HomeMy WebLinkAbout20032148.tiff RESOLUTION
RE: THE BOARD OF EQUALIZATION, 2003, WELD COUNTY, COLORADO -ADJUST
VALUE IN PART
PETITION OF: 37TH AVENUE COURT LLC
500 6 AVE
GREELEY, CO 80631
DESCRIPTION OF PROPERTY: ACCOUNT#: R2043886, R2043989, R2044086, AND
R2044186 - GR CSC-3 UNIT 1, 2, 3, AND 4 COURTSIDE CONDO (PT LOT A BLK4
BITTERSWEET NORTH) %1009, 1011, 1013, AND 1015 37 AVE CT GREELEY 80634
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 2003, and
WHEREAS, said petitions have 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 four petitions of appeal of the County Assessor's
valuation for the year 2003, claiming that the property described in such petitions was assessed
too high, as more specifically stated in said petitions, and
WHEREAS, said petitioner being represented by John Olson, Deloitte and Touche, LLP,
and
WHEREAS, the Board has made its findings on the evidence, testimony and
remonstrances and is now fully informed.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of
Weld County, acting as the Board of Equalization, that the evidence presented at the hearing
supported, in part, the value placed upon the property by the petitioner. The assessment and
valuation of the Weld County Assessor shall be, and hereby is, adjusted as follows for each of
the four petitions:
ACTUAL VALUE
AS DETERMINED ADJUSTED
BY ASSESSOR ACTUAL VALUE
Land $ 68,334 $ 68,334
Improvements OR
Personal Property 340,466 294,166
TOTAL $ 408,800 $ 362,500
2003-2148
AS0055
: 4S, OP Pt7-,,es�
RE: BOE - 37TH AVENUE COURT LLC
Page 2
BE IT FURTHER RESOLVED that a denial of a petition, in whole or in part, by the Board
of Equalization may be appealed by selecting one of the following three options; however, said
appeal must be filed within thirty (30) days of this resolution:
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 315
Denver, CO 80203
Phone: (303) 866-5880
OR
2. District Court You have the right to appeal the CBOE's decision to the
District Court of the county wherein your property is located. New testimony,
exhibits or any other evidence may be introduced at the District Court hearing.
For filing requirements, please contact your attorney or the Clerk of the
District Court. Further appeal of the District Court's decision is made to the
Court of Appeals for a review of the record. (Section 39-8-108(1), C.R.S.)
OR
3. Binding Arbitration: You have the right to submit your case to arbitration. If
you choose this option the arbitrator's decision is final and your right to appeal
your current valuation ends. (Section 39-8-108.5, C.R.S.)
Selecting the Arbitrator: In order to pursue arbitration, you must notify the
CBOE of your intent. You and the CBOE select an arbitrator from the official
list of qualified people. If you cannot agree on an arbitrator, the District Court
of the county in which the property is located will make the selection.
2003-2148
AS0055
RE: BOE - 37TH AVENUE COURT LLC
Page 3
Arbitration Hearing Procedure: Arbitration hearings are held within sixty
days from the date the arbitrator is selected. Both you and the CBOE are
entitled to participate. The hearings are informal. The arbitrator has the
authority to issue subpoenas for witnesses, books, records, documents and
other evidence. He also has the power to administer oaths, and all questions
of law and fact shall be determined by him.
The arbitration hearing may be confidential and closed to the public, upon
mutual agreement. The arbitrator's written decision must be delivered to both
parties personally or by registered mail within ten (10) days of the hearing.
Such decision is final and not subject to review.
Fees and Expenses: The arbitrator's fees and expenses are agreed upon
by you and the CBOE. In the case of residential real property, such fees and
expenses cannot exceed $150.00 per case. The arbitrator's fees and
expenses, not including counsel fees, are to be paid as provided in the
decision.
The above and foregoing Resolution was, on motion duly made and seconded, adopted by
the following vote on the 28h day of July, A.D., 2003.
BO OF COUNTY COMMISSIONERS
WEL OUNTY, COLORADO
A
tick/ David E. Long, Chair
1861 k to the Board
EXCUSED
O Robert D. den, Pro-Tern
erk to the Board
M. J. Bile
APPROVED AS TO FORM:
()) `
William H. Jer
Assi nt Co ty Attorney
Glenn Vaad
Date of signature: 7//3 /
2003-2148
AS0055
SENT V. INVESTORS GROUP OF COMPANIES INC;G703530680; JUL-2-03 2:28PM; PAGE 3/5
NOTICE OF ADJUSTMENT OFFICE OPCOUNJY ASSESSOR
1400NOR1R 17th AVE.
"C".\\
GR CSC-3 UNIT 3 COURTSIDE CONDO OREE[EY,ODe0631
L` (PT LOT BLK4 BITTERSWEET NORTH) PHONE(97n)3333845. CO B0631
%1011 37 AV fi CT #3% 1009 37 AVCT
8 GREELEY 80634
Mat • •
OWNER: 37TH AVENUE COURT LLC
COLORADO •
37TH AVENUE COURT LLC LOG 3083
500 6 AVE PARCEL 095911122001
ACCOUNT R2043886
GREELEY, CO 80631 YEAR 2003
•
The appraised value of property is based on the appropriate consideration of%he approaches In value requireSfby)aw. f)ie A<,tesaor'bas•determmetIthat "-
your property should he included in the following category(ies):
Commercial property is valued by considering the cost, market,
and income approaches.
