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Home My WebLink About20013194 WELD COUNTY, COLORADO ARBITRATION AWARD Taxpayer, 1001 INVESTORS LLC v. WELD COUNTY BOARD OF EQUALIZATION This matter having been heard on October 25 , 20 01 Petitioner Cecil McPherron of 1001 Investors appeared in person with(out) counsel. Respondent Weld County Board of Equalization appeared by David Schildmeier That I find in favor of and against That the property in question, more fully described as a two story office building with finished basement, containing a gross Building Area of 10,299. The building is located at 1001 9th Avenue. Greeley CO. It is identified as Parcel Number 0961-05-3-34-014 Taxpayer schedule number R0030992 , shouldishabiliskast be adjusted as follows: Actual Value of $415,000 as of June 30, 2000. That the arbitrator's fees for conducting this matter are $ 300.00 That said fees are to be paid as follows: Equally by each party. That each party shall pay their own witness fees, attorney's fees and miscellaneous costs. DATED THIS 2nd day of November , 20 01 1 ARBITRATOR Chr t phe r D. Ruff Ce tified Gen Appraiser CG01316795 12/31/01 a . 2001.3194 fAC R , M:\CAROLIOPMAN1AR61/4/2000 2 00 iCA&StAC1 1 CERTIFICATION OF VALUE The Appraiser/s certify that to the best of my/our knowledge and belief: The Appraiser/s have no unreported present or prospective interest in the property that is the subject of this report. Further, I/we have no personal interest or bias with respect to the subject matter or the parties involved. 2. The Appraiser/s have personally inspected the property,both inside and out, and have made an exterior inspection of all comparable sales listed in this report. To the best of the Appraiser's knowledge and belief, all statements of fact and information in this report are true and correct, and the Appraiser/s have not knowingly withheld any significant information,subject to the stated assumptions and limiting conditions contained in this report. 3. The Appraiser/s certify that,to the best of my/our knowledge and belief,the reported analyses, opinions and conclusions were developed,and this report has been prepared in conformity with the requirements of the Uniform Standards of Professional Appraisal Practice,and the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute. 4. The Appraiser/s certify that the use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 5. All conclusions and opinions concerning the real estate set forth in this appraisal report were prepared by the Appraiser/s whose signatures appear on this appraisal report,unless indicated as"Review Appraiser." No change of any item in this appraisal report shall be made by anyone other than the Appraiser/s,and the Appraiser/s shall have no responsibility for any such unauthorized change. 6. The Appraiser/s compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client,the amount of the value estimate,the attainment of a stipulated result,or the occurrence of a subsequent event. Furthermore,the appraisal assignment was not based on a requested minimum valuation, a specific valuation,or the approval of a loan. 7. The reported analyses, opinions, and conclusions are limited only by the reported Assumptions and Limiting Conditions on the following pages and are the Appraiser/s personal, unbiased professional analyses, opinions,and conclusions. 