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Home My WebLink About20033074.tiff RESOLUTION RE: ACTION OF THE BOARD CONCERNING PETITION FOR ABATEMENT OR REFUND OF TAXES - STATE FARM MUTUAL AUTOMOBILE INSURANCE WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to Colorado statute and the Weld County Home Rule Charter, is vested with the authority of administering the affairs of Weld County, Colorado, and WHEREAS,the Board of County Commissioners of Weld County, State of Colorado, at a duly and lawfully called regular meeting held on the 5th day of November, 2003, at which meeting there were present the following members: Commissioners M. J. Geile,William H. Jerke, Robert D. Masden, and Glenn Vaad, with Chair David E. Long being excused, and WHEREAS,notice of such meeting and an opportunity to be present has been given to the taxpayer and the Assessor of said County,and said Assessor, Stan Sessions, being represented by Michael Sampson,and taxpayer State Farm Mutual Automobile Insurance,not being present,and WHEREAS,the Board of County Commissioners have carefully considered the attached petition, and are fully advised in relation thereto. NOW,THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County,Colorado,that the Board concurs with the recommendation of the assessor and the petition be and hereby is, denied, and an abatement refund not be allowed as follows: ASSESSED TOTAL TAX VALUATION TAX AMOUNT YEAR $15,837,905.00 $453,914.00 2003 2003-3074 7 AS0054 ('(� ; �}✓�L1 r/S ic3/4 a3 TAX ABATEMENT PETITION - STATE FARM MUTUAL AUTOMOBILE INSURANCE PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 5th day of November, A.D., 2003. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO ATTEST: gall IC -41 EXCUSED D id E. Lon , Chair A Weld County Clerk to a r: �� r A,tA Robert D. asden, Pro-Tem BY: Deputy Clerk to the �uI,►�V� 27 464>��.� M. J. Geile AP AS TO / eGK ll William H. Jer ounty Attorn / Glenn Vaal-- Date of signature: f/i2- 2003-3074 AS0054 7003- 3/5 RECEIVED PETITION FOR ABATEMENT OR REFUND OF TAXES S EP 3 0 2003 (Must be filed in duplicate and all questions must be answered) WELD COUNTY ASSES R Petitioners:Complete this side only. Greeley, Colorado GREELEY , Colorado, OCTOBER 3, 2003 • City or Town (Date) To The Honorable Board of Commissioners of WELD County Ladies/Gentlemen: C/O MARVIN F. POER & COMPANY The petition of STATE FARM MUTUAL AUTOMOBILE INSURANCE, JOSEPH MONZON whose mailing address is: 410 17TH. STREET, SUITE 1730 DENVER , COLORADO 80202 City or Town State Zip Code SCHEDULE NUMBER DESCRIPTION OF PROPERTY AS LISTED ON TAX ROLL i ACCNT. # R0296201 LAND AND COMMERCIAL IMPROVEMENTS. PARCEL # 095711002008 respectfully requests that the taxes assessed against the above property for the years 2003 , are erroneous, illegal,or due to error in valuation for the following reasons: Describe specifically the circumstances surrounding the incorrect value or tax, including owner's estimate of value. (Attach additional sheets if necessary) REVIEW OF COMPARABLE SALES AND COMPARABLE ASSESSMENTS SUPPORT A REDUCTION IN VALUE. 2003 Year Year Value Tax Value Tax Or g. $ 52,837,905 $ 1,514,371 (APPROX.) Abate $ 15,837,905 $ 453,914 (APPROX.) Bal. $ 37,000,000 $ 1,060,457 (APPROX.) Therefore the petitioner requests that the taxes may be abated or refunded in the sum of$ 451.914 (APPROX.) I declare, under penalty of perjury in the second degree, that this petition, together with any accompanying exhibits or statements, has been examined by me and to the best of my knowledge,information and belief is true,correct and complete. ST , Address 410 17TH. STREET. S11TTE 1730 Petitioner By Daytime phone number 104-573-0975 Agent Date Every petition for abatement or refund filed pursuant to section 39-10-114 shall be acted upon pursuant to the provisions of this section by the board of county commissioners or the assessor, as appropriate, within six months of the date of filing such petition. §39-1-113(1.7),C.R.S. No.920. Rev.11.99. PETITION FOR ABATEMENT OR REFUND OF TAXES[ISDPT(66-931) hN Bradford Publishing,1743 Wazee St.,Denver,CO 80202-(303)292-2500—www.bradfordpublishing.com—8-01 2003-3074 (Complete either Section I or Section II) RESOLUTION OF COUNTY COMMISSIONERS Section I:In accordance with 39-1-113(1.5),C.R.S.,the commissioners of County authorize the assessor to review petitions for abatement or refund and to settle by written mutual agreement any such petition for abatement or refund in an amount of one thousand dollars or less per tract,parcel,or lot of land or per schedule of personal property. County Commission Resolution# The assessor and petitioner mutually agree to an assessed value of$ for$ total tax for the year(s) and an abatement/refund of$ PLEASE NOTE: The total tax amount does not include accrued interest, penalties, and fees if applicable. Please contact your County Treasurer for full payment information. Petitioner's Signature Date Assessor's Signature Date If Section I is not complete and/or if petition is for more than$1,000,Section II must be completed. Section II:Assessor's recommendation: ❑approved—No prole filed in (year) or (year)); ❑ approved in part$ , denied for the following reason(s). Note: If a protest was tiled please attach copy n of NOD. Po ��t�-JL r/ ��]7 y� 1` / AA S4c frANLc6M`Mapit4 19 �` . Plo Crfi ,terai cWcdt ,'raj . V Li <-61 S 7/ C11473/: O.-12t 277 u'�a'tJ Assessor Deputy Assessor WHEREAS,The County Commissioners of County,State of Colorado,at a duly and lawfully called regular meeting held on (date), at which meeting there were present the following members: notice of such meeting and an opportunity to be present having been given to the taxpayer and the Assessor of said County and said Assessor and taxpayer (name) (name) being present; and WHEREAS, The said County Commissioners have carefully considered the within application, and are fully advised in relation thereto, NOW BE IT RESOLVED,That the Board with the recommendation of the assessor (concurs or does not concur) and the petition be , and an abatement/refund on an (approved or denied) (be allowed or not be allowed) assessed valuation of$ for$ total tax for the year(s) Chairman of Board of County Commissioners STATE OF COLORADO, County of ss. I, ,County Clerk and Ex-officio Clerk of the Board of County Commissioners in and for the County of , State of Colorado,do hereby certify that the above and foregoing order is truly copied from the records of the proceedings of the Board of County Commissioners for said County, now in my office. IN WITNESS WHEREOF,I have hereunto set my hand and affixed the seal of said County, at ,this day of County Clerk By Deputy ACTION OF THE PROPERTY TAX ADMINISTRATOR Denver,Colorado, (date). The action of the Board of County Commissioners, relative to the within petition, is hereby❑approved; O approved in part$ ❑ denied for the following reason(s). • 4 u �_ DATA TO BE CONSIDERED BEFORE THE WELD COUNTY BOARD OF COMMISSIONERS SUBMITTED BY: MARVIN F. POER& COMPANY 410 17Th STREET, SUITE 1730 DENVER, COLORADO 80202 303-573-0975 FOR: NOVEMBER 5, 2003 MEETING AT 9:00 AM. SUBJECT PROPERTY: SCHEDULE NUMBER R0296201 1. PROFORMA INCOME ANALYSIS 2. COMPARABLE RENTS 3. EXPENSE ANALYSIS 4. SUMMER 2002 REAL ESTATE INVESTMENT SURVEY 5. 2002 MILL LEVY FOR SUBJECT PROPERTY I PROFORMA INCOME ANANYSIS 1555 PROMONTORY CIRCLE GREELEY, COLORADO 95711002008 (PARCEL NUMBER) ANALYSIS ASSUMES BASE YEAR LEASE RATES AND EXPENSES NRA(SQ. FT.) BASE RATE PGI OCCUP. LEVEL 436,549 $16.00 $6,984,784.00 95% EFFECTIVE GROSS INCOME: $6,635,544.80 EXPENSES: VARIABLE/FIXED 30% $1,990,663.44 TOTAL EXPENSES: $1,990,663.44 NET OPERATING INCOME: $4,644,881.36 CAPITALIZATION RATE: (INTEGRA) 9.50% EFF. TX. RATE 2.87% TOTAL 12.37% CAPITALIZED VALUE: $37,549,566.37 INDICATED VALUE: $37,549,600 INDICATED VALUE PER SQ. FT. OF IMPROVEMENT $86.01 1567 310851 1555 PROMONTORY CIRCLE INC.APPRCH.03 NORTHWEST DMA COMPARABLE RENTS OFFICE MARKET BLACKS GUIDE WINTER/SPRING 2003 YOC #OF BLDGS. SQ. FT. RATE TERMS WESTMOOR TECHNOLOGY PARK 2001 10 1,200,000 $14.50-$15.50 NNN WEST 108TH.AV.,WESTMINSTER CHURCH RANCH CORP. CTR. 1975 4 151,966 $11.50 NNN CHURCH RANCH BLVD., WESTMINSTER LAKESIDE CENTER 1997 1 600,000 $10.00 -$14.00 FULL SERVICE 4407 W. HARLAN STREET, DENVER 370 INTERLOCKEN CRESCENT 1998 1 150,000 $8.00 -$10.00 NNN BROOMFIELD VIEWS AT RIDGE PARKWAY 2001 2 336,000 $12.00-$13.00 NNN 11802 RIDGE PARKWAY PINNACLE AT HORIZON CTR 1982 1 230,000 $10.00-$12.00 NNN 550 E. THORNTON PARKWAY MEDIAN RATE $10.75 EXPENSES $5.25 GROSS RATE $16.00 STATE FARM RENT COMPS.03 BUILDING NAME CONTACT NAME MAP,BLD# #BLDS/FLRS/FL SZ RENT MIN/MAX BUILDING ADDRESS,CITY COMPANY/PHONE YR BT/PK/TYPE/STAT BLD SIZE ADD ONS TOTAL Northwest Westmoor Technology Park-Bldgs.1-10 Chris Nordling/Tom Lee Map 10,#269 10/3/41,000 $14.50-15.50 5,000/75,000 W 108th Av,Westminster Frederick Ross Company/303-892-1111 2001/4.5/office/Comp. 1,200,000 Triple Net 200,000 h. Jettco Airport Executive Building Dave Van Epps Map 10,#33 1/2/10,000 $15.00 972/972 9769 W 119th Dr,Broomfield Van Epps&Assoc./303-805-9192 1974/3.0/Office/Comp. 20,000 Negotiable 972 Village at Park Centre Larry Gayeski Map 10,#34 1/2/10,000 $17.50 904/904 1001 120th Av,Westminster Gayeski&Associates,Ltd./303-457-9700 2000/5.0/Office/Comp. 20,000 Triple Net 904 The Ranch Office Commons David Warden Map 10,#129 3/2/2,602 $16.50-18.00 192/1,155 2000W 120th Av,Denver The Ranch Office Commons/303-489-0517 1983/3.0/Office/Comp. 22,222 Gross 2,403 U.S.Bank Building No Contact Available Map 10,#31 1/3/10,000 To Be Determined No Space 6363 W 120th Av,Broomfield Call Black's Guide/301-948-0995 1984/4.3/Office/Comp. 30,000 Available • 7050 West 120th Avenue H.Kenneth Johnston II/Linda Johnston Map 10,#130 1/3/5,000 To Be Determined 400/1,072 7050 W 120th Av,Broomfield K&L Properties/303-438-8903 1986/3.0/Office/Comp. 15,000 1,472 1301 West 121st Avenue Brf Banks 1/1/33,464 $8.00-8.50 2,400/4,963 1301 W 121st Av,Westminster Dean Callan&Company,Inc./303-449-1420 4.0/Office/Comp. 33,464 Triple Net 4,963 Park Tech Bruce Johnson/Roger Simpson Map 10,#85 1/2/17,486 $12.00-13.50 4,340/7,327 1490 W 121st Av,Westminster Caldwell Banker Commercial303-409-1400 1997/3.5/0ffice/Comp. 34,973 Triple Net 11,667 Pavilion Court Becky Callan Gamble/Brit Banks Map 10,#98 1/2/14,448 $10.50 1,150/13,844 1400 W 122nd Av,Westminster Dean Gallen&Company,Inc./303-449-1420 1985/4.0/Office/Comp. 30,044 Triple Net 21,303 • „ Mon Petit Centre Tom Yang Map 9,#148 1/3/6,611 To Be Determined No Space 6990 W 38th Av,Wheat Ridge Applewood Office Park/303-237-1830 1982/4.5/Office/Comp. 20,000 Available Lakeside Office Building Hayden Woods Map 10,#151 1/3/5,000 To Be Determined No Space 6073 W 44th Av,Wheat Ridge Merchants Management/303-425-6611 1963/5.0/Office/Comp. 15,000 Available Park West Office Building Tricla Connaughton Map 9,#154 1/4/6,397 $10.00-13.50 210/1,778 10200 W 44th Av,Wheat Ridge Colorado&Santa Fe R.E.Co./3O3-466-2500 1984/4.0/Ofce/Ren. 25,590 Full Service 