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Home My WebLink About20001797.tiff CORRECTED RESOLUTION RE: THE BOARD OF EQUALIZATION, 2000, WELD COUNTY, COLORADO -ADJUST VALUE IN PART PETITION OF: NICHOLS ALUMINUM GOLDEN INC 1900 WEST LOOP SOUTH SUITE 1500 HOUSTON, TX 77027 DESCRIPTION OF PROPERTY: ACCOUNT #: R5293286 PARCEL #: 130932000061 - FTL 16264-B PT SE4NW4 32 2 66 COMM CEN OF SEC NOD17'W 30' TO TRUE POB & N R/W LN OF CO RD 14 1/2 THENCE W733.68' NOD01'E 1293.53' N89D57'E 726.39' SOD17'E 1294.05' TO TRUE ROB (.50R) SITUS: 1405 14 ST 8 FORT LUPTON 80621 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 2000, 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 2000, 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 Patrick Sloan, American Appraisal Property Tax Services, Inc., 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: 2000-1797 AS0046 A 2 ' ,� RE: BOE - NICHOLS ALUMINUM GOLDEN INC Page 2 ACTUAL VALUE AS DETERMINED ADJUSTED BY ASSESSOR ACTUAL VALUE Land $ 129,728 $ 129,728 Improvements OR Personal Property 4,177,912 3,262,102 TOTAL ACTUAL VALUE $ 4,307,640 $ 3,391,830 BE IT FURTHER RESOLVED that a denial of a petition, in whole or in part, by the Board of Equalization may be appealed by selecting one of the following three options; however, said appeal must be filed within thirty (30) days of this resolution: 1. Board of Assessment Appeals: You have the right to appeal the County Board of Equalization's (CBOE's) decision to the Board of Assessment Appeals (BAA). Such hearing is the final hearing at which testimony, exhibits, or any other evidence may be introduced. If the decision of the BAA is further appealed to the Court of Appeals, only the record created at the BAA hearing shall be the basis for the Court's decision. No new evidence can be introduced at the Court of Appeals. (Section 39-8-108(10), CRS) Appeals to the BAA must be made on forms furnished by the BAA, and should be mailed or delivered within thirty (30) days of denial by the CBOE to: Board of Assessment Appeals 1313 Sherman Street, Room 523 Denver, CO 80203 Phone: 866-5880 OR 2. District Court: You have the right to appeal the CBOE's decision to the District Court of the county wherein your property is located. New testimony, exhibits or any other evidence may be introduced at the District Court hearing. For filing requirements, please contact your 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) 2000-1797 AS0046 RE: BOE - NICHOLS ALUMINUM GOLDEN INC Pace 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 1st day of August, A.D., 2000. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO ----- E, ketain • EXCUSED • cflit y Tl Barbara J. Ki meyer, Chair ' ' lerk to the Board ,Geile, Pro-Tem ty Clerk to the Board EXCUSED _- orge E. Baxter APPROVED AS TO FORM: -6a le K. all P sistant ounty Attorne ' WA/ , Glenn Vaa `__� 2000-1797 AS0046 NOTICE OF DENIAL FTL 16264-B PT SE4NW4 32 2 66 COMM CEN OF SEC NOD17'W 30' TO TRUE POB & N R/W LN OF CO RD 14 1/2 THENCE W733.68' N0D01'E 1293.53' NB9D57'E 726.39' SOD17'E 1294.05' TO TRUE POB (.50R) SITUS: 1405 14 ST 8 FORT OWNER: NICHOLS ALUMINUM GOLDEN INC NICHOLS ALUMINUM GOLDEN INC LOG 865 1900 WEST LOOP SOUTH SUITE 1500 PARCEL 130932000061 ACCOUNT R5293286 HOUSTON, TX 77027 YEAR 2000 07/19/2000 COMMERCIAL PROPERTY IS VALUED BY CONSIDERING THE COST, MARKET, AND INCOME APPROACHES. NO CHANGE HAS BEEN MADE TO THE VALUATION OF THIS PROPERTY. COLORADO LAW REQUIRES US TO SEND THIS NOTICE OF DENIAL FOR ALL PROPERTIES ON WHICH WE DO NOT ADJUST THE VALUE. LAND 129728 . 9728 IMPS 4177912 4 .' 7912 4307640 4307e40 07/19/2000 FROM :GUR\EX 713-993-0591 2000,07-0S 17: 10 1420 P.04/04 -� -�-- .- A Wm{vlvua 1'J arYZ.&L Ines AJJL'JJVK'J U1:1.1JkU1`1 The County Board of Equalization will sit to hear appeals beginning July 1 and continuing through August 1 for real property (land and buildings) and personal property (furnishings,machinery, and equipment) 39-8-104 and 39-8- 107(2), C.R.S. 4 UAL PROCEDURES: If you choose to appeal the Assessor's decision, you must appeal to the County Board of Equalization. To preserve your right to appeal,your appeal must be POSTMARKED OR DELIVERED ON OR BEFORE JULY 15 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 OFN OF HEARINNG: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EOUALIZATTON'S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination.wi thi i five business days of that decision. The County Board must conclude their hearings by August 5. TAXL&YERRIGHTS FOR FURTHER APPEALS: if you are not satisfied with the County Board of Equalization's decision you must file within thirty days of'lie 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 :you do not receive a determination from the County Board of Equalization, you must file an appeal wita the Board f Assessment Appeals by September 10. TO PRESERVE YOUR APPEAL RIGHTS, YOU MUST PROVE YOU HAVE FILED A TIMELY ,PPEAL; THEREFORE, WE RECOMMEND ALL CORRESPONDENCE BE MAILED WITH PROOF )F MAILING. the space below, please explain why you disagree with the Assessor's valuation. IN ACCORDANCE WT:1-I 39- -106, C.RS., YOU MUST STATE YOUR OPON OF VALUE IN TERMS OF A SPECIFIC DOLLAR .MOUNT. Attach additional documents as necessary. / re,bots 4Lvwtrx/c//77 GoL D£rt/ Zn/C.v✓7 /2Sz93z8G, 7EAk zOG9 1.0G F65 ) PARCEL /3 ANEL /3o930000 /, Acaa — ,st E ,4-rr eyrrD t-grrrR Gip/ GL/ i'��2 ivvrf.'or�2Cb xeii✓T / /'2_OC .VAIUKE tPL-f/ll(SNCK UAIL /C3#.✓t: '7.972-97 it'9yoo C frpn7-- 6z 197/I n:* 7099 3220 0209 of> /.5/ //5/ H,, tor 1 i,iPalo z t American Appraisal Property Tax Services J 9441 LBJ Freeway Suite114 Dallas,TX 75243 . Phone (972)994910O Fax (972) 994-051 July 12, 2000 Weld County Board of Equalization 915 10th Street P.O. Box 758 Greeley, Colorado 80632 RE: Property Tax Appeal- Real Account#s R5293286, R5293186, and Personal Account v� P1142497 Certified Mail # 7099 3220 0009 8451 1154 Members of the Board: We are submitting this letter as formal appeal of the year 2000 property tax valuations of Weld County A:;sessor account numbers R5293286, R5293186 and PI 142497. The property contained in these accounts was purchased by Nichols Aluminum Golden Inc. (Nichols), from Alcoa Corporation, on_.anuaiy 24, 2000. The purchase price, for all real and personal property, tangible and intangible, was $8.000.000 Nichol's parent company. Quanex Corporation, has submitted a real property transfer declaration to We lc County, confirming the $8,000.000, purchase price for all property, real and personal, tangible and iiiangiblc. Nichol's acquisition is an accurate representation of the market value of the real and personal property. The seller, Alcoa, solicited bids, and Nichol's bid was the highest among the four bids received iron Alcoa. Currently, the Weld County Assessor's Office has the following valuations on the appealed account: Account Number Proposed Valuation RII293286 $ 4,307,640 R"293186 $ 258,170 P1142497 $ 7,636,352 Total Proposed Value, All Accounts $ 12,202,162 American Appraisal Property Tax Services Weld County Board of Equalization Page 2 July 12,2000 We have submitted information to the Weld County Assessor's Office showing the purchase price civiuel as follows: Real Estate(account#s R5293286 and R5293I86) $ 1,600,000 Tangible Personal Property (account# PI 142497) $ 6,374,000 Intangible Personal Property(not assessable) $ 26,000 Total Purchase Price, All Property $ 8,000,000 The Weld County Assessor's Office has been very helpful during our discussions of our assessments. However, we are concerned that if decisions are made separately for each account, the cumulative result will exceed the purchase price of the total properties. Consequently, we request a hearing before your deliberative body in which all appealed accounts are considered concurrently. Please direct the notice for the scheduled hearing in care of our office. I respectfully request the hearing not be scheduled for the week of July 24, 2000. I make this request for two reasons: first, I have been summoned for jury duty in Denton County, Texas, and secondly, m} daughter is to be married on Saturday,July 29, and I am needed at home for final preparations. I thank you for your consideration. Sincerely /4;�,�[id�lit/, .