HomeMy WebLinkAbout20052259.tiff RESOLUTION
RE: THE BOARD OF EQUALIZATION, 2005, WELD COUNTY, COLORADO - DENY
PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE
PETITION OF:
WESTLAKE OFFICE PLAZA LLC
1814 14 AVE
GREELEY, CO 80631
DESCRIPTION OF PROPERTY: ACCOUNT#: R0273493 PARCEL#: 095912300025 -GR
17538-A PT SW4 12-5-66 WESTLAKE COMMONS EASEMENT VAC&DEDICATION PLAT BEG
SW COR SEC N89D55'E 680' NOD04'W 50' S89D55'W 274.68' TO TPOB S89D55'W 335.32'
N45D09'W 28.14' TO E LN 35 AVE NOD14'W 229.16' TO S LN ROLLING HILLS 3RD ADD
N89D53'E 355
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 year 2005, 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 Ian James, Deloitte &Touche, LLP, 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 $ 441,790
Improvements OR
Personal Property 2,138,260
TOTAL $ 2,580,050
2005-2259
AS0061
pC i 4; "Er- ®8'-/4€9C
RE: BOE - WESTLAKE OFFICE PLAZA 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), C.R.S.)
Appeals to the BAA must be made on forms furnished by the BAA, and
such appeals 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
Fees: A taxpayer representing himself is not charged for the first two appeals to the
Board of Assessment Appeals; however, a taxpayer being represented by an agent
or an attorney must submit a fee of$101.25 per appeal.
OR
2. District Court: You have the right to appeal the CBOE's decision to the District
Court of the county wherein your property is located. New testimony, exhibits
or any other evidence may be introduced at the District Court hearing. For filing
requirements, please contact your attorney or the Clerk of the District Court.
Further appeal of the District Court's decision is made to the Court of Appeals
for a review of the record. (Section 39-8-108(1), C.R.S.)
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, C.R.S.)
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.
2005-2259
AS0061
RE: BOE - WESTLAKE OFFICE PLAZA LLC
PAGE 3
Arbitration Hearing Procedure: Arbitration hearings are held within sixty days
from the date the arbitrator is selected. Both you and the CBOE are entitled to
participate. The hearings are informal. The arbitrator has the authority to issue
subpoenas for witnesses, books, records, documents and other evidence. He
also has the power to administer oaths, and all questions of law and fact shall
be determined by him.
The arbitration hearing may be confidential and closed to the public, upon
mutual agreement. The arbitrator's written decision must be delivered to both
parties personally or by registered mail within ten (10) days of the hearing.
Such decision is final and not subject to review.
Fees and Expenses: The arbitrator's fees and expenses are agreed upon by
you and the CBOE. In the case of residential real property, such fees and
expenses cannot exceed$150.00 per case. The arbitrator's fees and expenses,
not including counsel fees, are to be paid as provided in the decision.
The above and foregoing Resolution was, on motion duly made and seconded, adopted by
the following vote on the 5th day of August, A.D., 2005.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
ATTEST: a IE Q, a
illiam H. Jerke, Chair
Weld County Clerk to the :jr RI. ( ��
Q -,= CUSED
. J. Geile, Pro-Tem
BY: _L ' t���
Deputy Clerk to the Boat � � EXCUSED
Ds E. Long
APPROVED AS TO FORM:
Robert D. Masden
7
�ssistant�ounty Attorney i��CClLG1�� i�
Glenn Va3d
Date of signature: "°
2005-2259
AS0061
Weld County
STANLEY F. SESSIONS COUNTY ASSESSOR
CHRISTOPHER WOODRUFF, DEPUTY ASSESSOR
APPRAISAL REPORT
OF
COMMERCIAL PROPERTY
FOR
County Board of Equalization
WESTLAKE OFFICE PLAZA LLC
PETITIONER
vs.
WELD COUNTY ASSESSOR'S OFFICE
RESPONDENT
Parcel Number: 0959-12-3-00-025
Schedule Number: R0273493
Log Number: 3857
Date: August 5, 2005
Time: 9:30 am
Board: CBOE
PREPARED BY
STEVE MALLETT
Signature Date
Signature Date
ASSESSOR'S OFFICE STAFF APPRAISER
CBOE_COMM_010998
Page 1
SALIENT FACTS AND CONCLUSIONS
Purpose of Appraisal To determine Market Value as of 1/1/05 based on an
appraisal date of 6/30/04.
Property Rights Appraised Unencumbered fee simple interest.
Location 3459 W 20 STREET
GREELEY
Land Area 88,358 Square Feet
Zoning
Property Type Commercial
1— Office Building
Year Built 1997
Year Remodeled
Quality Good
Class Metal Frame
Number of Stories 2
Improvement Sq. Ft. 23,455
Basement Unfinished Sq. Ft.
