ILL c o 14t O f%n./) /!✓Ur'c'?iNot-/IPA o&rr'IJ/d rr.
/ 6
• JUL-31-2002 WED 02: 19 PM EVERITT COMPANIES FAX NO. 19702234156 P. 02
fn,
Rob Hoffman zho—P"I
p^ 1
To: Jack Gillum; Sonja Mills
Cc: Cathy Parynik
Subject: J's Lighting Gallery-Westview Shopping Center-Greeley CO
In visiting the center today (6/12/00) it appears as though the majority of Mr. Smith's inventory is still in the store.The
display window has a handwritten banner repeating the word sale at the bottom of the window running the entire width of
the display window and a hand written sign stating "closed" is posted on the door, There was no one at the store while I
was at the center.
RH
• JUL-30-2002 TUE 04:01 PM EVERITT COMPANIES FAX N0, 19702234156 P, 06
Tenant Ledger
Date: 07/30/02
Tenant Code: 309J'S
Property: 30
Unit: 9
Status: Past
Rent: 2,335.04
Deposit: 0.00
Move In Date: 11/01/97
J's Lighting Gallery, LTD
Move Out Date: 10!31!00
Due 2434 W. 10th Street D
Greeley,CO 80634 T I Day: 1
Tel#(O): (970)351-0300
Tel#(H):
Date Description Charges Payments Balance
Balance Forward 0.00
01/01/00 RETAIL RENT (01/00) 2,335.04 2,335.04
01/01/00 TENANT REIMBURSE (01/00) 542.59 2,877.63
01/14/00 chkg 5338 2,857.58 20.05
02/01/00 RETAIL RENT (02/00) 2,335.04 2,355.09
02/01/00 TENANT REIMBURSE (02/00) 542.59 2,897.68
02/15/00 chk//5415 2,857.58 40.10
03/01/00 RETAIL RENT(03/00) 2,335.04 2,375.14
03/01/00 TENANT REIMBURSE (03/00) 542.59 2,917.73
03/22/00 cihk'F 5475 2,857.58 60.15
04/01/00 RETAIL RENT(04/00) 2,335.04 2,395.19
04;01/00 TENANT REIMBURSE(04/00) 542.59 2,937.78
04/10/00 1990 OPERATING EXPENSE ADJUST -21.01 2,916.77
0.1/28/00 /..ATE FEES 293.78 3,210.55
09/01/00 RETAIL RENT (05/00) 2,335.04 5,545.59
05/01/00 TENANT REIMBURSE (05/00) 542.59 6,088.18
05/01/00 chk# 1822 2,877.63 3,210.55
05/23/00 LATE FEES 286.86 3,497.41
06/01100 RETAIL RENT(06/00) 2,335.04 5,832.45
00/01/00 TENANT REIMBURSE(06/00) 542.59 6,375.04
06/26/00 chk/F 1938 5,815.41 559.63
0//01/00 RETAIL RENT(07/00) 2,335.04 2,894.67
07/01/00 TENANT REIMBURSE (07/00) 542.59 3,437.26
0//24/00 LATE FEES 287.77 3,725,03
0S,'01/00 RETAIL RENT(08/00) 2,335.04 6,060.07
08101/00 TENANT REIMBURSE(C8/00) 542.59 6,602.66
08/22/00 LATE FEES 287.77 6,690.43
09/01/00 RETAIL.RENT (09/00) 2,335.04 9,225,47
09/01/00 TENANT REIMBURSE (09/00) 542.59 9,768.06
00/25/00 LATE FEES 287.77 10,055.83
10/01/00 RETAIL RENT (10/00) 2,335.04 12,390.87
10/01/00 TENANT REIMBURSE (10/00) 542.59 12,933.46
10/20/00 SEPTEMBER LAWYERS COST 700.00 13,633,46
10/31/00 PAST DUE WATER RILL THRLJ 8/21 362.48 13,995.94
11/14100 OCTOBER LAWYERS FEES 2,273.36 16,269.30
11/1A/00 WATER & SEWER:0/21.10/18 115.42 16,384.72
CONTINUED
/ 7
JUL-30-2002 TUE 04:02 PM EVERITT COMPANIES FAX NO. 19702234156 P. 07
Tenant Ledger Date: 07/30/02
Tenant Code: 309J'S
Property: 30
Unit: 9
Status: Past
Rent 2,335.04
Deposit 0.00
Move In Date: 11/01/97
J's Lighting Gallery, LTD W Street Move Out Date: 10/31/00
2434 . i0 h
Due
Greeley,CO 80634 Tel#(O): (970) 351-0300
Tel#(H):
Date Description Charges Payments Balance
Balance Forward 16.384.72
11/30/00 WRITE-OFF PER JACK 11/20/00 -16 4.72 0.00
12/17/00 NOVEMBER LAWYERS COST /8.Z' 78.23
02/15/01 REMOVE ALLEN, VAIIRENWALD CHG -78.23 0.00
Current 30 Days 60 Days 90 Days Amount Due
0.00 0.00 0.00 0.00 0.00
I?
JUL-30-2002 TUE 04:01 PM EVERITT COMPANIES FAX NO. 19702234156 P. 03
UNITED STATES BANKRUPTCY COURT
FOR TI IE DISTRICT OF COLORADO
In re; Robert R.Smith and Sharon B. Smith Case No.:00-21127 DEC
Debtor SSN:301-2. -4999 Chapter; 7
Joiut Debtor SSN; 39440-7575
Debtor(s)
aka(s). if any;
NOTICE OP POSSIBLE D►VIDIENDS
It appearing to the Trustee that a dividend to creditors is possible;
Creditors are hereby nolinial that if they desire to participate in a distribution of assets, they must file
a claim with the court no tatcr titan 10/09/01.
