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Home My WebLink About20042293 RESOLUTION RE: THE BOARD OF EQUALIZATION, 2004, WELD COUNTY, COLORADO - DENY PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE PETITION OF: MERRIMAN RICHARD L 13855 DEERE COURT LONGMONT, CO 80504 DESCRIPTION OF PROPERTY: ACCOUNT #: R6790797 PARCEL #: 120726201002 - MEA SB5-2 L2 BLK5 SEKICH BUSINESS PARK SITUS: 13855 DEERE CT MEAD 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 2004, 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 2004, claiming that the property described in such petition was assessed too high, as more specifically stated in said petition, and WHEREAS, said petitioner being neither present or represented, 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 $ 99,277 Improvements OR Personal Property 572,723 TOTAL $ 672,000 2004-2293 &.y7a C4 /9'6117- AS0058 8--/-4 -e y" RE: BOE - MERRIMAN RICHARD L, R6790797 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 should be mailed or delivered within thirty (30) days of denial by the CBOE to: Board of Assessment Appeals 1313 Sherman Street, Room 419 Denver, CO 80203 Phone: 303-866-5880 OR 2. District Court: You have the right to appeal the CBOE's decision to the District Court of the county wherein your property is located. New testimony, exhibits or any other evidence may be introduced at the District Court hearing. For filing requirements, please contact your attorney or the Clerk of the District Court. Further appeal of the District Court's decision is made to the Court of Appeals fora 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. 2004-2293 AS0058 RE: BOE - MERRIMAN RICHARD L, R6790797 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., 2004. BOARD OF COUNTY COMMISSIONERS WNzY, COLORADO Robert D. Masden, Chair i� rk to the Board 1861 I .' jz 62-2 William H rke, Pro-Tem Ia, II - ✓,� lerk to the Board ilk - M. J. ile APPROVED AS TO FORM: David . Long eiy-Ajd“ UJIa I 0 , Assistrit County Attorney EXCUSED Glenn Vaad Date of signature: se/�/o 2004-2293 AS0058 _ NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR t<I n t (` ' - 1400 NORTH 17th AVE. I//Vt`,� BUS EB5-2 K2 BLK5 SEKICH ) 33845',CO80363J 1 BUSINESS PARK SITUS : 13855 DEERE CT rnoNe(e7o)3s3-384s,ExT3eso II MEAD W `Dc. • ' RE _.-wNER: MERRIMAN RICHARD L COLORADO E COMPANY LOG 995 P O BOX 260511 PARCEL 120726201002 ACCOUNT R6790797 HIGHLANDS RANCH, CO 80163 YEAR 2004 Owner: MERRIMAN RICHARD L 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)assiened to your property. The reasons for this determination of value are: The Colorado Constitution requires commercial property to be valued based on actual value and assessed at 29% . Replacement cost , market, and income are approaches used to determine the actual value of your property. Your valuation is supported by the appraisal procedures required by law. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW INDUSTRIAL 672000 672000 TOTALS $ a 672000 $ 672000 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.R.S. Please see the back of this form for detailed information on filing your appeal. 06/30/2004 By: Stanley F. Sessions WELD COUNTY ASSESSOR DATE 15-DPT-AR • Form Pk207-8703 ADDITIONAL INFORMATION ON REVERSE SIDE YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR'S DECISION The County Board of Equalization will sit to hear appeals beginning July 1 and continuing through August 5 for real property (land and buildings) and personal property(furnishings, machinery, and equipment) 39-8-104 and 39-8- 107(2), C.R.S. APPEAL PROCEDURES: If you choose to appeal the Assessor' s decision, mail or deliver one copy of this completed form to the County Board of Equalization. To preserve your right to appeal, your appeal must be POSTMARKED OR DELIVERED ON OR BEFORE JULY 15 FOR REAL PROPERTY, AND JULY 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 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 13. 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 AMO T. Attach dditional documents as necessary. n�a �4 J Gi,4-Iil C7 A-O4-4-c illy 4s/ €-,- Cb°,coo wS %t 'Zta - - THE E COMPANY '1-I2 -0t/ DAIS PO BOX 260511 HIGHLANDS RANCH CO 80163 720-351-3515 "-'^hnPANY.NET 21 THE$COMPANY REAL ESTATE SERVICES P O BOX 260511 HIGHLAND RANCH, CO 80163 720-351-3515 /FAX- 720-344-3498 July 12, 2004 WELD COUNTY BOARD OF EQUALIZATION RE: ATTACHED NOTICE OF DETERMINATIONS Please find the enclosed list as well as a copy of petitions for review before the County Board of Equalization for 2004. Please call to schedule date and times for BOE hearings. Thank you for your attention to this matter. St . E ns The Fi Company \ Z� �_� O b f ASSESSOR'S VALUE REPORT OF COMMERCIAL PROPERTY FOR County Board of Equalization MERRIMAN RICHARD L PETITIONER vs. WELD COUNTY ASSESSOR'S OFFICE RESPONDENT Parcel Number: 1207-26-2-01-002 Schedule Number: R6790797 Log Number: 995 Date: Aug. 5/ 2004 Time: 9;00 am Board: CBOE PREPARED BY APPRAISERS NAME Michael F. S pson/ G 318543 7/ 26 / 04 i nature /Date Signature Date ASSESSOR'S OFFICE STAFF APPRAISER CBOE_COMM 010990 Page 1 SALIENT FACTS AND CONCLUSIONS Purpose of Appraisal To determine Market Value as of 1/1/2004 based on an appraisal date of 6/30/2002. Property Rights Appraised Unencumbered fee simple interest. Location 13855 DEERE CT MEAD Land Area 44123 Square Feet Zoning Industrial Property Type Commercial / Industrial 1— Indust Lght Manufacturing Year Built 1999 Year Remodeled 0 Quality Average Class Metal Frame Number of Stories 1 Improvement Sq. Ft. 19200 Basement Unfinished Sq. Ft. none Basement Finished Sq. Ft. none Mezzanine: none Value Indications: Land 99,277.00 Cost Approach 632,146.00 Market Approach 672,000.00 Income Approach 672,200.00 Reconciled 672,000.00 Assessor's Value 672,000.00 CBOE COMM_010996 Page 2 z ..._.. . . ...... Purpose of Report The purpose of this limited scope/summary appraisal report is to establish value for Ad valorem Tax purposes as of the historic appraisal date 6/30/2002. This is as per Colorado State Statues and is based upon sales from 1/1/2001 to 6/30/2002. The tax year in question is 2004. The property in question is located in Weld County at the Sekich Business Park that is located at the SE corner of 1-25 and HWY 66. The address is 13855 Deere Ct. and the legal is Lot 2 of Blk. 5 / Sekich Business Park - Mead, Colorado. The report by law is specifically written to account for market value on the subject. The use of this report for any other reason voids any and all conclusions. Market Value is defined as follows: The most probable price in terms of money which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeable, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date an the passing of title from seller to buyer under conditions whereby: 1. Buyer and seller are typically motivated. 2. Both parties are well informed or well advised and each acting in what they consider their own best interest. 3. A reasonable time is allowed for exposure in the open market. 4. Payment is made in cash or its equivalent. 5. Financing, if any, is on terms generally available in the community at the specified date and typical for the property type in its locale. 6. The price represents a normal consideration for the property sold unaffected by special financing amounts and/or terms, services, fees, costs, or credits incurred in the transaction. The property rights appraised are of the unencumbered fee simple estate. Date of value is June 30, 2002. 3 Highest and Best Use Analysis The concept of highest and best use is fundamental to the analysis and valuation of any real property. As used for the purposes of this report, it is best described as: The most reasonable and probable use that supports the very highest present value as described on the date of the appraisal. This use from among those reasonably probable and legal, both current and alternative, which are found to be physically possible, appropriately supported, financially feasible, and whose result is the highest possible present land value. As opinion of highest and best, or most probable use, is premised upon, among other things, the site being vacant and ready for development as well as compatible with the environment. In short, the highest and best use is that use that fully develops the lands potential. The criteria for estimation, highest and best use is those which are legally permitted, financially feasible, and maximally productive, and these criteria must usually are considered sequentially. This analysis must consider the use that will produce the greatest future benefit to the owner and has a strong probability for achievement. The highest and best use for the subject property is as currently used, for Industrial purposes involved in manufacturing and storage of commercial products or warehousing. Y Site Location Map #.4 Featuring Microsoft'.,..4 Maps & Directions ,.. . Idatppalnta'rednology-) Mead, Colorado, United States 17 �� 32 25 *382 ` ' "•sor 33 872" 1 - Ma Poi I1lt 43 1 5} 19 2 ) 1 - 31 51 Drake 'O, fort c in - 7 } gt'" Btis 14ifircr gr �c� I Mu '.in iY , f. ? ('' L257) 3rXl !, '263;r— r �+ "� _ c — il I `yam l '+'1' k' ti ;34?' ' a ' �•l "�" a Y L A R ' r • i>a a< ` v'r y , t-- -a-y —Evans4 t � A- 21�^ 482 -_;,_,,4„.. 54 54 --f )31 I�ampion : 14 own r n a i 85 i ertho(d *: 17 1 f 431 ��, 158, �, h? Y44� — ��I.267)-:- 13 r 2K' ��f' 135 1 287 : Fi t 0 Ill p. A. 1 n ' Gilcrest� .... a •t _r L D 38 {tr r rte • .. .4 Mead 1 ; W i • �� yons 34 a >Ii _ , 14-, 36 32 r te- — 66', — Sv` Y t --171 latteville 1 it ir e36 31 v 7 - d i I1. 13 19 IL IIII 22 — 1 ` e l.) e '--_i 41 ( o + $ lb:Firest.ne r �Eh 1 )J RL D E ' - r� aFrede ck Niwot Y_r~ ..287 pa oat Lupton 7: �--- z 119. 