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Home My WebLink About20022099.tiff RESOLUTION RE: THE BOARD OF EQUALIZATION, 2002, WELD COUNTY, COLORADO - DENY PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE PETITION OF: B & S LODGING LLC 3080 WEST 29TH STREET UNIT B GREELEY, CO 80634 DESCRIPTION OF PROPERTY: ACCOUNT#: R6940898 PARCEL#: 095910227004 -GR 1MHR1-4 L4 BLK1 MOSIER HILL FIRST REP SITUS: 5630 W 10 ST GREELEY 806340000 WHEREAS, the Board of County Commissioners of Weld County, Colorado, convened as the Board of Equalization for the purpose of adjusting, equalizing, raising or lowering the assessment and valuation of real and personal property within Weld County, fixed and made by the County Assessor for the year 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 $ 272,318 Improvements OR Personal Property 1,239,682 TOTAL $ 1,512,000 2002-2099 Q �S) C '�4-. AS0052 RE: BOE - B & S LODGING LLC Page 2 BE IT FURTHER RESOLVED that a denial of a petition, in whole or in part, by the Board of Equalization may be appealed by selecting one of the following three options; however, said appeal must be filed within 30 days of the denial: 1. Board of Assessment Appeals: You have the right to appeal the County Board of Equalization's(CBOE's)decision to the Board of Assessment Appeals (BAA). Such hearing is the final hearing at which testimony, exhibits, or any other evidence may be introduced. If the decision of the BAA is further appealed to the Court of Appeals, only the record created at the BAA hearing shall be the basis for the Court's decision. No new evidence can be introduced at the Court of Appeals. (Section 39-8-108(10), 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 orany other evidence may be introduced at the District Court hearing. Forfiling 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. 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. 2002-2099 AS0052 RE: BOE - B & S LODGING LLC Page 3 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 1st day of August, A.D., 2002. BOARD OF COUNTY COMMISSIONERS j // ,� W LD COU , COLORADO ATTEST: " �1 �o� ( kto Glerya , m my Clerk to the Board \ 1 EL C David '. 'ng, ro-Tem 1861 7� •: lerk to the Board � M. J. ` ede AS TO FORM: Wi rr H. Jerke is O A0� c0 , Ass' ant C ty Attorney(/y Robert D. Masden Date of signature: CAP-Ca`E'er 2002-2099 AS0052 SOR 146 NOTICE OF DENIAL oFFiCE of00NORVASSh j 1400 NORTH 17th AVE.AYE. GR 1MHRl-4 L4 BLKl MOSIER HILL GREELEY,CO 80631 FIRST REP SITUS : 5630 W 10 ST PHONE(e3o)353-384.384 s,EXT.3aso 111k. GREELEY 806340000 COLORADO but -00(9 nA L r� OWNER: B Sr S LODGING LLC • BRIDGE & ASSOCIATES LOG 609 P 0 BOX 280367 PARCEL 09591022700 ACCOUNT R6940898 LAKEWOOD, CO 80228 YEAR 2002 Owner: B & S LODGING LLC The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The Assessor has determined that your property should be included in the following category(ies): Commercial property is valued by considering the cost, market, and income approaches . If your concern is the amount of your property tax,local taxing authorities(county,city,fire protection,and other special districts) hold budget hearings in the fall. Please refer to your tax bill or ask your Assessor for a listing of these districts,and plan to attend these budget hearings. The Assessor has carefully studied all available information,giving particular attention to the specifics included on your protest, and has determined the valuation(s)assigned to your property. The reasons for this determination of value are 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 ad]ust the value . PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW COMMERCIAL 1512000 1512000 TOTALS $ $ 1512000 $ 151 -000 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 EOUALIZATION'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. OQ3o,000 even- Spa 47:90 4.1 ofec.t7AJC SrAr&te..4t"5 fo,c /999 ,t, dco0. Ai nk fteI fLtL fo,(R7,.ic Ye>4R, p999 /S i`r,C7 tot.), //(,: 2000 SrA nWr Th ic.JS q /Y47y7 Aloe eemzz rev S, be- )0.l 'Al7EA-CST. U:,,J C- A al :7 STigen-tcb CAA tine, Pcu'5" .?.77g,me7,LE TA,Y X.47 L, ,,.i),ca5' A 1'ALJG er q 93o,. 5o gct;.:>et c5c m 0°C ,tcQucre VALe't or l93c,cce, lG SIONA I UKI:kir[' MUNER %1 ,IL l"'!G'il. BRIDGE &ASSOCIATES DA I?-y-°�-.PO BOX 280367 LAKEWOOD, CO 80228 MrCROTPL INN a 55TT15. MC Starement of Profit i Ines For the Period Ended December 31, 2000 1 I Month EnMd rrior Tear 12 Months Faded Prinr Tear Dec. 31, 2000 Period Vyrience Pct Dec. 11, 2000 Period Verianee__ Pct Operating Sevenln' -- -_ Room Sales S 29,203.60 S 19,966.'4 $ 9,23].46 46 S 446,944 14 $ 732,693.14 $ 124.567 46 39 Telephone (Net 31.09 21].]5 ( 215.671( P]1 ),055.0) 5.561.32 1,262 66 22 Vending/lobby 1 [1 ( 1.001 9.00 ( ].0.00) 1311) 615.96 Sfi1.AZ Other54.54 10 , 689.54 ,,._._ 1 110.691 _--_-__795.23 1)181 3,952.0] ___1558.21 6,510,79 12591 Total Oper Rn. nue 29,919.22 20 112 20 -- . _. ._ _. 9,806.02 a9 ___550,508.14 ..,._326,112.19 . _ .172,195..55 31 Controllable Oise, xpenses: _. .. • . Management Wegr.a 4,118.60 2,199.:4 1.]49.36 74 29,699.4] 26,113.)3 Front Desk xa es 1.565. 4 14 g 9,797.60 9,050..19 ]4).21 19 59,412.93 51,BM16.A2 1.168.'4 14 Housekeeping 0481 3 2,782.55 1,923.57 859.19 45 14,662.12 23,959.51 7.802.79 29 Maintenance Raq. !71 02 262.05 f 49.3111 341 3.292.58 ,349.46 1,919.19 :92 Other Cornlfensar, 1 0.00 41.40 1 41.4011100) 4 209.50 4,652.92 (1.150.901 ( 951 P/R Taxes 4 Ben' ,rs 1,903..25 11,668_92 231_35 19 --- __ 17,909.56 18,652 1 92 893:]6) ( 51 Total Payroll ,eta 13.775.13 10,315.57 3,459.76 14 143,437.86 129,020 24 +1,153 90 12 *raining/$amine- 1.00 299.(10 1 299.901 (1001 3,447.56 599.00 Cleaning-faundr, :uppl 402 70 731.95 1701,`54.17 319 65 74 2,649.19 1,,11 29 (1,191.131 ; 1;1 Linens 0.00 125.29 ( 125.291 (1001 3,944.41 1.144.07 l,)EB. 14 150 Cu net Room Supp s 494.11 199.45 296.96 150 S.832.24 4,161.21 . 4 ^'her Supplin.9 221.11 75014 1,694.49 40 1 529.181 ( )11 S.iO4.3J 1,116.18 :ekfast Suppl x 916.15 594.19 031,79 47 Utilities ].32.]6 40 12,597,94 9,368.46 9,031.;2 47 2,125 77 2,346.62 ( 20.901( 11 26,169.16 23,298.14 2,571.02 12 ' Telephone 1.297 34 1,246.62 41.72 4 13,696.16 19,495.69 14,202.061 ; 111 Repairs 6 Matat 3,501.12 607.60 3,991.)2 676 and Checks/Retard 13,696 se 9,491,60 1,202.86 44 -___0.00 - 2,396.80 02,396.801 (10p) 97__88 t --- 2.6 ----_8 45O.2OI5,-?52.721 ( 581 Total Control)n 1e 22.835.2a 19,103. --�-�� - _ ..___.99 -_7.'171_30 20 214,845.07 2 39,519.78 ___25,2p1.29- 12 _ ,092 Contrib to Sr !It 7 _9{ ._ L009.22 6,0)4.72 603 - —2-71 7 233,905:07 1164592,71 30],112_]6 92 93 Other Operating 8x, 'see: Property taxes 3.414.63 696.00 3,718.63 391 90.9)5.48 12.503.10 29,4)2.]9 239 Insurance 397.71 480.1) 1 82.461 ( 171 4,359.73 5,716.02 (1,156.1111 291 Marketing 1,531.07 300.04 1.237.03 412 8.503.43 .9.278.11 3,325.31 63 Coemisalone 0.00 47,99 ( 47 991 (1001 515.11 294,00 1225,791! 