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Home My WebLink About20012233.tiff RESOLUTION RE: THE BOARD OF EQUALIZATION, 2001, WELD COUNTY, COLORADO - ADJUST VALUE IN PART PETITION OF: EASTMAN KODAK CO CORP TAX DEPT- ATTN MARK CAMARATA 343 STATE ST ROCHESTER NY 14650 DESCRIPTION OF PROPERTY: ACCOUNT #: R0128087 PARCEL #: 080726000039 - 23538 W2 26 6 67 & E2SE4 & E2W2NE4 & E2NE4 27 6 67 & N2NW4 35 6 67 &ALL 34 6 67 EXC N2NW4 & N2SW4 ALSO EXC REC #1524120 ALSO EXC BEG S4 COR SECS84D16'W438.07' N925'W2683.99'N13D20'W 35.38' N88D12'E 326.96' N75D09'E 90.32' S74D11'E 112.97' 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 Tom Larkin and James Butler, 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: 2001-2233 AS0049 . As, Tt-r„-, I (lam. RE: BOE - EASTMAN KODAK CO Page 2 ACTUAL VALUE AS DETERMINED ADJUSTED BY ASSESSOR ACTUAL VALUE Vacant Land $ 15,000,000 $ 12,280,000 Industrial 98,668,001 81,611,000 Agricultural Land 116,444 116,444 TOTAL $ 100,284,445 $ 94,007,444 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 AssessmentAppeals (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 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 2001-2233 AS0049 RE: BOE - EASTMAN KODAK CO Page 3 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 OBOE 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 OBOE 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 $150.00 per case. The arbitrator's fees and expenses, not including counsel fees, are to be paid as provided in the decision. The above and foregoing Resolution was, on motion duly made and seconded,adopted by the following vote on the 2nd day of August, A.D., 2001. BOARD OF COUNTY COMMISSIONERS WELD COU , COLORADO �� ,_�® -2 ad, (AYE) ATTEST: "'"�'7 � � J: Bile, Chair Weld County Clerk to the �8. , CUSED Glenn Vaad, Pro-Tem BY: De.u Clerk to the Board ty �"" '�, � �.�/'�-t.P (NAY) Will H. Jerke APP O D AS RM: 134r (AYE) vi ng } LZAUorney (AYE) Robert . Masden 2001-2233 AS0049 07/13/2001 11:14 FAX 3038660200 Wine Roberts & Owen (d 006 tt L!`� { ,` 'NOTICE qt.'', inn AL OFPI OFCOUIJrYAccresoa II/4 _ g 1406NORTH 17th AVE 23538 W 6 67 & E2 SE4 & GREELEY,CO 130631 E2W2NE4 ' . E4 27 6 67 & N2NW4 35 PH (970)353-3845,EXT.3650 I t n„ 7S-?147 & Atif 34 6 67 EXC N2NW4' & • ji ."cu :_ , a .i `-N2 W4 A`1,$c) C REC #152412O ALSO CO EXC BEG CQR SEC S84D16'W 438 .07' _. ;.�I925' W2663 . 99' N13D2O'W 35.38' COLORADO �SL� " ' 1_2,_ pWNER: µ.r.: E'4AN KODAK CO EASTMAN KODAK CO PEAR 08072600003 CORP TAX DEPT — AT7 N MARK ( .lcr :j$A PAR k 08072607 343 STATE ST ROCHESTER, NY 1465O Y 2OO1 • The appraised value of property is based nn the appropriate cety;s,- .yHrin_of the approaches to value required by taw_ The ASST ism has determined that your property should be included in the following category(ics)`- 'ommercial property is valued by pc; z3idering the cost, market, ap, .ncome approaches- . If your concern is the amount of your property tax,local ta4lnq:;, 4 oritics(county,city,lire protection,and other special districts)hold budget ,earings in the fall- Please refer to your tax bill or ask your Ssscsgy for a listing of these districts,and plan to attend Ih!se budget hearings. the Assessor has carefully studied all available information,giyi4Rg yalicular attention to the specifics included on your protest,and has determined the taluation(s)assigned to your property. The reasons for this tielenn g4gn of value arc as follows 'he value of your property is considered within proper guideline: or large industrial properties Tbcated around the continental Inited States based upon compar4),Fe 'bold properties in the past :everal years. • PETITIONER'S ASSESSOR1I,VALUATION PROPERTY CLASSIFICATION ESTIMATE - OF VALUE ACTUAL VALU; ACTUAL VALUE PRIOR TO Rtvl€yl'; AFTER REVIEW VACANT LAND 1500000 1500000 INDUSTRIAL 98668OO1 98661OO1 AGRICULTURAL LAND 116444 116-444 ii{i u.)4S $ s 1OO284445 s 1OO28 445 APPEAL DEADLINES;REAL P ibPl"c rks¢'tf-JULY 16,PERSONAL PROPERTY-JULY f yon disagree with the Assessor's decision,you have the rira��tt°ic appeal to the County Board of Equalization for furl consideration,39-8- 06(1)(a),C.R.S. Please see the hack of this form for detarfe{I t nfprination on filing your appeal. trip a,.r ai iy: Stanley F.Sessions _ OG/27/2OO1 WELD COUNTY ASSESSOR D4a !: 5-DPT-AR I� 2001-2233 NOTICE OF VALUATION NOV# 89463 REAL PROPERTY LEGAL DESCRIPTION: This Is Not a Tax Bill Startle F. Sessions 23538 W2 26 6 67 & E2SE4 & E2W2NE4 & E Weld aunty Assessor 2NE4 27 6 67 & N2NW4 35 6 67 & ALL 34 6 1400 . 17th Avenue 67 EXC N2NW4 & N2SW4 ALSO EXC REC #152 Greeley.CO 80631 4120 ALSO EXC BEG S4 COR SEC S84D16'W 4 05/01/2001 Date: HEARING DATES: 1400/N117th/Avenue EASTMAN KODAK CO LOCATION: 8:30 - 4:00 CORP TAX DEPT - ATTN MARK CAMARATA OFFICE HOURS: 343 STATE ST TELEPHONE NO: (970)353-3845 x-3650 ROCHESTER NY 14650 FAX NO: (970)304-6433 TAX YEAR: 2001 TAX AREA 0429 PARCEL No. 080726000039 080726000039 ACCOUNT R0128087 PROPERTY PRIOR YEAR CURRENT YEAR INCREASE/ CLASSIFICATION ACTUAL VALUE ACTUAL VALUE DECREASE VACANT LAND 0 1500000 1500000 INDUSTRIAL 73351484 98668001 25316517 AGRICULTURAL LAN 243383 116444 -126939 AGRICULTURAL RES 0 0 0 TOTAL 73594867 70098444 26689578 Parcel# U'B572615UO03l3 R0128087 Account# To appeal by mail,list your name,address,and phone#below,detach the lower portion of this notice and mail in accordance with instructions on the reverse side to: Name: Weld County Assessor Address: 1400 N. 17th Avenue Greeley,CO 80631 Phone: _ An assessment percentage will be applied to the actual value of your property before taxes are calculated. The assessment percentage for residences is projected to be 9.00 %. Generally, all other property,including vacant land,is assessed at 29%of actual value(39-1-104O)and(1.5),C.R.S.). A change in the projected residential assessment percentage is not grounds for an appeal of value or abatement of taxes.(39-5-121(1),C.R.S.) Your property was valued as it existed on January I of the current year. The"current year actual value"represents the actual value of your property as of the appraisal date. The appraisal date is June 30, 2000. The tax notice you receive next January will be based on that value. Appraisal data used to establish value were gathered from the 18 month period ending June 30,2000. If data is insufficient during this time period,assessors may use data from the five-year period ending June 30,2000. Data should be gathered in six month intervals going back from June 30,2000,until sufficient data is gathered. The following property characteristics were used to estimate your property value: , 4 "The square footage listed is the total exterior square footage and may include other structures on the property. YOU HAVE THE RIGHT TO APPEAL YOUR REAL PROPERTY VALUE OR ITS CLASSIFICATION APPEAL PROCEDURES REAL PROPERTY APPEAL PROCEDURES APPEAL BY MAIL: If you choose to mail a written appeal,you may elect to complete the appeal portion of this form, detach it, and mail or FAX it to the Assessor at the address listed on this Notice of Valuation. To preserve your right to appeal,your mailed appeal must be postmarked no later than May 29. TO