The URL can be used to link to this page

Browse Search

Home My WebLink About20032152.tiff RESOLUTION RE: THE BOARD OF EQUALIZATION, 2003, WELD COUNTY, COLORADO - DENY PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE PETITION OF: DJ CD FAGERBERG LTD CIO DAVID FAGERBERG 3527 CINDY PL GREELEY, CO 80631 DESCRIPTION OF PROPERTY: ACCOUNT#: R7370898 PARCEL#: 095910227010 - GR 2MHR L1 B MOSIER HILL 2 REPLAT SITUS: 1175 58 AV A GREELEY 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 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 2003, claiming that the property described in such petition was assessed too high, as more specifically stated in said petition, and WHEREAS, said petitioner being represented by 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 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 $ 332,956 Improvements OR Personal Property 1,159,044 TOTAL $ 1,492,000 2003-2152 AS0055 RE: BOE - DJ CD FAGERBERG LTD 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 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. 2003-2152 AS0055 RE: BOE - DJ CD FAGERBERG LTD 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 28th day of July, A.D., 2003. BOARD OF COUNTY COMMISSIONERS EL.() LD COUNTY, COLOR O /��"l 24 a �� (AYE) 1861 (' �q`��••, y �`'` Da E. Long, Chair k to the Board EXCUSED`I , , Robert D. en, Pro-Tem •'rs"'".' Clerk to t e Board �_, (AYE) . J. eile APPROVED AS TO FORM: g L- z YA—t—e (AYE) n /i,n / Willia H. Jer A taut C ity Attorney f�( (p� � tt 1 (NAY) Glenn Vaad Date of signature: //-5J 2003-2152 AS0055 07/15/03 13:10 FAX WELD ASSESSOR a001 • NOTICE OF DENIAL OFFICE OF COUNTYASSESSOR I400 NORTH nth AVE. a GR 2MHR LlE MOSIER HILL 2 REPLAY GREELEY,cO806 31 f&taff4S I TUS: 1175 58 AV A GREELEY PHONE(970)353-3645,0{7.3650 II�P OWNER: DJ CD FAGERBERG LTD COLORADO DJ CD FAGERBERG LTD LOG 308110227010 C[0 DAVID FAGERBERG ACCOUNT 0959/0R7370898 3527 CINDY PL YEAR 2003 GREELEY, CO 80631 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 he included in the fallowing 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 plan to attend these budget hearings. The Assessor has carefully studied ail 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: No change has been made to the valuation of this property. Colorado law requires us to send this notice of denial for all properties on which we do not adjust the value. • PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE • OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW COMMIFRRCIAL 1492000 1492000 c�. -• L!J c". TOTALS $ $1492000 8492000 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- 106(1)(a),C.R.S. Please see the back of this form for detailed information on tiling your appeal. 07/15/2003 By: Stanley F. Sessions WELD COUNTY ASSESSOR • DATE i 5-DPT-AR • Form PR-207-87003 ADDITIONAL INFORMATION ON REVERSE SIDE PAGE 113 t RCVD AT 711512003 2:10:14 PM(Mountain Daylight Timed t SVR:/7*DNIS:345 t CSID: DURATION(mm ss):0132 07/15/03 13:10 FAX _ _ WELD. ASSESS0R 003 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 ON OR of JULY 15 preserve REAL PROPERour right to TY,AND JULY 21 FOR PERSONAL l, your appeal must be A PROPERTYED OR �IVERED 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 1,1. 