If your concern is the amount of your property tax,local taxing authorities(county,city,fire protection,and other special districts)hold budget
hearings in the fall.Please refer to your tax bill or ask your Assessor for a listing of these districts:and to attend these budget hearings.
The Assessor has carefully studied all available information,giving particular attention to the specifics included on your protest,and has determined the
valuation(s)assigned to your property. The reasons for this determination of value area
Based on a study of comparable Properties that sold from 1/1/01 to 6/3O/O2 we
have adjusted your property to the level of value as shown below.
PETITIONER'S ASSESSOR'S VALUATION
PROPERTY CLASSIFICATION ESTIMATE OF VALUE ACTUAL VALUE ACTUAL VALUE
PRIOR TO REVIEW AFTER REVIEW
COMMERCIAL 451180 408800
•
TOTALS $ $ 451180 $408800
APPEAL DEADLINES: REAL PROPERTY—JULY 15,PERSONAL PROPERTY—JULY 21.
If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration,39-S-
1O6(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal.
By: Stanley F.Sessions 06/26/2003
WELD COUNTY ASSESSOR DATE
15-DPT-AR
Form PR-207-87A3 ADDITIONAL INFORMATION ON REVERSE SIDE
PAGE 315"RCVD AT 71212003 2:18:41 PM[Mountain Daylight Time!"SVR:I3"DNIS,363"CSID:9703530660"DURATION(mm-ss):02.08
07/09/03 09:29 FAX WELD ASSESSOR 81004
` 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 21 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 REARING:
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.clola.colorado_oov/baa
District Court:
9th Avenue and 9th Street, P.O. Box C
Greeley, Colorado 80632
Telephone (970) 356-4000, Ext. 4520
•
Arbitration:
WELD COUNTY BOARD OF EQUALIZATION
915 10th Street,P.O. Box 758
Greeley, Colorado 80632
Telephone(970) 356-4000, Ext. 4225
If you do not receive a determination from the County Board of Equalization,you must file an appeal with the Board
of Assessment Appeals by September 11.
TO PRESERVE YOUR APPEAL RIGHTS, YOU MUST PROVE YOU HAVE FILED A TIMELY
APPEAL; THEREFORE, WE RECOMMEND ALL CORRESPONDENCE BE MAILED WITH PROOF
OF MAILING.
PETITION TO THE COUNTY BOARD OF EQUALIZATION
In the space below,please explain why you disagree with the Assessor's valuation. IN ACCORDANCE WITH 39-
8-106(1.5), C.R.S., IF YOU APPEAL INVOLVES REAL PROPERTY, YOU MUST STATE YOUR OPINION
OF VALUE IN TERMS OF A SPECIFIC DOLLAR AMOUNT. Attach additional documents as necessary.
3 IS;ooO
THE PROPERTY IS VALUED IN EXCESS OF FAIR MARKET VALUE BASED ON THE THREE APPROACHES TO
VALUE. IN ADDITION,THE PROPERTY IS VALUED IN EXCESS OF OTHER SIMILARLY SITUATED
PROPERTIES.
•
SIG A EOF ' IL UAIt
PAGE 414'RCVD AT 7I91200310:29:13 AM[Mountain Daylight Time'SVR:I5'DNIS:345 CSID:'DURATION(mm-ss):01'36
v.
}
LETTER OF AUTHORIZATION
To Whom It May Concern:Property Owner Name: 37-14 AVbw c. tour/ / L Q Rii
Hereby appoints and authorizes Deloitte&Touche LLP as agent to represent our firm's property and all
property controlled by our firm or any of its subsidiaries of partnerships on all matters pertaining to ad
valorem taxes. Until written notice of termination is issued,they have the right to file returns,examine
records,obtain all tax statements,and discuss or appeal any tax assessments to the proper authorities when,
in their opinion,the assessment does not constitute fair market value. In addition they have the right to file
appeals to the appropriate jurisdiction, if authorized by law.
By: oite /C"
Name: tioA) /5 EC'k-a
n
Title: ntJC Cv^/ C/ I'
/
Address: 876 74 S' ref/a' .J VI/P_ (O
(-)pep / , (/ g10-63/
Phone Number: ?70 - 3 6- sic??
R2043886(095911122001)
R2043986(095911122002)
R2044086(095911122003)
R2044186(095911122004)
Subscri and sworn before me this day of arj ,20 a? .
1/b
R P
Not yie;StaiTha
r ci.LE6'4' I. i
My dpmgrissiomlm@ires 1 - IS 20 DS-
t,gf 60\-'1
Investors Group—1009 37th Ave Ct
CLERK TO THE BOARD
PHONE (970)356-4000 EXT 022
FAX: (303)35252-02442
WEBSITE: www.co.weld.co.us
915 10TH STREET
P.O. BOX 758
O GREELEY, COLORADO 80632
. r
COLORADO
a.
