HomeMy WebLinkAbout20022214.tiff of coy Colorado Department of Local Affairs
Executive Director, Bob Brooks
co, `•�.. ` ...
09 i DIVISION OF PROPERTY TAXATION
Mary E. Huddleston
-tens/ Property Tax Administrator
Bill Owens
Governor
TO: County Commissioners
FROM: Mary E. Huddleston`;llaA,
Property Tax Administrator --1
SUBJECT: 2002 Final Notice of Valuation
State Assessed Property
DATE: August 1, 2002
MEMORANDUM
Enclosed are the final 2002 valuations for state assessed companies, an updated
address listing, and a brief narrative explaining changes made to companies as a result
of county or company protests. Companies with changes have been marked with an
asterisk, "*".
If you disagree with the final valuation of a company that you timely protested in July
2002, you may file a petition on or before August 31, 2002, with the Board of
Assessment Appeals, 1313 Sherman Street, Suite 315, Denver, CO 80203, (303) 866-
5880. Laws concerning the appeal process are found in 39-2-125(1)(b)(I) and 39-4-
108(8), C.R.S.
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9 1313 Sherman, Room 419, Denver, CO 80203, (303) 866-2371 WID•
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/O eAS TDD (303) 866-5300 FAX (303) 866-4000
,daZ E-Mail mary.huddleston@state.co.us 2OO2-2214
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Colorado State Assessed Property
Notice of Valuation - County Summary
August 1, 2002
WELD
ID Company Name $Assessed $Actual 5.5% Limit Tabor Actual
TL 569 360Networks(USA),Inc. $58,800 $202,800 $0 $0
TX 414 ACN $700 $2,400 $0 $0 TM a 459 Advanced Nationwide Messaging
g g $69,800 $240,700 $0 $0
TX 936 Affinity Telecom f/k/a Chemow Comm $2,700 $9,300 $0 $0
TM 443 Arch Wireless,Inc. $98,000 $337,900 $0 $0
TL 369 AT&T Communications $4,043,900 $13,944,500 $631,000 $543,900
TM 439 AT&T Wireless Services of Colorado, LL C* $34,700 $119,700 $0 $0
PD 306 Atmos Energy Corp.Co $4,614,300 $15,911,400 $0 $0
EL 067 Basin Electric Power Coop $1,017,100 $3,507,200 $0 $0
PF 312 BP Pipelines(North America)Inc. $252,500 $870,700 $0 $0
TL 091 Broadwing Communications Services, Inc. * $1,116,900 $3,851,400 $0 $0
TX 386 Broadwing Telecommunications Inc $9,000 $31,000 $0 $0
RR 345 Burlington Northern&Santa Fe Railway Co $3.954,300 $13,635,500 $0 $0
TX 400 Business Telecom,Inc $1,400 $4,800 $0 $0
TX 743 Claircom Networks, Inc $200 $700 $0 $0
PT 328 Colorado Interstate Gas Co. $11,132,500 $38,387,900 $466,100 $1.153,700
PF 315 Conoco Pipeline Co. $1,817,100 $6,265,900 $0 $0
TM 662 Cricket Communications,Inc* $227,900 $785,900 $227,900 $786.000
TX 917 Davel Communications Inc* $5,900 $20,300 $0 $0
TL 676 Dynegy Connect LP* $36,700 $126,600 $0 $0
TL 648 Enron Broadband Services $39,500 $136,200 $0 $0
AL 020 FedEx Express $8,400 $29,000 $0 $0
TX 062 Genuity Solutions* $86,100 $296,900 $0 $0
RR 355 Great Western Railway Co. $478,500 $1,650,000 $0 $0
TM 753 Greeley Cellular Telephone Company* $1,987,500 $6,853,400 $0 $0
ER 827 Heartland Consumers Power dist $208,900 $720,300 $0 $0
ER 085 High West Energy $21.100 $72,800 $0 $0
ER 075 Highline Electric Assn $5,900 $20,300 $0 $0
TL 371 ICG Telecom Group,Inc. $137,700 $474,800 $0 $0
EL 819 Johnstown Cogen Co. LLC $46,700 $161,000 $0 $0
PF 326 Kaneb Pipeline $218,600 $753,800 $0 $0
PT 675 Ken-McGee Gathering LLC* $31,418,800 $108,340,700 $0 $0
PT 920 KM Interstate Gas Transmission LLC* $5,370,300 $18,518,300 $0 $0
PT 961 KN Gas Gathering $496,200 $1,711,000 $0 $0
PD 309 KN Retail* $1,239,800 $4,275,200 $0 $0
TL 500 Level 3 Communications LLC $438,900 $1,513,400 $1,596,400 $5,505.000
ER 825 Lincoln Electric System $150,200 $517,900 $0 $0
TX 762 Matrix Telecom $400 $1,400 $0 $0
TL 390 MCI Worldcom Network Services,Inc. $2,291,300 $7,901,000 $0 $0
TL 368 McLeod USA Telecommunications Services $9,300 $32,100 $0 $0
TL 366 McLeodUSA Network Services,Inc. $1,300 $4,500 $0 $0
TL 570 Metromedia Fiber Network Services,Inc. * $69,500 $239,700 $0 $0
ER 081 Morgan County Rural Elec Assn $644,800 $2,223,400 $0 $0
TM 611 Nextel West Corporation * $407,700 $1,405,900 $0 $0
PT 307 Northern Natural Gas Company $12,000 $41,400 $0 $0
TR 481 Nunn Telephone Company $421,500 $1,453,400 $0 $0
TX 059 One Call Communications $800 $2,800 $0 $0
TX 138 Operator Communications $200 $700 $0 $0
TX 576 PhoneSmart $11,000 $37,900 $0 $0
7/26/02 2:16 PM WELD Page 1 of 2
1D Company Name $Assessed $Actual 5.5% Limit Tabor Actual
TX 585 Phonetel Technologies Inc* $1,300 $4,500 $0 $0
EL 472 Ponnequin Acquisiotions $776,600 $2,677,900 $0 $0
ER 084 Poudre Valley Rural Elec Assn $1,804,800 $6,223,400 $0 $0
TX 347 Primus Telecommunications Inc. $5,700 $19,700 $0 $0
EL 064 Public Service Company of Colorado $90,262,700 $311,250,700 $0 $0
TL 393 Corporation west West)Q (US $29,835,600 $102,881,400 $0 $0
TM 602 west Wireless,LLC
Q $857,900 $2,958,300 $0 $0
PT 679 Rocky Mountain Natural Gas Co. * $2,500 $8,600 $0 $0