38 e� 25 Uac... _ F. "' �I Hudson - jam— 1 .r - ' j ' 44r f 2 rie 8 ,..i 'k: • I:55-1 55 1 137 1 1 451 ' 157' 4 , Fr r 7 - c Tri•C u s Lochbuae ^ . U Air '311 ill‘ e O2004MierosortCorp oo3Navrech,and/orGDT,mol42'4 .,• ; • 478,, ¶ . • 17-Thy A r E,1 52n Ave REGIONAL AND CITY DATA The property being appraised is located in northeastern Colorado in the City of Greeley,which has an estimated population of 60,536. Greeley is the county seat and principal city in Weld County, a relatively large county of4,100 square miles. Greeley is located in the west central part of the county and contains about 43 percent of the county's population. Most of the remaining population resides within a 20 to 30 mile radius of Greeley. The county is situated on the plains, approximately 30 miles from the rolling prairies and low hills, while the land surface in the eastern portion is fairly level. Elevations vary from approximately 4,400 to 5,000 feet above sea level. The county's economy consists primarily of agriculture,food processing,and oil and gas production, as well as manufacturing and service industries. It ranks among the top ten in the United States for many types of agricultural production. When compared with non-citrus producing counties throughout the nation, it consistently ranks number one because of its cattle and other types of livestock feeding enterprises. Environmental Factors Geographic Location and Climate - Greeley is favorably situated approximately 52 miles north of Denver,the capital city of Colorado, and 51 miles south of Cheyenne,the capital city of Wyoming. The facing area map provides a visual representation of the area. At an elevation of approximately 4,637, Greeley lies just west of the confluence of the Cache la Poudre and South Platte Rivers. Topography throughout the area is primarily gently rolling,with a moderate easterly slope. Greeley is located in a semi-arid region; and although the average annual rainfall is only 11.12 inches, snow accumulations in the mountains provide an abundant supply of irrigation and domestic water through an extensive system of reservoirs, canals, and irrigation ditches. The growing season is approximately 141 days, with an average annual temperature of 50 degrees. Transportation - The City of Greeley is situated within a good network of transportation facilities. A four-lane,limited access highway(U.S. 85) connects Greeley with Denver and Cheyenne. East- West U.S. Highway 34, comprised of a business and bypass route, extends through Greeley, providing easy access westward to Loveland-Fort Collins-Rocky Mountain National Park area and eastward to Fort Morgan and Eastern Colorado. Currently,the railroad depot in Greeley is not staffed; but the Amtrak train stops at the depot three days a week. The Union Pacific Railroad stops in La Salle, approximately five miles south of Greeley, seven days a week for pick-up and delivery of freight. Other non passenger rail service is provided by Burlington Northern and Great Western. Daily bus service is provided to Denver, Cheyenne, and other neighboring towns. Public transportation is available throughout the city by "The Bus,"which operates Monday through Saturday. In addition, elderly and disabled bus service is offered on a demand basis. The Greeley-Weld County Municipal Airport lies on approximately 475 acres two miles east of the city. Ranked third among Colorado general aviation airports in number of based aircraft,the airport 6 has a 7,000 foot paved runway, full-maintenance facilities, and hangar space for corporate and company aircraft. It is primarily used by private and corporate aircraft, flying schools, and crop dusting firms. Stapleton International Airport in Denver,with approximately 12 major carriers that operate scheduled passenger service, is a one-hour drive from Greeley and easily reached via regularly scheduled limousine service. Social Factors The population of Greeley has been increasing at a rate commensurate with that of Weld County. Census figures indicate the following rates of population growth for Greeley and Weld County: tsssf "Ce�r its �: .512;3s r4, POPtlI AT'.Ti GROWTH Y eld County .'.a s, v 7 'y Greeley:, a , Year Population Annua ! Haig .:“(?:',1%,, Population .' Annual Change 1950 67,504 20,254 1960 72,344 0.69% 26,314 2.65% 1970 89,297 2.13% 38,902 3.99% 1980 123,438 3.29% 53,006 3.14% 1990 131,821 0.66% 60,536 1.34% The preceding table shows the strongest growth during the 1960's. During that time,two national firms, State Farm Insurance and Eastman Kodak,located regional headquarters in Weld County. In the last decade, the rate of growth has slowed due to the lack of new base sector employment opportunities. GREELEY BUILDING'PERMIT.ACTIVITY (VA =UE'IN TFIOUSANDS!OF DOLLARS) 7 E ., c e b rc S c y. e s E� prc� t ,,v r s + ,-,1,,,,,,„4-„,-,_*.„,„., 'c n."te r t x r`i i�. i't i ^x,150,1114 i } ° ,It�'"vT?Ah w 4 r ,,k M donxngt'c ia' r asi3gO.e,1+'airit is u i, �t : 14ittitS T.yw ' 'Construction s ' ;`v Res&6en ea ,^..H l' tLay+dA,� �, j 'il'igklaienees�gate";`' '�,M T' ,V i`= r:'',,.Valiifl±on r x,13 iffitn.idd i'3mi i`y,Yi 1 :.iv to 14 - _ eat -� a' R' a0 tF a fv , +. v� �r i r r ; 1.p'C P,,�' e x N 53 'v° n 3, T '. L h i Aadltions n Or. i d eip t a' t° ,, e#Vi ei vi�r is g i is k ro� t t `&' i , R u 4, e 5 i i d + v ,; xIIn;674�E+'i 2h.,..`$dgk,"u�e !,,,c,,, S.rI i-� ' sU3ltxe ' ,Nlei? 0� i. 4 �' • . -, .r��,� ., ,'.�,. .,i,.. `. .{�.,, ,� �a:,'4. n, �. . re.a� ,i ��c:p.F..,'_i, :.° , .... . � :,. nid...'.. . ,. Remodels 1973 316 $6,274 408 $4,002 $12,738 n/a 1974 265 $6,437 368 $3,553 $4,179 n/a 1975 333 $6,246 60 $1,139 $4,650 n/a 1976 235 $6,334 292 $3,488 $2,439 n/a 1977 479 $13,240 270 $4,238 $6,379 n/a 1978 511 $16,123 262 $4,658 $7,302 n/a 1979 367 $13,148 300 $6,475 $6,954 n/a 1980 165 $7,930 103 $3,162 $4,957 n/a 1981 49 $3,048 111 $3,070 $5,137 n/a 1982 56 $3,323 38 $1,426 $12,535 n/a 1983 208 $13,493 73 $3,007 $8,179 n/a 1984 172 $10,298 64 $2,277 $3,879 n/a 1985 166 $9,477 384 $9,941 $6,485 n/a 1986 124 $7,324 456 $11,278 $16,975 n/a 1987 142 $11,301 148 $4,672 $8, 081 n/a 1988 126 $9,914 28 $1,304 $3,833 n/a 1989 118 $9,895 18 $767 $4,647 n/a 1990 118 $9,194 26 $1,126 $6,335 $5,922 1991 125 $10,507 26 $2,093 $2,959 $4,848 The preceding figures for building permit activity in Greeley show that single family construction has been at relatively modest but stable levels from 1986 through 1991. The large increase seen in multifamily residences during 1985 and 1986 is a result of a 288-unit apartment complex in the west central part of Greeley that was completed in late 1985;a 102-unit senior citizens'housing complex near the central business district that was completed in mid-1986;and a 210-unit,multifamilyproject in southwesten Greeley that was begun in October, 1986 there were significant increases in the number of retail businesses in the area. This construction includes renovation of the Greeley Mall, the new Greeley Tribune building, the new Wal-Mart store, and several neighborhood shopping centers. Two projects in downtown Greeley, a new auditorium and a hotel/convention center, add to the 1986 and 1987 commercial construction activity. ' Includes duplexes, 4-plexes, etc. a • The rate of unemployment for the Greeley area from 1980 through 1991 ranged from a high of 12.9 percent in 1987 to a low of 4.0 percent in 1991. Comparative unemployment statistics, as of February 1990,can be seen in the following table. These figures do not include seasonal or cyclical variations, thus the national figure will not match that usually quoted in the news media. LABO1RARE.AI.P:NE'MPLOYMEtflr A�tSTI SA5SoFl`EBAUAR ('1992 .; }say ed s a 0Sta a iViS +. Greeley s giNIPARIMPAIRM d,: g , zq Labor`"` 'Dice._ _ _ ' 1 5x'885 Ol ;a3e.*1..x,742 n ht, , Y`*., ,r,'fio,5SG7 Employment 115,224, 000 1, 626,586 65,259 28,209 Unemployment 10, 161, 000 115,552 4,298 2, 218 % Unemployed 8.1% 6.6% 6.2% 7.3% Source: Employment Services of Weld County, Greeley Job Service Center The educational facilities in Greeley are exceptional and significant to both the community and the area. The University of Northern Colorado, which is centrally located within the city, is the state' s fifth-largest college. With and enrollment of approximately 10,500 students, it is a major factor in the local economy. It was announced June 8, 1994 that Baldwin Construction of Fort Collins would complete the construction contract for the school's new stadium in February 1995. The total cost of the 8,000 seat stadium is $3,341,541. The stadium will be adjacent to Butler-Hancock Hall on 17th Avenue, just south of 20th Street. Aims Community College, with campuses in Greeley, Fort Lupton, and Loveland, is the largest two-year college in the state. It is oriented toward education in occupational and vocational fields. Established in 1967, it has the highest growth rate among community colleges in Colorado. Enrollment on the Greeley campus is approximately 14,500 students, which is 82 percent of the 17, 500 students on all three campuses. The public school district consists of two high schools, three junior high schools, four middle schools, and thirteen elementary schools, In addition, there are several private schools. Two major state universities are located within 50 miles of Greeley. Colorado State University, located in Fort Collins, has an enrollment of about 21, 000 students; and the University of Colorado, located in Boulder, has an approximate enrollment of 25, 000 students. Additionally, there are numerous institutions of higher learning in Denver. Health care is exceptional for a community the size of Greeley. North Colorado Medical Center, considered a regional medical center, has a 326-bed capacity and a flight-for-life helicopter. It is the most modern hospital in northern Colorado. In addition, there is a 22-bed, mental health facility owned by North Colorado Medical Center, which is called PsychCare. Nursing homes and medical clinics are also located in the area. Recreational facilities include an extensive city park system, public swimming pools, a recreation center, public and private golf courses, and tennis courts. These, combined with a new civic center, contribute toward a desired quality of lifestyle. In general, the community facilities are in excellent condition. ECONOMICAL FACTORS 9 The area's economic base is well diversified, so an economic setback in any one industry would not affect the overall economic security of the city. The table below shows the major Greeley area employers, and following that is a table showing the composition of the civilian labor force. TEN LARGEST EMPLOYERS IN GREELEY AND THE SURROUNDING AREA IN 1991 Firm\Agency Product\Service Employment Location ConAgra Agriculture 3, 800 Weld (26 subsidiaries of County which include the following) (56) Bean Packaging (30) LaSalle Berger & Co.* Ag. Chemicals (80) Greeley Loveland Ind.* Ag. Chemicals (75) Greeley United Agri Prod* Farm/Ranch Store Greeley County General (2,250) Red Meat Co. 's Packing Plant (217) Greeley Monfort of Colo* Food Processing Greeley Monfort Portion Foods* Eastman Kodak* Sensitized Photo 2,600 Windsor Processing University of State University 1,550 Greeley Northern Colorado North Colorado Health Care 1,500 Greeley Medical Center School District #6 Public Education 1,350 Greeley Weld County Government 900 Greeley Aims Community Vocational 900 Greeley, College Education/Arts & Ft. Sciences Lupton, & Loveland Hewlett-Packard* Electronic Components 850 Greeley and Computer Memory Peripherals State Farm Insurance Regional Office 750 Evans City of Greeley Government 550 Greeley *Denotes manufacturer EMflOYMENT th(JNDUST.R (FARIYI `*TD,.NONrIi 1R VI)"! 