Pursuant to I:ed.R.13.P. .3OO2(c)(1) and (5) a proof of claim shall he filed BY A GOVERNMI;NTAI.
UNIT not hoer titan 180 days after the date of the order for relief,or 10/09/01, whichever is later.
All claimants who are seeking an administrative claim must obtain a Court Order pursuant to the
Hankruptcy Code.
Proof of Claim Forms should be filed with:
Clerk of the Bankruptcy Court
U.S.Custom House
721 19th Street
Denver,Colorado 80202-2508
'Plitt Rt:VRRSTl OF THIS Ni)'IICE IS A CLAIM AND MAY BE USED FOR Munro THE CALM HEREIN.
CR orroms WHO HAVE PRb.V1Ot1SIR 1'I I.E:D CLAIMS NEED NOT FUR AGAIN.
Dated: 07/00/01 Daniel A. Hcpner
190 Arapahoe Ave.
Boulder,CO 80302-5819
• JUL-30-2002 TUE 04:01 PM EVERITT COMPANIES FAX NO. 19702234156 P. 04
UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF COLORADO
In re: )
SMITI I, ROBERT R. ) Case No. 00-21127 DEC
SSN: 301-24-4999 ) Chapter 7
SMITH, SHARON B. )
SSN: 394-40-7575 )
Debtors. )
NOTICE PURSUANT TO RULE 202 OF THE LOCAL RULES OF
BANKRUPTCY PROCEDURE OF TRUSTEE'S MOTION
FOR AUTHORITY TO SELL PROPERTY OF TILE ESTATE TO DEBTORS
(119th Interest in Wisconsin Property)
TO ALL PARTIES IN INTEREST:
Notice is hereby given that Daniel A. Hcpncr, Chapter 7 Trustee, has filed a Motion for
Authority to Sell Property o Ithe Estate to the Debtors. On the date the Debtors' Chapter 7 case was
filed, the Debtors owned a 1/9th interest in Wisconsin property. The Debtors listed the value of the
I/9th interest in the Wisconsin property on their Schedule B as$5,000.00. The Motion seeks approval
of the Debtors,' agreement to pay$3,275.00 in complete satisfaction of the claims of the estate to the
value of their 1/9th interest in the Wisconsin property. The Debtors have already paid the$3,275.00.
The Trustee believes that the sale o(the,estate's 1/9th interest in the Wisconsin property to the Debtors
is in the best interest of creditors of the estate, as it avoids the need to liquidate the 1/9th interest and
incurring the costs associated with liquidation.
A copy of the Motion is available for inspection in the office of the Clerk of the U.S.
Bankruptcy Court,U.S.Custom House,721 19th Street,Denver,CO 80202-2508,or upon request from
the undersigned Trustee.
Pursuant to Rule 202 of the Local Rules ofl3ankruptcy Procedure,if you desire to oppose this
action, you must file a written objection and request for hearing with the court on or before October
19, 2001, and serve a copy thereof on the undersigned Trustee. Objections and requests for hearing
shall clearly specifythe grounds upon which they arc based,including the citation of supporting legal
authority,if any. General objections will not be considered. Objections and requests for hearing must
be filed with the Clerk of the United States Bankruptcy Court, U.S. Custom House, 721 19"' Street,
Denver, CO 80202-2508.
In the absence of a timely and substantiated objection and request for hearing by an interested
party,the court may approve or grant the aforementioned application without further notice to creditors
or other interested parties.
Dated: September u , 2001.
Daniel A. Hepner, Trustee
1.90 Arapahoe Avenue
Boulder, CO 80302
(303) 444-5141
026
- JUL-30-2002 TUE 04:01 PM EVERITT COMPANIES FAX NO. 19702234156 P. 05
UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF COLORADO
In re: )
SMITH, ROBERT R. ) Case No. 00-21127 DEC
SSN: 301-24-4999 ) Chapter 7
SMITH, SHARON 13. )
SSW: 394-40-7575 )
Debtors. )
NOTICE PURSUANT TO BANKRUPTCY RULE 6007(A) OF
TRUSTEE'S INTENT TO ABANDON PROPERTY OF THE ESTATE
TO ALL PARTIES IN INTEREST:
PLEASE TAKE NOTICE THAT pursuant to 11 U.S.C. §554(x) and Bankruptcy Rule
6007(a), the Trustee intends to take the following action:
1. 'The Trustee shall abandon the following property of the estate:
Schedule A: 3338 34th Street, Greeley, Colorado
5708 1611 Street Lane (vacant land), Greeley, Colorado
Schedule 13: 1992 Dodge Caravan
1997 Chrysler Town & Country
2. The Trustee believes that:
_ X a. Such property is burdensome to the estate;
b. Such property is of inconsequential value and benefit to the estate;
c. Other reasons for abandonment, if any:
Pursuant to Bankruptcy Rule 6007(a), if you desire to oppose this action you must file
a written objection and request for hearing on or before October 15,2001,and serve a copy on
the undersigned Trustee. Objections and requests for hearing shall clearly specify the grounds
upon which they are based, including the citation of supporting legal authority,if any. General
objections will not be considered by the Court In the event no objections arc filed, the Court
shall not enter any further order or notice.
Dated: 1_10ml. &Ana 4Ttook
Daniel A. IIepner,Trustee
190 Arapahoe Avenue
Boulder, Colorado 80302
303-444-5141
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