TR 487 Roggen Telephone Company $161,500 $556,900 $0 $0
TX 835 RSL Corn U.S.A., Inc. $34,800 $120,000 $0 $0
PF 323 Sinclair Pipeline Company $153,200 $528,300 $0 $0
TL 379 Sprint Communications Co. LP $530,300 $1,828,600 $0 $0
TM 435 Sprint Spectrum LP dba Sprint PCS $809,700 $2,792,100 $0 $0
TR 490 Stoneham Co-op Telephone Corp $87,400 $301,400 $0 $0
EL 867 Thermo Cogeneration Partnership,L.P. * $18,640,300 $64,276,900 $0 $0
EL 318 Thermo Greeley LLC * $2,061,100 $7,107,200 $0 $0
EL 746 Thermo Power and Electric $2,578,000 $8,889,700 $0 $0
TX 583 T-Netix Inc $8,500 $29,300 $0 $0
TL 457 Touch America $1,154,500 $3,981,000 $0 $0
PT 340 Trailblazer Pipeline $1,439,100 $4,962,400 $0 $0
ER 093 Tri-State Gen&Trans Assoc $1,721,900 $5,937,600 $0 $0
RR 361 Union Pacific Railroad Company* $8,918,300 $30,752,800 $525,300 $75,800
ER 094 United Power Inc $5,514,800 $19,016,600 $0 $0
TX 760 Univance Telecommunications Inc $13,400 $46,200 $0 $0
TM455 Verizon Wireless(VAW)L LC $1,468,600 $5,064,100 $0 $0
TM 449 VoiceStream PCS II Corporation $883,500 $3,046,600 $0 $0
TM 566 Western Communications Paging $200 $700 $0 $0
ER 833 Western Minnesota Power $493,500 $1,701,700 $0 $0
PT 807 Westgas Interstate,Inc. $19,500 $67.200 $0 $0
PF 956 Westtex 66 Pipeline Co. $226,500 $781,000 $0 $0
TR 496 Wiggins Telephone Association $177,200 $611,000 $0 $0
PT 334 Wiliams Gas Pipeline Central $1,055,400 $3,639,300 $0 $0
TL 562 Williams Network Services $651,200 $2,245,500 $0 $0
TX 618 Working Assets Funding $12,100 $41,700 $0 $0
PT 343 Wyoming Interstate Company Ltd. $4,978,800 $17,168,300 $0 $0
ER 824 Wyoming Municipal Power Agency $64,300 $221,700 $0 $0
TL 456 XO Communications, Inc. $100 $300 $0 $0
TOTALS $252,122,100 $869,386,400 $3,446,700 $8,064,400
7/26/02 2:16 PM WELD Page 2 of 2
Colorado State Assessed Property - Private Canine
Notice of Valuation- County Summary
August 1, 2002
WELD
ID Company Name $Assessed $Actual
PC 782 A.E.Staley Manufacturing Co. $800 $2,800
PC 260 ACF Industries,Inc. $13,700 $47,200
PC 099 ADM Transportation Co $7,900 $27,200
PC 930 Ag Processing Inc. $2,900 $10,000
PC 180 Air Liquide America Corp $600 $2,100
PC 105 Alabama Power Company $67,300 $232,100
PC 204 Albemarle Corporation $100 $300
PC 596 Alliant Energy $7,800 $26900
PC 533 Ameren Energy Generating Co _ $200 $700
PC 109 American Electric Power_-_ $15,200 $52,400
PC 690 American Soda,LLP $31,900 $110,000
PC 692 Arizona Electric Power Coop $19,600 $67,600 PC 914 Astaris LLC $200 $700
PC 119 Baroid Drilling Fluids $100 $300
PC 183 Boeing Company $100 $300
PC 225 Bombardier Capital S7,700 $26,600
PC 121 Borden Chemical,Inc. $100 $300
PC 111 BP Corporation North America Inc. $2,100 $7,200
PC 723 C.W.Brooks $200 $700 -
PC 553 Cargill,Inc. $7,000 $24,100
PC 941 Cagill,Inc.Salt Division $1,200 $4,100 — ----
PC 554_C_argill,Ing.CGD Division $8,800 $30,300
PC 126 Celtran,Inc. $200 $700
PC 604 Centennial Gas Liquids $1,000 $3,400 PC 558 Central&SW Services $8,600 $29,700
PC 705 Central Louisiana Electric $700 $2,400
PC 128 Central Power&Light $41,100 S141,700
PC 131 Chevron Chemical Company $200 $700
PC 130 Chevron USA Inc. $1,300 $4,500
PC 132 Chicago Freight Car Leasing $9,500 $32,800
PC 143 CIT Group/Capital Finance $33,200 $114,500
PC 791 Citicorp Railmark,Inc. $200 $700
PC 135 City Public Service of San Antonio $1,800 $6,200
PC 127 Cleco Power LLC SIN $300 -
PC 100 Commonwealth Edison Co --._ ..
mpany $2,800 $9,700 ___-- -
PC 040 Conoco Inc. $16,900 $58,300 __
PC 906 Consol Energy $400 $1,400
PC 701 Continental Tank Car $1,100 $3,800
PC 619 Coors Brewing Company $94,400 $325,500
PC 034 COTCO Inc. $2,500 $8,600
PC 702 Cryo-Trans,Inc. $1,400 $4,800
PC 141 Crystal Car Line $1,000 $3,400
PC 036 Dakota Gasification Co $4,000 $13,800
PC 142 Delta Tank Line Co $200 -- $700
PC 273 Dow Chemical Co&Union Carbide $1,800 $6,200
PC 201 Dowell Div of Schlumberger Technology Cor —_ $100 $300
PC 706 DTE Transportation Services $700 $2,400
PC 269 Eastman Chemical Company $900 $3,100
PC 145 Eastman Kodak-Colorado Div $I00 $300
7/26/02 11:24 AM WELD Page 1 of 4
ID Company Name $Assessed $Actual
PC 202 ECDC Environmental LC $400 $1,400
Empire District Electric Company —
PC 797
�P _-- _ ---P y ..__.._ $16,000 $55,200
PC 591 Engineered Carbons $100 $300
PC 266 Entergy Arkansas,Inc. $9,000 $31,000
PC 174 Entergy Gulf States,Inc. $28,700 $99,000
PC 124 EPIC $200 T700
PC 148 Equistar Chemicals,LP $3,400 $11,700
PC 715 Excel Railcar Corporation $500 $1,700
PC 151 Exxon Mobil Corporation . $5,400 $18,600 •
PC 033 Farmers Commodities Transpoi tation Co $2,100 $7,200
PC 155 Farmland Industries Inc. $4,600 $15,900
PC 519 Fayette Power Project Unit 1&2 $21,400 - _$73,800 •
PC 911 Fayette Power Project Unit 3 $10,100 $34,800
PC 153 Fina Oil Company $400 $1,400
PC 995 First Security Bank Nat.Assoc. $100 $300
PC 220 First Union Rail Corporation* $19,600 $67,600 -