441 Cable L 861,!!1[• V 594.6] 4)5.86 71.]7 IS 6.515.19 5,299.00 231.79 4 Credit Card Rxpene 834.35 1,599.55 ( 561.2811 991 11,290.40 10,907.57 4.664,67 44 Travel s BnrorG a. r ant 607.64 46.16 561.18 999 1,290.40 907.57 372.93 41 Professional Fee: 580.03 240,00 340.96 142 4,645.54 6,676.09 Royalties (2.030.50) 1 261 1,430.78 1.191.63 62.55 4 26,130.73 32.569.17 Contract Service, ST 5.961.06 26 0.00 0.00 0.00 n 0.00 921.00 Management Fees 876.11 ( 737.05111391 598.98 277.13 46 17.409.51 9,672.48 3,737.05 39 Miscellaneous Ext., ae 9)0.8) -. _._..1.060.57 ( 1.99_)01( 181 — 4�373:86 _ 4,121;93_ ( 50.0611 11 Total Other Opet txp 111131.20 6,992.91 - . 9,788.39 _60 _338 033_10 ___R5,973.23 __42,059.87 49 Net Operating rcc _ (9,049.36) IS 934.691 _-+ .. 1,886.43 1 321 95,)73.97 _ 30,719.48 _ 65,052.99 312 Tnte im Financial Report, For Interns) Use Only ST .01 4i6T6EE066 S3WOH A3W21f10C RTT360 20 82 FeW 1 Month Rnded Prier Year 12 depth. Ended crier Year Dec. 31, 2000 Period Variance - Pot Dec_ 31, 2000 Period _ Variance__ Pct ( ',rest Rxper, (12.757.061 111.010.081 251.01 I 21 f177,106 011 17P,no5 691 --- 799.n6 1 0) .ner Non.Oper 1c(Pxp 28.00 20.00 .._._ .9:00 40 426 4J _7,699;39 (7022.3§14.941 Incomeilnas) f Dep (16,773.31) (18.924.771 2.151.44 ( 11) 6 - (81.107 831 (139,6]756.P21 58.588 99 1 421 Deprec-8mnrtix+ ion 6,339.00 7,341.00 11 003.0011 14) _]5 .00 69,_ 1._0.067 --�' � ,159 _....._ _ 117,523.007 (_151 Net Income ,Deal 5 (23,111.3115 (26 265.771 '� 5 1,159.46 (_121 $ (156.26}.8315 f228,353.921$ 72.091.99 ( 32! Intelim F1nane1a) Report, For Intern,). UM. Only LI 'd i46IGEE0LS S3W0H A3Wdf10C eIT160 20 e2 ReW • MICROTRI. INN 5 SDTTC.S, LI.C Stntement of Profit & LP,, For the Pnrind Rnded December 31, 1999 1 Month ended F'tor Year 12 Months Ended Prior Year Dec. 31. 1999 _ Period variance Pct Dec. 31 1999 Period Variance?Tlanee Pet Operating Reverme Room Sales S 19.966.14 S 15.637.56 $ Telephone (Net) q 4,328.48 33 $ 325,713.31 $ 225,254.09 $ 9J,538.42 10 247.75 195.91 Vending/Lobby ((1 1 9.00 61.91 33 9,561.12 1,190. 629.12 50 81.29 ( ]2.291 ( 191 Other 551.92 1,190.6060 __,1_110,691 1 135_65) — 24.96 ( 18) 1 713.9411 991 (2,558.]2) __ 155.22 155.22 f2,413.951(9991 Total Oper Reim um 20 112,20 �__— ,_—_ 1j769.;1 ..A.,)42,24 _IB _._126,212.49 231554,17. ------1 91,65].12 41 Controllable raper F nentee, Management Wager 2,369.22 2,076.92 292.32 11 51.844.82 1],962,70 6,382.12 46 Front Desk Wages 9,050,19 3,944.14 Wm? 1,923,6] 106.26 9 1 51,959.53 19,090.51 17,759.00 96 Housekeeping I,6JO.n3 1. .1.6A IR 25,859.51 ]9,090.51 7, 159.00 41 Maintenance Nage, 262,05 0.10 262.05 0 1.149 na Other Compensatin 41.402)8.91 961.8) 89 194.09 1 152.691 ( 79) 4,200.80 2,2J8.97 P/R Taxes S Rene' 2 1 668.92 775 7q 1,767.04 R9 — 89] 09 115 18,652.92 92865.18 _ 85]87.09 99 Total Payroll ,•r is 10,115.57 B,F20.95 1.691.52 20 129,020.27 81,9]2.81 77,09].93 52 Training/Seminar' 299.00 0.00 299 pD 11 299 00 Cleaning-Laundry ' ppl 211.55 4,775.99 f 943. 11f 291 Linens 195.12 64.]3 39 3.B?3.29 125.29 9,975.56 ( 958.5411 ! 291 78.28 97.11 343 1.180.07 921.56 Guest Room Suopl:A 198 as048.76 29 64.30 134.15 209 n".her Supplies 4,94.19 6,145.95 2,999.4E 97 1 ]50.'.9 530.99 J.19.J0 41 ,ektast Supplies a 4,914 19 6,799.15 (1.765,351 ! 261 91,19 258,40 325.79 126 Utilities1.2948.16 2,005.1: 1,295.77 26 2,344.62 1,129.99 1,017.11 77 23.298.:9 12,005.2] 11,292.87 94 Telephone 1.298.62 902,78 345.94 38 19,493.30 9.190.89 8.537.0950 100 Repair, 2 Maint 607.60 9]7.30 1]9.30 29 9,791.90 q.g cad C%ecks/Relund9 2 396.80 56.51c1 574.09 6 0.00 _196.90 _ a 8,950,20 —_ __—_158_03 _ 8.292_17 '22 Total Centralia, - 19 103..78 _ _2,7:15_31 fi 728.67 59 209, 9. —"---�-'-- —._....51__..78 ._ 336,812__9] —, 72,6]6.81 _53 Contrih to Pry t 1,008.22 l 393,93 . 12,385.]11 ( 701 116,592.]1 9/`11.60 21,980.91 23 Other Operating 8Wp.1 es. Property Taxes 596.00 o.nD 696,00 0 12,503.10 0.00 12,503.10 0 Insurance 180,37 161,83 15,74 3 5,716.02 Marketing 300.00 5.590.77 1,912.65 54 Commissions 659.25 ( 759.65) ! SAI 5.271.12 c 97.99 5.-13.7] ( 580.06) ( 6) 0.00 47.99 0 593.06 Cable & Satellite 4 475.)6 19. 580.06$ 946 175.86 Credit Card R 7'50 0 6,294.00 4,119.42 1, 14.79 46 rpense ]99.[4 :!,09b.30 (1,297.56) ( 62) Travel 6 Rntertairr nt 9,907.57 1,732.15 414.79 4 96.16 212.98 ( 166.821f 76) 907.57 1,639.56 ( 983.521 ( 43) PrOtesajonal Fees 240.00 399.82 ( 359.821( 401 6,6]6.09 Royalties 15.746.78 (6,822.39) ( 431 1.19].63 ',091.61 702.99 28 22,569.1] Contract Services F 0.00 15.347.20 6,575.89 66 19.60 ( 99.60111001 927.00 Management Pees 598.98 748.20 923,80 166 36.92 462.06 999 9,622.79 6.528,52 2,927,86 43 Lease Rkpense n,no Miscellaneous e1 0,00 0,00 0 717.96 0.00 3,304.69 (4.525.021(1001 -- 306:93 _. 938__55 142 __p,010.83 3,304.69 —... 706_11 ]1 Total Other Oper :p 5,828,81 798,97 ( "-'---- --'5 39.88 1 69,859.13 675106.96 1],752 Inter A Financial Report, For Internal Dse Only it 'd 446tSEEoL8 S3WOH A38800C VOt =60 20 82 Rew AA 1 Month ended Prior Year 12 Months Ended Prior Year Dec, 31._1999 _period Variance Pet Dec. 31. 1999 Period _ Variance Pct Net Opera': ,g Tneo _14,e20159) 12,405.00) (2,111,_991 1110 31,833,450 ___21.004.82 _ 4,228.71 15 Interest expel, • 113.010.0E 139.239 5,225.01 ( 321 (1]0,095.69) (1g5,144 36) (21,951.33) 10 Other Mon-Ope- ne(kkp 20.00 19.32 4 O.fifl 9 699.79 - - - _..._. 220.90 ],4]9.59 999 Income(Loss et Den 11],910.6]) Depree 121.62.0.29) 3.010.10 f 18) amorti-., ion1110,562.]21 (120.319.]41 9,341.00 5,:56_o0 (10,241.98) 8 - --- 2�105:00 42 ._-08,6]0_00 .4 9,4029.00.29.00 40,048,p0 02 Net Intoim Was) S f25.L51 6'119 (26,]96.2]15 1.625.10 ( 6) $ .] 122],239.')21$ (1]6,94] 41$ ---- — __.. _. . (50,291.981 20 • Intern. Financial Report, For Internal Use Only Sled ii6T6EEOL6 S3WOH A3W21f10C QOTt60 20 82 Rew BRIDGE & ASSOCIATES P O BOX 280367 LAKEWOOD, CO 80228 303-237-6997/800-842-2335 FAX 303-237-1757 Dear Sir or Madam Please find enclosed petitions to the Board of Equalization for the following attached properties. It would be appreciated if you could please call and let us know as soon as possible what time and day our hearings will be scheduled for. Thank yo for our hel ' this matter. Steve A. v s Bridge & Associates d 8 8 8 3Ts $ 8 8 a m o In O0 N VD 'O N Li CO N ' I e 8 8 . of 70 m ! O 8 `O ! 