4 4 ` Gaffe 1 Countyxt s Percent• J g $ 1 "(Greeley _ S k}) ` Colorado { Agriculture 33.0 9.7 % Mining 0.7 1.2 Construction 4.1 4.1 % Manufacturing 14.2 11.9 % Trans., Comm., and Utilities 3.6 6.6 % Wholesale/Retail Trade 15.7 22.9 Finance, Insurance, and R.E. 2.9 5.9 Services 21.9 31.6 Government 3.6 5.8 Source: Colorado Department of Labor & Employment, Labor Market Information Section Annual Planning information Report, Program Year 1990 Greeley's economy is predominantly agriculturally oriented, and the agricultural sector is of vital importance. However, over the past three decades, the city has seen its economic base diversify considerably. Manufacturing has increased significantly and, today, represents 14 percent of employment and 21 percent of wage income. Additionally, the petroleum industry has also had a positive impact on the local economy. Weld County is Colorado's leading energy producer because of the Denver-Julesburg Basin that runs through the area. Although oil and gas exploration has declined since its peak in the mid-1980's, there continues to be a limited amount of drilling taking place in the bounty. City sales receipts can be seen in the following table. Based on conversations with the economic development manager of the Greeley Area Chamber of Commerce and on information obtained from the Rand-McNally Business Atlas, the Greeley trade area currently has a population base of approximately 145,124. Thus, the facilities in the Greeley area draw from much of Weld County. The addition of a sales tax on food in 1990 makes recent annual comparisons somewhat difficult. if • CITY„OF GItEELEY{,STIMMARY OF SALES AA'ND UISEtTAX REPORT Date Taxable Sales^�k' 'xSalesl 'ax Collected `� f 'o thrn Ta afle 1980 $253,272,298 $5,468,243 . 1981 $275,679,076 $5,888,491 8.8% 1982 $299,968,081 $8,643,231 8.8% 1983 $337,880,574 $9,267,945 12.6% 1984 $312,071,968 $10,412,437 -7.6% 1985 $301,675,154 $10,208,216 -3.3% 1986 $301,683,795 $10,629,801 -.09% 1987 $314,988,602 $11,485,520 4.5% 1988 $333,577,727 $11,511,262 5.9% 1989 $348,396,740 $12,462,334 4.4% 1990* $465,266,724 $14,044,107 33.5% 1991 $509,738,800 $15,292,164 9.6% Source: City of Greeley, Finance Department *In 1990, Greeley began collecting a 1% sales tax on food. Figures for 1990 and thereafter include this additional tax. As previously discussed, the rate of population growth slowed significantly during the 1980's. However, there were some signifi- cant additions to the city's economic base during this time period. The Hewlett-Packard plant opened in mid 1983. Plans were formulated in 1990 for a 70,000 square foot expansion; these plans are currently on hold. In 1986,a$6.4 million expansion project at the State Farm Insurance regional office in Evans was announced. This project was completed in late 1988. In 1988, a $1.6 million manufacturing facility for Electronic Fab Technology Corporation, which added over 200 jobs, was constructed. Additionally, in 1988, Monfort of Colorado (ConAgra) constructed a $1.6 million office building lL to house Swift personnel recently merged with Monfort. This merger added 60 to 75 local jobs. Monfort completed construction in early 1989 of a new lamb slaughter plant in Greeley. This facility has the capacity to process up to 4,000 lambs per day and provides jobs for 150 people. It was announced on January 3, 1990, that Pioneer Tele Technologies would open a facility in Greeley. This facility is now open and employs approximately 400 people. Although the majority of the wages are at the$5.00 per hour level,this provides a substantial boost to the local economy. Several smaller firms have established facilities in recent years,and there continues to be numerous requests by firms for economic base information form the Greeley Area Chamber of Commerce. Some of these firms may also choose to locate here. They offer mainly base sector job opportunities ranging from 25 to 200 employees. As a result,the growth trends that are forecasted for the city and county suggest a continued moderate expansion of the population and economic base. Fortunately, the City of Greeley did not experience the volume of speculative commercial construction during the early 1980's that is observed in some of the nearby Front Range cities. As a result, office and retail occupancies, with the exception of the downtown area, are close to acceptable levels. Downtown vacancy is typically seen in older,inferior retail space. This space is not highly competitive with the newer, more desirable neighborhood centers. From an industrial standpoint,there is an over supply of vacant,industrially zoned land. However, occupancy rates in industrial buildings are acceptable. Political Factors • City government has taken a positive stand toward growth and industrial development. Through an annexation program,which included the Hewlett-Packard site and the"Golden Triangle"area further west, Greeley has considerable land available for development. The city area currently covers approximately 26 square miles;nearly one-third of this was annexed during the past eight years,and a substantial part of that has been zoned for industrial/commercial development. Much of this annexed land has not been developed; however, it has been brought into the city in anticipation of industrial development. The city's residential growth has been primarily toward the west. Industrial development has taken place mainly around the eastern edge of Greeley,with the exception of the Hewlett-Packard plant northwest of the city. Commercial activity has occurred throughout the city but is primarily concentrated in the technical business district, in the northwest quadrant of the city along the U.S.Highway 34 business route,and in the south central portion of the city along the U.S. Highway 34 bypass. Greeley has water rights sufficient to ensure an ample supply of good quality domestic water. It is transported form mountain reservoirs to the city via an extensive pipeline system. In 1989 the Boyd Lake water treatment plant was extensively renovated,improving the quality of water treatment and adding new pumping stations,all of which increased the treatment capacity to 40 million gallons per day. Coupling that with the 20 million per day Bellvue plant provides Greeley with an adequate water capacity well into the foreseeable future. The city sewage treatment plant was renovated in 1986 to handle the anticipated city growth through 2010. Natural gas, electricity, and coal are in adequate supply, available from well established utility companies. Real estate and city sales taxes are the major source of finds for the local government. In 1991, t3 propertywas assessed at 29 percent of the 1988 actual value for commercial/industrial properties and at 14.34 percent for residential properties. The individual property taxes are then determined by mill levies that are set annually. The state of Colorado imposes a 3 percent sales tax on gross receipts from retail sales,while the City of Greeley levies a 3 percent sales and use tax on gross receipts form retail sales. Greeley and Weld County taxes appear reasonable and compare favorably with surrounding communities. Summary From the standpoint of real estate investment,the Greeley area is desirable. It has a good location, adequate transportation, and a pleasant climate. Greeley's proximity to the Rocky Mountains,45- minutes driving time, provides easy access to mountain recreational activities. The area has experienced steady growth in the past, although the rate has slowed in recent years. Its economy, historically,has been dominated by agriculturally oriented activities; and agriculture continues to play an important role. However, during recent years, the economy has grown and diversified as a result of manufacturing and commercial developments. Today, Greeley has a relatively broad based economy. The area's expanding economic base helps to minimize the adverse impact of recessionary influences, thus assuring reasonable job stability. The Greeley government is pro growth and pro industrial development, and the city has the abundance of water and adequate sewer services to provide for future development. Combining these factors suggests that growth will continue in a fairly steady and orderly fashion and that there will continue to be a demand for residential and commercial real estate. The long-term outlook for real estate investment appears good, in general, which affects the property being appraised in a positive manner. NEIGHBORHOOD DESCRIPTION : The surrounding area is all industrial and commercial in nature. There is a good mix between convenience stores, retail stores, offices, restaurants and industrial /warehouse properties. The Sekich Business Parks are relatively complete and fully developed areas that remain a viable and busy industrial area. The Interstate Highway is directly west of this area and Hwy. 66 is the main link between Hwy. 85 and I-25. It also continues toward the west to Longmont aprox. 7 miles further. The overall area is continuing to expand in the commercial business' sector with new properties in other Business Parks to the north and south of the subjects area. The Del Camino area has also continued to grow with new business' and looks to be a future area of strong growth. There are numerous new residential subdivisions going up in all directions around the Sekich Park and the future is also very strong in continued growth for residential in this area. Several buildings of various sizes are scattered throughout the business park and there is a good mix of owner occupied and lease properties in this area. Located aprox. Halfway between Fort Collins and Denver places the subject property is a very favorable area for doing m any types of business. SUBJECT DESCRIPTION: The subject property is located within the Sekich Business Park in Southern Weld County. It is located on lot 2 of Block 5 and has 44,123 sq. ft. of land . The structure was constructed in 1999 and has had a small office added recently. The building is a steel structure with metal skin and a concrete floor. The quality is average and the condition is also average. The property lies aprox. 1 block south of HWY. 66 and 3 blocks east of I- 25. The building is 19,200 sq. ft. and has side walls that are 18 ft. tall. The subject has typical electrical and plumbing for its industrial uses. The size is 120' by 160'. is �. x"M1 W 1 6,IM�� o9a a9` II t. it 7 -[f I 7J � 9 11111 _ I + I Ire �Y1. -- t°t _. 11111111111111111 1 -Ip --- -'---"" avow • x77 Yid ci,' 1 °t :. d qeb (YPolI 1 ` -. __ IKt __�_� --1i ti 1 ...3:<rHI b li , py If r S 1 !II 9 __, `'$I+' 11, �e[yyll �I �! p� tit _^� .,;]4 III Nit tte ! 04. e, 1A 1 Y iR. ct. � th, m 5 . m . rap k.. /6 u f 1,hiss .I e, t> . xt'_K,. X 01 gn st.'OnS safe. w X08"J, 'i9 _ s.R I1 T I el ub• ., 5 �' aw fP A 002 .�, xng, J �fttt.� k h 11 �vJ :.j), 19 u r � 1 R' I i 'e p u,w 'ill, -: I w � 1 �" • " Y r £ d J _ 1 /V a 'nr a ' ev ' ,:,,,,,% la k. v v I p e 4.„, •:„,, . a. i I I ,. '� 1 a f. • }f.. pr. �'" ,�' i� sa%e2 ' .:f `aid �,� lT..