The URL can be used to link to this page

Browse Search

Home My WebLink About20012034.tiff RESOLUTION RE: THE BOARD OF EQUALIZATION, 2001, WELD COUNTY, COLORADO - DENY PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE PETITION OF: 1001 INVESTORS LTD LIABILITY CO 1001 9 AVE GREELEY, CO 80631 DESCRIPTION OF PROPERTY: ACCOUNT#: R0030992 PARCEL#: 096105334014 - GR 5189 PT L1 THRU 4 BLK76 BEG NE COR OF BLK76 SOD07'E 100' S89D51'W 80.5' S44D30'W 28.74' TOW LN OF L2 SOD07'E 69.97' TO SW COR OF L2 S89D52'W 100.79'TO SW COR OF L4 N0D05'W 90.4' N89D51'E 100.74' TO E LN OF L3 NOD07'W 100' TO NW COR OF L2 N89D5 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 Cecil McPherron, LLC Member, and WHEREAS, the Board has made its findings on the evidence, testimony and remonstrances and is now fully informed. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, acting as the Weld County Board of Equalization, that the evidence presented at the hearing clearly supported the value placed upon the Petitioner's property, after review by the Weld County Assessor. Such evidence indicated the value was reasonable, equitable, and derived according to the methodologies, percentages, figures and formulas dictated to the Weld County Assessor by law. The assessment and valuation of the Weld County Assessor shall be, and hereby is, affirmed as follows: 2001-2034 AS0049 fls, C A , 'ooi RE: BOE - 1001 INVESTORS LTD LIABILITY CO Page 2 ACTUAL VALUE AS DETERMINED BY ASSESSOR Land $ 67,200 Improvements OR Personal Property 447,200 TOTAL $ 514,400 BE IT FURTHER RESOLVED that a denial of a petition, in whole or in part, by the Board of Equalization may be appealed by selecting one of the following three options; however, said appeal must be filed within 30 days of the denial: 1. Board of Assessment Appeals: You have the right to appeal the County Board of Equalization's (CBOE's) decision to the Board of Assessment Appeals (BAA). Such hearing is the final hearing at which testimony, exhibits, or any other evidence may be introduced. If the decision of the BAA is further appealed to the Court of Appeals, only the record created at the BAA hearing shall be the basis for the Court's decision. No new evidence can be introduced at the Court of Appeals. (Section 39-8-108(10), CRS) Appeals to the BAA must be made on forms 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 3. Binding Arbitration: You have the right to submit your case to arbitration. If you choose this option the arbitrator's decision is final and your right to appeal your current valuation ends. (Section 39-8-108.5, CRS) 2001-2034 AS0049 RE: BOE - 1001 INVESTORS LTD LIABILITY CO Page 3 Selecting the Arbitrator: In order to pursue arbitration, you must notify the CBOE of your intent. You and the CBOE select an arbitrator from the official list of qualified people. If you cannot agree on an arbitrator, the District Court of the county in which the property is located will make the selection. Arbitration Hearing Procedure: Arbitration hearings are held within sixty days from the date the arbitrator is selected. Both you and the CBOE are entitled to participate. The hearings are informal. The arbitrator has the authority to issue subpoenas for witnesses, books, records, documents and other evidence. He also has the power to administer oaths, and all questions of law and fact shall be determined by him. The arbitration hearing may be confidential and closed to the public, upon mutual agreement. The arbitrator's written decision must be delivered to both parties personally or by registered mail within ten (10) days of the hearing. Such decision is final and not subject to review. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by you and the CBOE. In the case of residential real property, such fees and expenses cannot exceed $150.00 per case. The arbitrator's fees and expenses, not including counsel fees, are to be paid as provided in the decision. The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 26th day of July, A.D., 2001. BOARD OF OUNTY COMMISSIONERS /�� WELD C TY, COLORADO ATTEST: iate ja/V it (AYF) h M. J. eile, Chair Weld County Clerk to the Board �s w EXCUSED ]ESC . Glenn Vaad, Pro-Tem rk to the Board i /'SLY (NAY) 1861 it.�: : Wi H. Jerke t `^ i ;<y�a• TO Fo �� (AYE) vi E. orikikt Assistant County Attorney (AYF) \r-3 D. Masden 2001-2034 AS0049 i 4 • Y NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE.'at _ GR 5189 PT Ll THRU 4 BLK76 BEG NE i COR OF BLK76 S0D07' E 100' S89D51'W GREELEY,CO80631 80 . 5 ' S44D30'W 28 . 74 ' TO W LN OF L2 PHONE(970)353-3845,EXT.3650 ;;`s1 8' S0D07'E 69 . 97' TO SW COR OF L2 Vi` S89D52 'W 100 . 79' TO SW COR OF L4 C N0D05'W 90 .4' N89D51' E 100 . 74 ' TO E COLO9e'rO-I! OWNER: 1001 INVESTORS LTD LIABILITY CO 1001 INVESTORS LTD LIABILITY CO LOG 2871 1001 9 AVE PARCEL 09610533401 ACCOUNT R0030992 GREELEY, CO 80631 YEAR 2001 -aisc.:value ofproperty is bused on the a 'au.conside(al ion of illy a maciius iu value ie uired by iaw. The Assessor nas determined that rise aYY, yliivl::i pV q Cour property,should be included in the followin2 cate o (ies): ommercial property is valued d by considering the cost, market , and income approaches . If your concern is the amount of your property tax,local taxing authorities(county,city,fire protection,and other special districts)hold budget hearings in the fall. Please refer to your tax bill or ask your Assessor for a listing of these districts,and plan to attend these budget hearings. The Assessor has carefully studied all available information,giving particular attention to the specifics included on your protest.and has determined the valuation(s)assigned to your property. The reasons for this determination of value are as follows: Your property has been uniformly valued following Colorado law and instructions published by the State Division of Property Taxation. Your protest of value has been denied due to comparison of other similar properties which sold during the 1999/2000 time period. This comparison shows your actual property value to be correct for that period. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW COMMERCIAL 514400 514400 • TOTALS $ $ 514400 $ 514400 APPEAL DEADLINES: REAL PROPERTY-JULY 16,PERSONAL PROPERTY-JULY 20. If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration,39-8- 106(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal. 06/24/2001 By: Stanley F. Sessions WELD COUNTY ASSESSOR DATE 15-DPT-AR dCi r A-5 N Form PR-207-87/99 ADDITIONAL INFORMATION ON REVERSE SIDE YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR'S DECISION The County Board of Equalization will sit to hear appeals beginning July 2 and continuing through August 6 for real property (land and buildings) and personal property (furnishings, machinery, and equipment) 39-8-104 and 39-8- 107(2), C.R.S. APPEAL PROCEDURES: If you choose to appeal the Assessor's decision, mail or deliver one copy of this compleated form to the County Board of Equalization. To preserve your right to appeal, your appeal must be POSTMARKED OR DELIVERED ON OR BEFORE JULY 16 FOR REAL PROPERTY, AND JULY 20 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notitie° of me time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION'S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 6. TAXPAYER RIGHTS FOR FURTHER APPEALS: If you are not satisfied with the County Board of Equalization's decision you must file within thirty days of the County Board of Equalization's written decision with ONE of the following: Board of Assessment Appeals (BAA): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880. District Court: 9th Avenue and 9th Street, P.O. Box C Greeley, Colorado 80632 Telephone (970) 356-4000, Ext. 4520 Arbitration: WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970) 356-4000, Ext. 4225 If you do not receive a determination from the County Board of Equalization, you must tile an appeal with the Board of Assessment Appeals by September 12. TO PRESERVE YOUR APPEAL RIGHTS, YOU MUST PROVE YOU HAVE FILED A TIMELY APPEAL; THEREFORE, WE RECOMMEND ALL CORRESPONDENCE BE MAILED WITH PROOF OF MAILING. PETITION TO THE COUNTY BOARD OF EQUALIZATION In the space below, please explain why you disagree with the Assessor's valuation. IN ACCORDANCE WITH 39- 8-106, C.R.S., YOU MUST STATE YOUR OPINION OF VALUE IN TERMS OF A SPECIFIC DOLLAR AMOUNT. Attach additional documents as necessary. S EE 7/Nctfe l7 s161v�f a A / `eu (,GC. Me,h b ei I 9, 2N 1 0 UKE t Yh I I I IUNER 1001 Investors LLC 1001 9th Ave. Greeley, CO 80631 July 9, 2001 Weld County Board of Equalization 915 10th St P.O. Box 758 Greeley, CO 80632 Re: Appeal of Assessors's Valuation of Real Property Gentlemen: We respectfully disagree with the County Assessor's determination of the value of our property located at 1001 9th Ave. It is our opinion that the value of the property is $300,000. We base our opinion on actual sale of comparable properties in the down town area, most particularly the sale of the Bank One building located at 822 791St. in December 1999 for a sale price of about $31 per square foot. The decline in value of office buildings in the down town area is further confirmed by the sale of the 8th and 8th building (800 8th Ave.) in August of 2000 for about $22 per square foot and the sale of the Norwest Bank Building 1025 9th Ave. at about $30 per square foot. Of the four properties listed as comparable sales by the Assessor's office, three are outside of the immediate down town area(127 22n° St., 3939 Riverside, and 2505 15`Ave.). The fourth comparable property, 1019 10th Ave., is a smaller single story building which was sold in September 1998. In light of the actual sales of multiple floor office