Basement Finished Sq. Ft.
Mezzanine:
Value Indications:
Land $441,790.00
Cost Approach $2,764,901.00
Market Approach $2,580,050.00
Income Approach $2,640,300.00
Final Value $2,580,050.00
CBOE_COMM_0 10998
Page 2
COST APPROACH
LAND VALUE
Sales utilized to establish the value in the subject neighborhood are from 2003 and the first six
months of 2004 for the 2005 assessment date. The comparative sales approach is the most reliable
method of land valuation. Pursuant to 39-104-(10.2) (c) C. R. S., the Assessor may utilize sales from
July 1999 through the June of 2004 to establish the proper value, if sufficient information is not
available in the prior 18 months. Also, comparables outside the subject property area may be used.
The Weld County Assessor has an established ongoing sales confirmation and validation program for
property transactions used in developing value.
The land size of the subject is 88,358 square feet. Comparable commercial land in the subject area is
valued at $6.00 Per SF per square foot.
Address Sale Date Sale Price Land Size Per Sq Ft
Cob Corn Bank
Comparable 1 6222 9th Street, 6/12/2003 $320,835 42,778 $7.50
Greeley
Renaissance II
Comparable 2 4627 20th St Rd 3/15/2004 $368,000 65,848 $5.59
Greeley
H2M LLC
Comparable 3 2890 47th Ave 6/23/03 $1,100,000 132,554 $8.30
Greeley
ASSESSOR'S LAND VALUE
$5.00 X 88,358 SF = $441,790.00
CBOE_COMM_010998
Page 3
SUBJECT PHOTO
r
'
r • i r/I
I
VI ..41111111
t WI , w� r,.
MI
"
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 $ 2,323,111.00
Land Value $ 441,790.00
TOTAL VALUE BY THE COST APPROACH
$ 2,764,901.00
CBOE COMM_010998
Page 4
MARKET APPROACH
COMPARABLE OFFICE SALES
# ADDRESS Grantor/Grantee Date of Sale Price Square Price Per
Sale Foot Sq Ft
Subject New West Bank 23,455 SF $110.00
3459 W 20th
Street, Greeley
1 West Point WEST POINT
Professional Bld DEVELOP/ 4/26/2004 $3,400,000 24,895 SF $136.57
910 54th Ave CLARKSON LAND
Greeley
2 Peakview Point DONA INVESTMENTS
5754 W l lth St. LLC/ MLS 1/28/2004 $3,500,000 31,583 SF $110.81
Greeley PROPERTIES LLC
3 The Group ALGLO LLC/GROUP
3257 W 20th St. INC REAL ESTATE 8/1/2003 $1,370,000 11,009 SF $124.12
Greeley
Average selling price for all three sales is $123.83
MARKET CALCULATIONS
SUBJECT 23,455 SQ. FT. TIMES $120.00 PER SQ. FT. EQUALS $2,814,600
ROUNDED TO $2,815,000
CBOE_COMM_010998
Page 5
COMPARABLE#1
Se
1
COMPARABLE#2
4` •
•
_ l
COMPARABLE#3
v '
' ...!
CBOE_COMM_010998
Page 6
INCOME APPROACH
NEW WEST BANK/ OFFICE
3459 W 20111 STREET
GREELEY, CO
THE ACTUAL INCOME AND EXPENSES FOR YEAR 2004 WERE UTILIZED IN THIS ANALYSIS.
TOTAL INCOME 407,831
LESS TOTAL EXPENSES WITHOUT TAXES -102,398
NET OPERATING INCOME 305,433
CAPITALIZATION RATE 8.5% PLUS TAX RATE 2.5% 11%
INCOME VALUE 2,776,664
ROUNDED TO 2,776,700
CBOE_COMM_010998
Page 7
FINAL RECONCILIATION
COST APPROACH MARKET APPROACH INCOME APPROACH
$2,764,901.00 $2,815,000.00 $2,776,600.00
ASSESSOR'S VALUE
$2,580,050.00
CBOE_COMM010998
Page 8
07,-37/05 12:00 FAX WELD ASSESSOR 1Q003
•
OFFICE OF COUNTY•ASSESSOR
NOTICE OF DENIAL 1400 NORTH 17th AVE.
•
a GR 17538—A PT SW4 12-5-66 WESTLAKE
GREELEY,CO 80631
Stilt
COMMONS EASEMENT VAC & DEDICATION PHONE(970)353-3645,EXT.3650
i PLAT BEG SW COR SEC N89D55'E 68O ' 34845,.wcid-co.ua
� N0O04'W 5O' S89D55'W 274 .68' TO
WE`Dc. 8 STODE5 335 .32' N45DO9'W
28
.14'4' TO E LN 35 AVE NODl4OD14'W
OWNER: WESTLAKE OFFICE PLAZA LLC
COLORADO •
•
WESTLAKE OFFICE PLAZA LLC LOG 3857
1814 14 AVE PARCEL O959123OOO25
ACCOUNT RO273493
GREELEY, CO 8O631 YEAR 2005
The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The Assessor hbs 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 fisting 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 masons for this determination of value are:
Market and income supports the assessor's value.