6,006 Quantum Plaza Earl Sketers Map 9,#155 1/2/8,125 $9.25 148/3,120 11049 W 44th Av,Wheat Ridge S&P Devlopment,LLC/303-423-1268 2000/5.0/Office/Ren. 16,250 Full Service 3,800 Martischang Office Building Al Martischang Map 9,#48 1/7/7,500 To Be Determined 7,000/7,000 5335 W 48th Av,Denver Al Martischang/303-433-2233 1977/3.5/Office/Comp. 50,000 7,000 Columbine Office Showroom Scott Worrell/Paul Herzog 1/1/25,320 $8.50-11.00 2,700/2,700 6770W 52nd Av,Arvada Cushman&Wakefield/C0/303-813.6400 1998//A/Office/Comp. 25,320 5,400 Lake Front Office Building Rick Nelson Map 9,#190 1/2/14,400 To Be Determined No Space 6850 W 52nd Av,Arvada Commercial West Real Estate/303-423.4669 N/A/Office/Comp. 28,800 Available Columbine Lake Prof.Plaza Chris Ernst/Ted Halls Map 9,#191 1/2/30,000 To Be Determined No Space 6870W 52nd Av,Arvada Grubb&Ellis/303-572.7700 1999/N/A/Office/Camp. 60,000 Available Swlnerton 8 Walberg Building Christopher Ball/Doug Wulf Map 9,#192 1/2/9,635 $22.00 800/9,635 6890 W 52nd Av,Arvada Fuller&Company/303-292-3700 3.9/Office/Camp. 19,477 Full Service 9,635 Norwest Bank Arvada Kevin Richey Map 9,#13 1/3/9,558 To Be Determined No Space 7375 W 52nd Av,Arvada Frederick Ross Company/303-892-1111 1988/3.3/Office/Comp. 28,674 Available 7502 West 80th Avenue Mark Bennett Map 9,#25 1/2/12,500 To Be Determined No Space 7502 W 80th Av,Arvada Wester Real Property Svcs/303-798-0212 1984/4.0/Office/Ben. 25,000 Available 9950 West 80th Avenue Jim Woodward Map 9,#6 1/2/13,146 To Be Determined No Space 9950 W 80th Av,Arvada Coldwell Banker CommerclaU303"'91400 1979/4.2/Office/Comp. 26,292 Available Key Bank Of Colorado John Miller Map 9,#26 1/2/8,000 $12.50 418/1,531 7878 W 80th PI,Arvada Trammell Crow Company/303-220-0900 1984/3.0/Office/Comp. 16,000 Full Service 3,381 Sheridan 81 Processional Arts Building No Contact Available Map 10,#125 1/5/3,840 To Be Determined No Space 5005W 81st PI,Westminster Call Black's Guide/301-948-0995 1985/4.0/0ffice/Comp. 19,200 Available 51 West 84th Avenue Richard Clyne Map 10,#87 1/4/3,990 To Be Determined No Space 51 W 84th Av,Denver French Ridge Dvtpmt Co./303-426-4606 1999/3.5/Oigce/Ren. 15,962 Available Centennial Building Leasing Agent Map 10,#134 1/2/6,500 To Be Determined No Space 2701 W 84th Av,Westminster CO Fraternal Order of Pollce/303-426-1733 1981/5.0/Office/Comp. 13,000 Available Northglenn Greens Frank Kelley Map 10,#75 1/2/23,420 $15.50-16.00 2,400/2,400 10190 Bannock St,Northglenn CB Richard Ellls/726-528-6300 1979/4.G/Office/Cemp. 44,000 Full Service 2,400 Broadway Business Plaza Bruce Johnson/Roger Simpson Map 6,#36 1/4/11,300 $15.50 1,487/11,294 7000 N Broadway,Denver Coldwell Banker CammerclaV303-409-1400 1993/5.0/0ffIce/Ren. 45,222 Triple Net 15,461 52-Office Listings WINTER/SPRING Black's Guide®2002 Ins _ Northwest Northwest BDIWING NAME CONTACT NAME MAP,BLD# #&LDS/FLRS/FL SZ RENT MIN/MAX BOIWING ADDRESS,CITY COMPANY/PHONE YR BT/PK/TYPE/STAT BID SIZE ADD ONS TOTAL 7350 North Broadway Frank Kelley - 1/2/40,619 $7.00-9.00 15,000/15,000 7350 N Broadway,Denver CB Richard Ellis/720-528-6300 1969/5.0/Office/Comp. 81,238 Triple Net 15,000 Church Ranch Corporate Center Rob Lockhart/Barbara Myers Map 10,#137 4/3/22,333 $11.50 10,000/45,862 Church Ranch Blvd,Westminster Elkin Johnson Group/303-650-6500 5.0/Office/Comp. 151,966 Triple Net 45,862 Turnpike Tower Matt Kufta Map 10,#41 1/6/10,000 To Be Determined 603/7,000 7475 Dakin St,Denver Axis Commercial Realty/303-757-2010 1975/4.0/0ffice/Comp. 64,671 15,000 7301 Federal Boulevard Frank Kelley 1/3/13,000 $14.00 13,000/13,000 7301 Federal Blvd,Westminster CB Richard Ellis/720-528-6300 1974/3.0/Office/Comp. 36,000 Full Service 13,000 Brookside Richard W.Clyne Map 10,#84 1/3/5,333 $12.50 3,000/3,000 8801-8805 Fox Dr,Thornton BC Properties/303-426-4606 1997/4.0/OMce/Ren. 16,000 TBD 3,000 Golden Ridge Office Park Bldg I Scott Garel/Robert Bruce Map 10,#270 1/1/57,600 $12.50-13.50 1,400/8,551 500 Golden Ridge Rd,Golden Frederick Ross Company/303-892-1111 4.0/Office/Comp. 57,600 Triple Net 8,551 ?2, Ridge Office Park Bldg II Scott Garel/Robed Bruce Map 10,#270 1/1/43,200 $12.50-13.50 7,200/21,618 560 Golden Ridge Rd,Golden Frederick Ross Company/303-892.1111 N/A/Office/Comp. 43,200 Triple Net 21,618 5601 Gray Street Gary Sonmore Map 9,#312 1/1/27,200 $5.50-9.50 5,000/27,200 5601 Gray St,Arvada Americo Realty Services,Inc./303-989-73M WA/Office/Comp. 27,200 Triple Net 27,200 Sigma Pnme At Bridgecreek DIleep Reddy Map 21,#630 1/2/11,781 $14.00-17.00 800/800 8801-8821 E Hampden Av,Denver Sigma Prime Realty Group/303-696-8700 4.0/Office/Comp. 60,000 2,200 3‘) T3 r l ,Lope rititl. -ee , 3 J3y5 Jii Alp y.. T . Lake Arbor Plaza Frank Kelley/Andy Epstein Map 10,#90 - 1/3/14,300 $15.00-16.00 1,891/2,097 9101 Harlan St,Westminster CB Richard Ellis/720-528-6300 1981/4.0/Office/Comp. 42,901 Full Service 2,557 Lakeside Lakeside Center Ray Perry Map 9,#86 1/3/200,000 $10.00-14.00 10,000/100,000 4407W Harlen St,Denver Sevo Miller,Inc./303-721-1000 1997/5.0/0ifice/Aen. 600,000 Full Service 100,000 Hilltop Building Frank Kelley Map 10,#186 1/1/12,288 $15.00-16.00 5,456/5,456 7535 Hilltop Cir,Denver CB Richard Ellis/720-528-6300 4.0/0ffce/Comp 12,288 Full Service 5,456 Office Plaza South Forrest Germany Map 10,#77 1/2/9,998 To Be Determined No Space t. 11150 Huron St,Northglenn Denton Realty Co./303-758-3131 1999/WA/Office/Comp. 19,742 - Available Office Plaza South Nate Bradley/Jason Sheehy Map 10,#789 1/2/9,870 $18.00-20.00 1,404/19,742 11154 Huron St Northglenn Colliers,Bennett&Kahnweiler/303-7455800 2002/3.0/0ffice/U/C 19,742 _ Modified Gross 19,742 Office Plaza North Lindsay Guagnini Map 10,#77 1/2/26,757 To Be Determined No Space • 11160-11184 Huron St,Northglenn CB Richard Ellis/720-528-6300 1983/3.0/Office/Comp. 53,515 Available , Huron Links MedicaVOffice II Bruce Johnson 1/2/9,000 $24.00-25.00 2,000/6,000 11310 N Huron St,Northglenn Caldwell Banker Commercial/303-409-1400 2002M/A/Office/WG 18,000 Full Service 18,000 • North Point Business Park Duke Knott Map 10,#80 6/1/7,500 $9.00 1,700/7,500 11654 Huron St,Northglenn Metro Brokers/303-692-8668 1993/3.0/Office/Ren. 45,000 Triple Net 9,300 70 Executive Center II Ken Haughey Map 9,#132 1/2/20,800 $16.50-17.50 981/2,100 4851 Independence St,Wheat Ridge K8E Properties/- - 1984/4.0/Office/Comp. 41,600 Gross 6,581 70 Executive Center I Gary Stahara Map 9,#133 1/2/20,800 $16.50 700/5,250 4891 Independence St,Wheat Ridge Pinnacle Properties,Ltd./303-431-2558 1982/4.0/Office/Comp. 41,600 Full Service 7,721 -Atiani 295 Interlocken Dave Hazlett/T.J.Smith Map 10,#28 1/1/63,995 To Be Determined No Space 295 lmedocken Blvd,Broomfield Colliers,Bennett&Kahmveller/303-745.5800 1984/4.0/Office/Comp. 63,995 Available 350 Interlocken Boulevard Paul Coll Map 10,#29 1/3/14,738 $10.00-12.00 1,369/9,587 350 Interlocken Blvd,Broomfield Colliers,Bennett&Kahnweiler/303-745-5800 1997/4.5/Office/Nen. 44,214 Triple Net 11,258 Interlocken Business Park' Bob Whittelsey Map 10,#27 1/3/17,000 $14.00 6,347/6,347 360 Interlocken Blvd,Broomfield Colliers,Bennett B Kalnweiler/303-745.5800 1996/4.0/Office/Comp. 52,000 Triple Net 6,347 370 Interlocker Crescent Doug Bakke Map 10,#27 1/6/25,000 $8.00-10.00 26,428/26,428 370 Interlocken Crescent,Broomfield CB Richard Ellis/720-528-6300 1998/4.5/Office/Comp. 150,000 Triple Net 26,428 0' 0 Midland Building Mike Haley/Ben Henrich Map 10,#92 1/2/7,939 To Be Determined No Space .r°i 0 7255 Irving St,Westminster Fuller&Company/303-292-3700 1984/4.0/Office/Ron. 15,878 Available < n Plaza Professional Building Jeff Smith Map 10,#93 3/1/6,633 $9.00-10.00 1,000/1,000 n -, 7280 N Irving St,Westminster Fuller 8 Company/303-292-3700 1974/4.0/Office/Comp. 20,800 Full Service 2,000 D ' 6395 Joyce Drive Robert Bruce/Jeffrey McClintock Map 9,#185 1/1/20,668 To Be Determined No Space r 6395 Joyce Dr,Arvada Frederick Ross Company/303-892-1111 1979/6.0/Office/Comp. 20,668 Available Clear Creek Office Park Lindsay Guagnlnw Doug Bakke Map 9,#135 1/5/16,200 To Be Determined No Space 4251 Kipling St,Wheat Ridge CB Richard Eilis/720-528-6300 1982/3.0/Office/Comp. 81,000 Available 4465 Kipling Street Maury Fox Map 9,#136 1/3/6,666 To Be Determined No Space 4465 Kipling St,Wheat Ridge Fox,Maury/303-424-4443 1982/3.0/Office/Comp. 20,000 Available (? Black's Guide 0 2002 WINTER/SPRING Office Listings-53 ' �I Northwest Northwest BUILDING NAME CONTACT NAME MAP,BLD# #BLDS/FLRS/FL SZ RENT MIN/MAK BUILDING ADDRESS,CITY COMPANY/PHONE YR BT/PK/TYPE/STAT BLD SIZE ADD ONS TOTAL 7950 Moline Street Roger Simpson/Jim Woodward Map 10,#187 1/2/13,600 $19.50 2,085/2,085 7950 IGpling St,Arvada Coldwell Banker Commercial/303-409-1400 1995/4.2/Office/Comp. 27,241 Full Service 2,085 ' Lakeside Office Building No Contact Available Map 9,#44 1/3/7,768 To Be Determined No Space 10 Lakeside La,Denver Call Black's Guide/301-948-0995 1976/4.0/Office/Comp. 22,280 Available The Allstate Building Doug Bakke/Frank Kelley Map 10,#79 1/1/20,000 $8.50-10.00 5,000/20,000 12195 S Mariposa St,Westminster CB Richard Ellis/720-528-6300 4.0/Office/Comp. 20,000 Triple Net 20,000 3805 Marshall Street Keith Felix Map 9,#137 1/3/4,500 $9.00 900/900 3805 Marshall St Wheat Ridge Family Tree IncJ303-422-2133 1984/4.0/Office/Ren. 13,500 Gross 900 Parkside Center I&II Natasha Felten Map 9,#760 2/1/50,000 $12.00-14.50 116/4,468 5255-5275 Marshall St,Arvada Northstar Comm.Partners/303-893.9500 WA/Office/Comp. 50,000 Gross 5,148 '{ The Melody Building Christopher Ball Map 10,#82 1/3/11,666 $14.00-16.00 6,807/6,807 10465 Melody Dr,Northglenn Fuller&Company/303-292.3700 1997/5.0/Offce/Ren. 35,000 Gross 6,807 Wells Fargo Building Frank Kelley/Andy Epstein Map 10,#83 2/6/10,000 $15.50-16.00 415/4,917 10699-10701 Melody Or,Northglenn CB Richard Ellis/720-528-6300 1972/5.0/0ffice/Comp. 66,074 Full Service 12,301 Office Building at the Ranch Bob Plpkin Map 10,#78 1/3/7,522 To Be Determined No Space 11859 Pecos St Westminster Colliers,Bennett&Kahnweber/303-745.5800 1999/4.0/Office/Comp. 22,566 Available Nonvest Bank Plaza Doug Bakke/Frank Kelley Map 10,#94 1/3/17,500 $14.50-17.00 1,000/9,526 12000 Pecos St,Westminster CB Richard Ellis/720-5i28-6300 1965/4.0/Office/Comp. 50,000 Full Service 9,526 Park Centre Commons Doug Bakke/Frank Kelley Map 10,#95 1/3/17,338 $14.50-17.00 1,000/14,490 12050 Pecos St Westminster CB Richard Ellis/720-528.6300 1985/4.0/Ofce/Comp, 50,000 Full Service 22,787 8100 Ralston Road Fred Schutz Map 9,#3 1/2/7,000 To Be Determined No Space 8100 Ralston Rd,Arvada Schutz&Co./303-421-3971 1978/3.3/Offrce/Comp. 14,000 Available Park Center Jamie Macbeth/Reed Pritchard Map 9,#4 1/2/13,201 $13.75 2,000/2,000 8795 Ralston Rd,Arvada Genesee Comm.Group Ltd./303-980-0500 1984/3.5/Office/Ran. - 26,403 Full Service 2,000 - Ralston Professional Center Robert Felker Map 9,#5 1/2/7,200 $12.20 375/2,000 1- I 11005 Ralston Rd,Arvada Robert Felker/303-423.3589 1984/3.0/0ffice/Ren. 14,400 Full Service 4,500 ' I Supreme Offices I George{I Geor 9 Lee Map 9,#7 1/3/8,600 $13.50 2,200/2,200 12191 Ralston Rd,Arvada Lee Commercial Property/303-781-4022 1974/4.0/0ffice/Comp. 25,945 Gross 2,200 The Views at Ridge Parkway Doug Bakke 2/5/33,600 $12.00-13.00 35,000/336,000 11802 Ridge Pkwy,Broomfield CB Richard Blis/720-528-6300 2001/4.5/0ffce/Comp. 336,000 Triple Net 336,000 I Samuel Building Chris Ball/Steve Mueller Map 10,#46 1/3/11,750 $14.00 700/1,819 ' 7290 Samuel Dr,Denver Fuller&Company/303-292-3700 1984/5.0/Office/Ran. 33,500 Full Service 4,093 Sheridan Professional Center Nate Bradley/Jason Sheehy Map 10,#100 3/3/15,225 $13.00-14.00 .194/1,667 8120 Sheridan Blvd,Westminster Colliers,Bennet&Kahnweiler/303-745-5800 1994/4.0/Office/Hen. 45,675 Full Service 10,233 9191 Sheridan Boulevard Chris Ball/Steve Mueller Map 10,#101 1/3/13,333 $19.00-19.50 938/3,692 9191 Sheridan Blvd,Westminster Fuller&Company/303-292-3700 1985/3.3/Office/Comp. 40,000 Full Service 000/11,458 303 Technology Court Doug Bakke 2/1/38,000 $8.00-9.00 8, 74,870 t 303 Technology Ct,Broomfield CB Richard Blis/720-528.6310 1998/3.8/Office/Comp. 74,870 Triple Net 74,870 Pinnacle At Horizon Center No Contact Available Map10,#97 1/1/230,000 $10.00-12.00 1,200/11,000 I' 550 E Thornton Pkwy,Thornton Call Black's Guide/301-948-0995 1982/6.0/Office/Comp. 230,000 Triple Net 15,000 Westoark Office Center III Bruce Johnson/Roger Simpson 1/2/12,500 $21.00-23.00 . 