HomeMy WebLinkAbout20012221.tiff RESOLUTION
RE: THE BOARD OF EQUALIZATION, 2001, WELD COUNTY, COLORADO - DENY
PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE
PETITION OF:
EVIN GREELEY LLC 84.85% &
1400 GLENARM PL STE 201
DENVER CO 80202
DESCRIPTION OF PROPERTY: ACCOUNT #: R2597786 PARCEL #:R2597786 - GR
17622-A PT NE4 24 5 66 (GALLERY GREEN ANNEX) BEG NE COR OF SEC THENCE S491'
TO INTSEC OF E LN & C/L 29TH ST THENCE ALONG C/L OF 29TH ST N89D59'W 247.96'
THENCE WLY ALONG A CURVE 148'THENCE N76D23'W 60' N13D36'E 40'TO A PT ON NLY
R/W LN OF 29TH
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 2001, 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 2001, claiming that the property described in such petition was assessed
too high, as more specifically stated in said petition, and
WHEREAS, said petitioner not being present or represented, and
WHEREAS, the Board has made its findings on the evidence, testimony and
remonstrances and is now fully informed.
NOW,THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, acting as the Weld County Board of Equalization, that the evidence presented at the
hearing clearly supported the value placed upon the Petitioner's property,after review by the Weld
County Assessor. Such evidence indicated the value was reasonable, equitable, and derived
according to the methodologies, percentages, figures and formulas dictated to the Weld County
Assessor by law. The assessment and valuation of the Weld County Assessor shall be, and
hereby is, affirmed as follows: 01-2221 PC , AZ I C2)-un 11-1 C Clar\ 20AS0049
r
RE: BOE - EVIN GREELEY LLC 84.85% &
Page 2
ACTUAL VALUE
AS DETERMINED
BY ASSESSOR
Land $ 275,000
Improvements OR
Personal Property 470,750
TOTAL $ 745,750
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), CRS)
Appeals to the BAA must be made on forms fumished 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 523
Denver, CO 80203
Phone: 866-5880
OR
2. District Court: You have the right to appeal the CBOE's decision to the District
Court of the county wherein your property is located. New testimony, exhibits
or any other evidence may be introduced at the District Court hearing. For filing
requirements, please contact your attorney or the Clerk of the District Court.
Further appeal of the District Court's decision is made to the Court of Appeals
fora review of the record. (Section 39-8-108(1), CRS)
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, CRS)
2001-2221
AS0049
RE: BOE- EVIN GREELEY LLC 84.85% &
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 2nd day of August, A.D., 2001.
BOARD OF C UNTY COMMISSIONERS
WELD COU , COLORADO
ATTEST: fan dived
M. J. Chile, Ch..r
Weld County Clerk to the B.*`\, E lle, ) 0'
BY , /Jt'/Lf.(p . � lenn Vaa.,
Deputy Clerk to the = . .,•: "' / (7
� Q� Willi, . Jerk e
AjisthntounAftome
E AST
_ 1 4 o
vi E. Lon
y
Robert D. Masden
2001-2221
AS0049
NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR
470 .4wil
'�: . , i ' Ia00 NORTH 17th AVE.
- GR 17622-A PT NE4 24 5 66 (GALLERY CREELEY,CO80631
GREEN ANNEX) BEG NE COR OF SEC PHONE(970)353-36x5,EAT.3650
W
THENCE S491' TO INTSEC OF E LN &
q C/L 29TH ST THENCE ALONG C/L OF
29TH ST N89D59'W 247. 96' THENCE WLY
i .._
'ALONG A CURVE 148' THENCE N76D23 'W
COLO _
OWNER: EVIN GREELEY LLC 84 . 85% &
EVIN GREELEY LLC 84 . 85% & LOG 3269
1400 GLENARM PL STE 201 PARCEL 0R9592410000
DENVER, CO 80202 YEAR 2001
•
The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The Assessor has determined that
your property should be included in the following categoiy(ies): ,
Commercial property is valued by considering the cost, market, and
income approaches .
If your concern is the amount of your property tax,local taxing authorities(county,city,fire protection,and other special districts)hold budget
hearings in the fall. Please refer to your tax bill or ask your Assessor for a listing of these districts,and plan to attend these budget hearings.
The Assessor has carefully studied all available information,giving particular attention to the specifics included on your protest, and has determined the
valuation(s)assigned to your property. The reasons for this determination of value are as follows:
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 th
value.
•
• PETITIONER'S ASSESSOR'S VALUATION
PROPERTY CLASSIFICATION ESTIMATE
OF VALUE ACTUAL VALUE ACTUAL VALUE
PRIOR TO REVIEW AFTER REVIEW
COMMERCIAL 745750 745750
•
TOTALS S s 745750 s 745750
APPEAL DEADLINES:REAL PROPERTY-JULY 16.PERSONAL PROPERTY-JULY 20.
If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration,39-8-
106(1)(a),C.RS. Please see the back of this form for detailed information on filing your appeal.
