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Home My WebLink About20012231.tiff RESOLUTION RE: THE BOARD OF EQUALIZATION, 2001, WELD COUNTY, COLORADO - ADJUST VALUE IN PART PETITION OF: SECURCARE OF GREELEY II LLC 8400 E PRENTICE AVE#F-12 ENGLEWOOD CO 80111 DESCRIPTION OF PROPERTY: ACCOUNT#: R2808986 PARCEL#: 096105311006 - GR 4812 L16 THRU L21 BLK38 SITUS: 715 7 ST 001 GREELEY 80631 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 being represented by Justin Libachef, and WHEREAS, the Board has made its findings on the evidence, testimony and remonstrances and is now fully informed. NOW,THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County,acting as the Board of Equalization,that the evidence presented at the hearing supported, in part, the value placed upon the property by the petitioner. The assessment and valuation of the Weld County Assessor shall be, and hereby is, adjusted as follows: ACTUAL VALUE AS DETERMINED ADJUSTED BY ASSESSOR ACTUAL VALUE Land $ 57,000 $ 57,000 Improvements OR Personal Property 1,003,000 843,000 TOTAL $ 1,060,000 $ 900,000 2001-2231 AS0049 pc : �S, S RE: BOE-SECURCARE OF GREELEY II LLC Page 2 BE IT FURTHER RESOLVED that a denial of a petition, in whole or in part, by the Board of Equalization may be appealed by selecting one of the following three options; however, said appeal must be filed within thirty (30)days of this resolution: 1. Board of Assessment Appeals: You have the right to appeal the County Board of Equalization's(CBOE's)decision to the Board of Assessment Appeals (BAA). Such hearing is the final hearing at which testimony, exhibits, or any other evidence may be introduced. If the decision of the BAA is further appealed to the Court of Appeals, only the record created at the BAA hearing shall be the basis for the Court's decision. No new evidence can be introduced at the Court of Appeals. (Section 39-8-108(10), CRS) 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 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 attomey 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) 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. 2001-2231 AS0049 RE: BOE - SECURCARE OF GREELEY II LLC Page 3 Arbitration Hearing Procedure: Arbitration hearings are held within sixty days from the date the arbitrator is selected. Both you and the CBOE are entitled to participate. The hearings are informal. The arbitrator has the authority to issue subpoenas for witnesses, books, records, documents and other evidence. He also has the power to administer oaths, and all questions of law and fact shall be determined by him. The arbitration hearing may be confidential and closed to the public, upon mutual agreement. The arbitrator's written decision must be delivered to both parties personally or by registered mail within ten (10) days of the hearing. Such decision is final and not subject to review. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by you and the CBOE. In the case of residential real property, such fees and expenses cannot exceed $150.00 per case. The arbitrator's fees and expenses, not including counsel fees, are to be paid as provided in the decision. The above and foregoing Resolution was, on motion duly made and seconded,adopted by the following vote on the 2nd day of August, A.D., 2001. BOARD OF C NTY COMMISSIONERS WELD COU , COLORADO ATTEST: Letki �'`•`"�� M. J. ile, Chair Weld County Clerk to b�!: •1 . ��` EXCUSED �186il! ` %"S . . Glenn Vaad, Pro-Tem BY: isi %. ►, /51a...,:r . )t• T = D putt' Clerk to t1 rn �,� "/ &W et Willi H. Jefke &oil/■.vid E. ong ssistantC•u Attorney Robert D. Masden 2001-2231 AS0049 NOTICE OF DENIAL 6 k I CID C I1-i i OFFICE OF COUNTY ASSESSOR _ GA 4812 L16 THRU L21 BLK38 SITUS : 1400 