HomeMy WebLinkAbout20032142.tiff RESOLUTION
RE: THE BOARD OF EQUALIZATION, 2003, WELD COUNTY, COLORADO - DENY
PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE
PETITION OF:
WESTLAKE OFFICE PLAZA LLC
1814 14 AVE
GREELEY, CO 80631
DESCRIPTION OF PROPERTY: ACCOUNT#: R0273493 PARCEL #: 095912300025 -
GR 17538-A PT SW4 12-5-66 WESTLAKE COMMONS EASEMENT VAC & DEDICATION
PLAT BEG SW COR SEC N89D55'E 680' NOD04'W 50' S89D55'W 274.68' TO TPOB
S89D55'W 335.32' N45D09'W 28.14' TO E LN 35 AVE NOD14'W 229.16' TO S LN ROLLING
HILLS 3RD ADD N89D53'E 355
WHEREAS, the Board of County Commissioners of Weld County, Colorado, convened
as the Board of Equalization for the purpose of adjusting, equalizing, raising or lowering the
assessment and valuation of real and personal property within Weld County, fixed and made by
the County Assessor for the year 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:
2003-2142
AS0055
40 : �S, (kg A- n' '
RE: BOE -WESTLAKE OFFICE PLAZA LLC
PAGE 2
ACTUAL VALUE
AS DETERMINED
BY ASSESSOR
Land $ 441,790
Improvements OR
Personal Property 1,903,710
TOTAL $ 2,345,500
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.)
2003-2142
AS0055
RE: BOE -WESTLAKE OFFICE PLAZA LLC
PAGE 3
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.
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
D CO NTY C ORADO
lEfalILO�.
David E. Long, Chair
k to the Board
EXCUSED
/ Robert D. M en, Pro- em
��!�''•�Clerk to the Bo-rd
. J. eile
APPROVED AS TO FORM:
W ill��la"' ^'!Jrk,e LL°Assi nt Co tY Attorney U R.dc.(1
Glenn Vaad
Date of signature: 1/a/
2003-2142
AS0055
SENT 8Y: INVESTORS GROUP OF COMPANIES INC;9703530660; JUL-2-03 2:29PM; PAGE 5/5
FROM :Diner Bros. FAX NO, :970 352-7605 Jul. 01 23aPil5 A
34159 110c3o st
NOTICE OF DENIAL • OFFICE OF COUNTY ASSESSOR
1400 NORTH 17th AVE.
� GR 17538-A PT SW4 12-5-66 WESTLAKE ORBESEY,CO60631
COMMONS EASEMENT VAC & DEDICATION PHONE(970)353-3M5,EXT.3650
PLAT BEG SW COR SEC N89D55'E 680'
NODO4'W 50' S89055'W 274 ,68' TO
TPOB28. 114' BTODE5LN 355AVEINOD1D4'WW
WILk OWNER: WESTLAKE OFFICE PLAZA LLC
COLCIRADO
WESTLAKE OFFICE PLAZA LLC LORCEI, 308812300025
1814 14 AVE ACCOUNT R0273493
GREELEY, CO 80631 YEAR 2003
•
Theappreised valve of-property-is-based-en-thaappropriate consideration of the approaches to value required-bylow. The Assessor hes determined that
your properly should be included in the following catego.y(ics):
Commercial property is valued by considering the cost, market,
and income approaches.
If your concern is the amount of your property tax,local lasing authorities(county,city,fire protection,and other special districts)hold budget
hearings in the fell. Please refer to your tat bill or ask your Assessor for a listing of these districts,end plan to attend these budget hearings.
The Assessor has carefully studied ell 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
T: CO? 1ERCIAL 2345500 2345500
.,)
•
TOTALS S S 23455OO $2345500
APPEAL DEADLINES! REAL PROPERTY—JULY 15,PERSONAL PROPERTY—JULY 21.
If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration,39.S-
106(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal.