PRESERVE YOUR APPEAL RIGHTS, YOU MAY BE REQUIRED TO PROVE YOU HAVE FILED A TIMELY APPEAL; THEREFORE, WE RECOMMEND ALL CORRESPONDENCE BE MAILED WITH PROOF OF MAILING. APPEAL IN PERSON: If you choose to present oral or written objections to the Assessor in person,you may elect to complete the appeal form at the bottom of this page and de iver it to the Assessor at the address listed on this Notice of Valuation. To preserve your right to appeal,you must appear in the county assessor's office on or before June 1. ASSESSOR'S DETERMINATION:The Assessor must make a decision on your appeal and mail allotice df Determination to you by the last regular working day in June. APPEALING THE ASSESSOR'S DECISION: If you arc not satisfied with the Assessor's determination,or if you do not receive a Notice of Determination from the Assessor,you must file a written appeal with the County Board of Equalization on or before July 16. AFTER THESE DATES,YOUR RIGHT TO PROTEST IS LOST. REAL PROPERTY APPEAL FORM YOU MAY ELECT TO COMPLETE THE FORM WHICH FOLLOWS TO APPEAL YOUR PROPERTY VALUATION OR CLASSIFICATION. Completing the Real Property Questionnaire which follows will help you determine an estimate of value for your property,which can be compared to the value determined by the Assessor. Colorado law requires application of the market approach to value for residential properties(includes apartments)and consideration of the cost, market,and income approaches to value for vacant land,commercial, and industrial properties. REAL PROPERTY QUESTIONNAIRE ATTACH ADDITIONAL DOCUMENTS AS NECESSARY MARKET APPROACH:This approach to value uses sales from the appropriate time period to determine the actual value of your property. The following items, if known, will help you estimate the market value of your property. If available,attach a copy of any appraisal or written estimate of value. Have similar properties in your immediate neighborhood sold? DATE SOLD PROPERTY ADDRESS SELLING PRICE Note: The Cost and Income Approaches are used for Non-Residential properties only. COST APPROACH: This approach uses replacement cost new, less depreciation and is best when the structures are new or less than 5 yrs old. If the structure is less than 5 yrs old please answer the following: Type of Structure Cost to construct new Have changes been made since construction. Please describe them. Type of change Cost Type of change Cost Type of change_ ___ Cost INCOME APPROACH: This approach uses net income from operation of a property which was rented or leased the previous year and converts the net income into actual market value. Please attach operating statements showing income and expenses related to operation of the buildings only. These statements should reflect the past 3 years of operation if possible. Also show rents of comparable properties if you have that information available. If you have an appraisal showing the income approach which was clone in the past 2 years,please attach also. Based upon the information shown above please give your estimate of the true market value of your property as of June 30,2000 $ DOCUMENTATION -REASON FOR REQUESTING A REVIEW: ,t cu uI rat ua.UU rii rnn NU. N. 02 ant ,• . lit: ...;t'7D...1_?'': Nice .i iii . •' • : ys.. 25,2001 1; • Ij • , Q ltm +Concern: 1 • ' , 1 •• Ltuan Kodak Company("Kodak")is the owner of certain teal and personal property located in Weld County,Colorado. Kodak has authorized Ilolmc Roberts&Owen LLP,acting tli tough any of its attorneys,to execute and file on Kodak's behalf and to prosecute as necessary any and all protests,abatement requests and appeals of the actual values assigned to Kodak's real and/or personal property located in Weld County,Colorado for property tax year 2001 and 2002. EASTMAN KODAK COMPANY • . .•,_sue_-v-;_ Name: Mark S.C.amarata CPA,CMI Title: Director,State and Focal Taxes r. • iii 1, • i . ;;•4.:-.-• . ii i. iii .t . 11 ak I K Wit. ;—' < WOMAN NOON(COMPANY • 343 SWE STREET - ROCHESTER.NEW YORK 14650 Qk 'r*vtrrs • Holme Roberts &Owen LLP July 13, 2001 Certified Mail # 7106 4575 1292 2058 5056 Return Receipt Requested Weld County Board of Equalization P.O. Box 758 Greeley, CO 80632 Re: Petitioner--Eastman Kodak Company Weld County Real Property Tax(Tax Year 2001) Account No. R0128087 Parcel No. 080726000039 Ladies and Gentlemen: James D.Butler (303)866-0449 Enclosed is a petition to the Weld County Board of Equalization for filing with butler@hro.wm your office. A letter authorizing this firm to represent Eastman Kodak Company in this matter is attached to the petition. To ensure timely delivery of this petition, we are sending one copy of this letter and the petition by fax and one copy by certified Attorneys at Law mail,return receipt requested. 1700 Lincoln Street Please send the notice of hearing for this matter to me at the above address. Suite 4100 Denver,Colorado Thank you for your assistance in this matter. 80203-4541 Tel(303)861-7000 Fax(303)866-0200 Very truly yours, wuw.hro.com HOLME ROBERTS & OWEN LLP Denver Salt Lake City Boulder Colorado Springs London ames D. Butler JDB/pg Enclosures cc: Mr. Mark Camarata Mr. Tom Larkin #734414 vl Holme Roberts &Owen LLP May 29, 2001 uu RR Certified Mail - Return Receipt Requested Stanley Sessions Weld County Assessor 1400 North 17i°Avenue Greeley, CO 80631 Re: Eastman Kodak Company Weld County Real Property Tax(Tax Year 2001) Account No. R0128087 Parcel No. 080726000039 Dear Mr. Sessions: James D.Butler (303)866-0449 Our client, Eastman Kodak Company ("Kodak), is the owner of the real property butleq@hrocom included in Weld County account number R0128087 (parcel number 080726000039) (the "Protested Property"). We understand that your office has assigned a total actual value of$100,168,001 (net of the actual value assigned to land classified as "agricultural land," which is not protested)to the Protested Property for property tax Attorneys at tam year 2001 (see the attached "Notice of Valuation"). Pursuant to Colorado Revised 1700 Lincoln StreetStatutes section 39-5-122, Kodak hereby protests that valuation on the grounds that it is Suite 4100 excessive and requests that you review the valuation and reduce it to its correct actual Denver,Colorado value. 