The URL can be used to link to this page

Browse Search

Home My WebLink About20012226.tiff RESOLUTION RE: THE BOARD OF EQUALIZATION, 2001, WELD COUNTY, COLORADO - ADJUST VALUE IN PART PETITION OF: FORMBY EMMETT B 80396 PEBBLE BEACH LA QUINTA CA 92253-4619 DESCRIPTION OF PROPERTY: ACCOUNT#: R8026799 PARCEL#: 146702001001 -DAC DGC L1 DACONO GATEWAY CENTRE MINOR SUB SITUS: 800 BRYAN CT DACONO 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 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 $ 755,439 $ 755,439 Improvements OR Personal Property 2,356,772 2,244,561 TOTAL $ 3,112,211 $ 3,000,000 2001-2226 AS0049 RE: BOE - FORMBY EMMETT B 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 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 for a 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. 2001-2226 AS0049 RE: BOE- FORMBY EMMETT B 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•UNTY COMMISSIONERS WELD COU " , COLORADO ATTEST: ithetl Ja' _�®fir/� Eza�L. J.veil=, C?t g air Weld County Clerk to the Bo n Vaad, ' Deputy Clerk to the Boar 1 O n.= illi 71 e APPR AS TO (nO of David,E. Loppg ssistant County Attorney Robert D. Masden 2001-2226 AS0049 07/13/01 09:53 FAX WELD ASSESSOR l 001/001 A . • NOTICE OP DENIAL OFFICE OF COUNTY ASSESSOR (((/ 1100 NORTH 17th AVE 41 DAC DGC Li DACONO GATEWAY. CENTRE GREELEY, 1CO 7th 80631 MINOR SUB SITUS:: 800 BRYAN CT PHONE(910)353.3845,EXT.3650 DACONO ORtG1NAL COLORADO OWNER: FORMBY EMMETT B • PORMBY EMMETT B OG 37400200100 80396 PEBBLE BEACH ACCOUNT R8026799 LA QUINTA, CA 92253-4619 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 categosy(ics): 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 fora 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'dctetmination of value are as follows: A 1982 Colorado constitutional change requires commercialproperty to.be valued based on the 2000. level of actual value and assessed at 29 . Replacement cost, market, and income are approaches dtotdetrme actual value ofryou property. Your valuation is supported by appraisal p q by law. • PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE OF VALUE: ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW COMMERCIAL • 3112211 3112211 TOTALS S s 3112211 s 3112211 J APPEAL DEADLINES:REAL PROPERTY-JULY 16,PERSONAL PROPERTY-JULY 20. If you disagree with the Assessor's deeisioa,yon have the right to appeal to the County Board of Equalization for further consideration,39-8- 106(1)(e),C.R.S. Please see the back of this form for detailed inforula'-_ _ m:_-.. By: Stanley F.Sessions Poet-iY Fax Note 7671 Ipeeg°tas / _ WELD COUNTY ASSESSOR Tub, _`7� 3 de J� ))) Is-DPT-AR Co. OW. C° /A.a..... . _ e phont 'Th.... . Fax lepi zr agog FMe \I 2001-2226 PETITION TO THE COUNTY BOARD OF EQUALIZATION $140 PSF IS EXCESSIVE AND PETITIONER REQUESTS A VALUE OF$1,776,320. 4 `7 131 J Si nature of Pe' loner Date Asset Realty Advisors, Inc. - Real Estate Services n , I . TRANSMITTALPF: DATE: 7/13/01 COMPANY NAME: WELD COUNTY BOARD OF EQUALIZATION ATTENTION: FROM: MARK VON ENGELN RE: MESSAGE: PLEASE FIND ENCLOSED THE FOLLOWING REAL PROPERTY APPEALS: 146702001001 C'1 M 5 E. Belleview Drive Greenwood Village, CO 80121 (303)781-2608 Fax (303)783-0409 CLERK TO THE BOARD PHONE (970)3564000 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 FORMBY EMMETT B 80396 PEBBLE BEACH LA QUINTA CA 92253-4619 Parcel No.: 146702001001 Account No.: R8026799 Dear Petitioner(s): The Weld County Board of Equalization has set a date of August 2, 2001, at or about the hour of 8:30 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. FORMBY EMMETT B - R8026799 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 MMI% Donald D. Warden, Clerk to the Board BY: f7"t1167 Carol A. Harding, Deputy cc: Stanley Sessions, Assessor 44/ZS-it s B 6D Y • Weld County STANLEY F. SESSIONS COUNTY ASSESSOR MICHAEL SAMPSON, CHIEF APPRAISER ASSESSOR'S VALUE REPORT OF COMMERCIAL PROPERTY FOR County Board of Equalization FORMBY EMMETT B PETITIONER vs. WELD COUNTY ASSESSOR'S OFFICE RESPONDENT Parcel Number: 1467-02-0-01-001 Schedule Number: R8026799 Log Number: 3740 Date: 08/02/01 Time: 8:30 AM Board: CBOE PREPARED BY LEE WILLIAMS Le_t_ 7—ZS—0/ Signature Date ASSESSOR'S OFFICE STAFF APPRAISER CBOE COMM 010998 Page 1 Summary of Salient Facts Property Type: Commercial - Complete Auto Dealership. Location: 800 Bryan Court, Dacono, Colorado Property Rights Appraised: Unencumbered Fee Simple Estate Owner of Record: Formby Emmett B Land Characteristics: The land size is 215 , 839 . 