PC 718 Flex Leasing Corporation $300 $1,000
PC 521 FMC Corporation $6,800 $23,400
PC 156 Formosa Transrail Corp $800 $2,800
PC 325 Freeport-McMoran Sulphur $7,100 $24,500
PC 231 Fuel Supply Trust $300 $1,000
PC 169 GATX Financial Corp Capital Division . $2,400 $8,300 — _
PC 162 GATX Financial Corp Rail Division $41,200 $142,100
PC 699 GATX Rail Canada FKA CGTX $900 $3,100
PC 559 GE Rail Services Corp —�— $35,500 $122,400
PC 163 GE Railcar Customers $200 $700
PC 707 General Chemical Corp $100 $300
PC 344 Georgetown Rail Equipment Co $3,900 $13,400
PC 165 Georgia Gulf Chemicals&Vinyls,LLC $100 $300 •
PC 960 Georgia Power Company $3,700 $12,800
PC 168 GLNX Corporation" $500 $1,700
PC 719 Golden Leasing $100 $300
PC 709 Greenbrier Leasing Corporation' $10,900 $37,600PC 550 Helm Financial Corp $21,100 $72,800
PC 812 Helm Locomotive Leasing $800 $2,800
PC 935 Helm Pacific Leasing $500 $1,700
PC 946 Herzog Contracting $1,300 $4,500
PC 888 Holnam Inc aka Holcim $2,900 $10,000
PC 196 IBP,Inc. $200 $700
PC 200 IMC Chemicals fka N American Chemical $2,200 $7,600
PC 190 IMC Global Operations Inc.* $200 $700
PC 664 Intel-coastal Leasing $700 $2,400
PC 878 J.R.Simplot Company $7,500 $25,900
PC 280 JAIX Leasing Company $1,900 $6,600
PC 909 Joseph Leasing Ltd aka DJJ Leasing Ltd $1 100 $3,800
PC 905 Job Trans.Inc fka David Joseph* $15,900 $54,800
PC 199 Kennecott Utah Copper Corp $8,500 $29,300
PC 900 L.G.Everist,Inc. —_—_ $71,100 $245,200
PC 536 Louis Dreyfus Corporation $800 $2,800__
PC 721 LUSCAR Ltd $6,200 $21,400
PC 232 M&C Railcar Leasing,LLC* $800 $2,800 PC 207 Mallard Transportation Company $100 $300
PC 038 MERCO-A Joint Venture $400 $1,400
PC 212 MHC,Inc.(Conagra,Inc.) $3,600 $12,400
7/26/02 11:24 AM WELD Page 2 of 4
ID Company Name $Assessed $Actual
PC 847 MHF Logistical $10,100 $34,800
PC 537 Mid-American Energy Co $11,400 --- - - -_--_---- -
_--_ $3,300 _
PC 403 Midwest Generation,LLC• $16,500 $56,900
PC 268 Minnesota Corn Processors Bulk Products $7,700 $26,600
PC 217 Mississippi Power Co $115,100 $396,900
PC 214 MRC Rail Services $79,900 $275,500
PC 251 MRXX Corporation $800 $2,800
PC 152 NashTex Leasing,Inc. $500 $1,700
PC 243 Nevada Cement $1,200 $4,100
PC 221 NI Source -- __. __.__$11,300 $39,000 _
PC 039 North American Salt $300 $1,000 ______
PC 274 North Star Steel -_ $1,100 $3,800
PC 945 Northern States Power $12,000 $41,400 •
PC 173 Nova Chemicals Inc. $1,300 $4,500 _.
PC 226 Occidental Chemical Corporation $900 $3,100
PC I44 OC1 Chemical Corporation* $600 $2,100
PC 285 Ohio Valley Electric Corp $4,600 $15,900 _
PC 910 Oil-Dri Corporation of America $100 $300 •
PC 227 Oklahoma Gas&Electric Co $800 $2,800
PC 041 On-Track Railcar Service $100 $300
PC 367 Oxy Vinyls LP - $600 $2,100 _
PC 993 Perdue Transportation $100 $300
PC 234 Phillips Petroleum Co —_- $2,900 $10,000
PC 236 PLM International,Inc. $2,100 $7,200
PC 727 Poole Chemical $100 $300
PC 548 Praxair,Inc. $200 $700
PC 240 Procor Ltd $9,200 _ $31,700 •
PC 728 Proctor&Gamble $1,300 $4,500
PC 600 Progress Rail Services $1,500 $5,200 •
PC 241 Public Service Company of Colorado $60,800 $209,700 •
PC 242 Public Service Company of Oldahoma $2,600 $9,000
PC 283 Rail Transportation Services $100 $300
PC 193 Railcar Associates LP --- ---- $5,400 $18,600 _
PC 055 Railcar Leasing LLC $5,200 $17,900
PC 448 Railcar,Ltd.* S700 $2,400
PC 926 Rampart Range Corp $700 $2,400 _ _-�
PC 250 Relco Tank Line,Inc.• $I00 $300 •
PPC 287 Reliant Energy HL&P $62,400 $215,200
PC 887 Rio Grande Chemical $1,200 54,100
PC 882 Rocky Mm Transportation Srvc $1,700 $5,900
PC 691 S.M.Brooks Freight $300 $1,000
PC 535 Sauvage Gas Company* $100 $300
PC 265 Savage-Harrington Energy Services $32,400 $111,700 •
PC 298 Save Tolk FICA Wheelabrator — $55,200 $190,300
PC 337 Scherer Electric Generating Facility $3,100 $10,700
PC 258 Shell Oil Company $400 $1,400
PC 259 Shintech Inc. $100 $300 - - -
PC 101 Solvay Minerals,Inc. $8,000 $27,60O
PC 261 Solvay Polyethylene North America $3,100 510,700
PC 223 Southeastern Industrial Ent $800 $2,800
PC 944 Southern Illinois Railcar $5,300 $18,300
PC 333 Southwest Rail Industries,Inc. $1,100 $3,800
PC 042 Structural Metals Inc. $1,600 $5,500
PC 989 SULCOM,Inc $200 $700
7/26/02 11:24 AM WELD Page 3 of 4
ID Company Name $Assessed $Actual
PC 264 Sunoco(R&M)fka Aristech Chemical $200 $700
PC 255 SW Electric Power Co $900 $3,100 _
PC 875 The Andersons,Inc.• $500 $1,700
PC 203 The Polyone Company $200 $700
PC 924 Transmatrix,Inc. $100 $300
PC 603 Transport Capital LLC $85,500 $294,800
PC 276 Transportation Corp of America $100 $300
PC 636 Transportation Equipment,Inc. $2,100 $7,200
PC 278 Trinitjnd Leasing _____ $10,800 $37,200 •
PC 346 Trinity Rail Management $29,600 S102,100 _
PC 275 TTX Company $90,600 $312,400
PC 292 TXU Electric $82,100 $283,100 •
PC 284 Union Tank Car Co• _ ,� $46,400 $160,000
PC 925 United Ashpalt,Inc. $200 S700 .