�4/�—�— Pat W. Sloan Manager cc Tom Royce,Quanex Corporation CLERK TO THE BOARD PHONE (970) 3564000 EXT 4217 FAX: (303) 352-024:? WEBSITE. www.co.welc.coU3 'III g 915 10TH SIRE= T P.O. BOX 758 C. GREELEY, COLORADO 80632 COLORADO June 21, 2000 Parcel No.: 130932000060 Account No.: R5293186 Parcel No.: 130932000061 Account No.: R5293286 NIC..HOLS ALUMINUM GOLDEN INC 1900 WEST LOOP SOUTH SUITE 1500 HOUSTON TX 77027 Dear Petitioner(s): The Weld County Board of Equalization has set a date of Tuesday,August 1, 2000, at or about the hour of 8:30 AM, to hold a hearing on your valuations for assessment. This hearing will be held at the Weld County Centennial Center, 915 10th Street, Greeley, Colorado, in the First Floor Hearing Room. You have a right to attend this hearing and present evidence in support of your petitions. 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 petitions so it would be in p for 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 Offi :e, 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 5, 2000. end mailed to you on or before August 10, 2000. 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 ire 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. W ith'>i it 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 valuationsof your property. NICHOLS ALUMINUM GOLDEN INC - R5293186, R5293286 Page 2 Please advise me if you decide not to keep your appointment as scheduled. If you need ami additional information, please call me at your convenience. Very truly yours,D OFBRrYu�w/ A ALI11 Donald D. Warden, Clerk to the Board BY: 7 r Carol A. Harding, Deputy cc: Stanley Sessions, Assessor PAT SLOAN, MANAGER AMERICAN APPRAISAL PROPERTY TAX SERVICES 9441 LBJ FREEWAY STE 114 DALLAS TX 75243 Weld County, STANLEY F. SESSIONS COUNTY ASSESSOR MICHAEL SAMPSON, CHIEF APPRAISER RESTRICTED APPRAISAL REPORT OF COMMERCIAL PROPERTY FOR County Board of Equalization NICHOLS ALUMINUM GOLDEN INC PETITIONER vs. WELD COUNTY ASSESSOR'S OFFICE RESPONDENT Parcel Number: 1309-32-0-00-060/061 Schedule Number: R5293186 R5293286 Log Number: 864 and 865 Date: 08/01/00 Time: 8:30 A M Board: OBOE PREPARED BY LEE WILLIAMS/CHUCK JACK Signature Date , -aq / r 7 6.S 'LI<; Sign re Date ASSESSOR'S OFFICE STAFF APPRAISER ,BOE_COMM_010998 Page 1 r 4� SALIENT FACTS AND CONCLUSIONS Purpose of Appraisal To determine Market Value as of 1/1/2000 based on an appraisal date of 6/30/98. Property Rights Appraised Unencumbered fee simple interest. Location 1405 14 ST FORT LUPTON Land Area 37.52 Acres Zoning 1-2 Property Type Commercial 1— Indust Lght Manufacturing 1— Storage Warehouse 1— Light Commercial Utility 1— Light Commercial Utility Year Built 1974 with multiple additions Year Remodeled 0 Quality Average Class Masonry/Steel Number of Stories 1 and 2 Improvement Sq. Ft. 240,611 Basement Unfinished Sq. Ft. 0 Basement Finished Sq. Ft. 0 Mezzanine: 0 Value Indications: Land $229,811 Cost Approach $4,565,810 Market Approach $3,600,000 Income Approach $3,748,000 Reconciled $3,650,000 Final Value $3,650,000 CBOECOMM 010998 Page 2 7 SUBJECT PHOTOGRAPHS PARCEL NUMBER 1309-32-0-00-061 SUBJECT PROPERTY SOUTHEAST CORNER VIEWING NORTHWEST I II IBM} 'hill'— IWIIMIN e ._may I a er [INN r r SUBJECT PROPERTY SOUTHWEST CORNER VIEWING NORTHEAST 141.1. C80E_00MM )10998 Page 3 REAR OF SUBJECT PROPERTY VIEWING WEST j - - t PARCEL NUMBER 1309-32-0-00-060 VIEWING NORTHWEST • I BOE_OOMM_C10998 Page 4 7 MARKET APPROACH SUMMARY Real Property for the tax year 2000 must be valued utilizing data for the period one and one-half years 'immediately prior to July 1, 1998. If comparable valuation data is not available from such one and one-half year period to adequately determine the level of value for a class of property, the period of five years immediately prior to July 1, 1998 shall be utilized to determine the level of value. The Assessor has appropriately considered the Market Approach to value for the property on appeal. The Sales Comparison Approach was considered in developing a market value for the Subject. Sales used to establish a market value for the tax year 2000 are from January 1, 1997 through June 30, 1998. Pursuant to 39-1-104 (10.2)(c) C. R. S., the Assessor may utilize sales five years prior to July 1, 1998 to establish the proper value. All sales have been confirmed and verified through transfer declarations as well as interviews with buyers, sellers or their representatives to the sale. All sales used are arm's length transactions, and considered to be the most comparable properties sold in relationship to the Subject property. Based upon investigation and analysis, it is the opinion of the appraisers that the value of $3,600,000 accurately reflects the market value of the subject property. VALUE AS INDICATED BY THE MARKET APPROACH $3,600,000 CBOE_COMM 010998 Page 10 COMPARATIVE SALES APPROACH COMP SALE NUMBER SUBJECT COMP 1 COMP 2 COMP 3 COMP 4 COMP 5 C ADDRESS 1405 E 14TH 1011 E 14TH 9586 1-25 FRONTP 221 N KUNER 6900 W 117TH 5995 N WASHINGTON FT LUPTON FT LUPTON DEL CAMINO BRIGHTON BROOMFIELD UNINCORP USE LIGHT MFG LIGHT MFG LIGHT MFG WHSE WHSE LIGHT MFG SALE DATE 01/09/97 01/27/98 10/30/98 05/07/98 08/20/97 SALE PRICE $1,200,000 $6,224,000 $1,365,000 $1,251,300 $2,483,000 ADJ. SALE PRICE $1,200,000 $6,224,000 $1,365,000 $1,251,300 $2,483,000 LAND VALUE $229,811 $147,000 $428,960 $102,930 $227,400 $520,080 BLDG. VALUE $4,335,999 $1,053,000 $5,795,040 $1,262,070 $1,023,900 $1,962,920 SIZE SF 240,611 71,500 125,616 124,391 68,660 101,750 BLDG PRICE/SQ. FT. $18.02 $14.73 $46.13 $10.15 $14.91 $19.29 YEAR BUILT 1974 1973 1997 1906 1982 1956 EFFECTIVE YEAR 1980 1980 1997 1940 1985 1970 QUALITY AVG-C LOW-S GOOD-C LOW-S AVG-S AVG-C/S ADJUSTMENTS: BLDG SIZE @ $10/SF $1,691,110 $1,149,950 $1,162,200 $1,719,510 $1,388,610 BUILDING AGE @ 20%+/- $0 ($1,244,800) $273,000 $0 $496,600 QUALITY/ INTERIOR @ 20%+/- $240,000 ($1,244,800) $273,000 $250,260 $496,600 NET ADJ TO ADJ SALE PRICE $1,931,110 ($1,339,650) $1,708,200 $1,969,770 $2,381,810 ADD BLDG VALUE $2,984,110 $5,795,040 $1,262,070 $1,023,900 $1,962,920 NET ADJ TO SALE PRICE $4,915,220 $4,455,390 $2,970,270 $2,993,670 $4,344,730 ADD SUBJECT LAND $229,811 $229,811 $229,811 $229,811 $229,811 INDICATED VALUE $5,145,031 $4,685,201 $3,200,081 $3,223,481 $4,574,541 INDICATED VALUE PSF $21.38 $19.47 $13.30 $13.40 $19.01 INDICATED MARKET VALUE 240,611 SF x $15/SF = $3,609,165 ROUNDED TO $3,600,000 7 7 ,1r u....,. - � , �/ . ) Stage - COMPARABLE SALES MAP D�{ p 257i Severah`ce Bacon Galeton o\Qhc1 s Ker A • Bruceoa I Lucerne..', Matthews • :a mes atial G n0 lit 2, 'Windsor armers Alden, Gill l 1 r� —let59 HI Park eeley ,.s, > . n1 r m 1 Park Fallitlrur nrunza Wa lamN.,.....2./..., 11 ' -.;velend 34 Goya len ere •a • r" ' ,; i..,..n.. M I t,ar{r �Q 37 Kersey \ � ^3�� 4oz •Officer an EVarl 0,,,. ,*Kuper nl�i�rr•in? Campion 'so_ 254 LaSalle ; Welty* ► ''=257 •Adna�p�un I°� I I e 6°) .' ,.amber! - . i Berthoud s61'r&9tti 'ompson Grange • gk256" i �m�m„/qi�-, 2ar •Bun an �' ?Inwood Springs Walker Ele ator y / Gllcrest/,a" Sig ELu11v7dwra B Bland • Wtldk t - it" O B ighland ead .. fPd, grad: y hLyons Mor • �) 43 evlJle w� '��►I '5,11.1. LAyf� �tiO ,ss I� 4, 1rst Vasduez F rntIiit itirtir:IJm �•Hy�ien •Kir11and SA I '11 , ,"'. art I' ors . It40 -..ieSIIllilC1IROII:R1t ituyrnAnJ / �' L•ongmo • T lone ' amt Orv:naro ( Altona Grange Jessum Rr ''� aSbiul`PAW I •, Rinn Valley Grand cf�ln esto D• inion �L Firestone Py, Kra IJaOiTnorine; S, I dAe I of ♦ / e �tg 9 v, ,Kra �� "lumb 35•Frederick / ''LU ton yr iisTTT52 rT P ti Johnson* 1n�7 Cl old Hill 287 hnrdanate 5z 52. ♦ +Salina 36 BnUI 1 re k SAI. I. 1!4 ie•11232' Al1 .1? 