buildings in the immediate down town area, we believe that there has been a demonstrable decline in value at June 30, 2000 in our building. Sincerely, Cecil McPherron, LLC Member :j PIN: 0030992 COMPARATIVE SALES APPROACH NAME: 1001 INVESTORS LTD COMP SALE NUMBER SUBJECT 1 2 3 4 PARCEL NO 96117101012 96129107014 96105333005 96117401018 ADDRESS 1001 9 AV 127 22 ST 3939 RIVRSDE 1019 10 AV 2505 1 AV GREELEY GREELEY GREELEY GREELEY GREELEY USE OFFICE OFFICE OFFICE OFFICE OFFICE SALE DATE 10/29/99 08/31/98 09/15/98 01/29/97 SALE PRICE 367,500 550,000 247,500 420,000 ADJ. SALt TRICE 36/,500 550,000 247,500 420,000 TIME ADJUSTMENT 0.0075/MO 390,870 640,750 286,480 546,000 LAND VALUE 67,200 86,099 74,252 35,000 79,532 BLDG. VALUE 447,200 304,771 566,498 251,480 466,468 SIZE SF 10,302 3,705 15,460 4324 7,568 BSMT FINISH 5,250 3,705 0 484 0 BLDG PRICE/SQ. FT. 82.26 36.64 58.16 61.64 YEAR BUILT 1921 1920 1974 1961 1972 EFFECTIVE YEAR 1970 1975 1974 1975 1972 ADJUSTMENTS: BLDG.SIZEC@340.00 263880 -206320 239120 109360 BSMT FINISH @ 25.00 38625 131250 119150 131250 NET ADJ TO ADJ SALE PRICE 302505 -75070 358270 240610 ADD BLDG VALUE 304771 566498 251480 466468 NET ADJ TO SALE PRICE 607276 491428 609750 707078 ADD SUBJECT LAND 67200 67200 67200 67200 INDICATED VALUE 674476 558628 676950 774278 INDICATED VALUE PSF 65.47 54.23 65.71 75.16 INDICATED MARKET VALUE 10302 X$65.00=669630 Weld County STANLEY F. SESSIONS COUNTY ASSESSOR MICHAEL SAMPSON, CHIEF APPRAISER ASSESSOR'S VALUE REPORT OF COMMERCIAL PROPERTY FoR County Board of Equalization 1001 INVESTORS LTD LIABILITY CO PETITIONER vs. WELD COUNTY ASSESSOR'S OFFICE RESPONDENT Parcel Number: 0961-05-3-34-014 Schedule Number: R0030992 Log Number: 2871 Date: 7/26/01 Time: 9:00 AM Board: CBOE PREPARED BY (� .DAVID SCHILDMEIER 7 — 1 WIJYikl l CCI:nY�1/Vv�nonn� I (nF:.� 1 ©I Signature Date Signature Date ASSESSOR'S OFFICE STAFF APPRAISER CBOE_COMM_010998 1 • i * ur CLEAN CARS -.." f ,.I i 6 • a 4 aI The subject building looking southwesterly 2 SKETCH/AREA TABLE ADDENDUM Case No R0030992 File No 096105334014 Property Address 1001 9 AV City GREELEY County WELD State 0 Zip 00000- w Borrower 1001 INVESTORS LTD LIABILITY CO Lender/Client Appraiser Name - 10 Street 100.7' 64.8' 12.3' a. W Ii 24' YOC 1954 2.3'-- Class C N 36.4' 18.2' 2B --1 Fir 20.0'Canopy 82.5' 60.2' 2.3'x 22' c° Land 19200.0 SF 100.0' 728.0 SF _ m First Floor 5175.0 SF Second Floor 5124.0 SF Finished 5124.0 SF 5'4 \"20.0' 57.0' 10.0'. 100.7' 80.5' • 28.7' 90.4' Asphalt Parking 70.0' 100.8' ALLEY Scale: 1=40 AREA CALCULATIONS SUMMARY BUILDING AREA BREAKDOWN Code Description Factor Size Perimeter Totals Breakdown Subtotals GBA1 First Floor 1.00 5175.32 299.2 5175.32 First Floor GBA2 Second Floor 1.00 5123.99 294.5 5123.99 2.3 x 22.0 51.33 LAND Land 1.00 19440.14 771.9 19440.14 12.3 x 64.8 798.58 C amt Fnalin shed 1.00 5123.99 294.5 5123.99 60.2 x 62.4 3755.40 rn 10.0 x 57.0 570.00 Second Floor 62.4 x 72.5 4525.21 j 2.3 x 12.3 28.78 10.0 x 57.0 570.00 U U 4 w a TOTAL BUILDING (rounded) 10299 7 Areas Total (rounded) 10299 APEX SOFTWARE 800450.9958 1pxJICU-w Aqall 3 SUMMARY OF SALIENT FACTS AND CONCLUSIONS Purpose of the Appraisal: Estimate market value June 30, 2000 Property Rights Appraised: Unencumbered