8 L — N N O o h 4.1 - — w - y h H jiff a a I CO co> to !8 aal I o ! IN : IN Iry m I z .0 I I a r I I wa c H HI I No, Ic I jc L. H O N to n H z = s 8 8 C/DF :!1 aa" NONC00°pU 13 3 E HC O O 3 w c Oi- II Cs) r r7 15 O �,Ix - o h N m a 0 O O a a j� in N n N WI a I p y I o C., d a ! o NII � I o 9 N N GO ca = o m No '.. u a O c CA 00 in I 'g 04 I CO T. Q 8 E ea N w U Z cI F.,o I C m E. V I N yQ cTo T t Ts 00 4i u c // O m m d a CLERK TO THE BOARD rit PHONE (970) 356-4000 EXT 4217 FAX: (303) 352-0242 WEBSITE: www.co.weld.co.us ' 915 10TH STREET P.O. BOX 758 C. GREELEY, COLORADO 80632 COLORADO July 17, 2002 B & S LODGING LLC 3080 WEST 29TH STREET UNIT B GREELEY CO 80634 Parcel No.: 095910227004 Account No.: R6940898 Dear Petitioner(s): The Weld County Board of Equalization has set a date of August 1, 2002, at or about the hour of 9:00 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 attomey 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. B & S LODGING LLC - R6940898 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 Donald D. Warden, Clerk to the Board BY: 46 7f7/Q,C_fjdr Carol A. Nardi g, 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 B & S LODGING LLC PETITIONER vs. WELD COUNTY ASSESSOR'S OFFICE RESPONDENT Parcel Number: 0959-10-2-27-004 Schedule Number: R6940898 Log Number: 609 Business Name: MICROTEL INN Date: 08/01/02 Time: 9:00 • Board: CBOE STAN JANTZ APPRAISERS NAME G P---Signatur , cilDate 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 5630 W 10 ST ti GREELEY Land Area 41895 Square Feet Zoning C-H Property Type Commercial 1— Motel Year Built 1998 Year Remodeled Quality Average Class Wood Frame Number of Stories 3 Improvement Sq. Ft. 22037 Basement Unfinished Sq. Ft. Basement Finished Sq. Ft. Mezzanine: Value Indications: Land 272,318.00 Cost Approach 1,486,191 Market Approach 1,596,000 Income Approach 893,300 Reconciled 1,512,000.00 Assessor's Value 1 ,512,000.00 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 39-104-00.2) (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 trap'actions used in developing value. The land size of the subject is 41895square feet. Comparable commercial land in the subject area is valued at 6.50 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 5630'W 10 ST. 10/03/97 326,450 41,895 7.79 Comparable 2 5500 W 10 ST 11/20/97 200,000 25,289 7.91 Comparable 3 5750 W 10 ST 06/12/97 ` 618,500 81,532 7.59 ASSESSOR'S INDICATED SUBJECT LAND VALUE 272,318.00 CBOE_COMM Mn998 3 . J I t � I I ,'. 1 ' 1 , la � , " { I k '1 ii lei �� • i� x ik Ad,w 7 )a3=x c `3a''sa „7fv+x ati-licailiaiSO,!Pr,: COST APPROACH SUMMARY The Assessor is currently using Marshall and Swift cost tables for the cost approach of commercial properties in Weld County, which has been approved by the Division of Property Taxation to be utilized by Colorado Assessors. The structure has been classified properly utilizing the Marshall and Swift Valuation service and an appropriate value assigned. A land value has likewise been established through the utilization of vacant land sales of comparable properties. Improvement Value 1,213,873.00 Land Value 272,318.00 TOTAL VALUE BY THE COST APPROACH 1,486,191.00 CBOE COMM_010998 4 COMPARABLE MOTEL SALES ADJUSTEff DATE OF SALES: NO, OF PRICE PER # ADDRESS GRANTOR / GRANTEE' SALE PRICE ROOMS ROOM SUBJECT: MICROTEL INN 56 5630 W 10TH ST. GREELEY CO. 1 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 56 ROOMS AT$28,500 PER ROOM EQUALS $1,596,000 5 COMPARABLE SALE 1 a'. � rl g• �, i-e is I f S e4ut m+L[ i44. C'll ' r s `",:t!; 140.8' a D. Balcony 6.0' Balcony/I Floor 6.0' Balcony 56.b 2g.e' 58.0' CC 1961 243 24.3' 2 ✓ -l' ..,�: > I mil. I l I _ r 4al Balcony 60 First Floor 3597.0 SF 34.2' Second Floor 3425.0 SF Storage 700.0 SF Balcony Rear 844.0 SF Balcony Front 1530.0 SF 200 m<..v.ae... 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 1 st Floor 12,842 sq ft m+r KlrBAvs (1)1TX RELAY 40 III 24I O >5'l I' FXgre,,Hotel ` pl'I' Ilia 1 p,.I � t b0 6t Taal Rooms Oe.�O ,I I i�RI f ' „Ai, wz "I ____ o ' MIm❑ rnlrriewn uv .m (OMve BAYS a .0 Cwc.9! s5H0q.11. Lair; .Y..ry..v,..__ COMPARABLE SALE COUNTY: WELD ACCOUNT R7I30298 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 PIP 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 13 51.00' 66.00 500) 15.00 6666 —/ N —,1- 3300' 133ID 168�SC I I 33.00' 9 - FVa[Fb01 1113900T 1 it p�jw� L. ,,,�l I� 6rV p00 6atab F1p011095500tl 1600 K I '4144 I--� tk_ I �[4il 1,IT��-! 1� �1 1660960 TNNTplell 33itwax 90�P1060' 3 00 t8`- l's.--ie�_Itf.. ` I^_� kalll_Yi 'I _ , ~ 50.50' 3W' 00'50tl .m13.001 50.50' 19.00 , .. 11300 S 15 m'IRW_..12W_..�L00'� 60' _ 3'0>On-67-7-3m' I Canopy 708 00 9 Shed 00 0000 I Cpp�epa' ....49g.,,,..,.. PIN#, 0356595 PARCEL #: 095924100087 PRIMARY OCCUPANCY: MOTEL OFFICE: 2ND OCCUPANCY: K 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 i ,......,.. .a.. -,.............ufa,......v.W.w.ox*.t...••••vo•ampera.a.ldN • »a o L' ` First Ffoo Second Floor Bsmt Storage 30517.051 17604est 210050sr g /, Hotel Concrete Sob '� '7 Cfass C '=v 2766.0 sr • 0.0 story height Hot&Ch ed Water gg 0• 130' . :, El 1g64 I K I - _ 73 Rooms 31 Cr '''',1 r Meeting Raoms Li �t' r :i�i, �d 700 4. _°a Tao_ j q' Z ; �— I Mb 1B e •�• , o.. a 4e Lwnge of i - - __"-{ "_•c .-yr-_'W .. S 3 ',•'- 'a =OA• H71Cnen Jcl i 'id:ma -b_.�_. .rte 2 �a spa 26 1B 28 3o• d R 1t mb n Restaurant 400' 1 A ,w r�r .y 1310 "Iil'i 0 38.0' zoo < t �,qq r�/^�nn Caf10�y Flnt Floor .✓'sK +`4t k4 "18 !'grc,,, t i",: s.a 2036.0 sf w.- ..._.-._..�..--.ri...r ��.Y'w-. -1:!'s�tQ4fiij- l-1 wa nr h..rvrs..- ..—.4 wn.raw.s..+�a.ww�.�—...^.....m.._..__—�..... PIN#, 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 MICROTEL INN 5630 W. 10Th STREET GREELEY,CO YEAR 2000 ACTUAL GROSS INCOME 458,608 ACTUAL EXPENSES 321,861 NET OPERATING INCOME 136,747 CAPITALIZATION RATE 11% PLUS TAX RATE 2.63% 13.63% INCOME VALUE 1,003,280 LESS PERSONAL PROPERTY -109,947 REAL ESTATE VALUE 893,333 ROUNDED TO $893,300 10 MTCDOT1L INN 5 MUTTS. ',IC Statement of Profit 5 Loss r For the Period Ended December 31, 1000 1 I Month Ended rrior Yenr 12 Months F.nded Prior Venr Dec,_31, 2000 __Period _ Vpriance P ee. 31. 2000 _Period __ —Variance _ ?cr. Operating Revert,.' Room Sales S 29,203.50 S 19,966,14 $ 9,237.46 46 S 416,454.14 $ 322,416.48 $ 124,567,55 39 Telephone (Net 31.09 247.75 ( 215.671( 87) 7,055,97 5,793.11 1,252.66 22 Vending/Lohhy n 1) f 1.001 9,00 1 10.001 (111) 615.95 561.42 54,54 10 Other 684.54 ( 110.69) 795,23 (718) - 3,952.07 . (2 558.711 6,510.79 (1541 Total Oper R(1 nue 2? 912.22 20 122.20 1,605.02 49 458608.14 326,212.49 1321L,395,65 41 Controllable Opel xpenses: Management Wag..9 4,118,40 2 ]69.74 1.'(49,36 74 29,699,47 26,113.77 1,585 54 I4 Front Desk Wages 4,797.60 4,050.39 747.2.1 19 59,012,96 51.844,62 7,168.',4 II Roueekeep.ing We 3 2,782,44 1,923.57 859.19 45 34,561,.32 25,859,5] 7.802,79 29 Maintenance Waq', 173.02 262.05 1 49,031( 341 3,252,54 1,349.44 1,914.14 142 Other Compeneati 1 0.00 41.40 ( 41.4011100) 210.00 4,700.80 (3.990.801 ! 95) P/R Taxes 6 een+. ,re 1.903.25 1,,668.82 231_43 14 _ 11 809,56 18,652_97 ( 843:3611 51 Total Payroll • 'at, 13,775.13 10,315.57 3,459.76 34 144,666,84 129,070.74 15,646 60 12 Treining/semina-: 0.00 299.00 1 299.901 (100) 3,452,86 299.00 1,153.96 999 Cleaning-Laundr, ;uppl 402.20 23I.S5 170 55 74 2,649.16 1,431 29 (1.181.171 ( 311 Linens 0.00 125,29 ( 125.291 (Inn) 2,946.41 1,180.07 1,768, 14 150 Cueet-Reom Supp ' a 495.31 198,45 296..96 150 S,fl32.]fl 4,161.2E 1,671.07 40 //-"Ther Supplies 221.11 750.2n ( 529.181 ( 711 5,106.47 4,414.19 :akfaee Suppl a 816.95 584,19 033,52 12 Utilities 2]2.76 10 17.,597.98 8,554.45 4,033.;2 47 2,125 72 2,346.52 1 20.90)( 11 76,159,16 23,798,14 2,871.02 12 ' Telephone 1.297.34 7,248.62 48.72 4 14,523.37 15.]05.39 f1,722.021 ! III Repairs 6 Matnt 3,501.32 607,6n 2.891,71 476 13.695 45 9,493.60 4,202.86 44 -Rad Checks/Returd 2.00 _ _2,398.80 (2,396.801 (100) 2697.80 8,450.20 -._ 15,_752.321 ( SB) Total Controlln le 22,835,28 19,103.98 -'--� � � - . .