PC 289 Vulcan Materials Co $1,100 $3,800
PC 291 Walter Haffner Co• $100 $300
PC 294 Western Farmers Elec Co-Op $100 $300
PC 295 Western Fuels Association $25,700 $88,600
PC 954 Western Resources $65,000 $224,100
PC 595 Winter Bird $100 $300
PC 883 Wisconsin Electric Power $700 $2,400
PC 668 Wisconsin Public Service Corp $900 $3,100
TOTALS $1,788,100 $6,165,000
7/26/02 11:24 AM WELD Page 4 of 4
STATE ASSESSED PROPERTY SECTION
COUNTY NOTIFICATION
AUGUST 1, 2002
POSSIBLE APPEALS - COUNTY PROTESTS - COMPANY PROTESTS
POSSIBLE DISTRICT COURT OR BOARD OF ASSESSMENT APPEALS (BAA}:
Companies or representatives that protested and did not receive the changes they
asked for, or want to provide more data to support their position.
America West Airlines AL007
American Airlines AL014
American Trans Air AL006
Delta Airlines ALO16
Great Lakes Aviation AL913
JetBlue Airways AL674
Mesa Airlines AL663
Mesaba Aviation AL660
SkyWest Airlines AL561
Thermo Greeley LLC EL318
KN Retail PD309
TransColorado Gas Transmission Co. PT311
Global Crossing TL362
Northern Colorado Telecomm TL733
CenturyTel of Eagle fka Eagle Telecommunications TR473
CenturyTel of Colorado fka Universal Telephone Co TR494
AT&T Wireless of Colorado TM439
Fort Collins/Loveland Cellular TM752
Greeley Cellular Telephone Company TM753
Durango Cellular (Alltel) TM815
Teleglobe USA TX549
Coved Communications TX133
Working Assets Funding TX618
RSL Com USA TX835
The telecommunications industry is in a tailspin economically. There have been several
bankruptcy filings in the last year and many more are likely. Global Crossing may soon
i
be purchased or partially purchased. That transaction could adversely affect our value
of Global Crossing. The recent WorldCom filing could impact the values of
MCIWorldCom Network Services and MCI Metro Access. McLeod USA Network
Services and McLeod USA Telecommunications Services could also be impacted by
bankruptcy court.
COUNTY PROTESTS:
Arapahoe County:
1O1 Gas Gathering PT961: The assets of KN Gas Gathering have been sold to
Kerr-McGee Gathering LLC.
Global Crossing TL362: The company is in bankruptcy. The assets are likely to
be sold or partially sold in the near future. Coupled with a BAA filing we could be
forced to significantly reduce this value further. Our value is twice that in the
submitted appraisal.
Enron Broadband Services TL648: This company is in bankruptcy. As a result
the company has written-down most of the value of their assets in accordance
with the Financial Accounting Standards Board (FASB).
@Links Network TX784: On June 4, 2001 @Links filed formal documents,
Articles of Dissolution, with the Wisconson Department of Financial Institutions
and is no longer in business. @Links was incorporated within Wisconsin.
Convergent Communications Services TX579: On April 9, 2001 Convergent
Communications Services filed a Chapter 11 bankruptcy. The company carried
out a managed liquidation and has returned all equipment to the previous owner
or lien holder in this case.
Incomnet TX423: On November 30, 2001, the company ceased operations and
all assets were sold or returned to the creditor.
Northwestern Digital TX654: The company ceased operations in November
2001. This non-facility based communications reseller no longer serviced
customers. The only remaining business activity the company had in Colorado
in December 2001 was a billing system used to close out all prior accounts. The
reported revenues reflect the fact that the company is no longer in business in
Colorado.
Rhythms Links TX990: On August 1, 2001 Rhythms filed for bankruptcy in the
Southern District of New York, 01-14283BRL thorough 01-14287 BRL. On
December 4, 2001 MCI WorldCom purchased certain assets from Rhythms and
any remaining assets within Colorado were either abandoned or released to the
2
lesser but in any case they were not in business within this entity. Therefore
effective December 4, 2001 the company ceased operations in Colorado.
Winstar Communications TX454: In April 2001 the company ceased
operations and filed for bankruptcy protection. The assets of the company were
either purchased by IDT Communications or were returned to the lesser.
Teligent Services TX025: As of December 15, 2001, all services provided by
Teligent have been disconnected, the company has filed for Chapter 11
Bankruptcy in the Southern District of New York, Case No. 01-12974 (SMB) and
the telecommunications equipment has been restated to its fair market value.
Covad Communications TX133: The parent company Covad Communications
Group, Inc, filed Chapter 11 Bankruptcy in 2001 and came out of this
reorganization effort the same year. As part of the reorganization the company
changed the useful lives of the assets which results in a large increase in the
amount of depreciation applied to the company's assets and reduces the net
book value of the assets and the company.
T-Netix TX583: Corporate headquarters were moved from Arapahoe County to
Carrollton Texas. The amount of remaining assets in the other Colorado
counties maintained their values and received a larger portion of the value.
Digital Teleport TX642: On December 31, 2001 Digital Teleport filed for
voluntary Chapter 11 Bankruptcy. The fiber optic network within the State of
Colorado is not currently lit and capable of carrying traffic. Furthermore, the
company does not currently have the funding to light this network, nor does it
have any customers for the network. Filed in Bankruptcy Court for the Eastern
District of Missouri, Case No. 01-54369.
Boulder County:
Nextel West TM611: Values changed as a result of an amended Annual
Statement of Property (ASOP) and an apportionment error. Values will change
for a large number of counties, back to the counties they were in last year, with
an increase. ASOP provided to the county.
Qwest Wireless TM602: The assessed value increased; ASOP provided to the
county.
Qwest Communications Corp. TL923: The assessed value increased; ASOP
provided to the county.
Qwest Corporation TL393: The assessed value increased; ASOP provided to
the county.
3
Global Crossing TL362: The company is in bankruptcy. The assets are likely to
be sold or partially sold in the near future. Coupled with a BAA filing we could be
forced to significantly reduce this value further. Our value is twice that in the
submitted appraisal. The ASOP has been provided to the county.
MCIWorldCom Network Services, Inc. TL390: Based on the trends in the
industry maintaining last year's value was unrealistic. Please note increase from
July 1, 2002. The ASOP has been provided to the county. The ASOP contained
inaccuracies in the Colorado depreciation.
Working Assets Funding TX618: The net operating income has stabilized
while net operating property is still increasing and the rates of return for this
company still remain over 1,000%. It appears this company may be one of the
survivors but it will still want its tax liability low and may protest further.
Douglas County:
XO Communications Inc. TL456: Based on the state of the industry extensive
economic obsolescence is warranted. The company is in bankruptcy.
Touch America TL457: The reduction occurred as the accounting for the
Colorado assets had to be adjusted. The company wanted us to exclude
unused fiber. We denied that request. While the industry is in trouble this
company could realize an increase in 2003.