NORTH 17th AVE. 715 7 ST 001 GREELEY 80631 • GREELEY,CO 80631 PHONE(970)353-3845,EXT.3650 WIVDc ' All 25 COLORADO f SEIv __ i,._:_? OWNER: SECURCARE OF GREELEY II LLC SECURCARE OF GREELEY II LLC LOG 2359 8400 E PRENTICE AVE #F-12 PARCEL 09610531100 ACCOUNT R2808986 ENGLEWOOD, CO 80111 YEAR 2001 The appraised value of property is based on die appropriate consideration o:tii.app ioechc,to-aluc r:quirod',37 law. The A essor ha:determined tbai our roperty,sh uld be included in the•followin cate ory(ies): C}omrnerciaol 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: Your property has been uniformly valued following Colorado law and instructions ublished by the State Division of Property Taxation. Your protest of value has been denied due to comparison of other similar properties which sold during the 1999/2000 time period. This comparison shows your actual property value to be correct for that period. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW COMMERCIAL 1060000 1060000 TOTALS $ $ 1060000 $ 1060000 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.R.S. Please see the back of this form for detailed information on filing your appeal. 06/24/2001 By: Stanley F. Sessions WELD COUNTY ASSESSOR DATE 15-DPT-AR 2001-2231 Weld County STANLEY F. SESSIONS COUNTY ASSESSOR MICHAEL SAMPSON, CHIEF APPRAISER ASSESSOR'S VALUE REPORT OF COMMERCIAL PROPERTY FOR County Board of Equalization SECURCARE OF GREELEY II LLC PETITIONER vs. WELD COUNTY ASSESSOR'S OFFICE RESPONDENT Parcel Number: 0961-05-3-11-006 Schedule Number: R2808986 Log Number: 2359 Date: 8/02/01 Time: 11:00 AM Board: CBOE PREPARED BY DAVID SCHILDMEIER Of‘"-41- -IA- A\CA Signature Date Signature Date ASSESSOR'S OFFICE STAFF APPRAISER - 1 - CBOE_COMM_010998 Pepe 1 l YI it T � T tin i j Y � f . O i " e 4 SUMMARY OF SALIENT FACTS AND CONCLUSIONS Purpose of the Appraisal: Estimate market value June 30, 2000 Property Rights Appraised: Unencumbered fee simple interest . Property Address: 715 7 Street, Greeley, Colorado Improvement: 310 unit 2 story mini storage Land size: 28, 500 square feet Zoning: C-4 Service Business Assessor's Value: 2001 Land Value: $ 57 , 000 Imps Value: $1, 003 , 000 Total Value: $1, 060, 000 Highest and Best Use: Present use as mini storage Size of Improvements: First floor 17 , 646 square feet; Second floor 17, 646 square feet; enclosed in 28, 500 square feet building Year of Construction: 1992 Effective Age: 8 years Remaining Economic Life: 32 years Estimated Land Value: $57, 000 Estimate of Value: Cost Approach: N/A Market Approach: $1, 060, 000 Income Approach: $1, 060, 000 Final Estimate of Value: $1, 060, 000 Date of Value: June 30 , 2000 - 3 - SKETCH/AREA TABLE ADDENDUM Case No R2808988 File No 096105311008 Property Address 715 7 ST w City GREELEY County WELD State 0 Zip 80631- a Borrower SECURCARE OF GREELEY II LLC Lender/Client Appraiser Name - Alley 150.0' 10x12 off .320 12x12 off 46.0 12)112 OH 17.0 Land 270': 28500.0 SF First Floor First Floor 143.5' F w 8472.0 SF -7822 0 SF First Floor Second Floor- rn Second For Drive 3351.0 SF to Drive 6472 0 SF Drive 7822.0 SF 190.0'w 159.5": t9ti 5; Second Floor 3351.0 SF w 50 • 18415" 920 1¢0 '7:51 Office 33:0' 13130 SF 335' 12x12 OH 400 12x12001 19.0'. 