__3,733_30 20 131,80].07 309,,519_78 ._25,183.29 12 Contrib to Fr tit 7,082_94 .____a2 __6 074.72 603 223,805:07 116,692_71 101_112_36 92 Other Operating Ss, 'sea: Property Taxes 3.414,61 696,00 1,718.63 391 Insurance —'40,976:18-- 12.503.10 18,472.1➢ 228 397,71 480.17 ( ➢2,46) ( 17) 4,359,71 5,716.02 (1,356,3111 241 Marketing 1.537.02 300,00 1,2]7,02 411 8,503.43 .5,278,12 3,325,31 63 Comalealone 0.00 47,99 ( 47 99) (1001 357.21 - 593.06 1 235.951 ( 401 Cable & Sate111t, V 549,63 475.86 72,77 15 6.515,79 5.294,00 221.79 4 Credit Card Expeu, 836.35 1,599.55 ( 741.201( 481 15,183.42 10.516.75 Travel 6 8nterta.r ent 1,674,63 44 607'64 46.16 561.48 999 1,280.40 907.57 371,43 41 Professional Fee: 590,06 240,00 340.06 142 4,645,54 6,676.04 (2.030.501 ( 301 Royalties 1,460,18 1,397,63 62.55 4 28,430,73 22,569.17 5,861.56 26 Contract Services ST 0.00 0.00 0.00 0 9.50 673.40 ( 737,0511119) Management Fees 8-+6.11 598.98 277.1333 46 1].409.53 9,672.48 ?.737,05 19 Miscellaneous Exp. 9e 870,87 _,_.-}.060.57 1 189_70)1 191 4 273.86 4,323.92 — — _ _ _ .( 50.46)1 1) Total Other Oper lxp _,11,,131.20 42.91-__.619.. _--4,788.29 —60 4..12B 033430 85,973.23 __41 059.87 49 Net Operating Ice (4,048.26) 15,934_B9) 1,886.43 1 321 95,771.97 --...f...— ..30719.48 _ 654052249 212 73(, 747 Tnte-.im Financial Report, For Internal (lee Only II 9T 'd 446T6EEOL6 __ S3W0H h3WallOr eTT :SO 20 82 ReW 1 Month linden Prier 'tent" 12 Boothe Rntrd orinr Ynnr 0CC. 31,,_2000 A Period_`. . Variani Pct Dec..31, .2000 Period,_ ,Vartrnce__ Pet 'Trent Fxper, f12,751.031 (13.010.0A) 257.0.1 I 21 (177,.3(16.731 n 7R.n9S 69) 789.46 ( 1) _her Non-Opal tC(Fxp 20.00 .-_.__._.... 9.00 40 _ 426.43 7,699.39 ..-_. (7,27Z_961 (_94) Incemr.{l.oea) Dep (16,773.311 (18.924,77) 2,151.45 ( 1.11 (81.107.6?) (139,676.52) 5A.555.99 t 42) Oeprec-Amostiz! .on _ 6._338.00 7,241.00 (1003.0011_14) 75_154.00 48:677.00 •----� _....... (13,.523.00) ( ]5! Net Income ,oae) $ (23,111.311$ (26.,.265.771$ 3 154.46 (ii) $ - (156,26183)$ (228,35).522)5 72.091.99 (..) • Interim Flnaneial Report. For Internel Une Only 12 ir •d 4.4.ararcnic smunu lquxnnr att26Q act B2 AEW VALUE INDICATION S COST APPROACH: $1,486,191 MARKET APPROACH: $1,596,000 INCOME APPROACH: 893,300 ASSESSOR'S 2002 VALUE $1,512,000 13 CommercialSearch Page 1 of 1 4 REAL 1 EC Propid: 1115-1 COMMERCIAL REAL ESTATE SERVICES,INC Last Update: 12/2/1999 Microtel Hotel/Motel Property 5630 W 10th St, Greeley, Weld County For Sale SALE INFORMATION '"'' a Sale Price $2,300,000.00 1 n f is 4 IMPROVEMENTS in )r ii a s �n3 Rp Building SF 22,037 YOC 1998 a Site SF 41,817 ,44., _tt tr- s 'R-r ,__ Number of Units 56 .— Floors 3 floorplans GENERAL RE Taxes $39,951.00 FINANCIAL Access US Hwy 34 Bypass N/A Schedule# N/A On US Hwy 34 Bypass with high visibility from 10th Street. 3 story building with all concrete parking lot. Near restaurants, shopping, country club and Hewlett Packard. Individual heat pumps, guest laundry, lobby with breakfast bar. Opened April 1998. 1998 Avg Occupancy---- 31.1% • 1998 Avg Daily Rate = $49.33 • YTD 1999 Avg Occupancy= 37.1% • YTD 1999 Avg Daily Rate = $47.22 • 1998 Gross = $251,000 . 1999 Gross= $251,000 (Both are 8 months from Jan to Aug). Complete information booklet with financial data available to qualified buyers. This information is confidential and is only provided to qualified buyers. Please direct all inquiries and schedule showings with listing broker only. REALTEC Steve Pfister Phone: 970-229-9900 Fax: 970-282-1080 realtec(ebfrii.com COMMERCIAL REM.ESTATE SERVICES.INC Realtec Email Contact Format to Print The information listed is from sources believed reliable but is not guaranteed,and is subject to change without notice. Copyright 1996 Comments and feedback Web Design Commercial Search Vired@CommercialSearch.com linternet Business Solutions I http://comsrc.com/sh/asp/comone.asp?vc=139&avlid=1115-1&slid=&mkt=ftc 1/21/00 14 • 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 B & S Lodging LLC 5630 West 10th Street Greeley, CO Weld County Schedule # 095910227004 Board of Equalization Tax Year 2002 i EXHIBIT I R bib 1 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 LIMITATION,ATTORNEYS FEES AND COSTS. THIS LETTER OF TRANSMITTAL SHALL NOT BE REMOVED FROM THE BODY OF THE REPORT AT ANY TIME. PETITIONER'S NAME: B & S Lodging LLC PROPERTY ADDRESS: 5630 West 10th Street IDENTIFICATION NUMBER: 095910227004 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$935,000. The income approach concludes to a value of $930,000. 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: $930,000 Registered Appraiser Registered Appraiser 2 iHM.' :h"•r°"ttFr�.. .ai:cp' rlri':i<tf 'i%':.g,Ut: ::/rb<S .i?zapc gi.:t:5.,:.:i?:.;ats'�' .wA.v., r r• s::n A..f..^ z .;bat' :. 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Summary of Facts and Conclusions Property Type: Hotel/Motel Property Address: 5630 West 10th Street Assessment Date: January 1, 2002 Applicable Base Period: January 1, 1999 through June 30, 2000 County: Weld County, Colorado Property ID/Schedule No.: 095910227004 County 2002 Actual Valuation: Land $ 272,310 Or $ per sq. ft. Improvements $ 1,239,690 Total $ 1,512,000 Or $ 27,491 per room Year of Construction: 1998 Land Area: Building Area: 55 rooms Date of Value: June 30, 2000 Final Valuation Land 272,310 Or $ per sq. ft. Estimate: Improvements $ 657,690 Total $ 930,000 Or $ 16,909 per room 3 Market Approach Market Approach Conclusion: 55 rooms @ $17,000 per room $ 935,000 Rounded $ 935,000 * 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 r \ j \ \ EE E saga } ° K \ u { , » ! nO ; ; ^ ° ^ K ! ` ° & E } ! fl : ! » \ ) } ! ) ya { , - - 2 , - - ) �} \ ! \ E ; , - t 4. 44 4444 } , ! a { . wi ' . ; : 6 ; z , z . 2w ; _ \ E \ � ' � 8 ` ^ � ` ` \ �" \} ! ; } Ei }\El / f ` # < \ . 0 . .-° ! . { \ , : §� ^ ~ ) / ` i , _ t' ! � ` t 8 § > : _ ® z ; ) ! ! { / ) ! \ } } \ ! °! a - : : / / 4444 . ; ( \ ` ` 4, k} \ y 4 ! ! ! 4444 ; � - 4. } . I E { ! 0 & a ) ! } ; ! } ] ! t ) (CP. 4 ! '7 - < :vtt_ s . . 0 < , . - . , = ! f\ / \ } CoStar Comps Full Sale Comps Report Page 37 of 84 3709 W Colorado Ave =uc rsned STAR Rainbow Motel C(,.,€1 s_ •„e Colorado Springs, CO 80904 '..r*l-/x_ <a 40 Room Motel of 8,686 SF Sold for$900,000 buyer Arkadiusz&Janina Bala ;r..: 4: „ 3709 W Colorado Ave s;- - Colorado Springs, CO 80904 (719) 632-4551 .,,...-,m,,.. seller v i Jeannette Maciejewski6x 403 1st 5t SE Avon, MN 56310-9514 (320) 356-7397 i ' dye ,.,y�,.