HomeMy WebLinkAbout861137.tiff AR2079807
RESOLUTION
RE: APPROVE SERVICE PLAN FOR PINE LAKE SANITATION DISTRICT
ri
or.)
0
WHEREAS, the Board of County Commissioners of Weld County,
o Colorado, pursuant to Colorado statute and the Weld County Home
ca Rule Charter, is vested with the authority of administering the
0 4 affairs of Weld County, Colorado, and
0
c a WHEREAS, pursuant to the provision of Title 32 , Article 1 ,
tow Part 2 , C.R.S. , the Board of County Commissioners of Weld County,
m Colorado, held a public hearing to consider the Service Plan of
the proposed Pine Lake Sanitation District on the 12th day of
xw November, 1986 , and
WHEREAS, notice of said hearing was duly published three
e x times in the Johnstown Breeze, on October 23 and 30 , and November
6 , 1986 , as required by law, and notice was forwarded to the
m u petitioners, to the Division of Local Government, and to the
governing body of each municipality and special district which has
o r levied an ad valorem tax within the next preceding tax year and
N which has boundaries within a radius of three miles of the
', a proposed District, and
N
r WHEREAS , the hearing was open to the public, a record of the
cow proceedings was made , and all interested parties, as defined in
r. z Section 32-1-204, C.R.S. , were afforded an opportunity to be
N Z heard, and
Ua WHEREAS, no requests for exclusion pursuant to Section
Na' 32-1-202 (2. 1) , C.R.S. , have been tiled, and
M WHEREAS, the Board considered it advisable to continue the
"'I '"+ hearing to consider said Service Plan to December 1 , 1986 , at
`' 10 : 00 a.m. , to allow certain financial documents to be submitted
'04 for study and review, and
WHEREAS, the Board has considered the Service Plan and all
other testimony and evidence presented at the hearing, and
WHEREAS, the second sentence on Page 6 of said Service Plan,
regarding Financial Analysis, has been amended to state that
Donald J. Carlson, Patricia A. Carlson, Hallet W. Walston, and
Diane D. Walston, partners in Heritage Park Partnership, are
arranging long term financing for the entire mobile home park
development, and
�7 i
1] (9O(f (J i 861137
Page 2
RE: SERVICE PLAN - PINE LAKE SANITATION DISTRICT
WHEREAS, it appears that the Service Plan , as amended, should
be approved without condition or modification.
NOW, THEREFORE, BE IT RESOLVED by the Board of County
Commissioners of Weld County, Colorado:
Section 1 . The Board of County Commissioners of Weld County,
Colorado (the "Board") , does hereby determine that all of the
requirements of Title 32 , Article 1 , Part 2 , C.R.S. , relating
to the filing of a Service Plan for the proposed Pine Lake
oU Village Sanitation District have been fulfilled and that
o notice of the hearing was given in the time and manner
o
required by law.
U
Section 2 . The Board hereby finds and determines that:
a
o (a) There is sufficient existing and projected need for
c x organized service in the area to be serviced by the
• w proposed District.
v (b) The existing service in the area to be served by
wa the proposed District is inadequate for present and
projected needs.
no
a (c) The proposed District is capable of providing
a economic and sufficient service to the area within
o v its proposed boundaries based upon the
z representations of the applicant.
o H
N F (d) The area to be included in the proposed District
H m has and will have the financial ability to
discharge the proposed indebtedness on a reasonable
r
o W basis.
c0
r- z (e) Adequate service is not and will not be available
o z to the area through the County, other existing
o municipal or quasi-municipal corporations,
O % including special districts , within a reasonable
time on a comparable basis.
r- ul
o (f) The facility and service standards of the proposed
N District are compatible with the facility and
service standards of the County and each
w w municipality which is an interested party under
Section 32-1-204 (1) , C.R.S.
861137
Page 3
mO RE: SERVICE PLAN - PINE LAKE SANITATION DISTRICT
0 O
O
M o (g) The proposal is in substantial compliance with a
Q master plan adopted pursuant to Section 30-28-101 ,
W C.R.S.
o
o (h) The proposal is in compliance with any duly adopted
m w county, regional, or state long-range water quality
o management plan for the area.