Post-its Fax Note 7671 Date , I a of 07/11/2001
� I s
To Rwan /�/�LJIJ S F� e ik •
-, DATE
Coitapt. V "Co
•
Mama Phone o • 2001-2221
•
Form PR-207-87/99 ADDITIONAL INFORMATION ON REVERSE SIDE
YOU HAVE THE RIGHT TO APPEAL FRE ASSESSOR'S DECISION
The County Board of Equalization will sit to hear appeals beginning July 2 and continuing through August 6 for real
property (land and buildings) and personal property (furnishings, machinery, and equipment) 39-8104 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 compleated form to the County
Board of Equalization. To preserve your right to appeal,your appeal must be POSTMARKED OR DELIVERED
ON OR BEFORE JULY 16 FOR REAL PROPERTY, AND JULY 20 FOR PERSONAL PROPERTY.
WELD COUNTY BOARD OF EQUALIZATION
915 10th Street,P.O.Box 758
Greeley, Colorado 80632
Telephone (970)356-4000 Ext. 4225
NOTIFICATION OF HEARING:
You will be notified of the time and place set for the hearing of your appeal.
COUNTY BOARD OF EQUALIZATION'S DETERMINATION:
The County Board of Equalization must make a decision on your appeal and mail you a determination within five
business days of that decision. The County Board must conclude its hearings and render decisions by August 6.
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.
•
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 12.
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, C.R.S., YOU MUST STATE YOUR OPINION OF VALUE IN TERMS OF A SPECIFIC DOLLAR
AMOUNT. Attach additional documents/as necessary.
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Flanagan Bilton A Nationwide Practice
Limited to Property Taxation
200 East Randolph Drive, Suite 6goo
Attorneys at Law ' Chicago, Illinois 60601-6400
Telephone: (312) 782-5000
Facsimile: (312) 565-0821
7,1 Jilt_
July 12, 2001
VIA CERTIFIED MAIL#7001 0360 0000 1288 5067
Weld County Board of Equalization
915 10th Street
P.O. Box 758
Greeley, Colorado 80632
Re: Rock Bottom Restaurant#10
Greeley, Colorado
Parcel No.: R2597786
County: Weld
To Whom It May Concern:
Please find enclosed the Notice of Denial on the above referenced property. We have
completed the portion of the form necessary to further protest the 2001 value before the
Weld County Board of Equalization.
Kindly notify me of the time and place set for the hearing of our appeal.
If you have any questions or comments, do not hesitate to contact me.
Very truly yours,
Spero N. Kopitas
SNK/alm
Enclosure
Tampa • Houston • Phoenix • Santa Fe • New York • Columbus • LaJolla
AUTHORIZATION FORM
Re: See Attached Rider
TO WHOM IT MAY CONCERN:
Please be advised that the law firm of FLANAGAN / BILTON has been retained
by the taxpayer to represent this property for tax years2000 and 2001 and no other law
firm has been so retained.
Dated: _ /2//p
scarrrimx..axr.rv.rrmarsrnin _.
STEPHANIE L. DEVINE Ta ayer
NOTARY PUBLIC
STATE OF COLORADO
ull UaV&t&&&&eaupbuunnuc
l
Title
SUBSCRIBED AND SWORN TO
Before me this It* day
Of rcn4'i'2000
/
i tJl_L.Jr ..„ti.
Notary t2ublic
MY COMMISSION EXPIRES
10120/2001
Contract Rider
Rock Bottom Restaurant#1
14205 S. 50th Street 0 Bottom Restaurant#1077 7115 Commerce Circle Drive
142 Colorado Springs, CO
Phoenix, AZ Parcel No.: 63070-03-004
Parcel No.: 301-84-185 Countv�' EI ?as°_
Counh�' Mari 4
Rock Bottom Restaurant#16
Rock Bottom Restaurant#1074 3760 Austin Bluffs Parkway
8980 Villa La Jolla Drive Colorado Springs, CO
La Jolla, CA Parcel No.: 63271-21-013
Parcel No.: 344-250-01-00 Cor ^t EI Paso
Count ' San Diego
Rock Bottom Restaurant#11
Rock Bottom Restaurant#1071 35.50 S. Wadsworth Blvd.