July 18, 2003
37TH AVENUE COURT LLC
500 6 AVE
GREELEY CO 80631
Parcel No.: 095911122001 Account No.: R2043886
Dear Petitioner(s):
The Weld County Board of Equalization has set a date ofJuly28,2003,at or about the hour of 4:30
PM, to hold a hearing on your valuation for assessment. This hearing will be held at the Weld
County Department of Public Health and Environment,Room 210, 1555 North 17th Avenue,
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, 2003,and
mailed to you on or before August 12, 2003.
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.
I
37TH AVENUE COURT LLC - R2043886
Page 2
Please advise me if you decide not to keep your appointment as scheduled. If you need any
additional information, please call me at your convenience.
Very truly yours,
BOARD OF EQUALIZATION
Carol A. Harding
Deputy Clerk to the Board
cc: Stanley Sessions, Assessor
DELOITTE &TOUCHE LLP
555 SEVENTEENTH ST. STE 3600
DENVER, CO 80202-3942
SENT BY: INVESTORS GROUP OF COMPANIES INC:9703530650; JUL-2-03 2:29PM; PAGE 4/5
NOTICE OF ADJUSTMENT • OFFICE OF COUNTY ASSESSOR
1400 NORTH 17th AVE.
a GR CSC-4 UNIT 4 COURTSIDE CONDO GREELEY,CO 110631
(PT LOT A BLK4 BITTERSWEET NORTH) PHONE(970)353.3845,EXT.3650
X1015 37 AVE CT #4% 1015 37 AVCT
GREELEY 80634
•
WhitADO OWNER:. 37TH AVENUE COURT LLC •
•
37TH AVENUE COURT LLC LOG 3084
500 6 AVE PARCEL 095911122002
GREELEY, CO 80631 ACCOUNT 3986
2003
•
•
•
The appraised value of property is based on the appropriate consideration ort -. .- Y � t he approaches to value required��w. 'I�ie Assessor has deternuned�that
your property should be included in the following category(ies):
Commercial property is valued by considering the cost, market,
and income approaches. •
If your concern is the amount of your property tax.localtaxing authorities(county,city,tire proteefion,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 plants attend these budget hearings.
The Assessor has carefully studied all available information,giving particular attention to the specifics included on your protest and has determined the
valuation(s)assigned to your property. The reasons for this determination of value are: •
Based on a study of comparable properties that• sold from 1/1/01 to 6/30/02 we
have adjusted your property to the level- of value as shown below.
•
•
PETITIONER'S ASSESSOR'S VALUATION
PROPERTY CLASSIFICATION • - ESTIMATE
OF VALUE ACTUAL VALUE ACTUAL VALUE
PRIOR TO REVIEW AFTER REVIEW
COMMERCIAL 451180 408800
•
•
TOTALS $ $ 451180 $408800
APPEAL DEADLINES: REAL,PROPERTY .,JULY 15,PERSONAL PROPERTY-JULY 21.
If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalisation for further consideration,39.S-
106(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal.
By; StanleyF.Sessiuns 06/26/2003
WELD COUNTY ASSESSOR DATE
15-DPT-AR
Form PR-207-8703 ADDITIONAL INFORMATION ON REVERSE SIDE
PAGE 415'RCVD AT 71212003 2:18:41 PM[Mountain Daylight Time]t SVR:13"DNIS:363 t CSID:9703530660"DURATION(mm'ss):02-08
07/09/03 09:29 FAX WELD ASSESSOR a004
y ` 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 21 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_aov/baa
•
District Court: •
9th Avenue and 9th Street, P.O. Box C
Greeley, Colorado 80632
Telephone (970) 356-4000, Ext. 4520
Arbitration:
WELD COUNTY BOARD OF EQUALIZATION
915 10th Street,P.O. Box 758
Greeley, Colorado 80632
Telephone(970)356-4000,Ext. 4225
If you do not receive a determination from the County Board of Equalization,you must file an appeal with the Board
of Assessment Appeals by September 11.
TO PRESERVE YOUR APPEAL RIGHTS, YOU MUST PROVE YOU HAVE FILE)) 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 YOU APPEAL INVOLVES REAL PROPERTY, YOU MUST STATE YOUR OPINION
OF VALUE IN TERMS OF A SPECIFIC DOLLAR AMOUNT. Attach additional documents as necessary.
36,000
THE PROPERTY IS VALUED IN EXCESS OF FAIR MARKET VALUE BASED ON THE THREE APPROACHES TO
VALUE. IN ADDITION,THE PROPERTY IS VALUED IN EXCESS OF OTHER SIMILARLY SITUATED
PROPERTIES.
� �ONER bR 1S 5
S RE OFP DAIS
PAGE 4A'RCVD AT 7191200310:29:13 AM(Mountain Dayfght Tkne("SVRJ6"DMS:345'CSID: DURATION(mm4s):01'6
LETTER OF AUTHORIZATION
To Whom It May Concern:Property Owner Name: 37-14 ,4 Ve ri V C COur l �Q
Hereby appoints and authorizes Deloitte&Touche LLP as agent to represent our firm's property and all
property controlled by our firm or any of its subsidiaries of partnerships on all matters pertaining to ad
valorem taxes. Until written notice of termination is issued,they have the right to file returns,examine
records,obtain all tax statements, and discuss or appeal any tax assessments to the proper authorities when,
in their opinion,the assessment does not constitute fair market value. In addition they have the right to file
appeals to the appropriate jurisdiction, if authorized by law.