80203-4541 Tel(303)861-7000 Kodak has requested but not yet received from your office information Fax(303)866-0200 regarding how the actual value of the Protested Property was determined. Accordingly, mmm.hro.com Kodak is unable to comment with particularity on specific errors your office may have made in arriving at its value determination. However, Kodak believes that the Denver excessive valuation of the Protested Property may have resulted from one or more of salt Lake City the following errors: Boulder Colorado Springs • Failure to give appropriate consideration to the market approach to value. The London actual value assigned by your office to the Protested Property exceeds $30 per square foot of improvement area. Kodak sold a facility similar in many respects to the Protested Property in June 2000 in an arm's length transaction for substantially less than$7 per square foot. We have provided your office with substantial information regarding this sale, including a tour of the property. We have previously discussed other comparable sale transactions with your office that,properly adjusted, support values consistent with this sale. • Failure to make adequate allowance for functional and economic obsolescence in the cost approach to value. To the extent your office applied a cost approach #723415 vl Hohne Roberts &Owen LLP Stanley Sessions May 29,2001 Page 2 to value, it appears that insufficient allowances were made for functional and economic obsolescence. • Excessive land valuation. Your office increased the actual value assigned to the land included in the Protested Property from $3,641,695 to $12,280,001 (net of the actual values assigned to land classified as agricultural land). This valuation increase may be attributable to erroneous classification of agricultural land as vacant or industrial land or to excessive valuation of land properly classified as vacant or industrial land. Kodak reserves the right to state other reasons for its objection and protest at any time and from time to time in the protest process. A letter authorizing us to represent Kodak in this matter is attached. Please send notice of your decision to Kodak at the address listed on the attached Notice of Valuation and to the undersigned at the above address. Thank you for your consideration. Very truly yours, HOLME ROBERTS & OWEN LLP 69ames D. Butler JDB:pg Enclosures cc: Mr. Mark Camarata Mr. Tom Larkin #723415 vi 07/13/2001 11:13 FAX 3038660200 4:plme Roberts & Owen 2i001 r Holme Roberts &Owen Id,P Hitters at I SU) IU9Lincoln Street Tel(303)861-7000 Simi 4100 Fax(303)866-0200 � i pnrer, Co 80203 _----- FACSIMILES MAY BE SENT TO$11414i'•i FAX LINE, (303)866-0200 or to the individual's direct fax line, if any: TO: Weld County Bo d of _ FAX: 970-352-0242 I E ualica ' n TELEPHONE CONTACT INFO FIA TION FOR ABOVE RECIPIENTS, in f),se of transmission problems: PHONE# .3. Weld County Board (970)353-3$4$ 0,s1'Entialization Dale: July 1$, 2001 Billing: 40149/20020 From: James D. Butler Atty/User#: 0107 Number of pages following this cover i, : 8 If the top of this fax shows that it was-a;,awltted from 303-866-0200,p use call our Cu 'tenter at (303)866-0362 if there are any Iran is ,!4Cp problems. Otherwise,pl contact Asia, on Floor 45's Ft. at the following number • If you do not call with-, 15 „• we d assume you have received the pages satisfactp!i,}. CONFIDENTIALITY NOTE: The UAL!'tnhjon contained in this f im'le ' smittal j and document(s)that follow are for the eg"tlusive use of the addressee and m: • •.ntain c ilia!, privileged and nondisc losable infonnitai r If the recipient of this facsimile is not the *see,or a person responsible for delivering this pi y le to the addressee,such recipient is strictly .rghibited from readmg,photocopying,distnbululg bJ ptherwise using this facsimile transmission, its contents,in any way, lithe recipient Ilkk'received this facsimile transmission in error,pie se call us immediately and return the facsimile dismission to us via the United States Postal Servj 'p. Thank you_ Offices in: Denver Salt Lake Cap}, 1)oulder Colorado Springs London 07/27/2001 15:14 FAX 3038660200 Heine Roberts & Owen [4 002 VIA FAX July 27,2001 Weld County Board of Equalization 915 10"'Street,P.O.Box 758 Greeley,CO 80632 Attention: Mr. Donald D.Warden,Clerk to the Board Re: Parcel No. 080726000039;Account No. RO128087 - I Dear Board: James D.Dude' Thank you for your Notice of Hearing dated July 19,2001, a copy of whielt is (9a918as.aao attached. According to the notice,the Weld County Board of Equalization)hasbutlai@ivesom set the hearing on the parcel and account numbers referenced above for August 3 and has allowed 15 minutes for the hearing. Pursuant to telephone convctptions with Kim of your office on Tuesday,July 24, I understand this hearing has now been re-set for Thursday,August 2,at 11:30 a.m. and that one hour has been allowed for the hearing. Please let me know if my understanding is incorrect. Thank you for your consideration. I understand the difficulty of changing hearing dates for County Board of Equalization hearings, and we very much appreciate your accommodation in this matter. I Very truly yours, IIOLME ROBERTS l& OWEN LLP J es D. Butler J JDB:mr I cc: Stanley Sessions, Assessor Mark Camarata • Lucille Mantelli Tom Larkin 0731351 vi 1\C Awl CLERK TO THE BOARD PHONE (970)356-4000 EXT 4217 FAX: (303)352-0242 ' WEBSITE: www.co.weld.co.us 915 10TH STREET O P.O. BOX 758 GREELEY, COLORADO 80632 COLORADO July 19, 2001 EASTMAN KODAK CO CORP TAX DEPT-ATTN MARK CAMARATA 343 STATE ST ROCHESTER NY 14650 Parcel No.: 080726000039 Account No.: R0128087 Dear Petitioner(s): The Weld County Board of Equalization has set a date of August 3, 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. EASTMAN KODAK CO - R0128087 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 Donald D. en� , ate it Clerk to the Board J BY: (14-' f re/ Carol A. Harding, Deputy cc: Stanley Sessions, Assessor JAMES BUTLER HOLME ROBERTS AND OWEN LLP 1700 LINCOLN STREET, SUITE 4100 DENVER CO 80203-4541 200,000 square feet. Mr. Letman placed this sale fifth in terms of comparability. The Springfield, Missouri sale was never offered on the open market and was sold to an existing tenant. We can take little direction from such a sale. Comparables #5, #7, and #8 involved former IBM properties:- The Board is not convinced that these transactions were arm's length. Comparable #7 was sold in a sealed bid procedure. Mr. Letman testified that he assigned little weight to Comparable #8. The Board could take little direction from any of these seven sales. 17. The Respondent presented five sales in addition to Longmont. Mr. Foster withdrew Sales #3 (Montgomery County Pennsylvania) and #6 (Austin, Texas) on the record. Sales #1 (Hudson, Massachusetts) and #4 (Richmond, Virginia) involved an allocation of land and improvement values from sales prices that included real and personal property and intellectual property rights, as well as employees. The Board cannot derive a reasonable valuation conclusion from the allocation of such sales. Sale #2 (Pennington, New Jersey) involved a sale from a petroleum research facility to a pharmaceutical research facility. The property is situated in the heart of the drug research community. It is situated within 50 miles of Princeton and is proximate to other large cities. The sale involved a sizable conservation easement and a State of New Jersey business employment incentive grant. The Board could place little weight on this sale. 18. The Petitioner's witness presented eight sales. The Respondent's witness presented six sales. The only common sale was the "Longmont" sale involving the Petitioner as the grantor and "KB Fund IV" as the grantee. The Board is drawn to this sale for a number of reasons. It is in Colorado. It is in the same county as the subject. It involves the Petitioner as the seller. It was sold from a single tenant user to a multi-tenant end user. It was constructed with materials that are similar to portions of the subject. It was constructed at a time when portions of the subject were constructed. The date of sale is roughly one year before the valuation date. It has an office area to industrial area percentage that is similar to the subject. The acreages used for industrial use are nearly identical. 