PETITIONER'S - ASSESSOR'S VALUATION
PROPERTY CLASSIFICATION ESTIMATE ACTUAL VALUE ACTUAL VALUE
OF VALUE
PRIOR TO REVIEW AFTER REVIEW
COMMERCIAL 258OO5O 2580050
•
•
TOTALS $ $ 758nQFr1 $ 7FQAnGI'
APPEAL DEADLINES: REAL PROPERTY—JULY 15,PERSONAL PROPERTY—JULY 20.
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.A.S. Please see the back of this form for detailed information on filing your appeal.
By: Stanley F. Sessions 06/30/2005
WELD COUNTY ASSESSOR DATE
ADDITIONAL INFORMATION ON REVERSE SIDE
ra-rm-stm3
07/07/05 12:01 FAX WELD ASSESSOR• U005
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 5lior real
property (land and buildings) and personal property (furnishings,machinery, and equipment). § 39-8-104 and § 39-
8-107(2),C.R.S.
APPEAL m QGEJU]itES:
If you choose to appeal the Assessor' s decision, mail or deliver one copy of this completed form to the County
Board of ON OR BEFORE JULY 15 FOR REAL Pour ROPERht to TY Apeal,ND JUour LY 20 FOR PERSONAL almust be A PROPEERD ORY.DELIVERED
WELD COUNTY BOARD OF EQUALIZATION
915 10th Street,P.O.Box 758
Greeley, Colorado 80632
Telephone(970)356-4000 Ext.4225
NOTIFICATION.OF. G;
You will be notified of the time and place set for the hearing of your appeal. •
COUNTY:l a -444•OPEDIIIAi AZATEI'(4N/S..DET niZl CNATIiONi
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.
TAXPA "EJ't.'.RsIG S,FOR•FLWTHER•APPEAMS:
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) 3564000,Ext.4520
• Arbitration:
WELD COUNTY BOARD OP 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. ,E `MO.sit o} X10.\yc: EN-is ,)
The property is valued in excess of fair market value based on the three approaches to value; cost, market and
income approaches. In addition, the property is valued in excess of other similarly situated properties.
Due to s heduling conflicts, we request that a hearing be scheduled after July 24, 2005.
•
Ian D. James Iulynj ?005
➢0.307-eiim
•
Investors Group of Companies, Inc.
Ninth Street, Suite 100
iirecle, Colorado 80631
l Tel. 970.356.6699
Fax 970 353 0660
3333 Last Camelbask Road, Suite 253
„ PI Arizona 85018
Tel. 602.954.2385
Fax 602.9547086
INVESTORS' ,senors-u,a tom
LETTER OF AUTHORIZATION
To Whom It May Concern:
Property Owner Name: Westlake Office Plaza LLC
Hereby appoints and authorizes Deloitte Tax, LLP as taxpayer's representative to represent our firm's
property and all property controlled by our firm or any of its subsidiaries of partnerships on all
matters pertaining to the 2005 and 2006 ad valorem taxes. Until written notice of termination is
issued, they have the right to file returns, examine records, obtain all tax statements, and discuss or
appeal any tax assessments to the proper authorities when, in their opinion, the assessment does not
constitute fair market value. In addition they have the right to file appeals to the appropriate
jurisdiction, if authorized by law.