� �� - ` ` t . . Y� 4 p w. • • I . at , I A Portion of: LEGEND 04N66W283 GIS QUARTER SECTION LINE -'"'- DITCH ©PARCEL NUMBER - GIS SECTION LINE — RRrOW ® PLATTED BLOCK GIS TOWNSHIP LINE LOT Ppweprvpsy oats ®ARBITRARY BLOCK NUMBER - GIS RANGE LINE ---- ROW/RRrOW PARCEL ---- ROW/RRrOW/DITCH O SECTION/QUARTER CORNERS N ROW - ROW/DITCH SUBDIVISION BOUNDARY "I,, IN,CI Y_I/11/ ie W ir E This product has been developed solely for internal use only by Weld County.The GIS database and data in the product is subject to constant change and the accuracy and completeness cannot be and is not guaranteed. The designation of lots or parcels or land uses in the data base does not imply S r 9n I that the lots or parcels were legally created or that the land uses comply with applicable State 9 or Local law. UNDER NO CIRCUMSTANCE SHALL THE PRODUCT BE USED FOR FINAL mtwi mmi CD N-se, DESIGN PURPOSES. WELD COUNTY MAKES NO WARRANTIES OR GUARANTEES, EITHER EXPRESSED OR IMPLIED AS TO THE COMPLETENESS.ACCURACY,OR CORRECTNESS OF SUCH PRODUCT,NOR ACCEPTS ANY LIABILITY,ARISING FROM ANY INCORRECT,INCOMPLETE OR MISLEADING INFORMATION CONTAINED 0 200 Feet THEREIN. No part of the product may be copied,reproduced or transmitted in any form or by any means whatsoever,including,but not limited 10,electronic,mechanical,photocopying,recording, scanning,or by any information retrieval system or any non-approved purpose without the express Print Date:Tue 27 July 2004,15:57 PM written consent of Weld County. /7 F14 .., I LDtr —... __ .,..,. , .....r. ---.. 5 E k c-A -$u 5 t N CS S PA Ri< --�---`":" _ `_-� 2.r F ,, I T ?) I 1 LQ 1 9 . !l tIlltilr .p7•k. , 1 ' O17.4/SO wM7•M K j'. wr .: oe . I .i rl n r I • 1 '-I I ' t —4 j I .•1'.[p.c. .:,..[,17 -. + 1 ( • I 1 )S ... I.r -Lt t— r I' .,it s , •.7.1.4r11r I r 1 I+ —-- 4) st• . I 1 _ I` I I C4It I -I I 117 IN- REST. 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' xxt Y• y{ :41.o` 7tr ", -h k / 3 •i i y y t rg. 'ry . ".. `�y� { fi r Lcr � q ^ 11 ',.;";;4i` n S.I _ s e l �. , J IIIIIPM '4-,-.24,„!'44-"*.",�� ` , • ' ,7L-,-..;k4 Pa, a r d E ,,s rr N' ."' r! p I } 1 e ri--6 ' R Sf•+ dl. 4J[r 6 S a"' 4, k 'fi . a � - ' t l a LZA1 $ -_ k ° si :1 s _ » � t (#�4, 3 x , ,, a-Yew r-f r" 'c "e c m r F: "gym V 1 K.W • �. �^a }T[` .ld jl 1.n vL M k p. eZf'C t4J ..5 54 if�f f 5 '?:! { IY 'v ry�6 .. 44'S::, v it I fi ° '� . � # w , I$ `" :::&:;.111W ' ._ C`a @ S ;Apt% ' � d: � h ,... 1L Y y S Y h a a k-:,::::;.-44.:-�'L n � 7r h iT Ira Rha adz a i a n *3. a S.k�Y'y v t/ x i�j c '"��+,.y. Ss i e`' t xE h. 7 .o- B} 1 1 aB ] .1 v•A 4 d{- n.•t i�xyla,Y 5P• 5 'ta w, ri.,' n ax , A ' � + • r FI4 4:k#r . • li r , Feu>' ��. j '� 44 Ali_. �, ax ��ai _..,, 11 ••t7' .* Y a +k Rtid it X i < wr"-"W+�`� F x a a t e r7Ya ",exr+ I x a a r c.• r17s » ag I I a 1a 1 sly , 9rw,�,'rPx+ _ ..-')-.41-".'k yv e r � r - LL 4> a 'y�r f $�11 xt y� t �,c cL i • < ed S f yas 3 w K,P's W/Pl v t £x z}�y`Yd d]a$ R " ; • SKETCH/AREA TABLE ADDENDUM Parcel No 120726201002 File No R6790797 ix« Property Address 13855 DEERE CT City MEAD County WELD State 0 Zip 311. 2 Owner MERRIMAN RICHARD L D Client ii Appraiser Name - PL 20' 120.00' 2 `' PL 99' 612 X120H PL 5' ry 7-0 is 4 k `, • U Light Industrial Manufacturing 'N ref) xz First Floor 160.00' w W 19200.00 FT2 W Class S a- 2 g TT 1 .- �I x W H 20' ws PL15I b Scale: 1=40 AREA CALCULATIONS SUMMARY Cade Description Factor Net Size Perimeter Net Totals 4.i GBA1 First Floor 1.00 19200.00 560.0 19200.00 ' S 2 O F I D o a CJ 0 TOTAL BUILDING (rounded) 19200 t, WeW County Amnon Office APEX SOFTWARE a00d58-9958 Apxi100-w Apex2 20 COST APPR OA CH P, COST APPROACH LAND VALUE Sales utilized to establish the value in the subject neighborhood are 2001 and 2002 market for the 2004 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 1997 through the June of 2002 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 44123square feet. Comparable commercial land in the subject area is valued at Market value per square foot. If no vacant land sales were available in this area, we utilized the abstraction/allocation method to establish land value. Parcel Number Sale Date Sale Price Land Size Per SOFT Comparable 1 120726201001 12/99 $300,00O 37,248 $3.69 120726201009 12/99 . 43,984 Comparable 2 120726201005 5/97 $170,000 40,043 $4.25 Comparable 3 120723001032 6/00 $104,000 ' 40,947 $2.25 SUBJECT LAND: 44,123 sf @ $2.25 = $99,277.00 ASSESSOR'S INDICATED SUBJECT LAND VALUE 99,277.00 CBOE_COMM_01 010998 Page 4 22. * µ . 11, [ ewe s»y,-4 COST APPROACH SUMMARY The Assessor is currently using Marshall and Swift cost tables for the cost approach of commercial properties in Weld County, which has been approved by the Division of Property Taxation to be utilized by Colorado Assessors. The structure has been classified properly utilizing the Marshall and Swift Valuation service and an appropriate value assigned. A land value has likewise been established through the utilization of vacant land sales of comparable properties. Improvement Value 532,869.00 Land Value 99,277.00 TOTAL VALUE BY THE COST APPROACH 632,146.00 CBOE COMM_01099B Page 3 2.3 MARKET APPROACH 2y MARKET APPROACH SUMMARY Real Property for the tax year 2004 must be valued utilizing data for the period one and one-half years immediately prior to July 1, 2002. If comparable valuation data is not available from such one and one-half year period to adequately determine the level of value for a class of property, the period of five years immediately prior to July 1, 2002 shall be utilized to determine the level of value. The Assessor has appropriately considered the Market Approach to value for the property on appeal. The Sales Comparison Approach was considered in developing a market value for the Subject. Sales used to establish a market value for the tax year 2004 are from January 1, 2001 through June 30, 2002. Pursuant to 39-1-104 (10.2)(c) C. R. S., the Assessor may utilize sales five years prior to July 1, 2002 to establish the proper value. All sales have been confirmed and verified through transfer declarations as well as interviews with buyers, sellers or their representatives to the sale. All sales used are arm's length transactions, and considered to be the most comparable properties sold in relationship to the Subject property. Based upon investigation and analysis, it is the opinion of the appraisers that the value of$ 672,000.00 accurately reflects the market value of the subject property. VALUE As INDICATED BY THE MARKET APPROACH 672,000.00 CBOE_COMM_010998 Page 7 25 SALES GRID Indicates the Best Sales O Sale # Build. Land Sale Adj. Sale S/P S/P Sq. ft. size date price Imps Total O 12,864 104,108 6/00 $525,000 $34.74 $40.81 O 13,714 66,312 12/01 $1,175,000 $76.49 $85.68 3 9,600 40,685 12/01 $425,000 $35.80 $44.27 4 8,000 43,750 5/02 $500,000 $53.48 $62.50 O 24,500 81,232 10/00 $800,000 $19.60 $32.65 6 13,315 55,595 10/96 $325,000 $21.28 $24.41 7 116,094 1,860,012 10/00 $5,494,700 $40.34 $47.33 8 28,020 555,826 12/02 $940,000 $23.63 $33.55 SUBJ 19,200 44,123 $672,000 $29.83 $35,00 IMPS ONLY TOTAL VALUE MEDIAN: $41.90sf $50.78sf MEAN: $35.27sf $42.54sf Notes: If the top and bottom sales are removed from these figures the Mean remains the same but the Median would reduce to $36.30 & $43.76 respectively. Looking at only the 5 best sales (1 thru 5) this makes the Median (of the total value) $53.18 and the Mean @ $44.27. The Mean of the top 3 sales (as indicated) is at $40.81sf and that is also the sale I feel is the best comparable. It should be noted that we accounted for the excess amount of land in sale #1 by reducing the subjects total value aprox. $5.00sf (from $40.80 to $35.00). The subject is without doubt at the lower end of the sales in the quality department but its location and size are optimal for this type of facility and we have accounted for the quality issue by placing the subject at the lowest common denominator of all these various scenarios. Sale #5 was with other legals and was for the structures only since the land was already owned by the Sekich Co. The sale also was without interior finish, the tenants did the interiors after they leased their respective spaces. Sale #7 was also with multiple buildings. 26 COMPARABLE SALES 27 COMPARABLE SALES MAP niSit° Maps & Directions , Mead, Colorado, United States t 1 17 32 25 .3.9.4? 33 392' - P?I(l f 9 43 • Drake (56',i ( 19 2871 _ ti -'- _ 31 # Cr 43 '. 51 i� �L. r,�\,,fortC Ili � • • • pry ~ BL's 'r dinBSale6 f ;• If `":k3}}T``i_ Mu�' it `lL�•a . ', ,' f.` '(>2-5-J-1-;1-; _`34. � . Y BO��Yy� 83' Sri .,safz iR�l rww y- si� `� .VU ? Y _ LEA �R I,I�u '"['. ' 106144. �� d! • ,F 21 .402 -ns ; s e - 31 14 I arripioh y,, ' _ e 8 w 1 k- .t .4,-.-8-0--, J awn -._ _:• ,1 ir 43 r-m- =erthoi d q: . ' i17 1 f f x85 i �, �!. 1.56, ` 44 _ 140 `1287)--' 13 G' 35 ` .. - `t 0 Li O F A e n i� ilcr st .....---- ...... -._r.; r ale 3 fp 38 I. • �—I Mead 145 , L D I I yons g .66; 49 sa/e a p`ie�t 4- 'latteville 32 ra 5 7 .--t10 i L "� _, 1 36 1 '5110] _� S i • I IR4 1 L fi .,, 20 _. s 2 {" 13 19 �I ,--14( , sanding sat; V tide _ i (23 fie ac DE , , Fires4.ne r 41 ;' r 1- Klit" ;Freda 'ck ,r:.). r It _ ;287 -- i ort Lupton 7 119. 38 41 25 Da&.Fn, ti r �> Lam' i 44 r � Hudson xn - "„'-'-c"i rie . 8 Building Sale 1 _x 25 Y„ I 3 X 119/} 111?'@ fTirP• s 4 0404 _4_. 4 �� O2004MiorosoR Corp FR2003 Nalrech,a rG0VIne1,42-• ',RPgM1 • ,470I� 'I�- it ~ '5..• F7 A I t E_I 52nd Ave 4 COMPARABLE SALE # 1 60 00 NH 16' 0 0 N Class S m Year Built 1976 9600 SF_ A light Industrial Manulactunng 16°00' Space Heat Total Budding Area 12864 00 FP LL 1000' m wpm IT:hi, If o0 Office 0 m 1200' 3264 SF ry 15.00' 40.00' - 0 1100' N 51.00 naoew aix r✓wa... 625 Frontage Rd COMPARABLE SALE COUNTY: WELD ACCOUNT R5801586 PARCEL NUMBER: 146723000061 PRIMARY OCC: Indust Lght Manufacturing PERCENT: 100% SECONDARY OCC: PERCENT: THIRD OCC: PERCENT: ADDRESS: 2114 I-25 FRONTAGE RD WELD RECEPT NUMBER: 2776086 SALE DATE: 06/12/2000 GRANTOR: DIRKSEN LARRY E SALE PRICE: $525,000 GRANTEE: HEFNER TROY D&JUDY K ADJ SALE PRICE: $525,000 YEAR BUILT: 1976 CLASS: S EFFECTIVE AGE: LAND/BLDG RATIO: 8.09 LAND SIZE (SF): 104,108 LAND VALUE: $78,081 BLDG SIZE (SF): 12,864 IMPS PRICE/SF: $34.74 WALL HEIGHT: 16 SALE PRICE/SF: $40.81 STORIES: 1 INTEREST RATE: 10.50% BSMNT SIZE: DOWN PYMT: $105,000 BSMNT FINISH: LOAN TERM (YRS): 10 YRS ZONING: POINTS PAID: QUALITY: Average COMMENTS: NEW OWNER HAD PROPERTY IN THE AREA AND WANTED TO EXPAND WITH 1-25 ACCESS. NO APPRAISAL DONE AND BUILDING NEEDED WORK. SALE IS AFTER CDOT TAKING OF LAND AND SOME BUILDING FRONTAGE. 2? '1 • Weld County, Colorado Page 1 of 2 Weld County, Colorado 6• G5 lL f® f I V � CoNo ` p i f _ BROOMFIELD ": L , a_ fit e • ^� a9 Ve County,Colorado http://maps.merrick.com/servlet/com.esri.esrimap.Esrimap?ServiceName=weldovr&Form... 7/28/2004 a e.T I le • I 3 Sims. � �— . • i 2 • • • • p • sts w*,ate i . 1 B X. x El 1 R-, .... r_.. - 1. • .- . • jw - ' _ "- t tt` ,.!....,;1!.• • 4 . _ .Y +ers ' - _ _ . 3 «`x Ne;ae` rinrF�zs� .. _ ,. _. _. ,r .. - ti .. _ .. _ Y.