9627 East County Line Road Lakewood, CO
Englewood, CO Parcel No.: 046235
Parcel No.: 2075-34-4-24-003 Parc Part Count V' Jefferson_
County' Arapahoe
Rock Bottom Restaurant#19 Rock Bottom Restaurant#18
1805 Industrial Cr. 8711 Wadsworth Blvd.
LongmoArvada, CO
Parcel N .: 75684 Parcel No.: 920265
Parcel No.: cour_ ,+ • Jefferson
County' Boulder —
Rock Bottom Restaurant#4 Rock Bottom Restaurant#10
1102-1106 Pearl Street 120 North Avenue
Boulder, CO Greeley, CO
Parcel No.: 0009336-01 Parcel No.: 2945-113-00-010
County: Boulder County: Mesa
Rock Bottom Restaurant#1051 Frock Bottom Restaurant#27
1123 Walnut Street Grand Junction, CO
Boulder, CO Parcel No.: Waiting for Tax Info
Parcel No.: 0009244 County: Mesa
County: Boulder
Rock Bottom Restaurant#26
Rock Bottom Restaurant#6 560 Silverthorne Lane
1280 S. Colorado Blvd. Silverthorne, CO
Denver, CO Parcel No.: Waiting for Tax Info
Parcel No.: 0619200016000 County: Summit
County: Denver
Page 1
Contract Rider
Rock Bottom Restaurant#1076 Rock Bottom Restaurant#13
28256 Diehl Road 2841 Hennepin Avenue
Warrenville, IL Minneapolis, MN
Parcel No.: 07-02-400-028 Parcel No.: 33-029-24 43 0135
County: DuPage County: Hennepin
Rock Bottom Restaurant#1073 Rock Bottom Restaurant#41
4508 University Avenue 327 Lake Avenue South (Waterfront Plaza)
West Des Moines, IA Duluth, MN
Parcel No.: 04127-522-000 Parcel No.: 010-4444-00380
County: Polk County: St. Louis
Rock Bottom Restaurant#31 Rock Bottom Restaurant#34
3030 Utica Ridge Road 1710 1-70 Drive SW
Bettendorf, IA Columbia, MO
Parcel No.: 841753502 Parcel No.: 16-216-00-00-006.00
County: Scott County: Boone
Rock Bottom Restaurant#38 Rock Bottom Restaurant#1056
7700 E. Kellogg 4050 Beltline Road
Wichita, KS Addison, TX
Parcel No.: 114-19-0-41-01-004.OOA Parcel No.: 10004980000000000
County: Sedgwick County: Dallas
Rock Bottom Restaurant#1065 Rock Bottom Restaurant#21
7900 Norfolk Avenue 4060-4062 Belt Line Rd.
Bethesda, MD Addison, TX
Parcel No.: 07-00552640 Parcel No.: 10002400010030000
County: Montgomery 100024000102R0000
County: Dallas
Rock Bottom Restaurant#25
Apple Valley, MN Rock Bottom Restaurant#24
Parcel No.: 01-11730-013-01 7202 Mineral Point Rd.
County: Dakota Madison, WI
Parcel No.: 070823410033
County: Dane
Page 2
CLERK TO THE BOARD
PHONE (970)356-4000 EXT 4217
FAX: (303)352-0242
WEBSITE: www.co.weld.co.us
915 10TH STREET
P.O. BOX 758
C. GREELEY, COLORADO 80632
COLORADO
July 19, 2001
EVIN GREELEY LLC 84.85% &
1400 GLENARM PL STE 201
DENVER CO 80202
Parcel No.: 095924100006 Account No.: R2597786
Dear Petitioner(s):
The Weld County Board of Equalization has set a date of July 31, 2001, at or about the hour of
10:30 AM, to hold a hearing on your valuation for assessment. This hearing will be held at the
Weld County Centennial Center, First Floor Hearing Room, 915 10th Street, Greeley, Colorado.
You have a right to attend this hearing and present evidence in support of your petition. The Weld
County Assessor or his designee will be present. The Board will make its decision on the basis of
the record made at the aforementioned hearing, as well as your petition, so it would be in your
interest to have a representative present. If you plan to be represented by an agent or an attorney
at your hearing, prior to the hearing you shall provide, in writing to the Clerk to the Board's Office,
an authorization for the agent or attorney to represent you. If you do not choose to attend this
hearing,a decision will still be made by the Board by the close of business on August 6,2001, and
mailed to you on or before August 10, 2001.
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.
At least two(2)working days prior to your hearing the Assessor will have available,at your request,
the data supporting his valuation of your property.
EVIN GREELEY LLC 84.85% &- R2597786
Page 2
Please advise me if you decide not to keep your appointment as scheduled. If you need any
additional information, please call me at your convenience.
Very truly yours,
BOARD OF EQUALIZATION firtDonald D. Warden,
Clerk to the Board/�BY: /'l '`.o-/ p+���u w
Carol A. Hardin , Deputy
cc: Stanley Sessions, Assessor
FLANAGAN/ BILTON
200 EAST RANDOLPH DRIVE
SUITE 6900
CHICAGO, IL 60601-6400
AUG-01-01 05:52PM FROM-FLANAGAN BILION +3125650621 1-964 P.01/10 F-040
Flanagan i to„ A Nationwide Practice
I B1-Lwu Limited to Property Taxation
Anorneys at Law 200 East Randolph Drive,Suite 6900
Chicago,Illinois 60601-0900
Telephone:(312)782-5000
Facsimile:(312)565-0821
Fax
Tor Wald County Clods to the Sward Front Ryan Mho
Fait (970)3524242 Fag= /0 Alcatel-
Mom (970)3554000 Rot Rock BOISE O1Or Acct:X719
Dear Clerk to the Board:
The above referenced account war.scheduled for hearing before the Weld County Board of
Equalization at 8:30 AM,tomorrow,August 2 Unfortunately,we will not be in attendance at the
scheduled hearing. I have included the portion of the lease agreement which discussed rental rates,
and an income approach to value 1 or consideration by the Board in our absence.
Thank you in advance to fowardng this kdonnation to the Board Members.