8 square feet, or 4 . 955 acres . Improvement Characteristics: The improvements consist of a partial 2-story building with small unfinished basement utilized as a complete auto dealership. The total area is 22 , 204 square feet with 17, 756 square feet on the 1st floor, 4, 448 square feet on the 2na floor, and 1, 800 square feet unfinished basement. Zoning: C-1 Commercial Highest & Best Use: As currently used - Complete Auto Dealership. Date of Value: June 30, 2000 Year of Construction: 2000 Estimated Land Value: $755,439 Estimate of Value: Cost Approach (Assessor's 2001 Estimated Valuation) Land Value: $ 755,439 Improvement Value: 2,356,772 Total Value Rounded: $3, 112,211 Sales Comparison Approach: $3, 330, 600 Income Approach: $2,900, 000 Final Estimates of Market Value: $3,000, 000 (The Assessor's Office recommends the 2001 valuation of $3,112,211 be adjusted to $3,000,000) : 2 SUBJECT PHOTOGRAPHS mot ern • 111 • yF s SUBJECT PROPERTY VIEWING SOUTHEAST 3^•' 1 - rr - I qagv • SUBJECT PROPERTY VIEWING NORTHWEST 3 r• i •••••••••• k I '�.� ,4i _ 1 � , -� .r'- fps • or ��n, �y r. - ti ! ' 7 I P%-+VII SUBJECT PROPERTY VIEWING NORTHEAST a „ rime w -- -1:,‘1,'''4,:.'S ..k ‘1,'01S • s . qI - c..�,.�-.. sr • w.. ��,. SUBJECT PROPERTY VIEWING SOUTHWEST 4 NEIGHBORHOOD ANALYSIS The boundaries of the neighborhood are Highway 66 to the North, Highway 7 to the South, Weld County Road 13 to the East, and Weld County Road 5 to the West . The predominant use type and occupancy in this neighborhood is light manufacturing, storage warehousing, retail, and residential . SITE ANALYSIS Location: The site is located 800 Bryan Court in Dacono, Colorado, approximately % mile east of the intersection at I-25 and Highway 52 . Size: The subject site is 215, 839 . 8 square feet . Zoning: The zoning is Cl - Commercial . Topography: The site is level and shows no problems with drainage. IMPROVEMENT ANALYSIS The subject improvement is a masonry structure with a total building area of 22 , 204 square feet . The main floor has 17 , 756 square feet, the second floor has 4, 448 square feet, and the unfinished basement has 1, 800 square feet. Gas forced air provides HVAC, and the building height is 22 ' . The lot has 6, 680 square feet of concrete and 149, 288 square feet of asphalt estimated from the plans . The building was built in 2000 . Condition: The quality of construction is considered good and the improvements are new construction in average condition due to being new construction. All of the components are functioning and no functional obsolescence was observed. 5 COST APPROACH In the Cost Approach an indication of value is obtained by adding the estimated land value to an estimate of the depreciated replacement cost of the buildings and other improvements . Replacement cost, as opposed to reproduction cost, will be utilized to estimate the cost of the subject building. Replacement cost is the cost of creating a new structure with similar utility as the subject but using current designs and building techniques . Reproduction cost is the cost of creating an exact replica, using the same or nearly the same materials . The Marshall and Swift computer cost service was utilized to estimate the construction cost of the improvements . This source is commonly employed by appraisers and cost estimators in the market and is considered to be reliable. This data is updated continually and utilize local multipliers in order to adjust costs to reflect conditions in the specific area in which the property being appraised is located. The costs contain normal construction interest, sales taxes on materials, contractors ' overhead and profit including job supervision, builder ' s insurance, etc . They are intended to be the final costs to the owner. Replacement cost new plus land utilizing the Marshal and Swift computer cost service results in an estimate of $3, 112,211 . The subject site is 215, 839 . 