Covad Communications TX133: The parent company Covad Communications
Group, Inc, filed Chapter 11 Bankruptcy in 2001 and came out of this
reorganization effort the same year. As part of the reorganization, the company
changed the useful lives of the assets, which results in a large increase in the
amount of depreciation applied to the company's assets, and reduces the net
book value of the assets and the company. In tax year 2001, Covad reported
historical cost of assets within Douglas County of$445,561. In tax year 2002 it
reported $394,747 in historical cost. No itemized lists of the company's fixed
assets were provided regarding Douglas County or any other county.
La Plata County:
Alamosa PCS TM658: This is a company new to your county in 2001, and new
to the state in 2000. I have talked with them several times, and no ASOP has
come in. It is a Best Information Available (BIA) valuation. There is
apportionment to your county based upon information from their website,
showing Durango in the coverage area. They did not protest, but there is no
guarantee that they won't seek an abatement.
4
Express Jet Airlines AL015: This is a new regional carrier to the state, owned
by Continental Airlines, and flown as Continental Express.
Sierra Pacific Airlines AL461: This is a scheduled carrier, mostly involved in
charter flights. They had only one flight into Durango in 2001.
SkyWest Airlines AL561: This regional carrier also flies as Delta Connection
and United Express. Air Wisconsin also flies as United Express. They assumed
Air Wisconsin's flights Denver to Durango fall 2001.
KN Retail PD309: This company purchased CUC-Colorado Division in 2001.
We have adjusted the apportionment to eliminate the 97 percent reduction in
those counties that had CUC-Colorado Division in 2001.
AT&T Communications TL369: AT&T has been changing over the past few
years by divesting business units. They also have suffered from the
economically depressed industry.
El Paso Natural Gas PT330: Because of expansion outside of Colorado and no
additions in Colorado, the allocation to Colorado was reduced. The lower
allocation caused a lower value. Our value of the entire system actually
increased.
Kinder Morgan Cortez Pipeline PT329: The company had more non-taxable
items in Colorado this year.
PacificCorp Electric Operations EL066: Slight assessed value reduced due to
increase in plant outside of Colorado and a decrease in plant within Colorado.
Public Service Company of Colorado EL064: The company's income is
stabilizing at a level slightly less than the past few years. The reduction is less
than one percent from 2001.
MCIWorldCom Network Services, Inc. TL390: Based on the trends in the
industry maintaining last year's value was unrealistic. Please note increase from
July 1, 2002. The ASOP contained inaccuracies in the Colorado depreciation.
TransColorado Gas Transmission Co. PT311: Slight decrease due to no
additions to the pipeline and a lack of business activity.
Transwestern Pipeline Co. PT310: Decreased due to a sharp decline in
income for the pipeline.
ACN TX414: The company completed the 2002 ASOP and indicated that it has
customers and assets in La Plata County. In past reporting years, the company
did not report any activity or presence in La Plata County.
5
Affinity Telecom f/k/a Chernow Comm TX936: Affinity Telecom was
incorporated in 2001 and purchased certain assets of Chernow
Communications. This appears to be an asset purchase and Chernow's leases
were not purchased and therefore ceased. The combination of the purchase,
Affinity restating the Chernow assets at a lower value, disposing of some of the
assets and the fact that the leases were not part of the purchase agreement, all
result in a lower value.
Broadwing Telecommunications TX386: This entity is a non-facility based
company. It has no assets in Colorado. Therefore the value and how the value
is apportioned to counties can vary greatly from year-to-year. For 2001 its
Colorado gross revenues went up by a large amount. However, this legal entity
is losing an average of$115,210,000 per year. Its Balance Sheet is under
severe stress, namely, retained earnings which shows the reporting company
has a huge negative which is in line with the large losses incurred by the parent.
All of these factors place into question whether this company is a going concern
and has much market value. If it is a going concern for how long and what is the
market value of a company that is close to no longer being a going concern?
Davel Communications TX917: A BIA value was placed on the company
because it originally only submitted limited cost information.
Claircom Networks TX743: A new company that reported customers in La
Plata County.
Coast International Inc TX383: Coast International is a non-facility based
reseller of long distance service. The value is based on the income generated
by customers within Colorado. The location of the customer and the amount of
income from the customer varies from year-to-year. For 2001, the company
reported an increase in Colorado Gross Revenues of almost 4 times over the
previous year.
Durango and Silverton Narrow Gauge Railroad RR353: The company failed
to file for Tax Year 2002. The value placed on the company was based on last
year's value. The company submitted the ASOP on July 15 and a new value
was calculated.
Matrix Telecom TX762: Matrix is a non-facility based communications
company. They have no assets in Colorado and its value is based on the
revenues and customers. Customers usually come and go to the low cost
provider regardless of location. The Colorado gross revenues the company
generated from the prior year is down over 50 percent. The average net
operating loss for this company is $1,320,203. Furthermore, the balance sheet
shows that the company has large negative retained earnings which are usually
a very good indicator it may not be in business much longer.
6
Operator Communications TX138: The income this company generated
decreased almost 200% from the previous year. Sine the company has no
Colorado assets, the cost approach is not a reliable indicator of value. The
company appears to be a going concern and may be able to weather the
economic downturn.
Phonetel Technologies TX585: The company is new and has little historical
information. Its income is negative but it does have assets in Colorado. We
used the unitary approach to value and relied on the cost approach to value this
company. The company originally submitted an incomplete return but it did
protest and filed a complete return which resulted in a new assessed value.
Primus Telecommunications TX347: The Colorado gross revenues for this
company decreased from several million last year to just over one million this
year. Given the nature of the telecommunications industry the past two years,
this large decrease was observed in other telecommunications companies.
RSL Corn USA TX835: RSL Com USA is a consolidation of two other
companies within the RSL corporate structure, LDM Systems and RSL Corn
Primecall. RSL Com USA is a non-facility based communications company.
They have no assets in Colorado and its value is based on the revenues and
customers. Customers usually come and go to the low cost provider regardless
of location of the provider.
T-Netix TX583: Corporate headquarters were moved from Arapahoe County to
Carrollton Texas. The amount of remaining assets in the other Colorado
counties maintained their values and received a larger portion of the value.
Univance Telecommunications TX760: The company reported an increase in
the amount of assets it has within Colorado, it reported an increase in the
number of customers in Colorado and the revenues generated within Colorado
have stabilized. All these factors contributed to an overall increase in value for
Univance.
Working Assets Funding TX618: The net operating income has stabilized,
investments in net operating property is increasing and the rates of return for this
company still remain over 1,000%. It appears this company may be one of the
survivors, but it still wants its tax liability lowered.
Logan County:
All of the companies listed in the protest showed no new construction. At times
the reported companies fail to provide new construction information. We will
follow through with each of the companies to confirm the information provided
with the ASOP. We will push for quick answers so we can provide any changes
to new construction amounts by mid August.