43 ,' i ee an w 7 m '°r''t Wallstreef ()Wide 1 ii �DIck ,\ '• ttenberg ; sloar ( _ ♦ Nines ,fie Corn fi F C 9 arloaf - 157 7 29 Adana 65' y6 I-.hltl' � � I uirewbrid?la 193 Iso. mOh I'a:k \ + Brl htoi I ■�, ' Caribou L r isvil, r 71 9 p, _ ltai I i:x• i'= •, • • Green Valley Grange Hall f7rrj !arc all 42 DC,r , C 1 tc • /f 5.0 Barr Lake -- ?ua,nLr 1` 'cliffea, 22 • 170 61'O:1'1\11'13W f0k�nJ® cp o nc `r3,u`Crescent 126` �1�--- 5,11 145 . -' 1- �EJdruvT -- -- Tainview• WaII�Villag �I� 25 �d," ir/e�/2: NORI'll ♦72 rl Aga? p • I .612y �den k �'i9Y r " 1 DEN I•tJS7air. - x' 46w • I' �IVestml tdr 224 upont _, antral Ci \ Arvada 1.1ns3' 'I Rocky Mod, ain Arsenal • Black Hawk Centennial Ran 4 ,'�74 a e onttl- to �.F . 1 58 v.,:� ✓ 'irk�nae 'De v . 2 rte,. �. ` , �„ �I Ary a - 7 265 3 70,aril•nt Gilson ulch % C • 243 93i 12I r 92 36 79• :lack Eagle � 54 ■ 7� •� �'_ iti . W ,Dr Bergen Pak �� 4;tak "o" • 95) z5 �2 a ir6 Park 2s .391. l, ■ „ 30: �,- ; lit �4)• hKeeney -rk i_a ��r�.�+ r�l � orris• zs5, L.l' `--" r reek I.ak Snte kt c i -,;t.:.. _'c tea• Kittre eN ■, 1 zzs Stanley ,g� V f �• V A P'dFk ► r' r r,cc } • Tny wn B a 0, t!.ady0lfni3u~«'sCamp,. IndsnHills , , i k (75 se MarshdaleJeYFrso Fend&`g ,:.rid^�Lza1 a e3 _ 470a v 470 AP' / Aspen Park ii.is .,r_■ ,_s5 __ — r _ Oehlmann Park 121 'cequia I Parker Harris Park 285 ' \' 25 •HighlandPark •Deermont ' nhur R nch , �" // Pleasant Park Grang-. �y/ �0UVIe15 188 Cr oel�onna `;treat Atl U ;•Glenelk ?i �. ire' I S INCOME APPROACH TO VALUE The basic steps in the Income Approach to value for commercial properties in mass appraisal are based on a landlord-tenant situation and not on the income of the actual business. In using this approach, it eliminates the possibility of valuing management as opposed to the potential income of the structure. This is the proper method Assessor's must utilize through the Directives of the Division of Property Taxation. INCOME APPROACH STEPS 1. Estimate potential gross income to the landlord. 2. Deduct typical vacancy and collection loss. 3. Add additional miscellaneous income. 4. Determine typical landlord operating expenses. 5. Deduct operating expenses to determine the landlord's operating income. 6. Determine a proper capitalization rate. 7. Capitalize the net income into an estimated property value. Research has been done by the Assessor to determine the typical rent by location, type of structure and the property use. The Weld County Assessor's office has also researched the typical landlord expenses, additional income based on the type of business, and vacancy and collection loss. An Income Approach has been completed for the subject. CBOE_OOMM_010998 Page 11 WELD COUNTY CAPITALIZATION RATE After considering the Band of Investment method and the Market Comparison method it has been determined that the Capitalization rate to be used for the 1999 and 2000 assessment years should be 13%. Band of Investment Market Comparison 10.5% 2000 Capitalization Rate = 10.5% less Effective Tax Rate = 2.60% 2000 Capitalization Rate = 13.10% INCOME APPROACH SUMMARY The Weld County Assessor has appropriately considered the Income Approach to value for the Subject property on appeal. The Assessor has gathered income information from local commercial properties for the time frame of January 1, 1997 through June 30, 1998. This information, combined with statewide and industry-wide data, is used to determine typical income and expenses for various property types. In conclusion of the Income Approach, the Assessor has considered both groups of data and has put more emphasis on the local factors and data than the state and national data. This information was then applied to the subject property to arrive at an appropriate Income Approach Value. TOTAL INCOME VALUE FOR THE SUBJECT PROPERTY $3,748,000 CBOE_COMM_010998 Page 12 INCOME APPROACH STABILIZED INCOME / EXPENSE STATEMENT (FROM THE MARKET) Rentable Area 240,611 Sq. Ft. POTENTIAL GROSS INCOME Stabilized Estimated 240,611 Sq. Ft. X $2.50/Sq.Ft. NNN $601,527 Less Vacancy and Credit Loss 10% (60,153) EFFECTIVE GROSS INCOME (EGI) $541,375 EXPENSES (typical expenses for warehouses from the market) Reserves and Replacement 2% (10,827) Management 5% (27,069) Maintenance 3% (16,241) NET OPERATING INCOME (NOI) $487,238 Cap Rate 10.5% + effective tax rate 2.60% 13% VALUE AS INDICATE BY THE INCOME APPROACH $3,747,983 ROUNDED $3,748,000 ($15.58 psf) INCOME COMPS USE ADDRESS SQ.FT. YOC $/PSF TERMS Light Mfg 1201 Cornerstone, Windsor 144,293 SF 1986 $3.86 NNN Light Mfg 3550 Odessa Way, Aurora 163,978 SF 1986 $3.82 NNN Light Mfg 3620 Weicker Drive, Ft. Collins 247,848 SF 1992 $3.15 NNN Warehouse 500 East 76th Avenue, Denver 154,485 SF 1974 $3.50 NNN Warehouse 11585 East 53rd Street, Denver 180,796 SF 1984 $3.50 NNN .BOE_GDMM_010998 Page 13 —_--( .41,734 ❑„f+nel a_ 219 �.2 �i topillsdale Iz 51 rT INCOME COMPARABLE MAP I\5idmg o X223 I �— _21a -- 287 arriman 15 ll fi5Ttl Virgi is Dale 85 1 _ ( Grb her La' s '_,`jj ecke �t 5e� rQl ct G snJovey HsJ rd=r I. INCOME COMP #3 I Poudr� Part I Ilington Nu `287" �.�1 INCOME COMP #1 !arirnar I u�r � i.Briggacl 1 ' 'Collins Ault , I Timnat , Eaton 1 - 68 257- Galeton ornish L.__—.. 851 Maso ille- 392 I / 392___ _ l Gl.n Hai Mil Dra,- Lucerne reeley i ou-land _ 34' 3 rsey 402 Est_; Par?• nst « / a Saill Otchar1J 1 "-tt55J en d 60256 La S I asters; ✓ 3y 7 rant !a,: L ons mod 1 SUBJEC-I PROPER-I v 1 — j�aa +�ar.E.u„�st I � .-• �Jl�n. ?wit y� INCOME COMP #5 5,vilri ljonjlrn jnt lone Jur town V/c Imatr• y Roggen 34 s,ah INCOME: COMP #4i / FCeenes°ur• t' Upton P aspect Valle2 C ud ,.0 7 fc4r 25 I 85' 7 40 - ' � Ern�.n Sug rlo l: -�: 7 j. _ 7 --- -- .- i 1 dsr,=nd t - E rl hto � INCOME COMP #2 i3° S: Pram! 0.._ rED ` • 1701 \ 6 ure son z r . r r.il ~ 128 \■ 4. Adiams `i�/inr-r Psir; J 'n ¶! j • °ale p w�estminst � f- u ad. ,2:, �I rJutn r .,+ 70 Cent al CItyE eif 265 RI�5 I �3Jf I\I�32 Watkins �+ _36 S t�bdr• NOR Ft I I r .. �� ers �1,1ve lulr��r �r� .+UC a z391 3.06 � rota eto� 40a 95 s_ C-" �. _� ® � „" ��■A�'�+�/I 30' ,l rapahce ao India IS .. - y5 '..177 2251+, --- !1rnJ © I Fe :c,erS '° �� 775 ■-� 88 "A _ t onif 4' �i Pa -r , 25 i Lop iers. If„.2 S lia / l to Sna,in�e f, ° J r 8'i } Cas le Rock �uilalqDr�-tt,• 1a : 67�' N rOA _Kio a -i A ri h� CONCLUSION Real property for tax year 2000 must be valued utilizing the level of value for the period of one and one-half years immediately prior to July 1,1998. Except that, if comparable valuation data is not available from such one-and one-half-year period to adequately determine the level of value of a class of property. The period of five years immediately prior to July 1 , 1998 shall be utilized to determine the level of value. Said level of value shall be adjusted to the final day of the data gathering period. Changes occurring between base years are not to be accounted for until the following level of value is implemented, other than additions, change in use, detrimental acts of nature, damage due to fire, etc., or creation of a condominium, or any new regulations restricting or increasing the use of the land, or a combination thereof. {39-1-104(11)(b)(1) C. R .S.} The subject property has been classified as Commercial Property for assessment purposes. Commercial property value shall be determined by appropriate consideration of the Cost Approach, Market Approach, and Income Approach to value. {39-1-103(5)(a) C. R. S.} The Assessor has considered all three approaches to value for the subject parcel on appeal. FINAL RECONCILIATION After consideration of the cost, market and income approaches, it is the Weld County Assessor's opinion that the value of $3,650,000 , most accurately reflects the value of the subject property in Weld County for the 2000 tax year. COST APPROACH MARKET APPROACH INCOME APPROACH RECONCILE $4,565,810 $3,600,000 $3,748,000 $3,650,000 FINAL INDICATED VALUE $3,650,000 0BOE_COMM_U10996 Page 14 //7 APPRAISAL STANDARDS AND ETHICS CERTIFICATION I certify to the best of my knowledge and belief that: The statements of fact contained in this report are true and correct. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions and is my personal unbiased professional analyses, opinions and conclusions. I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved. My compensation is not contingent on an action or event resulting from the opinion or conclusions in, or the use of, this report. My analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. Chuck Jack provided significant professional assistance to the person signing this report. I have made a personal inspection of the property that is the subject of this report. Lee Williams Commercial Appraiser Colorado Certified General Appraiser CG01316201 (;I ' ( J: Chuck Jack Commercial Appraiser Colorado Certified General Appraiser CG01316803 GBOECOMM,010998 Page 15 /c' Com.arable Number 1 Com•arable Number 2 GBOE_OOMM_01099B Page 7 1'Y Com•arable Number 3 * Iasi Comparable Number 4 lbi:144, ar Vin,: t i °IM. s¢e 411-sill • 1.1 CBOE_GOMM G10998 1^age 8 C, Corn•arable Number 5 BOE GOMM_010998 Page 9 yr COST APPROACH SUMMARY The Assessor is currently using Marshall and Swift cost tables for the cost approach of commercial properties in Weld County, which has been approved by the Division of Property Taxation to be utilized by Colorado Assessors. The structure has been classified properly utilizing the Marshall and Swift Valuation service and an appropriate value assigned. A land value has likewise been established through the utilization of vacant land sales of comparable properties. Improvement Value $4,335,999 Land Value $ 229,811 TOTAL VALUE BY THE COST APPROACH $4,565,810 CBOE COMM 010998 Page 5 1yf WELD COUNTY ASSESSOR Account#: R5293286 PROPERTY PROFILE Parcel #: 130932000061 MH Seq#: MH Space Appr Year: 2000 Levy: 89.569 #of Bldgs:: 9 Active On: Tax Dist: 0882 Map#: 2443 LEA: FTLP04 InactiveOn: Assign To: REF Initials: LKM Acct Type: Commercial Last Updated: 4,1112000 Owner's Name and Address: Property Address: NICHOLS ALUMINUM GOLDEN INC Street: 1405 14 ST City: FORT LUPTON 1900 WEST LOOP SOUTH SUITE 1500 HOUSTON TX 77027 BusinesslComplex: Sales Summary Sale Date Sale Price Deed Type Reception # Book Page Grantor 1/24/2000 $8,000,000 WD 2746402 ALCOA INC 11/5/1999 $2,315,000 WD 2732698 GOLDEN RECYCLE CO Legal Description FTL 16264-B PT SE4NW4 32 2 66 COMM CEN OF SEC N0D1 TW 30'TO TRUE POB &Ni R/W LN OF CO RD 14 1/2 THENCE W733.6t3'NC)11'E 1293.53'N89D57'E 726.39'S0D17'E 1294.05'TO TRUE POB (.50R)SITUS: 1405 14 ST 8 FORT LUPTON 80621 Land Valuation Summary Unit of Number Of Value Per Assmt `Assessed Land Type Ag Code Abst Code Measure Units Unit Actual Value Percent Value Industrial 3115 Acres 21.18 $6,125.02 $129,728.00 0.29 S37,621 12 Land Subtotal: 21.18 $129,728.00 $37,620.00 Buildings Valuation Summary Abst Actual Assmt 'Assessed Bldg # Property Type Code Occupancy Value Percent Value 1 Commercial 3215 334 - Indust Lght Manufacturing $3,911,112 0.29 $':34,222 2 Commercial 2230 1471 - Light Commercial Utility $5,500 0.29 $1,595 3 Commercial 2235 406 - Storage Warehouse $35,000 0.29 510,150 4 Commercial 2230 1471 - Light Commercial Utility $10,000 0.29 $2,900 5 Commercial 2230 1471 - Light Commercial Utility $45,000 0.29 513,050 6 Commercial 2230 1471 - Light Commercial Utility $2,500 0.29 $725 7 Commercial 2230 501 - Miscellaneous OB $165,000 0.29 147,850 8 Commercial 2230 1471 - Light Commercial Utility $1,500 0.29 $435 9 Commercial 2230 1471 - Light Commercial Utility $2,300 0.29 $667 Improvements Subtotal: $4,177,912.00 $1,211,590.00 Monday, April 17, 2000 Page 1 of 13 c . A 1227 WELD COUNTY ASSESSOR Account#: R5293286 PROPERTY PROFILE Parcel It: 130932000061 MH Seq#: MH Space: Total Property Value $4,307;640 $1,249,210 *Approximate Assessed Value Monday, April 17, 2000 Pace 2 of 13 R WELD COUNTY ASSESSOR Account#: R5293186 PROPERTY PROFILE Parcel #: 130932000060 MH Seq#: MH Space: Appr Year: 2000 Levy: 89.569 #of Bldgs: 1 • Active On: Tax Dist: 0882 Map#: 2443 LEA: FTLP04 InactiveOn: Assign To: REF Initials: LKM Acct Type: Commercial Last Updated: 328/2000 Owner's Name and Address: Property Address: NICHOLS ALUMINUM GOLDEN INC Street: 1401 14 ST City: FORT LUPTON 1900 WEST LOOP SOUTH SUITE 1500 I' HOUSTON TX 77027 Business/Complex: Sales Summary Sale Date Sale Price Deed Type Reception# Book Page Grantor 11/24/2000 $8,000,000 WD 2746402 ALCOA INC '11/5/1999 $2,315,000 WD 2732698 GOLDEN RECYCLE CO Legal Description i FTL 16264-A PT S2NW4 32 2 66 LYING E OF CIL OF R/W OF SHORT LINE DITCH EXC COMM CEN OF SEC N0D17'W 30'TO TRUE ROB 3 N R/W LN 1 OF CO RD 14 1/2 THENCE W733.68'N0D01'E 1293.53'N89D57'E 726.39'S0D17'E 1294.05'TO TRUE POB(10 .50R)SITUS: 1401 14 ST 1 F')RT 'LUPTON 80621 Land Valuation Summary Unit of Number Of Value Per Assmt Assessed Land Type Ag Code Abst Code Measure Units Unit Actual Value Percent Value Commercial P130 Acres 16.34 $6,125.03 $100,083.00 0.29 $29,02407 Land Subtotal: 16.34 $100,083.00 $29,020.00 Buildings Valuation Summary Abst Actual Assmt 'Assessed !, Bldg # Property Type Code Occupancy Value Percent Value 1 Commercial 2230 502 - Other OB $158,087 0.29 545,845 Improvements Subtotal: $158,087.00 $45,850.00 L Total Property Value $258,170 $74,870 *Approximate Assessed Value Friday, May 26, 2000 Page 1 of 3 , l _ c% �, _ 17 6. 14 I- . . . 1 ,., .....,... . • ,.., • • • _ t .e. , ' a f ! ,b 14 5 601 1 . / . �•`/ti.• • . (,•h t.f�• F. ¢ 0,2 E 600 i 0s ' : 1'; f Of /• sS/�/. . . . /.lp. . ; +I -----T! _;� ip 8 If . . . . Sr : 14 HA gS,fS'G! Fit °t78 X100 • . I .• s= °'‘[0 . vOFF"" _' V X:V? . OpO% . . . -4th. . . . . . {1! [ £, . . . .,.s. . . . . . . . . . - . . . . . . . {,{,. t1. !J`O/. =:S� X.611. . dr t o • ,o , t� '1L�'.rr. . . . . . . . . . . . . . FOP. . . . . . . . . . . . . . . . . . . . - , . . . . . . f Oars / zoo zSY OV-1 f> �ag oricrgarIA o00 / . . . . . . .•. . . . '' ¢bSL` tr• :bS.L',e�' /4X? ijoy tee S` SQI - ,�a $ poo` I - Fcv 1 L , bb8 Hi,� 4 • . . # FoS'i.% - !v t • ' ..74'•-i.3/;6r". ,. . : - „ . .xTq 14tlt • •tilit r• i ' �. ..115"60/.�OQ.-1QQ sr+! ►�•h _.___.�_ er. ¢ - _ _ .+..Y ter.-.:_-_:_._ . �_:...: . , • 4 e.ifW ,s6-8-r . o� tri.�, : . . cot., �g�?d ` . . .. r . . . . . . . . . • . . . . . . . . . 1. ..;,b . . , 0�-7o'°'.8..... . . . . . . . . .! i aG , '. . . . . . 1 . . . . . . . , . . . . . ti 4 1 . . . . . . . �. . . ',t. N ` : 4E;01. ; ' -i I*cos Id . 0.4.3 416/• .-Of.,...... \ ;1.800,_ . 0�.. . . . . : : . . . ......a ..-3,4: 07; • . . . . . . . .OFID). i . ...,.4.v. iI � ,,w • . rl l s . . . for. . . , . . • • ' •: S4 ••:y:;:,-,r : '•\: ' • : -A O'20?t': :s12�/�.(oK.,.7rber+ t�. . � ,. . . . . . . . . . . . . I . L li r ', /i . . :4961:�"r" 4• . . • • . . . . . ! so ivo ivoA0 oaao d►7fM z-)i = _..e. COST APPROACH LAND VALUE Sales utilized to establish the value in the subject neighborhood are 1997 and 1998 market for the 2000 assessment date. The comparative sales approach is the most reliable method of land valuation. Pursuant to 39-104-(10.2) (c) C. R. S., the Assessor may utilize sales from July 1993 through the June of 1998 to establish the proper value, if sufficient information is not available in the prior 18 months. Also, comparables outside the subject property area may be used. The Weld County Assessor has an established ongoing sales confirmation and validation program for property transactions used in developing value. The land size of the subject is 37.52 acres. Comparable commercial land in the subject area is valued at $6,125/Acre. If no vacant land sales were available in this area, we utilized the abstraction/allocation method to establish land value. Parcel Number Sale Date Sale Price Land Size Per Acre Comparable 1 _ 130932400055 03/97 $415,000 38.42',Ac $10,802 Comparable 2 130932400056 03/97 $418,690 38.51 Ac $10,879 Comparable 3 130934200019 05/97 $267,500 26.75 Ac $10,000 ASSESSOR'S INDICATED SUBJECT LAND VALUE $229,811 CBOE_GOMM_010998 Page 6 it COMPARABLE LAND SALES 1 13 18 17 16 15 1 5 14 13 1 18 17 N / r .� '" ESTorE r r- 4 — 20 21 22 23 24 z0— — a 22 23 24 19 20 21 G 26 25 (.O%., 29 28 27 26 25 1 30 29 28 .ti <z. PRIDPRi rCE y�N +' y \ I IMP EMI MN- IMP - i Sale 3 �—� - Su�j ct `s >,* 2 I 33 34 r36- .