%gµry-e^r.-_ G>F< x •t5`YA 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 Price/Room: $22,500 Conditions: None No Rooms: 40 Land Area SF: 71,547 Down Pmnt: $230,000 Acres: 1.643 Pa Down: 26% $/SF Land Gross: $12.58 Doc No: 0089533 $/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-3754O-11-9819 Property Type: Hotel/ Motel income/expense listing broker The buyer reported a $50.00 ADR with 10%to 40%vacancy throughout the year. None involved per principal selling broker None involved per principal financing 1st(9.25%,due in 1 yrs ) Bal/Pmt: $670,000 Copyright.10004002 Costar Realty Iaforotio.,Inc.All debts reserved.Information obtained Irma aoveo deemed reliable bst of guaranteed.Pboo t0YJ21.1a73 http://www.costarcomps.com/Report/Report.asp?aCacheSequence=3&Reports elect=full sale&SiteL. 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 map Map: 51-KG/151 Legal: Lots 4 thru 9 blk 4 East Manitou Comps No: EPC-37540-11-9819 Parcel Number: 74033-24-077 Title Co: Not shown i • y. rw k.* a. / :. , r f ti a • s tie • 4'C AY 24 • Cca5t 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--fullsa1e&Sitei.. 7/25/2002 CoStar Comps Full Sale Comps Report Page 39 of 84 is -rr site map • 1 flzor- • i 5 4 9f� � �;. U1astiPnut Pad�' .9 :. o.. r '"SPY££ �'r: Palli�.'A,v rs Q 1�1 . t0t,!sota " '�:. c/ ta•m} ft} �7 ti. cq� �e :; cemetery -� ac.4. j• :: 8u Bauer�Pan: �� 'Fes• b to,� \ '� 0eerC,hkey' u... °ncPtQ' gig •NaturIpalk• '_ et? •��,'"''�.sq ?. `u 02002 Map�uest corn Inc:02002 Navigation Technologies 0.`sl.i�"L .• This site map is derived from MapQuest.com Inc. No opinion is expressed concerning the accuracy of any information contained herein. description Numser ._ ]_evators: . addltidrai ,ontacts Subiert __:sect': Ra nbow Note_ ( 19( .i32-4551 Financing: 1st $670,700 9.15%, Sue in 1 yrs This property includes a swimming pool. ' year 3u L': ?or"ons of this property were oujit in 1941, _?46, _949 and 1951. Total Assessed: $617,719 Year Assessed: 1996 Doc Num / Transfer Tax 0089533 ($90) Confirmed cy: Jerry 0'Hanion Date: 11/10/1998 Email: qualltycontrol@costargroup.com Phone: (800)829-6156 Updated Date: 12/07/1998 http://www.costarcomps.com/Report/Report.asp?aCacheSequence=3&ReportSelect=fullsale&Site1.. 7/25/2002 • CoStar Comps Full Sale Comps Report Page 28 of 84 820 N Nevada Ave suollsnea CoSIA t J's Motor Hotel Colorado Colorado Springs, CO 80903 -4706 ✓__ �1 a Hotel - 50 Rooms of 22,798 SF Sold for$1,150,000 buyer_._..__._.__.................. ._..._.....__ ____.__._._.._____. ""rArigll Santa Fe Partners c/o Ramon Castillo 3240 Glenarm Rd Colorado Springs, CO 80911 ""K (719) 392-1985 six "j seller r ' ' i. `°" u' Joseph Sarai ;xfq X.dy W As m.,. 4315 Meadowview Ct '° '� _*w. ... rN Colorado Springs, CO 80918 ... ....� (719) 632-8801 ;Mr vital data Recording Date: 06/04/1998 Sale Price: $1,150,000 Escrow/Contract: 40 days Status: Confirmed Days an 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 Pa Down: 7% S/SF Land Gross: $41.07 Doc No: 0075785 $/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-O9-9819 Property Type: Hotel/ Motel income/expense listing broker The buyer reported room 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 Colorado Springs, CO 80918 -5740 (719) 598-1111 Scott Schwartz selling broker 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) Bat/Pmt: $474,162 2nd Community Industrial Bank(7.75%, 20 yr amtz, ) Bal/Pmt: $592,703 Copyright.192.2002 caft.r Rook 1u1 rm.dou,loc.All rights n«,wd.nrow.ueo ohtsi..d fro_.e.,ma d....d nitshl.but.et a.•n.t..d.fib..100.221.1573 http://www.costarcomps.com/Report/Report.asp?aCacheSequence=3&ReportSelect=fullsale&Site1.. 7/25/2002 CoStar Comps Full Sale Comps Report Page 29 of 84 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 Asphalt 26 26 Fair Total Spaces: 26 plat map Map: 52-KK/152 Legal: Lots 3,4 blk 2 Colorado Springs,Add No 1 Comps No: EPC-32395-09-9819 Parcel Number: 64074-06-003 Title Co: Not shown _ - . . - CrtCt - :. Patent ST. JY j 'aM. :RE. y� I ,a I •• r . e�s �'q'-.-.-".w e �, ,a�jx....wa.ri to �.,GWaro11'i F aw Ilh�. 4 (.74 I a I 3 'I illel Lai I j'l d �k� � ll�� 4C JP li v "' I ' i y` e C„ ak�'c' j bit ern STT COSTA; This plat map is derived from tax assessor's maps. No opinion is expressed concerning the accuracy of any information contained herein. http://www.costarcom ps.comiReport/Report.asp?aCach eS equence=3&Reports el ect=full sale&Sites.. 7/25/2002 CoStar Comps Full Sale Comps Report Page 30 of 84 site map wj <F YlsCa`rarogi sot `z^<'i• ` i' .c. . e .e.-44:-., £aellel]ye1!9Ste'0sJ u{^ E 1 f t K�, PjAIMJfM • laCtillabOSt' ae Vie' i .L7g .EYF fft r ga l 11O1":5L-;'0, .lei: - S l r�� 2 3 El ar Z1. Jatlae - • •• , > .ata i < s w : c E.4.... it "�Pp �j ( v Gaff(Erne gency) iw o r e is J,�+K� � u 8 GX. * v <a Z. 1 Nl YaP[fg5 lk:N xx�c£. eft:: ..:,-; " • ,. cf . t $ W `±' _ 1 c - d,4 .0 9nsto P h( 1m g v x-1 ' r g' w..-P. ' Manttou 6tvd Z epep;� t �y Tof' Nip" gi"JF. c�? ttt]]]] E htda ^kooks 4 a :.. / 9 p,--- i m . 2snmµst t Z u :• 1 g S 2r x iv.- r L---: 42.Oa r ,.TiL � E&tutla5t DouldxrvPak o: w?N c I a o t agk Hater- P.P ,,..,.�.,.... ¢r` m• )' rTTH ColoradoSprtngsvo ti E Pi A 02002 MapOuest corn. 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. description Number ._ =__.ato, . T.' """"".., addLc_onai etn'acts Suo'est - :ter". Ja,y'5 Mot:: dote_ 1 7 533-'L1: nam__ng: 1st 7ommuncty _naustr'si Sank 3.47;,162 9.98%, due in 1 yrs Inc Community _ndustrlal Sank 359",'03 .75%, 20 yr amt-, " Sale r -9. The buyer reported 350,000 to 360,700 spent on renovations end repairs, 50'% .f //hi_n was deferred maintenance. Total .Assessed: 3155,570 Year Assessed: 1596 Doc Mum / Transfer Tax 0075785 (5L'5) Confirmed by: Jerry J'Hanlon Date: 09/09/1999 Email: qualitycontrol9costargroup.com Phone: (800)829-5156 Updated Date: 09/29/1998 http://www.costarcomps.com/Report/Report.asp?aCacheSequence=3&ReportSel ect=full sale&Site!.. 7/25/2002 CoStar Comps Full Sale Comps Report Page 49 of 84 2724 N Nevada Ave ':hi,shea 'CJItTIt Colorado Spruce Lodge r`. 'fs= a Se Colorado Springs, CO 80907 -6221 -✓ Motel -42 Rooms of 15,930 SF Sold for$600,000 buyer Stefan 9 Anna Komperda Y a �, - 2724 N Nevada Ave �"" ' �"`a'° ,., Colorado Springs, CO 80907 (719) 635-3523 r a seller '' Roldan Family Limited Partnership y, f ,µ f/ I ,., c/o Luis E. Angeles / , 3305 W Spring Mountain Rd Ste. 60-A Las Vegas, NV 89102 ` x s -• ..,^� ✓Fa :. Y ,. «�1:ixYKlf� 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/SE: $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% S/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 Parking Spaces: 42 Lot Dim: 190 x 275 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 ADR of;42.00/day and average vacancy of 35%. Na further information was available. None involved per principal selling broker None involved per principal T- financing 1st Emergent Business Capital,Inc.