MCIWorldCom Network Services, Inc. TL390: Based on the trends in the
industry maintaining last year's value was unrealistic. Please note increase from
July 1, 2002. The ASOP contained inaccuracies in the Colorado depreciation.
Moffat County:
Nextel West TM611: Values changed as a result of an amended ASOP and an
apportionment error. Values will change for a large number of counties, back to
the counties they were in last year, with an increase.
Morgan County:
MCIWorldCom Network Services, Inc. TL390: Based on the trends in the
industry maintaining last year's value was unrealistic. Please note increase from
July 1, 2002. The ASOP contained inaccuracies in the Colorado depreciation.
Network Services TL562: The ASOP showed no property left in Morgan
County. We will follow up with the company in August. Some assets were sold
back to a creditor.
Pathnet TL563: Information from the Colorado Public Utilities Commission
showed that this company abandoned service.
KN Gas Gathering PT961: The assets of KN Gas Gathering have been sold to
Kerr-McGee Gathering LLC and Bittercreek Pipeline.
KN Wattenberg PT921: Company records now show that the assets in Morgan
County have been reduced.
360 Networks USA, Inc. TL569: In 2001 these assets were new and valued
with no economic depreciation applied. The company is in bankruptcy and had
to write-down the value of their assets. This led to the reduction is value for
2002.
Evercom TX159: Evercom reported a 50 percent decrease in Colorado
revenues and a 50 percent decrease in the number of customers. Both of these
factors contribute heavily in the valuation process of non-facility based telephone
resellers.
Primus Telecommunications TX347: Primus is a non-facility based
communications company and has no assets in Colorado. The value is
8
•
distributed based on customers and/or revenues where they are generated. The
Colorado gross revenues for this company decreased from several million last
year to just over one million this year. Given the nature of the
telecommunications industry the past two years, this is expected.
Phillips County:
Federal Express AL020: Why the decrease? All of the airlines, cargo and
passenger carriers, have had a decline in value. The industry has had less
business and leisure activity; federal funding has largely offset the unexpected
costs incurred in September.
Phillips County Telephone TM483: Why the decrease? The highest income in
the last six years, has dropped off the five-year average used for estimating the
income to capitalize into value.
KN Gas Gathering PT961: The company says that the assets reported in
Phillips County in past years were an error. Their records indicate that there
never were any assets in Phillips County.
KN Retail PD309: This company purchased CUC-Colorado Division in 2001.
We have adjusted the apportionment to eliminate the 97 percent reduction in
those counties that had CUC-Colorado Division in 2001.
Broadwing Telecommunications TX386: This entity is a non-facility based
company. It has no assets in Colorado. Therefore the value and how the value
is apportioned to counties can vary greatly from year-to-year. For 2001 its
Colorado gross revenues went up by a large amount. However, this legal entity
is losing an average of$115,210,000 per year. Its Balance Sheet is under
severe stress, namely, retained earnings, which shows the reporting company
has a huge negative and is in line with the large losses incurred by the parent.
All of these factors place into question whether this company is a going concern
and has much market value. If it is a going concern for how long and what is the
market value of a company that is close to no longer being a going concern?
Phonetel Technologies TX585: The company is new and has little historical
information. Its income is negative but it does have assets in Colorado. We
used the unitary approach and relied on the cost approach to value this
company. The company originally submitted an incomplete return but it did
protest and filed a complete return resulting in an assessed value of $47,400.
Nebraska, Kansas & Colorado RR RR107: A change in the calculation of the
company's net operating income to include other income/losses as well as
operating income/losses resulted in a lower income to capitalize and a lower
overall assessed value. Also, the company reported inventories and supplies of
9
$100,454 which are excluded from the 2002 valuation. Last year the company
reported $373,115 in inventories and supplies but it was not subtracted from its
2001 value.
Rio Blanco County:
UBET Wireless TM680: This is a new company expanding from eastern Utah.
CenturyTel of Eagle fka Eagle Telecommunication TR473: CenturyTel has
changed the name.
Canyon Gas Resources is a new company.
Amoco Pipeline Company sold their assets in Rio Blanco and Moffat Counties.
We have the name of the buyer and will pick those assets up as omitted
property.
Tom Brown Field Services claims to have filed locally.
NC Telecom Inc. is a new company.
KN Gas Gathering PT961: Company claims they do not have any property in
Rio Blanco County.
Evercom TX159: Evercom reported a 50 percent decrease in Colorado
revenues and a 50 percent decrease in the number of customers. Both of these
factors contribute heavily in the valuation process of non-facility based telephone
resellers.
One Call TX059: One Call Communications is a non-facility based reseller of
long distance service. They have no assets within Colorado and the value is
based on income generated within Colorado and disbursed where the revenue is
generated. This year no revenue was generated within Rio Blanco County.
Primus Telecommunications TX347: Primus is a non-facility based
communications company and has no assets in Colorado. The value is
distributed based on customers and/or revenues where they are generated. The
Colorado gross revenues for this company decreased from several million last
year to just over one million this year. Given the nature of the
telecommunications industry the past two years, this is expected.
Coast International Inc TX383: Coast International is a non-facility based
reseller of long distance service. The value is based on the income generated
by customers within Colorado. The location of the customer and the amount of
income from the customer varies from year-to-year. For 2001, the company
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reported an increase in Colorado gross revenues of almost 4 times over the
previous year.
Broadwing Telecommunications TX386: This entity is a non-facility based
company. It has no assets in Colorado. Therefore the value and how the value
is apportioned to counties can vary greatly from year-to-year. For 2001 its
Colorado gross revenues went up by a large amount. However, this legal entity
is losing an average of$115,210,000 per year. Its Balance Sheet is under serve
stress, namely, retained earnings which shows the reporting company has a
huge negative which is in line with the large losses incurred by the parent. All of
these factors place into question whether this company is a going concern and
has much market value. If it is a going concern for how long and what is the
market value of a company that is close to no longer being a going concern?
Business Telcom TX400: Business Telcom is a non-facility based
communications company. It has no assets in Colorado. The value is based on
revenues generated from customers with the state. These customers are
typically looking for the best deal possible and have little or no loyalty to a
particular carrier. Therefore, a county might have Business Telecom as a
taxpayer one year but if the customers find a lower cost carrier, then they will
look to alternatives.
Phonetel Technologies TX585: The company is new and has little historical
information. Its income is negative but it does have assets in Colorado. We
relied on the cost approach to value this company.
Working Assets Funding TX618: The net operating income has stabilized
while net operating property is still increasing and the rates of return for this
company still remain over 1,000%. It appears this company may be one of the
survivors but it will still want its tax liability low and may protest further.
Univance Telecommunications TX760: The company reported an increase in
the amount of assets it has within Colorado, it reported an increase in the
number of customers in Colorado and the revenues generated within Colorado
have stabilized. All these factors contributed to an overall increase in value for
Univance.