� ' sale 21 35 36 1 31 32 33 t +- -ra s-� - > , _ safe 1 a� Sale 4 - - - ----( — �i. I 1 i i I/'/ 1 rJ >.> sale -- - - H P21 DACpNO 1 - J- ,- - - -L - 1 % 7� I L UPY'ON 12 7 I 8 9 10 11 12 . ) 8 I 11 11 12 7 8 9 I r - - -1-- - - r1 l - - -r - - -- - - - 13 18 17 16 15 14 13 ,bt — 17 16 I 15 14 13 18 17 16 �.. -- - - -{- - - - - - I I I 1 1 1 I 2�1� .a1 19 20 21 22 23 24' ` 1 20 21 223 24 19 I 20I if WATTr'NBE� - 25 1 30 29 28 27 1 26 �} 1 2,5 4 (3' 29 I 28 1 27 26 25 30 1 28 - - - - - - -- -- y I i . - - J - - - V/4IY4Gi1BU1 332 I 33 34 ` ) ,1 i+3 �� - 33 NORTI�GLENN I ' r it/fig 'HORNTON B �GxT 33 3 j 39 41 13 15 17 19 21 23 25 2 7 2 31 37 R 6 ( W R 66W R 6 tl I,i f n , , . you ,,,lab N 4„ American Appraisal Property Tax Services N ,II ,:u on�l 9441 LBJ Freeway Pd.I en Y on, SWte 114 Irn Dallas. ix 75243 ' ° Phone 1972) 994-9100 Fax (972) 994-0516 5'.srrc->- �iybzs 1-12/2M1117)7-r...,--oL/y>.; (Q,, /lig J /44 j 7e6n 3 Mr L.12Pm✓ Ce7, I :rl. 'oaf+ .,- vat it, 1 4. d Y j ar 1 * I,IIIII l a#. 4 ITXN''IRIT s d e RY '•1 American Appraisal Property Tax Services '_ 303 ,6:0 -..,"/-7--a J /)L 1D, 'e.vvco2) cc . Ii . isiiiiii a . /' (...c.) ,,,,--,P #z 7, iE ,I `, :` .: . `z am V American Appraisal Property Tax Services 1 z4 77O 5/sTv�, 1 ✓E,�, (_„ s_f • rv't i ii RIFICIMgdlw.wW+rt'" I t ti A American Appraisal Property Tax Services 9441 LBJ Freeway, Suite 114 Dallas, Texas 75243 Phone: (972) 994-9100, ext. 239 Fax: (972) 994-0516 facsimile TRANSMITTAL TO: Lee Williams, Weld County, Colorado, Assessor's Office FAX #: 1-970-304-6433 FROM: Patrick W. Sloan DATE: July 20, 2000 PAGES: 19 (including fax cover) RE: Nichols Aluminum - Real Estate Analysis Lee, attached is the analysis for Nichols Aluminum. Please note the analysis combine both counts. Following are some general comments to clarify the methodology of the approaches attached: Cost Approach - The structure construction is 84%manufacturing, 16%warehouse. So we used a weighted replacement cost new from Marshall Valuation Service as a starting point. Income Approach -We ran the approach at$2.00, net net. We feel like this is optimistic, if anything, since attached is a rent rate from a Greeley facility asking $2.00, gross. And the Greely property is in a more-developed industrial area. Sales Approach -We deducted estimated land value from the comps, to allow for those differences in land value by area. For example,we found a sale in Denver where the improvements will be razed. And the land comp is in the area of the other Denver sales comps. So we used that land price per square foot to adjust the other comps to get an "improvement to improvement" comparison. The comp is Brighton we deducted land value equal to Nichol's land assessment, per square foot. Regarding the Broomfield comp,we estimated a $3.00 sf land value since it should be less than Denver but more than Fort Lupton. After comparing the improved values per square foot, we added your land value back in. Please call me at 972-994-9100, ext 239,with any questions or comments. Thanks for your consideration. * CONFIDENTIALITY WARNING The documents accompanying this transmission contain confidential information intended for a specific I. individual and purpose. The information is private, and is legally protected by law. If you are not the intended r 5 recipient, you are hereby notified that any disclosure, copying, distribution, or the taking of any action in reliance on the contents of the telecopied information is strictly prohibited. If you have received this IC PIC)at l+' communication in error, please notify us immediately by telephone or return the original to us by regular mail. W Thank you. •r•x'.Nuvs�.,a� PROPERTY TAX ANALYSIS ASSESSMENT YEAR 2000 TAXPAYER: Sit '9 , ''_ :),..4 tikilta.-tiV OAK "1V,gi3¢ ,Eill. PROPERTY INFORMATION PARCEL#S 130932000061 &130932000060 PROPERTY FORT LUPTON MFG FACILITY PROPERTY TYPE MFG ADDRESS 1405 14TH STREET AGE OF IMPR. 1974-1984 EFFECTIVE AGE 18 YEARS CITY FORT LUPTON LAND S.F. 1,634,371 * COUNTY WELD BLDG.S.F. 240,511 STATE COLORADO OCCUPANCY RATE OWNER-OCCUPIED _ BAD DEBT RATE 0% * INCLUDES ALL OUTBIIIL.DINGS ASSESSMENT INFORMATION PRIOR YEAR'S FINAL VALUE: PROPOSED VALUE FOR 2000 LAND LAND $ 229,811 IMPROVEMENTS IMPROVEMENTS $ 4,335,999 TOTAL $ - TOTAL $ 4.565,810 VALUE/BLDG.S.F. $ - VALUE/BLDG.S.F. $ 18.99 EFFECTIVE TAX RATE #DIV/0! EST. EFFECTIVE TAX RATE $ 2.59750_ (PER HUNDRED( - - (PER HUNDRED( PRIOR YEAR'S TAX RECONCILIATION COST APPROACH $ 3,019,840 INCOME APPROACH $ 3,092,898 SALES COMPARISON APPROACH $ 3,055,815 VALUE FOR 2000 SAY, $ 3,050,000 INDICATED VALUE EQUATES TO $ 12.68 PER SQUARE FOOT,TOTAL LAND&IMPR. ANALYSIS PREPARED BY: AMERICAN APPRAISAL PROPERTY TAX SERVICE,INC. 9441 LBJ FREEWAY,SUITE 114 DALLAS,TX 76243 AUTHORIZED AGENT FOR: NICHOLS ALUMINUM-GOLDEN CO PLEASE DIRECT ANY QUESTIONS TO PATRICK W.SLOAN,#972-994-9100,EXT 239. PROPERTY TAX ANALYSIS ASSESSMENT YEAR 2000 TAXPAYER: NICHOLS ALUMINUM-GOLDEN CO ACCOUNT# 130932000061 &130932000060 BUILDING 1 PROPERTY FORT LUPTON MFG FACILITY PROPERTY TYPE LIGHT MFG/STG(84%IND) ADDRESS 1405 14TH STREET AGE OF IMPR. 1974-1984 EFFECTIVE AGE 18 YRS CITY FORT LUPTON LAND S.F. 1,634,371 COUNTY WELD BLDG.S.F. 240,511 • STATE COLORADO OCCUPANCY RATE OWNER-OCCUPIED BAD DEBT RATE 0% ' INCLUDES OUTBUILDINGS ASSESSMENT INFORMATION PRIOR YEAR'S FINAL VALUE: PROPOSED VALUE FOR 2000, LAND LAND $ 229,811 IMPROVEMENTS IMPROVEMENTS $ 4,335,999 TOTAL $ - TOTAL $ 4,565,810 VALLIE/BLDG.S.F. $ - VALUE/BLDG. S.F. $ 18.98 EFFECTIVE TAX RATE #DIV/0! EST. EFFECTIVE TAX RATE $ 2.59750 (PER HUNDRED) (PER HUNDRED) PRIOR YEARS TAX $ - - _ - COST APPROACH _ IMPROVEMENTS, SQUARE FOOTAGE RATE TOTAL. REPLACEMENT COST NEW: MAIN STRUCTURE 240,511 X $ 29.92 = $ 7,196,089 (LIGHT MFG,STG WHSE,CLASS C,AVG COST) PAVING(ESTIMATED) 55,000 X $ 1.50 = $ 82,500 REPLACEMENT COST NEW $ 7,278,589 TIMES LOCAL MULTIPLIER X 102% LESS DEPRECIATION: 5,386,156 40-YEAR LIFE,22 YEAR REMAINING LIFE X 74% REPLACEMENT COST NEW,LESS DEPRECIATION $ 3,985,755 LESS OBSOLESCENCE: X 30% DEPRECIATED VALUE OF IMPROVEMENTS,ALL CAUSES $ 2,790,029 PLUS LAND(USED TAX OFFICE VALUATION) + $ 229,811 INDICATED VALUE , COST APPROACH $ 3,019,840 NOTES NICHOLS ALUMINUM BOUGHT THE FACILITY FROM ALCOA,REAL AND PERSONAL PROPERTY,FOR$8 MILLION. THEY ALLOCATED$1,600,000 TO THE REAL ESTATE(BOTH COUNTY ACCOUNTS). ALCOA,THE SELLER,HAD PURCHASED THE PROPERTY IN 1997,AND HAD ALLOCATED$2,315,000 TO THE REAL ESTATE AT THAT TIME. WE USED A 30%OBSOLESCENCE ADJUSTMENT AS THE PROPERTY HAS BEEN ADDED ON TO SEVERAL TIMES, AND DOES NOT HAVE THE EFFICIENCIES OF USE THAT A NEWLY CONSTRUCTED REPLACEMENT WOULD HAVE. ALSO,THE PROPERTY IS LOCATED OUTSIDE OF THE HIGH TO MODERATE GROWTH AREAS,I.E.DENVER, THE DENVER AIRPORT,BROOMFIELD,GREELEY,ETC. COST APPROACH VALUE EQUATES TO $ 12.56 PER SQUARE FOOT,TOTAL LAND&IMPR. ANALYSIS PREPARED BY: AMERICAN APPRAISAL PROPERTY TAX SERVICE,INC. 9441 LBJ FREEWAY,SUITE 114 DALLAS,TX 75243 AUTHORIZED AGENT FOR: NICHOLS ALUMINUM-GOLDEN CO PLEASE DIRECT ANY QUESTIONS TO PATRICK W.SLOAN,#972-994-9100,EXT 239. PROPERTY TAX ANALYSIS ASSESSMENT YEAR 2000 TAXPAYER: NICHOLS ALUMINUM-GOLDEN CO PROPERTY INFORMATION PARCEL#S 130932000061 &130932000060 PROPERTY FORT LUPTON MFG FACILITY _ PROPERTY TYPE MEG ADDRESS 1405 14TH STREET AGE OF IMPR. 1974-1984 EFFECTIVE AGE 18 YEARS CITY FORT LUPTON LAND S.F. 1,634,371 COUNTY WELD BLDG.S.F. 240,511 STATE COLORADO OCCUPANCY RATE OWNER-OCCUPIED BAD DEBT RATE 0% * INCLUDES ALL OUTBUILDINGS ASSESSMENT INFORMATION PRIOR YEAR'S FINAL VALUE: PROPOSED VALUE FOR 2000 LAND LAND $ 229,811 IMPROVEMENTS IMPROVEMENTS $ 4,335,999 TOTAL $ - TOTAL. $ 4,565,810 VALUE/BLDG.S.F. $ - VALUE/BLDG.S.F. $ 18.98 EFFECTIVE TAX RATE #DIV/0! EST.EFFECTIVE TAX RATE $ 2.59750 (PER HUNDRED) (PER HUNDRED) PRIOR YEAR'S TAX - INCOME APPROACH BASE RENT 240,511 SQUARE FEET @ $ 2.00 EQUALS $ 481,022 TIMES FACTOR FOR OCCUPANCY LEVEL,COLLECTIONS RATE 90% EFFECTIVE GROSS INCOME(EGI) $ 432,920 LESS EXPENSES: UTILITIES 0.0% $MAINT.AND REPAIR 3.0% $ 