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- .Ali 11W(OOOO 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. �f� 7- (5-2OO3 DALE A UHt C1 111'IUNNR PAGE 313"RCVD AT 711512003 2:10:14 PM[Mountain Daylight Time] SVR,17"DNIS:345"CSID:*DURATION(mm ss):0132 LETTER OF AUTHORIZATION To Whom It May Concern: Property Owner Name: DJ CD Fagerberg Ltd 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: 52j" Name: U�/b/QT4 / Or UsL��1J 0O (161 Title: JA) e./ ne (''� r Address: t b 7Th �j -feu' J 0,4 Mc (3feeic , co ?669/ Phone Number: COO -3516 6( .17 R7370898(095910227010) Su. o. d sworn before me this day of ,20 03 Pot tO IS0 State�•f alrlE iC 'qty rnmmisgf7 fires 6 =1 r ,20 O5-. ©F CO Investors Group—1175 58"Ave A VALUE ANALYSIS OF INVESTOR'S GROUP OF COMPANIES 1175 58th Avenue Office Building 1175 58th Avenue Greeley, CO 80634 SCHEDULE NUMBER: R7370898 ASSESSOR'S ACTUAL VALUE $1,426,810 TAXPAYER'S OPINION OF ACTUAL VALUE $1,320,000 Prepared by Deloitte &Touche Property Tax Services John Olson 720-264-4822 g EXHIBIT As of January 01, 2003 R--�--- 8 Investors Investors-1175 58th Avenue Pro Forma Income 2003XLS.Cover DELOITTE & TOUCHE PROPERTY TAX SERVICES VALUE SUMMARY Consultant Matt Poling D&T SA Investors Property Name 1175 58th Avenue Office Building Location 1175 58th Avenue Greeley, CO 80634 Property Type Bank Building Site Size (Acres) 1.3900 Site Size (SF) 60,548 Description of Improvements 0 YOC 1999 NLA (SF) 14,920 Major Tenants Eaton Bank Age (Years) 4 Tax Account Parcel Numbers R7370898 Tax Year 1/1/2003 2003 Assessed Value S3 Land $332,956 Land/SF $5.50 Improvements $1,093,854 Improvements/SF/NLA $73.31 Personal Property $0 Total $1,426,810 Total/SF/NLA $95.63 Investors-1175 58th Avenue Pro Forma Income 2003.XLS -1- 2 OWNER'S OPINION OF VALUE Total $1,320,000 Value/SF of NLA $88.47 ASSESSED VALUE(2003) Land $332,956 Improvements 1,093,854 Personal Property 0 Total $1,426,810 Assessed Value/SF of NLA $95.63 Investors-1175 58th Avenue Pro Forma Income 2003.XLS -2- 3 INCOME CAPITALIZATION APPROACH KEY ELEMENTS Net Leasable Area (NLA) 14,920 Market Rent/SF $13/5 Market Expenses/SF $1.00 Occupancy (as of January 1) 100% Stabilized Occupancy 90% Deferred Maintenance $0 Actual Gross Rental Annual Income (2002) $197,712 Actual Expenses (2002) $20,631 Actual Net Operating Income (2002) • A $177,081 SUPPORT FOR EXPENSE ESTIMATION .A. nr x AI.VIA I YrYrV" ; y e frylv.E y Iqy , 1 I� st q' r. w ,e,i 4OP! ING y.7 t, aty 'w . t: I F. Hi; SUBJECT .: a Actual J Expense Category �tlikf. Fixed Expenses $2.63 $1.92 $0.01 Operating Services Expense 1.36 1.39 0.23 Repair/Maintenance 1.08 1.13 0.19 Utilities 1.49 1.38 0.16 Insurance and Professional Fees 0.00 0.00 0.00 Administrative and Payroll 1.35 0.97 0.20 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 TotalExpenSeslSF �`i $ $0.78 4 Investors-1175 58th Avenue Pro Forma Income 2003.XLS -3- PRO FORMA Gross Annual Income $205,150 Exp. Recov. $0.00 psf 0 Total Gross Annual Income $205,150 Less: Vacancy and Credit Loss 20,515 Effective Gross Income $184,635 Less: Expenses - net of taxes or $0.99 psf 14,782 Less: Tenant Finish $ - psf 0 Less: Leasing Commissions $ - psf 0 Net Operating Income $169,853 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-1175 58th Avenue Pro Forma Income 2003.XLS -4- OVERALL CAP RATE