2,000/12,200 8501 Turnpike Dr,Westminster Coldwell Banker CononemlU303-409-1400 2000/4.5/Office/Comp. 25,000 Gross 16,762 WestPark Place Jim Woodward/Roger Simpson Map 10,#104 1/5/15,257 $19.00 629/2,142 8700 Turnpike Dr,Westminster Caldwell Banker CommerclaV303-409-1400 1986/4.2/Offce/Comp. 76,285 Gross 2,771 t, 8787 Turnpike Drive Chris Ernst/Tim Miles Map 10,#105 1/2/9,500 To Be Determined No Space I, 8787 Turnpike Dr,Westminster Grubb&Blis/303-572-7700 1986/3.0/Office/Comp. 19,266 Available Warranty Services Reed Pritchard Map 9,#138 2/3/4,750 $16.00-18.00 5,000/10,000 3885 Upham St,Wheat Ridge Genesee Comm.Group Ltd./303-980-0500 1980/5.0/Office/Comp. 28,500 Full Service 15,000 III Arbor Place Glen Stocking Map 9,#8 1/2/9,100 $15.00-17.00 700/3,500 7828 N Vance D5 Arvada Eames Alliance/303-gag-5990 1995/3.0/Office/Comp. 18,200 Negotiable 3,500 t. The Arbor Building Gary Stahara Map 9,#9 1/2/13,855 $15.50-16.50 1,602/1,602 7850 N Vance Dr,Arvada Pinnacle Properties,Ltd/3O3.431-2558 1978/4.0/Office/Comp. 27,710 Full Service 1,602 3280 Wadsworth Boulevard John Downing/Norm Wilson Map 9,#139 1/3/3,500 To Be Determined No Space 3280 Wadsworth Blvd,Wheat Ridge Wilson,Downing&Assodates/303-232-7182 1985/1.0/Office/Comp. 10,500 Available Wadsworth Professional Building James Turpen Map 9,#141 1/4/9,792 $13.00-14.00 950/1,500 4045 Wadsworth Blvd,Wheat Ridge InSite Properties IncJ303-320-0505 1961/4.0/0ffice/Comp. 39,168 Gross 1,500 FirstBank of Wheat Ridge Building Mat Smith/Mart Weston Map 9,#140 1/4/13,000 $15.75-16.75 1,158/7,398 4350 Wadsworth Blvd,Wheat Ridge Vector Property Sendces/303-662-9300 1986/4.0/Office/Comp. 51,469 Full Service 7,398 Wheat Ridge Professional Building Will Adamthwate Map 9,#166 1/3/6,760 $14.00 610/610 4485 Wadsworth Blvd,Wheat Ridge Sperry Properties/303-592-1050 1998/4.0/Office/Comp. 19,520 Gross 610 Wadsworth Plaza No Contact Available Map 9,#142 1/4/5,250 $12.00 750/750 4800 Wadsworth Blvd,Wheat Ridge Call Black's Guide/301-948-0995 1994/7.0/Office/Comp. 21,000 Triple Net 750 Scenic Heights Professional Building Jeff Green Map 9,#16 1/3/8,300 $13.00 250/680 6425 Wadsworth Blvd,Arvada Majestic Corporation/303-485-3998 1984/8.0/Office/Ran. 25,000 Full Service 930 Wells Fargo Arvada Building Trish Renck Map 9,#18 1/3/13,726 $12.00 7,590/7,590 7878 Wadsworth Blvd,Arvada KEW Realty Corp./303-329.8100 1978/4.2/Office/Comp. 34,287 Triple Net 7,590 ,p Silo I Jim Woodward/Roger Simpson Map 10,#120 1/4/14,828 $18.00-18.50 460/2,931 i1 9035 Wadsworth Blvd,Westminster Caldwell Banker Commerciai/303.409-1400 1982/3.3/Office/Comp. 59,312 Gross 7,445 Supreme Offices II,LLC David Burry/G.F.Kempcell Map 9,#24 1/3/10,000 $13.00-16.00 3,000/3,000 5310 Ward Rd,Arvada Supreme Offices II,LLC/303-425-1100 1997/4.0/0ffce/Hen. 24,000 Full Service 3,000 Aspen Business Park V David Burry/G.F.KemDsell Map 9,#14 1/2/6,500 $13.00-19.00 300/5,000 5400 Ward Rd,Arvada Supreme Offices 0,11C/303-425-1103 2000/4.0/Office/Ren. 13,000 Full Service 5,000 Arvada Office Park Bruce beCook Map 9,#187 1/2/11,842 To Be Determined No Space 5420 Ward Rd,Arvada DeCook&Co./303-432-2000 1999/3.0/Office/Comp. 23,684 Available Arvada Office Park Mike Mueller Map 9,#20 1/3/14,012 $15.50 771/771 5460 Ward Rd,Arvada Lee Kunz Development CoJ303-d31-9538 1982/4.0/Office/Comp. 42,036 Gross 7 771 54.Office Listings WINTER/SPRING Black's Guide O 2002 ' Northwest '!q Northwest MAP,BLD# #BLDS/FLRS/FL SZ RENT MIN/MAX v BUILDING NAME CONTACT NAME BUILDING ADDRESS,CITY COMPANY/PHONE YR BT/PK/TYPE/STAT BLD SIZE ADD ONS TOTAL Rrst Bank of Arvada Greg Johnson Map 9,#21 1/4/6,750 $16.50 644/714 6355 Ward Rd,Arvada The Summit Group,Inc./303-985-8701 1982/4.0/Office/Comp. 27,000 Full Service 2,040 Sheridan Park 7 Nate Bradley Map 10,#106 1/3/15,376 $14.00-15.00 1,591/5,241 8620 Wolff Ct,Westminster Colliers,Bennett&Kahnweller/303-745.5800 Comp 5,08809 F1700-18e 949/949 16,260 Sheridan Park 8 Nate Bradley Map 10,#106 3 8670 Wolff Ct,Westminster Colliers,Bersrett&Kahmveller/303-7455800 1985/4.0/Office/Comp. 35,619 Full Service 949 Shedden Park4 Laura Allred Map 10,#106 1/3/11,079 516.50-18.00 1,289/2,584 8671 Wolff Ct,Westminster Clemente Properties Company/903-873.1644 1984/4.0/Office/Comp. 33,238 Full Service 2,584 Sheridan Park 2 Laura Allred Map 10,#32 1/2/11,918 $16.50-18.00 920/2,002 8753 N Yates Or,Westminster Memento Properties Company/303-873-1644 1983/4.0/Office/Comp. 23,000 Gross 2,922 Sheridan Park 1 Nate Bradley/Jason Sheehy Map 10,#32 1/3/12,506 $18.00 1,32W5,699 8774 N Yates Or,Westminster Colliers,BenneNB Kahmaeller/303-745-5800 1985/4.0/Office/Comp. 37,518 Full Service 7,028• • • t. Whyism t buildingyour 2 • in pictured , . thisde „. . , . ....,„ Call Michael Stiles Jax to ₹€ 0 get it all straightened out. O 303-220-7141 E F • in T • r ., r . Black's Guide©2002 WINTER/SPRING Office Listings-55 EXPENSE ANALYSIS DENVER, COLORADO SUBURBAN OFFICE PROPERTIES -300,000 TO 599,999 SQUARE FEET * BUILDING RENTABLE AREA RANGE AVERAGE MEDIAN RENTS: $15.24 TO $22.38 $18.57 $18.92 TOTAL OPERATING AND FIXED EXPENSES: $6.39 TO $9.64 $7.87 $7.97 (INCLUDES PROPERTY TAXES) EXPENSES AS A PER CENT OF INCOME: 41.93% TO 43.07% 42.38% 42.12% TOTAL OPERATING AND FIXED EXPENSES: $4.13 TO $7.38 $5.51 $5.71 (EXCLUDES PROPERTY TAXES) EXPENSES AS A PER CENT OF INCOME: 27.10% TO 32.98% 29.67% 30.18% INFORMATION IS FROM 2002 BOMA EXPERIENCE EXCHANGE REPORT 1567 EXPENSES ANALYSIS 03 GREELEY 9' e)D1,5 c' yu,.azs Al's") p°9 :,%1,4, e2S ASSOCCAI ON (DOuIA) d1*1''ri:' msrloNAL -4 L1L A°1 a a�� , Fr.,:n(-7 n n 'n9 F '� id- _3O fr^. /rs nrxm r,,,,,-,a �" `-�"" mil' 1 I _7 , i Pe ts+ .>- k N kax -i£.f `k ,{mtt, zs �' 'S .. fit iii ,,,,,.: D: l 1 at:0 . $ 5e;C'' r r+ r"+d Fe4 1 4 ! 4- zeticciat �a. s .n; ‘,/,;C:"--,1,;,4_, . _ _ 2,3:‘,...-,:.:;11-,.4 I ,::._ 47,li t a0 cil e ePan+ex}rr>ff,u/46,,,,,,, .g t i 1 . 3 III CITY ANALYSES 2001 U.S. PRIVATE SECTOR Denver, CO I SUBURBAN 100,000-299,999 SQ. FT. II TOTAL WILDING RENTABLE AREA TOTAL OFFICE RENTABLE AREA OCCUPANCYBLDS I 11 BLOB I,90.T.400 BO.FT. 1.002.5 p gp,FT. a DOU.AR950.FT.. MID RANGE DOLLAnsSo.FT. MID RANGE SOFT/OFFICE TENANT 9239.57 7 ,il INCOME BLDG AVG I MEDIAN LOW I HIGH AVG 1 MEDIAN LOW I HIGH SOFT/RETAIL TENANT III !. OFFICE AREA 11 20.41 21.00 16.08 22.41 SOFT/OFFICE WORKER 370.52 6 RETAIL AREA OTHER AREA SOFT/MAINTENANCE STAFF 110115.90 7 TOTAL RENT 11 20.63 21.00 18.5] 22.48 I GROSS PARKING INC 9 .75 .85 19 1.08 OFFICE OCCUPANCY(%) 88.00 7 , TENANT SERVICES 5 1 .38 26 .82 MISCELLANEOUS 10 21 .10 .OS .25 RETAIL OCCUPANCY(%) I TOTAL INCOME 11 21.83 21.10 17.28 23.87 YR-END RENT($) 20.08 8 EXPENSE is CLEANING 11 .94 .95 A3 .98 ,96 .95 .93 .99 GROSS PARKING INC/STALL($) 20425 5 1 REPAIRAIAINT 11 1.34 1.20 .98 1.44 1.35 120 98 1.44 RATIO(STALLS/100059 4.11 7 11TILff1E5 71 1. 1.50 1.29 1.81 1.48 1.50 124 1.81 PARKING RA I( ROADS/GROUNDS 11 .30 .30 .24 .34 .30 ,3o 26 3ECURT• 10 22 .18 .10 .32 22 .18 .10 ..94 32RENTABLE/OROSS SOFT 1.09 11 Ij' ADMINISTRATIVE 11 1.85 1.44 1.32 1.58 1.85 1.44 1.32 1.58 RENTABLENSABLE SOFT 1.27 11 TOTAL OPER EXP 11 5.90 5.88 5.41 6.23 5.91 5.88 5.41 325 TOTAL BTUs I IFIXED E<PENSE 11 X 11 2.80 2.78 2.32 AID 2.80 2.78 2.32 3.10 TOTAL 8.70 823 7.76 9.31 8.71 8.23 7.78 9.33 CAPITALIZATION THRESHOLD($) 166387 8 I'i i' DIR LEASING EXP 5 3.35 2.36 1.24 4.27 3.35 2.38 1.25 4.27 I,' AMORT LEASING EXP 6 .50 .42 .29 .57 .50 .42 29 .57 BUILDING HOURS 67.14 7 PARKING EXP 5 .10 .07 .03 .13 .10 .07 .03 .13 IIIII I DETAIL' AVERAGE BLDS DETAIL' AVERAGE BLDS DETAIL* AVERAGE BIDS DETAIL' - AVERAGE BLDS DETAIL' ' AVERAGE BIDS OFFICE RENT ELEVATOR .14 11 RDS/GDS GEN OFC EXP .15 10 DIR-TENANT IMP 2.65 5 II BASE RENT 18.1 1 4 HVAC PASS-THROUGHS 2.12 4 .26 /G 11 RDS/GDS LANDSCAPE.16 11 EMP EXP .03 5 DIR-OTHER .02 3 I�'I. ELECTRICAL .09 11 RDS/GDS GARAGE .09 5 OTHER ADM EXP .19 8 AMORT-COMMISION .48 6 OPER COST ESCAL 1.80 7 STRUC/ROOF .04 8 RDS/GDS SNOW .07 11 FIXED EXPENSES AMORT-TENANT IMP L BASE RENT ESCAL LEASE CANCEL PLUMBING .W 11 ROSA30S OTHER .08 3 REAL ESTATE TAX 2.84 11 AMORT-BUY-OUTS FIREAJFE SAFETY .13 7 AMORT-OTHER RENT ABATEMENT .10 3 GEN EXTERIOR .08 8 SEC BLDG INSURANCE .19 11 III GEN INTERIOR .17 11 SEC PAYROLL PER9 PROP TAX .01 3 PARKING CLEANING CONTRACT .73 6 SEC CONTRACT .22 8 OTHER TAX .02 5 IN HOUSE PAYROLL SEC EQUIPMENT UCENSE FEE .10 2 CONTRACT .10 5 �II ROUTINE CONTRACT .73 11 UTILITIES SEC OTHER .08 6 LEASING EXPENSESSNOW [�;' SPEC CONTRACT .08 11 ELECTRICITY 1.31 11 PAYROLL SHUTTLE SUPIMTRASH MISC .07 11 GAS .13 4 ADMINISTRATIVE TDV/PROMOTION .03 8 TELECOMMUNICATIONS TRASH REMOVAL .05 11 FUEL OIL PAYROLL .45 10 TRAVEL WIRE ACCESS STEAM AILOC CMIN -am'OUDIR-COMMISSIONS .8] 4 ROOF TOP .10 3 �I TRASH CH VITA PROF FEES .89 11 DIR-BUY OUT TOTAL INCOME .10 4 PAYROLL .40 11 WATER/SEWER .10 11 PROF FEES .03 10 PROF FEES .07 8 TOTAL EXPENSES I! Income calculation based on office rentable eq.R;Expense calculation based on total bl0g.rentable sq.iL 0 2002 BOMA Experience Exchange Report Denver, CO 'j 'i SUBURBAN 300,000-599,999 SQ. FT. mil=elaiTOTAL BUILDING RENTABLE AREA TOTAL OFFICE RENTABLE AREA OCCUPANCY INFO. •• BLDS it i 18 BIDS 2.806,104 W.FT. 2,724.202 60.FT. INCOME BIDS AD DOLLARS/SO. MID RANGE DOLLARS/SC FT. MID RANGE SOFT/OFFICE TENANT 10544.16 12 I MEDIAN I LOW HIGH AVG MEDIAN I LOW HIGH SOFT/RETAIL TENANT fI'' OFFICE AREA 18 18.42 18.56 1524 22.37 SOFT/OFFICE WORKER 350.05 8 I; RETAIL AREA i OTHER AREA SOFT/MAINTENANCE STAFF 108141.87 12 TOTAL RENT 16 18.57 18.92 15.24 22.38 GROSS PARKING INC 9 .44 26 .15 .91 OFFICE OCCUPANCY(%) 88.80 12 TENANT SERVICES 9 .11 .08 .OB .11 III MISCELLANEOUS 9 .10 .09 .03 .18 RETAIL OCCUPANCY(%) 99.50 2 TOTAL INCOME 16 18.96 19.15 15.46 22.66 VR-END RENT($) 