0
w (i) The creation of the proposed District will be in
is the best interests of the area proposed to be
" 'a
0 served.
nix
w Section 3 . Service Plan of the proposed Pine Lake Sanitation
1/40 o u District is hereby approved , as amended.
o H Section 4. A copy of this Resolution shall be filed in the
olE records of Weld County and submitted to the petitioners for
a the purpose of filing in the District Court of Weld County.
w
c w The above and foregoing Resolution was, on motion duly made
w w and seconded, adopted by the following vote on the 1st day of
r- z December, A.D. , 1986.
0z
Ni icc
� �-f- BOARD OF COUNTY COMMISSIONERS
or,• ATTEST: / :. 't.� ✓LGtR/ta«e.�o'� WELD COUNTY, COLORADO
Weld C Recorder \... . `. �.� �... (NAY)
R c
min and Clt f. Jp'v d J;cqu=� ' ne . son , Chairman
1'. (AYE)
MIN 1Y's "4T' .�• G• ''. .'"1 � ' ' '"� i em
�eti y •lerk
(AYE)
APPROVED TO FORM: Gene R. Brantner
X/1/6;7
(AYE)
J C.W. Kirby / 1
County Attorney
Fran'& Yamagu i ,
861137
AMENDMENT TO ORIGINAL SERVICE PLAN
FOR PINE LAKE SANITATION DISTRICT
AS APPROVED BY THE BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
The second sentence on Page 6 , regarding Financial Analysis, shall
state: Donald J. Carlson, Patricia A. Carlson, Mallet W. Walston,
and Diane D. Walston, partners in Heritage Park Partnership, are
arranging long-term financing for the entire mobile home park
development.
NOTICE OF HEARING
Docket No. 86-70
PUBLIC NOTICE IS HEREBY GIVEN that there was filed with the County
Clerk and Recorder of Weld County, Colorado, a Service Plan for the
proposed Pine Lake Sanitation District. The Service Plan and related
documents are now on file in the office of the Clerk to the Board of
County Commissioners, 915 10th Street, Third Floor, Greeley, Colorado,
and are available for public inspection between 8:00 A.M. and 5:00
P.M. , Monday through Friday.
NOTICE IS FURTHER GIVEN that, by Order of the Board of County
Commissioners of Weld County, Colorado, a public hearing on said
Service Plan will be held the First Floor Hearing Room, Centennial
Building, 915 Tenth Street, Greeley, Colorado, at 2:00 P.M. , on
Wednesday, the 12th day of November, 1986.
The purpose of the hearing shall be to consider the adequacy of the
Service Plan of the proposed Pine Lake Sanitation District and to form
a basis for adopting a Resolution approving, conditionally approving,
or disapproving the Service Plan. •
The proposed Pine Lake Sanitation District is generally described as
being located entirely within the NW} of Section 17, Township 7 North,
Range 67 West of the 6th P.M. , Weld County, Colorado.
Pursuant to Section 32-1-202, C.R.S. , the Service Plan may not be
approved if a petition objecting to the Service Plan and signed by the
owners of taxable real and personal property, which property equals
more than fifty percent of the total valuation for assessment of all
taxable real and personal property to be included in the District, is
filed with the Board of County Commissioners no later than ten days
prior to the hearing, unless such property has been excluded by the
Board of County Commissioners under Section 32-1-203 (3.5) , C.R.S.
Pursuant to Section 32-1-305(3) , C.R.S. , the owner of real property
within the proposed District may file a petition with the District
Court in and for Weld County, stating reasons why said property should
not be included within the proposed District and requesting that such
real property be excluded therefrom. Such petition shall be duly
verified and shall describe the property sought to be excluded. The
District Court will hear said petition and all objections thereto at
the time of the hearing on the petition for organization and shall
determine whether, in the best public interest, said property should be
excluded or included in the proposed District. Such petition may be
filed any time after the petition for the organization of the District
is filed with the District Court, but not later than ten days before
the day fixed for the hearing on the organizational petition.