By: Stanley F.Sessions 06/26/2003
WELD COUNTY ASSESSOR DATE
IS-DPT-AR
Form PR-2a747A3 ADDITIONAL INFORMATION ON REVERSE SIDE
PAGE 515"RCVD AT 71212003 2:18:41 PM @Mountain Daylight Time] SVR:13"DNIS,363"CSID:9703530660"DURATION(mm•ss):0218
07/09/03 09:29 FAX {VELD ASSESSOR Lib 004
y ' YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR'S DECISION
The County Board of Equalization will sit to hear appeals beginning July 1 and continuing through August 5 for real,
property(land and buildings) and personal property(furnishings, machinery, and equipment)39-8-104 and 39-8-.
107(2),C.R.S.
APPEAL PROCEDURES:
If you choose to appeal the Assessor's decision, mail or deliver one copy of this completed form to the County
Board of Equalization. To preserve your right to appeal, your appeal must be POSTMARKED OR DELIVERED
ON OR BEFORE JULY 15 FOR REAL PROPERTY, AND JULY 21 FOR PERSONAL PROPERTY
WELD COUNTY BOARD OF EQUALIZATION
915 10th Street,P.O. Box 758
Greeley, Colorado 80632
Telephone (970)356-4000 Ext. 4225
NOTIFICATION OF HEARING:
You will be notified of the time and place set for the hearing of your appeal.
COUNTY BOARD OF EQUALIZATION'S DETERMINATION:
The County Board of Equalization must make a decision on your appeal and mail you a determination within five
business days of that decision. The County Board must conclude its and render decisions by August 5.
TAXPAYER RIGHTS FOR FURTHER APPEALS:
If you are not satisfied with the County Board of Equalization's decision you must file within thirty days of the
County Board of Equalization's written decision with ONE of the following-.
Board of Assessment Appeals(BAA):
Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880.
www.dola.colorado.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 11.
TO PRESERVE YOUR APPEAL RIGHTS, YOU MUST PROVE YOU HAVE FILED A TIMELY
APPEAL; THEREFORE,WE RECOMMEND ALL CORRESPONDENCE BE MAILED WITH PROOF
OF MAILING.
•
PETITION TO THE COUNTY BOARD OF EQUALIZATION
in the space below,please explain why you disagree with the Assessor's valuation. IN ACCORDANCE WITH 39-
8-106(1.5),C.R.S., IF YOU APPEAL INVOLVES REAL PROPERTY, YOU MUST STATE YOUR OPINION
OF VALUE IN TERMS OF A SPECIFIC DOLLAR AMOUNT. Attach additional documents as necessary.
1/700,000
THE PROPERTY IS VALUED IN EXCESS OF FAIR MARKET VALUE BASED ON THE THREE APPROACHES TO
VALUE. IN ADDITION,THE PROPERTY IS VALUED IN EXCESS OF OTHER SIMILARLY SITUATED
PROPERTIES.
3w A ukE r reil(idR�i" • D7/5 -ZOO
PAGE 414'RCVD AT 1191200310:29:13 AM[Mountain Daylight Tanet'SVR:15"DNIS:345'CSID:'DURATION(mm'ss):01'6
LETTER OF AUTHORIZATION
To Whom It May Concern:
Property Owner Name: Westlake Office Plaza LLC
Hereby appoints and authorizes Deloitte&Touche LLP as agent to represent our fine's property and all
property controlled by our fine 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 ro( jurisdiction,if authorized by law.
By: et: ,t:-1:14.tJ
Name: Jew Aces-ac
Title: B/`p�A/' As /Tic n 7 Gt k T/ 4 r�T ce /6z4 lie,
Address: g76 /1y , ./ . -e. .)U/ /OO .1
Give/C y / (.pl 8063
Phone Number: T^/ 6- 3 t-6 - g p ?7'
R0273493 (095912300025)
Subscrib and sworn before me this day of L ,20x13 .
brierie,Staif
Ivry cgmmiiirndexpikt G -lp 20 OS—.