8. No one provided significant professional assistance to the person/s signing this report (If there are exceptions, the name of each individual providing significant professional assistance has been stated.) 9. As of the date of this report, none of the appraisers or staff of R&N Property Consultants, the preparers of this report, have been censured, suspended,expelled or sued by any appraisal organization, regulatory agency or financial institution for fraud or negligence involving an appraisal report. 10 Christopher D. Ruf Date CO-CO01316795; 12/3 1 ATTACHMENT TO ARBITRATION AWARD 1001 9TH AVENUE, GREELEY CO Sales Comparison Approach: There are relatively few sales comparables from which to draw. I find the Petitioner's comparable sales lack comparability (ie., Bank One and 800 8th Avenue) due to their size--they appeal to a completely different market. The best comparable is 1019 10th Avenue. I interviewed the buyers, and it was in reasonable condition at the time of purchase. Downward adjustments are indicated for size and the one story design; an upward adjustment is indicated for date of sale. Overall, a unit value of $55.00 is considered appropriate, indicating Market Value of $566,000. Income Approach: Using market rents, a 15 percent vacancy rate, and actual expenses (except the repair expense) including property taxes, a Net Operating Income of$59,504 is indicated. The downtown market is and has been depressed compared to the rest of the market, and a relatively high cap rate is indicated, mitigated by the substantial owner-occupancy. Based on a 10.5% cap rate, a Market Value of$567,000 is indicated. Adjustment to Value: I'm persuaded that the property's HVAC equipment has ended its economic life. A prudent purchaser (which is the basis of Market Value) would factor the expense of replacing that into the price he/she would pay for the property. The petitioner presented two "budget" estimates to replace the HVAC system. As budgets, they are likely high. I'll assume $150,000 would provide a suitable replacement. Therefore, the estimated "as is" Market Value of the subject property as of June 30, 2000, is: FOUR HUNDRED SIXTEEN THOUSAND DOLLARS $416,000 Sincerely, Christopher . ff Certified General Appraiser CGO1316795 WELD COUNTY, COLORADO OATH OF ARBITRATOR Taxpayer, v. WELD COUNTY BOARD OF EQUALIZATION I solemnly swear and affirm under penalty of perjury that I meet the qualifications of Section 39-8-108.5, CRS, that I will be completely impartial, and that I will fairly and justly determine the issues placed before me. I further swear and affirm that I have no financial or personal interest in the outcome of the arbitration of this case, and have no existing or past financial, business, professional, family or social relationships with any of the parties or their attorneys that will affect my impartiality or create an appearance of partiality or bias except S 79001 DATE / SIGNATURE M:\CAROL\O P MAN\AR B I TRAT 1/4/2000 WELD COUNTY, COLORADO PETITION FOR ARBITRATION Taxpayer, 1001 Investors, LLC v. WELD COUNTY BOARD OF EQUALIZATION 1. The undersigned property owner or authorized agent, pursuant to Section 39-8-108, CRS, requests arbitration. 