-h r° Z � . �« .. . i ".. -Fi .. ..W 1 , :f • COMPARABLE SALE # 2 r 290 ) Ib 1320 190 IM lOG 10 Concreteal 100 l'93 ^ 195Brete R. n 200' 20'0 I6 CHOI a d 1080 Cla }IO ` c I > "� .� - Class Rooms O }10' I 20, 3504059.R. LA I 130 }12' µ F„ p{ -u .Cu TM . . }20. 040 r'- -' '�.� " •(OY I Retail 53610 s9.R. TT l _...._ I I II . IJ'lr+J'rf' a I ., 1000 Mile' Price PL90 600 - s 150' a9090ep.R. eI a a icon. 660 I 1- 61.0' - 2I000370t Total Bolding Area 207 131140sq R. cbnc R c_,, I '1'111 2olotleersbm 6 —, u.a.M«....Package 1100 COMPARABLE SALE COUNTY: WELD ACCOUNT R7046298 PARCEL NUMBER: 13130810301 1 PRIMARY OCC: Indust Lght Manufacturing PERCENT: SECONDARY OCC: Office Building PERCENT: 36% THIRD OCC: PERCENT: ADDRESS: 1530 SKYWAY DR WELD RECEPT NUMBER: 2909906 SALE DATE: 12/05/2001 GRANTOR: A&J LAND ENTERPRISES LLC SALE PRICE: $1,175,000 GRANTEE: STUART E HADLEY JR SURVIVORS ADJ SALE PRICE: $1,175,000 YEAR BUILT: 1999 CLASS: C EFFECTIVE AGE: LAND/BLDG RATIO: 4.84 LAND SIZE (SF): 66,312 LAND VALUE: $125,993 BLDG SIZE(SF): 13,714 IMPS PRICE/SF: $76.49 WALL HEIGHT: 18 SALE PRICE/SF: $85.68 STORIES: I INTEREST RATE: BSMNT SIZE: DOWN PYMT: $1,175,000 BSMNT FINISH: LOAN TERM (YRS): ZONING: POINTS PAID: QUALITY: Average COMMENTS: PROPERTY CHANGED FROM LT IND MFG TO RETAIL W/CLASSROOMS AFTER SALE. PRICE INCLUDED PREVIOUS DEBT W/BANK.CASH SALE THRU INVESTOR.NO APPRAISAL.WANTED TO BE IN THIS LOCATION CLOSE TO 1-25. 08/22//02 I I t I I Weld County, Colorado Page 1 of 2 Weld County, Colorado CD 0 CDm y • �r r m ., _U 7 '" I ' d>' it 7 _ r r T� .� ✓(r _T ITII ®I I ■■ I®■■■i■ Et 1,1 rr 1� I■■■ 't ■■■■ , We Couniy,CobrSd l' __ _.-.__: http://maps.merrick.com/servlet/com.esri.esrimap.Esr map?ServiceNameweldovr&Form... 7/28/2004 �v{ r f Ms c YL r " sf Y°-rif n to .Oywa x ri IY , y F J. "1 .11„ fff i — a' r I'l ill 4".1171. i ^ S ,. 'e \v rcs M1, �.fSw a . • COMPARABLE SALE # 3 2sp xp Semntl naa SB[OntlrI00rON[0 r6epyatl b µaIIMeX come o .. 11000eq.IF n Due Free Work pee m r 2100D sqf 026 Oa]q. 550' 'A" 41 650' I1 1700' '! 550' 65.0' NI � E. Flrot Floor OMce ts in ,-, HJAC Cud;ree Ntrk Ina First Floe ®' a flo0asq.M1 mg 72000sq. 55.0' 2 First Floor E. v >>„ Light ln0U09101 manufacturing m • SpnnMer Syslem L—( - 1 IL.'4 o 91 1 1 -I----�. 1 61000sgl !l - — I+ +F+ pia . I' - 617 Y! 120.0' WH18' —.. 250' 020' ' _" j1R, Cmttele — 0 pd o,o. 147100q.M1 e8.0. ........ • seOoeN M.vW W°', COMPARABLE SALE COUNTY: WELD ACCOUNT R0233094 PARCEL NUMBER: 120723001031 PRIMARY OCC: Indust Lght Manufacturing PERCENT: 100% SECONDARY OCC: PERCENT: THIRD OCC: PERCENT: ADDRESS: 14320 LONGS PEAK CT MEAD RECEPT NUMBER: 2906955 SALE DATE: 12/07/2001 GRANTOR: GOSSETTNEWTON B&SUE P SALE PRICE: $425,000 GRANTEE: SCHNURR CHARLES&GREGOIRE ADJ SALE PRICE: $425,000 YEAR BUILT: 1993 CLASS: S EFFECTIVE AGE: LAND/BLDG RATIO: 5.65 LAND SIZE (SF): 40,685 LAND VALUE: $81,370 BLDG SIZE (SF): 9,600 IMPS PRICE/SF: $35.80 WALL HEIGHT: 18 SALE PRICE/SF: $44.27 STORIES: 1 INTEREST RATE: 8.00% BSMNT SIZE: DOWN PYMT: $85,000 BSMNT FINISH: LOAN TERM (YRS): ZONING: POINTS PAID: QUALITY: Avenge COMMENTS: CONFIRMED SALE WITH BUYER. PROPERTY HAD AN APPRAISAL FOR I THE SALE PRICE W/6 MONTH BALLOON,AND PERMANENT FINANCING INCLUDED THE ADDITIONAL OFFICE AREA ON 2ND FLOOR ALONG I WITH ADDITIONAL STORAGE AREA ON 1ST FLOOR, NO CHANGE IN OCCUPANCY. 3/ ' Weld County, Colorado Page 1 of 2 Weld Count Colorado if ; j., ( e m` �,o =25F k^ e --min1r=ma / y 1 / .0, 6 , --.` -<,,,, _-,-.: I � u�...� � Ill .At-- __ t irrFETFIE ll R „ }Le rit 433 E-lM�I j• 17C `0x 1 as iv I • I I ', s t'i: u 4,..4„ I.i Pao i, ' 'i. yk��L_T►- '1 . I M. ,rlt[1i r- i - LO', 7 i f f rr- 7 / Weld county,Colorado D 1000ft http://maps.merrick.com/servlet/com.esri.esrimap.Es4mgp?ServiceName=weldovr&Form... 7/28/2004 f L r by 7 iLia ' t f - c t• fib � r cf A ' •mi s-, 1G r B* '4" + of ' w c� I 1 h A jar , )fir n * a : 7 y _ -(1-ti" „„ -ti b 5 P p y1 `j t'4:A ₹A r 1,;41- .. 1 Cqr: it:,„,,,,, f a ` '—"*.' 1; f $ � =' ,� TA. ^ a a �,i "4 tl 1 ".t.' y Y _..,�. ... ar T f Y Tl t f s t J 4 it 1 ` !t,'"' - S •` 1, y1 \till it MC 7.1.- p i` r'l.,. ',1-?:3c,`„;,:: 1,41-i � .�.. � a x.�f 7 1• R` p tC � ppi.,;;L:',1 ".. -+ v :ti:',-",,,c,,,,, r .a s r { �y'y5 a1 .', ai Y- ,,a-tkk. �,T� G r, dv +' �'"1,' ',•1 �i ' t fl yt,,,p k�'` d l 1.x >rysi.„'" '.;. mss dr 1 ,v 'Now, I. �� . • f' ! YJ a h,...elp ` N' ` i r �i y�}.�I�+1. ,ten...•} ,� � e � tk � + •�... ti E At ems. II Y ��y�� J. .ollfr-t z �3 _i. � Yi • ! 4 --3311 I yqt nr ~S ,7 l #1 1 ! ' ! 41: •aa�+ :. t ' it r a , 1PSI F : ? ; ce '° +,1 �. .:Yn I 1 r1t`r y 1 w i W�A 111,,,,i.--4 .. $ ;CI 4 ' i'll 3 1:1I'm ftY' 6 a I :It: n S _ • s 4 " I. e'lS . J 44 t " _ t :,i k pa .a i s C Y - — 's 1 1 1 2 — ~ I 1,. , t . ,S ,_ I t*k sc A . i'a• fN I J .. p xs - �aa� �d � � C.1" i '1 z ,. a L4. �,f a a aY6�" M yIf 2, T9� Ytty' . \ • {'L^ .I , ,, ?,1 7 4$�4 f. � �WWW... l� • COMPARABLE SALE # 4 ) 1000' 0 5011 250 151! Wq UN/2 WIt Industlal FlexBldg .r +�r . iI I 8 1001. in m F V. '''u� �I ' Class S o 16'Ai-p -� p Space Heat 800' is I i I I nl i I bill �,i� omcemurwall NC _p (3)10x14 oh doors emu'1"."1 ----7---(-7--,-. _ ` a i ""- �'u�h'�a"`. "-- 8000.0 sq ft o o 4 ' 140 O O ,x Cont.Paving *mad"km NWeM," COMPARABLE SALE COUNTY: WELD ACCOUNT R6296486 PARCEL NUMBER: 147131005004 PRIMARY OCC: Industrial Flex Mall Building PERCENT: 100% SECONDARY OCC: PERCENT: ADDRESS: 802 1-3 BASELINE PL BRIGHTON RECEPT NUMBER: 2958551 SALE DATE: 05/31/2002 GRANTOR: TUTEN GARY L&MARY ANN SALE PRICE: $500,000 GRANTEE: QUADCO INC ADJ SALE PRICE: $500,000 YEAR BUILT: 2001 CLASS: S EFFECTIVE AGE: LAND/BLDG RATIO: 5.47 LAND SIZE(SF): 43,750 LAND VALUE: $72,188 BLDG SIZE(SF): 8,000 IMPS PRICE/SF: $53.48 WALL HEIGHT: 16 SALE PRICE/SF: $62.50 STORIES: I INTEREST RATE: 7.75% BSMNT SIZE: DOWN PYMT: $125,000 BSMNT FINISH: LOAN TERM (YRS): 20 YRS ZONING: 1-2 POINTS PAID: QUALITY: Good COMMENTS: I I i I Srn I • Weld County, Colorado Page 1 of 1 Weld Count Colorado 1 ' t +' ED. • 0 ❑ 's} I re ( m JJ �' f 1 1 I _1 , Legend - — ! I -. I Selected Features /f — n County Border j it I �� `— + Parcels - ' ni Ott.Section Grid +'f t � , r'r± r rr+. Photography(high Res.) Li- i it tit. , l Photography(low Res.) ,'> 1 I i II I r.1 l I r wekco.nty.cobr.ab eallIEIMIIIIIIIIIIII= 1 l®n'i t•,_. 147131005004 QUADCO INC otal Taxes: $11,582.84 P O BOX 5340 • mount Due: $11,582.84 FARMINGTON, NM 87499 http://maps.merrick.com/servlet/com.esri.esrimap.F�s ipnap?ServiceName=weldovr&Form... 7/28/2004 6/7 , ^,44..:tS',, er � • • ^ ° - t 7 z 4 , '' ; xi __ ^tm�� g i p M ••is e, ;t.,-,L. , ', 1 r . k„ f,`.. , t s T,q q -.1 ry, i' 9. , . F, *a '• t , `9 . R ik :44;-'4"' f Fr ` C ( 7Sp t� r fr j ik w d; J 1 r \� ii 4,' T! f5-. y • COMPARABLE SALE # 5 i- moa amn , Al II,i YTiIt xy . tM. C IJONII RBIRatanx'u t I# i '. Ywown c. c n+cmm 12CCO LOFT' cnnrrm.taIDteee oo rr --- IL I , A� 8 A R Wg L� 1_ a i. ,__ dm 9 g „m - g 1 — .,.m 8 � ' A Re tauram 8 8 .m Conntl. eem0000P' Asphalt ate 5168.00 iP am PIN#, 6790697 PARCEL #: 120726201001 PRIMARY OCCUPANCY: RETAIL OFFICE: 2ND OCCUPANCY: ADDRESS: 13955 DEERE CT MEAD PROJECT: SALE DATE: 10/11/00 BOOK #: SALE PRICE: $800,000 RECEPTION #: 2799974 ADJ SALE PRICE: GRANTOR: LANDMARK BUILDERS GRANTEE: SEKICH COMPANY LLC YEAR BLT: 2000 LAND VALUE: 153,944 EFFECTIVE AGE: 2000 ZONING C-4 BLDG SIZE: 12,000 LAND/BLDG RATIO: 3.67 CLASS: S IMPS PRICE/PSF: $0.00 CONSTRUCTION-QUAL: AVG SALE PRICE/PSF: $0.00 WALL HEIGHT: 22 CASH DOWN: $0 STORIES: 1 LOAN: BSMT SIZE: INTEREST RATE: BSMT FINISH: LOAN TERM (YRS): LAND SIZE: 43,984 POINTS PAID: REMARKS: SALE INCLUDED 13950 DEERE CT. LANDMARK BUILT THE SHELLS FOR SEKICH, AND TENANT FINISH TO FOLLOW. 13955 ALL RETAIL, AND 13950 OFF & IND MFG. NOT MKT. i 4/5? • • • nn Mohair 313700 00 FT' 13300' Concrete '1928.00 FT' B 00' .. .-.c ter... 60 00' eale'e.'.t. sa ao' Radiant neat 2250P Mezzanine/Office Sur-0140d 2500.00 FT, Year Ruin 2000 ai �i�� 11600t+ 1 Light Industrial ManNacNring mm Classy 1250000 Fr 13500' VM 2O QO' 1]300' 38 00' 17200' /3950 DEERE CY y4/ A. .4 _ I Li 3 .---\' It I • -r t, • i, , pi `-- w' • • COMPARABLE SALE # 6 a. At' y M5ry aw. '5 f ,r2:^ Lir U II PIN#, 333 2686 PARCEL #: 096109300002 PRIMARY OCCUPANCY: WAREHOUSE OFFICE: 10.00% 2ND OCCUPANCY: ADDRESS: 1712 1 AVE. GREELEY PROJECT: BOOK#: 1570 SALE DATE: 10/01/96 RECEPTION #: 2514032 SALE PRICE: $365,000 ADJ SALE PRICE: $325,000 GRANTOR: MARKLEY, EUGENE & PATRICIA GRANTEE: NORTHERN COLORADO TRAFFIC CONTROL YEAR BLT: 1979 EFFECTIVE AGE: 1985 LAND/BLDG RATIO: 4.18 BLDG SIZE: 13,315 IMPS PRICE/PSF: $21.28 CLASS: S SALE PRICE/PSF: $24.41 CONSTRUCTION-QUAL: AVG CASH DOWN: $72,000 WALL HEIGHT: 16 LOAN: NEW STORIES: 1 INTEREST RATE: 9.75% BSMT SIZE: LOAN TERM (YRS): 20 LAND SIZE: 55,594 POINTS PAID: LAND VALUE: 41,695 REMARKS: THE SALE PRICE OF $365,000 WAS ADJUSTED DOWN $40,000 FOR PERSONAL PROPERTY TO GIVE AN ADJUSTED S/P OF $325,000. 1 y� . COMPARABLE SALE # 7 ae., p� 2' '.tl r.nfm um000s r a I; -I ,�.th nss n — U'In u.l L_ 7- i .1 I _ I s 1 1 ,moo br i.. y OI1 ,\0p PIN#, 1277586 PARCEL #: 080329000004 PRIMARY OCCUPANCY: LIGHT MFG OFFICE: 5% 2ND OCCUPANCY: ADDRESS: 31181 39.5 CR GREELEY PROJECT: SALE DATE: 10/17/00 BOOK #: SALE PRICE: $5,494,700 RECEPTION #: 2802504 ADJ SALE PRICE: GRANTOR: NORFOLK IRON & METAL CO GRANTEE: JAE PROPERTIES COLORADO YEAR BLT: 2000 LAND VALUE: 811,300 EFFECTIVE AGE: 2000 ZONING COM BLDG SIZE: 116,094 LAND/BLDG RATIO: 16.02 CLASS: S IMPS PRICE/PSF: $40.34 CONSTRUCTION-QUAL: AVG SALE PRICE/PSF: $47.33 WALL HEIGHT: 40 CASH DOWN: $0 STORIES: 1 LOAN: ; BSMT SIZE: INTEREST RATE: BSMT FINISH: LOAN TERM (YRS): LAND SIZE: 1,860,012 POINTS PAID: REMARKS: Sale not confirmed. bldg 1 whse 110,000 sf WH 40'. Bldg 2 Office 6094 sf WH 14'. YOC 2000 Bldg conditon good. I I I 11 !I 47 j 110• 01492 110' —•, (--4}-• 80' 35 0' 31 0' • o i 000' voc z000 • Class S First Floor m 6094 0 OF r 780' 770' 1 yB 6b r' { P) tl . COMPARABLE SALE # 8 Iaccrete a Li 840 840 0 sq n. i 250.0' 22500.0 sq.0. alp Manulaetunng em Class 5 qq b a BII 1995 0 o C gAl I^ pp 900' olrect-fire forced ale o, a .. V 24 w8, (e)14'x 16'08,Doors 1 Insulated 1 ) ( �— _ o• t.8� (3)-Beam Bridge Cranes(personal Prep) •e Total Bulltlln0 Area 28 020 sq ft. lb Garotte Sen Orrice Fug Floor 0 M1 Ri 11e0sg ft is 47400 sq 6 Second Roar ➢600 sq.M1 920' 8,8.84 M.rvrw.. COMPARABLE SALE COUNTY: WELD ACCOUNT R6921198 PARCEL NUMBER: 096104401001 PRIMARY OCC: Indust Lght Manufacturing PERCENT: 100% SECONDARY OCC: PERCENT: THIRD OCC: PERCENT: ADDRESS: 701 CHERRY AV GREELEY RECEPT NUMBER: 3014018 SALE DATE: 12/03/2002 GRANTOR: SUMMIT GROUP OF SOUTHERN SALE PRICE: $940,000 GRANTEE: KNIGHT MANUFACTURING ADJ SALE PRICE: $940,000 YEAR BUILT: 1995 CLASS: S EFFECTIVE AGE: 1995 LAND/BLDG RATIO: 19.84 LAND SIZE (SF): 555,826 LAND VALUE: $277,913 BLDG SIZE (SF): 28,020 IMPS PRICE/SF: $23.63 WALL HEIGHT: 24 SALE PRICE/SF: $33.55 STORIES: 1 INTEREST RATE: BSMNT SIZE: DOWN PYMT: $940,000 BSMNT FINISH: LOAN TERM (YRS): ZONING: POINTS PAID: QUALITY: Average COMMENTS: The subject building has 28,020 total square feet which includes 5,520 sq. ft. (20%) of two story office area. The real property sold in connection with the sale of the grantor's business. CO M1 - i e "A5Ci 5 - V4 t 6%I'',, b v. 3tll � a $ F, H i ,:)e A,' 7",„:":'„;!'"Ye `3 "4 A i . 