Very Truly//Yours,
Gibbs
AUG-01-01 05:52PM FROM-FLANAGAN BILTON +3125650821 T-964 P.02/10 F-040
AUTHORIZATION FORM .
Re: See Attached Rider
TO WHOM IT MAY CONCERN;
Please be advised tha t the law firm of FLANAGAN/BILTON has b retained
by the taxpayer to represent this property for tax years2000 and 2001 and no o ier law
firm has been so retained.
Dated:___/4'44g_
STEPHANIE L. DEVINE T .ayer
NOTARY PUBLIC
STATE OF COLORADO
&swum soar
Tide
SUBSCRIBED AND SWOFN TO
Before me this 1.* day
Ofr,t*v2000
ALL)
Notary Public
ily�EXP RES
AUG-01-01 05:52PM FROM-FLANAGAN BILTON +3125650821 T-964 'P.03/10 F-040
Contract Rider
Rock Bottom Restaurant#1077 Rock Bottom Restaurant#1
14205 S. 50th Street 7115 Commerce Circle Drive
Phoenix, AZ Colorado Springs, CO
Parcel No.: 301-84-185 Parcel No.: 63070-03-004
County: Maricope County: El Paso
Rock Bottom Restaurant#1074 Rock Bottom Restaurant 16
8980 Villa La Jolla Drive 3760 Austin Bluffs Parkw y
La Jolla, CA Colorado Springs, CO
Parcel No.: 344250-01-00 Parcel No.: 63271-21-013
County: San Diego County: El Paso
Rock Bottom Restaurant#1071 Rock Bottom Restaurant 11
9627 East County Line Road 3550 S. Wadsworth Blvd.
Englewood, CO Lakewood, CO
Parcel No.: 2075-34-4-24-003 Parcel No.: 046235
County: Arapahoe County: Jefferson
Rock Bottom Restaurant#19 Rock Bottom Restaurant#18
1805 Industrial Cr. 8711 Wadsworth Blvd.
Longmount, CO Arvada, CO
Parcel No.: 75684 Parcel No.: 920265
County: Boulder County: Jefferson
Rock Bottom Restaurant#4 Rock Bottom Restaurant 10
1102-1106 Pearl Street 120 North Avenue
Boulder, CO Greeley, CO
Parcel No.: 0009336-01 Parcel No.: 2945-113-0 -010
County: Boulder County: Mesa
Rock Bottom Restaurant#1051 Rock Bottom Restaurant '7
1123 Walnut Street Grand Junction, CO
Boulder, CO Parcel No.: Waiting for x Info
Parcel No.: 0009244 County: Mesa
County: Boulder
Rock Bottom Restaurant 126
Rock Bottom Restaurant#6 560 Silverthome Lane
1280 S. Colorado Blvd. Silverthome, CO
Denver, CO Parcel No.: Waiting for Tax Info
Parcel No.: 0619200016000 County: Summit
County: Denver
Page 1
AUG-01-01 05:52P11 FROM-FLANAGAN BILTON +3125650821 1-964 P.04/10 F-040
Contract Rider
Rock Bottom Restaurant#1076 Rock Bottom Restaurant#'13
28256 Diehl Road 2841 Hennepin Avenue
Warrenville, IL Minneapolis, MN 11i
Parcel No.: 07-02400-028 Parcel No.: 33-029-24 4:# 0135
County: DuPage County: Hennepin
Rock Bottom Restaurant#1073 Rock Bottom Restaurant#41
4508 University Avenue 327 Lake Avenue South I aterfront Plaza)
West Des Moines, IA Duluth, MN
Parcel No.: 04127-522-000 Parcel No.: 010-4444-00 60
County: Polk County: St. Louis
Rock Bottom Restaurant#31 Rock Bottom Restaurant#34
3030 Utica Ridge Road 17101-70 Drive SW
Bettendorf, IA Columbia, MO
Parcel No.: 841753502 Parcel No.: 18-216-00-00-Ip06.00
County: Scott County: Boone
Rock Bottom Restaurant#38 Rock Bottom Restaurant#1056
7700 E. Kellogg 4050 Beltline Road
Wichita, KS Addison, TX
Parcel No.: 114-19-0-41-01.004.00A Parcel No.: 1000498000700000
County: Sedgwick County: Dallas
Rock Bottom Restaurant#1085 Rock Bottom Restaurant#21
7900 Norfolk Avenue - 4060-4062 Belt Line Rd.
Bethesda, MD Addison, TX
Parcel No.: 07-00552640 Parcel No.: 10002400010 30000
County: Montgomery 10002400010 R0000
County: Dallas
Rock Bottom Restaurant#25
Apple Valley, MN
Rock Bottom Restaurant#24
Parcel No.: 01-11730-013-01 7202 Mineral Point Rd. i
County: Dakota Madison, WI
Parcel No.: 070823410033
Counts,: Dane
Page 2
AUG-01-01 05:52PN FROM-FLANAGAN BILT0N +3125650821 1-964 IP.05/10 F-040
Sheett
CASH FLOW REPORT Date prepared: 24-Jun-01