By: o4a /C"(�/�}/►//���`ail/
Name: tail/ d ackl /
Title:
�7 q n �u Cup/ (CC
J/
Address: si At S gilpJ 5ut/ (OC
Stec' >- Co to-63/
Phone Number: 926 O 9 2
R2043886(095911122001)
R2043986(095911122002)
R2044086(095911122003)
R2044186(095911122004)
Subscri and sworn before me this day of ,200.5 .fitcA` v..P
Notare;-State''oI<
cG.LEVZ L. E
My.domipissiapneires ' "C� ,20 DS-
\; F COVE
Investors Group—1009 37th Ave Ct
it
e;
TO THE BOARD
PHONE (970)356-400 EXT 4217
FAX: (-303) 35252-02442
WEBSITE: www.co.weld.co.us
' 915 10TH STREET
P.O. BOX 758
O GREELEY, COLORADO 80632
•
COLORADO
July 18, 2003
37TH AVENUE COURT LLC
500 6 AVE
GREELEY CO 80631
Parcel No.: 095911122002 Account No.: R2043986
Dear Petitioner(s):
The Weld County Board of Equalization has set a date of July 28,2003,at or about the hour of 4:30
PM, to hold a hearing on your valuation for assessment. This hearing will be held at the Weld
County Department of Public Health and Environment, Room 210, 1555 North 17th Avenue,
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 5,2003,and
mailed to you on or before August 12, 2003.
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.
37TH AVENUE COURT LLC - R2043986
Page 2
Please advise me if you decide not to keep your appointment as scheduled. If you need any
additional information, please call me at your convenience.
Very truly yours,
BOARD OF EQUALIZATION
Carol A. Harding
Deputy Clerk to the Board
cc: Stanley Sessions, Assessor
DELOITTE &TOUCHE LLP
555 SEVENTEENTH ST. STE 3600
DENVER, CO 80202-3942
SENT BY: INVESTORS GROUP OF COMPANIES INC;9703530660; JUL-2-03 2:28PM; PAGE 2
NOTICE OP ADJUSTMENT OFFICE OFCOUN7Y ASSESSOR
• 1400NORTH 17th AVE.
(le;
GR CSC-2 UNIT 2 COURTSIDE CONDO OREELLrY,CO80631
(PT LOT A BLK4 BITTERSWEET NORTH PHONE(970)353-3845,D .3650
%1013 37 AVE CT #2% 1013 37 AVCT
GREELEY 80634
1111€ OWNER: 37TH AVENUE COURT LLC
COLORADO
37TH AVENUE COURT LLC LOG 3085
500 6 AVE PARCEL 095911122003
GREELEY, CO 80631 • ACCOUNT R2044086
YEAR 2003
•
•
The appraised value of property is based on the appropriate consideration of theapproaches to value required by law. The Assessor has determined that
your property should be included in the following category(ies):
Commercial property is valued by considering the cost, market,
and income approaches.
•
If your concern is the amount of your property tax,local taxing aothorities(county,city,fire protection.and other special districts)hold budget
hearings In the fall.`Please refer to your tax bill or ask your Assessor for a listing of these districts,and plan to attend these budget hearings.
'the Assessor has carefully studied all available information,giving particular attention to the specifics included on your protest,and has determined the
valuation(s)assigned to your property. The reasons for this determination of value arc:
Based on a study of comparable properties that sold from 1/101 to 6/30/02 we
have adjusted your property to the level of value as shown below.
PETITIONER'S ASSESSOR'S VALUATION
PROPERTY CLASSIFICATION ESTIMATE
OF VALUE ACTUAL VALUE ACTUAL VALUE
4. -_. ..... b PRIOR TO REVIEW AFTER REVIEW
COMi+I tCIA .i •
451180 408800
•
- IJ •
TOTALS $ $ 451180 $408800
APPEAL DEADLINES! REAL PROPERTY—JULY 15,PERSONAL PROPERTY—JULY 21.
If you disagree with the Assessor's decision,you hare the right to appeal to the County Board of Equalization for further consideration,39-8-
I06(I)(a),C.R.S. Please see the back of this form for detailed information on fling your appeal.
By: Stanley F.Sessions 06/26/2003
WELD COUNTY ASSESSOR DATE
15-17P'1'-AB
Form PR•207-a7A3 ADDITIONAL INFORMATION ON REVERSE SIDE
PAGE 215"RCVD AT 71212003 2:18:41 PM(Mountain Daylight Timed"SVR:13"DNIS:363"CSID:9703530660"DURATION(mm'ss):0218
...r v.rr v.r ..r r-v ♦.ua rruuu •.vvuvvva . J VUY
y ` YOU HAVE THE RIGHT TO APPEAL TIIE ASSESSOR'S DECISION
Th.;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 21 FOR PERSONAL PROPERTY
WELD COUNTY BOARD OF EQUALIZATION
915 10th Street,P.O.Box 758
Greeley, Colorado 80632 •
Telephone(970)3564000 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 ofEqualtzation 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 Sherinan, 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)3564000,Ext. 4225
If you do not receive a determination from the County Board of Equalization,you must file an appeal with the Board
of Assessment Appeals by September 11.