By:
Name: Jon ecker
Title: Controller/Broker
Address: 826 9th Street, Suite 100
Greeley, CO 80631
Phone Number: 970-356-6699
Property Desc:
Parcel Address Assessor State
R0273493 3459 W 20 ST GREELEY Weld County CO
Subscribed and sworn before me this 9- day of 1/1-4,---e-1_, , s i0oS
Notaf3r"8it[ilic e ,
sit of
' e3
CO#301 71
Mycdti. s4lbn jI`JS
Westlake Office
A VALUE ANALYSIS OF
INVESTOR'S GROUP OF COMPANIES
3459 20th Street Plaza
3459 West 20th Street
Greeley, CO 80634
SCHEDULE NUMBER:
R0273493
ASSESSOR'S ACTUAL VALUE
$2,580,049
TAXPAYER'S OPINION OF ACTUAL VALUE
$2,090,000
Prepared by
Deloitte & Touche Property Tax Services
Ian James
(303) 312-4041
As of
January 01, 2005
2. EXHIBIT Investors
Investors-3459 20th St. Pro Forma 2005.XLS.Cover
kO il64-19 1
DELOITTE &TOUCHE PROPERTY TAX SERVICES VALUE SUMMARY
Consultant Matt Poling
D&T SA Investors
Property Name 3459 20th Street Plaza
Location 3459 West 20th Street
Greeley, CO 80634
Property Type Bank Building
Site Size (Acres) 2.0300
Site Size (SF) 88,427
Description of Improvements 0
YOC 1997
NLA (SF) 21,349
Major Tenants New West Bank; Remax; Stewart Title; Linden Bartels &
Noe
Age (Years) 8
Tax Account Parcel Numbers R0273493
Tax Year 2005
2005 Actual Value
Land $441,790
Land/SF $5.00
Improvements $2,138,259
Improvements/SF/NLA $100.16
Personal Property $0
Total $2,580,049
Total/SF/NLA $120.85
Investors-3459 20th St. Pro Forma 2005.XLS -1- 2
OWNER'S OPINION OF VALUE
Total
$2,090,000
Value/SF of NLA $97.90
ASSESSED VALUE (2005)
Land $441,790
Improvements 2,138,259
Personal Property 0
Total $2,580,049
Assessed Value/SF of NLA $120.85
Investors-3459 20th St. Pro Forma 2005.XLS -2- 3
INCOME CAPITALIZATION APPROACH
KEY ELEMENTS
Net Leasable Area (NLA) 21,349
Market Rent/SF $17.50
Market Expenses/SF $7.00
Occupancy (as of January 1) 100%
Stabilized Occupancy 90%
Deferred Maintenance $0
Actual Gross Rental Annual Income (2004) $406,117
Actual Expenses (2004) $156,540
Actual Net Operating Income (2004) $249,578
SUPPORT FOR EXPENSE ESTIMATION
OPERATING EXPENSES/SF
AVERAGE BOMA
OFFICE BUILDINGS SUBJECT
Less than
Expense Category Alt Suburban 50,000 SF Actual 2004
Fixed Expenses $3.00
Operating Services Expense $1.12
Repair/Maintenance $0 67
Utilities $1.28
Insurance and Professional Fees $0.23
Administrative and Payroll $1.04
Tenant Improvements $0.00
Leasing Commissions $0.00
Reserves for Replacement $0.00
Total Expenses/SF $8.23 $8.30 $7.33.
Investors-3459 20th St. Pro Forma 2005.XLS -3- 4
PRO FORMA
Gross Annual Income $17.50 psf $373,608
Exp. Recov. $0.00 psf 0
Total Gross Annual Income $373,608
Less: Vacancy and Credit Loss 10.0% 37,361
Effective Gross Income $336,247
Less: Expenses - net of taxes or $4.00 psf 85,468
Less: Tenant Finish $ - psf 0
Less: Leasing Commissions $ - psf 0
Net Operating Income $250,779
AD VALOREM TAXES
Rather than deduct taxes as an expense, the tax rate is added to the OAR.
Tax rate per $100 is as follows:
City 0.00%
School
0.00%
County and Special Districts 0.00%
Tax Rate/$100 2.51%
Investors-3459 20th St. Pro Forma 2005.XLS -4- 5
OVERALL CAP RATE
Built-up(Mortgage Equity)Technique:
Ro = M x RM + [E x RE] Ro = Overall Rate
M = 0.75 M = Loan-to-value ratio
RM = 0.0967 RM = Capitalization rate to mortgage constant(8.5%, 25 years, $1)
RE = 0.09 RE = Capitalization rate to mortgage equity (Equity dividend)
Ro = 0.0950
OAR Selected 9.50%
Plus: Tax Rate 2.51%
Composite Overall Capitalization Rate 12.01%
Note:Long-term mortgage rate per Korpacz Real Estate Investor Survey;based upon 25-year term.
SUMMARY OF INCOME CAPITALIZATION APPROACH
NOI OAR = VALUE
$250,779 12.01% $2,088,250
Less: Deferred Maintenance/Environmental $0
Less: Income Loss due to Lease-up $0
Value by Income Capitalization Approach Rounded to, $2,090,000
Investors-3459 20th St. Pro Forms 2005 XLS -5- 6
3459 20th Street-Greeley
Offer Rate History
5 M 3 iiNg f5:v..s. .it .i1 S`fy h& f f Y d l5 .t
_.