Matrix Telecom TX762: Matrix is a non-facility based communications
company. They have no assets in Colorado and its value is based on the
revenues and customers. Customers usually come and go to the low cost
provider regardless of location. The Colorado gross revenues the company
generated from the prior year is down over 50 percent. The average net
operating loss for this company is $1,320,203. Furthermore, the balance sheet
shows that the company has large negative retained earnings which are usually
a very good indicator it may not be in business much longer.
11
RSL Com USA TX835: RSL Corn USA is a consolidation of two other
companies within the RSL corporate structure, LDM Systems and RSL Corn
Primecall. RSL Com USA is a non-facility based communications company.
They have no assets in Colorado and its value is based on the revenues and
customers. Customers usually come and go to the low cost provider regardless
of location of the provider.
Affinity Telecom f/k/a Chernow Comm TX936: Affinity Telecom was
incorporated in 2001 and purchased certain assets of Chernow
Communications. This appears to be an asset purchase where as Chernow's
leases were not purchased and were ceased and removed from Colorado. The
combination of the purchase, Affinity restating the assets they bought from
Chernow at a lower value, some of the assets were disposed of and the leases
were not part of the purchase agreement, all results in a lower value.
Yuma County:
Bittercreek Pipeline PT650: In 2001 the KN Gas Gathering assessment was a
BIA because of a lack of proof of sale of the assets. At that time we were not
sure that the Bittercreek assets were the former KN Gas Gathering assets. They
are the same. In 2001 the same property was assessed to two separate owners.
Bittercreek is the only owner. Combining the KN Gas Gathering and Bittercreek
valuation from 2001 would continue a double assessment. We apologize for the
confusion.
360 Networks USA, Inc. TL569: In 2001 these assets were new and valued
with no economic depreciation applied. The company is in bankruptcy and had
to write-down the value of their assets. This led to the reduction is value for
2002.
KM Interstate Gas transmission LLC PT920: The company wanted us to use
the income used by Kansas. They also want us to change the weighting to lean
to the income approach. The slight adjustment to the weighting caused a
decrease from July 1, 2002 but a significant increase over last year. Due to
apportionment changes most counties increased while a few decreased.
MCIWorldCom Network Services, Inc. TL390: Based on the trends in the
industry maintaining last year's value was unrealistic. Please note increase from
July 1, 2002. The ASOP contained inaccuracies in the Colorado depreciation.
Qwest Communications TL923: Data entry error has been corrected.
Northern Natural Gas Company PT307: Data entry error has been corrected.
12
Evercom TX159: Evercom reported a 50 percent decrease in Colorado
revenues and a 50 percent decrease in the number of customers. Both of these
factors contribute heavily in the valuation process of non-facility based telephone
resellers.
13
COMPANY PROTESTS:
The county notices have companies names that appear with an asterisk. These values
have changed since our July 1, 2002 notice.
Air Trans International (ATI) fka BAX Global AL620: Provided information on their
contract carrier, Capital Cargo; ASOPs have been sent out for omitted property. ATI
also pulled out ground operations to be reported locally as BAX Global; proof included,
so the value will go down.
America West Airlines AL007: Pointed out some changes they would like. I change
to reported NBVs from imputed NBVs for aircraft, the value will go down.
American Airlines AL005: Pointed out appraisal and industry problems. Supplied an
avionics application software report, so the value will go down, but likely to file for a
hearing.
American Trans Air AL006: Pointed out some changes they would like; no change.
Ameriflight AL828: They finally sent in an amended ASOP, there are still some
problems with it. The value will go down from the BIA, based on last year's net book
values.
Delta Airlines AL016: Pointed out appraisal and industry problems. No change, but
likely to file for a hearing.
DHL AL674: Finally sent in an ASOP. They have pulled out the ground operations,
and I used last year's net book values, so the value will go down.
Great Lakes Aviation AL913: Finally sent in an ASOP. The BIA was based on last
year's Net Book Values (NBV), so the value will go down. CITTA is also making their
usual pitch for blue book values, with a fleet discount to be used instead of NBV.
Great Plains AL767: No word on their BIA. They claimed that they would be putting
an ASOP together. There has been no protest and no change.
Jet Blue AL700: Provided an avionics software report with a high 13.57 percent
deduction. We reduced the deduction from 7 percent to 9 percent, after seeing a
KPMG report. The value goes down, but they will probably appeal.
Mesa Air Group AL663: Would like the grounded aircraft treated as non-operating
property, and removed entirely from the valuation, and then get an abatement for last
year. We did not reduce the value, so they will likely appeal.
Mesaba AL660: CITTA is making their usual pitch for blue book values, with a fleet
discount to be used instead of NBV. No change in value.
14
Midway Airlines AL998: No word on their BIA. They claimed that they would be
putting an ASOP together. There has been no protest and no change, but I have not
researched the impact of the bankruptcy early 2001. I will be providing information.
Skywest AL561: CITTA is making their usual pitch for blue book values, with a fleet
discount to be used instead of NBV. No change in value.
United Airlines AL049: I made a correction for the flight simulator application software
deduction; the value will go down.
Ptarmigan Resources and Energy EL635: The Missionary Ridge fire caused damage
to the power lines and the plant had to be shutdown for three weeks. The drought has
caused diminished output. The 2002 value was adjusted to the level of our 2001 value.
A further decline next year is likely because of lost income from the fire and the
drought.
Thermo Cogeneration Partners EL867: The taxpayer brought more detailed data as
requested by the Division of Property Taxation. The information allowed for a more
precise valuation.
Thermo Greeley LLC EL318: The value was adjusted as the taxpayer presented gas-
pricing information. We did not accept all that the taxpayer wanted.
Salt River Project ER086: The taxpayer presented evidence that the high value of
2001 was unsustainable for 2002. The 2000 income was very high because of sales of
electricity to California that will not be repeated.
Empire Electric ER072: The taxpayer made a clerical mistake and a correction was
submitted.
KN Retail PD309: The company protested based on income and weighting of
approaches to value. Some of the protest data was reasonable. Our value declined
from July 1, 2002 and is still an increase over 2001.
This company purchased CUC-Colorado Division in 2001. They used an unusual
accounting method to record these assets on the corporate financial statements. We
have adjusted the apportionment to eliminate the 97 percent reduction in those counties
that had CUC-Colorado Division in 2001.
Shamrock Logistics Operations PF322: The company incorrectly reported with the
initial rendition to us. The finalized document to the Federal Energy Regulatory
Commission shows a lower income 2000. Last year the outside tax agent tried to file
accurately but since the tax management has been taken over by the company the
accuracy has improved.
15
Mid-America Pipeline PF319: Additional information was presented regarding the
allocation to Colorado. We had to incorporate this information. Another reduction in
allocation is expected for 2003.
Rocky Mountain Natural Gas Co. PT679: The company asked for more weighting
toward the cost approach. The slight adjustment to the weighting caused a decrease
from July 1, 2002 but an increase over last year.