THE BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
BY: MARY ANN FEUERSTEIN
COUNTY CLERK AND RECORDER
AND CLERK TO THE BOARD
BY: Mary Reiff, Deputy
DATED: October 20, 1986
PUBLISHED: October 23 and 30, and November 6, 1986, in the
Johnstown Breeze
,
•
NOTICE OF NEARING
Docket N 86-70
PUBLIC NOTICE IS 'I REBY
GIVEN that there was !Teri with
the County Clerk and ?ororder AFFIDAVIT OF PUBLICATION
of Weld County, Colorado a
Service Plan for the proposed
Pine Lake Sanitation Distrie'.The
Service are now AOnelaiea dts re ocu-
ments THE JOHNSTOWN BREEZE
Coiuey the Clerktors Beard STATE OF COLORADO 1
Street Commissioners,hrl 815 ar Greeley,
- I SS
Street.oa Third Floor. Or;for
Colorado. and are aea,-en e for )
AM. inspection between Monday COUNTY OF WELD
AM.
ayo P.M. rn„odor y. I, Clyde Briggs, do solemnly swear that I
NOTICE IS FURTHER GIVEN am publisher of The Johnstown Breeze;
that, by Order of the Board of that the same is a weekly newspa pet'
County commissioners of Weld rinted, in whole or in part, and published
County, Colorado. a public p
hearing on said Service He willbe ring in the County of Weld, State of Colorado,
Tenth h Streeet,
Fiat Floor oea9t5
Room. Centennial Building. 916 and has a general circulation therein; that
Street, Greeley. Colorado, said newspaper has been published
at 2:00 P.M, on Wednesday. ,he
12th day of November, 1966. continuously and uninterruptedly in said
The purpose of the hearing melt County of Weld for a period of more than
be to consider the the proposed cy of fifty-two consecutive weeks prior to the
the Service Plan of
Pine Lake Sanitation District andto first publication of the annexed legal notice
forma aps for adopting a or advertisement; that said newspaper has
Resolution app proving condition- or
approving, Or disapproving - been admitted to the United States mails as
the Service Plan.
second-class matter under the plrovisions of
The proposed sine Lake ddes-s-
the Act of March 3, 1879, or any
cr District is generally eib
bed as being located entirely amendments thereof, and that said
within the NW'4 of Section 17.
Township t North. Rang 6- newspaper is a weekly newspaper du y
West County. the o PM. w�nia qualified for publishing legal notices and
Pursuant
tC e
advertisements within the meaning of the
C.Pursuant to Sector 32 -L02.
be approved
the Service tits may not laws of the State of Colorado.
in approved if a petition nbrant-
ing to the Service Plan and That the annexed legal notice or advertise-
signed by the owners of taxable ment was published in the regular and
real and personal property.which
property equals more gran nay entire issue of every number of said weekly
Percent of the total taxable
for newspaper for the period of .3.. consecu-
assessment of all taxable real
and personal property s fbe
iled
tin insertions; and that the first
included in the District is filed
with the Board of CauntY Com-
missioners publication of said notice was in the issue o
ttheno later than ten sacs - B6
prior [o hearing unless such said newspaper pc'I dated I. ���Al).' 3u
Property has been extruded by and that the last publication of said noticethe Board er county commie- w s in the issue of/said newspaper dated
sinners under Section 32:1.203
3.51, CRS
(-.L.., A.D. 19 B
Pursuant <o Section 32-t-305(3), In witness whereof I have hereunto set
c R.S., the owner of real property m hand As 2 clay of .... D'�
within the proposed District may y 4
Ai
tile n petition with the District A.D. 19. ZZll
Court in and for Weld County
stating reasons why said
property should not Di tnciu dad
within the proposed c and
property oper requesting that such real
uchbe excluded tbeeann. Publisher
Such petition flail taiga
verified and shall the
T District
sought to be excluder:a d
The oist nd ll Court t its t said
petition and all objections ecnons there-
to Subscribed and sworn to before me, a
to at the time of the hearing on
the petition for whether,
in and Notary Public in and for the County of
shall determine whether, in the L'k day of
best public interest,said property Wgld, State of ColoracJo, this ..71.. a
should beproposed excluded or included It/ A.D. 19 k.--
mayin the feed
Such
afteri the h petition be tiled any time q
after the for the drgan- /'1 l y� � �
the Di of the District is filed with IG�/
the District Court but of later
than ten days before the day S f r r l/}�-�NOLNiry Public
fixed far the hearing on the
organizational pp
organizational petition. J o'1 G^+
Y
THE BOARD OF COUNTY
COMMISSIONERS
WELD COUNTY, My commission expires
COLORADO
BY MARY ANN w..