fee simple interest. Property Address: 1001 9 Avenue, Greeley, Colorado Improvement: 2 story office with finished lower level Land size: 19 , 200 square feet Zoning: C-4 Service Business Assessor's Value: 2001 Land Value: 67 , 200 Imps Value: 447, 200 Total Value: 514, 400 Highest and Best Use: Present use as Office Size of Improvements: First floor 5 , 175 square feet; Second floor 5, 124 square feet; Total above grade 10, 299 square feet; Lower level finished 5 , 124 square feet Year of Construction: 1954 Effective Age: 30 years Remaining Economic Life: 20 years Estimated Land Value: 67 , 200 Estimate of Value: Cost Approach: 719, 076 Market Approach: 669, 400 Income Approach: 670, 000 Final Estimate of Value: 669 , 400 Date of Value: June 30, 2000 4 LAND SALES SUMMARY SHEET The Greeley Build,ng, Contrib. Land: Sales Sale Date of Sales Value of Area. Price/ No. Grantor/Grantee Sale Price Improv. in SF SF Land Zoning, 1 Hayden Thomas H/ 1/05/96 $120,000 None 23,981 $5.00 C-H Sterling Wm 2 Union Colony Bank/ 12/30/97 $471,500 None 91,025 $5.18 C-H Cottonwood Pointe 3 Johnston 9/01/99 $380,000 None 76,000 $5.00 C-H Thomas/Greeley Urban Renewal 4 Greeley Urban 8/01/00 $400,000 None 119,269 $3.29 C-H Renewal/ Meeker Commons MHA A Land Sales Comparison Grid shows sales, without adjustment, ranging from $5 . 18 to $3 .29 per square foot. Most weight is placed on Sales 1 which locationally and size is most similar to the subject. After analysis, the Market Value of the site being appraised is estimated to be $3 . 50 per square foot, or as follows : 19 , 200 square feet @ $3 . 50/sq. ft. = $67 , 200 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 . Replacement Cost New There are three generally accepted methods of estimating replacement costs : quantity survey, unit in place, and comparative. The quantity survey method is the most comprehensive and most accurate. it is the method contractors use in determing the quantity and quality of each type of material used, estimating labor hours required, and applying unit costs to the material and labor in addition to all other direct and indirect costs . unit in place method, is based upon the unit prices of various building components, such as roofing, floors, 5 plumbing and heating, excavating, plastering, et cetera. Unit costs are then assembled to estimate the entire cost of the improvement . The comparative method is utilized by comparing costs of recently constructed, similar buildings to the building being appraised after reducing them to a common unit of comparison such as square foot or cubic foot. The unit cost must be properly adjusted to reflect variables, such as size, shape, finish, equipment, and all other attributes of the building. Cost level changes from date of construction to date of value must be reflected. In this report, the unit in place method will be employed. 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. These data are 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, builders ' s insurance, etc . They are intended to be the final costs to the owner. Replacement cost new utilizing the marshal and swift computer cost service results in an estimate of 719, 076 can be seen on the following pages . Replacement Cost New Estimate $931, 252 Less Physical and Functional Curable Items 279 . 