18.67 10 EXPENSE CLEANING 16 .92 .95 .85 .99 .95 .97 ,93 1.02 GROSS PARKING INC/STALL($) 192.88 8 flLMEMAINT 18 128 1.10 1.00 1.43 1.23 1.10 1.01 1.43 PARKING RATIO(STAU-S/1000SF) 2.69 14 I UTIRIffIES 18 1.93 1.28 1.14 1.34 1.33 128 1.14 1.34 ROADS/GROUNDS 18 .25 .25 .21 .31 .25 25' .21 .31 RENTABLE/GROSS SOFT .97 16 SECURITY 16 .32 .92 .22 .39 .32 .32 .22 .39 I, I ADMINISTRATIVE 18 1.40 1.52 1.14 1.71 1.41 1.54 1.14 1.72 RENTABLE/USABLE SOFT 1.10 18 TOTAL OPER EXP 16 5.50 5.32 4.82 6.04 5.52 5.38 4.82 8.05 FIXED EXPENSE 16 2.37 2.69 1.63 3.12 2.38 269 1.56 3.13 TOTAL BTUs TOTAL OPER+FIX 16 7.87 7.97 6.39 9.64 7.91 7.97 6.52 9.8] CAFITAUZAIION THRESHOLD($) 100000 4 DIR LEASING EXP 11 1.46 1.02 .49 2.01 1.48 1.02 .49 201 III AMORT LEASING EXP 7 .87 .68 PARKING EXP 5 .09 .06 .03 .12 .09 .06BUILDING HOURS 84.00 12 .03 .12 DETAIL' AVERAGE BLDS DETAIL' AVERAGE BLDS DETAIL' AVERAGE BIDS DETAIL' AVERAGE BIDS DETAIL' AVERAGE BLDS III OFFICE RENT ELEVATOR 0A 16 RDS/GDS GEN OFC EXP .14 18 DIR-TENANT IMP .98 17 III I BASE RENT 18.35 16 HVAC .2316 RDS/GDS LANDSCAPE.16 16 EMP EXP .03 10 DIR-OTHER II PASS-THROUGHS ELECTRICAL .07 18 RDS/GDS GARAGE .10 6 OTHER ADM EXP .13 6 AMORT-COMMISION .54 7 II II OPER COST ESCAL 2.44 12 STRUC/ROOF PLUMBING RDS/GDS SNOW .OS 16 FlXEO EXPENSES AMORT-TENANT IMP l,i. -, SASE RENT ESCAL 04 16 RDS/GDS OTHER AMORT-BOY-OUTS LEASE CANCEL .05 7 FIRE/LIFE SAFETY 24 12 REAL ESTATE TAX 2.26 16 AMORT-OTHER I'� RENT ABATEMENT .30 5 GEN EXTERIOR .06 18 SEC BLDG INSURANCE .11 16 ' GEN INTERIOR .17 16 SEC PAYROLL PERS PROP TAX .01 9 PARKING CLEANING CONTRACT .51 13 SEC CONTRACT .31 15 OTHER TAX .03 4 IN HOUSE PAYROLL SEC EQUIPMENT .02 5 UCENSE FEE CONTRACT ROUTINE CONTRACT .74 18 ELECT SSNOW 'III I; SPEC CONTRACT .02 16 ELECTRICITY 1.31 12 SEC OTHER .OB 5 PO EXPENSES SHUTTLE SUP/MAT/MISC .10 18 GAS .13 7 ADMINISTRATIVE ADV/PRPAYROLL II III I TRASH REMOVAL .05 16 FUEL OIL PAYROLL .45 11 TRAVEL WIRE .02 10 WIRE ACCESS TELECOMMUNICATIONS `I STEAM ALLOC ADMIN 4 REPAIRMAINT CH WTR MGMT FEES .78 16 DIR-BUY OUT WIRE INCOME CES6 DIR-COMMISSIONS .38 11 ROOFTOP .09 5 lI PAYROLL .52 11 WATER/SEWER .09 18 PROF FEESTOTAL .09 8 I i., .01 11 PROF FEES .04 11 TOTAL EXPENSES 'Income calculation based on office rentable sq.ft.;Expense calculation based on total bldg.rentable sq.IL O 2002 BOMA Experience Exc Mnge Repot II ( 158 INTEGRA Realty Resources inglinamilaIMMINI SUMMER 2002 REAL ESTATE INVESTMENT SURVEY ROCKY MOUNTAIN REGION Integra Realty Resources-Denver is pleased to present months typically elapsed the results of our Summer 2002 Survey. Provided is a was listed and the time it was between li me the property otc summary of the respondents' perceptions of the real assuming they reasonably under cd. The estate market in the Rocky Mountain Region, primarily estimated marketing time increased slightly with 68% 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 Through our questionnaire we investigated several select actual closing.The range was typicallyone to six months. indices used by the real estate community in the theHo respondents closing times are taking longer,m with and 9 of % acquisition, disposition, or financing of incomerespondents In som upcases to respondentsthree months 9t e Producing properties. 8 up to six rant period beinglongerthan observed the due diligence period longer than the actual marketing time. Anoints Methods We asked what type of valuation technique they most Saleg/CI ne • WC tae heavily relied upon. Capitalized. Income or Direct We also asked the Capitalization remained the predominant methodrespondentsdosing costs estimate on a followed by the Discounted Cash Flow Technique and percentage in the total o t s, legal/tide a alller of real work the Market Approach. Of the respondents,70%indicated an o ier closin Bcosts. T e av r gesar, summri summarized s that they rarely use the Cost Approach. and other closing costs. The averages are Q•_� ;, follows: —�'� Primary SIDIfillant . $1 1YImproved Cost Approach 4% 26% 70% Vacant Commer 1 Direct Sales/ • Salmi laggg sea Market Approach •- 35% 48% 17% UP to$1.0 Million 10% 7% • • Capitalized $1.0 To$2.499 Million 8% 6% $2.5 To$4.999 Million 6% 5% Income 70% 30% 0% Discounted 55.0 To 39.999 Million 5% 4% Cash Flow 35% 13% 52% $10.0 Million&Over 4% 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 an suggestions ou y comments or Y may have on how we may improve Marketl v TL figure issues to better meet the needs of those in the real estate industry. We sincerely thank those firms and We again asked the respondents about marketing times individuals who participated in this Investment Survey. for properties. The first question asked how man Lets mow sf yo would like to be e respondent to many future us surveys. IINTEGRA REALTY RESOURCES-DENVER-REAL ESTATE INVESTMENT SURVEY- SUMMER 2002 REAL ESTATE APPRAISERS AND CONSULTANTS • 2000 South Colorado Boulevard,Sake 250,Deaver,Calends 80222/003)300-3.320 ts by Y TYPe Stabilized Reversion DiscountlYield Anticipated Growth Anticipated Growth Holding Foists esponden PloPorlBusiness and Location Cap Rate Terminal Cap Rate Rate(IRR) Rate Income Rate Expenses (Yrs) 1. , Tadx Flautist Cap. Multi-Family Apartments 9.0% • Mortgage Banking Stiburban/Low Rise Office 10.0% Deaver.CO CBD/Class A Office 10.0% Regional Retail 95% NeigbbaahoodlCmnmumty Retail 9.5% Free Standing Redo 10.0% Big BorRetail 10.0% ladasaiaV Wans came .. 93% Mobile Name Pollen 95% Iasi Waidni�/SelfSewage 10.5% Medial Office Buildings 93% 2. Caesalk:snag.Inc. Multi-Family Apartments 8.5%-9.0% 9.0% 12.0% 0%year 1 3%each year 10 Asset Mamgement Submbaul ow Rise Office - 11.0%-12.0% 105% 13.0% 2%ycar2 . Colorado Springs.CO CBD/Class A Office 10.0%-103% - 10.0% 13.0% 5%year 3 - -. Neighborhood&Cammoay Retail 11.0%-11.5%- 11.0% 14.0% 3%theseafter IadmuiaYWarehotne 10.0%-10.5% 10.25% 13.0% Medical Office Buildings 93% 10.0% 13.0% 3. Metro RShws PC Multi-Family Apartments - 9.0% 2%ad yea 2%each year. Real Estate Brotnage Suburban/Low Rise Office 10.0% Billing,MT CBDIQma A Office - 10.0% Regiami Retail 10.0% Free Standing Reful 10.0%Neighbabood/Community Retail 10.0% Industrial/Warehouse . . 11.0% - , Bond ing ding Restaurants-Sit Down/Family 10.0%Face Free Standing Restaurants-Fast d 10.0% Mini WsdsousdSelfStorage 11.0% • ' Medial Office Buildings 95% { Mmgge Banking Hotlsl'Metels 10.0%-14.0% 0%*eh year 0%years 1-2., 10 Ill Deaver,CO Mold-Family Apnoeas 9.0%-11.0% 1%thaafter Suburban/Low Rise Office 10.0% CBD/Class A Office 9.0%-10.0% . Regional Retail 9.0%-10.0% NeighbashoodCCa®tmityRetail 93%-10.0% Free Standing Rend 10.0%-IL0% Big Box Rena 9.0%-10.096 IndsaaiaVWarehotne 9.25%-10.0% Food Processing Fatalities 9.0%-12.0% - .. Mobile Rome Parks Mini 10.0%-13.0% WatebmdSd nfStorage 10.096-13.096 - Medical Office Building 95%-11.0% •Calf lI INTEGRA REALTY RESOURCES -DENVER a REAL ESTATE INVESTMENT SURVEY - SUMMER 2002 REAL ESTATE APPRALSERS AND CONSULTANTS 1 2000 South Colorado Boulevard,Sake 2s0.Den er,Colorado 10122/(31131300-3320, Respondents by y Stabilized Reversion or Discount/Yield- Anticipated Growth Anticipated Growth Holding Period IPTOPertBusiness and Location Cap Rate Terminal Cap Rate Rate(IRR) Rate Income Rate Expenses (Yrs) 5. Regional Commercial Muid-Ausily Apartment 9.0%-10.0% 10.0% 10.0% 3%each year 3%each year 5 Bank Suhwbnitew Rise Office 10.0% 10.0% 10.0% Denser,CO CBD/Class A Office 9.75% 10.0% 10.0% Neighborhood/Corammity Retail 9.5%-9.75% 10.0% 10.0% Pree Standing Rein 10.0% 10.0% 10.25% Industrial/Warehouse 10.0% 10.0% 10.25% Food Processing Faciida 10.0% - 10.0% 10.25% Free Smoding Restaurants-Past Food 11.0% 12.0% 11.0% Mobile Haste Parts 11.5% 12.0% 11.5% Mari Warehouse/Self Storage 95%-11.0% 11.0% 10.25% Nursing Hama 11.0% 42.0% 11.0% RdtenentCmmuoitla 11.0% 12.0% 11.0% Medical Office Buildings 9.75% 10.25% 10.25% Residential-Raw Land 12.0%-14.0%+Profit Residential-Fobbed Lids 12.0%-14.0%+Profit Commercial laud - 12.0%--14.0%+Profit i. Kimidomic Realty Co. Maki-Family Apartment - 8.75% 11.0% 12.0% 0%years 1&2 3%each year 7 Private lsvesaor Suburban/Low Rise Offce 1030% 11.0% 12.0% 2%thereafter Damn,CO Commndat Hael9MakB 10.5% 103% 3%each year 3%each year 3-5 Rol Estate Brokerage Multi-Vanity Apartment 8.0% 9.0% Denver,CO Suburban/Low Rise Office 93% 10.0% CED/Class A Office 8.0% - 9.0% Industrial/Warehouse 8.5% 9.5% Valuation/Consulting Hospitals-Real Estate Only 9.0%-13.0% 4.0%each year 4.0%each year Ito 10 Denver,03 Nursing llama-Real Estate Only 9.096-11_0% 120%-130% 13.0%-15.0% Stabilized cap rate inducing going tauten 120%-14.0% 13.0%-14.0% 15%+ RailIMICIlt Cammemiva-Red Estate Only 9.0%-11.0% 120%-13.0% 13.0%-15.0% Stabilized cap rate Including going concern 11.0%-13.0% 13.0%-14.0% 15%+ National Commercial Suburban/Low Rise Office 11.0%. 10.0% 0%years 1-2, 3%each year 10 Real Estate Brokerage CBD/Qass A Office 10.0% 9.5% 3%thereafter Dan,CO . _ . • INTEGRA REALTY RESOURCES-DENVER-REAL ESTATE INVESTMENT SURVEY - SUMMER 2002 REAL ESTATE APPRAISERS AND CONSULTANTS 2000 Sank Colorado Baek+urd,Stifle 2Sa,Denvn,Catania e0YcvQ03)300.3320 Responder s by y.E,yPe • Stabilized Reversion Or DiscamVYidd Anticipated Growth Anticipated Growth Holding Period PropertBusiness and Location Rate Terminal Rate Rate Rate Income Rate Expenses Cap (IItR) (Yes) 10. Jones-Elealy,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 11.0% Regional Retail - 10.0% .. NeighbahoodCCammmity Retail 105% mdmhnIwarehaae 113%. 11. Valuation/Consulting - Golf Course 10.0%-12.0% 11.0%-13.0% 13.0%-15.0% 3%each year 4%each year 10 Dent'',CO - - - 12. National Commercial Bank Multi-Family Apartments 8.0%-95% 50 Basis Pls. - 103%-12.0% 23%each year 3.5%each year 10 Deaver.CO Suburbas/Low Rise Office 93%-10.0% Above Stab.Rate ' NeighbmkoodlCommaityRmd 9.0%-10.0% Indashisd/Warebouse 9.0% 10.0%'-12.0% Residential-Raw Land +6.0%-8.0%Aa6t • 0.0%-12.0% Residential-Finished Lots 3 +3.0%-7.0%Pw6t 13. Vatuatic&Comdting Hotels/Motets 11.0% 12.0% 14.0% 2.5%each year 23%each year 7. Salt Lake Qty,11T Multi-Family Apartments 93% 103% 123% Suburbia/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% Neigkbothood+Commonity Retail 9.75% 10.75% .12.75% Free Sanding Retail 93% 1035% 125% . Big Box Retail 9.75% 10.75% 1175% ladastriaVWathowe 9.8% 10.8% 12.8% TruddDistn'badonTamiads - 10.0% 11.0% 13.0% . Truck Stops 10.0% - 11.0% . 13.0% Food Processing Facilities 10.0% 11.0% 13.0% Ree Standing Rataeaob-Sit Down/Fan* 9.75% 10.75% 1175% Free Staodbg Restaurants-Fast Food 9.0% 10.0% 1125% Mobile Home Parks 10.0% 11.0% 13.0% • Mini Wrehouse/SelfSwage 9.75% . 1035% 1275% 1 • Residential-Foisbed Lob . 13.0%+profit .. INTEGRA REALTY RESOURCES -DENVER-REAL ESTATE INVESTMENT SURVEY - SUMMER 2002 REAL ESTATE APPRAISERS AND CONSULTANTS . - - 2000 South CebrdeBeulevsrd,Suite 250,Denver,Colorado80222/(303)300.3320 Respondents by y.4,Pe Stabilized Reversion or Discount!Vidd Anticipated Growth Anticipated Growth Holding Period Business and Location Pr°PertCap Rate Terminal Cap Raw Rate(Bt1t) Rate Income Rate Expenses (Yes) 14. Rad Estate Capital Corp. GolfCbuse 10.0%-14.0% 11.0%-12.0% 11.0% 1%-2%each year 3964%each year 5 Massage Banking Deaver,CO - - 15. YalutiaolCamufilng Multi-Fatm1y Apartments 10.0%.. 