KM Interstate Gas transmission LLC PT920: The company wanted us to use the
income used by Kansas. They also want us to change the weighting to lean to the
income approach. The slight adjustment to the weighting caused a decrease from July
1, 2002 but a significant increase over last year. Due to apportionment changes most
counties increased while a few decreased.
Metromedia Fiber Network Services, Inc. TL570: The company is in bankruptcy.
They asked for a reduction based on an appraisal that is to be presented in court for
restatement purposes. We gave partial consideration.
Dynegy Connect LP TL676: This is a new company for 2002. The company sent
documentation to correct their error on the ASOP. We have made corrections we
thought were appropriate. They resulted in a slight reduction from July 1, 2002.
Broadwing Communications Services TL091: The company forgot to include
depreciation of the Colorado assets. This has now been corrected.
MCIWorldCom Network Services, Inc. TL390: Based on the trends in the industry
maintaining last year's value was unrealistic. Please note increase from July 1, 2002.
The ASOP contained inaccuracies in the Colorado depreciation.
AT&T Wireless: (3 companies - of Colorado TM439 / Fort Collins Loveland Cellular
TM752 / Greeley Cellular TM753) — Ernst and Young provided a Replacement Cost
New Less Depreciation (RCNLD) study and pointed out possible reasons to lower the
value; no change.
Cricket Communications TM662: Finally sent in their ASOP, the value has gone
down from the BIA estimate.
Durango Cellular TM815: Pointed out some reasons to lower the value; no change.
Alamosa PCS TM658: This is a company new to many counties this year. I have
talked with them several times, and no ASOP has come in. It is a BIA valuation. There
is apportionment to your county based upon information from their website, showing
their coverage area. They did not protest, but there is no guarantee that they won't
seek an abatement.
Nextel West TM611: Changes made due to amended ASOP; value has gone down.
16
CenturyTel of Colorado TR494: Pointed out first quarter financial information and
possible impact of Financial Accounting Standards Board (FASB) 121 compliance; no
change.
CenturyTel of Eagle TR473: Pointed out first quarter financial information and
possible impact of FASB 121 compliance; no change.
Georgetown Loop Railroad RR354: Reduced imputed income and imputed rate of
return by 10% due to economic circumstances, continued losses by this railroad
company and the impact the fires have had on the tourist industry as a whole. The
value was reduced to reflect these circumstances.
Union Pacific Railroad RR 361: The weighting between the three approaches to value
for this industry has historically been 75 percent reliance upon the income approach
and 25 percent on the cost approach. The original value was split 50/50, income and
cost A change was made to reflect the historical approach.
Burlington Northern/Santa Fe Railroad RR345: The weighting between the three
approaches to value has historically been 75 percent reliance upon the income
approach and 25 percent on the cost approach in the railroad industry. The original
value was split 50/50. A change was made to reflect the historical approach. Also, the
company is showing a significant downturn in its most recent semi-annual report. An
adjustment was also made to exclude other railroad income from the valuation process.
Durango & Silverton Narrow Gauge Railroad RR107: The 2002 ASOP was not filed
until July 15, 2002. The original value was based on last year's return plus a 5 percent
factor. The new value is based on the return filed by the company.
Verizon Select Services TX027: The company protested our use of a weighted
Income/Expense ratio in its valuation. We adjusted the ratio and used the mean from
the same set of market information.
ACC Telecommunications TX726: Removed locally assessed property that had not
previously been reported and also changed apportionment breakdown between
Arapahoe and Denver Counties.
Cable & Wireless TX948: Cable & Wireless is a company in transition in a very poor
telecommunications industry. The company is trying to change from voice only
transmission to voice over internet protocol. It currently only uses 24% of its equipment
capacity and only two out of six nationwide fiber optic lines. Last year the company
reported a loss of $1,235,849,000 on top of three consecutive years of loss. Applied a
market rate of return which reduces the value based on economic factors.
Genuity Solutions TX062: The parent company took an impairment to its assets which
reduced the net book value. Although the parent reduced the value of its assets by
17
57%, the Colorado portion of the company's assets were reduced by 75%. Since so
many telecommunications companies have restated their assets to reflect a market
value and have done so publicly, we allowed most restatements to be reflected in this
year's valuation process. Genuity lost $3.9 billion last year.
Covad Communications TX133: The parent company filed for Chapter 11 Bankruptcy
protection. As a result, the economic lives of most of its assets are restated. The result
is a large increase in the amount of deprecation deducted from individual assets. The
value we placed on the company reflects the market value of the assets of the company
and the company itself. We made no change to the value of the company as a result of
the protest.
Allegiance Telecom TX045: Another net operating income loss is projected for the
upcoming year. However, since we gave the company a large economic obsolescence
factor, no further adjustment was made for this year.
Century Tel Long Distance TX021: CenturyTel LD is a non-facility based
communications company. They have no assets within Colorado. Even though the
company does not have assets in Colorado, it wants us to consider basing part of our
allocation on the company's net book value in Colorado and system wide. This would
distort the value of the company and reduce the value dramatically. No change was
made.
Davel Communications TX917: A complete return was received July 15 and a new
value was calculated.
Phonetel Technologies TX585: A complete return was received July 15 and a new
value was calculated.
18
The following car line assessments are to be eliminated as duplications:
PC177 RailAmerica Equipment Corp miles are included in PC143 The CIT
Group/Capital Finance.
PC665 Arkansas Power & Light miles are included in PC266 Entergy Arkansas, Inc.
PC988 Union Carbide miles are included in PC273 Dow Chemical
PC997 Carmath, Inc. miles are included in PC232 M & C Railcar Leasing
PC656 Chevron Chemical miles are included in PC131 Chevron Phillips Chemical
PC711 should not have been assessed; it had 0 miles in Colorado
PC987 out of business
Private Car Lines represented by Peter Indurante: They have requested reduced
per car values for the following companies, which have been granted
DOWELL DIV. OF SCHLUMBERGER PC201
FIRST UNION RAIL CORP. PC220
GLNX CORPORATION PC168
IMC GLOBAL OPERATIONS, INC. PC190
JOSEPH LEASING LTD PC909
JOSEPH TRANS FKA DAVID P. JOSEPH PC905
M & C RAILCAR LEASING PC232
MIDWEST GENERATION PC403
OCI CHEMICAL CORP PC144
RAILCAR LTD PC448
RELCO TANKLINE INC PC250
SAUVAGE GAS CO PC535
THE ANDERSONS PC875
Other Private Car Lines: requests have been granted.
WALTER HAFFNER CO PC291 Reduced per car value
GREENBRIER LEASING CORPORATION PC709 Reduced per car value
TXU ELECTRIC FKA TEXAS UTIL PC292 ASOP changes BIA to higher value
UNION TANK CAR CO PC284 Reduce mileage correction
Change BIA, but the ASOP has not come
PERDUE TRANSPORTATION PC993 in; the value has not been reduced.
G:dpt-grp/sap/2002 Protests/County NOV-value changes 2002 +
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