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Home My WebLink About20052273.tiff RESOLUTION RE: THE BOARD OF EQUALIZATION, 2005, WELD COUNTY, COLORADO - STIPULATE PETITION OF: BOOMERANG PROPERTIES LLC 1660 LINCOLN ST #2200 DENVER, CO 80264 DESCRIPTION OF PROPERTY: ACCOUNT#: R1393802 PARCEL#: 095904301002 -GR HPG LOT 2 H-P GREELEY 71 AV 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 2005, 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 year2005,claiming that the property described in such petition was assessed too high, as more specifically stated in said petition, and WHEREAS,in lieu of the hearing scheduled before the Board of Equalization a Stipulation was agreed upon by the Assessor and said petitioner(s), and WHEREAS,the petitioner(s)and the Weld County Assessor agree that the assessment and valuation of the Weld County Assessor shall be, and hereby is, stipulated as follows: ACTUAL VALUE AS DETERMINED ACTUAL VALUE BY ASSESSOR AS STIPULATED Land $ 2,311,750 $ 2,311,750 Improvements OR Personal Property 5,688,250 3,288,250 TOTAL $ 8,000,000 $ 5,600,000 WHEREAS,said Stipulation shall resolve all issues to have been determined by the Weld County Board of Equalization. 2005-2273 AS0061 �c+ AS, Pgr RE: BOE - BOOMERANG PROPERTIES LLC, R1393802 Page 2 NOW,THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, acting as the Board of Equalization, that the Stipulation agreed to by the Weld County Assessor and the above-named petitioner(s) be, and hereby is, accepted by the Board. The above and foregoing Resolution was,on motion duly made and seconded,adopted by the following vote on the 5th day of August, 2005. adins1 BOARD OF COUNTY COMMISSIONERS ,I�� 1 . / /�� WELD COUNTY, COLORADO ' 1861 1/ :11 ni • / /� YWilliam H. Jerke, Chair *„+ C �� lerk to the Board *--S. , EXCUSED ( % \frf /I M. J. Geile, Pro-Tem �_aos'� ZiL�r-j' 'eputy Clerk to the Board - EXCUSED Da ' E. Long APPROV AS TO FORM: Robert . Masdep Asfiftounty Attorney Arlidld-A Glenn Vaad Date of signature: 0 B' 2005-2273 AS0061 07/27/2005 12: 25 3038131122 DOWNEY&KNICKREHM PAGE 03 07/27/05 10:04 FAX _ WELD ASSESSOR 0002/003 • 2005 COUNTY BOARD OF EQUALIZATION WELD COUNTY ASSESSOR'S ACCOUNT NUMBER R1393802 STIPULATION (As To Tax Year 2005 • Actual Value) RE PETITION OF NAME: Boomerang Properties LLC • ADDRESS: 1660 Lincoln'Street#2200 Denver, Cob. 80264 • 0/0 Mr. Norman Wright/Downey&Knickrehm ' * * * * * x Petitioner(s),Boomerann Properties and the Weld County Assessor, hereby enter Into this Stipulation regarding the tax year 2005 valuation of the subject property, and jointly move that the Board of Equalization to enter Its order based on this Stipulation. Petitioner(s) and the Assessor agree and stipulate as follows: 1. The property subject to this Stipulation is described as: Lot 2B of BIk. 2 Frederick West Business Center/ 4300 18 CR. Frederick (Legal description) 2. The subject property is classified as Commerciall property. (what type)_ 3. The County Assessor originally assigned the following actual value to the subject property for tax year 2005. Land $2,311,750 Improvements$ 5 688.250 Total $ 8.000.000 4. After further review and negotiation,the petitioner(s) and Weld County Assessor agree to the following actual value fdr the subject property. Land $. 2.311.750 Improvements$ 3.288.250 Total $ 5.600.000 2005-2273 07/27/2005 12:25 3038131122 DOWNEY&KNICKREHM PAGE 04 • WELD ASSESSOR 11003/003 5. The valuations, as established above, shall be binding only with respect to tax year 2005. • 6. Brief narrative as to why the reduction was made:Value was reduced to reflect the vacancy and resulting obsolescence in the market place forthe type of structure and size, high tech properties of the type represented here are becoming prevalent on the Northern Colorado landscape at t is time. Property also sold near the appraisal date and included considerable water rights in the purchase price. 