19. None of the other comparables can claim such similarities. The Board is aware of the appraisal maxim that "one sale does not a market make." However, we are convinced the record indicates that, in fact, Longmont is the only credible sale. 20. Mr. Letman presented a market approach based on a "qualitative"analysis of the comparables. He analyzed the "market conditions," "location," "building size," "age & condition," "office/industrial ratio," and "land ratio" of the comparables. The comparables were determined as being either"equal" to the subject, "slightly" inferior or superior to the subject, "moderately" inferior or superior to the subject, or"substantially"inferior or superior to the subject. These qualitative determinations were then correlated to a net adjustment indicating either"similar,""slightly upward,"or"substantially upward"when compared to the subject. For instance, Mr. Letman determined the "Longmont" sale indicated a slight upward adjustment for time, an equal location with Louisville, a substantial negative adjustment for building size, a slightly negative adjustment for age and condition, and an office to industrial ratio and a land ratio that were equal to the subject. This resulted in a 36725.01 53 SMUT PHARMACEUTICAL RESEARCH 8 DEVELOPMENT FACILITY-UPPER PROVIDENCE TOWNSHIP,PENNSYLVANIA • • eL1 1 f, y rh , L at��f I _ III • • Non-Lab Building Building 4 PHARMACEUTICAL RESEARCH 8 DEVELOPMENT FACILITY-UPPER PROVIDENCE TOWNSHIP,PENNSYLVANIA hili ;., N 1 ' I �iwOdd.76e� �IwrkiiyyA � • r Aa a_ . ^ } r . ili , , ii!i , I • '11 u I d ems. _ air . L� `."_ 40r tY' Reception Area Building 4 go '7 PHARMACEUTICAL RESEARCH 8 DEVELOPMENT FACILITY-UPPER PROVIDENCE TOWNSHIP,PENNSYLVANIA B. Summary Asset;Listing Upper Providence Township Facility Fixed Assets Summary as o/August 1994 ($000) Category Total Cost Land $ 13,000 Buildings and Building Equipment 191,000 Vehicles/Capitalized Lease Equipment 1,000 Furniture & Fixtures 30,000 Computers 26,000 Machinery & Equipment 52,000 Process Equipment (a) 126.000 Total $439,000 (a) Includes building-related equipment such as HVAC's,fume hoods,etc. 65 Financial Re,a9Os7 P171p } F a' •5. '1'k .i I 'I ' : xt3 'L,.A f'4y:,. YN 41' ...a s — 0^ P I c irlf n di t if r 1 � t� yl I' 36 tI " ,.'i 9 k t 1, 101 }}} N s �a.. :At III is i — l - N is 1 atmi v. Y I ' ice rail i v� i Og C �i ♦"' U 1 N (� / �.'`. I 11 y I• I� I 1./J 'F h 11'S4. f .4r .1e I I � .Z'" II I } • '�F* yi�y� 14t liP 24) ' t I. • re' .1 . I 1; ,,k Ske .�a L al , w N . ` }........L.4„., • t 1r 'fk'• Q . 9 i"s" _ !tom•\ ., 1 t I�* 1 $ F . ` wl t�i \ CCD } r `44\ a ii ., �� I r ( � G14 l} d3I'1 / 1 J. t f 1t I ` `.J I NA 7 1+ A IrJ 0 ) t '� y i , ey I� I <^"`I rA 7._77f:1 !, ]jJ^' �1 I _;. U I! g' fp �k . ICJ �- I ct u.. . '� I ^- ; . I �; onf 1 I ..:Vti. er lie" 9,_* 1. .1111 li 1♦ t xi '� kNr } f 1 t. Vs:'�� s r t ••• ) II I �.'VM� N k 4 '1� • t l l' t '! ` S I. p sir lc' i }yeti}��^�� u E rl'•Y .,,ttn� °2 fit., t ! M I I +r p]v "..��i, `. ra"• u I S '1'4,7 BAA ic' .37219 X . }." 4' EXHIBIT Joint lloEkctxhibit B2 1q0/a-9,097 .� CONFIDENTIAL OFFERING MEMORANDUM KODAK'S ELMGROVE CAMPUS Rochester, New York ....w -.4-4,-u.., de's' ' 'i \ sr 1 '4w " x '' s -�z --;!..,-)- -7,-- -� rw " . ' ..��ppyy#tete� K.,y r , '�y;� .bF. 4.yr� FI'x'A xY .1� nxierli -� p, li'Fu�"r'r$'ti -�,i A Is:� ,c x 9�' R"' i' • 1 n Y'R Cry'. . L. .4-41-0.,,7 / J 4 1�(( C L 1 y I rE f - .� Flul'• M -c*es 3 1- Sale Pending Y le -. 9 i 9 A Fifteen Building Industrial and Office Campus 4,124,510 Square Feet Exclusively Offered By: CBI] Richard Ellis 513.369.1300 716.240.8080 EXHIBIT LO .1-°.904 Eastman Kodak Company--Weld County Real Property Tax Protest(2001) Prepared by Kodak for Weld County Board of Equalization Hearing, August 2, 2001 Sales that should have been considered by assessor: Sale Sale Sale Seller/ SF of Selling pr i$ data price location imos psf of imos Remarks 1 Jun-00 $ 30,000,000 Kodak/Elm Grove, NY 4,994,412 $ 6.01 Most comparable sale. 2 Feb-98 $ 16,600,000 IBM/Ulster, NY 2,507,935 $ 6.62 Similar size; age. 3 Oct-97 $ 15,300,000 USGSA/Columbus, OH 2,539,000 $ 6.03 Similar size; older property. 4 May-97 $ 11,965,000 STK/Longmont, CO 553,059 $ 21.63 Much smaller; better location; newer; still vacant 3 yrs after closing. 5 Sep-95 $ 10,500,000 Cat/Davenport, IA 2,479,000 $ 4.24 Similar size; partially owner/occupied. Note: This listing is based on information known to Kodak as of August 2, 2001. This listing is by necessity an extremely brief summary of complex transactions. Kodak reserves the right to add to, subtract from, clarify and correct this list at any time and from time to time. EXHIBIT fRO/n-4087 Eastman Kodak Company—Weld County Real Property Tax Protest(2001) Prepared by Kodak for Weld County Board of Equalization Hearing, August 2, 2001 Comparative demographics for Rochester and Greeley/Ft. Collins/Loveland: Median Avg Unemp Total City Population age income rate (6/00) mfg emp Rochester 219,773 31 $ 44,005 3.7% 51,405 Rochester MSA 1,078,662 Greeley 76,930 29 $ 37,241 4.2% 5,073 Ft. Collins 118,652 29 $ 49,883 3.8% 8,117 I oveland 50,608 2.6 $ 49,883 3 8% 5,214 Total/avg 246,190 30 $ 45,933 3.9% 18,404 Ft. Collins MSA&Weld Co 409,939 Source notes: Population, median age&income data are from 2000 census. Manufacturing employment data are from 1997 economic census. Unemployment data are from August 1, 2001 BLS report. Average income&unemployment rates for Ft. Collins & Loveland are combined. Rochester MSA includes six counties. Ft. Collins MSA includes Loveland. Note: This listing is based on information known to Kodak as of August 2, 2001. Kodak reserves the right to add to, subtract from, clarify and correct this list at any time and from time to time. EXHIBIT To the Weld County Board of Equalization Dear Sirs: This open letter is to address some of the issues that resulted in the current (2001) valuation on the KCD facility for tax purposes. As you are all aware, we are currently locked in a dispute of valuation for the past assessment period of 1999-2000. This value at approximately$73,000,000 is felt to be low to a certain degree for that period, but one that was negotiated by the past assessor and manager at KCD during that time. Because of these circumstances the current assessment staff chose to leave these values as agreed and focus on the 2001-2002 years to properly value the facility at that point in time. This translates to values of similar properties that sold in a national market from January 1, 1999 to June 30, 2000. Our research of this market resulted in sales, both local and from coast to coast, that we felt was market comparable and similar in many ways to the subject property of Kodak Colorado In this process we also looked at the separate issues of land and improvements to derive at a total value we felt best represented Kodak's potential market, if sold