103% 11.0% - 3.5%years 1-4 3.5%years 1-4 10 Cheyenne,WY CBD Class A Office • - 95% 105% 120% 3%[halter 3%thereafter Neigjbaaood/Comntty Recoil 10.0% 103% 120% • Free Standing Reml 10.0% 103% 110% induanial/Warbome 10.0% 105%-11.0% 13.0% • Fro Standing Restaurants-Sit Down/Family - 10.0% 11.0% 110% Moble Home Farb - 10.0% 103% 110% Mini WarehaedSelfStange 9.5% 103% 120%. • 1t National Commercial Bank Hotels/Motels _ 10.0%-130% 103%-133% 12105-14.0% 2%-3%each year 2%-3%each yea 10 Deaver,CO Multi-Family Apartments - 83%-100% 9.0%-103% 11.0%-120% Suburban/Low Rix Office 93%-11.0% 93%-110% 11.0%-120% CBD/Class A Office 93%-10.0% •9.75%-103% - 11.0%-120% 1 Regional Retail _ 9.0%-10.0% 93%-103% . 11.0%-12.0% Neighbotboo&CottmdtyRetail 9106-10.0% 93%-10.0% 11.0%-12 % Free Standing Retail 93%-10396 9.75%-11.0% 11.0%-12.0% Big Box Retail • 93%-103% 9.75%-11.0% 11.0%-120% InMtwiaYWmLouse 9.0%-10.0% 95%-11.0% 11.0%-120% Retirement Communities10.0%-12.0% 105%-125% 11.0%-14.0% - - j Residential-Raw land 250%-300%includes� {I Residential-Finished Lots 20096-250%Includes Profit '. Asset Realty Advisors,Ire. AmomobtleDealaships. 83%-11.0% B Oman,CO .. Ca®reidal Suburban/Low Rix Office 11.0% 10.0% 15.0% . 0%years l-2, . 3%each year 3 Rai Estate Hrokaare CBD/Qass A Office . 103%. 10.0% 15.0% . 3%thereafla Dawn,CO Regional Retail 10.0% 10.0% 13.0% Nelghbahoo&CommmityRetal 93% 93% 120% Free Standing Retail 113% 11.0% 150% - Big Box Retail 11.0% . 11.0% 15.0% lndnrhiallWamhouse ., 9.5% 93% 120% Medical Office Buildings 103% 10.0% 14.0% Identify Results Page 1 of 1 Parcel Summary Parcel#: 095711002008 Owner: STATE FARM MUTUAL AUTOMOBILE INSURANCE Address: ONE STATE FARM PLAZA City: BLOOMINGTON State: IL Zip Code:61710 Detail Information: 111=1.1=0. DUILD'NG Ina Tax Summary Account# R0296201 Total Taxes: $851,248.48 Amount Due: $0.00 Mill Levy: 98.83 Tax Year: 2002 Current taxes and mill levy are year 2002 which are payable in 2003.Tax deadlne for the full payment is April 30. Payment after this date will incur interest.Adjustments to Total Taxes Due,such as Senior Citizen's Exemption, Special Improvement districts,Declaration Penalty,TD 1000 Penalty or prior years'delinquent taxes are not included. Treasurer's Office http://maps.merrick.com/website/weld/setSQL.asp?cmd=search&LUI=PIN&earl=09571... 10/29/2003 itie o 4;ilt ir\C CLERK TO THE BOARD PHONE (970) 336-7215, EXT.4225 FAX: (970)352-0242 P.O. BOX 758 GREELEY, COLORADO 80632 C. COLORADO October 16, 2003 STATE FARM MUTUAL AUTOMOBILE INSURANCE c/o JOSEPH MONZON, MARVIN F. POER AND COMPANY 410 17TH STREET SUITE 1730 DENVER, CO 80202 RE: SCHEDULE NUMBER R0296201 Dear Property Owner: This is to advise you that the Weld County Board of Commissioners will hear your petition for abatement or refund of taxes on the property described as: LAND AND COMMERCIAL IMPROVEMENTS. The meeting is scheduled for November 5,2003,at 9:00 a.m.,in the First Floor Meeting Room, Weld County Centennial Center, 915 10th Street, Greeley, Colorado. The Assessor is recommending that the Board deny your petition. You are not required to be present at this hearing, however, this is your opportunity to have your position heard, especially if your position is opposed to the Assessor's recommendation. If you intend to submit any documentation in support of your position for this hearing, all such documentation must be submitted to the Office of the Clerk to the Board and to the Weld County Assessor's Office at least seven calendar days prior to the meeting date in order for it to be considered at the scheduled hearing. If you have any questions concerning this matter, please do not hesitate to contact Carol Harding at (970) 336-7215, extension 4217. Sincerely, Donald D. arden Clerk to the Board BY: 4.A,-1,44 t � cS Deputy Clerk to the Board <— _ cc: Assessor t 1\ I STATE FARM OFFICE COMPLEX EXHIBIT Market Sales Element Subject Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Location Greeley Ft. Collins Superior Superior Englewood Broomfield Age 2000-2002 1998 1999 1998 1998 1997 Quality Good Abv Avg Good Good Good Abv Avg Condition New Like New Like New Like New Like New V. Good Land Area 2,416,709 79,990 sf. 233,917 sf. 384,200 sf. 206,910 sf. 167,618 sf. GBA 432,150 sf. 32,119 sf. 62,480 sf. 91,448 sf. 89,124 sf. 41,760 sf. L/B Ratio 5.6 to 1 2.5 to 1 3.75 to 1 4.20 to 1 2.32 to 1 4.0 to 1 Grantor GB Ventures Superior Pt. LLC Superior Pt. LLC Maroon Off. 8990 Grateline Grantee Gateway Farms Superior Pt. LLC Superior Pt. LLC 1 Maroon Cir. 320 Interlocken Sale Date N/A 6/18/1999 9/28/2000 9/28/2000 5/26/1999 5/27/1999 Sale Price $52,837,900 $3,230,000 $8,533,000 $13,850,000 $13,350,000 $6,430,000 Sale/sq.ft. $122.27 $100.59 $136.57 $151.45 $149.80 $153.98 Based upon these sales, it is concluded that by the market approach that the subject property is not overvalued compared to the general market place in Colorado. Sale #1 is in Fort Collins, but in an inferior location to the subject properties and with drastic differences of square footage for the land and the improvements. The excess land alone is worth approximately $1.5 million more than Sale #1 or approximately $18.75 per sq. ft. of the comparables building foot print. This brings the value per sq. ft. of Sale #1 to very close to that of the subject; with no other adjustments whatsoever. • • IMPROVED COMPARABLE NUMBER 1 • NAME: Big Horn LOCATION: 3800 Automation Way,Fort Collins,Colorado DATE OF CONSTRUCTION: 1998 TYPE OF CONSTRUCTION: Steel superstructure with synthetic stucco and glass exterior QUALITY/CONDITION: Above Average/Like New LAND AREA: 79,990 square feet(1.836 acres) GROSS BLILDLNG AREA: 32,110 square feet RENTABLE AREA: 30,148 square feet(94%efficient buildmg) LAND TO BUILDING RATIO: 2.49:1 . GRANTOR: G.B.Ventures,LLP GRANTEE: Gateway Farms • RECORDING INFORMATION: Reception Number 99057258, Latimer County DATE OF RECORDING: June 18, 1999 • SALES PRICE: $3,230,000 • CASH EQUIVALENT PRICE: $3,230,000 TERMS: Assumption of a loan in amount of$2,230,000 from IDS Life Insurance Company,reportedly at market terms ANALYSIS POTENTIAL GROSS INCOME: $347,697 • NET OPERATING INCOME: $294,972 POTENTIAL GROSS. INCOME MULTIPLIER: 9.29($3,230,000+$347,697) OVERALL RATE: 9.13%($294,972+$3,230,000) SALES PRICE .- PER SF GROSS BLDG.AREA: $100.59($3,230,000+32,110 square feet) AVERAGE SCHEDULED RENT PER SF RENTABLE AREA: $11.55 ($347,697+30,148 square feet) AVERAGE NET INCOME PER SF RENTABLE AREA: $9.78($294,972+30,148 square feet) REMARKS: Above net operating income is based on actual income and vacancy at the time of the sale. Management is estimated to be 3.0 percent and reserves at 2 percent of the gross annual income. The purchaser stated that a 1031 exchange was involved,but it did not have any affect on the purchase price. Based upon the rentable area,the building is 94 percent efficient. The parking includes 114 on-site spaces, which is 3.8 spaces for every 1,000 square feet of office. Tenant finish was completed in the building at$20.00 per square foot At the time of the sale,3,072 square feet of rentable area were vacant,or 10 percent • • IMPROVED COMPARABLE NUMBER 2 NAME: Superior Pointe LOCATION: 1100 South McCaslin Boulevard,Superior,Colorado DATE OF CONSTRUCTION: 1999 TYPE OF CONSTRUCTION: Precast panel QUALITY/CONDITION: Good/Like New LAND AREA: 233,917 square feet(5.370 acres) GROSS BUILDING AREA: 62,480 square feet(95.7%efficient building) LAND TO BUILDING RATIO: 3.74:1 GRANTOR: Superior Pointe Investors,LLC GRANTEE: Superior Pointe,LLC RECORDING INFORMATION: Reception Number 2062608,Boulder County DATE OF DEED: September 28,2000 • SALES PRICE: $8,533,000 CASH EQUIVALENT PRICE: $8,533,000 TERMS: State Farm Life Insurance Company financed$6,30Q,000 at market terms(74%LTV) ANALYSIS POTENTIAL GROSS INCOME: See Remarks NET OPERATING INCOME: See Remarks POTENTIAL GROSS INCOME MULTIPLIER: See Remarks OVERALL RATE: See Remarks SALES PRICE PER SF GROSS BLDG.AREA: $136.57($8,533,000+62,480 square feet) AVERAGE SCHEDULED RENT PER SF RENTABLE,AREA: See Remarks AVERAGE NET INCOME PER SF RENTABLE AREA: See Remarks REMARKS: This sale is part of a two-property transaction involving the adjacent office building at 1000 South McCaslin Boulevard,or Sale No.4. The Class A offices are multi-tenant buildings,which were at 95% occupancy at the time of the sale. The major tenants include Johnson&Johnson and ' OneRealni. The property was actively marketed for approximately three months. Based upon the inspection of the property, the parking is adequate. The following is a combined summary of the income and sales data for Sale Nos. 3 and 4. The total rentable area for the two buildings is 147,288 square feet(95.7%efficient building). Total Sale Price: $22,383;000 Potential Gross Income- $3,299,722 Net Operating Income: $2,103,720 Potential Gross Income Multiplier: 6.78(S22,383,000_S3,299,722) Overall Capitalization Rate:9.40%($2,103,720+$22,383,000) Avg.Rent Per Rentable Area:$22.40/SF($3,299,722+147,288 SF) Avg.Net Income Per Rentable Area: S14.28/SF($2,103,720_ 147,288 SF) • IMPROVED COMPARABLE NUMBER 3 NAME: Superior Pointe LOCATION: 1000 South IvlcCaslin Boulevard,Superior,Colorado DATE OF CONSTRUCTION: 1998 • • TYPE OF CONSTRUCTION: Decorative block and concrete panel QUALITY/CONDITION: Good/LrkeNew • LAND AREA: 384,199 square feet(8.820 acres) GROSS BUILDING AREA: 91,448 square feet(95.7%efficient building) • LAND TO BUILDEIG RATIO: 4.20:1 GRANTOR: Superior Pointe Investors,LLC GRANTEE: Boulder Valley Form,Inc. • RECORDLNG INFORMATION: Reception Number 2082803,Boulder County DATE OF DEED: September 28,2000 SALES PRICE: $13,850,000 • CASH EQUIVALENT PRICE: 513,850,000 ' TERMS: State Farm Life Insurance Company financed 59,700,000 at market terms(70%LTV) ANALYSIS POTENTIAL GROSS INCOME: See Remarks for Sale No. 2 NET OPERATING INCOME: See Remarks for Sale No. 2 POTENTIAL GROSS INCOME MULTIPLIER: See Remarks for Sale No. 2 OVERALL RATE: See Remarks for Sale No. SAr tS PRICE PER SF GROSS BLDG.AREA: SI51.45($13,850,000+91,448 square feet) AVERAGE SCHEDULED RENT PER SF RENT" -LE AREA: See Remarks for Sale No. AVERAGE NET INCOME • PER SF RENTABLE AREA: See Remarks for Sale No. • REMARKS: See Remarks for Sale No. • /,es W,2 4 3 ri'e 44,cl 72,714)-- y/en 54,47-171e_ e'uilC i� �S3 9�e �4rr / /Jw e i * 7bIAL Sgk pane 221 ,x , / �is; e y /5.39,5 ma 7k 54pee 5.q. 6- $ivs:v IMPROVED COMPARABLE NUMBER y NAME: One Maroon Circle LOCATION: 9781 Meridian Esplanade,Englewood,Colorado DATE OF CONSTRUCTION: 1998 TYPE OF CONSTRUCTION: Steel superstructure with concrete and glass exterior QUALITY/CONDITION: Good/Like New LAND AREA: 206,910 square feet(4.750 acres) GROSS BUILDING AREA: 89,124 square feet RENTABLE BUILDING AREA: 81,274 square feet(91%efficient building) LAND TO BUILDING RATIO: 2.32:1 GRANTOR: Maroon Office Partners LLC GRANTEE: One Maroon Circle Invest LLC RECORDING INFORMATION: Reception Number 0047370,Douglas County DATE OF RECORDING: May 26. 