5 .7943' ! C „s ° F 4 ,i i. wa 1 {r� i9p� I it {' > ctt+I, Z 9 t F t -Y e` �� , av , I. 4 A rµt, C5 tY ' • ' t R r ' - ��. � 4 'w t yrg t1,, a3 r� t 4 ' yap I i 3 s Xt °kf of t " M rt a , 1 Yxv� Sd+ry Y '1 _ • �y V4 a f 5A 1 , --T))1°, ,Z'Y,7•_ r a . :�h y _ 1 �� - • CCY L3 _ , fi k� y ' '. 4' _ E n�„ i - ..fir " �g, I` - to nR xL ,4 3 h 1 s kFs iwV CL te'd .4 5,1 vn. rsm „$ &`y �t .' I " is .. Y +t414tr l'''A as .H ; 1 d ,L • ,� a . { ¢ ei �ryy„yls .e I vaa s .�� a 1�,.,4a., Pi 1— a r ' 1 ,�y ,x _, a , t� - 11 I 1 •,.. 1,,I,,Filia,. • F ... v x h 4. • -� a• �',"a� s b � I �� 72a a x€ a Ra ' K 4'. "* r I y l �y ke' 1 Ey � u"�pL ' 1.l- nr•, " — fro.. .II X , tif7 I Y aPCF y�1Ly, 0 u i Y {{ ,. , : l i M• 1 4f ".[ f/ 9 `4. " ' Its { .�._ 1 , + �' ti g" i 7 _ (. el '. So l a a . ,, ti rsv r k y 6 .' r r •,-,..",,,,,, -" I 2s::`ir fin' . 'i ri 'a fi ttit"4' 1.47..c.:L1.1,_'",,,..44,'Idrig',. ''''f1; ` i k ';,: S ., 1r l a 1 I,'j . r a 1 4 4 'i'tr i ti;``la jai ti 1 � 7n�. + d { . �#! y'y'{�a� 4� .:i,g J e , ryyy ,{ii"- p '�` ' � fly i 1'' x � ;J ..Z Ka �3fi�5 -.%41:1 � or 141 5+ve.s . 4,..„.•:,444,-;; "IT ..+ ,1: mz,-1,:f4 i . f t 1F'4 . 9l , 'I' i ppaI 7 INCOME APPROACH • INCOME APPROACH TO VALUE The basic steps in the Income Approach to value for commercial properties in mass appraisal are based on a landlord-tenant situation and not on the income of the actual business. In using this approach, it eliminates the possibility of valuing management as opposed to the potential income of the structure. This is the proper method Assessor's must utilize through the Directives of the Division of Property Taxation. INCOME APPROACH STEPS 1. Estimate potential gross income to the landlord. 2. Deduct typical vacancy and collection loss. 3. Add additional miscellaneous income. 4. Determine typical landlord operating expenses. 5. Deduct operating expenses to determine the landlord's operating income. 6. Determine a proper capitalization rate. 7. Capitalize the net income into an estimated property value. Research has been done by the Assessor to determine the typical rent by location, type of structure and the property use. The Weld County Assessor's office has also researched the typical landlord expenses, additional income based on the type of business, and vacancy and collection loss. An Income Approach has been completed for the subject. CBOE_COMM_010998 Page 11 Cy Income Approach Market Lease Rate (NNN) -19,200 sf @ $3.75 per= $72,000 yr Vacancy Losses ( 8%) = $5,760.00 - $5,760 Management (5%) = $3,600.00 - $3,600 Reserves (3%) = $2,160.00 - $2,160 Effective Income Amount $60,500 NOTE: Rental and income information is derived from several sources in the general open markets of Weld County. This is not from the subject directly because it is owner occupied and does not generate income by lease. Depending upon the size, age, amenities and to a great extent, the location the rental rates can vary greatly. We have researched the general market for warehouse and industrial light manufacturing spaces to arrive at the rates and calculations shown here. Depending upon the amounts of office space and if there is R&D space or display areas the rates will increase accordingly. However, what was chosen for the subject is very much toward the lower end of the rental markets for industrial space. The upper end rates are in the $4.75 - $6.50 ranges for triple net leases of industrial space. The rate shown for the subject is for low end industrial or average warehouse space. Generally, lease rates in the South end of Weld County are higher than those found in the Greeley areas and more like the rates seen in Larimer County along the I-25 corridor and similar to the Windsor/Loveland & Fort Collins industrial markets. Vacancy is fairly low in the entire market area and rates have been quite solid for 5 + yrs. Sc RENT COMPARABLE If 1 OFFICE/WAREHOUSE LOCATION: 14286 Mead Street • Mead SIZE: 6, 000 Square Feet RENT: $5. 60 SF/year Net OCCUPANCY: Vacant - asking price LEASE DATE: Vacant RENT COMPARABLE ,# 2 OFFICE/WAREHOUSE LOCATION: 41O6 North Valley Drive Mead SIZE: 5, 000 Square Feet RENT: $6.75 SF/year NNN OCCUPANCY: Vacant - asking price LEASE DATE: Vacant RENT COMPARABLE # 3 OFFICE/WAREHOUSE LOCATION: 143O2 Mead Street Mead SIZE: 6, 300 - 12, 600 Square Feet RENT: $6. 00 SF/year Modified Gross OCCUPANCY: Vacant - asking price LEASE DATE: Vacant RENT COMPARABLE # 4 MANFACTURING LOCATION: 13750 Deere Court Mead SIZE: 12,680 square foot in 3 separate units A; 4558 —B; 4061 -C; 4061 RENT: $4.12 avg SF/NNN OCCUPANCY: Small Manufacturing Companies LEASE DATE: Mo. -Mo. /per year ct Capitalization Rate Development: Buildup Method: 1st Mortgage Rate 65% loan to value @ 8.00% Rate 2"d Mortgage Rate 15% loan to value @ 9.00% Rate Equity Position 20% of total value @ 10.50% Rate THEREFORE: 1g` = .0520% 2nd = .0135% Equtiy = .0210% Cap Rate: .0865 or 8.65% Notes: The various regional publications that follow commercial/ industrial properties in Colorado for the past 5 years all point to much lower interest rates for commercial loans. Reports such as Integra Realty Services and (locally) Realtech place the rates during summer 2002 in the 8.5% to 9.5% range. The differences were dependent upon location , financial strength of the borrower, the type and quality of the property, supply and demand for type of property being financed and if the property was already leased up. These rates are for stabilized properties with strong future possibilities, the lower rates for those with long term leases and solid financial strength. I chose a rate of 9% for the subject property. SUMMARY: The subject property is well located and situated in the market place in general. The size is not overly large and could be split into smaller units in the future if so desired by an investor. Rates are and have been favorable for several years. Marketing times are under a year for these types of properties and were in 2002, additionally sales for industrial properties like the subject were strong and continue to be even today. Rents support the value as indicated by the income approach, Therefore as of 6/30/2002 the value by income is as shown: Net Income $60,500 yr/9% rate = $672,220 by Income Approach Co& WELD COUNTY CAPITALIZATION RATE After considering the Band of Investment method and the Market Comparison method it has been determined that the Capitalization rate to be used for the 2001 and 2002 assessment years should be 9%. Band of Investment .0865 Market Comparison .090 2002 Capitalization Rate = 11.5% Less Effective Tax Rate = 2.5% 2002 Capitalization Rate = 9.0% INCOME APPROACH SUMMARY The Weld County Assessor has appropriately considered the Income Approach to value for the Subject property on appeal. The Assessor has gathered income information from local commercial properties for the time frame of January 1 , 2001 through June 30, 2002. This information, combined with statewide and industry-wide data, is used to determine typical income and expenses for various property types. In conclusion of the Income Approach, the Assessor has considered both groups of data and has put more emphasis on the local factors and data than the state and national data. This information was then applied to the subject property to arrive at an appropriate Income Approach Value. TOTAL INCOME VALUE FOR THE SUBJECT PROPERTY $672,200.00 • CBOE_COMM_010998 Page 12 CONCLUSION Real property for tax year 2004 must be valued utilizing the level of value for the period of one and one-half years immediately prior to July 1,2002. Except that, if comparable valuation data is not available from such one-and one-half-year period to adequately determine the level of value of a class of property the period of five years immediately prior to July 1, 2002 shall be utilized to determine the level of value. Said level of value shall be adjusted to the final day of the data gathering period. Changes occurring between base years are not to be accounted for until the following level of value is implemented, other than additions, change in use, detrimental acts of nature, damage due to fire, etc., or creation of a condominium, or any new regulations restricting or increasing the use of the land, or a combination thereof. {39-1-104(11)(b)(1) C. R .S.} The subject property has been classified as Commercial Property for assessment purposes. Commercial property value shall be determined by appropriate consideration of the Cost Approach, Market Approach, and Income Approach to value. {39-1-103(5)(a) C. R. S.} The Assessor has considered all three approaches to value for the subject parcel on appeal. FINAL RECONCILIATION After consideration of the cost, market and income approaches, it is the Weld County Assessor's opinion that the value of 672,000.00 , most accurately reflects the value of the subject property in Weld County for the 2004 tax year. COST APPROACH MARKET APPROACH INCOME APPROACH RECONCILE 632,146.00 672,000.00 672,200.00 672,000.00 FINAL INDICATED VALUE 672,000.00 CBOE_COMM_010998 Page 13 5? Assumptions and Limiting Conditions This appraisal is subject to the following assumptions and limiting conditions: 1 . The maps and pictures included with this report are to assist the reader in visualizing the property. The legal description contained herein is assumed to be correct. However, it is approximate for identification purposes only, no survey has been made by this appraiser. 2. We assume no responsibility for matters of a legal character nor do we render any opinion as to the title. 3. It is assumed that the title is marketable, the property free and clear of liens and encumbrances, under responsible ownership and competent management. 4. The information furnished us by others is believed to be reliable, but we assume no responsibility for its accuracy. 5. This report is to be considered in its entirety, it should not be used in conjunction with any other appraisal and is invalid if so used. 6. Neither all, nor any part of, the contents of this report shall be conveyed to the public through advertising, public relations, news, sales or other media, without the written consent and approval of the authors, particularly as to valuation conclusions, the identity of the appraisers or firm with which they are connected. 7. This report falls under the U.S.P.A.P. guidelines for a summary appraisal as allowed by the Appraisal Foundation. And, is acceptable for the intended use of this report. 