I
Investors Group—3459 W 20'"St
A VALUE ANALYSIS OF
INVESTOR'S GROUP OF COMPANIES
3459 20th Street Plaza
3459 West 20th Street
Greeley, CO 80634
SCHEDULE NUMBER:
R0273493
ASSESSOR'S ACTUAL VALUE
$2,100,000
TAXPAYER'S OPINION OF ACTUAL VALUE
$1,900,000
Prepared by
Deloitte &Touche Property Tax Services
John Olson
720-264-4822
As of
January 01,2003
Investors
Investors-3459 20th Street Pro Forma Income 2003.XLS.Cover 1
DELOITTE & TOUCHE PROPERTY TAX SERVICES VALUE SUMMARY
Consultant Matt Poling
D&T SA Investors
Property Name 3459 20th Street Plaza
Location 3459 West 20th Street
Greeley, CO 80634
Property Type Bank Building
Site Size (Acres) 2.0300
Site Size (SF) 88,427
Description of Improvements 0
YOC 1997
NLA (SF) 21,349
Major Tenants 0
Age (Years) 6
Tax Account Parcel Numbers R0273493
Tax Year 1/1/2003
'2003 Assessed Value
Land $441,790
Land/SF $5.00
Improvements $1,658,210
lmprovements/SF/NLA $77.67
Personal Property $0
Total $2,100,000
Total/SF/NLA $98.37
Investors-3459 20th Street Pro Forma Income 2003.XLS -1- 2
OWNER'S OPINION OF VALUE
Total $1,900,000
Value/SF of NLA $89.00
ASSESSED VALUE(2003)
Land $441,790
Improvements 1,658,210
Personal Property 0
Total $2,100,000
Assessed Value/SF of NLA $98.37
Investors-3459 20th Street Pro Forma Income 2003 XLS -2- 3
INCOME CAPITALIZATION APPROACH
AO(ettotarrs
Net Leasable Area (NLA) 21,349
Market Rent/SF $17.00
Market Expenses/SF $6.00
Occupancy(as of January 1) 100%
Stabilized Occupancy 90%
Deferred Maintenance $0
Actual Gross Rental Annual Income (2002) $322,342
Actual Expenses (2002) $4,493
Actual Net Operating Income (2002) $317,849
SUPPORT FOR EXPENSE ESTIMATION
nu r v,°:� + e td�,r iA•yn'" n„ �`"vfl *4tt+.+,gttn',t nb st' te � ,.—r '-
r p� s v ,�
Y....... t .d'3y� S � I `G
3
'rt � ,g�w yypy p ��yiQ i 1P "t4 5�r GS SUBJEcT
�y, .. 1 1 �� '',,,:,,,...:.v.:,-...,..?„. }.may,.,.
Exile e' tego� ' � Suburbanr _.. Actual 2 :4t'Z....
Fixed Expenses $2.61 $2.76 $2.56
Operating Services Expense $1.61 $2.06 $0.83
Repair/Maintenance $1.27 $1.27 $0.32
Utilities $1.40 $1.84 $0.86
Insurance and Professional Fees $0.12 $0.10 $0.14
•dministrative and Payroll $1.38 $0.88 $0.89
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
otatExpellseslS ..... .<. .:, „ ,,,w,am... .Wi, ai` $8.39 $8.91 ffiS80 . -
Investors-3459 20th Street Pro Forma Income 2003.XLS -3- 4
PRO FORMA
Gross Annual Income $362,933
Exp. Recov. $0.00 psf 0
Total Gross Annual Income $362,933
Less: Vacancy and Credit Loss 36,293
Effective Gross Income $326,640
Less: Expenses - net of taxes or $3.44 psf 73,360
Less: Tenant Finish $ - psf 0
Less: Leasing Commissions $ - psf 0
Net Operating Income $253,280
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%
Investors-3459 20th Street Pro Forma Income 2003.XLS -4- 5
OVERALL CAP RATE
Built-up (Mortgage Equity)Technique:
Ro = M x RM + [E x RE] Ro =Overall Rate
M = 0.75 M = Loan-to-value ratio
RM= 0.0967 RM =Capitalization rate to mortgage constant(8.5%,25 years, $1)
RE= 0.11 RE = Capitalization rate to mortgage equity(Equity dividend)
Ro = 0.1000
OAR Selected 10.00%
Plus: Tax Rate 3.33%
Composite Overall Capitalization Rate 13.33%
Note:Long-term mortgage rate per Korpacz Real Estate Investor Survey;based upon 25-year term.