8 square feet, slightly irregular, mostly level, and zoned C-1 Commercial with good access to I-25 . The subject site sold 6/21/99 for $753,400 at $3.49 PSF, and the subject land is valued at $3.50 PSF or $755,439 . 6 WELD COUNTY ASSESSOR Account#-: R8026799 PROPERTY PROFILE Parcel#: 146702001001 MH Seq it: MH Space: Building #: 1 Condo SF Condo% Land: Condo% Bldg: Landscaping Qual/$ Property Type: Commercial Good $0.00 Quality: Good Nbhd: 3903 Occupancy: Complete Auto Dealership Condition: Average Nbhd Ext: 00 Perimeter: 647 Nbhd Adj: 1 Percent Comp: 100.00% Individual Built As Detail Built As: Complete Auto Dealership Year Built: 2000 Construction Type: C Year Remodeled: HVAC: Complete HVAC % Remodeled: Interior Finish: Adj Year Bit: 2000 Roof Cover: Effective Age: 0 Built As SF: 22204 Mh Make: #of Baths: Tag Length/Width: X #of Bdrms: Tag Length/Width: X #of Stories: 2 Mh Skirting LF: Story Height: 22 MH Skirting Type: Sprinkler SF: 22204 Diameter: Capacity: Height: Building Details Bldg#: 1 1. Storage 1800 $19.49 $35,086.00 T Asphalt Average 149288 $1.51 $225,425.00 Concrete Slab Average 6860 $2.36 $16,190.00 Value Details RCN Cost/SF: $91.53 Design Adj %: 0 Func Obs%: 0 Total RCN: $2,356,772.00 Exterior Adj%: 0 Econ Obs %: 0 Phys Depr%: 0 Interior Adj %: 0 Other Obs %: 0 Phys Depr$: 0 Amateur Adj%: 0 RCNLD$: $2,356,772.00 RCNLD Cost/SF $106.14 Market/SF: $0.00 LAND 755,439.00 TOTAL $3,112,211.00 Tuesday, July 24, 2001 6 A Page 2 of 2 SKETCH/AREA TABLE ADDENDUM Case No R8026799 File No 146702001001 Property Address 800 BRYAN CT U City DACONO County WELD State 0 Zip • Borrower FORMBY EMMETT B -, Lender/Client Appraiser Name - - 14.00' 94.00' 5.00' 20.00' 20.00' 20.00' 60.00' 52.00' Concrete 6860.00 FP 143.75' 40.00' 73.00' Open to Above 100.00' 38.00' 60.00' 45.00' Second Floor/ o Second Floor 30.00' Unfinished o 4448.00 FT2 1800.00 FP co 52.00' 46.00' • 77.00' 22.00' 23.00' Complete Auto Dealership First Floor 59.00' 45.00' 17756.00 FT2 Radiant Heat 27.00' Class C Year Built 2000 54.00' 52.00' 29.00' 63.00' 80.00' WH 22' ______I 6.00' 6.00' 27.00' Scale: 1=35 AREA CALCULATIONS SUMMARY BUILDING AREA BREAKDOWN Code Description Factor Size Perimeter Totals Breakdown Subtotals GBA1 First Floor 1.00 17755.69 646.7 17755.69 First Floor QBA2 Second Floor 1.00 4448.00 314.0 4448.00 27.0 x 29.0 783.00 C eat i1Finnfinished 1.00 1800.00 180.0 1800.00 0.5 x 31.0 x 30.0 465.00 999 Concrete 1.00 6860.43 667.4 6860.43 30.0 x 75.0 2250.00 l79 100.0 x 113.0 11300.00 U 6.0 x 50.0 300.00 G Curve 143.7 Q 270.0^ 2657.69 Second Floor 30.0 x 105.0 3150.00 tj 22.0 x 59.0 1298.00 Q w TOTAL BUILDING (rounded) 22204 8 Areas Total (rounded) 22204 ME%SOFTWARE ma 859-9958 Pp[7191w Ppull 6B SALES COMPARISION APPROACH The four market transactions of automobile dealerships in the Denver/Boulder area tabulated in the following table show an indicated value per sq. ft. range of $96 . 76 to $183 . 62 before adjustments . IMPROVED SALES SUMMARY SHEET Grantor/Grantee Date Sales Price Building & Price/SF of Land Size Building Sale YOC Formby Emmett B Assessor' s 800 Bryan Court Value 22 , 204 $140 . 16 Dacono, CO $3 , 112 , 211 215 , 840 1467-02-0-01-001 YOC 2000 1 Chapman Gebhardt 2470 49"' Street 05/99 $3 , 185, 900 20, 952 $152 . 06 165, 809 Boulder, CO YOC 1986 0029836-01 2 Don Massey 9400 E Arapahoe 03/98 $3 , 925, 000 31, 178 $125 . 89 235 , 720 Englewood, CO YOC 1982 3 Centennial Chrysler 9980 E Arapahoe 12/97 $2 , 610, 000 14, 214 $183 . 