Rods Botlom R 10 PARCEL NO(S): 82597786
Greeley,CO
Leased Square Feet 7,260
Year BMW 1979
I Total I Per Square Fool ( % 1
REVENUES 1281 100%
RENTAL INCOME 92•
992 VACANCY&COLLECTION LOSS (4,850) (0.64) -S%
(TOTAL INCOME 86,342 1117 100%I
it
LANDLORD EXPENSE 17,668 2.43 19%
(STABIUZED 20%OF TOTAL INCOME)
PET OPERATING INCOME 70,674 9.73 60%
(BEFORE RE TAX&RESERVES)
LESS RESERVES 1,815 0.25 2%
(j.25 per square foot)
N0l BEFORE RE TAX 68,859 9.48 74
Capit liralioa ROUT=Load 13.64%
(11%+2.64%)
INDICATED VALUE 504,531 PROPOSED
2001 VALUE
SAY 505,000 $ 745,759
PER SQUARE FOOT 59.56 $ 102.9
ii
Page 1
AUG-01-01 05:53PM FROM-FLANAGAN BILTON +3125650821 1-964 P.06/10 F-040
.� . - •
�.v --- --
RESTAURANT LEASE AGREE
Between
Evin-Greeley, LLC, as Landlord
and
OLD CHICAGO OF COLORADO, INC. , as Tenant
THIS RESTAURANT LEASE AGREEMENT (the "Lease") , made and
entered into effective this 11th day of May, 1999, by rd between
Evin-Greeley, LLC ("Landlord") , and Old Chicago of Colo ado, Inc. ,
a Colorado corporation ("Tenant' ) , upon the following terms and
conditions :
ARTICLE 1.
FUNDAMENTAL LEASE PROVISIONS
The following is intended as a summary of the fundamental
terms of the Lease. In the event of any conflict between this
summary and the actua] terms of the Lease, the terms of the Lease
shall control:
1. 01 RESTAURANT NAME: Old Chicago of Colorado, Inc. d/b/a Old
Chicago
•
1.02 LEASED PREMISES
ADDRESS : 2349 West 29th Street, Greeley, Colorado
80631
1. 03 TENANT'S NAME,
ADDRESS, PHONE
AND FAX: Old Chicago of Colorado, Inc. ,
a Colorado corporation
248 Centennial Parkway, Suite 100
Louisville, Colorado 80027
Phone: (303) 664-4000
Fax: (303) 664-4199
1. 04 *LANDLORD' S NAME,
ADDRESS, PHONE
AND FAX: Evin-Greeley, LLC
1400 Glenarm Place, Suite 201
Denver, Colorado 80202
Phone: (303) 534-5005
Fax: (303) 534-1802
AUG-01-01 05:53PM FROM-FLANAGAN BILTON +3125650821 T-964 P.OT/10 F-040
1.05 AGENT/MANAGER
• FOR LANDLORD: Evan Makovsky
Shames-Makovsky Realty Company
1400 Glenarm Place, Suite 201
Denver, Colorado 80202
Phone: (303) 534-5005
Fax: (303) 534-1802
1. 06 GUARANTOR: Rock Bottom Restaurants, Inc. ,
a Delaware corporation
248 Centennial Parkway, Suite 00
Louisville, Colorado 80027 I
Phone: (303) 664-4000
Fax: (303) 664-4199
•
and •
RB Capital, Inc. , a Delaware corporation
248 Centennial Parkway, Suite 100
Louisville, Colorado 80027
Phone: (303) 664-4000
Fax: (303) 664-4199
1.07 SQUARE FOOTAGE
LEASED: Approximately 7, 260 square feet,.
1.08 DATE LEASE SIGNED: May 11, 1999 .
1. 09 DATE LEASE
COMMENCES: May 11, 1999 .
1.10 DATE RENT
COMMENCES: May 11, 1999 .
1.11 INITIAL LFASE TERM: The fractional period for the f•rst month
of possession, plus One Hundred rty-four
(144) months.
1.12 INITIAL TERM ENDS: May 31, 2011.
1.13 BASE RENT: Yrs. 1-3 $92, 992 .00/yr; $7,749.33/mo.
Yrs. 4-6 $99, 269.00/yr;• $8,272 .17/mo.
Yrs. 7-9 $105, 970 .00/yr; $8,830.83/mo.
Yrs. 9-12 $113, 123 .00/yr; $9,426.92/mo.
1.14 GROSS OR NNN LEASE: NNN lease.
1.15 UTILITIES: Paid by Landlord: None
Paid by Tenant: All •
1. 16 REPAIR & MAINTENANCE
RESPONSIBILITIES: All maintenance and repairs to be paid by
2
ii
AUG-01-01 05:53PM FROM-FLANAGAN BILTON +3125650821 T-964 P.08/10 F-040
•
Tenant.
1.17 INSURANCE COVERA3E
REQUIRED; - $2, 000,000 Liability
- Liquor Liability Insurance as
required by state law
- Full replacement value for
casualty/natural disaster
1.18 RENEWAL OPTIONS: Two (2) terms of ten (10) years each.
1st Option:
Yrs. 1-3 $120, 759.00/yr; $10, 063 .25/mo.
Yrs. 4.6 $128, 910 .00/yr; $10, 742.50/mo.