( 10.25%, 25 yr amtz,) Bal/Pmt: $440,000 COMright0 1,5,-2002 CbLar Malty Intermetl.,,Mc.All rights resolved.tabrotles obnined from sources decd reliable bet net Paraabd.Pbo 000.821.1373 http://www.costarcomps.com/Report/Report.asp?aCacheSequence=3&ReportSelect=fullsale&Site!.. 7/25/2002 CoStar Comps Full Sale Comps Report Page 50 of 84 property characteristics building Yr Built Bldgs Stories Construction Veneer Condition Comments 1948 3 1 Frame/stucco 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-KK/150 Legal: Lots 21 thru 31 blk 542 North Colorado Springs Comps No: EPC-32532-09-9819 Parcel Number: 63314-12-007 Title Co: Not shown .. ! 1<_ 2,t -.� a)gn�lxrxwr --1'4411.t4 P f�-.„.___ y 1 't aa___44_,' , 1it?tla, e 95 a F • . ..5 • 4 k i f i [ Wy d x Y L. -----j t.' itr -_�.., lil 1 at14_ . ens r, t ,t masts,' RM— a t �} b eott. ��yY j,,1ly�7,1 i . • ett6»Mo-w.4.X 1 T a y atua,x.7tV l An _ RIO ...._ g ia s , let , i., t , Ek C d `te a 4 e t ss r CQtSmA k 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—filllsale&Site1.. 7/25/2002 • CoStar Comps Full Sale Comps Report Page 51 of 84 site map ., 444,244 ? l'tescbs'Nas uNlaxrc Rd z I m 1 nlmory `Gc-t4 ralemne Ctt = iii . 46 .,,,�, ...,�.:■ p °1r �� 4natb Or c. + l� � in IIC1am� "` Flanagan Park s tA1Orp.SC a' < ' r - P.Paton i. m .2. rllproe rl s -' 1st_ : ICOIWtNIt llp C;92---', (- WFi7lporst `o oswwll= EFljlmora St j ..,,,,,..._s, 1 ` 2 a j u,r x a'r RosWNl°a•If � w tS` b � D< N3r`c+�,� a� hike Nark $ E earrlot St' • Y ` { i .. r� ' m o1 0 W Val 11erStr �„Y N + �.�.�Z" y.. . WJamul sr eJaual St ` '; S C Q,a�� r. W umnest n t ��p1 � Boni rte,Paik : .:. Qqp, a-. W 4a1W1.Sty n f r,.0e.. j' ' , ...—. `.:. LLB "' J t oo E/ EHbma-- wJeRn01St� 44 �'C A' v"`N F ..-2 ,11,,'S.E Washm n:St ei E'f?fkrson St: tua]tm st �• �: W 16iamSt� ;..i EFaraanarc Sjt 2 'r I •( wEaAanciss1 �;₹ E_Ea no 02002 Mapl]uest cam Inc,'02002 Navigation Technologies W. This site map is derived from Mapquest.com Inc. No opinion is expressed concerning the accuracy of any information contained herein. description 'Kamer ): f_ev9tors: 7 �•••••••_• E:nancinq: as Dmercent Business ;Capital, Inc. X44 C,J00 .Q_S}, yr amc-, Total assessed: 0298,135 Year Assesses: _996 Doc 'alum : Transfer Tax )079958 3+/, :onf:rmea oy: Jerry 0•tianlon Date: 79/04/:998 Email: luanitycontroLacostargroup.corn Phone: (900)829-6156 Updated Date: )9/20/1998 http://www.costarcomps.com/Report/Report.asp?aCacheSequence=3&ReportSelect—fullsal e&Sitel.. 7/25/2002 'CoStar Comps Full Sale Comps Report Page 13 of 84 725 W Cimarron St .=sdisned CC.'IAR Holiday Inn Express Colorado Springs, CO 80905 -1760 Motel - 207 Rooms of 82,090 SF Sold for$2,900,000 buyer Grot Cimarron ( LLC ) ili c/o Zbigniew P. Grot i ' 3125 Sinton Rd a . . r1.4 _; Colorado Springs, CO 80907 .. •+:" s (719) 633-5541741 seller ) Metro Hotels( LLC ) `� c/o Suresh Gupta 5401 S Kirkman Rd Ste. 325 r ��y "Zi 'i✓a////�� Orlando, FL 32819 w. ,!iS/ '' r. ,s (407) 206-4011 ° " FAQ% : vital data Recording Date: 03/03/2000 Sale Price: $2,900,000 Escrow/Contract: N/Av Status: Confirmed Days on Market: 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 Down Pmnt: $328,250 Acres: 4.626 Pct Down: 11% 6/SF Land Gross: $14.39 Doc No: 0022474 5/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% Frontage: 640' Cimarron Submarket: 341' 8th Street Corner: No Comp 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: $375,000 C.gaghte 151g-2002 caftan Realty I.ior.atio.,Ise.All rights reserved.Information obtained fro..n,cn d.a.d reliable but mot guaranteed.rb...foo.021.193 http://www.costarcomps.com/Reporv'Report.asp?aCacheS equence=3&ReportSel ect=full sale&S itet. 7/25/2002 CoStar Comps Full Sale Comps Report Page 14 of 84 property characteristics building Yr Built Bldg. Stories Construction Veneer Condition Comments 1965 3 1 Masonry Average 1969 3 2 Masonry Average Total Buildings: 6 parking Composition Open Open Tandem Covered Covered Tandem Total Spaces Condition Asphalt 287 287 Average Total Spaces: 287 plat map-..- Map: 52-1(7/153 Legal: Sec 13 T145 R67W Comps No: EPC-33 245-04-00 20 Parcel Number: 74134-00-019 Title Co: Stewart Title 'r-1 ;t. west ,,,`�i.€ -1 / a ;{ ✓ `a . u8 r t • f t. /1 ..\ � .. r '.J I \ � x.'+` it "1 tai 4 \ 1 • .. \\._� : \ ; (T} l (3/4.4 I - 1.1 > E _ ^i. lT.a 44::• " • \• �Ft. .MN tY-\iC 4y OC3.LACROCE ' '-'r+ 1.41'1.4. \'r VIMFti C(7 This plat map is derived from tax assessor's maps. No opinion is expressed concerning the accuracy of any information contained herein. http://www.costarcomps.com/Report/Report.asp?aCacheSequence=3&ReportSelect=fullsale&Site!.. 7/25/2002 CoStar Comps Full Sale Comps Report Page 15 of 84 site map u jjpp/ earlr;f ! ` � �� Wriaierrr -aw. (F$f! en�gsY mss`\� �F r.}N,r �W I Wi et lrcao as arfi o euctsar �A '� W tact resat oaorado Sprigs'....: v V Ce Yengr r, W Cuchanas5 j PIo peer 5Guareuare W Caa d54 : t Gate(Emergency) WC Qt—{/ ` "`i"a �: r—e— a . • % WCejIaNr Sh ECrnerRtn St d iG 0�`� WMDroft !may UtlflbGmlQ St i;y+"'ikjS _ Y _co ..kr'Giona Pa a o . l eearunr Lit ISAllna St s ,.co ga.;.. �' 2cc Sx �� *x; e glgrr lba \' �" c•�a�° .\ fig�[h Stet • a T1, s .. [q ks5 Q. 8E cal ni st a �`N as g giie ••.ate N,u, h s� t b 4 Dorchgbgster P N rzes9r . a • ::'190b :.,. .... 02002 MapQUest corn, 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. description :f Elevot:rs: ,edit i_nai :ants_Ls uc.ect Prrper-, Holiday _::. Express 14't3-3530 tinancang: __t Peoples Natiortil dank. 02,126,790 1.752, sue _no. .:ei_er -=,:00 sue Ln . ins menities :nC1'ua]e a 'heated swlflMint] pool and an sn-site restaurant. For a related transaction, please refer to dF:-3339—:4-_000. Sale ?rice: The ouyer confirmed the sale price shown. Total Assessed: 33,?94,317 Year Assessed: 1998 Doc Num / Transfer Tax 0022474 (3290) Confirmed by: Jerry 0'Hanlon Date: 04/19/2000 Email: qualitycontrolacostargroup.com Phone: (800)829-6156 Updated Date: 05/02/2000 http://www.costarcomps.com/Report/Report.asp?aCacheSequence=3&ReportSelect=fullsale&Sites.. 7/25/2002 CoStar Comps Full Sale Comps Report Page 4 of 84 3125 Sinton Rd _ risned ,—„COSTAR Ramada Inn "'1-.db..� ,»a Colorado Springs, CO 80907 -5021 ""f'-' "+ Motel - 220 Rooms of 101,339 SF Sold for $3,550,000 buyer Grot Sinton ( LLC ) c/o Zbigniew P. Grot/Ramada Inn �RRsyFQa.. 3125 Sinton Rd Colorado Springs, CO 80907 t (719) 633-5541 ''" 'P. seller �-- Omni Hotels, Inc. „ c/o Suresh K. Gupta (Pres) <.. ,`...• • 5401 5 Kirkman Rd Ste. 325 cz•- s .• .