with no duress, no exclusions, no exchanged property or financial restrictions and between a willing seller and willing buyer in a marketplace where large industrial properties typically change hands. In short, much like the majority of sales we surveyed before reaching our final conclusions. The land issue was complicated by the fact we had not accurately recorded that area of the industrial plant that clearly fell within the boundaries of the plant site and yet were not being used in an agricultural nature. Sometime in the past the decision was made to show the plant site as 330 acres, which is relatively correct at a 4.5 to 1 LBR, but also included within these boundaries was another large amount of land that was clearly excess land for future industrial use (if necessary)but not being used for farming purposes as we had shown earlier. I chose to put this additional land as excess Industrial Raw land and valued it as such. Between the increased land mass with the site as well as an increase in value of the primary 330 acres, we increased the land value by a significant amount overall. This is better shown in the land value section of this report. It should also be noted that based upon the deeded portion of the plant site our figures show nearly 900 acres are included in this legal description, but many of those are being farmed and therefore we have separated that portion away from the industrial site. We additionally have worked very closely with an outside M.A.I. appraiser named West Foster regarding both the pending BAA case as well as our feelings of value for this current assessment period. Because of our extensive work on the past assessment period we felt, he could lend considerable expertise and insight to this years' valuation. In fact, many of the sales we surveyed and considered for this years' values were either discussed with Mr. Foster or actually supplied by him. Some of these sites he has already visited due to other work in other counties. This brings us to my last point, Equalization - we strongly feel that the current value of$100,168,000 for Kodak's facility is fair and equitable in light of recent decisions by the BAA on a similar property in Boulder County and on stipulated values within Larimer County including the Hewlett-Packard building. In both instances, values were concluded that indicate our valuation of Kodak is in no way excessive and actually very equalized to other properties that are similar in nature to them. Decisions reached in both of these cases show a value in the upper $20's per sq. ft. on improvements is reasonable and supportable. We bring this up primarily to show that our researches of national sales indicate values within this range to be correct. Based upon the supporting documentation included in this report, we ask The Board of Equalization to uphold the Weld County Assessors value @$12,280,000 for land -$87,888,780 for the improvements for a total value of$100,168,000 for the 2001-2002 valuation period. Respectfully,_Aktezt:of Michael Sampson Chief Appraiser Weld County Assessors LAND VALUES Included just behind this page you will find several pages of land sales that occurred in Weld County within the past few years. Many of these are in the Windsor/Greeley areas and reasonably representative of the subjects market value for both improved and primary usage as well as raw potential industrial land. You will see sales with a red mark and they are the top indicators of value for the Kodak site. Those with a star and colored yellow are those considered best comparables for the primary industrial land, those with stars highlighted in pink are secondary sales best suited for the excess plant land. Those sales highlighted in green are my best comparables while those in blue show large parcels that initially show agricultural use but were purchased for future development purposes. These are used primarily to help establish a raw land price for the excess land at the Kodak site. Based upon the three sales with red checkmarks we concluded the State Farm sale and Conagra sales best fit the subjects potential value for land. Especially the State Farm sale since it is fairly large. It should be noted this was without being ready to build upon,the Conagra sale was for a more build ready site at$1.75 per square foot. (But it was also much smaller in size). Industrial sites this large are very difficult to find true comparables but we feel that at$.75 per square foot for a fully finished site we are again reasonable. i It: �{I 13 tiPll iY b t /@'os�..r, .y 1 i ll u F w �w 7 a 9'a4s t � ,w are r't �, .p 1Y'3'sn at i Fr .' t n l"i l: 3� T5 t' 'Y '�'R ^- . Y UFi ' err fi li v j I. ! 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I 1 (0.25 731 LBl�' 7ar�c�z2,/o7��oo sgFT/So7aurs /O13 J6 5063 = 5,iz8,5'2o -57-. Fit- .- Kohoc I* 0424/2001 . Poing IIMIC 1. 1t8 M FILENAME'LOTFILESCOMMERCULNDSALE11995-OCURRENT � 89e A? 711 A�� e� r Z C C A� �W� COMMERCIAL LAND SALES 0 0 I I� N R PIN SUB NAME PARCEL NO GRANTOR GRANTEE CONFIRM S DATE S PRICE ADJ PR BDOKRECEPTIOI SIZE AREA SO FT SP/PSF S/ACRE TYPE E ADDRESS CITY 8402999 L2 WESTWOOD VILLAGE 3RD080720221002 SIMPSON GENE B FRANCES WILSON ROBERT) 03/03/00 775,000 2753865• 134,165 134,165 5.78 COM CB 1475 MAINST???? WINDSOR 7519699 WIN L8-9 BURLINGTON SUB 080721122008 BOJACS INC KUNZ KAREN 12/21/98 38,462 2664403 SOFT 19231 19,231 2.00 COM 0-C 185 MAIN ST WINDSOR 7519999 WIN L11815 BURLINGTON 511080721122011 BOJACS,INC HOLMAN JOHN L JR&SR 12/14/98 46,900 2661052 SO FT 76879 76,879 0.61 COM RMU WINDSOR 7520499 WIN 116 BURLINGTON SUB 080721122016 BOJACS INC HOLMAN JOHN L JR 8 SR 12/14/98 21,000 2661053 SO FT 22,032 22,032 0.95 COM GC 171 1ST WINDSOR 7620699 WIN LIE BURLINGTON SUB 080721232016 BOJACS INC MAFFEI ROBERT M 12/11/98 49,690 2661054 SOFT 33,345 33,345 1.49 COM MFR 512 ST WINDSOR 7520799 WIN L19 BURLINGTON SUB 080721232019 BOJACS INC DUNLAP ROBERT PB KATHRYN 12/11/98 53,820 2661057 SO FT 36,132 36,132 1.49 COM G-C 290 MAIN ST WINDSOR ;•6II 1ATI J I _'fil • ti)4iol - .m L r _ rer ^e W ¶r qs ra. r311 r`lcly x 1 fi'LF• ' r> E,T. K. v� ''',71r"...7.2 re: t € Ir;u-,'-. s .��, t I zU f i 7514398 PT SW1/4 22'6-67 080722003072 WINDSOR CENTER INC NORTHERN COLO SELF STORAGE 01/1298 261,360 2590061 ACRES 4IIIIr 131,116 1.99 86,831 DEV B-C HWY257 WINDSOR; WIN PT SW422667 080722000073 WINDSOR CENTER INC DETOMAJOHN 05/08/09 700,000 2767044 ACRES 8.87 396,415 1.81 78918 DEV G-C HWY 257 WINDSOR WIN L D&E VALLEY CTR 080722001005 WINDSOR CENTER JVD LEASING 1002/98 85,000 2645343 SO FT 82,766 82,766 1.03 PUD G-C 9291 EASTMAN PARK DR WINDSOR a -- 1 "`y18fyE rt - ---,4:4-;,...r.:,,,-... Ai re sJ Yrt I Yr Y 1 �. 'VK' ""° i Ll,. . i N. o L.°C,tw 6:1 l_,ic4 W v1L1- o r L. .t7 °rz i h/ r KYi;`"k ri "In "41?-,. 0417301 Wn Tech Bus Ctr L3,7,8,9,B 1080722009003 WINDSOR DEVELOP GROUP HOEHNE OTTO E 1025/00 319,965 260289150 FT 784267 164,267 1.70 IND I-L WINDSOR 3:4 etYIE FY r >'J �.,SO r Tl w 1,5 i` F ^-y rS '7. 1! . . . 