7. Both parties agree that the hearing scheduled before the Weld County Board of Equalization on 8/05 at 9:00 am be vacated; or, a hearing has not yet been scheduled before the Board of Equalization x (check if appropriate). a DATED thiday of July, 2005. • \bner(s) oAttome Petitioner(s) or Attomey Address: 733 ED � �), � .ve Address: ¢»v a.s- Co c-oa d9 kor $W Pr,ee-. ip0 L.L.c (?o? Telephone: 813 I • Telephone: O 9 S essor Address: • 1400 N,17th Avenue Greeley, CO 80631 (970) 353-3845 ext. 3656 OFFICE OF COUNTY ASSESSOR • NOTICE OF ADJUSTMENT 1400 NORTH 17th AVE. GREELEY,CO 80631 GR ELG 8OT 4 H0 P GREELEY 71 AV PHONE(970)353-3845,EXT.3650 T \1 GREELEY 806340000 www.co.weld.co.us • COLORADO • OWNER: BOOMERANG PROPERTIES LLC DOWNEY & KNICKREHM LOG 3453 733 EAST 8TH AVE PARCEL 095904301002 ACCOUNT R1393802 DENVER, CO 80203 YEAR 2005,', Owner: BOOMERANG PROPERTIES 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): 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: After review of your ppropert , we have made adjustments. This was done because of additional information obtained, or provided thru the appeal process . PETITIONER'S • ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE OF VALUE ACTUAL VALUE ACTUAL VALUE • PRIOR TO REVIEW AFTER REVIEW COMMERCIAL 126000 126000 INDUSTRIAL 7986750 7874000 TOTALS $ $ pp APPEAL DEADLINES: REAL PROPERTY-JULY 15,PERSONAL PROFE TY?J' LY 20. 000000-0 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: StanleyF. Sessions 06/23/2005 WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE PR.207-87/03 YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR' S DECISION The County Board of Equalization will sit to hear appeals beginning July l 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 20 FOR PERSONAL PROPERTY. , WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION' S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 5. TAXPAYER RIGHTS FOR FURTHER APPEALS: If you are not satisfied with the County Board of Equalization' s decision you must file within thirty days of the County Board of Equalization' s written decision with ONE of the following: Board of Assessment Appeals (BAA): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880. 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 12. 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(1.5), 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. Please see attached. The Owner's opinion of value as of January 1, 2005, but based upon circumstances and facts during the base period from January 1, 2003 through June 30, 2004, is $4,680,000.00. r�� ov- rC--.��' J tA.1 7 1 zoo 5 SIGNA I URE OF PEI I I TONER \� DAIS PR-207-87/03 Attachment to: B.O.E. Appeal of Boomerrang Properties, L.L.C. Parcel # 095904301002 Account # R1393802 The owner acquired the parcel midyear 2004 as part of a multi-parcel sale. The total consideration for all parcels was $8,000,000.00. The Owner acquired 64 acres of vacant agricultural property, 48 acres of vacant commercial land and the improved site consisting , of a former H-P light industrial facility, including grounds and parking. The improvements pn the HP site include a multi-use permanent building of approximately 275,000 square feet and temporary modular buildings of about 50,000 square feet. The buildings were at the time of sale, and continue to be, vacant. The parcel being protested here, consists of the vacant commercial land and the building site. The allocation of the total purchase price is as follows: Farm Parcels- 64.1 acres @ $52,000/Ac $3,270,000 Commercial Land, 60 acres @ $52,000/Ac 3,130,000 Building site @ $6.00 per sq ft 1,550,000 Personal property, temporary buildings 50,000 Total $8,000,000 The consideration paid for the parcel that is subject to this appeal (Lot 1) is $4,680,000.00. DOWNEY & KNICKREHM July 15, 2005 Certified Mail, Return Receipt Requested Weld County Board of Equalization 915 10th