376 Depreciated Cost $651, 876 Add Land Value 67, 200 TOTAL ESTIMATE OF VALUE BY THE COST APPROACH $719, 076 6 ,,',. S F 11 tl pub vtata. Draw I If; COMPARABLE SALE MAP D m D w _ lk =m"o�I�� m �ti __ y ¢ y st®El■ i EC riI!■N 41 2ND E__M_MY I P _� r`i o E T � .TREET RD rt ®■■■■■ US COMP#s �suBrEc1■E�ii y4p m a FAMMERIPillim-77;1111111111ilrilleill©© �.. MIPIIIIWISP!! Fes's��mum �� ...MH . .--0--- - , e sr i 9 litini_ RD MR A , MIE®m■II i®■C1gliiiiiiiiMONNIPPLININNIM IM ■ / 2:- 12TH ♦ Ca irnMili— 13TN 14 0 ■• ,ta®■■■ ll ■I. ,5TH' i o Man ■ .i Mae u NORTH , .v1,, ..ilizzii I. - flora• - Em . COMP#3 ,■■�%,-_ E 16T fi7ian ll �r �f N©rthe • . ..� o,■ 17,grintiroir-d■■ COMP#1 rn g t 0TH �, MIK b��li ,!®■■ O r __JaconF=srtt'bt TA20TH im::pr taivi22NL!rraMP#4 E22ND m 1 wff. .40, 71 ourigat liguipomr.lin11i Est►tilcp .�1� . r.. .._�■_ 1, % a pitch ,_ �- � �µtters ^ ir, _ 30TH ��z_.. y �pTH STinian .ENVER F'/ / _ Z _iy 30TH I z cil Lc.).! cD %32ND . ' o__. nil. 1ST/ mrvu O ., / pmp#2 w C 34TH it 3 O THS '-=ET ttlitio �T 35TH ¢. ser ii 5137TH I . - a 37TH intwA I Bil . O37TH ,E 37TH CR 54 •tha.g Ditc t rt!'tr! iaur II 40TH'T' ET Aign Q_ 41ST @ 1998 DeLorme. Street Atlas USA :st}� IllthleM PIN:0030992 COMPARATIVE SALES APPROACH NAME: 1001 INVESTORS LTD COMP SALE NUMBER SUBJECT 1 2 3 4 5 PARCEL NO 96117101012 96129107014 96105333005 96117401018 96105332008 ADDRESS 1001 9 AV 127 22 ST 3939 RIVRSDE 1019 10 AV 2505 1 AV 1100 10 ST GREELEY GREELEY EVANS GREELEY GREELEY GREELEY USE OFFICE OFFICE OFFICE OFFICE OFFICE OFFICE SALE DATE 10/29/99 08/31/98 09/15/98 01/29/97 02/29/96 SALE PRICE 367,500 550,000 247,500 420,000 1,950,000 ADJ.SALE PRICE 367,500 550,000 247,500 420,000 1,780,000 TIME ADJUSTMENT 0.0075/MO 390,870 640,750 286,480 546,000 2,400,000 LAND VALUE 67,200 86,099 74,252 35,000 79,532 167,426 BLDG.VALUE 447,200 304,771 566,498 251,480 466,468 2,232,574 SIZE SF 10,299 3,705 15,460 4324 7,568 29,141 BSMT FINISH 5,124 3,705 0 484 0 0 BLDG PRICE/SQ. FT. 82.26 36.64 58.16 61.64 76.61 YEAR BUILT 1954 1972 1992 1961 1984 1983 EFFECTIVE YEAR 1970 1975 1992 1975 1984 1983 ADJUSTMENTS: BLDG.SIZE@40.00 263760 -206440 239000 109240 -753680 BSMT FINISH O 25.00 35475 128100 116000 128100 128100 BLDG AGE/QUALITY 107600 -35000 -812000 NET ADJ TO ADJ SALE PRICE 299235 29260 355000 202340 -1437580 ADD BLDG VALUE 304771 566498 251480 466468 2232574 NET ADJ TO SALE PRICE 604006 595758 606480 668808 794994 ADD SUBJECT LAND 67200 67200 67200 67200 67200 INDICATED VALUE 671206 662958 673680 736008 862194 INDICATED VALUE PSF 65.17 64.37 65.41 71.46 83.72 INDICATED MARKET VALUE 10299 X$65.00=669435 8 COMPARABLE SALE 956 +r ter 1 ,1 1Vs1° t,: '. ia3t P PIN#, 3461886 PARCEL #: 096117101012 PRIMARY OCCUPANCY: OFFICE OFFICE: 2ND OCCUPANCY: ADDRESS: 127 22 STREET GREELEY PROJECT: SALE DATE: 10/29/99 BOOK #: SALE PRICE: $367,500 RECEPTION #: 2731598 ADJ SALE PRICE: GRANTOR: FARM CREDIT SERVICES GRANTEE: COLORADO CORN ADMINISTRATION YEAR BLT: 1972 LAND VALUE: 86,099 EFFECTIVE AGE: 1985 ZONING I-M BLDG SIZE: 7,410 LAND/BLDG RATIO: 11.62 CLASS: C IMPS PRICE/PSF: $37.98 CONSTRUCTION-QUAL: AVG SALE PRICE/PSF: $49.60 WALL HEIGHT: 10 CASH DOWN: $367,500 STORIES: 2 LOAN: BSMT SIZE: INTEREST RATE: BSMT FINISH: LOAN TERM (YRS): LAND SIZE: 86,099 POINTS PAID: REMARKS: THE SUBJECT HAS 3,705 SF ON THE MAIN LEVEL AND A 3,705 SF GARDEN LEVEL WALK-OUT OFFICE AREA. THE SP WAS BASED ON A MARKET ANALYSIS DONE BY THE THE GROUP. 