't . w Se a l• ps/t l';,'''', ` 0418601 WIN TECH BUS CTR L7 82 060722010007 WINDSOR DEVELOP GROUP WINICK STEVEN&ALIESA 12/28/00 69,952 2817075 SO FT 48,174 48,174 1.45 IND I-L WINDSOR 12264977s WIN TECH BUS CTR L1 BI 080722202001 WINDSOR TECH BUS CENTER AKBARY&KIYAM 07114/95 59,900 1501 2447054 SD FT 59,914 59,914 1.00 IND I-L Y 489 GARDEN DR WINDSOR Alta"'C t'L'I ti •I' ''"'"2,j*'}J__, r.1'c sii T-°'--';'2.I., r1IT"/,. F ' 'P , ., . `.1L ' 1 IL:Tir s$!.ifIL.I 'i.% tfia 1226597 WIN TECH BUS CTR L5 B 1 080722202005 WINDSOR TECH BUS CENTER LLANPHEAR MEL 04/1696 25,000 1543 2486370 SOFT 35,933 35,933 0.70 IND I-L 600 INNOVATION CIRCLE WINDSOR 1225997 WIN TECH BUS CTR L6 B I 080722202006 WINDSOR TECH BUS CENTER 1BRUNMEIER LARRY K&DONNA 04/23/99 60,000 2689635 SO FT 45245 45245 1.33 IND I-L 620 INNOVATION CIRCLE WINDSOR WIN TECH BUS CTR L7B B7 080722202007WINDSOR TECH BUS CENTER LIBC CO INC 08/31/98 36,003 2637879 SOFT 22,500 22,500 1.60 IND FL 640 INNOVATIONCIRCLE WINDSOR WIN TECH BUS CTR 2 L7A 080722202007?WINDSOR TECH BUS CENTER LCURTIS RICHARD C&MARY 12/21/96 35,000 2663419 SOFT 22,503 22,500 1.56 IND I-L 7?INNOVATION CIRCLE WINDSOR 1227197 WIN TECH BUS CTR LB B1 080722202008 WINDSOR TECH BUS CENTER HARDER PAUL F/HARDER BLDG 10/08/96 60.000 1571 2515078 SO FT 44,914 44,914 1.34 IND I-L Y 500 GARDEN DR WINDSOR 1227297 WIN TECH BUS CTR L9 B1 080722202009 HOUSE LELAND ETAL RUFF C&SAMPSON M 06/1499 50,000 2701453 SO FT 92,974 92,974 054 IND I-L 500GARDEN DR WINDSOR 1227297 WIN TECH BUS CTR L9 81 080722202009 RUFF C&SAMPSON M SOUTHWEST PROPERTIES 12/02/99 100,000 2736/48 SO FT 92,974 92,974 1.08 IND 14 500 GARDEN OR WINDSOR 1227397 WIN TECH BUS CTR LI B 2 080722303001 WINDSOR TECH BUS CENTER L WINDSOR DEVELOPMENT GROUP 03/1807 75,000 1597 2539040 SO FT 57,199 57,499 1.30 IND I-L 561 GARDEN DR WINDSOR 1227497 WIN TECH BUS CTR L2 B 2 080722303002 WINDSOR TECH BUS CENTER LWINDSOR DEVELOPMENT GROUP 12/0390 75,000 2659780 SO FT 57,936 57.936 129 IND HL 541 GARDEN DR WINDSOR Page 11 . , 04/24/2001 FILENAME:LOTFILES/COMMERCLLNDSALE16995-CURRENT Z C COMMERCIAL LAND SALES 0 0 N R PIN SUB NAME PARCEL NO GRANTOR GRANTEE CONFIRM S DATE S PRICE ADJ PR BOOKRECEPTIOI SIZE AREA SOFT SP/PSF S/ACRE TYPE E ADDRESS CITY 1227597 WIN TECH BUS CTR L382 080722303003 WINDSOR TECH BUS CENTER LANDERSEN JAMES 8 TIFFANYH 01/1126 60,000 1000001527 2471907 SO FT 95.099 95,099 105 1 IND 4L V701 AUT0MATON DRIVE WINDSOR 1227697 WIN TECH BUS CTR LI B 3 080722304001 WINDSOR TECH BUS CENTER LSKOGLUNO LYNN F&DEBRA D5/20/97 97,500 1608 25449736 SO FT 102,270 102,270 0.95 IND H. Y 501 AUTOMATION DRIVE WINDSOR PTS24567 1'.O „ 04/1798 341,100 2607530 ACRES 227.24 q 9,898574 0.03 1,501 eCriitrY 8501 CR 80 WINDSOR 1005096 PT NW4SW44-587 09/07/95 20,700 1510 2/54725 ACRES 1224 533,094 0.04 1,69k" 5f: BOW CR60 WINDSOR 5E4 6 S fi7 L 2 RE 1042 06/15/98 250,000 2820322 ACRES 144.91 6,312,367 0.04 1, ,. 28775 CR 17 WINDSOR 4JY.y q F,,,.; a iy `+c '., 3 p1j r i{.hs _ rs 2-;,rtiNft'yzj .I ;+„', rLr .;,J �I. 1�,t7} �1``.a+e'� u� fl�a 'TCt i4 v7,1f^Itii uT i ,'" I�mF IttIl y Yi1. r ' 'v ri-C; 3,41 , >ii'�3iiY"j j + 1a1 {'I in+ x _ ` 1 'y " ' 4 c rig; --r �'�I. ' S+$i W°' 11W� � �'�t+� k'Jv �� _s�� E 4 ° "('I,A�i��. .,.�f,),t ��4:: n , 'X, � 1612186 N216567 'kr 019490 l,155,000rt 2763097 ACRES 292.31 12,733,024 �, 98100HWY34 GREELEY K 1632986 PTNE429567 i� 5"t 7y' OI/0728 300,000 2589200 ACRES 140.00 6,098,100 0.05214 pn' 25771 CR 17 JOHNSTOWN PT NE429567 5 `+~+ 142&99 590,000 2730944 ACRES 134.76 5,870,146 0.10 4,3Z }ez '-32002 CR 54 JOHNSTOWN 0422301 525W432567L A RE 2720 095732000026 ROCKY MTN INVEST WILSON DONALD L 12/06/00 195,000 2813339 ACRES 34.08 1,484,394 0.13 5,722 RES 25155 CR50 JOHNSTOWN 0422401 525W432567 LB RE 2720 095732000027 ROCKY WIN INVEST GREATHOUSE SHAWN A 09/28/00 199,900 2797418 ACRES 45.84 1,996,790 0.10 4,361 RES 25101 CR50 JOHNSTOWN 8800600 + r{tL E3IVLICH I INC 00/07100 93,900 2773766 ACRES 46.63 2,001200 21 , : MILUKEN 1647586 GR L2 E2NE4NE41566 09591102013 BALADEZ ARTHUR ROYBAL CONSTRUCTION 09/0729 115,000 2719322 ACRES 5.00 217,600 0.53 23,000 DEV 2342WCST GREELEY 1686086 GR PT L3 E2SE4NE4 14-66 095901109009 DURAN SALLY ETAL NORTH RANGE BEHAV HEALTH 07/22/97 58,000 1617 2559760 ACRES 425 185,130 0.31 13,647 RES 2315 W 4 ST GREELEY 1886186 GR PT L3E2SE4NE41.546 0059011090100URAN SALLY NORTH RANGE BEHAV HEALTH 0722/97 23,000 1617 2559761 ACRES I.6 69,696 0.33 14,375 RES 2315W 4ST GREELEY 1686386 GR L1-24 ALLISON SUB 095901109014 ANDRADE JOE D GALY HABITAT FOR HUMANITY 05/10/96 95,000 1547 2490969 ACRES 7.00 304,920 0.31 13,571 BEV WI 325 23 AV GREELEY 1692066 W2NW4NE4NW4 1-5-66 095901200004 LANDWEHR WM H B GERI CRUMB KENNETH 06128/96 45,000 1554 2499511 ACRES 2.50 108,900 041 16,000 DEV 32523 AV GREELEY 1692086 W2NW4NE4NW41-5.66 095901200004 NORTHVIEW LLC NORTHSTAR HOMES,INC 12/12/96 760500 1581 2524658 ACRES 5.56 241,969 3.14 136,781 DEV 3101 CST GREELEY 14 GRNORTHVIEW 5 LOTS 0959O1200W4INORTHVIEWLLC CAKWCOD MOBILE HOMES 01/09/97 97,500 1587 2529381 SOFT 38,229 38229 2,55 RES RI 3401CST GREELEY � fr� 1 .� ':1"faiPa5 4l "� ;1 ' 'v[11, .rb47 T41 :L 7 .TVx . yrt+ '. y f ar +�+ . 3 a. E; ' r R- mh dy ,I{ k a r;J 3 NW r 9T . may,. I v F, ''re...-(C 7 �nx�»+53 us�,��i.,.rN- �,�"L N� r 1 ,�.+rLw t v„ • - aT1 — ...L- mt+ 6778696 GR PTNW41566 095901200038 VUKOVICH B&MIRKO B GREELEY CITY 0124/97 25,900 2531041 SOFT 223,468 223,468 0.12 RES R-1 10035 AV GREELEY 15 GR 10 LOTS B183NORTHVIEV09$901203047 NORTHVIEW LLC COLO FACTORY HOMES 12/27/96 195,000 1584 2526999 SO FT 66.270 86,270 2.94 RES R-1 3016C ST GREELEY • Page 12 0424/2001 FILE NAME:LOTFILESICOMMERCNDSALE11995-CURRENT Z C LA. COMMERCIAL LAND SALES D 0 N R PIN SUB NAME PARCEL NO GRANTOR GRANTEE CONFIRM S DATE S PRICE ADJ PR BOOKRECEPIIO1 SIZE AREA SOFT SP/PSF S/ACRE TYPE E ADDRESS CITY 6825997 WIN MANOR CTRE PAD 1,6,7 080717303000CAMLOT AT WINDSOR RUNTA•CANADAY•WALLING 01/17/97 75,000 1588 2530227 SO FT 99,224 99,224 0.76 COM PUD 1200 W ASH ST? WINDSOR 6825797 WIN MANOR CENTRE PAD 1 080717303011 R.F J.,INC MC BRYDE DAVID C 04/82/97 17,000 1601 2542932 SOFT 14,618 14,618 1.16 COM PUD 1194 W ASH ST WINDSOR 8049199 MANOR CENTRE W2 PAD 6 080717303016 R.F.J.,LLC ASHLEY MICHAEL&BRUHIN MICHAEL 06/11/99 105,000 2700349 28.863 28,863 3.64 COM PUD 1226 W ASH ST WINDSOR 8049299 MANOR CENTRE E2 PAD 6 080717303017 R.F.J.,LLC HARTFORD HOMES,INC. 10/19/99 70,000 2727680 28,863 26,863 2.43 COM PUD 1218 W ASH ST WINDSOR .avmgi }IJ!i L v 1 `: 1 d1 T ' ' y i 'P ' 1 r-�rf . I Sri jal)J 17 d .. , S 1s f- 'F L Y.�-. i " n i 1<I ti .1° w-'. I ( �5 I.�' +rl+>rill4il* J wP€ . �� T v 5b94a`44}�Wll li�'01 h 3,�. _ �u l r +y,�yyY�i ,i '�# " ,.i'16 e m ' i-'Fk`11,I 4- t v I FX - "'1a e cT io - S''5�--Y ti*y f .� t. V li c& C IL I:'4141.11:%3':.: . 1 d -.x I 11 -� rrtii; u, ice. . r .. �.. 111.1�.rr,8609100 CALABRIA SUB LOT I 080717412001 GIORGIONE PIETRO&MAUREEIWINDSOR SEVERANCE FIRE PROTECTIOI 0225W 140,000 2762656 50 FT 35,000 35.000 4.00 COM SE CORNER OF8ST&ASH SWINDSOR ❑ 8609200 CALABRIA SUB L 23 080717412002-GIORGIONE PIETRO&MAUREEIWINDSOR SEVERANCE FIRE PROTECNOI 022121 276,600 2824286 SO FT 55,323 55,323 5.00 CON SE CORNER OF 8 ST&ASH S WINDSOR . Y �`a` 5'^a74j t'rntj L c o it ^r �YvIH 'l�?dk,.,=. i7t ,, KPH .,r ,, ral` ., s''i'v .. .,1t '� b,1"'i'. ,, , :5 aNw?-. t>r:j1.1; . . .l . vt.