12,988 LEASING,INSURANCE,MISC EXPENSES 0.0% $ - RESERVES FOR REPLACEMENT 3.0% $ 12,988 MANAGEMENT FEES 4.0% $ 17,317 TOTAL EXPENSES $ 43,292 NET OPERATING INCOME(NOI) $ 389,628 CAPITALIZATION RATE APPLIED: INDICATED CAPITALIZATION RATE 10.0000% PLUS PRIOR YEAR'S EFFECTIVE PROPERTY TAX RATE 2.5976% OVERALL.CAPITALIZATION RATE 12.5975% INDICATED VALUE:poR 200 z ; 3032,898 INCOME APPROACH VALUE EQUATES TO $ 12.86 PER SQUARE FOOT,TOTAL LAND&IMPR. ANALYSIS PREPARED BY: AMERICAN APPRAISAL PROPERTY TAX SERVICE,INC. 9441 LBJ FREEWAY,SUITE 114 DALLAS,TX 75243 AUTHORIZED AGENT FOR: NICHOLS ALUMINUM-GOLDEN CO PLEASE DIRECT ANY QUESTIONS TO PATRICK W.SLOAN,#972-994-9100.EXT 239. PROPERTY TAX ANALYSIS PAGE 1 OF 2 ASSESSMENT YEAR 2000 TAXPAYER: NICHOLS ALUMINUM-GOLDEN CO PROPERTY INFORMATION ASSESSMENT INFORMATION ACCOUNT# 130932000061 8 130932000060 PROPERTY TYPE MFG PRIOR YEAR'S FINAL VALUE: PROPOSED VALUE FOR 2000 PROPERTY FORT LUPTON MFG FACILITY AGE OF IMPR. 1974-1984 LAND $ - LAND $ 229,811 ADDRESS 1405 14TH STREET LAND S.F. 1,634,371 IMPROVEMENTS $ - IMPROVEMENTS $ 4,335,999 CITY FORT LUPTON BLDG.S.F. 240,511 TOTAL $ - TOTAL $ 4,565,810 COUNTY WELD OCCUPANCY RATE OWNER-OCCUPIED STATE COLORADO BAD DEBT RATE 0% VALUEJBLDG.S.F. $ - VALUE/BLDG.S.F. $ 18.98 SALES COMPARISON APPROACH ASSESSOR'S ASSESSOR'S SOFT.LAND PRICE LESS AMOUNT SALES PRICE TOTAL BUILDING LAND LAND/BLDG MARKET MARKET VALUE SALES SALES USED TO ADJ. ATTRIBUTABLE SALES PRICE. PER S.F.. PROPERTY ADDRESS CITY AGE Sq.FOOTAGE SQ.FOOTAGE RATIO VALUE PER SQ.FOOT DATE PRICE TO IMPR ONLY TO LAND IMPR ONLY IMPR ONLY SUBJECT 1405 14TH STREET FORT LUPTON 1974-1984 240,511 1,634,371 6.8 $ 4,565,810 $ 18.98 COMP#1 4303 BRIGHTON BLVD DENVER 1962 145,000 178,000 1.2 11/27/98 $ 2,800.000 $ 4.87 $ (866.860) $ 1,933.140 $ 13.33 COMP#2 221 N KUNER RD BRIGHTON N/A 121,450 205,603 1.7 10/30/98 $ 1,365,000 $ 0.14 $ (28,784) $ 1,336,216 $ 11.00 COMPW 3 6900 W.117TH AVE BROOMFIELD 1982 73,400 144,183 2.0 05/15/98 $ 1,251,300 $ 3.00 $ (432,549) $ 818,751 $ 7 NOTE: USED FOR RETAIL CO4 7777 E.40TH AVE DENVER 1963 64,964 149,372 2.3 05/12/97 S 860.000 S 4.87 $ (727,442) S 132.558 5 COMP#5 4770 E.51ST AVE DENVER 1971 108,085 256,751 2.4 05/16/97 $ 2,538,000 $ 4.87 $ (1,250,377) $ 1,287,623 $ 11.91 11.OO RANGE OF IMPROVEMENT COMPS.PER SQ.FT $ X91- TO $13.33 OPINION OF IMPROVEMENT VALUE FOR SUBJECT, $ 11.75 PER SQ.FT.TIMES SQ.FOOTAGE X 240,511 $ 2,826,004 PLUS WELD COUNTY LAND VALUE • $ 229,811 INDICATED VALUE FOR 2000 $ 3,055,815 CA LES LM,A4tfl01' Iyt.6MEAPPROACH VALUE EQUATES TO $ 12.71 PER SQUARE FOOT.TOTAL LAND&IMPR. SEE PAGE 2 FOR DENVER AREA LAND COMP SALES COMPARISON APPROACH PAGE 2 OF 2 LAND COMP FOR DENVER AREA ASSESSOR'S ASSESSOR'S TOTAL BUILDING LAND LAND/BLDG MARKET MARKET VALUE SALES SALES SALES PRICE PROPERTY ADDRESS CITY AGE SQ.FOOTAGE SQ.FOOTAGE RATIO VALUE PER SQ.FOOT DATE PRICE PER SQ.FT. 4801 BRIGHTON BLVD DENVER N/A N/A 348,983 N/A 09/10/98 $ 1,700,000 § 4.87 NOTE: THIS LOCATION IS THE OLD BARS MEAT PROCESSING PLANT.WHICH THE BUYER PLANS TO TEAR DOWN AND CONSTRUCT NEW IMPROVEMENTS ON THE SITE. THE COST TO RAZE THE OLD IMPROVEMENTS WOULD ACTUALLY INCREASE THE VALUE OF THE LAND. SUBJECT LAND PRICE,PER SQ.FT.,BY WELD COUNTY ASSESSOR: $ 0.14 CommercialSearch Page 1 of 1 -,.-/7, - .. �/_` Propid: 8634-I C � MM � FiC l A L SE a R a NA •�� Last Update: 2/25/2000 e6 a, owl Gh Cc Gt il . Industrial Property 401-421 E 16th St, Greeley CO 80631 For Sale For Lease ' , . „ 2- SALE INFORMATION Sale Price $599,000.00 i ' in ' LEASE INFORMATION IO lIP . ' : Lease Rate $2.00 Mod. Gross Ye Total Avail SF 35,490 Max Contig. SF 35,490 Min Avail. SF 35,490 GENERAL , IMPROVEMENTS RE Taxes $6,066.14 Building SF 35,490 Zoning I-M, City of Greeley yOC 1965 Access H and E 16th St Site SF 217,800 Sched A Parking Ample �/ Constr. Type Metal pri_ \` Power C Limited Power 400 amp 230 volt / " / Clear Height 18 Dock Doors Yes Outside Storage Yes Ideal for general, agricultural, heavy equipment, RV/trucking warehousing; light industrial uses; or distribution. Close proximity to Hwy 85. City of Greeley water and septic. 5 fenced acres and adequate parking. Limited heating, 18' ceilings and 400 amp/230 volt power. 2 dock- high and 4 drive-in doors. Includes SF house on property which could be converted to office. TECMark Bradley, Bernie Blach Phone: 970-346-9900 Fax: 970-304-0707 mbradley@ctos.com RunsTmEseracumcRealtec __ Email Contact Format to Print This information has been secured from sources deemed reliable,but we make no representation or warranties,expressed or implied,as to the aet urac) of the information.Interested parties should conduct their own independent investigations and rely only on those results. — Copyright 1996 Comments and feedback i Web P1tn. l Commercial Search Vired CommercialSearch.com IInternef$ustrte$s Solutions] http://co.commercialsearch.com/sh/asp/com_one.asp?mkt=co&id=&cr=&ve=&aid=8634-1&a11='713/00 07/14/00 09:39 FAA 414 225 1900 1ILW CORP VAL -,.. DALLAS IIOD8- u)9 • Full Comp Report ' COMPSw Friday,JJ, 14,2000 9888 Carroll Centre Rd-Suite 100,San Diego,CA 92126 (61.9)578-3000 (800)821.1573 Licensed by:American Apprrnsa;Associate., 2 Single Tenant Industrial Bldgs Industrial $2,800,000 Confirmed Forney Museum of Transportation DVC-73094-01-99 MAP: 54-F 4303 Brighton Blvd issue#1 Parcel#:2232-00-168,185 Denver, CO 80216 Area 01 —Denver BUYER (970)482-7271 SELLER (303)722-4510 Historical Properties Inc D&Z Invest Co(LLP) Jack Forney David Kaminsky P.O.Box 176 400 S Emerson St Fort Collins, CO 80522 Denver, CO 80209-2216 LISTING BROKER (303) 534-5005 SELLING BROKER Shames-Makovsky Realty Co. Unknown 1400 Glenarm PI#201 Denver, CO 80202 Ed Pepper _^ ADDITIONAL CONTACTS VITAL DATA Forney Museum Subject Recording Date November 27, 1998 Property (303)297-1113 Escrow/Under Contract Apx 5 months Market Time apx 42 Exchange Yes- 1031 Exchange Conditions None Doc#/Trans Tax 0198735 $280.00 INCOME The seller was an owner/user and the buyer will be the Sale Price $2,800,000 Confirmed y Down Payment $2,800,000 100% same. Building SQFT 145,000 Gross PRICE/SQFT $19.31 _ Office Space 8% Floor area ratio .81 _ Improvement Ratio 79% Year Built 1962 AGE 36 Coverage 81% (9' )(_ � �� t Parking Spaces/Ratio 35 0.24 per 1,000 SF Power 1,200 A,3 Phase \____ Truss Height 16' Fire Sprinkler Yes _/ Zoning IA,Denver Acres 4.0863 Land Area 178,000 SqFt Price/SQFT Land $15.73 Net $3.30 Lot Dimensions x Irregular Frontage N/Av PRIOR TRANSFER FINANCING Not Applicable:all cash sal MPS has nbnined the information=mined heroin From sources which ll balked to bendlsble COMPS makes no representation,warranty or 8unnla,taproot or implied,as to the sowncy or renubility of lhr --�- ' Information contained heroin.Repmdwuion in soy form without the a armed written consent of COMPSOYCOM.Inc.k prohibkd.All rights rowed Copyright law by COMPyeb.COM.Inc.(81)0)821.1.?I 01/14/00 VO. OU ran 914 LLO 1UUU IU1Le I.UKY VAL 4-a-a 1/ALLAA QI1109;019 COMPS Full Camp Report Friday,July 14,moo 9888 Carroll Centre Rd.Suite 100,San Diego.CA 92126 (619)578-3000 (800)821-1573 Licensed by:American Appraisal Associates COMPS File ti DVC-73094.01.99 Title Company: Not shown MAP: 54-F Parcel N: 2232.00.168,185 --- Legal:Por S1:4 NW4 sec 23 73S R680 Description - YR BUILT 9LDGS CONSTRUCTION VENEER CONDITION MISC CONMENTG 1962 2-1.0 Sty Masonry Average Parking Open Covered Open Tandem Covered Tandem Condition Total ASPHALT 35 Average 35 Uock Highs 0 Truck We11. 