2. The subject property is located in Weld County with address or legal description as follows: 1001 Ninth Avenue _ Greeley, CO with tax schedule number 80030992 3. That the property is (residential real property) (other property). State classification of the property if other than residential, i.e., personal, commercial, vacant land, etc.: Commercial 4. That the residential arbitration fee in the amount of$150.00 is hereby advanced,to be held in trust pending a decision of the arbitrator; OR 4. That the fee estimate of $ 300.00 agreed upon between the parties is hereby advanced, to be held in trust pending a decision by the arbitrator; OR 4. An application for fee waiver based upon indigence of the petitioner is pending before the Board of County Commissioners. 5. That Christopher Ruff be named and assigned as arbitrator. 6. That the following issues are in need of arbitration: Assessed value at June 30, 2000 S'ez1-( / 7 -zodi DA* IGNATU E NAME: _1001 Investors, LLC ADDRESS: 1001 Ninth Avenue, Greeley, CO 80631 PHONE: 970 352 7990 M:\CAROL\O P MANAR B I TRAT 1/4/2000 ARBITRATOR'S FEE AGREEMENT WHEREAS, the Petitioner desires that certain property other than residential real property be subject to the arbitration process as provided for in Section 39-8-108.5, CRS; and WHEREAS,the Petitioner and the Weld County Board of Equalization desire to outline their agreement as to arbitrator's fees as required pursuant to Section 39-8-108.5(5)(a). IT IS AGREED that the parties estimate the following fee for arbitration of property schedule number i<(0p3©gcf-Z Petitioner's Estimate ?Oa of hours Z X $150.00 = Board of Equalization Number of hours X $150.00 = Total Agreed Arbitrator's Fee = 3 .. aiRc- 1/IA.).y�-. Mca,Rt12 TI I NER NAME: /O0j J tvE5 /brts LLL ADDRESS IGO I q-a 4-vc- 6/ ley w &O6 / WELD COUNTY BOARD OF EQUALIZATION ASSESSOR'S REPRESENTATIVE M:\CAROL\O P MAMAR B I TRAT 1/4/2000 Kit ((: CLERK TO THE BOARD PHONE (970) 356-4000, EXT.4218 FAX: (970) 352-0242 915 10TH STREET P.O. BOX 758 GREELEY, COLORADO 80632 COLORADO October 12, 2001 CECIL MCFERRAN 1001 INVESTORS LLC 1001 9TH AVE GREELEY CO 80631 RE: 1001 INVESTORS LLC The arbitration hearing has been reset to Thursday, October 25, 2001, at 1:30 p.m. The hearing will be held at the Centennial Center, 915 10th Street, second floor, in the Personnel conference room. Should you have any questions regarding this matter, please call me at 356-4000, ext 4227. Sincerely Yours, Donald D.114 Ward�n, it r Finance and Administration by: Kimberlee Schuett Deputy Clerk to the Board pc: Cyndy Giauqe, Assistant County Attorney Dave Schildmeier, Assessor's Office Chris Ruff CLERK TO THE BOARD tiOt kso PHONE (970)356-4000, Ext. 4218 FAX: (970) 352-0242 I P. O. BOX 758 GREELEY, COLORADO 80632 C. COLORADO October 2, 2001 1001 INVESTORS LLC 1001 9TH AVE GREELEY CO 80631 RE: 1001 INVESTORS LLC. You are hereby notified that an arbitration hearing has been set at your request for Thursday, October 18, 2001, at 1:30 p.m. The hearing will be held at the Centennial Center, 915 10th Street, Greeley, CO, Room 350. Christopher Ruff will be presiding. If you have questions or need additional information, please do not hesitate to contact me at (970) 356-4000, Extension 4227 Sincerely, 4,164-1“8-21 Kimberlee Schuett Deputy Clerk to the Board pc: County Attorney Assessor Chris Ruff filP CLERK TO THE BOARD It ‘7' PHONE (970) 356-4000 EXT.4218 FAX: (970) 352-0242 IC P.O. BOX 758 GREELEY, COLORADO 80632 COLORADO August 31, 2001 1001 INVESTORS LLC 1001 9TH AVE GREELEY CO 80631 Dear :1001 INVESTORS LLC This is to acknowledge your request forarbitration pursuant to Section 39-8-108,CRS. In an effort to expedite handling of cases, the Weld County Board of County Commissioners has adopted rules and procedures for the arbitration