�,.. It-5 B 1 HOEHNE SUB 080719000000 HOEHNE 0110 SAFEWAY STORES 46 INC 042820 1,628,041 2765435 ACRES 13.06 569,092 2.86 124,616 COM SWCOR 15 ST&392 WINDSOR 1430686 PT NW419667 080719000001 WINDSOR-WELD LAND KAPLIN CO LLC 0128/97 90,000 1586 2528490 ACRES 13.0D 566,280 0.16 6,923 DEV 6000 HWY 392 WINDSOR 1430686 PT NW4NW4 19 6 67 080719000001 COLORADO STATE WINDSOR-WELD LAND 12/3096 15,000 1584 2527391 ACRES 13.25 577,170 0.03 1,132 DEV 31901 CR13 WINDSOR PT 19520667 080719000043'SIMPSON GENE A&FRANCES DOUBLE E&G INC 12/19197 824000 1636 2586623 ACRES 12060 5,253,336 0.16 1831 DEV 77 7 6990 HWY 392 WINDSOR e= r�1 r, 2 l;}sn tteFT'a s�„i'e t Ei'"_": ( x .�. Y lT`Ia /— ' - :ai 1' - ,r ,_ i '^ i -A(' 7 1y1.11to 1 IzT x117 vJ, '.� li z tq¢ r >r, ,-" ••••48„;;;,;.y.,' t ,^fI 1431386 GW4I55A W25E419-fi 67 4;nWG`- 072496 300,000 1503 2448274 ACRES 186.25 8113050 0.04 1 ",...;J::,-"j.2 `229 CR13 WINDSOR To..: ... . .1.,,,a„.4-,,2:,.,,,,, ' te ..,,1 D8d40099 WINDSOR WEST 2nd LOT 4 080720128004 EPICENTER DEVELOPMENT,INCA&J PROPERTIES,LLC 09/14/99 150,000 2720541 SOFT 36,406 36,406 4.12 COM PUD 1040 WALNUT STREET WINDSOR F L.At-F -: nRT Yin .Io-5. 1 e;. 1 M I ,:'I 1 r5 ':"7,_:,..'::r-4,4;-'&;-'1;:::::—:;.;-' .:e f ;. v,' F$' 1 a . T:(j≤.'* r,t J s 5 P rv1 .„;A .: 1Nq 4 7 i }L a`1a I 'i1 ,� ,LZ 1' J `,v iLF..J, l f r I s ,r1 1 >rrl , ., h Y' 0374394 WIN L3 WIND TOWN CTR 080720203000FWINDSOR TOWN CENTER.INC.VALLEY WASH INC 0622/95 125,000 1495 2441359 SO FT 31,380 31,380 3.98 COM GC 1191 MAIN ST WINDSOR 1065996 WIN LI WIND TOWN CTR 080720203001 WINDSOR TOWN CENTER,INC.DILLION REAL ESTATE CO.INC. 072095 233,805 1503 2448281 SOFT 46,761 46,761 5.00 COM C-G 1201 MAIN ST WINDSOR 1066096 WIN L2 WIND TOWN CTR 080720203002 WINDSOR TOWN CENTER,INC.BALFANYOSBORN-TARANTO 04/2095 125,CW 1490 2436502 SO FT 26,049 26,049 4.80 COM C-G 1231 MAIN ST WINDSOR 1066496 WIN Ld WIND TOWN CTR 080720203004 WINDSOR TOWN CENTER,INC.FFCA ACQUISITION CORPORATION 09/3099 310250 2724733 SO FT 43,883 43,883 7.07 COM GG Y 1295?MAIN ST WINDSOR 6811297 PT L3 WIND TOWN CTR 2ND 080720203009 WINDSOR TOWN CENTER,INC.ADVANCE TANK CONSTRICTION CO. 052897 212,882 1605 2550636 SOFT 46,049 46,049 4.62 COM GG 1285 MAIN ST WINDSOR 1076596 Win Bldg B Shope Weehwod 080720209002 DOUBLE E&0 FIRST NAIL BANK 09/2020 270,000 2796594 SO FT 12,000 12,000 22.50 COM C-G MAIN ST WINDSOR 8402799 L1 WESTWOOD VILLAGE 390080720221001 SIMPSON GENE&FRANCES POUORE VALLEY HEALTH CARE 11/11/99 755,964 2732874 SO FT 169,239 169,239 4.47 COM GG Y 1455 MAIN ST WINDSOR Page 10 i 1955.41 2640.18 n89°25'07"e n89°44'47"e N O 0 O N oc N N a b A a O 10 N la int 10 P N ,p E n 9 O O u N N O o O N Lt-t2 a N R N O N a O F o N N a o A 01 J S cc 0 N 0 O yy N J a Co W a O T T i e 2803.88 1060.15 s89°36'18"w 0 n89°44'24"e a n89°43'19"e 2872.74 ' 8 0 a w N W N A N (A - N s89°49'51"w 3018.38 0 ta w w• w j L N� t ,(5‘03:-k) n90°00'00"w o 0' 1668.17 1668.17 'r; I s84°16'32"w 1462.09 Title: Date: 07-28-2001 Scale: 1 inch= 1500 feet File: Tract 1: 894.510 Acres: 38964857 Sq Feet:Closure=n88.5501e 12.65 Feet: Precision=1/3061: Perimeter=38736 Feet 001=s00.2432e 2640.59 009=n00.0000e 990.49 017 n00.2736w 1322.86 002=s00.2503e 1320.24 010=n90.0000w 1668.17 018=n00.2641w 2640.20 003=s00.2447e 1320.66 011=n10.3834w 1293.37 019=s89.3133w 653.53 004=s10.4747e 1344.20 012=s89.4951w 3018.38 020=n00.2426w 2638.99 005=s89.3618w 2872.74 en ois≤5°iw''o i�zzzsa 021 n89.2507e 1955.41 006=s00.2342e 1325.15 014=n00.1326w 876.96 022=n89.4447e 2640.18 007=s29.5205e 2447.15 015=n89.4424e 2803.88 008=s84.1632w 1462.09 016=n89.4319e 1060.15 MARKET APPROACH Based upon a search of national sales that occurred in the past five years (as allowed by law) and focusing primarily upon the period from 1/1/99 - 6/30/2000, we looked for sales that indicated a potential market value for the Kodak Colorado plant site. This research was done on the intemet, done with sales supplied from outside sources, and by conversations with other counties that also had large and complicated industrial sites similar to Kodak. I placed these sales on a table that you will find directly behind this page. After construction of this table, I attempted to determine a reasonable value per square foot for Kodak based upon the sales found. What I found was a median of nearly$48.00 sf and a mean of$46.70 sf. By tossing the highs and lows out and re-calculating to account for the huge discrepancies in range, I found the stats stayed at nearly the same level. Based on this information I established a starting value of$48.00 and then adjusted this based upon three basic perimeters. It should be noted I chose to adjust only those perimeters that favored the Kodak site because I have not had the time to get into many of the smaller adjustment issues for this property. In any case I adjusted for the following: 1. Location: negative 15% overall 2. Size: negative 12% overall 3. Age: negative 5% overall Total negative 33% overall Please note in appraisal terms you always adjust to the subject. Therefore, a negative adjustment of a comparable indicates that the comparable is superior to the subject in that particular factor. By adjusting the base value of$48.00 sf down by 33%, we established an overall value of$32.16 per sf for the subject - land and improvements combined. This equated to a total value for the subject of$100,946,542. Since we already had established a land value of$12,280,000 this left us with an improvement value of$88,666,542 or$28.25 per sf. Based upon conclusions of value for the HP facilities in Larimer county of$28.00 per sf, I decided to place the improvements at the same level. Therefore: Land $ 12,280,000 Imps (3,138,885 sf @ $28.00 per) $ 87,888,780 Total $100,168,780 Say: $100,169,000- 3,138,885 = $31.91 Note: This places the final total value per square foot at less than $32.00 per sf which is lower that nine of the ten sales shown and$13.00 per sf lower than the most recent sale shown as #6 (which is in Colorado Springs and sold within three months of the proper appraisal date.) Market Sales Comparable Table Sale Comparable Sale Date Sale Price Sale Location Land SF Building SF SP/SF #1 5/98 $52,620,000 Intel/Hudson, MA 6,475,804 1,398,142 $34.32 #2 7/97 $41,700,000 Bristol - Meyers /NJ 18,864,963 829,655 $40.29 #3 5/97 $19,000,000 Storage Tech/Longmont, CO 6,787,650 544,110 $18.00 #4 6/98 $40,000,000 D II Tech/Austin, TX 3,070,720 690,716 $44.57 #5 10/98 $15,250,000 Wholesale Foods/Denver, CO 381,000 $40.00 #6 3/00 $45,520,000 Rockwell Corp /Colo Spgs, CO 2,670,228 1,001,500 $45.45 #7 10/97 $60,300,000 Cabot Ind. /Mansfield, MA 3,571,920 1,071,517 $56.28 #8 2/97 $36,000,000 Lucent Tech/Richmond, VA 588,060 726,841 $49.53 #9 5/95 $57,753,800 Sterling Drug/PA 7,052,364 951,737 $60.68 #10 10/93 $98,000,000 IBM/Tucson, AZ 58,836,056 1,993,868 $49.15 Subject $100,168,000 Windsor, CO 22,107,300 3,138,885 $31.91 COST APPROACH We did not do a cost comparison on the subject property, however we have been told that a very comparable facility located in South Carolina that belongs to a Kodak rival was constructed over the past dozen years at an average cost of$150.00 per square foot. This is replacement