0 Dock/Truck Well Doors 0 Rail Served N/Av Capacity Capacity Grade Level. Coon: 0 The new Forney Museum of Tronopereation is expected to open in late April, 1999. Exchange: This was the buyer's upleg in a 1031 exchange. • Year Built: The property was built i.n r.tages between 1962 5 1961. year Annctted: 1997 Total Ataeaeed: S 2,328,900 Detrimental Condition: DC Cl9e I Confrmcd by: Ann M.Hines Dater- 1/26/1999 Vi/iv/U0 VO.OO FAA Y1'* 'GO 1nVo llMILO VVAVr VAL. -rr-, MALwa Q.019 Ilr9 -7- Full Comp Report .COMPS C' i 1.) a-ly,L (J 14 2006 9885 Carroll Ceiire Rd.Suite 100,San Diego,CA 92126 (019)578-3000 (800)821-1573 Licensed by:American Appruiso nssociatr, Multi-Tenant Industrial Building Industrial $1,365,000 Confirmed Kuner Warehouses ADC-60945-1.2-98 MAP; 203-B 221 N Kuncr Rd issue#12 Parcel ft: 1569-06-3-00-033 Brighton, CO 80601 Area 01 -Adams BUYER (303)755-7709 SELLER (303)654-790C.. 221 Brighton(LLC) Colorado International Storage(LLC Joseph Lainbright Ed Lehrberger 1783 S Uinta Way 1635 Hudson St Denver, CO 80231 Denver,CO 80220 LISTING BROKER (303)892-1111 SELLING BROKER (303)691-294 Onco-International Continental Realty Advisors 717 17th St 3801 E Florida Ave Ste. 400 Denver,CO 80202 Denver,CO 80210 Werner Holzer Tim Zarneic ADDITIONAL CONTACTS VITAL DATA Recording Date October 30, 1998 Escrow/Under Contract 80 days Market Time 180 Exchange Yes - 1031 Exchange Conditions None Doc#/Trans Tax 0462191 $136.50 INCOME Listing agent reported 40%vacancy at time of iale with Sale Price $1,365,000 Confirmeci average rates of$3.85 per sf modified gross.Asking rates Down Payment $430,000 32% range from 52.25-$3.85 per sf NNN and gross. Building SQFT 121,450 Gross PRICE/SQFT $1124 Office Space 1% Floor area ratio .59 /v�� YeaImpr Built Ratio 87% N/Av-------- Year Built N/Av AGE Coverage N/Av j� i Parking Spaces/Ratio 5 0.04 per 1,000 SF <—` 1 C //1 1 /✓/Y/ yN1 7/ �� Power 1400 ' 3 Phase `��l LJ COMP' °/ Truss Height 19'-22' Fire Sprinkler No \ Zoning 1-2, County Acres 4.72 Laud Area 205,603 SgFt Price/SQFT Land $6.64 Net $.86 Lot Dimensions x Irregular Frontage N/Av PRIOR TRANSFER FINANCING TDesLcnder Balance Payment 1 Guaranty Bank&Trust $935,000 (VIR)due in 3 yrs COMPS Mr Mnnind the information contnind halm from Awroa which it believer to be,enable.COMPS!rehire no feprae,ndon,wnnnry or Burnetee,mrprma or imalid.or 10 die Mooney ci,e a il,iver,r the co information nlnind heads.Reproduction in any form wilhoul the ono-owed written consent of COMPS®.COM.Inc.in 9rohibital.All Aging reined.Copyright 1999 by COMPS®.COM, (1‘OO) ' . __ I 07/14/00 09:40 FAX 414 225 1900 t41LW CURE VAL -s+- DALLAS y9011/0ID __ Full Comp Report COMPS' Friday,July la,2000 1- L cer ved by.American Appraisal Associates 9868 Carroll Centre Rd.Suite 100.San Diego,CA 92126 (619)578-3000 (800)821-1513 COMPS File# ADC•60945-12-98 Title Company: Not shown MAP: 203-B Parcel N' 1569.06-3-00-033 Legal:Sec 6 T t S R66E Description YR BUILT SLOGS CONSTRUCTION VENEER CONDITION MISC COMMENTS N/Av 1-1.0 Sty Metal Average .ar kind Open Covered Open Tandem Covered Tandem Condition Total A_GP ALT 5 Average 5 Dock Highs 0 Truck Wells 9 Bock/Truck Well Donr9 9 Rail Served Yc:: Capacity 0 Capacity 9 Grade Level Doors 2 txchange: This was the buyer's upleg in a 1031 exchange- Year Assessed: 1996 Total Anseesed: 5240,510 building Class' N/Av Detrimental Condition; BC CLsse I Confirmed byr Vicki Ridley Date: 12/21/1998 U(/14/UU Ua.4L rAA 414 LLD IODU PALO t.,UYtY VAL -+++ UALI.AO Y.010, 1118 Full Ceuta Report COMPS. ' Fri:ay.11„ IA,2000 9888 Carroll Ceoire Rd.Suite 100.San Diego,CA 92126 (619)578-3000 (800)821.1573 Licensed by:American Ap/:ru si!Assort'', Multi-Tenant Industrial Building Industrial $1,251,300 Confirmed WC-27367-08-98 MAP: 4-H 6900 W 117th Ave Issue#8 Parcel St:29-021-16-001 Broomfield, CO 80020 Area 01 -Jefferson BUYER (303)770-2592 SELLER (717)769-646 Cyrus Enterprises(LLC) (et al) Woolrich Inc Bob Garrison Roswell Brayton,Jr. 5801 Piedmont Dr One Mill St Englewood,CO 80020 Woolrich,PA 17779 LISTING BROKER (303) 813-6400 SELLING BROKER (303) 813-6400 Cushman & Wakefield Cushman &Wakefield 1670 Broadway Ste. 3400 1670 Broadway Ste. 3400 Denver,CO 80202 Denver, CO 80202 Robert Lockhart Robert Lockhart ADDITIONAL CONTACTS VITAL DATA Woolrich Factory Outlet Str. C&A Realty Leasing Agent Recording Date May 15, 1998 Subject Property (303) (303)770-2592 Escrow/Under Contract 60 days 469-5257 Market Time 180 Exchange Yes- 1031 Exchange • Conditions Sale Leaseback Doc#/Trams Tax 0613107 $125.13 INCOME The listing agent reported that Woolrich occupied the entire Sale Price $1,251,300 Confirmed property prior to the sale and will now occupy 7,500 SF of Down Payment $486,052 39% building area as a Woolrich Factory Outlet store paying Building SQFT 73,400 Gross $6.00/SF NNN. Bunter Douglas leased 44,000 SF of PRICE/SQFT $17.05 building area after thesale paying$4.00/SF NNN. (See Office Space 0% description) Floor area ratio .51 improvement Ratio 76% Year Built 1982 AGE 16 Coverage 47% Parking Spaces/Ratio 196 2.67 per 1,000 SF Power 1600 A,208 V, 3 Phase Truss Height 9'-20' 65/C),.6Stit3 ) Foe ngrinkler Yes Zoning 1-2, Broomfield Acres 3.31 Land Area 144,183 SqFt Price/SOFT Land $8.68 Net $2.08 Lot Dimensions 585'x 246' Frontage 246'-117th 585'-Quay PRIOR TRANSFER FINANCING TD'sLendcr Balance Payment I Aurora National Bank $765,248 COMPS has obtained the information remind herein from sources which it believe m he reliable COMPS makes no repnaonlation.wermnry or gurentre,Impress or implied.es to the accuracy or rdlah'dlry.,f the Mfoemndon contained herein Reprwbuion In any form without the expressed written carmen,ofCOMPS9i.COM,Inc.is prohibited.All ritdts rmcr.cd.Copyright 1999 by COMPS®COM,inc.(eml)a+t 1313 07/14/00 09:42 FAX 414 225 1900 MILW CORP VAL 1 4. DALLAS t>,1017/ '19 Full Comp Report 'COMPS Friday,July 14,2000 ■ .......... 4icensed by:American Appraisal Associates 9888 Carroll Centre Rd,Suite 100,San Diego,CA 92126 (619)578-3000 (800)821-1523 COMPS File* 1FC-27367.08-95 Title Company; Not shown MAP' 4-H Parcel S; 29-021-16-001 Legal:Lot 2B blk 3&Rcplar of lot 3 his I;lot l &2 blk 3&lot 2 blk 4 • • Description YR BUILT BLOCS CONSTRUCTION VENRFR CONDITION MISC COMMENTS 1992 1-1.0 Sty Mninl Average Parking open Covgrod Upon Tandem Covered Tandom Condition Total ASPHALT 119 Fait 119 CONCRFTF 11 Fair. "17 DOCk Highs 4 Truck Wells 0 Dock/Truck Well Doors 4 Hall Scrvod No Capacity 4 Capacity 0 Grade Level Doors 1 Tenant Anchor WOoirirh Factory Outlet Hunter Douglas INCOME: The vacant 5,750 SF oI mezzanine is available at an asking rate of $4.00/5F NNN. The agent reported a market rental value for that apace of `•2.00-$3.0D/SE. • Exchange; This woo-the buyer's ppleg Sn a 1031 excbangc. • Bldg SF: The buyer reported that the building area shown includes 5,160 SF of mezzanine space. Year hnnrr,nrc: 1996 Total ASSe55ee: +415,290 Building Class: B Confirmed by: Jerry O'Nanlon Date: 8/10/1998 07/14/00 UUt42 FAA 414 220 1800 MILO UUIY VAL +++ UALLA.h 4']U1b/U19 — C • Full comp Report _' Fridav,lu•V r4,2040 9888 Carroll Centre Rd.Suite 100,Sao Diego,CA 92126 (619)578.3000 (800)821-1573 Licensed by:American Appraisal 4 ,ariafc. SINGLE-TENANT INDUSTRIAL BUILDING Industrial $860,000 Confirmed I3ERRIDGE MANUFACTURING DVC-53983-07-97 MAP: 56-H 7777 E.40th Ave. Issue#7 Parcel#: 1213-00-038 Denver,CO 80207 Area 01 -Denver BUYER (303)298.1125 SELLER (713)223-4971 Gabriel Holdings LLC Jack A.Berridge Dan Cahill 3031 Blake St. 1720 Maury St. Denver,CO 80205 Houston,TX 77026 LISTING BROKER (303) 892-1111 SELLING BROKER (303) 892-1111 Frederick Ross Co. Frederick Ross Co. 730 17th St. #2000 730 17th St.