20 -
04 4Q 100.0%
2004 3Q 100.0% - - - - - _
2004 2Q 100.0% 'r - - _
- -
20041Q 100.0% - - _
2tG3 4Q: 100S%
2003 3L . 100:,x*
2003 2Q 100.0% !! -
20031Q: 100A% $12.67/nnn - .$12471nnn, $17_95 $1T.9ff
2002 4Q 100.0% $12.47/nnn - $12.47/nnn $17.98 - $17.98
2002 3Q 100.0% $12.47/nnn - $12.47/nnn $17.98 - $17.98
2002 2Q 79.8% $12.00/nnn - $12.00/nnn $19.70 - $19.70
Investors-3459 20th St. Pro Forma 2005.XLS -Offer Rate History- 7
DELOWTTE&TOUCHE PROPERTY TAX SERVICES r'
WEIGHTED EFFECTIVE MARKET RENT ANALYSIS
Base Period Leases
Total Leasable Area: 21,349
Property Name: 3459 20th Street Plaza
Office Leases
Net Leasable Area. 21,349
Term Annual Tenant Leasing Effective Ann. Effective
Tenant Start Date SF Leased (Years) Income Finish/Yr Commission/Yr Income Rate/SF
Re/Max 1/4/2004 3,318 4 $ 43,134 $13.00
Weighted Averages
3,318 $ 43,134 $ - $ - - $13.00
NOTES: This average is net effective of T.I's and commissions.
T .and commission amounts are amortized over tens of lease.
Retail Leases
Net Leasable Area: -
Term Annual Tenant Leasing Effective Ann. Effective
Tenant Start Date SF Leased (Years) Income Finish/Yr Commission/Yr Income Rate/SF
$ $0.00
$0.00
$0.00
0 $0.00 $0.00
NOTES: This average is net effective of T.I's and commissions
T.I.and commission amounts are amortized over tern of lease.
Weighted Avg.Rate-Office Leases [s 13.00 I
Weighted Avg.Rate-Retail Leases [s -
GPI Office Leases $ 277,537 Office Rate/SF $ 1300
GPI Retail Leases $ - Retail Rate/SF $ -
GPI Total $ 277,537 Overall Rate/SF
$ 13.00
8
Cash Flow (Cash)
Westlake Office Plaza, LLC - (Westlake)
Dec 2004
Year-to-date Ending
December 31, 2004
Month to Date % Year to Date %
OPERATING INCOME
Potential Rent 32,299.58 93.06 377,292.25 92.90
Less: Vacancies 0.00 0.00 -1,797.00 -0.44
CAM Recoveries 2,410.00 6.94 29,022.19 7.15
Utility charge-back 0.00 0.00 1,599.96 0.39
TOTAL OPERATING INCOME 34,709.58 100.00 406,117.40 100.00
NON-OPERATING INCOME
Interest Income 246.73 0.71 493.38 0.12
Late and NSF Fee 0.00 0.00 1,220.18 0.30
TOTAL NON-OPER. INCOME 246.73 0.71 1,713.56 0.42
OPERATING EXPENSES
RECOVERABLE EXPENSES
Property Administration:
Office Supplies 0.00 0.00 39.86 0.01
Property Management Fees 1,735.48 5.00 20,296.46 5.00
Telephone: Alarms 95.37 0.27 1,156.05 0.28
Total Property Administration 1,830.85 5.27 21,492.37 5.29
Utilities:
Electricity 1,463.93 4.22 17,869.31 4.40
Gas 909.36 2.62 5,936.56 1.46
Water& Sewer 103.98 0.30 2,653.67 0.65
Total Utilities 2,477.27 7.14 26,459.54 6.52
Service Expense:
Alarm Monitoring/Repair 0.00 0.00 885.00 0.22
Elevator Inspection & Repair 0.00 0.00 1,731.53 0.43
Extermination 0.00 0.00 938.98 0.23
Gen. Maint./Contracted Labor 0.00 0.00 593.76 0.15
HVAC Contract 0.00 0.00 858.40 0.21
Janitorial Contract 700.00 2.02 8,421.00 2.07
Janitorial Supplies 196.79 0.57 667.73 0.16
Carpet Cleaning 0.00 0.00 45.00 0.01
Landscaping and Grounds 0.00 0.00 4,353.00 1.07
Occasion Decorating 455.81 1.31 622.44 0.15
Sweeping- Parking Lot 150.00 0.43 1,800.00 0.44
Snow Removal 0.00 0.00 1,039.75 0.26
Trash Removal 98.16 0.28 1,126.17 0.28
Window Cleaning 0.00 0.00 840.00 0.21
Total Service Expense 1,600.76 4.61 23,922.76 5.89
Repair and Maintenance:
Electrical Repairs 0.00 0.00 1,095.00 0.27
Electrical Supplies 0.00 0.00 78.36 0.02
HVAC Repairs 393.75 1.13 3,180.53 0.78
Page 1 3/15/2005 3:12:01 PM 9
Cash Flow (Cash)