1elF. Sampson #Gi318543 60 Certification of Value I, the undersigned, do hereby certify that we have personally inspected the property, which is the subject of this appraisal. According to our knowledge and belief, all statements of fact contained in this report, upon which the analysis, opinions and conclusions expressed herein are based, are true and correct, subject to the stated assumptions and limiting conditions contained in this report. I have no present or contemplated future interest in the real estate that is the subject of this appraisal report. Further, we have no personal interest or bias with respect to the subject matter of this appraisal report or the parties involved, nor is the compensation contingent in any way upon the amount of value reported. This narrative appraisal report has been made in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Practice required by Colorado Law. No one other than the undersigned prepared the analysis, conclusions, and opinions concerning real estate that are set forth in this appraisal report. After consideration of all the foregoing, I have formed an opinion on the Market Value of the fee simple estate in the subject property, as of June 30, 2002.O.2‘ —20 e CO(11 sr- 1/4.D e Michael F. S;J. #CGO1318543, Certified General Appraiser 6/ Appraisal Qualifications of Michael Sampson Education: Middle Park High School — Granby, CO Graduated 1968 Mesa College — Grand Junction, CO Assoc. degree - Electronics 1971 Metropolitan State College— Denver, CO Bachelors degree— Ind. Arts 1975 Appraisal Education: Appraisal I, II, Ill with State of Colorado Department of Taxation, as well as considerable post education in 2 and 3 day seminars for income, land, law, environmental issues, eminent domain, and specialized areas for property taxation valuation. International Association of Assessing Officers (IAAO) Course 1 - Fundamentals of Real Property Appraisal Course 2 - Income Approach to Valuation Course 3 - narrative Appraisal Report Writing Course 4 - Assessment Administration Course 619 - Standards of Practice and Professional Ethics Course 301 - Mass Appraisal of Residential Property Course 606 - In House Revaluation Course 201 - Industrial Property Appraisal Seminars in Litigation, Commercial Retail Appraisal, Preparation for Trail Testimony Appraisal Institute Seminars in Appraisal Consulting and Technical Computer uses for the Appraisal Industry Employment: Morgan County Assessor 1981 — 1988 Staff Appraiser in Residential/Agricultural 1981 — 1985 Staff Appraiser in Commercial 1985 — 1988 Weld County Assessors Office 1988— Current Chief Appraiser— Responsible for management of the appraisal staff, including 20 people in six appraisal departments; consultation with the appraisers and review of appraisal work, procedures, and programs. Responsible for all levels of protest and hearings arising from the valuation of property in the Assessors office. 6z Affiliations: CATA - Colorado Association of Tax Appraisers Member since 1983 Vice President, 1993 President, 1994-1995 IAAO - International Association of Assessing Officers Member since 1989 Appraisal Institute - Associate Member Member since 2002 Experience: Licensed in Colorado with a Certified General Appraisal Designation. CGO1018543 The appraisal of many properties ranging from $50,000 residential to multi-million dollar commercial/industrial properties. This includes discount stores, manufacturing plants, auto dealerships, mobile home parks, and homes of over one million dollars. These were all done over the past 22 years. Testimony: I have appeared before various boards of hearing concerning my appraisal work. These boards included different County Boards of Equalization as well as numerous hearings before the Board of Assessment Appeals in Denver, and District Court in both Morgan and Weld counties. I was accepted as an expert witness in all cases where testimony was necessary. I have also appeared before arbitrators on disputes of value. G3 • \ Yep,,' v. � Mg ynr¢ N:: 3,, e�t4 r yfA + 6 I yrt„ mot $ f k pi..,•:,,11,:i l 1 1 � A .� & .�L b a p#B .� �' TAkti i i a f S 'L_+1 .i t. a, i iW' 4 iY, x - !s 5 '�J ti4 �' 4 ( 1j its NFL w e F, re7-`.� o f �lrf,r '' r p i , : p 4 � S "n 'r r `Fig ' Yr,p,ySf. •• a "hip pd t..". - "y k e.3 t - ri �r4.•,,, 'n kl fir '. 'dT3 �Saw 5 . sv '.- ti s �G^'r .k« a 1 `jr 4 t r R.,.p . ,'4 ;f i� X44'�. i itFjv{_. °+"S'''�5✓a I V' ' 'E�t*a c. r ,$7 �R��w"�s .•µdY`$ °�„ f% y { ,y`}._ v`a< '!` � '.u-.+M.�!}3YScy,rM an� Ter.'k`u t FXE`.�! y"�{1 � ,snT k i ) .,` o- y Wy J �`3' lix�h ""T: � r. F� CN's'�t w• r @+( Ik ,ac„_,./ ym L"�};' �4 rt'^„ p� a ;44„4,-4,,,:O:11)AZ;. a {% r\yr, a� ��<�i iA,7t}fi r �� 4 41 'it1 jj��((. le 3.""ffII 4447.,,74-ae�"' — "e 41 it, :hY' -. cape ' #' F Vf.S 'hbz z 'xp, *.,r 'S.)" � avr nrYl yzk 2Y"k 's^7 4. j'. fy. � f>a �YT ' � ,ry t o Oak t ,_ �,y d a .f :-"rS ,ry>x y^..£,t�s �r• e t:r n a t T S fL'r- a :t il. .K , k e 4 n X4+ ; i, v.t p't a. `a;- iv r� ¢, ` r;.c y V'kirY x r v CC'tk J :•tg w s9i -, ¢ N,s O d Y ' a rc} r ., ;'} °u g, 't ""1 ; Ly } r .,, ,,yS , y" �,1 �a2�. fit¢ pP k ab'n E 34-4, ea• 3.2'4 ?*� '' C' .. 13 . ,)• ✓�lt� ,.4nt 9 *� Yylihr -fr r`'' r� , i e ty41V e1[ r i3r ry ?'n ,e-lni,;k1, q iz e.t3 a rip ,,nn ;'�r ''� :`G SY K ,i R"Y P k $y'M �,t*11u,« �9+, K x714.1,,:'4o a* v,+.au�c�'s"�' e:1:y.a n�"1 v' 1E ' �x s' " i2s, MrlijY ss-t +"s'^ 5-'x"' s,f.4 a l+Z.( ,r .t' " x st 3s '1vr } 'a e" ,i �„ '„,.• ' all�7 x4er s rN ?'I }pY4' `Y r n' .#n si °"a� 1"' yr ^•s Vii - .ir .„s'3x - • : • a : i +} ' t ;:xc`IVO,i tie /it�wtmm`r` al•`≥ ,,,� t}, 'A�V.R3;;;--144$114,4$511-. k -74 RI 59 WnGN3GGV WI1ON300v wnGN3aad minUN3GUV • INrit EGR 17 Realty Resources DENVER SUMMER 2002 REAL ESTATE INVESTMENT SURVEY ROCKY MOUNTAIN REGION Integra Realty Resources-Denver is pleased to present months typically elapsed between the time the property the results of our Summer 2002 Survey. Provided is a was listed and the time it was placed under contract, summary of the respondents' perceptions of the real assuming the property was reasonably priced. The estate market in the Rocky Mountain Region, primarily estimated marketing time increased slightly with 68%of. covering the States of Colorado,Wyoming,Montana,and the respondents indicating up to six months. The second New Mexico. question pertained to the time between contract and actual closing.The range was typically one:a six months. Through our questionnaire,we investigated several select However, closing times are taking longer, with 50% of indices used by the real estate community in the the respondents indicating up to three months and 91% acquisition, disposition, or financing of income up to six months.In some cases respondents observed the producing properties. due diligence period being longer than the actual • marketing time. Analysis Methods• Sales/Closine Costs We asked what type of valuation technique they most heavily relied upon. Capitalized Income or Direct We also asked the respondents to estimate on a Capitalization remained the predominant method percentage basis the total closing costs for a seller of real followed by the Discounted Cash Flow Technique and estate including brokerage commissions, legaUtitle work the Market Approach. Of the respondents,70%indicated and other closing costs. The averages are summarized as that they rarely use the Cost Approach. follows: Primary Secondary Rarely Improved Vacant Commercial Cost Approach 4% 26% 70% Sale Price Land Properties Direct Sales/ Up to$1.0 Million 10% 7% Market Approach 35% 48% 17% $1.0 To$2.499 Million 8% 6% Capitalized $2.5 To$4.999 Million 6% 5% Income 70% 30% 0% Discounted • $5.0 To$9.999 Million 5% 4% Cash Flow 35% 13% 52% $10.0 Million&Over 4% 3% In Discounted Cash Flow (DCF) analyses, the holding period ranged from 3 to 10 years, with 10 years being We look forward to continuing the survey with a predominant. Winter 2002/2003 issue. We welcome any comments or suggestions you may have on how we may improve future issues to better meet the needs of those in the real Marketing Time estate industry. We sincerely thank those firms and individuals who participated in this Investment Survey, We again asked the respondents about marketing times Let us know if your firm would like to be a respondent to for properties. The first question asked how many future surveys. INTEGRA REALTY RESOURCES - DENVER - REAL ESTATE INVESTMENT SURVEY - SUMMER 2002 REAL ESTATE APPRAISERS AND CONSULTANTS 2000 South Colorado Boulevard,Suite 250,Denver,Colorado 80222/(303)300-3320 Respondents by Stabilized Reversion or Discount/Yield Anticipated Growth Anticipated Growth Holding Period Business and Location Property Type Cap Rate Terminal Cap Rate Rate(IRR) Rate Income Rate Expenses (Yrs) I. Terrix Financial Corp. Multi-Family Apartments 9.0% Mortgage Banking Suburban/Low Rise Office I 0.0% Denver,CO CBD/Class A Office 10.0% Regional Retail - 9.5% Neighborhood/Community Retail 9.5% Free Standing Retail 10.0% Big Box Retail 10.0% Industrial/Warehouse 9.5% Mobile Home Parks 9.5% Mini Warehouse/Self Storage 10.5% Medical Office Buildings 9.5% • 2. Griffis/Blessing,Inc. Multi-Family Apartments 8.5%-9.0% 9.0% 12.0% 0%year I 3%each year 10 Asset Management Suburban/low Rix Office 11.0%-12.0% 10.5% 13.0% 2%year 2 • Colorado Springs,CO CBD/Class A Office 10.0%-10.5% 10.0% 13.0% 5%year 3 Neighborhood/Community Retail 11.0%-11.5% 11.0% 14.0% 3%thereafter Industrial/Warehouse 10.0%-10.5% 10.25% 13.0% • Medical Office Buildings 9.5% 10.0% 13.0% 3. Metro Realtors PC Multi-Family Apartments 9.0% 2%each year 2%each year Real Estate Brokerage Suburban/Low Rise Office 10.0% Billings,MT CBD/Class A Office 10.0% Regional Retail 10.0% Free Standing Retail 10.0% Neighborhood/Community Retail 10.0% • Industrial/Warehouse 11.0% Free Standing Restaurants-Sit Down/Family 10.0% Free Standing Restaurants-Fast Food 10.0% Mini Warehouse/Self Storage 11.0% Medical Office Buildings 9.5% 4. Mortgage Banking Hotels/Motels - 10.0%-14.0% 0%each year 0%years 1-2, 10 Denver,CO Multi-Family Apartments 9.0%-11.0% 1%thereafter Suburban:ow Rise Office 10.0% CBD/Class A Office 9.0%-10.0% Regional Retail 9.0%-10.0% Neighborhood/Community Retail 9.5%-10.0% Free Standing Retail r 10.0%-11.0% Big Box Retail 9.0%-10.0% Indushial/Warehouse 9.25%-10.0% Food Processing Facilities 9.0!i-12.0% Mobile Homc Parks 10.0%-13.0% • Mini Warehouse/Self Storage 10.0%-13.0% • Medical Office Buildings 9.5%-11.0% L E ^ INTEGRA REALTY.RESOURCES - DENVER- REAL ESTATE INVESTMENT SURVEY - SUMMER 2002 REAL ESTATE APPRAISERS AND CONSULTANTS 2000 South Colorado Boulevard,Suite 250,Denver,Colorado 802221(303)300-3320 Respondents by Stabilized Reversion or Discount/Yield .Anticipated Growth Anticipated Growth Holding Period Business and Location • PropeRy Type Cap Rate Terminal Cap Rate Rate(IRR) 1! •Rate Income Rate Expenses (Yrs) 5. Regional Commercial Multi-Family Apartments 9.0%-10.0% 10.0% 10.0% 3%each year 3%each year 5 Bank Suburban/Low Rise Office 10.0% 10.0% 10.0% Denver,CO CBD/Class A Office 9.75% 10.0% 10.0% . Neighborbocd/Community Retail 9.5%-9.75% 10.0% 10.0% Free Standing Retail 10.0% 10.0% 10;25% Industrial/Warehouse 10.0% 40.0% 10.25% Food Processing Facilities 10.0% 10.0% 10.25% Free Standing Restaurants-Fast Food 11.0% 12.0% 11.0% Mobile Home Parks 11.5% . 