150.0' 7 Street Scale: 1=40 AREA CALCULATIONS SUMMARY BUILDING AREA BREAKDOWN Code Description Factor Size Perimeter Totals Breakdown Subtotals GBA. First Floor 1.00 3351.50 421.0 First Floor First Floor 1.00 7822.00 475.0 19.0 x 48.0 912.00 First Floor 1.00 6472.50 457.0 17646.00 17.0 x 143.5 2439.50 GBA3 Second Floor 1.00 3351.50 421.0 27.0 x 46.0 1242.00 Second Floor 1.00 7822.00 475.0 40.0 x 164.5 6580.00 • Second Floor 1.00 6472.50 457.0 17646.00 32.0 x 158.5 5072.00 LAND Land 1.00 28500.00 680.0 28500.00 5.0 x 59.0 295.00 33.0 x 33.5 1105.50 Second Floor U 19.0 x 48.0 912.00 17.0 x 143.5 2439.50 Q 27.0 x 46.0 1242.00 40.0 x 164.5 6580.00 32.0 x 158.5 5072.00 2 remaining calculations 1400.50 TOTAL BUILDING (rounded) 35292 14 Areas Total (rounded) 35292 APEX 6OFTwARE 000-8588968 0{a71Wr Apcti - 4 - a— ®riaa\asri_ P 3 t IL COMPARABLE SALE MAP I Ilinellina ME • iit_siiii psi -eking= in - VgabaliMilainallik i rmormpikiltamortain ii iin mil ic - IP �� Mill0rt.III IiiA .Brucell �Noz NMI ... MIN � LCree pi I u Fldse frin2 eft, `k?7iaw Lucent ; ��ky�yJ►' RN le Cn"alNIIII G MINI `F finite. I� Gree '1.son Cor er�� NORTH III NOB II Mgt COMP 4I,III).I�! ��y1 : ;i t; •-;.,,mliatice r Amisminan LIB S ynuyrc rI1:1C 21, ®■ Hem ' hee. Draw mr =iBBB'-ri 1,��■ ee e3 / . w qre a � E.16 Jl �{'r ml J'i r_ ®Gree eY-Weld. 're 0 nE [ I tI� _' !q 'o .re Over 3°. � f^ S JIII sue 2 - W �Y-Y 1 I//llsc,.., ....: , v.m.,.1 ,' „jhe Delta 11111 +s. yJ �yl.■I'}r, ,1. SB ratql— fl` ,� a a., LmAkoi1 a eT •__ " ti f e f- reareluijCOMP#4 � , (SUBJECT-SOLD �lrt.,,. ..,,,,,„. ., ii., *l, li ^ I liiiie ytEr !�9-00$1,175,000) mup G■.�■ �I R�� ^ MOM � mm L Ire fI �� qitiA iiii 'tea IRIiF3) I!- /J/JIV 111 I t WO n:ari/aiiii: I Mlle cit Ertl ri. ub rni21€r. .DitGHAbel �� `�. BhctoltlD .' 847o • Sri aft aSa \ COMP#3 d_a Salle I' iiii fr.;Asa R „... eR'_)?''r , His �° � to nFVelley-We III Nib iiiii II lent II ti iambert Mt) a . WI. at Mound 4935 ®CD IP /i �� Q, crest Mt 4 Pt. pv0 n o, iiaia -- II■ Ilticat 4,n Ill t. s CO 199:(T=51ESTE Sn'eeL. IllflW/,.'eroaMMEatr[, 4 - 5 - SELF STORAGE MARKET SALES GROSS SALE SALE SQUARE PRICE PER ADDRESS DATE PRICE FEET SQUARE FOOT SUBJECT 35,292 30.03 #1 SECURCARE SELF STORAGE 6-1-98 $850,000 33,584 25.31 3209 10 ST. GREFT.FY,CO #2 WINDSOR SELF STORAGE 9-20-96 $467,500 19,440 24.05 101 E. MAIN ST. WINDSOR, CO. #3 EVANS SELF STORAGE 3-5-98 $1,400,000 72,361 19.35 1405 32 ST. EVANS, CO #4 KING STORAGE 9-8-00 $1,175,000 35,292 33.29 715 7 ST. GREET.FY, CO NOTE The average for all four market sales is $25.50 per square foot. - 6 - Subject Property - King Storage Property is 310 unit mini storage facilities consisting of three separate storage areas which has two floors of storage containing 35,292 square feet above grade. There is a small office of 1,313 square feet located on the southeast corner of the property. This structure was originally built in 1906 as a horizontal lumber storage building and converted into mini storage in 1992. The site consists of 28,500 square feet. This site is an interior lot located 7 Street between 7 and 8 Avenue. Market Approach Comparable 1 is a 294-unit mini storage with nine masonry storage buildings totaling 32,300 square feet and a modular residence/office of 1,284 square feet. Facility was built in 1981 located 24 blocks West and 3 blocks North of the subject. It is similar in age and condition to the subject. It has the same ownership as the subject. Comparable 2 is a smaller 124-unit mini storage consisting of 17,800 square feet with 4 metal buildings. Also on site is an office/residence of 1,640 square feet. Property was constructed in 1992 and located in East Windsor Comparable 3 is a larger 512-unit mini storage. These 17 masonry buildings were built over a period of years from 1978-1983. Included in the square footage of 72,361 is a managers ofice/residence of 800 square feet. This property is located in Evans 2 miles South of the subject. After the sale the storage unit roofs were changed from flat to new gable roofs and a security fence with automatic gates. It is estimated the additional expense was $500,000. Comparable 4 is also the subject property. The range of the comparables is $33.29 to $19.35. However, since the subject is a two story the very