• Orlando, FL 32819 - raag(407) 206-4011 f s,xiz 2P 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 Rooms: 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 g/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% 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: $275,000 Cepyrighte 1999-20e2 CeSn,Realty Ietsr.aNn,hoc.All rights nerved.Ialonwaeew ehtsiwed Item weann deism/Male bat wet gunetsed.Phew.100.S21.1a7a http://www.costarcomps.com/Report/Report.asp?aCacheS equence=3&ReportSel ect=full sale&Site!.. 7/25/2002 CoStar Comps Full Sale Comps Report Page 5 of 84 property characteristics building Yr Built Bldgs Stories Construction Veneer Condition Comments 1972 3 1 Masonry Average 1982 3 2 Masonry Average Total Buildings: 6 parking Composition Open Open Tandem Covered Covered Tandem Total Spaces Condition Asphalt 287 287 Average Total Spaces: 287 plat map — Map: 42-IU/150 Legal. Lot 2 blk 1 Holiday Park Sub 2 Colorado Springs Comps No: EPC-33239-04-0020 Parcel Number: 73361-08-012 Title Co: Stewart Title i . - 1 .1 {.. I/ •I �/! I I 1 / f .ice S 1 Iop ( 1, I r: 1 1,"1:14::1:::,�r€ ,-' P. f z 1 IYE^i, k b' ' y/� /.. 7 A✓ 4;4:2:4.4;44; hQv -L F i- -S 4QE4¢£-n I /I ( f i :u '� I r ,.. l vi -I ' • t ` `- :,1 ' COSTAR This plat map is derived from tax assessor's maps.No opinion is expressed concerning the accuracy of any information contained herein. http://www.costarcomps.com/Report/Report.asp7aCacheSequence=3&ReportSelect-fullsale&Sitel.. 7/25/2002 CoStar Comps Full Sale Comps Report Page 6 of 84 site map M PQtiE's't . 'wrdrpadcofta , ice_ t.,‘ .MICIII0 Dr yr`` ;of- p - s'seem 'S$ a ':Goes. i s aye f''�- y z Hers Pruler u{' xo k a` • i yourIlw��`��5��QQQon s . 'w%.t..: 7, Y�BQ , HOfsW--St . ,.�'8.ta�atg -c.st 1- r . R v*YA,`. y N} Sunflower Del i}� N.,.....,. m..., ` Ca:ra2Gt :1 g a.. -p LP5k4 y �' m: ::xswcst , eo It rf ZN.' 1 / % .I csweil Park----: EroaSt Yi• t3. ,>h EMrnIy gc t*: yy et �Plke�i(� 'SI "�"EHUItcCSt• o... y 2 ' £ i..wv. 19' INLar rrnr SC W Jadaor St 2 ��Y W eorror St,_ -.;,cd _ Penrose Hospsal 8 tfa2e P,etc a. t ... 3 • ",, . 2002 MapOuest.com, Inc.;0^^<002 Navigation Technologies This site map is derived from MapQuest.com Inc. No opinion is expressed concerning the accuracy of any information contained herein. description ••••••••••-•• - :a ' ',la: _Jnac s Sac-tact ?roper namaaa :nn "12) 333-5541 _canc:ng: 1st Peoples '.a-liner 3anx S 2,345,300 3.'5 7u, e in _0 -,rs _-a Asset _reser''3r_on, Inc. Z_45,:oc E:r a retatea transaction, please refer -_ =3.-'3245-34-_000. Amenities include an Indoor nested pool any: in :n-site restaurant. 3a_e ?rice: The buyer confirmea the sale price shown. Total Assessed: 33,335,328 Year Assessed: 1998 Doc .`Ium / Transfer Tax 0022466 ($355) Confirmed by: Jerry O'Hanlon Date: 04/19/2000 Email: qualitycontrol@costargroup.com Phone: (800)829-6156 Updated Date: 05/02/2000 http://www.costarcomps.com/Report/Report.asp?aCacheSequence=3&ReportSelect=fullsale&Sitel.. 7/25/2002 Income Approach Using 2000 actual income Building Area: 55 rooms @ $48.42 per room ADR $ 972,032 Total Gross Potential Income $ 972,032 Less: Vacancy& Collection Loss(53%) $( 513,424) Effective Gross Income $ 458,608 Less: Actual Expenses $( 321,861) Net Operating Income $ 136,747 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 14.7% (12% stabilized cap rate plus 2.7% effective tax rate) $ 136,747 14.7% $ 930,252 Rounded $ 930,000 5 • M)f-Tr1TBL INN 6 SUMS. r,r.C Statement of Profit & Loss For the Period Ended December 31, 2000 1 1 Month Sedan rrior Year 12 Months Fndad Prior 7enr Dee._31_2000 ._-. Period _ VAriante - ?et -Oep. 31. 2000 __Period__ Vec_enee _ Ptt Operating Raven,,.. Room Sales S 29,201,60 S 19,966.:4 $ 9,237.46 46 Telephone Net S 447,554 17 $ ]75.793.41 $ :21,267.56 22 31.09 247 75 ( 216.671( 171 ),955.9) Vending/lobby n t) f 1.001 ?.0n 5.)61.32 L.354.54 22 Other ( ].p.001;1111 515.95 551.43 54.34 10 684.54 ._ _ ( 110.591 - ?95.23 17181 1,952.07 ___. 12,558.121 6.510.)9 (254) Total Opel- RIt nue 29 918.22 2. 08.02 49608.14 _- ---'---: ._-....20 112.20 9 8�. ___- . 458, 726,272.49 +72,]95.55 J1 Controllable Opel rpenses: . _. . "---._._ .. 11 Controllable Management Wages 4,118.90 2,]69.:.1 1.749.16 74 29.599,42 26,113 71 •,985 59 14 Front Desk Wages 4,797.50 4,050.39 747.21 11 59.012.95 Housekeeping xe 1 51.941.12 7,102.'9 29 � 2.782.16 :.923.5] 959.19 45 34,562,37 25,959.51 1,912 79 29 Maintenance '4n9' 171 07 262.05 1 f 19.731 ( 141 3,252.58 1,343438.744 1.714.14 '.42 Other Ccmpensari 1 9.00 41.40 1 41.401 r,opl z2o.no P/R Taxes 6 Hens ,ra 4,200.90 (3.?10.901 ' 951 '-;903.25 _568_33 _—_2]1_43 t9 17,909.56_. 18,552.92 ( 343.36) ( 31 Total Payroll .at, 17.775.11 10.315 37 Tralning/semina 2 7.499.)0 10 144,655.85 129,070 24 15,153 44 ' 9.00 299 n ( 299.701 ,'1001 2 �� Cleaning-Leundr, .uppl 407.20 ,549 16. 211 2n 1.191 13 a9 LlpMa 00 5 I7n 55 7A J 602:r. 1,111 29 (1.194 :.1. ' 1�-r 1 125.29 ( 125.211 (300! Cone Roma Snep a 495.13 5,932,21 4,160.21 1.661 14 140 198.45 7.96.96 150 5,872.11 1,;61.2.1 1 "her Supplies 22.1.11 750.20 % .571.:)) 40 1 529.1 B1f 711 5,;03.67 4,=ta:akfast Suppl n 816.35 15 031.42 47 594.19 37.,597 9R Utilities 2,129 77 7.72.)6 10 3,254.15 4,071.52 47 2,346.52 1 20.901 ( !) 76,149.16 23.291.!4 2,1T.02 12 Telephone 1,297 34 1,218.62 ., 48.72 4 (459317 Repair, 5 Malnt 19,495.60 !4.202.861 ; '.11 7,501.12 507.60 2.891.)7 416 11,696 44 9,491.60 4,702.46 44 Bad Checks/gefurd _2_2_2_0.30 _ _2.196.D0 (2.196.801(3001 j591.98 9 450.20 (5.752.121 1 531 Slats( Control], TO _ 2z,a35;28 19.,103.98 - - 7,)73.70 20 231,anJ.07 209,.519.]8 25,287.29 12 Conerib to Fr fit ] 087.99 � .-_. .. -- —... _ _._ --4 ,--, 1.008.22 �6 071.72 607 223.805.OJ 116,692,71 107,117.36 92 Other Operating Ex, nsear Property Taxes 3.414.63 Insurance 695.00 2,718.63 791 90.975.18 12.503.10 797.71 480.1.7 28,472.39 82.461 ( 17) 4,359. 71.156.31 228 Marketing 1.S3],n2 11 5,716.02 (3,356.7111 7.41 780.00 1,237.02 132 8,503.41 5,278.12 7.775.71 57 COmeisalona 0.00 17,99 ( 47 991 (100) 357.21 Cable 6 Satellit. V 548 6l 01 294.00 I 226.791 ( 4 475.96 72.77 IS 6,515.79 6,Credit Card Expeul 838.35 516. 4 664.69 4 1.599.55 1 )91.701( 11) 15.111.4'2 Travel 6 Snterta.r ent 607.64 10.907.5775 1,172.63 44 15.16 561.18 999 1,280.40 Professional Feel 580.06 240 142 675 57 030.53 41 .00 310.06 Royalties8,430.74 2.569.1 (5,851.56) ( 261 1,940.18 1,797.5] 62.55 4 21,470.77 32,569,I77 5,861.56 26 Contract Servicer Sr 0.00 0.00 o.00 n 0.00 673.00 ( 921.001 (1001 Management vees 8'16.11 398.98 277.1173 46 77.109.57 9,672.48 .7,]37.05 19 MSseellanenus Ext. Re 870.87 .__.j,060:67 _ ( 119_7011 18) _ .227),86 _x.323.92 _ ( 50.06) ( ll Total Other Open 79rp _.114131.20 6,942,91 -9,188.29 60 _128 03330 ___85.973.23 _ 81059.87 49 Net Operating tco (4,048,26) r5 974.691 1 886.43 ( 32) 95,771.97 _ 70.719.48 65 052.49 212 Tote im Financial Report, For Intcrnsl Use Only 9T 'd bi6TsE60L6 S3WOH d3WMOOC RTTt60 20 82 W 1 Month P.nded rricr Veer i2 wmrhe Rnrird Prynr year Dec. 31,_2000 Period Variance Pot Oec. 11, 2000 �� - —'--'"'— Peel od Variance___ Pot "rRimers"MeDt Rer• (I2.]57.051 (17.010.08) .