1999 . SALES PRICE: $13,350,000 CASH EQUIVALENT PRICE: $13,350,000 TERMS: Cash ' ANALYSIS POTENTIAL GROSS INCOME: $1,788,028 NET OPERATING INCOME: $1,109,390 POTENTIAL GROSS INCOME MULTIPLIER: 7.47($13,350,000+$1,788,028) OVERALL RATE: 8.31%($1,109,390+$13,350,000) SALES PRICE PER SF GROSS BLDG.AREA: $149.79 ($13,350,000+89,124 square feet) AVERAGE SCHEDULED RENT PER SF RENTABLE AREA: $22.00($1,788,028+81,274 square feet) AVERAGE NET INCOME PER SF RENTABLE AREA: $13.65($1,109,390+81,274 square feet) REMARKS: Above net operating income is based on actual income,a five percent vacancy,and total expenses of$7.25 per square foot. The sale is not part of a 1031 exchange. The property was on the market for approximately 30 days. The parking includes 265 on- site spaces,which is 3.3 spaces for every 1,000 square feet of office. The property was 100 percent occupied at the time of the sale,which included 13 tenants. IMPROVED COMPARABLE NUMBER S NAME: 320 Interlocken Parkway LOCATION: 320 Interlocken Parkway,Broomfield, Colorado DATE OF CONSTRUCTION: 1997 TYPE OF CONSTRUCTION: Concrete with decorative rock exterior QUALITY/CONDITION: Above AverageNery Good LAND AREA: 167,618 square feet(3.848 acres) GROSS BUILDING AREA: 41,760 square feet NET RENTABLE AREA: 40,000(95.8%efficient building) LAND TO BUILDING RATIO: 4.01:1 GRANTOR: 8990 Grantline Road Investors GRANTEE: 320 Interlocken Parkway Corporation RECORDING INFORMATION: Reception Number 1944339,Boulder County DATE OF DEED: May 27, 1999 SALES PRICE: $6,430,000 CASH EQUIVALENT PRICE: $6,430,000 TERMS: Citicorp USA financed the$4,180,000 loan at market terms(65% LTV) ANALYSIS POTENTIAL GROSS INCOME: Not Available NET OPERATING INCOME: $586,040 POTENTIAL GROSS INCOME MULTIPLIER: Not Available • OVERALL RATE: 9.11%($586,040+$6,430,000) SALES PRICE PER SF GROSS BLDG.AREA: $153.98($6,430,000+41,760 square feet) AVERAGE SCHEDULED RENT PER SF RENTABLE AREA: . Not Available AVERAGE NET INCOME PER SF RENTABLE AREA: $14.65($586,040+40,000 square fret) REMARKS: Above net operating income is based on actual income;no vacancy. The sale did not include a 1031 exchange. It'svd upon the inspection of the property,the on-site parking is adequate. The building was 100 percent occupied at the time of the sale. • INCOME APPROACH OFFICE LEASES OFFICE NAME LEASE BUILDING RENTAL AND ADDRESS START AREA RATE CONAGRA FOOD 12/1999 102,289 15.32 NNN 1770 PROMONTORY CIRCLE GREELEY, CO INCOME CAPITALIZATION Potential Income (432,150 sq. ft. x $15.00 net income) = $6,482,250.00 Less Vacancy/collection of 8% - $518,580.00 Effective Gross Income $5,963,670.00 Less Management of 8% - $518,580.00 Less building reserves of 3% - $194,468.00 Net Operating Income $5,250,622.00 Capitalization Rate (derived from market sales) 9.5% Value from the Income Approach $55,269,705.00 SAY: $55, 279,700.00 o . St Income, Expense, and Lease Analysis II iii .1 j: 4 ,. S Appraisers analyze income and expenses to and tenant. If the leases are long term, con- 3 calibrate the income model. The values for tract rent is important in calculating invest- income are estimated from analysis of mar- ment value. For short-term leases, the }V ket data obtained from questionnaires,pub- appraiser should determine whether it is '' lished sources, and owners. This chapter reasonable to assume that contract rent will defines standard terms used for income and equal mazket rent when the leases are rrne it i - expenses, discusses types of leases, and ex- gotiated. S it amines the effects of expected profits from Contract rents should be analyzed to de- (.( O, resale on perceptions of value. termine(1) if the lease amount is typical for fiF V the type of property and(2)if the lease agree- Levels of Income kmen[ provides for any consideration other than the lease of the subject property. Con- ii The appraiser uses one or more levels of in- tract rents are compared with market tents �Q come in estimating value.Potential gross in- for comparable properties. Contracts are ex- come (the sum of potential gross rent and amined just as sales data are in the sales corn- » miscellaneous income)represents the highest parison approach.The appraiser verifies that s' til possible level of income.The owner's net re- the contract is bona fide, that the parties to {E turn(after-tax cash flow)is what remains af- the contract are unrelated, and that there ". ter various expenses and allowances are were no undue influences on either party. j deducted (see figure 1). The contract rent may have been established ,F: in earlier lease negotiations that no longer re- y Vf , flect current rent levels. The rent may have �( i- II ac t}ieaatiizoiild be been set lower than prevailing market rates i, c,„ j'thu?roperty were filly occupied to allow the lessee to provide site improve- 1 ht.In estimating potential gross ments or as part of the financing for a future C t income,the appraiser distinguishes between purchase by the lessee. market rent(sometimes called economic rent) Market rents represent what a given prop- I and contract rent. Market rent is the rate erry should be renting for,based on analysis prevailing in the market for comparable of contract rents for comparable space—but properties and is used in calculating market only those contract rents considered to rep- value by the income approach. Contract rent resent market rent. The market rent should II is the actual amount agreed to by landlord be the amount that would result from a lease l r h 253 1 I;, i' II' , 11111 Mg 254 PROPER' APPRAISAL AND ASSESSMENT ADMINISTRATION 1 ti Levels of Real Estate Income negotiated on the open market between a o s 5 willing lessor and a willing lessee, both " knowledgeable and free of influence from less outside sources (compare the definition of Vacancy and collection allowance market value). plus Market rent is capitalized into an estimate Miscellaneous income' of value. Market value estimates, regardless .. equals of method,represent the sum of the present worth of each individual year's income over Effective gross income the anticipated productive life of the prop- .less erty (including proceeds from resale). Reli- Operating expenses(allowable): able value estimates depend on accurate Maintenance and operating estimates bf the income stream. Aministrative Utilities Market rent for mass appraisal purposes Insurance is often estimated from operating statements Real estate taxes" submitted by commercial property owners. Replacement reserves Not many assessment jurisdictions have ac- . ass to detailed lease data on masses of t9Iutls properties.Most operating statements from ',4434,ctiii property owners begin with effective gross ess income. Operating statements and rent rolls Debt service: do not usually show potential gross income. Mortgage principal If the appraiser confuses effective gross in- Mortgage interest come with potential gross rent or income, equals vacancy and collection loss may be counted Before-tax cash flow twice. The first priority in analyzing an in- (cash throw-off or equity dividend) come statement, then,is to identify correctly less the level of income reported. - Income tax liability (Taxable income = net operating income less Excess Rent Excess rent is the difference depreciation and mortgage interest) between contract and market rents and im- < plies that the tenant is paying more rent than Tax liability = taxable income x tax rate is being paid for comparable properties. If a (negative tax = tax savings) property has several leases,the appraiser pre- equals pares a schedule with the expiration date of After-tax cash flow(net return) each lease to assist in estimating the quality `olat rial mss SIC° a ,M ofIntenuai gross and duration of the income stream. rent ns n2ome Rent Concessions Rent concessions take "Real estate taxes,although an operating expense,are the form of free rent,usually for a period at reflected for assessment purposes by an increase inthe �` capitalization rate,insteadofanetoperadngincome the beginning of a lease, or other benefits. reduction. Concessions are offered when the supply of iI I I INCOME, EXPENSE, AND LEASE ANALYSIS - 255 rental property exceeds demand.Appraisers of the probability of a vacancy in the future should analyze such concessions and take and when it might occur. them into account when calibrating a model. • Miscellaneous Income Rental Units of Comparison Rents are Miscellaneous income is received from con- stated as rent per unit and compared in terms cessions, laundry rooms, parking space or Iof a common unit.Typical units of compar- storage bin rentals,and other associated set- 1 ison are square foot,room,apartment,space, vices integral to operating the project. Mis- and percentage of gross business income of cellaneous income includes any money the tenant, as shown in table 1. reasonably related to the ordinary operation Some office building and shopping cen- of the project, but not money earned from ' ., ter leases that state rent per square foot are individual entrepreneurial activities of the based on net leasable area(floor area occupied owner or property manager. by the tenant)and others ongross leasable area (net leasable area plus common areas such as Gross Income halls, restrooms, and vestibules). An office ' cave gross income is the amount remain building with 100,000 square feet of gross ink air ttietac ncy rate and 12444 914 al-' leasable area might have only 80,000 square loviiii&s ar'e"s"ubtracted from potential gross feet of net leasable area, a difference of 20 rent and raise laneous income is added.Cal- ercent. An appraiser comparingleases ara & v iii P PP ciilatmg eeciive dross Igcoine is an inter- should determine whether rent is based on mediate step in deriving cash flows. gross or net leasable area. Rents may be stated on a monthly or an- OpemiingExpenses nual basis.Rent per month cannot be com- The list of potential operating expenses for , pared with rent per year.In the capitalization real estate leased under a gross lease includes process, both income and expenses are ex- • Administration pressed as annual amounts. • Repairs and maintenance • Utilities Vacancy and Collection Allowance • Insurance The losses expected from vacancies and bad • Property taxes (do not include when the debts are subtracted from potential gross in- purpose of the valuation is a property tax come.These losses are calculated at the rate assessment) expected of typical management in a given • Replacement reserves market. A well- or poorly managed prop- Operating expenses may be divided into erty may have rates different from the aver- two categories.Fixed expenses do not change age,but that is attributable to management, as the rate of occupancy changes. Variable ex- not the property, and might change under penes,however,are directly related to the oc- new ownership. cupancy rate: as more people occupy and use Projects occupied by a single tenant require a building, variable expenses increase. evaluation of the tenant's creditworthiness Fixed expenses include property taxes, and length of lease term, and an estimation license and permit fees, and property insur- INCOME, EXPENSE, AND LEASE ANALYSIS 257 major replacements during the year being revenues or expenses are misstated is mag- analyzed. To ensure consistency, the treat- nified in the final value estimate.