62 Englewood, CO 159, 614 YOC 1989 4 Colorado Chrysler 350 S Havana 07/97 $2 , 400, 000 24, 804 $96 .76 276, 675 Aurora, CO YOC 1972 Adjustments are considered in the form of "+" (inferior to subject) or "-" (superior to subject) for each sale. Sale #1 is the most recent sale and very similar in size. Land value and location are considered to be superior ( "-" ) , and age and design are considered to be inferior ( "+" ) ; condition appears to be above average due to ongoing maintenance; therefore, the adjustments balance each other out . Sale #2 is an older sale and larger than the subject . Land value and location are considered to be superior ( "-" ) ; age and design are considered to be inferior ( "+" ) ; size is considered to be 7 superior ( "-" ) ; condition is considered to be inferior ( "+" ) as the property was remodeled after the sale; therefore, the adjustments balance each other out . Sale #3 is an older sale and smaller that the subject. Land value and location are considered to be superior ( "-" ) ; age and design are considered to be inferior ( "+" ) ; size is considered to be inferior ( "+" ) ; condition appears to be above average due to ongoing maintenance; therefore, a slight positive upward adjustment would be considered appropriate. Sale #4 is an older sale and similar in size to the subject. Land value and location are considered to be inferior ( "+" ) ; age and design are considered to be inferior ( "+" ) ; size is considered to similar; condition appears to be inferior ( "+" ) ; therefore, a positive upward adjustment would be considered appropriate. The Sales Comparison Approach has been considered and indicates the subject property would support an estimated value of $150/SF or $3,330, 600 . Therefore, the subject property appears to be fairly valued at $140.16/SF, or $3,112,211 . 8 .w a run.un'nJ na��. ea. .% it UL -," 4' a 1 y' L COMPARABLE SALE MAP ■e: .rat •Sunse COMP#1 1/4 Hy®Jle ' © Kir?IUBC �M. re VO tl ° 1 Lours- A>Lnnry AA �, A :��S Q t' S r a range .® �i Ifnionl ©Jess lm 0 arney lone r •Jamestp h o Firestone o prirrgd. e° i of Idaho Cre k' • k Mulder r lambs . I. . • Frederick Ft Lupton �� Glendale 119 52 287 8` 5 52 at uritan 25 i v: 52 O Sunshine Erie U `'' Wallstreet �` t. .aPark ,Lig'cett 32 t, b/ • Dick q v I•d. ,°• attenberg Central Park - •"r Nine pile Corn= Ile 157 7 ♦ Aden co Cree ® ,. .. Park e: 93 i �� - 0 85 7. )30%Elder vlountain Parks V - Park® L-SjiiSVlll 7 Brig * 71 Green Valle Gra B . e ' Par bid II /1 Barr Lake • (1707 .° r /2. 128 Crescent 36 �:. `• rulae a ainview 121 ti I ' e/ o �(7z o Walla.e"Villag- //2 ♦ 44 DEN o ( l %` den I, a��•yam — • �® 2�° ams City I estmi , r .. lll : oRor • °a rsenal Centennial Ran A e4a 53 6 0 COMP#4 --'� t•y 7.4 I 265��;olorado al d seum 58 dl �r F e•••• . 93 287 De v == �,* * r33 d1�'7 35 ,. IL 2 ® t ORTIt r �� 6 311 L ® • 4 as' py ar 40 ° • 7r ®�Ti ill ilrl • C A_ ® i �T 88 • r ar • U .p.r a �®• , vi 3k'� 4 . k.- n.O e e II`IS -s r n 00 40 r d 74 ius Park 26 391 Bel- " I stitute A e'al Technology � t a e - ey rk ' .iT�e Par L� / 30 Kittredge 4'e ce Park 8 285 fl S '_ 177 225 aCh • eek Lake tate Recreation Area tnley Park Parmal-- Par npo Ind @n Hills ny c m4nt P 75 )Li • A \ • Irshdaleietferson Fend 88 s3 ar olh rs 470 1 Et •Deny . Mo 0 fain Park' � r 470 II AP ,e sls � . Aspen P-rk Phillipsbur.• 121 194 3 ®r 285 - -.. I ParOr ( )w Acres *James*James Q Newton Park rii CQ Ra ch 25 .Soc ing / Green Valley Acres •"•Kassler ouvier �,e, yer Springs vi • COW' #1 4 lk Creek l of Hilltop a East 's'-:• re-k Happanyo D 1998 rd . ]... Street Atlas USA 8A INCOME APPROACH The income approach measures market value by determining the price which open market condition justify paying for a particular property's net income stream. Net income is the actual income that remains after all operating expenses are deducted from effective gross income, but before mortgage debt service and depreciation are deducted. Net income is converted to a value under this approach by applying an