#2000 Denver,.CO 80202 Denver,CO 80202 Tim McManus Tim McManus ADDITIONAL CONTACTS VITAL DATA George Jesse Seller's Recording Date May 12, 1997 Attorney (713)688-6767 Escrow/Under Contract 90 days Market Time 14 days Exchange No Conditions None Doc#/Trans Tax 0060171 $86.00 INCOME The seller occupied the property prior to sale arid the bu cr Sale Price $860,000 Confirmed P y Down Payment $171,794 20% now intends to occupy. Building SOFT 64,964 Gross PRICE/SOFT $13.24 Office Space 7% Floor area ratio .43 Improvement Ratio 54% /. Year Built 1963 AGE 34 /YL Coverage 43% Parking Spaces/Ratio 60 0.9 per 1000 SF Co fill) Power 2,000 A,480 V, 3 Phase. Truss Height 16' Fire Sprinkler Yes Zoning 12, DENVER Acres 3.429 Land Area 149,372 SqFt __------ Price/SQFT Land $5.75 Net $2.64 • Lot Dimensions Irregular Frontage PRIOR TRANSFER FINANCING TD'sLendcr Balance Payment 1 First Keybank National $688,206 2 (VTR)9%,20 yr amtz COMPS ha obtained the informeeon contained heroin(ruin moms which it believe;to he reli,ble.COMPS mains notvFacol,tinn,weM1*my or Swentee,express or implied.as to eOMPo thoma Inn Q'.'el Rl111101 the infonnmion a•m.lned herein taeprodoedon in any faun withow the carom.'wAnm consent of COMPSeCOM.Inc.u prohibited.All rights remind.Copyright ____ UI/14/Uu Ua.40 I'AA 414 LLD IUUV fhlLn 1.U1(r VAL -•'+-t VALLAJ 41018/I. 1y Full Comp Report COMPSFriday,fall 14,2006 Licensed by:American Appraisal Associates 8 Curtail Centre Rd.Suite 100,San Diego,CA 92126 (619)598-3000 (800)821-1573 988 COMPS File it t7VC-53983-07-97 Title Company: Not Applicable MAP: 56-1i Parcel it: 1213-00-038 -__--- -____7Legal:Pot N2 SW4 sec 21 'OS 1678— _J Description ULUC$ CONST TYPE VENEER CONDITION MISC 1-].p $ty Mixed cans Avg FANNING_ Open Covered Open Tandem Covered Tandem Condition n,a Asphalt: 60 0 0 0 Fair 60 Dock N's: -1 Tr Wells: 0 OvHd lira: C Rai) $crvod? Capacity: N/AV Capacity: 0 oldg Ors: 4 No The buyer reported 5200,000 at deferred maintenance to root, landscaping and point nh time Ct sale. Confirmed by: Jerry O'Hanlon Date: 7/9/1997 07/14/00 0 9:4 11 FAA 414 225 1800 MILW CUR' VAL -+.. DALLAS 4.012/019 Full Comp Report COMPSFridcv, Jul) I r,2con 9888 Carroll Centre pc.Suite 100,San Diego,CA 92126 (619)578.3000 (800)821-1573 Licensed by:American Appraisal,soocrates MULTI-TENANT INDUSTRIAL BUILDING Industrial $2,538,000 Confirmed DVC-53988-07-97 MAP: 55-C 4770 K 51st Ave. * Issue#7 Parcel#: 1183-02-011 Denver,CO 80216 Area 01 - Denver BUYER (800)274-7112 SELLER (303)665-2991 --{ii Mile Hi Investments, Inc. Seminole Land Holding,Inc. Ray Lyons Thomas L. Garvin 4701 K 50th Ave. 8240 Creek Hollow Rd. Denver,CO 80216 Boulder,CO 80301 LISTING BROKER (303)628-7400 SELLING BROKER (303)628-7400 CB Richard Ellis CB Richard Ellis 1050 17th St.#800 1050 17th St#800 Denver,CO 80265 Denver, CO 80265 Mike Camp Doug Viseur Mike Camp Doug Viseur ADDITIONAL CONTACTS VITAL DATA Doug Viseur(Prop.Mgr.) Ron Ruben Buyer Contact Recording Date May 16, 1997 Leasing Agent (303) (303)321-4580 Escrow/Under Contract 60 days 628-7400 Market Time N/Ap Exchange No Conditions None Doc#/Trans Tax 0063357 $253.80 INCOME Sale Price $2,538,000 Confirmed The seller occupied 16,800 SF at time of sale and a tenant Down Payment $2,538,000 100% occupied the remainder paying $27,500/month NNN under Building SQFT 108,085 the terms of a 1-year lease expiring at time of sale. The PRICE/SQFT $23 48 tenant had been in place for 5 years. The property is vacant Office Space 18% as of the confirmation date and available for lease for Floor area ratio .42 $3.25/SF NNN with a 3-5 year lease and annual escalations. Improvement Ratio 73% Year Built 1971 AGE 26 Coverage 42% '�_ Parking Spaces/Ratio 50 0.5 per 1000 SF / \ Power 1,200 A,277/480 V,3 Phase Truss Height 20' Fire Sprinkler Yes I —59/45 /1_ p � Zoning 12,DENVER (�J / Acres 256,7 Land Area 256,751 SgFt Lot Land $9.88 Net $2.66 \ Lot Dimensions 815.6'x 314.8' Frontage 815.6'-E. 51st \ 314.$'-Dahlia PRIOR TRANSFER FINANCING Not Applicable: all cash sa MPS has obtained the Information contained heroin from mom.*which it believes to he reliable.COMPS manta nn repreeentsllon,'ninety ar[.camen ovens or implied,m to the accuracy or reli Ai;liry of the lefameGan contained hadn.exprnduadon in any form without tho mMoaed written mment of COMPSS.COM,Inc If prohibited.All right;reserved.Covyriaht'WY;by f'0MPSW.COM,Inc.WO)821-15,1 _ -_ 07/14/00 UU:41 N'AA 414 22b 11UU M1LW CUR? VAL - -. DALLAS A 013:01.9 • Full Comp Report 'COMPS. Friday,Jalt 14,2000 Licensed by:American AppraisalAssociates 9888 Carroll Centre Rd.Suite 100,San Diego,CA 92126 (619)578.3000 (800)821-1573 COMPS File# DVC-53988-07.97 Title Company' Not Applicable — MAP: 55-C Parcel if, 1183-02-011 -I Legal!Legal!Trts 1,2 Burlington Industrial Park#3 SW4 Sec IS T3S R67 II Description SLOGS CONST TYPE VENEER CONDITION RISC 1-1.0 Sty Precast co Avg PARKING: Opnr; Covorna Open Tandem Covcrcd Tandem Condition lb:a Asphpl r_ 50 0 0 o Fair 50 Dock H';: -1 Tr Wells; 0 OVLId Ors: 5 Rail Served' Capacit V' N/A'v Capacity: 0 Side Ors: 6 No - Prop Addre 5: 5095 Dahli.o $t. I Confirmed by' Jury O'Hanlon Date: 7/24/1997 Ut/14/ou uu.OI IAA 414 ZZb 1900 M1LM CORY VAL -+-.+ PALLAS I,JUU1 01.1 Full Comp Report COMPS` ' t'„day. July 2000 9888 Carroll Centre Rd.Suite 100.San Diego,CA 92126 (619)S78-3000 (800)821-1573 Licensed by:American Appraicm Asvod,,(er Meat Processing Plant Industrial $1,700,000 Confirmed Bar S Foods DVC-51690-12-98 MAP: 54-F 4801 Brighton Blvd Issue#12 Parcel#:2143-00-025;2144-08-002 Denver,CO 80216 Area 01 -Denver BUYER (303)297-1166 SELLER (602)264.72"-2 Western Stock Show Assoc. Bar S Food Co. Jim Kline 4655 Humboldt St 4041 N Central Ave Ste. 1300 Denver,CO 80216 Phoenix,AZ 85012 LISTING BROKER (303) 572-7700 SELLING BROKER (303) 572-7700 Grubb&Ellis Grubb&Ellis 1200 17th St#2000 1200 17th St#2000 Denver,CO 80202 Denver, CO 80202 Steve Hager Mike Wafer Scott Patterson Steve Hager Mike Wafer Scott Patters( n ADDITIONAL CONTACTS VITAL DATA Recording Date September 10, 1998 Escrow/Under Contract Apx 30 days Market Time apx 912 Exchange No Conditions Redevelopment Project Doc#/Trans Tax 0151231 $170.00 INCOME The broker reported the seller vacated the building in Sale Price $1,700,000 Confirmed March, 1996 and the property has been vacant since then. Down Payment $1,700,000 100% SOFT The buyer intends to raze the building and use the land for Building Q'T 179,663 Gross expansion of their nearby facility. PRICE /SQFT $9.46 Office Space 2% Floor area ratio .51 /^— _— Improvement Ratio 68% Year Built 1976 AGE 22 Coverage N/Av 7_411/19 CDP7P Parking Spaces Ratio N/Av N/Av Power 3 Phase /, /✓� n /,��' Truss Height N/Av 1)�/� V / (�_[�/Y Fire Sprinkler N/Av / Zoning 1-2, Denver Acres 8.0115 Land Area 348,983 SqFt Price/SQFT Land $4.87 Net $1.56 Lot Dimensions x Irregular Frontage 786-Brighton Blvd PRIOR TRANSFER FINANCING Not Applicable: all cash sal C MPS has abtriec,the information contained herein from source:which it Wigan to be reliable.COMPS mega no rcproparmdon.wnrramy or gurantee,expect:or implied,as to the accuracy or rellabilny ollha — information contained herein.RWndiW ion in nay rnm without the expensed written consent of COMiB®.COM,Inc.is prohibited.All right:rwarval.Copyright 1909 by COM Pa&COM.Inc. g m)VI 1573. 07/14/00 09:37 FAX 414 225 1900 MIL19 CORP VAL DALLAS 41005 fit, • Full Comp Report .COMPS Friday,July 14,2000 ....____--....... 9888 Carroll Centre Rd.Suite 100,San Diego,CA 92126 (6191 578-3000 (800)821-1573 Deemed by:American Appraisal Associates COMPS File 11 DVC-51690-12-9S Title Company: Not shown rMAP: 54-F Parcel it; 2143-00-025;2144-08--002 • Legal:Por SW4 SE4&SE4 SW4 sec 4'f3S R68W&por blks 8&9 Elyr a Description YR BUILT BLDGS CONSTRUCTTON VENEER CONDITION MISC COMMENTS 1976 1-1.0 Sty Precast conc Brick Poor 1926 1-4.0 Sty Conc tilt-up Poor DOCK Highs 22 Truck Wells 0 Dock/Truck We).l. Doors 22 Rail Served N/Av Capacity 22 Capacity 0 Grade Level DOOTF 0 , Condition: The broker reported the buyer purchase) the property for land for expansion of their nearby facility. R. reported they intend to raze the building; he estimated the cost to tear down the building at 5700,000-1800.000. • Bldg St: Mho broker reported the property consists of 2 buildings with year built and SC broken down as follows: One, 1-story building of "Twin T" construction built in 1976 contains 49,962 SF; apx 43,000 SF in rnfrigurated with an additional apx 4,800 SF of rreezer space. The second building is a 4-story concrete with a basement built in 1926. It has 12_9,70) total SF, of which apx 50,000 SF is refrigerated with an additional apx 3,900 SF nE freezer apace. , - • Power: The broker didn't know the exact number of amps and volts, but he reported the building hes heavy power capability. APN: 2231-09-090 Year Assessed: 1997 Tote:. Agnesand: ^• 1,95],500 Dctrimr_ntal Condition: DC Class If Confirmed by: Ann M.Hines Date: 12/16/1998 Hello