**oyer-, ment of replacement reserves should be kept anis, other income is useful.f'oo rcor tp-,04.M.g le n! in mind when expense ratios and overall rates 'to an anti pr eviaes.an excel are developed and analyzed. lest point from w$t "°e Table 2 shows ow a net operating in- N me come schedule prepared by ,a property: Net operating income is esturtated,by sub; owner,if'accepted at race value by an ap . n tracfrtig Operating expenses and the replace- praiser,would discort'net operating income eve b+ 7O P�' nt;te inept r, rue om effective Moss income.' Y Any interest or principal payments are not Debt service, the interest and principal considered in computing net operating payments that amortize a mortgage loan, is income. not included as an operating expense. The I Remise appraisers go Act Apex ttp ig payments depend on the,interest rate and { come to support value estimates,it must be financing and cannot, therefore, be used to accurately determined:'Each dollar by which estimate property value. Table 2. Reconstructed Owner's Income Statement Owner's Adjusted Account Reason for adjustment statement statement • Potential gross rent Owner's statement is based on actual 85,000 $100,000 rent, which is below market. Less vacancy and Owner's statement began with actual collection allowance rent collected. —5,000 Plus miscellaneous income Owner's figures did not include $3,000 • of laundry room income. +3,000 , Effective gross income $85,000 $ 98,000 , Less current operating expenses —31,000 —.31,000 . Property taxes For tax assessment purposes, property —11,000 N/A .. "; taxes are reflected in the capitalization yr s_: Mortgage payments Interest and principal payments are —24,000 N/A t` financing costs,not operating expenses. Replacement reserve Owner had no replacement reserve none —2,000 account. Net operating income $19,000 $ 65,000 • Difference $ 46,000 Percentage difference 70.7 percent , 3'i °' INCOME, EXPENSE, AND LEASE ANALYSIS 259 amount of tax affects the estimate of value generating income from the property are not used to calculate the tax. operating expenses of the property. Economic and Tax Depredation Depre Leasing and Financing y' ciation, defined as a loss in value from any ;; source,is considered in the income approach Leases as recapture and treated as part of the Rental income from real estate is received in capitalioation rate rather than as an operat- accordance with the lease.A typical lease re- ti ing expense. Another type of depreciation, quires base rent to be paid each month at the that claimed for income tax purposes, is beginning of the month.Additional rent may _r .`, usually shown on the owner's financial be based on gross sales, net operating in- 4, records. It is not the same as the recapture come, a consumer price index, or other ad- t provision in the capitalization rate, nor is it justment.Variations of lease terms and lease an operating expense for appraisal purpose& features are numerous.Because of these,and the potential influence of a lease on value,an Debt Service Debt service,the interest and appraiser should read and highlight signifi- i; principal payments required to amortize a cant portions of the lease. Some common loan, is a financing expense, not an operat- lease provisions are described below. F ing expense. Although financing, whether good or poor, affects price,it should not a£- Npi t Versus,Gron Leases;. ,Leases are usu.h: fect the value of real estate. When estimat- alllY ar i�ettab�s tteorgmss, thongh mary.r I ing value, an appraiser assumes typical , fit roa ane o the of et. r e i financing for that kind of property.The in- lease is the most straightforward approach i' r' fluence of atypical financing should be re- for 2 single-tenantiatkentte The tenant pays.. . moved.Transactions need not be in cash as all taXesfr insurance,2her operating CXpenses • long as what the seller receives is measured s i h:, as'matntenance_(repairs, Yak ations, by its cash value. Any other standard of reeeemens,improvements ordinary or ex- measurement would create inconsistencies traoramary repairs whether Interior or ex- from property to property. tenor,and so a owner is not involved wit i er P erations .1t4` le- , ., , . Income Taxes Income tax is not an oper- t � f are often xised for ating expense,but a tax on personal income, tomakte net least which may be affected by items other than In a gross lease,the landlord(lessor)pays all 1 the subject property. operating expenses.Some leases have clauses Capital Improvements Capital improve- thatreduceorraisetherentunderspecificcon- ' x . ments are long-lasting additions to the prop- dinons,for example lord's responsibility for certain expenses to a a clause that limits a land- lord's• erty that usually increase income,total value, or economic life. They should not be con- negotiatedamount.Thetenantpaysanyexcess. • When a gross lease is used, the landlord is sidered operating expenses. responsible for controlling operating expenses k • Owner's Business Expenses Any busi- and ensuring that money spent to comply with ness expenses not necessary or reasonable for the lease is spent prudently. 260 PROPERTY APPRAISAL AND ASSESSMENT ADMINISTRATION should ample, suppose industry norms for a ladies' • "s Whether landlord or tenant pays far fashion shop indicate that annual sales of each ooperating expense,It should also specify," $200 per square foot are typical. Rent for a that the resspp?nsible party must present proof 10,000-square-foot shop could be$100,000 of payment;such as a paid property tax bill per year plus 5 percent of sales above$2 mil- or insurance policy in conformity with lion(10,000 square feet times$200 per square requirements of the lease, to provide assur- foot). Percentage rents would be imposed ance of protection from risks covered by the only when sales exceed the norm of$200 per lease. If the lessee in a net lease does not square foot of floor area. supply the information,the lessor should re- A percentage lease,commonly used for re- quest it. tail tenants, gives incentive to the landlord Leases often specify that the landlord is to make the property attractive and thus en- responsible for the structural integrity of the courage retail sales. The landlord must be building,including the roof and exterior and prepared to audit the tenant's retail sales supporting walls, and that nonstructural records and enforce provisions of the lease repairs and problems caused by tenant negli- that give rights to a percentage of sales. gence are the tenant's responsibility. Different types of businesses have differ- - ti•,, r ent typical percentage rents(table 3).For ex- • ample, retail stores selling luxury items are oe p re g a that ree utres either t�Ie lanT . often small and have a high markup and low , ' " 'inventory turnover. These stores, therefore, ri sta Ktaa have a higher percentage rental rate than gro- ttonj - E a stop (or escala- cery or discount stores with low markup and cruse, e lan o--rd pays a base year high turnover. Publications from the Inter- amount and the tenant pays the tax increase each year. A net lease or a tax stop clause national Council of Shopping Centers and reduces the need for frequent rent adjust- the Urban Land Institute provide informs- - merits, cost-of-living indexes, and short- tion about leasing and operating costs. term leases. To assure fairness to both parties,monthly or annual sales reports may be required, and Although tenants may pay property taxes, special assessments, and the like,they do not the landlord may have the right to hire an auditor,whose fee will be paid for by the ten- pay other tax obligations of the landlord, ant if it appears that sales are understated;if such as gift, income, inheritance, franchise, or corporate taxes, or a tax on the rental no discrepancies are found, the lessor pays. receipts of the landlord. Con-of-Living Index Leases for multiple Percentage Leases Most percentage leases years without rent adjustments result in require a fixed minimum rent plus a percent- hardships during highly inflationary or age rent based on gross sales in excess of a deflationary periods.A long-term lease may certain amount.The base rent is often set as have a cost-of-living adjustment that ra11s for an anticipated average amount of sales per changes in rent based on the change in some square foot for that type of business.For ex- published index. Y 1 • ! . ��,V R 1 I., INCOME CAPITALIZATION 269 r�!�i,� I � ,li -._Deriving an Overall Rate from year is divided„ y an overall capitali- i I' 1�11 the Market `tate topr uce an estimate of value. 1 I,# 4f", The overall capitalization rate is developed IT.; Net Indicated _ 1 operating Sale overall froth an analysis of:actual ratios of income P P W sale" rice p Comparable income rice rate appraised. eeexaIr l .fthiskind 4, '[ le ones being appraised. Some examples of this kind ;'t #1 $120,000 $1,000,000 0.12 of model are: . ' ,ljivtii #2 88,000 800,000 0.110 ir . c r eta#3 105,000 1,000,000 0.105 property value '= net income :dII'�51I?' Thifvetall rateIFS Jill ,.,: In yield capitalization, the appraiser esd- li equity value = cash flow 0''i'I'�I' mates various components of an overallk{ equity yield rate ll 11{ r , capitalization rate and the weights that annual �� t i s, should be attached to those components.The _ debt service i''``�4.44I p initial mortgage principal — o M1i, I characteristics of the income stream can be mortgage t1 II I _ explicitly modeled in yield capitalization as constant 'I',, , well. p lik,-1( ;ij The other kind of direct capitalization ,i'r 1 1 Direct capitalization is appropriate if two U, ` model is used when data on operating ex- '-toe 1 conditions are met.First,the investment op- �lG {„ portunities provided by the properties being penes are unavailable.By convention in this �`fr1Yi�1 1 appraised are similar to those provided by re- type, gross income from a single period is o i 41`ti rt cently purchased income-producing proper- multiplied by a factor to produce an facesttor is ,I iq of value. Again by convention, the factor is ji ties. Second, a consistent pattern of overall ,t tr�, called a gross rent multiplier (GRM) if the i• rates(or multipliers)emerges from the anal- period is a month and arross income multiplier ysis of sales of income-producing properties. • Yield capiralization is not so dependent on (Gust)if the period is a year. It is customaryrrISEs �, to use monthly rent for single-family resi- l "{ sales data. However, theyield ca iral;zation ii t^) p dences and annual