overall capitalization rate, which is derived from market sales . PROFORMAINCOME WORKSHEET Parcel : 1467-02-0-01-001 Name: FORMBY EMMETT Prop Address: 800 BRYAN COURT, DACONO, CO Bldg sq ft Use No of Units Type Lease 22,204 Auto 1 NNN Effective Tax Rate Mill Rate Assm't Rate Tax Rate 0.116392 0.29 0.03375368 Annual Annual Fractional rent Units Rent/Month Size/Bay Rent Rent PSF 1 $27,755.00 22,204 $333,060.00 $15.00 9 Avg Rent PSF $15.00 Subject Rent Annual Annual Gross Area Rent PSF Income Rental Rate PSF 22,204 $15.00 $333,060 Less Vacancy & Expenses Vacancy 5% ($16,653) Expenses 8% ($26,645) Net income $13.05 $289,762 Net Income/Overall CapRate=Property Value Property Value Value PSF Cap Rate 0.095 0.095 $3,050,128 $137.37 0.105 0.105 $2,759,640 $124.29 Total property value $2,900,000 $126.10 Percent of Expense name Amount 2000 Gross Income Gross PSF Insurance $6,661 2.00% $0.30 Management at $16,653 5.00% $0.75 5% EGI Reserves at 2% $3,331 1.00% $0.15 Total $26,645 8.00% $1.20 INCOME CAPITALIZATION AND SUMMARY Deductions are required to potential gross income for all allowable operating expenses . The direct capitalization rate for convenience stores was selected based on published data and appraisal information retained in this office. It should be noted that the income information utilized in this Income Proforma is based on typical income and expenses for automobile dealerships and not on actual lease information as the subject is owner occupied and not leased. 10 CORRELATION AND FINAL ESTIMATE OF VALUE The last step in the appraisal process is to conclude a final estimate of value for the subject property. This is done after analyzing the quantity, quality, and reliability of the data utilized, strengths and weaknesses of the different methods of valuation, and applicability of each approach to the type of property being appraised. The final estimate of value approximates that which an informed, rational investor would pay for the subject property if it were available for sale on the open market at the date of appraisal, given the data used in this report. A review of the value indication derived from the three approaches employed is as follows : COST APPROACH $3 112 211 SALES COMPARISON APPROACH. . . . $3,330, 600 INCOME APPROACH $2 900 000 Based on the information presented in this Assessor' s Valuation Report, it is the opinion of the Weld County Assessor' s Office that the estimated valuation of $3,112,211 be adjusted to $3, 000, 000. 11 ASSUMPTIONS AND LIMITING CONDITIONS This report is subject to the underlying assumptions and limiting conditions qualifying the information contained in the report as follows: 1) No responsibility is assumed for the legal descriptions or for matters including legal or title considerations. Title to the property is assumed to be good and marketable. All existing liens and encumbrances, if any, have been disregarded and the property is appraised as though it were free and clear. 2) Responsible ownership and competent property management are assumed. 3) Any sketch or photographs in the report are included to assist the reader in visualizing the property. No survey was provided for review. 4) The information furnished by others is believed to be reliable. However, no warranty is given to its accuracy. 5) It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for such conditions or for arranging for engineering studies which may be required to discover such factors. 6) Neither all nor any part of the contents of this report shall be reproduced for dissemination to the public through advertising media, public relations media, news media, sales media, or any other public means of communications without the prior written consent of the author. 