Yrs. 7-9 $137, 61;.00/yr; $11,467.58/mo.
Yr. 10 $146, 900.00/yr; $12,241.67/mo.
2nd Option:
Yrs. 1-2 $146, 900 .00/yr; $12L241.67/mo.
Yrs. 3-5 $156, 816.00/yr; $13,068.00/mo
Yrs. 6-8 $167,401.00/yr; $13, 950 .08/mo.
Yrs. 9-10 $178, 701.00/yr; $14,891.75/mo.
1.19 CONSENT REQUIRED
FOR: - Assignment/Sublet: Yes
- Physical Changes to Structure: Yes
ARTICLE 2 .
GRANT, TERMS and OPTIONS TO EXTEND
2 . 01 LEASED PREMISES. Landlord demises and leases to tenant, and
Tenant leases from Landlord the real property commonly known and
numbered as 2349 West 29th Street, Greeley, Colorado 430631 (the
"Leased Premises" or the "Premises") , which is legally described in
Exhibit A attached hereto (said real property and the buildings and
improvements located thereon from time to time herein call the
"Property") . The Leased Premises consist of approximately Seven
Thousand Two Hundred Sixty (7, 260) square feet.
•
2 .02 CLOSING AND PCSSESSION DATE. Landlord sha l deliver
possession of the Premises to Tenant in accordanc with the
Purchase Contract betr•een Old Chicago of Colorado, Inc. , as Seller,
and Evin-Greeley, LLC, as Buyer, dated April 26, 1999 (h reinafter,
the "Contract") . It is the intent of the parties that possession
of the Property be delivered simultaneously with thelelosing by
Landlord of the purchase of the Property, currently exp6cted to be
effective May 11, 1997 .
2 .03 COMMENCEMENT OF RENTAL. Tenant' s obligation to payi rent shall
commence the day Tenant takes possession of the Premis s.
3
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AUG-01-01 05:53PM FROM-FLANAGAN BILTON +3125650821 T-964 P.09/10 F-040
2.04 LENGTH OF TERM. The term of this Lease shall be for a period
of One Hundred Forty-four (144) months, commencing with the date
Landlord takes possession of the Property if said date shall occur
on the first day of a calendar month. If said date is other than
the first day of the month, the first year of the lease term shall
be deemed to be extended to include such partial month and the
following twelve months, so as to end on the last day of the month.
2.05 OPTIONS TO RENEW. Provided Tenant shall not then be in
material default hereunder, Tenant shall have the option to extend
the term of the Lease For two (2) additional consecutive terms of
ten (10) years each upon the same terms and conditions herein
contained, except the fixed minimum monthly rental s 411 be as
specified in Section 1.18, above. To exercise 'C:s option
hereunder, Tenant shalt deliver written notice of said section to
Landlord at least two hundred seventy (270) days pr pr to the
expiration of the then existing term hereof. .If Tenant elects not
to exercise an option to extend hereunder, Tenant will d posit with
Landlord a sum equal tc. two (2) months' rent ninety (90) igiays prior
to the expiration of the current term. Said amount is intended as
a security deposit and shall be returned to Tenant no ater than
thirty (30) days from delivery of possession of the Premises to
Landlord, less any amounts lawfully retainable by Lan lord as a
result of damage to the Property.
ARTICLE 3 .
RENT
3 .01 BASE ANNUAL ,RENTA'4. Base annual rental hereunder shall be as
set forth in Section 1 .13, above and is payable in equal monthly
installments, also as set forth in Section 1.13, above, in advance,
on or before the first day of each and every month thro4ghout the
lease term, without setoff, deduction, prior notice or '':demand, at
the office of Landlord as set forth in Section 1 .04 hereof, or at
such other place designated by Landlord, without prior demand.
Base rental for any fractional month shall be prorated and payable
in advance. Monthly rental shall commence on the date of the
closing referenced in Section 2.02, above.
3 .02 INTEREST ON LATE PaymtNTs. Each and every installment of
rent, and each and every payment of other charges -hereunder, which
is not paid within tear (10) days of when it is due, shall bear
interest at the rate of eighteen percent (18%) per annum from the
date when the same is payable under the terms of this Lease until
the same shall be paid.
3 . 03 IMPOSITIONS. "I
A. Payment_ by '?enant. Tenant shall pay to L'a,ndlord as
additional rent for the Leased Premises all taxes and assessments,
general and special, water and sewer charges and all ocher
4
i .
AUG-01-01 05:54P11 FROM-FLANAGAN BRION +3125650821 T-964 P.10/10 F-040
impositions, ordinary and extraordinary, of every kind and nature
•
whatsoever, which may be levied, assessed, or imposed upon the
Property or upon any improvements at any time situated thereon (the
"Impositions" ) . All impositions shall be paid by Tenant to
Landlord within twenry (20) days after Landlord bilks Tenant
therefor or, at Landlcrd' s election, in monthly installments each
of which shall be equal to one-twelfth (1/12) of the' estimated
annual real property taxes and assessments pertaining to the
Property, to be held t-y Landlord and disbursed by Landlord to pay
the taxes before any penalty or interest shall accrue thereon. .