St. Greeley, CO 80632 • RE: Appeal of Parcel R1393802 Dear Clerk to the Board: Enclosed for filing is an appeal for our client, Boomerang Properties, LLC for Parcel 095904301002, account number, R1393802. I also enclose our letter of authority. Please notify the undersigned regarding a hearing when it is scheduled. Thank you, Very truly yours, Norman H. Wright NHW:dpc Enclosure C: Stanley F. Sessions, Assessor(incl. Encl.) Norman H.Wright,Of Counsel nwright@downknick.com Downey&Knickrehm Pc Attorneys at Law The Cass House 733 East Eighth Avenue Denver Colorado 80203 p 303.813.1111 f3o3.8r3.nz2 www.downknick.com MAY. 26. 2005 2: 18PM INTEGRATED PROP. INC NO. 368 P. 2 Integrated Investment Real Estate 4 VIII" Properties, Asset Management Inc. Development --- - Construction Management - _...... 1660 Lincoln Street • Suite 2200 • Denver, Colorado 80264-2201 • (303) 388-8878 May 25,2005 ; Norman H. Wright ' - Downey&Knickrehm PC 733 East 8th Avenue Denver, CO 80203 RE: GR I-EPG Lot 2 H-P Greeley Situs Dear Mr.Wright: Please accept this letter as your authorization on behalf of Boomerang Properties LLC to proceed with a property-tax protest for our real property located in Weld County, Colorado,Weld County Parcel No. 095904301002, their Account No. R1393802, consisting of the former H-P facility in Greeley. You are also authorized to provide a copy of this directive to whom it may concern. Thank you. - Very truly yours, Boomerang Properties LLC BY: 4 b.eithth Redmond • • Fax No. (303) 388-8898 6 HI CLERK TO THE BOARD 4H- PHONE (970) 356-4000 EXT 4217 FAX: (970) 352-0242 WEBSITE: www.co.weld.co.us 915 10TH STREET ' P.O. BOX 758 GREELEY, COLORADO 80632 C. COLORADO July 20, 2005 BOOMERANG PROPERTIES LLC 1660 LINCOLN ST#2200 DENVER CO 80264 Parcel No.: 095904301002 Account No.: R1393802 Dear Petitioner(s): The Weld County Board of Equalization has set a date of August 5, 2005, 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 Department of Planning Services, Conference Room, 918 10th Street, Greeley, Colorado. You have a right to attend this hearing and present evidence in support of your petition. The Weld County Assessor or his designee will be present. The Board will make its decision on the basis of the record made at the aforementioned hearing, as well as your petition, so it would be in your interest to have a representative present. If you plan to be represented by an agent or an attorney at your hearing, prior to the hearing you shall provide, in writing to the Clerk to the Board's Office, an authorization for the agent or attorney to represent you. If you do not choose to attend this hearing, a decision will still be made by the Board by the close of business on August 5, 2005,and mailed to you on or before August 12, 2005. Because of the volume of cases before the Board of Equalization, all cases shall be limited to 15 minutes. Also due to volume, cases cannot be rescheduled. It is imperative that you provide evidence to support your position. This may include evidence that similar homes in your area are valued less than yours or you are being assessed on improvements you do not have. Please note: The fact that your valuation has increased cannot be your sole basis of appeal. Without documented evidence as indicated above, the Board will have no choice but to deny your appeal. If you wish to obtain the data supporting the Assessor's valuation of your property, please request it directly from the Assessor's Office by fax (970) 304-6433, or by calling (970) 353-3845. Upon receipt of your request, the Assessor will notify you of the estimated cost of providing such information. Payment must be made prior to the Assessor providing such information. BOOMERANG PROPERTIES LLC - R1393802 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 DM4 Donald D. Warden Clerk to the Board cc: Stanley Sessions, Assessor DOWNEY & KNICKREHM 733 EAST 8TH AVE DENVER CO 80203 Hello