TO PRESERVE YOUR APPEAL RIGHTS, YOU MUST PROVE YOU HAVE FILED A TIMELY
APPEAL; TBEREFORE, 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 YOU APPEAL INVOLVES REAL PROPERTY, YOU MUST STATE YOUR OPINION
OF VALUE IN TERMS OF A SPECIFIC DOLLAR AMOUNT. Attach additional documents as necessary.
A 315i 00°
THE PROPERTY IS VALUED IN EXCESS OF FAIR MARKET VALUE BASED ON THE THREE APPROACHES TO
VALUE. IN ADDITION,THE PROPERTY IS VALUED IN EXCESS OF OTHER SIMILARLY SITUATED
PROPERTIES.
SION'Aki re (J • DeZ 3
PAGE 414'RCVD AT T191290310:29:13 AM pow NO Tine SVR:IS:ORIN:345'CSID: DURATION las):01.36
LETTER OF AUTHORIZATION
To Whom It May Concern: o
f
Property Owner Name: 3/7.14 A v& ye.C. �,^/ (Lc v
Hereby appoints and authorizes Deloitte&Touche LLP as agent to represent our firm's property and all
property controlled by our firm or any of its subsidiaries of partnerships on all matters pertaining to ad
valorem taxes. Until written notice of termination is issued,they have the right to file returns,examine
records,obtain all tax statements,and discuss or appeal any tax assessments to the proper authorities when,
in their opinion,the assessment does not constitute fair market value. In addition they have the right to file
appeals to the appropriate jurisdiction, if authorized by law.
By: o3/42^
Name: 51/4670A) d EL'A ie
[.fie CUP/ 4C
Title:
4 7 q J� (— (' J
Address: gl. / 7''h c ) /'�PJ � J V r/to (00
J
) Gre e l , 60 fo•G3/
Phone Number: 9 7d - 36- Alga??
R2043886(095911122001)
R2043986(095911122002)
R2044086(095911122003)
R2044186(095911122004)
Subscri and sworn before me this day of 4 ,20e23
v
No liAiiirloge
1 ILLEW L.
My' mmi tissiopg fires I /S ,20 DS,
eti coQ
F \-° Investors Group—1009 371°Ave Ct
es-H,
Kit
6CLERK TO THE BOARD
PHONE (970) X:356-4000 3 EXT 4217
FAX: (303)352-0242
WEBSITE: www.co.weld.co.us
' 915 10TH STREET
P.O. BOX 758
C. GREELEY, COLORADO 80632
COLORADO
July 18, 2003
37TH AVENUE COURT LLC
500 6 AVE
GREELEY CO 80631
Parcel No.: 095911122003 Account No.: R2044086
Dear Petitioner(s):
The Weld CountyB-oard of Equalization has seta date ofJuly28,2003,atoraboutthe hour of 4:30
PM, to hold a hearing on your valuation for assessment. This hearing will be held at the Weld
County Department of Public Health and Environment, Room 210,1555 North 17th Avenue,
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 5,2003,and
mailed to you on or before August 12, 2003.
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.
37TH AVENUE COURT LLC - R2044086
Page 2
Please advise me if you decide not to keep your appointment as scheduled. If you geed an-St: '
additional information, please call me at your convenience.
Very truly yours, 40,
BOARD Of EQUALIZATION
Carol A. Harding
Deputy Clerk to the Board
cc: Stanley Sessions, Assessor
DELOITTE & TOUCHE LLP
555 SEVENTEENTH ST. STE 3600
DENVER, CO 80202-3942
SENT BY: INVESTORS GROUP OF COMPANIES INC;9703530660; JUL-1 -03 9:35AM; PAGE 7/7 /
�iu� es (9/aLO
/4109 37'4NL� U/
NOTICE OF ADJUSTMENT OFFR:EOF COUNTY ASSESSOR
1406NORTH'17th AVE.
(9 GR CSC-1 UNIT 1 COURTSIDE CONDO rrittpl.DCr 3650
de ` (PT LOT A BLK4 BITTERSWEET NORTH) PRONE+� 1009 37 AVCT GREELEY 80631
COLORADO
OWNER: 37TH AVENUE COURT LLC
37TH AVENUE COURT LLC LOG 3086
500 6 AVE PARCEL 095911122004
ACCOUNT R2044186
GREELEY, CO 80631 YEAR 2003
'[die apprariaTvatiie of properly Isbas`ed on the appropriate considciarGn-of liic"appreiaChp`To vah,e I•egoireit'byi't&W717rC'JICStr`Q�a >Rf,ijy cRt(14,f�eY}'�7��t•— "�
your property should be included in the following category(ies):
Commercial property is valued by considering the cost, market,
and income approaches.
If your concern is the amount of your property tax,beat taxing authorities(county,city,fire protection,and other special districts)bold budget
hearings in the fall. Please refer to your tax bill or ask your Assessor for a listing of these districts,and plan to attend these budget hearings.