SUMMARY OF INCOME CAPITALIZATION APPROACH
N0I - OAR = VALUE
$253,280 13.33% $1,899,723
Less: Deferred Maintenance/Environmental $0
Less: Income Loss due to Lease-up $0
Value by Income Capitalization Approach Rounded to, $1,900,000
6
Investors-3459 20th Street Pro Forma Income 2003 XLS -5-
DELOITTE 8 TOUCHE PROPERTY TAX SERVICES
WEIGHTED EFFECTIVE MARKET ANALYSIS
Base Period Leases
Total Leasable Area: 21,349
Property Name: 3459 20th Street Plaza
Office Leases
Net Leasable Area: 21,349
Term Annual Tenant Leasing Effective Ann. Effective
Tenant SF Leased (Years) Income Finish/Yr Commission/Yr income Rate/SF
North American Title 112 7/12002 2,173 3 $ 34,768 $16.00
Leading Edge Financia 441 11/1/2001 441 5 $ 7,277 $16.50
Weighted Averages
2,614 $ 42,044.52 $ - $ - - $16.08
NOTES: This average is net effective of T.I:s and commissions.
T.I.and commission amounts are amortized over term of lease.
Retail Leases
Net Leasable Arta:
Term Annual Tenant Leasing Effective Ann. Effective
Tenant SF Leased (Years) Income Finish/Yr Commission/Yrl 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 $16.08
Weighted Avg.Rate-Retail Leases $ -
GPI Office Leases $ 343,385 Office Rate/SF $ 16.08
GPI Retail Leases $ - Retail Rate/SF $ -
GPI Total $ 343,385 Overall Rate/SF $ 16.08
7
DELOITTE&TOUCHE PROPERTY T €;SERVI ES
COST` OF LEAS A A 1 I
Property Name: 3459 20th Street Plaza
Property Location: 3459 West 20th Street
Net Rentable Area: 21,349 sf
Market Rental Rate: 17.00 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 $ - 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
$ - psf
Annual Cost of Tenant Finish $ - psf
Annual Cost of Commission $ - psf
Total Cost of Lease per Year $ - psf
8
LETTER OF'AUTHORIZATION
To Whom It May Concern:
Property Owner Name: Westlake Office Plaza LLC
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: (�
Name: vtipal ,5E.CXFiC
Title: e1 co/oz./ As r-f 4.7 c Z14_57`/44 o,4' /4bJ�( /it
Address: R 6 /7/41/ 5/'e(e7 Su /Qo
Celt. , (x' 100
Phone Number. 97 6- 3≤ - (7
R0273493(095912300025)
Subscri I and sworn before me this day of 20flR
N �tiie,4
u
'1 LLEN L. 'E tTycpmmiSINEexpit 4 -if.
20OS.
Nom:
lFOF COv
Investors Group-3459 W 20th St 9
Kis •
CLERK TO THE BOARD
PHONE (970)356-4000 EXT 4217
FAX: (303)352-0242
WEBSITE: www"co.weld"co.us
91510TH STREET
wipP.O. BOX 758
C. GREELEY, COLORADO 80632
COLORADO
July 18, 2003 " '
WESTLAKE OFFICE PLAZA LLC
1814 14 AVE
GREELEY CO 80631
Parcel No.: 095912300025 Account No.: R0273493
Dear Petitioner(s):
The Weld County Board of Equalization has seta date of July 28,2003,at or about the hour of 3:00
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.
WESTLAKE OFFICE PLAZA LLC - R0273493
Page 2
Please advise me if you decide not to keep your appointment as scheduled. If you need any
additional information, please call me at your convenience.
Very truly yours,
BOARD OF QUALIZATION
Carol A. Harding
Deputy Clerk to the Board
cc: Stanley Sessions, Assessor
DELOITTE &TOUCHE LLP
555 SEVENTEENTH ST. STE 3600
DENVER, CO 80202-3942 -
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