12.0% 11.5% Mini Warehouse/Self Storage 9.5%-11.0% 11.0% 10.25% • Nursing Homes 11.0% 12.0% 11.0% Retirement Communities 11.0% 12.0% 11.0% Medical Office Buildings 9.75% 10.25% 10.25% Residential-Raw Land 12.0%-14.0%+Profit Residential-Finished Lots 12.0%-14.0%+Profit Commercial Land 12.0%-14.0%+Profit 6. IOnnickinnic Realty Co. . Multi-Family Apartments 8.75% 11.0% 12.0% 0%years 1&2 3%each year 7 Private Investor Suburban/Low Rise Office 10.50% 11.0% 12.0% 2%thereafter Denver,CO 7. Commercial Hotels/Motels. 10.5% 10.5% 3%each year . 3%each year 3-5 Real Estate Brokerage Multi-Family Apartments 8.0% 9.0% Denver,CO Suburban/Low Rise Office 9.5% 10.0% CBD/Class A Office 8.0% 9.0% Industrial/Warehouse 8.5% 9.5% 8. Valuation/Consulting Hospitals-Real Estate Only 9.0%-13.0% 4.0%each year 4.0%each year 7 to 10 Denver,CO Nursing Homes-Real Estate Only 9.0%-11.0% 12.0%-13A% 13.0%-15.0%Stabilized cap rate including going concern 12.0%-14.0% 13.0%-14.0% 15%+ Retirement Communities-Real Estate Only 9.0%-11.0% 12.0%-13.0% - 13.0%-15.0% Stabilized capzate including going concern 11.0%-13.0% 13.0%-14.0% 15%+ 9. National Commercial Suburban/Low Rise Office 11.0% 10.0% 0%years 1-2, 3%each year 10 Real Estate Brokerage CBD/Class A Office 10.0% 9.5% 3%thereafter Denver,CO • ( l I • • ' INTEGRA REALTY RESOURCES - DENVER - REAL ESTATE INVESTMENT SURVEY - SUMMER 2002 REAL ESTATE APPRAISERS AND CONSULTANTS 2000 South Colorado Boulevard,Suite 250,Denver,Colorado 80222/(303)3003320 Respondents by property Type Stabilized Reversion or Discount/Yield Anticipated Growth Anticipated Growth Holding Period Business and Location Cap Rate Terminal Cap Rate Rate(IRR) - Rate Income Rate Expenses (Yrs) M. Jones-Healy,Inc. Multi-Family Apartments 9.0% 2%each year 2%each year 5 Real Estate Brokerage Suburban/Low Rise Office 10.5% Pueblo,CO CBD/Class A Office 9I.0% Regional Retail 10.0% Neighborhood/Community Retail 103% Industrial/Warehouse I I.5% II. Valuation/Consulting Golf Course 10.0%-12.0% 11.0%-13.0% 13.0%-15.0% 3%each year 4%each year 10 Denver,CO 12. National Commercial Bank Multi-Family.Apartments 8.0%-9.5% 50 Basis Pts. 10.5%-12.0% 2.5%each year 3.5%each year 10 Denver,CO SuburbaniLow Rise Office 95%-10.0% Above Stab.Rate Neighborhood/Community Retail 9.0%-10.0% Industrial/Warehouse 9.0% Residential-Raw Land 10.0%-12.0% k 6.0%-8.0%Profit 10.0%-110% Residential-Finished Lots +3.0%-7.0%Profit 13. Valuation/Consulting Hotels/Motels 11.0% 12.0% 14.0% 2.5%each year 2.5%each year 7 Salt Lake City,UT Multi-Family Apartments 9.5% 103% 123% Suburban/Low Rise Office 9.0% 10.0% 12.0% CBD/Class A Office 10.0% 11.0% 13.0% Regional Retail 9.75% 10.75% 12.75% Neighborbood/Commun ty Retail 9.75% 10.75% 12.75% Free Standing Retail 9.5% 10.75% 12.5% Big Box Retail 9.75% 10.75% 12.75% Industrial/Warehouse 9.8% 10.8% 12.8% Truck/Disuibution Terminals 10.0% 11.0% 13.0% Truck Stops - 10.0% 11.0% 13.0% Food Processing Facilities 10.0% 11.0% 13.0% Free Standing Restaurants-Sit Down/Family 9.75% 10.75% 12.75% Free Standing Restaurants-Fast Food 9.0% - 10.0% 12.25% Mobile Home Parks 10.0% 11.0% 13.0% Mini Warehouse/Self Storage 9.75% 10.75% 12.75% Residential-Finished Lots 13.0%+profit INTEGRA REALTY RESOURCES - DENVER - REAL ESTATE INVESTMENT SURVEY- SUMMER 2002 • REAL ESTATE APPRAISERS AND CONSULTANTS 2000 South Colorado Boulevard,Suite 250,Denver,Colorado 80222/(303).300.3320 Respondents by Stabilized Reversion or Discount/Yield r Anticipated Growth Anticipated Growth Holding Period Business and Location Property Type Cap Rate Terminal Cap Rate Rate(IRR) i Rate Income Rate Expenses (Yrs) 24. Barren Appraisal Services Neighborhood/Community Retail 9.0%-10.5% 9.5%-12.0% Valuation/Consulting Free Standing Retail 9.0%-11.0% 10.0%-12.0% Us Cruces,NM(cont.) Big Box Retail 9.5%-12.0% 10.0%-13.0% Industrial/Warehouse 8.5%-9.5% 9.0%-10.5%Truck/Distribution Terminals 9.5%-10.5% 10.0%-12.0% Truck Stops 11.0%-13.0% 12.0%-14.0% Food Processing Facilities- 10.0%- 13.0% 11.0%-14.0% Free Standing Restaurants-Sit Down/Family 10.5%-12.0% 11.0%-14.0% Free Standing Restaurants-Fast Food 105%-12.0% 11.0%-14.0% Golf Course 12.0%-13.0% 13.0%-15.0% Mobile Home Parks 10.0%-12.0% 10.5%-12.5% . Mini Warehouse/Self Storage 9.0%-10.0% 9.5%-11.0% Hospitals 9.5%-10.5% 9.5%-11.0% Nursing Homes 9.0%-10.5% 9.5%-11.0% Retirement Communities 9.0%-10.5% 9.5%-11.0% Medical Office Buildings 9.0%-10.0% 95%-11.0% • Automobile Dealerships 9.0%-10.0% 9.5%-11.0% Convenience Stores/Service Stations 9.0%-11.0% 95%-12.0% Farm/Ranch 9.0%-12.0% 10.0%- 13.0% Residential-Raw Land 16.0%+Profit Residential-Finished Lots 16.0%+Profit _ Commercial Land 16.0%+Profit 25. Northland/Marquette Multi-Family Apartments 9.0% 10.0% 10.0% 0%years 1&2 0%years 1&2 10 Capital Group,Inc. Suburban/Low Rise Office 11.0% 11.0% 12.0% 2%year 3 2%year 3 Mortgage Banking CBD/Class A Office 10.0% 11.0% 12.0% 3%year 4 3%year 4 Denver,CO Neighborhood/Commimity Retail 9.5% 10.0% 11.0% 4%thereafter 4%thereafter Industrial/Warehouse 9.0% 10.0% 11.0% Mini Warehouse/Self Storage 10.0% 11.0% 12.0% Brad A.Weiman,MAI-Managing Director Ian D.Mackinnon,MAI,FRICS* Tim E.Baltakis,MAI * James R.Burbach,MAI * Al E.Medina,MAI • Jay S.Hedberg * Fred 1.Wood.Jr. * Stacey S.Nicholas * Christian 1.Goodwin * Laurel C.Henderson * Wyatt H.Chadwick Every effort has been made to ensure accuracy in tabulating the responses,however,no guarantee is made as to accuracy of the information. Permi Sion for reproduction of this material is granted with credits to Integra Realty Resources-Denver $70.00 Annual Subscription Price Contact James R.Burbach,MAI for Subscription Information iTh WELD COUNTY ASSESSOR u�fc�✓ Account#: R6790797 PROPERTY PROFILE Parcel#: 120726201002 MH Seq#: MH Space: Appr Year: 2004 Levy: 92.261 #of Bldgs: 1 Active On: Tax Dist: 2138 Map#: 0803 LEA: MEAD07 InactiveOn: Assign To: MFS Initials: JSW Acct Type: Industrial Last Updated: 7/9/2004 New Growth: 0 Owner's Name and Address: Property Address: MERRIMAN RICHARD L Street: 13855 DEERE CT City: MEAD 13855 DEERE COURT LONGMONT CO 80504 Business/Complex: Sales Summary Sale Date Sale Price Deed Type Reception # Book Page# Grantor 7/30/1998 $75,000 WD 2630034 SEKICH CO LLC Legal Description MEA SB5-2 L2 BLK5 SEKICH BUSINESS PARK SITUS: 13855 DEERE CT MEAD Land Valuation Summary Unit of Number Of Value Per Assmt •Assessed Land Type Ag Code Abst Code Measure Units Unit Actual Value Value Percent Industrial 3115 Square Feet 44123 $2.25 $99,277.00 0.29 $28,790.33 Land Subtotal: 44123 $99,277.00 $28,790.0q Full Market Values $0.00 $0.0Q Buildings Valuation Summary Abst Actual Assmt *Assess Bldg # Property Type Code Occupancy Value Percent Value 1 Commercial 3215 334 - Indust Lght Manufacturing $572,723 0.29 $166,090 Improvements Subtotal: $572,723 $166,090 total Property Value $672,000 $194,880 `Approximate Assessed Value Thursday, July 15, 2004 Page 1 of 2 - WELD COUNTY ASSESSOR Account#: R6790797 PROPERTY PROFILE Parcel#: 120726201002 MH Seq#: MH Space: Building#: 1 Condo SF Condo% Land: Condo % Bldg: Unit Type: Landscaping $: Property Type: Commercial 0 1 $0.00 Quality: Average Nbhd: 3903 Occupancy: Indust Lght Manufacturing Condition: Typical Nbhd Ext: 00 Perimeter: 560 Nbhd Adj: 1 Percent Comp: 100.00% Individual Built As Detail P Built As: Indust Lght Manufacturing Year Built: 1999 Construction Type: S Year Remodeled: HVAC: None % Remodeled: Interior Finish: Adj Year BIt: 1999 Roof Cover: Effective Age: 3 Built As SF: 19200 Mh Make: #of Baths: Tag Length/Width: X #of Bdrms: Tag Length/Width: X #of Stories: 1 Mh Skirting LF: Story Height: 20 MH Skirting Type: Sprinkler SF: Diameter: Capacity: Height: Building Details Value Details RCN Cost/SF: $28.91 Design Adj %: 0 Func Obs %: 0 Total RCN: $555,072.00 Exterior Adj %: 0 Econ Obs%: 0 Phys Depr%: 0.04 Interior Adj %: 0 Other Obs %: 0 Phys Depr$: 22203 Amateur Adj %: 0 RCNLD $: $532,869.00 RCNLD Cost/S $27.75 MarketSF: $40.00 Thursday, July 15, 2004 Page 2 of 2 Account Notes Account#: R6790797 Entry Date Office Note Bldg Category 19971008 A 1997: NEW SUB SPLIT FROM#1207-26-0-01-000. ENTERED LAND INFO. SHH ADM (10/8/97) 19981207 A ADDED TRACT SCREEN. SHH ADM 20000303 A 2000-ADDED NEW BUILDING 95%COMPLETE 1-1-00 PER TOWN OF MEAD BP#55- APPR 1999, DATED4-19-99, FOR$460,800. 05/31/00 A 2000 INCLUSION INTO ST VRAIN SANITATION.85CV1166 04/05/00 #2759982 ADM CHANGED TA FROM 1361 TO 2138. PLT 20001206 A 12-06-2000 Building permit info entered.Tlb APPR 02/09/01 A 2001 -CHANGED SITUS ADDRESS TO 13855 DEERE CT PER OWNER AND PER ADM LAST DEED RECORDED IN 2000. KRD 20010319 A 2001 -CHANGE FROM 95% 1-1-00 TO 100% 1-1-01. RECONCILED VALUE TO APPR $31/SF. LW Thursday, July 15, 2004 Page 1 WELD County ASSESSOR'S OFFICE Building Permit Individual Report Parcel# Account# LEA Street Address 120726201002 R6790797 MEAD07 13855 DEERE CT Local Permit# Permit Jurisdiction 88-2000 Mead Permit Date Permit Type 9/7/2000 Addition Permit Expire Date Property Type 12/6/2000 Commercial Permit Work Date Permit Amount 9848 Active/Inactive Use Worked By Active Bldg# 1 Upper Fir SF Fin Bsmnt SF Bldg Height #of Units Main Fir SF Gar/Carport SF Bedrooms Plan Model Low Fir SF Porch/Deck SF Bathrooms Total SF Other Bldg SF Stories Subdivision Sub Name 0 Filin 0 Lot 0 Block 0 Legal MEA SB5-2 L2 BLK5 SEKICH BUSINESS PARK SITUS: 13855 DEERE CT MEAD Permit Reason build 2 steel stud walls to enclose office and storage space, 319 sf. Owner 303-791-1888 Notes Date Name Thursday, July 15, 2004 ® 4 E$_ Active 12O7-26-2-01-OO2 i t Ming, lwitriwarwastarimisa•L ,, °,,10 _.1;4470471b.,:1„.±._ ww.w w+tlLw_ 1441ft:. n`rt3 - +w� .6. �, ..r6 4 ,u-{ g(. mb t ---t . f_641,,,, ,.:6,, r1207-26-2-01-002 2138 Industrial MEAD07 [0803 ':1: 2004 s s ----74...&-.7:77-7:,-7,— n mm ,..,,o. A I „. - s I .. F .' �_s uero�auao,a Mamm�snnp I '_.Y ,mmm mm t W. „I I .,-. N141 0 11 ' I ► I 1414 tOF 1 ►:I ►� u I and Cast Markat Inirima );Reriti i! Y E $99,277 $632,146 $867,277 $0 $672,000 ' 4 CLERK TO THE BOARD PHONE (970) 356-4000 EXT 4217 FAX: (303) 352-0242 WEBSITE: www.co.weld.co.us 915 10TH STREET WI ID P.O. BOX 758 GREELEY, COLORADO 80632 C. COLORADO July 20, 2004 E COMPANY MERRIMAN RICHARD L 13855 DEERE COURT LONGMONT CO 80504 Parcel No.: 120726201002 Account No.: R6790797 Dear Petitioner(s): The Weld County Board of Equalization has set a date of August 5, 2004, 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, 2004, and mailed to you on or before August 12, 2004. 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. MERRIMAN RICHARD L - R6790797 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, BQfRD OF EQU IZATION 41 -e Carol A. Harding Deputy Clerk to the Board cc: Stanley Sessions, Assessor Hello