Estimates are to be made solely by Landlord and payment shall be
made on the first day of the month. No interest shall }?e payable
by Landlord on the tax escrow unless, and then only to the extent
that, applicable law shall otherwise require. All over eyments to
the tax escrow account shall be applied to reduce furu 4r payments
to the tax escrow account, if any, or •shall 'be returned'!t;o Tenant,
at the sole discretion of Landlord unless otherwise required by
other applicable law.
B. Alternative Taxes . If, at any time during the term of
this Lease, the methoe of taxation prevailing at the commencement
of the term hereof shall be altered so that any new tax,
assessment, levy, imposition, or charge, or any part thereof, shall
be measured by or be based in whole or in part upon the ;(.ease, the
Leased Premises, the Property, the real estate, the rent,
additional rent, or other income therefrom and shall be imposed
upon Landlord, then all such taxes, assessments, levies,
impositions, or charges, or the part thereof, to the extent that
they are so measured or based, shall be deemed to be included
within the meaning of Impositions" for the purposes hereof, to the
- extent that such Impositions would be payable if the Leased
Premises and Property were the only property of Landlord; subject ect to
such Impositions as so defined. There shall be exc;l.uded from
Impositions all municipal, county, state, or federal in pme taxes,
federal excess profit taxes, franchise, capital stock, * id federal
or estate inheritance taxes of Landlord.
C. Ric{ht to Contest Assessments . Tenant may, at; its sole
cost and expense, corcest any and all such Impositions and the
-assessed value of the Property in the name of and on' behalf of
Landlord; provided, however, that in contesting such Impositions or
the assessed value o:. the Property, the Property shall not be
forfeited by law and Tenant shall make the payments required to be
paid pursuant to Section 3 . 03 .A above.
D. Municipal, County, State or Federal Taxes. Tepant shall
pay, before delinquency, all municipal, county and state pr federal
taxes assessed against any leasehold interest of Tenant or any
fixtures, furnishings, equipment, stock-in-trade or other personal -
property of any kind owned, installed or used in pr on the
Property. i
5
•
Weld County
STANLEY F. SESSIONS COUNTY ASSESSOR
MICHAEL SAMPSON, CHIEF APPRAISER
ASSESSOR'S VALUE REPORT
OF
COMMERCIAL PROPERTY
FOR
County Board of Equalization
EVIN GREELEY LLC 84.85% &
ENGLARD FRED 5.30% &
BLACKMAN & CO INC 4.55% &
PETITIONER
vs.
WELD COUNTY ASSESSOR'S OFFICE
RESPONDENT
Parcel Number: 0959-24-1-00-006
Schedule Number: R2597786
Log Number: 3269
Date: 08/02/01
Time: 8:30 AM
Board: CBOE
PREPARED BY
STAN JANTZ
g
Signature Date
Signature Date
ASSESSOR'S OFFICE STAFF APPRAISER
CBOECOMM_010990
Page 1
SALIENT FACTS AND CONCLUSIONS
Purpose of Appraisal To determine Market Value as of 1/1/2000 based on an
appraisal date of 6/30/98.
Property Rights Appraised Unencumbered fee simple interest.
Location 2349 W 29 STREET
GREELEY
Land Area 55,000 Square Feet
Zoning C-H
Property Type Commercial
Restaurant
Year Built 1979
Year Remodeled 1994
Quality Average
Class Masonry
Number of Stories 1
Improvement Sq. Ft. 7,850
Value Indications:
Land 275,000.00
Cost Approach 776,319.00
Market Approach 981,000.00
Income Approach 750,000.00
Assessor's Value 745,750.00
CBOE_COMM_010998
Page 2
2
SUBJECT PHOTOGRAPHS
1
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SUBJECT PROPERTY FRONT VIEW
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SUBJECT PROPERTY REAR VIEW
3
COMPARABLE LAND SALES
Land
Date Sales Price Area Price/
Grantee of In SF Zoning SF
Sale Land
SUBJECT Assessors
2349 29th Street -- Value 55 , 000 CH $5 . 00
Greeley, CO $275, 000
1 Texas Roadhouse
2451 28th Street 01/99 $420, 426 86, 686 CH $4 . 85
Greeley, CO
2 Johnny Carino' s
2473 28th Street 07/00 $535 , 000 98, 439 CH $5 . 43
Greeley, CO
3 Branscum Dennis
29th St & 27th Ave 03/99 $266, 900 44, 480 CH $6 . 00
Greeley, CO
4 Branscum Dennis
29th St & 27th Ave 05/00 $300, 000 69, 174 CH $4 . 34
Greeley, CO
The comparable sales range from $4 .34 PSF to $6. 00 PSF. As a result
of the land sales study, the subject property appears to be fairly
valued at $5.00 per square foot, or $275,000 .
4
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COST APPROACH SUMMARY
The Assessor is currently using Marshall and Swift cost tables for the cost approach of commercial.
properties in Weld County, which has been approved by the Division of Property Taxation to be
utilized by Colorado Assessors.
The structure has been classified properly utilizing the Marshall and Swift Valuation service and an
appropriate value assigned. A land value has likewise been established through the utilization of
vacant land sales of comparable properties.