process. Enclosed for your review is the list of approved arbitrators, a copy of the rules and procedures, and a petition. The petition should be completed and returned to this office with the appropriate fees. Upon receipt of the petition and advancement of fees, your case will be assigned for arbitration. It is important to promptly comply with the rules and procedures to ensure that your case is dealt with in a fair and expeditious manner. /Very t[rruly yours, , Carol A. Harding Deputy Clerk to the Board End. 1001 Investors LLC 1001 9`h Ave. Greeley, CO 80631 970 352-7990 August 22, 2001 Board of County Commissioners P.O. Box 758 Greeley, CO 80632 Re: Request for Binding Arbitration Gentlemen: This is to request binding arbitration of the decision of the Board of Equalization concerning the value of the real property at 1001 9th Ave., Greeley Colorado. Information concerning the account number and legal description of the property is contained in the Resolution of the Board of Equalization. Please contact me regarding the date and time for the arbitration hearing. Sincerely, M Vb Cecil McPherron, Member Enc 1 ' .' c(4 .5s INYOICENUMBBB INVOICE- IllT010E DISCOx1NTOR ?Ak ADUmONAG s NET _OR REFERENCE: DATE -. AMOUNT _ DEDUCTIONS WifI{IIELU AMOUNT AMOUNT ARBIT 11/14/01 150.00 .00 .00 150.00 ARBIT2 11/14/01 150.00 .00 .00 .00 150.00 + REMOVE DOCUMENT ALONG THIS PERFORATION -3 I ° ' m 2' I , 2" ` Y2'8i2,z "t, '12,2A2‘4"22282,...,72, 1;lilMl2Edt 311$111 ,vr�{�4 iuM!µ :� of do2222,4�h tlp % 1 D ' I 88282p° 2 r C 4}7+ 4 18.280,�yRf iit8)NF-p,#,410,9.:Fp,#M ° ; �� i��ID r ° 6 i:��`u ire I'�Kt:k � i� � �` • �' °"` y �� l �akq��.�'ifoi,�� i � � �' f 3^ 1i 11 ^�°llNii p iii 714r v 'n•'� ₹ �y T ��i py� 5 itl nsa� n 4 .W 4 ,' u�53urti � { a �f y APf Il+ h � �ra a C b "mg '� g4 �'h P 4 e t s n $ xt'.y�}'(g .,:4{yyp.�a'*c'4ty5F3 1 6`�ui { us •,--7,z - '',- av _g��9gy ,.„*.1)13.4".13-....,,,,...•.. �,..�.y��.y�, iu•. if ,i = '01x1 441,14 i `,1 t 1 C �� "° � ��P ��DA U, I /di ,... vo006, ul4tUAto' � 4 e x tk , i !° I Mipli i V 1yu" ° °r `3 a r t t 6 . l „, g , , n ,,;:,...s,„41.1.,,,,,,,!...*., Iaa M�,, '.,„gin $ .,, of I " ' o s 4,� � CINSVfu} 8. ^ 'G ' i' #x;,; : •oapcx3 `,, ioryew8288 3 x , . . . .. - ac eor � _. a M"'Mni^NrwS"Z�ur.a mm AMtY� m°tmmthN'1 im°�,grmnn,�um o�0 ttrcnw°us a of pwr.Wi'.0 r°omxu w o�� ol°Pmm �u° i oaF..'ilm ioi �wi ion Amvmu u ° iv;e•"r ° ° i^�mw W�o a°oiion ,vuo do -6^fr m._nu � imom�amM no 3 L LB L09u'I: LO 2 L009 L8':80 L 2700848P INVOICE Nt1Mll R • 1NVo10E... .INVOICE .tEKOvM OE <':TAX ADDmow , NET bRRartLE�.NCa:..;• DATE AM0UNT'•...• •DEDUCTIONS: . • ..' .. WITIDIEt.D : :: ';'AMOUNT AMOUNT PAYBACK 11/14/01 150.00 .00 .00 150.00 I i REMOVE DOCUMENT ALONG THIS PERFORATION 4 THIS DOCUMENT IS PRINTED IN TWO CRS.O NOT ACCEPT gp UNI.ESS BLUE AND BROWN A„r::Pill7. EYITj.. q F�j�� a��r'`p ti t .5` " d l �q I _. � 1�Vl�i lilih J11.F'-7 }}z r o ,$p '1 d o iity Cbmilil.otone OUT(�F 4gNl a t T1�,E Tj 4 �I U v -c-i- a r v �{I n �"r a iih a 4 AflVkoCFIAIE0 ro bFCIR,Ap 'n a x4,06,44t;"..4, _ ltr�L y�1�f c m,^' n 1 ,� a �it� r i4 ' i 7 ` .UV '— FAnr.E`o ,' m�nw ' y r, I i rii t ,s o B V4 --,w70)346- AXt(970) tti' y �9t{,•Ike "�.. w. ',. '+rte 'J'RFASURFR 1 1$ 1 11.x11) '.a '3-4.1,,,...,...? o . }; 11 O SAID COUNTY DATE 11/16/01 volt IF NOT CASHEDIN ud b-Y r-• f�� q7d'� •died �'yy'��' J-,, ,., ;�, •+'�j�/{a a:.C ‘.'1,......,..;-....-:',.*,'—',----'; . C. 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