Westlake Office Plaza, LLC - (Westlake)
Dec 2004
Year-to-date Ending
December 31, 2004
HVAC Supplies 347.31 1.00 507.75 0.13
Light Bulbs/Fixtures 1,228.19 3.54 1,969.94 0.49
Locks and Keys 0.00 0.00 123.05 0.03
Other Exterior Repairs 0.00 0.00 656.85 0.16
Other Interior Repairs 0.00 0.00 44.49 0.01
Painting/ Drywalling 0.00 0.00 4,060.38 1.00
Plumbing Repairs 0.00 0.00 560.00 0.14
Plumbing Supplies 0.00 0.00 234.32 0.06
Roof Repairs 120.64 0.35 676.40 0.17
Total Repair and Maintenance 2,089.89 6.02 13,187.07 3.25
Taxes and Insurance:
Insurance 348.75 1.00 4,859.17 1.20
Taxes - Real Estate 2,475.24 7.13 63,975.24 15.75
Total Taxes and Insurance 2,823.99 8.14 68,834.41 16.95
TOTAL RECOVERABLE EXPENSES 10,822.76 31.18 153,896.15 37.89
NON-RECOVERABLE EXPENSES
Property Administration:
Advertising & Promotion 0.00 0.00 123.90 0.03
Bank Charges 2.00 0.01 22.00 0.01
Legal & Accounting 0.00 0.00 525.00 0.13
Total Property Administration 2.00 0.01 670.90 0.17
Utilities:
Gas 104.51 0.30 813.35 0.20
Total Utilities 104.51 0.30 813.35 0.20
Repair and Maintenance:
Light Bulbs/ Fixtures 0.00 0.00 53.41 0.01
Signage 0.00 0.00 1,081.39 0.27
Total Repair and Maintenance 0.00 0.00 1,134.80 0.28
Taxes and Insurance:
Other Taxes & Licenses 0.00 0.00 25.00 0.01
Total Taxes & Insurance 0.00 0.00 25.00 0.01
TOTAL NON-RECOVERABLE EXP. 106.51 0.31 2,644.05 0.65
TOTAL OPERATING EXPENSES 10,929.27 31.49 156,540.20 38.55
NET OPERATING INCOME 23,780.31 68.51 249,577.20 61.45
NON-OPERATING EXPENSES
Lease Commissions 0.00 0.00 8,192.50 2.02
Meals and Entertainment 113.20 0.33 1,666.22 0.41
TOTAL NON-OPERATING EXP. 113.20 0.33 9,858.72 2.43
NET INCOME 23,913.84 68.90 241,432.04 59.45
Page 2 3/15/2005 3:12:01 PM 10
Cash Flow (Cash)
Westlake Office Plaza, LLC - (Westlake)
Dec 2004
Year-to-date Ending
December 31, 2004
ADJUSTMENTS
Escrow-Tax -1,127.73 3,625.62
Prepaid Insurance 348.75 -4,206.78
Building Improvements 0.00 -7,188.82
Tenant Improvements 0.00 -21,567.00
Security Deposits 0.00 4,700.50
Accrued Property Tax 2,475.24 2,912.32
Owner Draw -23,800.00 -242,810.00
TOTAL ADJUSTMENTS -22,103.74 -264,534.16
CASH FLOW 1,810.10 -23,102.12
Beginning Cash -1,809.24
Ending Balance 0.86
Page 3 3/15/2005 3:12:01 PM 11
Rent Roll
Westlake Office Plaza
July 1, 2004
Rentable Lease Leased
Suite Name Sq.Ft. Rent Rent/sq Deposit From To
112 North American Title 2,173- $ 2,897.33 $ 16.00 $ - 07/01/02 06/30/05
113 REMAX First Assoc. 3,318 3,594.50 13.00 4,700.50 01/15/04 01/14/08
114/112A New West Banks of Colorado 4,693 6,843.96 17.50 7,528.35 08/01/02 01/31/13
115 Edward D. Jones & Co. 1,222 1,400.00 13.75 - 10/01/99 09/30/04
222 Stewart Title 3,154 4,468.17 17.00 4,599.58 06/01/98 05/31/06
223-A-C,F-G Waterfield Financial Corp. 1,665 2,150.00 15.50 - 04/15/00 10/14/04
223-D-E Leading Edge Financial Group 441 624.75 17.00 661.50 11/01/01 10/31/06
224 Linden/Bartels & Noe 5,458 7,959.58 17.50 - 01/01/98 12/31/05
Roof Cricket 1,250.00 2,000.00 10/01/01 09/30/06
Total 22,124 $ 31,188.29 $ 16.92 $ 19,489.93
Total Occupied 22,124 $ 31,188.29 $ 16.92
Occupied 100.00%
Total Vacant 0
%Vacant 0.00%
12
Cash Flow (Cash)
Westlake Office Plaza, LLC - (Westlake)
Dec 2003
Year-to-date Ending
December 31, 2003
Month to Date % Year to Date
OPERATING INCOME
Potential Rent 31,374.42 109.65 388,863.59 100.43
Less: Vacancies -4,335.00 -15.15 -18,054.00 -4.66
CAM Recoveries 906.00 3.17 11,277.07 2.91