—. tr1• 257.0.1 I 2) (171,104.21) 1174,094 59) ]99.45 ( 7) _ s Oper 'etRep .28_00 20.00 ""'—'--' -- 926.97 7,599.19 (7,272:261 ( 311 Income Mon) ,f Oen (16,713.311 (18,924.77) --_— � --_��— -- 5,151.44 ( 1.11 181.101.931 (179,574.02) 56.569 99 1 42) Deprec-aanrtir,) 'on 5.333.00 7.341.00 __(;0°03.00)(,A4)1 _15,.154.00 98,671.00 � --... _I13,_523.301 f_151 Net income ,0441 5 123,111.3115 _ 26,265.7]15 3,151.46 f_12) 5 (1 56.261.d 3)5 328!153s715 ]�,091®9 ( 32; Intel'. ?innate) Report, For Internal Use Only Li -d ii6I6EEOL6 S3WOH A3WHOOr *II :60 20 82 ReW Income Approach Using 1999 actual income Building Area: 55 rooms @ $44.17 per room ADR $ 886,713 Total Gross Potential Income $ 886,713 Less: Vacancy& Collection Loss(63%) $( 560,501) Effective Gross Income $ 326,212 Less: Actual Expenses $( 281,876) Net Operating Income $ 44,336 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 14.7% (12% stabilized cap rate plus 2.7%effective tax rate) $44,336 14.7% $ 301,605 Rounded $ 300,000 6 • MICROTRI. INN 6 SIMMS. tar .Statement of Profit S lose - For the Period Rnded r.cember 31, :999 l • 1 Month Ended Elm* V..r Dec. 31. 1999 Period V 12 Months Ended Prior Year variance Pct Dec. 31 999 ? - Period eriod Variance Pee Operating Revenue Room Sales $ 19.944 14 5 15,637.,;8 S 1,728.18 28 S 322,916 48 2].5,254,49 5 9'1,532.42 10 Telephone (Wet) 21].]9 185.14 61.R1 Vending/Lobby (It 1 9.00 39 9,)91.11 1,150.60 429.12 10 Other 91.29 ( )2,391! 2191 55L.4$ 110.691 1,155.20 ( 713.941 ; 53) —� _ 1 175y55{ 34.36 f 181 13,558y121 ,__, 155.23 12,713.94119991 Total Oper Rei. tie 20 112,20 —ice_- _ 1j769.11 -. _ 1,712,96 28 _ )36,312.49 _231,554, 71 94,65].)2 41 Controllahle riper P non.... Management Wager 2.369.74 2,076.37 Front fklfk Wages 293.12 19 25.2 13.73 1,925.10 1,090-19 3,944,13 106.26 1 6,182.12 46 Housekeeping wag? 1,923.51 51,994.d2 19,090.51 17,)89.00 16 1.530.93 ).91.69 iP. 2 .149.44 +9.090.41 ], •59.80 16 Maintenance Wage; 262.05 n.ln x62.ns 9 1 Other Cnmpensar.i,1 1,208 44 238.31 961.331 >4 6 41.40 194.09 f 152.5911 791 P/R Taxes S den,' a9.200.90 2,239.3] 1,361.33 999 14668,92 775.79 193.01 115 18_652_92 `9.665.38 __3,_97.04 99 total Payroll . r9 :0.31$ 5) 8.420 95 1.594.62 20 129,020.29 Training/Seminary 299.0011.154.99 99.955.91 12 Cleenin 0.00 299 70 u g-Laundry a ppl 231.55 299 00 1.154 99 ( 343.991 ( •0) Linens :F 5.92 64.71 39 6.631.29 1,715 125.29 28.28 6 ! 212.•111 241 Guest Ropy Suopl:. 198 aS ll J5 343 4,;61.27 111.46 252.51 24 50.39 219.20 209 4,161.18 2,145,65 1.039.7637 ^".her Supplies ]50.25 ( :ekfaet SUPptlrs 530.39 219.20 41 4,96E 18 594.19 5.799.11 (1.231.411 ! 251 258.40 325.79 126 2,544.16 Utilities 2,346,62 1,129 49 2,005.11 1,292.37 25 1,01].t2 30 21.291.19 12,005.26 1 ,154 91 Telephone 3.248.62 9 12,79 0 134.30 32 19,493.40 9.956.79 8.567.0950 100 Repairs a Saint 607,60 1]7.30 134.30 29 9,49].50 Bad Checks/Refund♦ 2 )96,80 R,956.01 29).09 6 _. 0.00 _ _9)96.80 - t 9r 950.20 159.03 8.292.1] 399 Total Centralia, • 9 103.78---� : 1,3]5_)1 -- 5128.67 54 209,519.72 136,842_.97 _„ 72,676.81 _53 COntrib to Pr, t 1,008.22 �.6393_93 (2,]85.711(-60) llfi 6192_61 94713.80 ]1,980.91 23 Other Operating Cxp n ea Property Taxes 696.00 0.00 Insurance 110 17 696.00 n 12.907.30 50.00,54 12,503.10 0 Marketing454,83 15,34 3 5,716,02 300.00 659.25 1 359.2511 5413.590,77 1,112.45 54 Commissions 5.$]R 72 5,593.]] f 112.691 ( 21 47.99 0.00 47,99 p Cable 6 Satellite i 293,06 19.41 974.08 999 4 475.86 4]5,86 Credit Card 8 0.00 0 9,795.70 9,100.93 xpem t ]98.54 !.096.10 1,9]1.58 46 Travel 5 8ntertalrn nt 46.16 (1,166.521( 621 9,907.57 1,831 95 213.98 414.79 4 Professional Pees 1 166.12) ( 701 907.57 1,632.7) 740,00 399.82 ( 921.76) ( 501 Royalties 1 159.52)( 901 6,6]6.04 11,659.56 (1,9213.52)( 43) 1.197.43 ',094.64 302,99 28 22,549.1)Contract Services-C r 0.00 15,347.20 6,575.89 43 49.60 ( 49.601(1001 923.00 347.20 575.80 166 Management Pees 591,98 16.52 963.06 999 Lease Expense 1.43 0.00 0 0.00 9,672,90 6,718,52 2,923,66 43 Miscellaneous troe, . 0.00 ]4].9B 308.93 1.525.02 N.525.021 (1001 13855 142 _ I,Olo.B] 3 304.69 —....�_ _- 706_11 21 Total Other Oper :p 5_828_81 798.97 29z88 1 84,859.11 67,J06.95 —17,353 ( Inter. a Financial Report. For Internal Use Only *I 'd if6ISES0L6 S3W0H A3W800L '01 :60 20 ea RQW 1 Month ended Prior Year 12 Months glided Prior Year 13_42.,S1999 _ _period _ Variance Pet Ott. J1. 1999. Period - Variance SrP i Met Opera: g Inca _(3.820 jp1 /7,405.001 (1.414 591 )AD 31R 977.50 _ 3] 60 .94 4,228.714 15 Interest Rape), . (13.nfn.nal f19.319.091 6,539.01 ( 321 (178.098.691 1196,149 361 121,951.3]1 :.4 Other Non-Opp. nc(etp 20.00 19.32 __ 0.68 9 1699 J9 -- _.._. 220.30 )r 479.59 999 Income(Loss of Dap 117,930.677 121.620 77) 3,910.10 181 Deprec,anort.i-s ion 7 1178,577.701 (128.719.791 (1]41.00 556 00 0,397.98) 8 - . yt :00 42 88,677 00 + . 2 B5 -18r_,]9.00 _ 90 048,00 92 Met lneom) Goss) 9 145 J.51 6719 1]6:776.7715 1 6]5 10 1 61 6 1277,239_ .:r]IS (176,94].1919 - = --•- ..__... ._. 150291.981 78 Inter a Financial Report, For Internal type Only ST 'd if6TSEEOL6 S3WOH A31.4dlOC tOt :SO 30 8Z MEW J1NIIEGRA Realty Resources SUMMER 2000 REAL ESTATE INVESTMENT SURVEY ROCKY MOUNTAIN REGION Integra Joseph Farber & Company is pleased to many months typically elapsed between the time 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 time between contract and actual closing. The range was typically one to six Through our ouesnonnaire 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 financing 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 Flow Technique and the legal/tide 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 I Primary Secondary Rarely Vacant Commercial • • Cost Approach 0% 3590 6590 Sale Price Land Properties Up to$1.0 Million 9% 7% • Direct Sales/ Market Approach 38% 42% 19% $1.0 To$2,499 Million 8% 6% Capitalized $2.5 To$4.999 Million 6% 5% Income 69% 31% 0% $5.0 To$9.999 Million 5% 4% Discounted $10.0 Million&Over 4% 3% Cash Flow 38% 15% 46% In Discounted Cash Row(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 and individuals who participated in this Investment We again asked the respondents about marketing Survey. 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Lie `. 3 V r ••• r < • R: €c v < C tc 'c 'o < L 5 v, u *eEee*et *g**to eeg*** to** e e M _ c r Eu ai . ee enenn o O•„n o ooc ooc oe t4 t _ e $ R A R _ C CC 'NNC- p O N Nr. N N'-__ n C Y < I.-. .C.C.C .[r�. .G .C .C. tie Y 7 P d Cir C - R R CtECCC eeet a O�tet ntf a** eP ! cy z ,� a tr V nnOnn OnnC NOnnC Onnn O G b y C C CPPPP COOP C Noce G_C,,p; 0 7 C L C S C = p r� < R L {i a T _ E ? ' .a a L— �` .c _ F C Y U U 14 a�. T. h,' °° 124 �Qj CC� G :Z C C Z' S�I 2 �% ttcty S 1 _ •V c geg e kjhiii4I = EE ir%' 9'7 • i 4q$ n 8OGEZI a• t I. F =3 �„5 96'kb €' 9 em_ • a yt.h Liu 4 ShiUC IiiiI lilt el L`p IU XCGU • C., c v W v IC F h_ Z L v 'f C Y 1 DD C , a� O C zs c>.5 N • CERTIFICATION CERTIFICATION: The Appraiser hereby certifies, except as otherwise noted in the consulting service report, that: 1. 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