'the Assessor has carefully studied all available information,giving particular attention to the specifics included on your protest,and has determined the
valuation(s)assigned to your property. The reasons for this determination of value arc:
Based on a study of comparable properties that sold from 1/1/01 to 6/30/02 we
have adjusted your property to the level of value as shown below.
- PETITIONER'S ASSESSOR'S VALUATION
PROPERTY CLASSIFICATION ESTIMATE
OF VALUE ACTUAL VALUE ACTUAL VALUE
PRIOR.TO REVIEW AFTER REVIEW
COMMERCIAL 451180 4Q88001
TOTALS $ $ 451180 $408800
APPEAL DEADLINES: REAL PROPERTY-JULY 15,PERSONAL PROPERTY-JULY 21.
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-
lO6(1)(a),C.R.S. Please sac the back of this form for detailed information on filing your appeal.
By: Stanlev F.Sessions 06/26/2003
WELD COUNTY ASSESSOR DATE
15-DPT-AR
Form PR-207-87/03 ADDITIONAL INFORMATION ON REVERSE SIDE
PAGE 7A t RCVD AT 71112003 9:23:18 AM(Mountain Daylight Time)"SVR;14 t DNIS;363 t CSID;9703530660"DURATION(mm.ss):03.42
.r. v.rr vv a.v.—.. •aaa� ruu�. as • '*JVVY
` 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 21 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-16e time and place set for the hearing of your appeal.
COUNTY BOARD O]EQUALIZATION'S DETERMINATION:
The County Board of Equalization must make a decision on your appeal and wait you a determination within five
business days of that decision. The County Board must conclude its and render decisions by August 5.
TAXPAYER BIGHTS 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)3564000,Ext. 4225
If you do not receive a determination from the County Board of Equalization,you must file an appeal with the Board
of Assessment Appeals by September 11.
TO PRESERVE YOUR APPEAL RIGHTS,YOU MUST PROVE YOU HAVE FILED A TIMELY
APPEAL; THEREFORE,WE RECOMMEND ALL CORRESPONDENCE BE MAILED WITH PROOF
OF MAILING.
•
PETITION TO THE COUNTY BOARD OF EQUALIZATION
In the space below,please explain why you disagree with the Assessor's valuation. IN ACCORDANCE WITH 39-
8-106(1.5),C.R.S., IF YOU APPEAL INVOLVES REAL PROPERTY,YOU MUST STATE YOUR OPINION
OF VALUE IN TERMS OF A SPECIFIC DOLLAR AMOUNT. Attach additional documents as necessary.
3 is, ooe
THE PROPERTY IS VALUED IN EXCESS OF FAIR MARKET VALUE BASED ON THE THREE APPROACHES TO
VALUE. IN ADDITION, THE PROPERTY IS VALUED IN EXCESS OF OTHER SIMILARLY SITUATED •
PROPERTIES.
• 7-(5 Zc03
•
DAib
PAGE 414'RCVD AT 719(200310;29:13 AM(Mount*Daylir Timer SVR:15'DMS:345 ft CID: DURATION pms$:0146
LETTER OF AUTHORIZATION
To Whom It May Concern: A n
Property Owner Name: 3x7 t4 ✓Q n VG l.bu,,I i
C_
Hereby appoints and authorizes Deloitte&Touche LLP as agent to represent our firm's property and all t
property controlled by our firm or any of its subsidiaries of partnerships on all matters pertaining to ad
valorem taxes. Until written notice of termination is issued,they have the right to file returns,examine
records,obtain all tax statements,and discuss or appeal any tax assessments to the proper authorities when,
in their opinion,the assessment does not constitute fair market value. In addition they have the right to file
appeals to the appropriate jurisdiction, if authorized by law.
By: ote /C"
Name: taAi d ECkeie
Title: n/Y.ept, 4y -47k 1 37/2/'1po .4 Gut/ (CC
Address:
$?69/4S pd. SU„t (D0
( ceP1 CO tO3/
Phone Number: 9-7,o 36 n g9 y
R2043886(095911122001)
R2043986(095911122002)
R2044086(095911122003)
R2044186(095911122004)
Subscri d and sworn before me this day of ,20O3 •
.O v Pad
No tc;State'
ELLEW L.
My dom4pissionneires c /S ,20 DST
9TEO ...F
Investors Group—1009 37h Ave Ct
` a
CLERK TO THE BOARD
PO-A1:1
PHONE (970)356-4000 EXT 4217
FAX: (303)352-0242
WEBSITE: www.co.weld.co.us
91510TH STREET
P.O. BOX 758
O GREELEY, COLORADO 80632
COLORADO
July 18, 2003
37TH AVENUE COURT LLC
500 6 AVE
GREELEY CO 80631
Parcel No.: 095911122004 Account No.: R2044186
Dear Petitioner(s):
The Weld County Board of Equalization has seta date ofJuly28,2003,at or about the hour of 4:30
PM, to hold a hearing on your valuation for assessment. This hearing will be held at the Weld
County Department of Public Health and Environment, Room 210, 1555 North 17th Avenue,
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 5,2003,and
mailed to you on or before August 12, 2003.
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.
37TH AVENUE COURT LLC - R2044186
Page 2
Please advise me if you decide not to keep your appointment as scheduled. If you need any
additional information, please call me at your convenience.