Storage Space Rent 0.00 0.00 300.00 0.08
Utility charge-back 666.70 2.33 4,823.51 1.25
TOTAL OPERATING INCOME 28,612.12 100.00 387,210.17 100.00
NON-OPERATING INCOME
Interest Income 43.08 0.15 323.23 0.08
TOTAL NON-OPER. INCOME 43.08 0.15 323.23 0.08
OPERATING EXPENSES
RECOVERABLE EXPENSES
Property Administration:
Other Professional Services 0.00 0.00 250.00 0.06
Property Management Fees 1,430.61 5.00 19,360.51 5.00
Telephone: Alarms 97.54 0.34 1,079.04 0.28
Total Property Administration 1,528.15 5.34 20,689.55 5.34
Utilities:
Electricity 810.21 2.83 10,490.18 2.71
Gas 284.22 0.99 1,932.35 0.50
Water & Sewer 117.34 0.41 2,839.59 0.73
Total Utilities 1,211.77 4.24 15,262.12 3.94
Service Expense:
Alarm Monitoring/Repair 0.00 0.00 285.00 0.07
Elevator Inspection & Repair 0.00 0.00 1,599.66 0.41
Gen. Maint./Contracted Labor 26.00 0.09 988.97 0.26
HVAC Contract 0.00 0.00 429.20 0.11
Janitorial Contract 700.00 2.45 8,637.00 2.23
Janitorial Supplies 95.60 0.33 1,151.60 0.30
Carpet Cleaning 0.00 0.00 60.00 0.02
Landscaping and Grounds 1,290.00 4.51 1,884.32 0.49
Sweeping - Parking Lot 150.00 0.52 780.00 0.20
Snow Removal 696.21 2.43 1,001.21 0.26
Trash Removal 90.60 0.32 1,098.79 0.28
Window Cleaning 0.00 0.00 410.00 0.11
Total Service Expense 3,048.41 10.65 18,325.75 4.73
Repair and Maintenance:
Electrical Repairs 0.00 0.00 370.00 0.10
Electrical Supplies 0.00 0.00 763.12 0.20
HVAC Repairs 429.20 1.50 1,012.45 0.26
Locks and Keys 0.00 0.00 808.48 0.21
Plumbing Repairs 300.00 1.05 800.00 0.21
Page 1 3/15/2005 3:13:36 PM
13
Cash Flow (Cash)
Westlake Office Plaza, LLC - (Westlake)
Dec 2003
Year-to-date Ending
December 31, 2003
Plumbing Supplies 192.73 0.67 546.50 0.14
Roof Repairs 0.00 0.00 493.04 0.13
Total Repair and Maintenance 921.93 3.22 4,793.59 1.24
Taxes and Insurance:
Insurance 370.38 1.29 4,444.56 1.15
Taxes - Real Estate 5,103.65 17.84 61,062.92 15.77
Total Taxes and Insurance 5,474.03 19.13 65,507.48 16.92
TOTAL RECOVERABLE EXPENSES 12,184.29 42.58 124,578.49 32.17
NON-RECOVERABLE EXPENSES
Property Administration:
Bank Charges 0.00 0.00 20.00 0.01
Legal &Accounting 0.00 0.00 500.00 0.13
Total Property Administration 0.00 0.00 520.00 0.13
Utilities:
Electricity 1,094.55 3.83 11,830.87 3.06
Gas 723.87 2.53 3,275.38 0.85
Total Utilities 1,818.42 6.36 15,106.25 3.90
Repair and Maintenance:
HVAC Repairs 0.00 0.00 429.20 0.11
Signage 0.00 0.00 81.43 0.02
Total Repair and Maintenance 0.00 0.00 510.63 0.13
Taxes and Insurance:
Other Taxes & Licenses 0.00 0.00 25.00 0.01
Total Taxes & Insurance 0.00 0.00 25.00 0.01
TOTAL NON-RECOVERABLE EXP. 1,818.42 6.36 16,161.88 4.17
TOTAL OPERATING EXPENSES 14,002.71 48.94 140,740.37 36.35
NET OPERATING INCOME 14,609.41 51.06 246,469.80 63.65
NON-OPERATING EXPENSES
Lease Commissions 0.00 0.00 20,753.00 5.36
Meals and Entertainment 47.21 0.17 112.37 0.03
TOTAL NON-OPERATING EXP. 47.21 0.17 20,865.37 5.39
NET INCOME 14,605.28 51.05 225,927.66 58.35
ADJUSTMENTS
Escrow- Tax -5,043.08 -5,588.75
Prepaid Insurance 370.38 4,444.56
Tenant Improvements 0.00 -24,209.00
Security Deposits 0.00 12,127.93
Accrued Property Tax 5,103.65 6,328.44
Page 2 3/15/2005 3:13:36 PM 14
Cash Flow (Cash)
Westlake Office Plaza, LLC - (Westlake)
Dec 2003
Year-to-date Ending
December 31, 2003
Owner Draw 199,050.00 0.00
Prior Years Draw -199,050.00 -199,050.00
TOTAL ADJUSTMENTS 430.95 -205,946.82
CASH FLOW 15,036.23 19,980.84