t3utlt-up (Mortgage Equity)Technique: Ro = MxRM+[ExRE] Rc = Overall Rate M = 0.75 M = Loan-to-value ratio RM = 0.0967 RM = Capitalization rate to mortgage constant(8.5%, 25 years, $1) RE = 0.09 RE = Capitalization rate to mortgage equity(Equity dividend) Ro = 0.0950 OAR Selected 9.50% Plus: Tax Rate 3.33% Composite Overall Capitalization Rate 12.83% Note:Long-term mortgage rate per Korpacz Real Estate Investor Survey;based upon 25-year term. SUMMARY OF INCOME CAPITALIZATION APPROACH NOt OAR = VALUE $169,853 12.83% $1,323,617 Less: Deferred Maintenance/Environmental $0 Less: Income Loss due to Lease-up $0 Value by Income Capitalization Approach Rounded to, $1,320,000 Investors-1175 58th Avenue Pro Forma Income 2003.XL5 -5- 6 DELPITTE&IGNORE PROPERTY TAX$ERVIGEs F WEIGHTED EFFECTIVE MARKET RENT ANALYSIS ,`Base Period Leases Total Leasable Area: 14,920 Property Name: 1175 58th Avenue Office Building ' I Optce Lentos Net Leasabte Area: 14,920 Term Annual Tenant Leasing Effective Ann. Effective Tenant SF Leased (Years) Income Finish/Yr Commission/Yr Income Rate/SF Family Physicians Clinic,LLC 100 8/15/1999 7,255 3 $ 87,060 $1200 Probate Software Publishing C 200 9/1/1999 7,255 3 $ 94,320 $13.00 Weighted Averages 14,510 $181,380.00 $ - $ - - $12.50 NOTES: This average is net effective of T.l's and commissions. T.I.and commission amounts are amortized over term of lease. Ret4II Leases Net.Leasable.Area: Term Annual Tenant Leasing Effective Ann. Effective Tenant SF Leased (Years) Income Finish/Yr Commisslon/Yr Income Rate/SF 0 0 0 0 0 0 NOTES: This average is net effective of T.I's and commissions T.I.and commission amounts are amortized over term of lease. Weighted Avg.Rate-Office Leases $12.50 Weighted Avg.Rate-Retail Leases $ - GPI Office Leases $ 186,505 Office Rate/SF $ 12.50 1 GPI Retail Leases $ - Retail Rate/SF $ - GPI Total 1$ 186,505 I Overall Rate/SF 1$ 12.50 1 7 I7ELOITTE &TOUCHE PF 0PERTY TAX SERVICES COST OF'LEASEANALYSIS Property Name: 1175 58th Avenue Office Building Property Location: 1175 58th Avenue Net Rentable Area: 14,920 sf Market Rental Rate: 13.75 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 LETTER OF AUTHORIZATION To Whom It May Concern: Property Owner Name: DJ CD Fagerberg Ltd Hereby appoints and authorizes Deloitte&Touche LLP as agent to represent our fum'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. Name: /b�o� ^ s—L� fl � / � R�3to 61d Title: 31J nee. FR_ _ ✓ Address: gZ b 74 t) /cec/ JUf ZY /00 6tee ��/ , ?663/ Phone Number: R70 3516- Co" R7370898(095910227010) / Su y. .: :.:,,,, d sworn before me this day of�� ,20 O3 Notacctitplt, Slate� f NINE 'o'1,9ff rnrovnIs .. ..1 res 6 /fJ ,20 0S-. OF CO Investors Group—1175 58®Ave 9 a CLERK TO THE BOARD PHONE (970)356-4000 EXT 4217 FAX: (303)352-0242 WEBSITE: www.co.weld.co.us 915 10TH STREET C P.O. BOX 758 GREELEY, COLORADO 80632 • COLORADO July 18, 2003 DJ CD FAGERBERG LTD C/O DAVID FAGERBERG 3527 CINDY PL GREELEY CO 80631 Parcel No.: 095910227010 Account No.: R7370898 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. DJ CD FAGERBERG LTD - R7370898 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 Carol A. Harding Deputy Clerk to the Board cc: Stanley Sessions, Assessor DELOITTE & TOUCHE LLP 555 SEVENTEENTH ST. STE 3600 DENVER, CO 80202-3942 Hello