Very truly yours, •
BOARD O EQUALIZATION
H.
Carol A. Harding ` 2
Deputy Clerk to the Board
cc: Stanley Sessions, Assessor
DELOITTE & TOUCHE LLP
555 SEVENTEENTH ST. STE 3600
DENVER, CO 80202-3942
A VALUE ANALYSIS OF
INVESTOR'S GROUP OF COMPANIES
37th Avenue Court
1009 37th Avenue
Greeley, CO 80634
SCHEDULE NUMBER:
R2043886, R2043986, R2044086,and R2044186
ASSESSOR'S ACTUAL VALUE
$1,744,720
TAXPAYER'S OPINION OF ACTUAL VALUE
$1,260,000
Prepared by
Deloitte &Touche Property Tax Services
John Olson
720-264-4822
As of 1�XHISIT
�deJl�ytjo
January 01,2003 P--2,0eatio
Investors-Big Beaver Properties
Investors-37th Avenue Court Pro Forme Income 2003.XLS.Cover 1
DELOITTE & TOUCHE PROPERTY TAX SERVICES VALUE SUMMARY
Consultant Matt Poling
D&T SA Investors - Big Beaver Properties
Property Name 37th Avenue Court
Location 1009 37th Avenue
Greeley, CO 80634
Property Type Office Condo
Site Size (Acres) 2975148000.0000
Site Size (SF) 68,300
Description of Improvements 0
YOC 1980
NLA (SF) 21,290
Major Tenants 0
Age (Years) 23
Tax Account Parcel Numbers R2043886, R2043986, R2044086, and R2044186
Tax Year 1/1/2003
003 Assessed Value
Land $213,336
Land/SF $0.00
Improvements $1,531,384
Improvements/SF/NLA $71.93
Personal Property $0
Total $1,744,720
Total/SF/NLA $81.95
2
Investors-37th Avenue Court Pro Forma Income 2003.XLS -1-
OWNER'S OPINION OF VALUE
Total $1,260,000
Value/SF of NLA $59.18
ASSESSED VALUE(2003)
Land $213,336
Improvements 1,531,384
Personal Property 0
Total $1,744,720
Assessed Value/SF of NLA $81.95
Investors-37th Avenue Court Pro Forma Income 2003.XLS -2- 3
INCOME CAPITALIZATION APPROACH
1 EY LEMENTS
Net Leasable Area (NLA) 21,290
Market Rent/SF $10.75
Market Expenses/SF $4.25
Occupancy (as of January 1) 91%
Stabilized Occupancy 90%
Deferred Maintenance $0
Actual Gross Rental Annual Income (2002) $219,295
Actual Expenses (2002) $85,900
Actual Net Operating Income (2002) $133,396
SUPPORT FOR EXPENSE ESTIMATION
receT p rr ti lP t ' L r
eE
( s s ' r r• UIL� SUB Ec1' ,
,yy,,, r 3�;: Actual
E tense Category `�Subur l� I E ,2000
Fixed Expenses $2.63 $1.92 $1.88
Operating Services Expense - 1.36 1.39 0.00
Repair/Maintenance 1.08 1.13 0.00
Utilities 1.49 1.38 0.00
Insurance and Professional Fees 0.00 0.00 0.00
Administrative and Payroll 1.35 0.97 0.00
Tenant Improvements 0.00 0.00 0.00
Leasing Commissions 0.00 0.00 0.00
Reserves for Replacement 0.00 0.00 0.00
Total ExpenseslSF
4 Investors-37th Avenue Court Pro Forma Income 2003.XLS -3-
PRO FORMA
Gross Annual Income $228,868
Exp. Recov. $0.00 psf 0
Total Gross Annual Income $228,868
Less: Vacancy and Credit Loss 22,887
Effective Gross Income $205,981
Less: Expenses - net of taxes or $2.37 psf 50,367
Less: Tenant Finish $ - psf 0
Less: Leasing Commissions $ - psf 0
Net Operating Income $155,614
AD VALOREM TAXES
Rather than deduct taxes as an expense, the tax rate is added to the OAR.
Tax rate per$100 is as follows:
City 0.00%
School 0.00%
County and Special Districts 0.00%
Tax Rate/$100 3.33%
5
Investors-37th Avenue Court Pro Forma Income 2003.XLS -4-
OVERALL CAP RATE
Built-up(Mortgage Equity)Technique:
Ro=M x RM + [E x RE] Ro =Overall Rate
M = 0.75 M= Loan-to-value ratio
RM= 0.0967 RM=Capitalization rate to mortgage constant(8.5%, 25 years, $1)
RE = 0.07 RE =Capitalization rate to mortgage equity (Equity dividend)
Ro = 0.0900
OAR Selected 9.00%
Plus: Tax Rate 3.33%
Composite Overall Capitalization Rate 12.33%
Note:Long-term mortgage rate per Korpacz Real Estate Investor Survey;based upon 25-year term.