incomes for other income- technique chosen must realistically reflect the producing properties. As with the develop- � ' f' expectations and behavior of probable pur- �iaib'!;{ 1, ment of overall capitalization rates in direct chases of the income-producing properties p �i ' ' capitalzation, GIMs and GRMs are level- V being appraised. The model can be stated i } oped through an analysis of the relationship 'ii - simply in words: value equals the present I . between income (or rent) and sale price of f,: value of all cash flows plus the present value properties similar to the ones being tip- of the reversionary value. );` praised. It should be noted that factors are ;i, simply the reciprocals of rates,and appraisers Direct Capitalization ' • i; sometimes develop net income multiplier , a. n'rr ; : ' 4sy 4 s1 'iti` models. ' i !, tion models of two kind In the theoretically Direct capitalization is simple, straightfor- R ,, .I preferred kind, normal net income from a ward, and can be applied without an in- hl J 0 I11 �: II, ij , • LAND VALUE COMPARABLE LAND SALES Grantee Sale Date Sale Price Land Size Per Sq. Foot Comparable 1 State Farm 06/20/99 4,000,000 5,668,463 .79 130.13 AC Comparable 2 Conagra Beef 10/23/00 1,987,393 1,135,653 1.75 26.08 AC Comparable 3 CBC Parnters 02/13/01 1,628,718 930,696 1.75 21.36 AC Comparable 4 Prima Oil 03/09/01 1,100,000 433,992 2.53 9.96 AC SUBJECTS LAND IS VALUED AT$1.25 PER SQUARE FOOT. ASSESSOR'S SUBJECT LAND VALUE 3,020,886.00 CBOE_COMM_0 10998 Page 5 Cost Approach Actual costs were supplied to us directly from the State Farm Company and were asd follows: Building A: Was contracted to be built for $18,000,000 in 2000. Building B: Was contracted in conjunction with Building C in a package for a cost+ type of contract. The actual final costs for BOTH of the structures was, $42,112,000. In all of the buildings this accounts for only the structures and not any of the land value. The land is then added to complete the overall value by cost. Building A : $18,000,000 Building B : $ 21,050,000 Building C : $ 21,060,000 Imps total : $60,110,000 Land value : $ 3,020,886 TOTAL VALUE by Cost $63,130,886 OR $146.09 sq.ft. Note: We currently have a value of $52,817,020 or $120 sq.ft. on this property. The costs that I have shown were provided by a Mr. John Holbrook to our staff on January 10 of this year. WELD COUNTY ASSESSOR Account#: R0296201 PROPERTY PROFILE Parcel#: 095711002008 MH Seq#: MH Space: Appr Year: 2003 Levy: 98.83 #of Bldgs: 3 Active On: Tax Dist: 0446 Map#: 2180 LEA: GRLY58 InactiveOn: Assign To: SGJ Initials: JSW Acct Type: Commercial Last Updated: 9/18/2003 New Growth: 0 Owner's Name and Address: Property Address: STATE FARM MUTUAL AUTOMOBILE INSURANCE I Street: 1555 PROMONTORY CIR City: GREELEY ONE STATE FARM PLAZA BLOOMINGTON IL 61710 Business/Complex: STATE FARM INSURANCE COMPANY Sales Summary Legal Description GR PROM L4A PROMONTORY EXC BEG ON 0S R/W LN HWY 34 BUS RTE AT N-S C/L CSEC TH S0DW 649.96'N89D08'W 0767.09'N45D30'E 428'N53D46'E 0572.57'TO POB SITUS: 10490 34 HWY OGREELEY 0 Land Valuation Summary Unit of Number Of Value Per Assmt Assessed Land Type Ag Code Abst Code Measure Units Unit Actual Value Percent Value Commercial 4120 Square Feet 2416708.8 $1.25 $3,020,886.00 0.29 $876,056.94) Land Subtotal: 2416708.8 $3,020,886.00 $876,060.O Full Market Values $0.00 $0.0 Buildings Valuation Summary Abst Actual Assmt 'Assesses Bldg # Property Type Code Occupancy Value Percent Value 1 Commercial 2220 344- Office Building $17,044,563 0.29 $4,942,923 2 Commercial 2220 344- Office Building $19,452,803 0.29 $5,641,313 3 Commercial 2220 344 -Office Building $13,319,653 0.29 $3,862,699 Improvements Subtotal: $49,817,019 $14,446,940 II Total Property Value $52,837,905 $15,323,000 `Approximate Assessed Value Monday, November 03, 2003 Page 1 of 6 WELD COUNTY ASSESSOR Account#: R0296201 PROPERTY PROFILE Parcel#: 095711002008 MH Seq#: MH Space: Building#: 1 Condo SF Condo % Land: Condo% Bldg: Unit Type: Landscaping $: Property Type: Commercial $0.00 Quality: Good Nbhd: 2903 Occupancy: Office Building Condition: Typical Nbhd Ext: 00 Perimeter: 1148 Nbhd Adj: 1 Percent Comp: 100.00% Individual Built As Detail Built As: Mechanical Penthouse Year Built: 2000 Construction Type: S Year Remodeled: HVAC: Hot Chilled Water % Remodeled: Interior Finish: Adj Year Bit: 2000 Roof Cover: Effective Age: • 2 Built As SF: 1521 Mh Make: #of Baths: Tag Length/Width: X #of Bdrms: Tag Length/Width: X #of Stories: 1 Mh Skirting LF: Story Height: 15 MH Skirting Type: Sprinkler SF: Diameter: Capacity: Height: Built As: Office Building Year Built: 2000 Construction Type: S Year Remodeled: HVAC: Hot Chilled Water % Remodeled: Interior Finish: Adj Year Bit: 2000 Roof Cover: Effective Age: 2 Built As SF: 150824 Mh Make: #of Baths: Tag Length/Width: X #of Bdrms: Tag Length/Width: X #of Stories: 3 Mh Skirting LF: Story Height: 15 MH Skirting Type: Sprinkler SF: Diameter: Capacity: Height: Building Details Bldg#: 1 �?if ,.�- TSB ` Ira, . . .. 4.264,;'1, ?r r ° siW;u� .."��. rib'�Q'- ..:�i� i�': _ r .. x ,. . .v Aug 2003 NOV Flag 1 $0.00 $0.00 4" 4;1:: atttit;$31O11jnee;Milittaltrut rfrigeLtxtgari,12, Concrete Slab Average 15600 $2.36 $36,816.00 Monday, November 03, 2003 Page 2 of 6 WELD COUNTY ASSESSOR Account#: R0296201 PROPERTY PROFILE Parcel 095711002008 MH Seq#: MH Space: Corn Canopies Steel Good 255 $16.75 $4,271.0 Corn Canopies Steel Good 335 $16.75 $5,611.0 Asphalt Average 247500 $1.51 $373,725.0 Value Details RCN Cost/SF: $104.08 Design Adj %: 0 Func Obs%: 0 Total RCN: $16,276,491.00 Exterior Adj %: 0 Econ Obs %: 0 Phys Depr 6/*: 0.01 Interior Adj (1/0: 0 Other Obs %: 0 Phys Depr$: 162765 Amateur Adj %: 0 RCNLD $: $17,044,563.00 RCNLD Cost/S $111.88 Market/SF: $120.00 Monday, November 03, 2003 Page 3 of 6 WELD COUNTY ASSESSOR • Account#: R0296201 PROPERTY PROFILE Parcel#: 095711002008 MH Seq#: MH Space: Building#: 2 - Condo SF Condo % Land: Condo% Bldg: Unit Type: Landscaping $: Property Type: Commercial $0.00 Quality: Good Nbhd: 2903 Occupancy: Office Building Condition: Typical Nbhd Ext: 00 Perimeter: 1235 Nbhd Adj: 1 Percent Comp: 100.00% Individual Built As Detail Built As: Mechanical Penthouse Year Built: 2002 Construction Type: S. Year Remodeled: HVAC: Hot Chilled Water % Remodeled: Interior Finish: Adj Year Blt: 2002 Roof Cover: Effective Age: 0 Built As SF: 2879 Mh Make: #of Baths: Tag Length/Width:. X #of Bdrms: Tag Length/Width: X #of Stories: 1 Mh Skirting LF: Story Height: 15 MH Skirting Type: Sprinkler SF: Diameter: Capacity: Height: Built As: Office Building Year Built: 2002 Construction Type: S Year Remodeled: • HVAC: Hot Chilled Water % Remodeled: Interior Finish: Adj Year Blt: • 2002 Roof Cover: Effective Age: 0 Built As SF: 163462 Mh Make: #of Baths: Tag Length/Width: X #of Bdrms: Tag Length/Width: X #of Stories: 1 Mh Skirting LF: Story Height: 15 MH Skirting Type: Sprinkler SF: Diameter: Capacity: Height: Building Details rBldg# 2 l 'z^.��n ..."� ₹^�'.'"`�. ��".�+�-" r� r �,„ t.,."-'� x.. xu . ,n.db7 1:713_,,.. g.s.'R&.`a..A..,+five,a �a.' .x .F" _ Finished 39201 $48.57 $1,903,993.00 • Monday,November 03, 2003 Page 4 of 6 WELD COUNTY ASSESSOR Account#: R0296201 PROPERTY PROFILE Parcel#: 095711002008 MH Seq#: MH Space: Value Details RCN Cost/SF: $103.78 Design Adj %: 0 Func Obs %: 0 Total RCN: $19,166,862.00 Exterior Adj %: 0 Econ Obs %: 0 Phys Depr%: 0 Interior Adj %: 0 Other Obs %: 0 Phys Depr$: 0 Amateur Adj 6/0: 0 RCNLD $: $19,452,803.00 RCNLD Cost/S $116.95 Market/SF: $0.00 I • Monday, November 03, 2003 Page 5 of 6 WELD COUNTY ASSESSOR Account#: R0296201 PROPERTY PROFILE Parcel#: 095711002008 MH Seq#: MH Space: Building#: 3 Condo SF Condo % Land: Condo°/• Bldg: Unit Type: Landscaping$: Property Type: Commercial $0.00 Quality: Good Nbhd: 2903 Occupancy: Office Building Condition: Typical Nbhd Ext: 00 Perimeter: 949 Nbhd Adj: 1 Percent Comp: 100.00% Individual Built As Detail Built As: Office Building Year Built: 2001 Construction Type: S Year Remodeled: HVAC: Hot Chilled Water % Remodeled: Interior Finish: Adj Year Blt: 2001 Roof Cover: Effective Age: 1 Built As SF: 117863 Mh Make: #of Baths: Tag Length/Width: X #of Bdrms: Tag Length/Width: X #of Stories: 3 Mh Skirting LF: Story Height: 15 MH Skirting Type: Sprinkler SF: 121809 Diameter: Capacity: Height: Building Details Value Details RCN Cost/SF: $104.47 Design Adj 1)/0: 0 Func Obs%: 0 Total RCN: $12,542,149.00 Exterior Adj %: 0 Econ Obs%: 0 Phys Depr%: 0 Interior Adj %: 0 Other Obs %: 0 Phys Depr$: 0 Amateur Adj 6/.: 0 RCNLD $: $13,319,653.00 RCNLD Cost/S $113.01 Market/SF: $0.00 Monday, November 03, 2003 Page 6 of 6 Account Notes Account#: R0296201 Entry Date Office Note Bldg Category 01/19/01 A NEW SUB SPLIT FROM 095711000038. CREATED ONLY-APPR TO COMPLETE FOR ADM 2001.THIS LOT 4A IS SPLIT INTO 2 PARCELS BECAUSE IT LIES IN TWO DIFFERENT TAX DISTRICTS.SEE ALSO PARCEL 095711002009. NEW STATE FARM BLDG ON THIS PARCEL.JWE 20010301 A ADDED NEW OFFICE FOR PARTIAL COMPLETE VALUE FOR YEAR 2001. SGJ APPR 03/26/02 A ADDED BLDG#1 FOR FULL VALUE,BLDGS#2&3 ARE PARTIAL COMPLETE APPR VALUES FOR YEAR 2002. SGJ 07/08/03 A FULL VALUE ON BUILDINGS#2&#3 FOR YEAR 2003. SENT AUGUST NOV. SGJ APPR • Monday, November 03, 2003 CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4225 FAX: (970) 352-0242 P. O. BOX 758 O GREELEY, COLORADO 80632 COLORADO December 2, 2003 STATE FARM MUTUAL AUTOMOBILE INSURANCE C/0 MARVIN F. POER AND COMPANY 410 17TH STREET, SUITE 1730 DENVER CO 80202 RE: SCHEDULE NUMBER R0296201 Dear Property Owner: On November 5, 2003, the Board of Weld County Commissioners considered your petition for abatement or refund of taxes and denied same. Pursuant to Section 39-2-125(f), C.R.S., you have the right to appeal this decision to the State Board of Assessment Appeals within thirty days. You may obtain the appropriate forms and instructions from the Board of Assessment Appeals, Department of Local Affairs, 1313 Sherman Street, Room 420, Denver, Colorado 80203. Very truly yours, Donald D. Warden, Clerk to the Board By: Deputy Clerk to the Board cc: Assessor Michael Sampson t ‘? CLERK TO THE BOARD PHONE (970)336-7215, Ext. 4225 FAX: (970)352-0242 P. O. BOX 758 C GREELEY, COLORADO 80632 COLORADO December 2, 2003 STATE FARM MUTUAL AUTOMOBILE INSURANCE C/O MARVIN F. POER AND COMPANY 410 17TH STREET, SUITE 1730 DENVER CO 80202 RE: SCHEDULE NUMBER R0296201 Dear Property Owner: On November 5, 2003, the Board of Weld County Commissioners considered your petition for abatement or refund of taxes and denied same. Pursuant to Section 39-2-125(f), C.R.S., you have the right to appeal this decision to the State Board of Assessment Appeals within thirty days. You may obtain the appropriate forms and instructions from the Board of Assessment Appeals, Department of Local Affairs, 1313 Sherman Street, Room 420, Denver, Colorado 80203. Very truly yours, '� /�l�LethaDonald D. Warden, Clerk to the Board By:rtY.-/(.C2'' G 411e'lf Deputy Clerk to the Board cc: Assessor Michael Sampson Hello