9 COMPARABLE SALE 838 • II il PIN#, 7801798 PARCEL #: 096129107014 PRIMARY OCCUPANCY: OFFICE OFFICE: 2ND OCCUPANCY: ADDRESS: 3939 RIVERSIDE PKWY EVANS PROJECT: SALE DATE: 08/31/98 BOOK #: SALE PRICE: $550,000 RECEPTION #: 2639546 ADJ SALE PRICE: GRANTOR: SOCO WATTENBERG ' GRANTEE: DEPT OF TRANSPORTATION YEAR BLT: 1992 LAND VALUE: 74,252 EFFECTIVE AGE: 1992 ZONING PUD BLDG SIZE: 15,460 LAND/BLDG RATIO: 16.01 CLASS: S IMPS PRICE/PSF: $30.77 CONSTRUCTION-QUAL: AVG SALE PRICE/PSF: $35.58 WALL HEIGHT: 21 CASH DOWN: STORIES: 2 LOAN: BSMT SIZE: INTEREST RATE: BSMT FINISH: LOAN TERM (YRS): LAND SIZE: 247,507 POINTS PAID: REMARKS: TO BE USED BY THE STATE PATROL & CDOT. BLDG HAD PREVIOUSLY BEEN VACANT FOR APPROXIMATELY 3 YEARS 10 ' COMPARABLE SALE . 802 a '; -� . ., k', ,�a. y „„ •fir PIN#, 2824686 PARCEL #: 096105333005 PRIMARY OCCUPANCY: OFFICE OFFICE: 2ND OCCUPANCY: ADDRESS: 1019 10 AV GREELEY PROJECT: SALE DATE: 09/15/98 BOOK#: SALE PRICE: $247,500 RECEPTION #: 2640318 ADJ SALE PRICE: GRANTOR: JOHNSON BUILDING LLC GRANTEE: WOMEN'S MINISTRIES CENTER INC YEAR BLT: 1961 ZONING C-H EFFECTIVE AGE: 1975 LAND/BLDG RATIO: 2.31 BLDG SIZE: 4,324 IMPS PRICE/PSF: $49.14 CLASS: C SALE PRICE/PSF: $57.24 CONSTRUCTION-QUAL: AVG CASH DOWN: $50,000 WALL HEIGHT: 10 LOAN: NEW STORIES: 1 INTEREST RATE: 8.50% BSMT SIZE: 484 LOAN TERM (YRS): 15 YRS LAND SIZE: 10,000 POINTS PAID: LAND VALUE: 35,000 REMARKS: SELLER CARRY. BLDG IN GOOD CONDITION LISTED FOR 275000; 1200 SF LEASED FOR $885/ MO GROSS i 11 COMPARABLE SALE 515 • f hC A PIN#, 3560986 PARCEL #: 096117401018 PRIMARY OCCUPANCY: OFFICE OFFICE: 2ND OCCUPANCY: ADDRESS: 2505 1 AVE GREELEY PROJECT: BOOK#: 1590 SALE DATE: 01129/97 RECEPTION #: 2531863 SALE PRICE: $420,000 ADJ SALE PRICE: GRANTOR: CORNERSTONE & MATCHLESS MILLWORK GRANTEE: CONSERVATORY BUILDING YEAR BLT: 1984 EFFECTIVE AGE: LAND/BLDG RATI 16.48 BLDG SIZE: 7,568 IMPS PRICE/PSF: $44.99 CLASS: C SALE PRICE/PSF: $55.50 CONSTRUCTION-QUAL: AVG CASH DOWN: $52,500 WALL HEIGHT: 13 LOAN: NEW STORIES: 1 INTEREST RATE: 9.8% BSMT SIZE: LOAN TERM (YRS) 20 LAND SIZE: 124,756 POINTS PAID: LAND VALUE: 79,532 'REMARKS: THE SUBJECT SALE INVOLVES A BUSINESS AFFILIATION TRANSACTION BETWEEN GRANTOR & GRANTEE. GRANTOR IS NOW A PARTNER IN THE CONSERVATORY BLDG LLC. THE SALES PRICE IS WHAT THE LLC BELIEVES THE TRUE MARKET VALUE OF THE SUBJECT TO BE. 12 • COMPARABLE SALE 315 a ,iRsi"Iliiii ' I It; ,.. ,. - - ._ i 7 - �: _ �_..e_-......mow. d.-.� - - '�!._,.. _. ..®:a PIN: 2824186 PARCEL #: 96105332008 PRIMARY OCCUPANCY: OFFICE OFFICE SPACE % : 2nd OCCUPANCY: ADDRESS: 1100 10 ST GREELEY PROJECT: SALE DATE: 02/29/96 BOOK #: 1535 SALE PRICE: $1,950,000 RECEPTION #: 2478765 ADJ SALE PRICE: $1,780,000 GRANTOR:ASMUS HARRY ETAL GRANTEE:GREELEY, CITY OF YEAR BLT: 1983 LAND/BLDG RATIO 1.64 EFFECTIVE AGE: IMPS PRICE/PS $55.34 BLDG SIZE: 29,141 SALE PRICE/PS $61.08 CLASS: A CASH DOWN: CONSTRUCTION-QUAL: AVG LOAN: NEW WALL HEIGHT: 12 INTEREST RATE: 7.5% STORIES: 4 LOAN TERM (YRS 15 BSMT SIZE: POINTS PAID: LAND SIZE: 47,836 LAND VALUE: $167,426 REMARKS: ADJ SALE FOR FINANCING. LEASABLE AREA 24,576 SF, 84% OF GROSS BUILDING. GROSS $309,830 8% VAC, EXP .456,NET 143,730, OAR.0807. 