7) This appraisal was created for the purpose of ad valorem taxation. For this reason it is the appraisal of the fee simple title rights attached and specific to the real property described in this report. These fee simple title rights may differ from the rights of ownership if they are encumbered by favorable or unfavorable lease provisions. by reason of the purpose of the appraisal or function of the report herein set forth, the value reported is only applicable to the property rights appraised and the appraisal should not be used for any other purpose. 8) The removal or loss of any portion of this report invalidates the entire report. 9) It is understood, by reason of this report, that the author is to give testimony in a court of law or hearing as an Expert Witness, on behalf of Weld County. 10) The purpose of this appraisal is for ad valorem taxation and is restricted from standard appraisal procedures only by state law regarding those procedures and by limitations based on mass appraisal procedures, therefore Highest and Best Use will be assumed to the present use of the property; CRS 39-1-103 5 (c) "Once any property is classified for property tax purposes, it shall remain so classified • until such time as its actual use changes or the assessor discovers that the classification is erroneous. " If information is made available to the appraiser to show that the current improvements demonstrate qualities that make its current use detrimental to its market value then obsolescence of the appropriate type and scope will be considered on an individual or group basis. 12 Lee Williams Colorado Certified General Appraiser CG01316201 Education B.S.B.A. (Hotel and Restaurant Mgt. ) University of Denver Appraisal Institute Courses Appraisal Procedures U.S.P.A.P. Update Uniform Standards of Professional Practice International Association of Assessing Officers Appraisal of Land Income Approach to Valuation Advanced Income Development and Writing of Narrative Appraisal Reports Mass Appraisal of Income Producing Properties Workshops and Seminars Sales Confirmation Understanding Limited Appraisals HP 12C Calculator Fair Lending and the Appraiser Data Confirmation and Verification Windows Desktop Time Trend Analysis Professional and Trade Affiliations Colorado Certified General Appraiser #CG01316201 Colorado Association of Tax Appraisers Relevant Employment October 1999 Weld County Assessor's Office, Commercial Appraiser To Present Discovering, listing, and valuing commercial property along I-25 in Weld Co. June 1999 Independent Fee Appraiser To October 1999 Residential appraisals in Larimer and Weld Counties Dec. 1997 Appraisal Specialties, Inc. as a Residential and Commercial Appraiser To May 1999 Researching , inspecting, and preparing assignments in Larimer and Weld Counties Dec. 1996 Weld County Assessor's Office. Residential Property Appraiser To Dec. 1997 Discovering, listing, and valuing residential property in northern Weld Co. Jan. 1994 Key Bank of Wyoming/Colorado. Review Appraiser - engaging and To Oct. 1996 reviewing appraisals, perform appraisals, and write technical reviews. Sept. 1988 Larimer County Assessor's Office. Deputy Assessor supervising To Dec. 1993 commercial appraisals and appraisers. Oct. 1986 Routt County Assessor's Office. Chief Appraiser supervising appraisal To July 1987 procedures and appraisers. Feb. 1978 Larimer County Assessor' Office. Worked as a Residential Property To Sept. 1986 Appraiser, Chief Appraiser, and Deputy Assessor supervising Real Property operations. 13 BOE SUMMARY SHEET Account Number: R8026799 Parcel Number. 146702001001 FORMBY EMMETT B 80396 PEBBLE BEACH HEARING DATE: August 2, 2001, AT 8:30 AM HEARING ATTENDED? (Y4 NAME: AGENT NAME: MARK VON ENGELN ASSET REALTY ADVISORS INC 5 E BELLEVIEW DRIVE GREENWOOD VILLAGE CO 80121 APPRAISER NAME: LWW DECISION ACTUAL VALUATION ORIGINAL SET BY BOARD Land $ 755439 $ i 5 LAX7 Improvements OR a `i Personal Property 2356772 / Total Actual Value $ 3112211 $ -tilofOO/C)OO COMMENTS: MOTION BY `"--r) L TO V (, � e SECONDED BY_ED-- Geile - 1) Jerke N) Failed to prove appropriate value Long - N) No comparables given Masden - N) (/Assessor's value upheld Vaad ) Other RESOLUTION NO. Hello