cost new and since we were somewhat in the dark about various depreciations etc. on this facility we chose to not seriously consider this approach. INCOME APPROACH Again we could find no comparable facilities that had been rented too outside sources and was representative of the subject property. Rentals of smaller facilities are available but to try and adjust to the subject would be a very time intensive effort that we feel would reveal less than adequate results. As such, we also discounted this approach as unusable for this property. FINAL CONCLUSIONS Based upon the sales comparison approach to value and comparable taxed and valued facilities in other Colorado counties we felt that a value of$100,168,000 was fair and representative of market for Kodak as of 06/30/2000. I fully realize that a more thorough analysis of all these sales and others may result in a somewhat different level of final value. I also think that result could as easily increase the final result as well as lower it. To that end I also doubt that in either case it would alter our current decision by an appreciable amount in the final analysis. We feel we have addressed the major issues which would affect the sale of the subject and adjusted accordingly. It should be noted as well that our analysis of sold properties did not include western facilities in California or the costal areas, which are significantly higher as a norm. We have attempted in emest to be fair and realistic in our value conclusions for the Kodak facility for the 2001-2002 value period and ask the Board to deny their petition for adjustment of the Assessor's value. .'t 440 v SR Eastman Kodak Company v. Weld County Board of Equalization -`oil, 412'11 Board of Assessment Appeals docket number 37219 10; i ,,,0 )43 k-F� I� 60 I Prehearing Stipulation t r-off,- ��Re( , �� ? , Joint Exhibit D4--Major Buildings ri Approx.avg.IIIInterior finish Year Construction type Area No of overall wall breakdown(approx.percent) Building completed Principal use/function - Found Frame Walls I Roof (gross SF) stories height Office I Manor I'Warehse I Other unf C-6 1971 Plant services Concrete' Steel P/C Concrete Metal 20,481 1 24.0' 0% 0% 0% 0% C-11 1971 AdmInistrationlreceiving Concrete Concrete P/C Concrete P/C Concrete 182,593 2 60.0' 48% 0% 22% 30% C-13 r 1971 Manufacturing Concrete Concrete P/C Concrete P/C Concrete 272,967 1 25.5' 24% 52% 14% 10% C-15 1977 Manufacturing/Storage Concrete Steel P/C Concrete Steel 505,810 2 43.0' 27% 22% 39% 12% C-16 1971 Manufacludng/Warehouse Concrete Concrete P/C Concrete P/C Concrete 246,002 1 25.5' 29% 42% 19% 10% C-20 1971 Warehouse/Distribution Concrete Steel P/C Concrete Steel 392,743 1 29.5' 9% 0% 69% 22% C-28 /,Sre d cm) Ayr r�ye- MAierel a7Z1 p.C air tVi74 ys C-29 1971 Manufacturing/Warehouse Concrete Concrete P/C Concrete P/C Concrete 213,075 2 34.0' 27% 34% 17% 22% C-29B 1991 Manufacturing Concrete Steel Metal Concrete 1 50.0' C-40 1973 Manufacturing/VVarehouse Concrete Steel P/C Concrete Steel 187,483 3 84.0' 25% 75% 0% 0% C-41 1973 Manufacturing/Storage 7 Steel P/C Concrete Steel 162,505 5 84.0' 46% 54% 0% 0% C-42 1973 Administration Concrete Steel P/C Concrete Steel 108,925 3 50.0' 90% 4% 7% 0% C-43 1975 ManufacturingANarehouse Concrete Steel C Concrete Steel 116,513 1 34.0' 19% 16% 65% 0% . Cr50 1974 Manufacturing/Shipping Concrete Steel P/C Concrete Steel 206,283 4 63.0' 8% 36% 26% 0% l C`-60,y, ''� /97/90 41,9 coAr rekc 5T aG l r d-5 , lain { 3/3/54 2 ,�Pat:YKAritJ C-70 1974 Utilities Concrete Steel P/C Concrete Metal 44,162 1 58.0' Total 2,059,042 2.972 558 Eastman Kodak Company v. Weld County Board of Equalization Board of Assessment Appeals docket number 37219 Prehearing Stipulation Joint Exhibit E5--Utility & Support Buildings Approx.avg. Year Principal Construction type Area No of overall wall Building completed use/function Found I Frame I Walls I Roof (gross SF) stories height(feet) C-17 1971 Cooling Concrete Steel P/C Concrete Steel 35,850 3 46.0 �1 ", ,a ''"19t1�CY61ies/coolm `�' `Concre-t ,,-----,:steer, • ,,,,, ;...0 . , ;., ,g r,.v . . P/C Concrete Steel`: " ' " 35,500. 2 ' 46.0 te C-30 1971 Boilers Concrete Steel P/C Concrete Steel 12,000 1 45.0 C-32 1971 Pump house Concrete Steel P/C Concrete Metal 4,400 1 18.0 C-33 1971 Power substation Concrete Steel P/C Concrete Metal 8,200 1 19.5 C-34 1971 Meter house Concrete Steel P/C Concrete Metal 300 1 9.0 C-46 1975 Silver recovery Concrete Concrete P/C Concrete Steel 12,650 1 25.5 C-48 1975 Refrigeration Concrete Steel P/C Concrete Steel 22,250 1 32.0 C-61 1971 Water treatment Concrete Steel P/C Concrete Steel 16,650 1 29.0 CS05K 1976 AutoAruck maint. Concrete Steel Aluminum Steel 4,000 1 15.0 CS05L 1976 Site services Concrete Steel Aluminum Steel 7,300 1 15.0 CS05M 1976 Site services Concrete Steel Aluminum Steel 4,000 1 15.0 CS07M 1976 Storage Concrete Steel Aluminum Steel 3,200 1 15.0 SiTotal 166,300 S ;11111 __ &Air w kkow A 'is /unTZ/s% a>d v7 e. �yad 6xc ,r .4,,24), A �y� M mil ,T� Nor Rlro Ontt' .jaQ /07149 etAele 41,4k S!d 77 t s T Itglieea1f-R /hr) Eastman Kodak Company v. Weld County Board of Equalization Board of Assessment Appeals docket number 37219 Prehearing Stipulation Joint Exhibit F6--Miscellaneous Outbuildings Principal Area Building uselfunction (gross SF) C-59 Sewer lift station 675 C-62 Oil pumphouse 750 C-63 Water storage 2,000 C-80 Waste-water treatment 1,300• C-81 Waste-water treatment 1,000 C-82 Waste-water treatment 200 CS02B . Dispatch 2,400 CS02C Container for shotblasting 1,200 CS02D Hazardous waste 3,000 CS02E Coal barn 7,200 CS05T Utility storage 1,900 Jam/- Total 21,625 /Vor?3 : © Pit AO?onisiclnr /t) /d71711- S� e o� 4e 0 7 l7"rJis WA-s quesT7,,ad/e 2ow,wd ® cm;6C .z 57,21- At 7/AT C60 is /Dn/rq %e tilernit -177 iT /T /kclucl 4'r 71e 2a/�2uzZ hiloch./siL -. - ,o /or Seem ! Avles becccone,4 -Ta /No le s<T oXeewis-e ,/ 7-67-,k, 0-/ F4,4s / V-2 Ceias 75 3/,3R, 's5' 4ier wAt24 /5 w1 A-T f ?of (ACC_ �t -2,07 5/ %urn e. CAtt Se 77eSe dry of e% Crie//v 1p uf adc f7ti,uCAi3 is e1r -/venu ym,€?? e 711s is S/r9 hiVYVor 4ibv 1t 44 G -G{,/6 ASe/it7 J a deryat^e . . - BOE SUMMARY SHEET Account Number: R0128087 Parcel Number: 080726000039 EASTMAN KODAK CO CORP TAX DEPT-ATTN MARK CAMARATA 343 STATE ST asH aAM r HEARING DATE: Aygust• 30@rAT 1b. c HEARING ATTENDED? (Y/N) NAME: � 'C.--z"--) AGENT NAME: LEFT LME ROBERTS AND OWEN LLP r 1700 LINCOLN STREET, SUITE 4100 DENVER CO 80203-4541 / APPRAISER NAME: 8.G3/i'/ f DECISION 1 ACTUAL VALUATION ORIGINAL SET BY BOARD Land /,31-,04319O9 $ 12,396,445 $ Improvements OR �y Personal Property t 7tt' 7,888,000 Total Actual Valu /-Q0j7 ilfe $ 100.284,445 $ _ � COMMENTS: t10- 777 MOTION BY .J`J TO ' - � , - h '5 1' D "i' SECONDED BY a , l + ' n eile-- �/N) Jerke-- (Y/N) Failed to prove appropriate value Long -- (Y/N) No comparables given Masden -- (Y/N) Assessor's value upheld Vaad -yr/Mr-X... Other: RESOLUTION NO. 41" 475 .7 /x/ .919100 ,�,, i �, ga r , # b gB' rye �� 0 6 al 1 / PV ® t.)J J b 0 i8' , OG/*.ci, `? /- 1 a- o 1 n o -o _g / , 6 / / °DO _re "9-4 _no Jul 1gsjp9 / , op , 7c 2 `0 I//lam . 9 11 ,-) c07, y9 ii 0, 0 2,ccitifx 0I ( ) /i) 46 w_ Hello