SUMMARY OF INCOME CAPITALIZATION APPROACH
riot ÷ OAR = VALUE
$155,614 12.33% $1,261,825
Less: Deferred Maintenance/Environmental $0
Less: Income Loss due to Lease-up $0
Value by Income Capitalization Approach Rounded to, $1,260,000
6
Investors-37th Avenue Court Pro Forme Income 2003.XLS -5-
DELO*T IE&TOUCiHE PROPERTY TAX SERVICES
WEIGHTED EFFECTIVE MARKET RENT ANALYSIS
•
Base Period;Leases
Total Leasable Area: 21,290
Pro•e Name: 37th Avenue Court
Orrice Leases
Net Leasable Area: 21,2$0
Term Annual Tenant Leasing Effective Ann. Effective
Tenant SF Leased (Years) Income Finish/Yr Commission/Yr Income Rate/SF
eld County Title 1009-101/102 1/12002 4,000 4 $ 42,000 510.50
Skyline Appraisals 1009-201 11/1/2002 1,200 1 $ 12,000 $10.00
GMAC Mortgage 1011-101A 11/152002 785 1 $ 9,420 $12.00
Creative Estates 1011/201 6/12002 1,400 2 $ 16,800 $12.00
CR Rnglard 1013/201 7/1/2002 1,200 3 $ 12,000 $10.00
LM Constructors 1013/202 8/1/2001 1,400 2 $ 16,800 $12.00
IEdgewater Homes 1015/101 8/1/2001 1,200 3 $ 10,200 $8.50
Weighted Averages
11,185 I$119,220.00 $ - $ - - $10.66
NOTES: This average is net effective of T.1's and commissions.
T.I.and commission amounts are amortized over term of lease. ,
Retail Leases
Nat Leasable Area: -
Term Annual Tenant Leasing Effective Ann. Effective
Tenant SF Leased (Years) Income Finish/Yr Commission/Yr Incom
e t Ra a/SF
0
0
0
0
0 0
NOTES: This average is net effective of T.1's and commissions
T.I.and commission amounts are amortized over term of lease.
eighted Avg.Rate-Office Leases [$10.66
eighted Avg.Rate-Retail Leases $ -
GPI Office Leases $ 226,928 Office Rate/SF $ 10.66
i GPI Retail Leases $ - Retail Rate/SF $
GPI Total $ 226,928 Overall Rate/SF $ 10.66
7
DELOITTE &TOUCHE PROPERTY TAX SERVICES.
COST OP LEASE ANALYSIS
Property Name: 37th Avenue Court
Property Location: 1009 37th Avenue
Net Rentable Area: 21,290 sf.
Market Rental Rate: 10.75 psf
Term of Lease 5 years
TENANT FINISH OUT COST
Percentage Cost of Cost of
Type of Tenant of Leases Tenant Finish Lease
New Tenants 20% x $14.00 psf = $ 2.80 psf
Roll-Over Tenants 80% x $ 5.00 psf = $ 4.00 psf
$ 6.80
Divided by Lease Term 5 years
Annual Cost of Tenant Finish $ 1.36 psf
LEASING COMMISSION COST
Percentage Commission Cost of
Type of Tenant of Leases Percentage Lease
New Tenants 20% x $ 4.00 psf = $ 0.80 psf
Roll-Over Tenants 80% x $ 2.00 psf = $ 1.60 psf
$ 2.40
5 years
$ 0.48 psf
Annual Cost of Tenant Finish $ 1.36 psf
Annual Cost of Commission $ 0.48 psf
Total Cost of Lease per Year $ 1.84 psf
8
INCOME ANALYSIS
BASED ON
ACTUAL INCOME
PROPERTY NAME: 37th Avenue Court
NET LEASABLE AREA: 21,290 sf
PSF
Rental Income $ 219,295 $ 10.30
Other Income $ - $ _
Total Revenue $ 219,295 $ 10.30
Operating Expenses $ 85,900 $ 4.03
Net Operating Income $ 133,396 $ 6.27
Capitalization Rate 9.00%
Indicated Value $ 1,482,173 $ 69.62
9
LETTER OF AUTHORIZATION
To Whom It May Concern:
Property Owner Name: 3`7,tt A v&7 1t. (Lur 71 14C.
Q
Hereby appoints and authorizes Deloitte&Touche LLP as agent to represent our firm's property and all
property controlled by our firm or any of its subsidiaries of partnerships on all matters pertaining to ad
valorem taxes. Until written notice of termination is issued,they have the right to file returns,examine
records,obtain all tax statements,and discuss or appeal any tax assessments to the proper authorities when,
in their opinion,the assessment does not constitute fair market value. In addition they have the right to file
appeals to the appropriate jurisdiction,if authorized by law.
By: o
Name: toAJ 5 EL'kCX
Title: n2'n/', 4 /49/ell 7- Jc 37,14 AVP 40C Cv() (CC
Address:
g?6 7A' SS- pJ Yu,4. (0O
GrnP ;di , cU k'O. $/
Phone Number: 9'71 - 1 41O
R2043886(095911122001)
R2043986(095911122002)
R2044086(095911122003)
R2044186(095911122004)
Subscn and sworn before me this till day of ,20 e25
No re;state`'
LLEN L. .-•
.
My'd mmipissioq Mires I - l8 20 D.C.
;QO
Investors Group—1009 37h Ave Ct 10
Hello