13 07/23/2001 a PROFORMA INCOME WORKSHEET Parcel : 0961-05-3-34-014 Name: 1001 Investors LTD Prop Address: 1001 9 Av Greeley Bldg sq ft Use No of Units 10299 office 5124 Lower Level Effective Tax rate mill rate assm't rate tax rate 0.090886 0.29 0.026357 Annual Annual Fractional rent units rent/month size/bay rent rent psf owners lease Avg rent psf Subject Rents Annual Annual gross Area rent psf Income 1 fir rate psf 10299 11.00 113289 Lower Level 5124 5.00 25620 Total Gross 138909 Less vacancy & expenses vacancy 15% 16,993 expenses 40% 45.316 Net income 7.44 76,600 Net Income/overall cap rate=Property value Property Value value per sq ft Cap rate + eff tax rate 0.085 0.0264 0.111 687,879 66.79 0.090 0.0264 0.116 658,320 63.92 Total property value $670,000 65.05 Gross Net Comparable Bldg Year income income rentals Use Address size const'd per sq ft per sq ft United office office 1100 10 st 29,141 1983 $10.60 $4.93 Key Bank Bank 822 14 st 6,180 1973 $9.90 Bartels/Linden office 3459 w 20 st 11,893 1997 $15.00 $11.25 1001_9A.WK4 14 c\I\1( 4 CLERK TO THE BOARD PHONE (970)356-4000 EXT 4217 FAX: (303) 352-0242 I WEBSITE: www.co.weld.co.us 915 10TH STREET O P.O. BOX 758 GREELEY, COLORADO 80632 COLORADO July 19, 2001 1001 INVESTORS LTD LIABILITY CO 1001 9 AVE GREELEY CO 80631 Parcel No.: 096105334014 Account No.: R0030992 Dear Petitioner(s): The Weld County Board of Equalization has set a date of July 26, 2001, at or about the hour of 9:00 AM,to hold a hearing on your valuation for assessment. This hearing will be held at the Weld County Centennial Center, First Floor Hearing Room, 915 10th Street, Greeley, Colorado. You have a right to attend this hearing and present evidence in support of your petition. The Weld County Assessor or his designee will be present. The Board will make its decision on the basis of the record made at the aforementioned hearing, as well as your petition, so it would be in your interest to have a representative present. If you plan to be represented by an agent or an attorney at your hearing, prior to the hearing you shall provide, in writing to the Clerk to the Board's Office, an authorization for the agent or attomey 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. 1001 INVESTORS LTD LIABILITY CO - R0030992 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 12404 Donald D. Warden, Clerk to the Board BY: �/1%,C /1 -c,>_2 Carol A. Hardr•tig, Deputy - - cc: Stanley Sessions, Assessor BOE SUMMARY SHEET Account Number R0030992 Parcel Number 096105334014 1001 INVESTORS LTD LIABILITY CO 1001 9 AVE HEARING DATE: 17, July 26, 2001, AT 9:00 AM HEARING ATTENDED? ®N) NAME: geig 'y /-(C> AGENT NAME: joy APPRAISER NAME: DWS bei.cA2_ -S DECISION ACTUAL VALUATION ORIGINAL SET BY BOARD Land $ 67200 $ Improvements OR Personal Property 447200 Total Actual Value $ 514400 $ S7 940 COMMENTS: MOTION BY Rill TO SECONDED BY 1 ' Geile ��,�� Jer 'Failed to prove appropriate value Long -- ) No comparables given Masden -- ) Assessor's value upheld Vaad r-ertrecik" Other: RESOLUTION NO. 2001-2034 Hello