Beginning Cash 8,066.75
Ending Balance 23,102.98
Page 3 3/15/2005 3:13:36 PM 15
Rent Roll
Westlake Office Plaza
July 1, 2003
Rentable Lease Leased
Suite Name Sq.Ft. Rent Rent/sq Deposit From To
112 North American Title 2,173 $ 2,897.33 $ 16.00 $ - 07/01/02 06/30/05
112-A New West Banks of Colorado 946 1,340.17 17.00 - 08/01/02 01/31/13
113 State Farm Insurance 3,060 4,590.00 18.00 - 09/01/97 08/31/03
114 New West Banks of Colorado 3,747 5,308.25 17.00 7,528.35 08/01/02 01/31/13
115 Edward D. Jones & Co. 1,222 1,400.00 13.75 - 10/01/99 09/30/04
222 Stewart Title 3,154 4,336.75 16.50 4,599.58 06/01/98 05/31/06
223-A-C,F-G Waterfield Financial Corp. 1,665 2,150.00 15.50 - 04/15/00 10/14/04
223-D-E Leading Edge Financial Group 441 606.38 16.50 661.50 11/01/01 10/31/06
224 Linden /Bartels& Noe 5,458 7,732.17 17.00 - 01/01/98 12/31/05
Roof Cricket 1,250.00 2,000.00 10/01/01 09/30/06
Total 21,866 $ 31,611.05 $17.35 $ 14,789.43
Total Occupied 21,866 $ 31,611.05 $ 17.35
% Occupied 100.00%
Total Vacant 0
%Vacant 0.00%
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Investors Group of Companies, Inc.
826 Ninth Street, Suite 100
Brokerage Greeley. Colorado 80631
Tel- 970.356.6699
Management Fax 970.353 0660
.
"
- tiny 3333 East Cael back P.oad,Suite 253
rnantI g Phoenix,ArizonaCm 85018
Tel. 602.954.2385
1 a�in.uloti Fax 602.954.7086
Os-e,op in tent I N V E S TO R S" www_tnvestors-usa.corn
LETTER OF AUTHORIZATION
To Whom It May Concern:
Property Owner Name: Westlake Office Plaza LLC
Hereby appoints and authorizes Deloitte Tax,LLP as taxpayer's representative to represent our firm's
property and all property controlled by our firm or any of its subsidiaries of partnerships on all
matters pertaining to the 2005 and 2006 ad valorem taxes. Until written notice of termination is
issued, they have the right to file returns, examine records, obtain all tax statements, and discuss or
appeal any tax assessments to the proper authorities when, in their opinion, the assessment does not
constitute fair market value. In addition they have the right to file appeals to the appropriate
jurisdiction, if authorized by law.
By:
Name: Jon 7 ecker
Title: Controller/Broker
Address: 826 9'h Street, Suite 100
Greeley, CO 80631
Phone Number: 970-356-6699
Property Desc:
Parcel Address Assessor State
R0273493 3459 W 20 ST GREELEY Weld County CO
Subscribed and sworn before me this g _day of 1i' -c-iC , moos
Not .BC'
State of
Co ;vf LQ •
My s41bn yr—,rtet^or
Westlake Office
23
CLERK TO THE BOARD
PHONE (970)356-4000 EXT 4217
FAX: (970)352-0242
WEBSITE: www.co.weld.co.us
I
91510TH STREET
WI D P.O. BOX 758
C. GREELEY, COLORADO 80632
COLORADO
July 20, 2005
WESTLAKE OFFICE PLAZA LLC
1814 14 AVE
GREELEY CO 80631
Parcel No.: 095912300025 Account No.: R0273493
Dear Petitioner(s):
The Weld County Board of Equalization has set a date of August 5, 2005, at or about the hour of
9:30 AM,to hold a hearing on your valuation for assessment. This hearing will be held at the Weld
County 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.
WESTLAKE OFFICE PLAZA LLC - R0273493
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 p OF O EQUALIZATION
Lh il.,t1
Donald D. Warden
Clerk to the Board
cc: Stanley Sessions, Assessor
DELOITTE & TOUCHE LLP
555 SEVENTEENTH STREET SUITE 3600
DENVER CO 802023942
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