best comparable is of the subject at $33.29. The other comparables show that the subject is not overvalued at$30.03 per square foot. Income Approach This approach is especially significant when appraising income producing properties. In the Income Approach, the value estimate relates to the present worth of potential future benefits. This is generally measured by the net operating income that a prudent investor is warranted in assuming the property will produce during its remaining useful life. After comparison with investments of a similar type, this net income is capitalized into a value estimate, utilizing direct capitalization or discounted cash flow techniques. Based on the subject income and expenses which is how the market places values mini storage facilities, I believe that a capitalized value of $1,060,000 is fair. - 7 - 07/24/2001 PROFORMA INCOME WORKSHEET Parcel : 096105311006 Name: King Self Storage , Prop Address: 715 7 St Bldgs sq ft Use No of Units 35292 mini stor yoc 92 310 Tax rate mill rate assm't rate tax rate 0.090886 0.29 0.026357 Fractional rent rentable units size rent/month size/bay gross rent area 9 4x5 $25.00 20 2,700 180 2 3x9 $27.00 27 648 54 1 4x8 $33.00 32 396 32 1 4x9 $29.00 36 348 36 1 4x10 $38.00 40 456 40 1 6x8 $30.00 48 360 48 19 5x7 $36.00 35 8,208 665 34 5x8 $38.00 40 15,504 1360 41 5x10 $41.00 50 20,172 2050 34 5x12 $49.00 60 19,992 2040 40 10x10 $63.00 100 30,240 4000 4 10x15 $70.00 150 3,360 600 40 10x20 2 flr $76.00 200 36,480 8000 39 10x20 1 flr $85.00 200 39,780 7800 18 10x24 $90.00 240 19,440. 4320 2 10x30 $111.00 300 2,664 600 4 10x50 $150.00 500 7,200 2000 1 5x6 $30.00 30 360 30 1 5x9 $38.00 45 456 45 8 8x8 $51.00 64 4,896 512 1 8x10 $49.00 80 588 80 8 5x20 $67.00 100 6,432 800 1 16x24 $160.00 384 1,920 384 310 TOTALS $220,680 35,292 Subject Annual Annual gross Rents rent psf Income Rate psf 35292 $6.25 $220,680 Less expense Vacancy 5% $11,034 Expenses 22% $48.550 Net income 4.56 $161,096 Property Value value per sq ft 0.100 0.0264 0.1264 1,274,931 36.13 Cap rate + tax rate 0.110 0.0264 0.1364 1,181,432 33.48 Total property value 1,060,000 30.04 kingstor - 8 - 07/24/2001 Gross Net Comparable Use Bldg Year income income rentals no of units Address size const'd per sq ft per sq ft westmoor stor whse mini/392 4753 w 10 st 42,040 1995 6.11 4.59 Gateway stor whse mini/511 2600 36 av greeley 78,915 1995/98 5.74 4.03 Stuff-it whse mini/160 620 4 av greeley 16,479 1985 6.15 4.31 Aaffordable storwhse mini/160 1001 o st greeley 26,800 1997/99 5.04 3.34 9 - kingstor rch: 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 SECURCARE OF GREELEY II LLC 8400 E PRENTICE AVE#F-12 ENGLEWOOD CO 80111 Parcel No.: 096105311006 Account No.: R2808986 Dear Petitioner(s): The Weld County Board of Equalization has set a date of August 2, 2001, at or about the hour of 11:00 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. SECURCARE OF GREELEY II LLC - R2808986 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 ggLI� E n/v Donald D. Warden, Clerk to the Board BY: i1.�... "'a:, " CJ/� 'd arol A. Harding, Deputy ,c—"- cc: Stanley Sessions, Assessor BOE SUMMARY SHEET Account Number: R2808986 Parcel Number: 096105311006 SECURCARE OF GREELEY II LLC MOO E PRENTICE AVE#F-12 HEARING DATE: August 2, 2001, AT 11:00 AM HEARING ATTENDED?9N) NAME: l.L�� AGENT NAME: APPRAISER NAME: DWS DECISION ACTUAL VALUATION ORIGINAL SET BY BOARD Land $ 57000 $ Improvements OR �g� 3�° ,/3 000Personal Property 7 1003000 / '7 ) � Total Actual Value S a 00 $ 1060000 $ s5 COMMENTS: 1��/r e/� MOTION BY DL TO__� / ii _✓�'�� SECONDED BY Geile —ON) Jerng ) Failed to prove appropriate value Long /N) No comparables given Masden - ) Assessor's value upheld Va -yC Other: RESOLUTION NO. Hello