Improvement Value 501,319.00
Land Value 275,000.00
TOTAL VALUE BY THE COST APPROACH
776,319.00
6
CBOECOMM 010998
Page 4
MARKET APPROACH
Name / Address Date Sales' Price Building Size Price Per
of YOC Sg Ft
Sale
SUBJECT Assessor' s
2349 29th Street Value 7 , 850 $95 . 00
Greeley, CO $745, 750 YOC 1979
Remodeled 1985
1 Old Chicago 05/99 $950, 000 7 , 100
2349 29th Street YOC 1979 $133 . 80
Greeley, CO Remodeled 1994
2 Stampede Steak
3502 W 10th Street 09/97 $636, 000 5, 832 $109 . 05
YOC 1981
Greeley, CO
3 SportsCaster Bar
165 E Boardwalk Dr 04/00 $895, 000 6, 600 $135 . 61
Ft . Collins, CO YOC 1984
Remodeled 1996
NOTE; The average for all three market sales is $126 . 15 per square foot
MARKET CALCULATIONS
Subject square feet 7, 850 at $125 . 00 per square foot 981, 250
SUBJECT VALUE ESTIMATED BY MARKET APPROACH; $981, 000
7
INCOME APPROACH
RESTAURANT LEASES
NAME AND ADDRESS BUILDING RENTAL RATE
AREA PER SQ . FT.
OLD CHICAGO
2349 W. 29TH STREET 7 , 850 11 . 85 NNN
GREELEY, CO
JACKSON' S SPORTS GRILL
2118 35TH AVENUE 6, 686 16 . 50 NNN
GREELEY, CO
STAMPEDE STEAK RANCH
3502 W. 10TH STREET 5, 817 9 . 85 NNN
GREELEY, CO
COYOTE' S GRILL
5250 W. 9TH ST. DR. 4514 16 . 50 NNN
GREELEY, CO
INCOME CAPITALIZATION
Subject square feet 7 , 850 at 11 . 85 per sq ft 93 , 022
Less vacancy & collection, loss 5% -4, 651
Effective income 88, 371
Less management & reserves 8% -7, 070
Net operating income 81, 301
Capitalization rate 10 . 5%
Income value 774, 295
SUBJECT VALUE ESTIMATED BY THE INCOME APPROACH; $774, 000
8
VALUE INDICATION
COST APPROACH; $776 , 319
MARKET APPROACH; $981 , 000
INCOME APPROACH; $774 , 000
ASSESSOR' S 2001 VALUE; $745 , 000
9
ASSESSOR'S RESTAURANT VALUES
ADDRESS BLDG TOTAL VALUATION TOTAL
SQ FT $ PSF
COYOTE' S
5250 W 9TH ST DR 4, 449 SF $500, 000 $112 . 38
GREELEY, CO
PERKINS
2297 GREELEY MALL 4, 794 SF $582, 230 $121 . 45
GREELEY, CO (LEASED LAND)
APPLEBEE'S
4100 W 10TH ST 4, 999 SF $549, 890 $110 . 00
GREELEY, CO
VILLAGE INN
921 30TH AVE 5, 124 SF $533 , 317 $104 . 08
GREELEY, CO
CHILI ' S
3840 W 10TH ST 5, 170 SF $568, 700 $110 . 00
GREELEY, CO
STAMPEDE STEAK
3502 W 10TH ST 5 , 893 SF $636, 000 $107 . 92
GREELEY, CO
JOHNNY CARINOS
2473 28TH ST 6, 296 SF $881, 400 $139 . 99
GREELEY, CO
TEXAS ROADHOUSE
2451 W 28TH ST 7, 483 SF $823 , 130 $110 . 00
GREELEY, CO
OLD CHICAGO
2349 29TH ST 7, 850 SF $745, 750 $95 . 00
GREELEY, CO
RED LOBSTER
2835 23'1D AVE 8, 355 SF $793, 725 $95 . 00
GREELEY, CO
GOLDEN CORRAL
3035 23'1D AVE 8, 793 SF 835, 000 95 .02
GREELEY, CO
10
BOE SUMMARY SHEET
Account Number: R2597786 Parcel Number: 095924100006
EVIN GREELEY LLC 84.85% &
1400 GLENARM PL STE
201
lLtotcP
HEARING DATE: July 91,2031, AT 10:30 AM
HEARING ATTENDED? (l����l NAME:
AGENT NAME: FLANAGAN/BILTON
200 EAST RANDOLPH DRIVE, SUITE 6900
CHICAGO IL 60601-6400
APPRAISER NAME: SGJ
DECISION
ACTUAL VALUATION
ORIGINAL SET BY BOARD
Land $ 275000 $
Improvements OR
Personal Property 470750
Total Actual Value $ 745750 $
COMMENTS:MOTION BY,5 D1) TO :7>--$4.
SECONDED BY eR)41_ �{ Geile
Jerke )
Failed to prove appropriate value Long - N)
ND comparables given Masden -�� )
d/Assessor's value upheld Vaad ( )
Other:
RESOLUTION NO.
Hello