FEUERSTEIN
COUNTY CLERK AND
RECORDER AND CLERK
TO THE BOARD
BY. Mary Reiff. Deputy
DATED: October 20. 1986
PUBLISHED. October 23 and 30.
and November 6, 1986, in the
Johnstown Breeze
The Coloradoan
STATE OF COLORADO
)ss. AFFIDAVIT OF PUBLICATION
COUNTY OF LARIMER
Robin K. Hause , being first duly sworn upon oath, deposes
and says: That said is the Legal Clerk of The Coloradoan;
that said has personal knowledge of all facts set forth in this affidavit; that The Coloradoan
is a public daily newspaper of general circulation, having its principal office and place of
business situated in said County of Larimer; that said Coloradoan is printed and published
daily; that said Coloradoan is a daily newspaper, duly qualified for the purpose set forth
within the meaning of Chapter 109, Article 1, Sections 1-1 to 1-8 inclusive of Colorado
Revised Statutes 1963, and any amendment thereof passed prior to the date hereof; that
said newspaper had,prior to January 1, 1936, and has ever since said date been admitted to
the United States Malls as second class matter under the provisions of the Act of March 3,
1879, and any amendments thereof, that said newspaper is printed in whole in said County
of Larimer and has a general circulation therein; that said newspaper has been so printed
and published as a public daily newspaper of general circulation in said County of Lar-
imer, uninterruptedly and continuously, during the period of more than fifty-two consecu-
tive weeks next prior to the first issue thereof containing the annexed legal notice of
advertisement; that said annexed legal notice or advertisement was published in the
regular and entire editions of said newspaper for
1 successive weeks on Tuesday of each successive week; that the
first publication of said legal notice or advertisement was in the regular and entire edition
of said newspaper on the 28th day of _ October , A.D. 19 86 ; that the last
publication of said legal notice or advertisement was in the regular and entire edition of
said newspaper on the 28th day of October , A.D. 1945_, and that
copies of each number of said paper in which said notice or advertisement was published
were delivered by carriers or transmitted by mail to each of the subscribers of said paper,
according to the accustomed mode of business in this office.
J14
Subscribed and sworn to before me, at and within the County of Larimer, State of Colorado
this 28th day of October , A.D. 1986
My commission expires October 9, 149n
My commission expires -
/ZL[plc C ALc --
Notary Public
Board of County Commissioners
915 10th Street
Third Floor
Greeley, CO 80631
Delivered to
NOTICE OF.HEARING
Docket No.86-70
PUBLIC NOTICE IS HEREBY
GIVEN that there was filed with
the County Clerk and Recorder of
Weld County,Colorado,a Service
Plan for the proposed Pine Lake
Sanitation District. The Service
Plan and related documents are
now on file in the office of the i
Clerk to the Board of County Com-
missioners,915 10th Street,Third
Floor,Greeley,Colorado,and are
available for public inspection
between 8:00 A.M.and 5:00 P.M.
Monday through Friday.
NOTICE IS FURTHER GIVEN
that, by Order of the Board of
County Commissioners of Weld
County, Colorado, a public hear-
ing on said Service Plan will be
held the First Floor Hearing
Room, Centennial Building, 915
Tenth Street, Greeley, Colorado,
at 2:00 P.M., on Wednesday, the
12th day of November, 1986.
The purpose of the hearing shall
be to consider the adequacy of the
Service Plan of the proposed Pine
Lake Sanitation District and to
form a basis for adopting a Reso-
lution approving, conditionally
approving, Or disapproving the.
Service Plan.
The proposed Pine Lake Sanita-
tion District is generally
described as being located
entirely within the NW4 of Sec-
tion 17,Township 7 North, Range
67 West of the 6th P.M., Weld
County,Colorado.
Pursuant to Section 32.1-202,
C.R.S.the Service Plan may not
be approved it a petition objecting
to the Service Plan and signed by
the owners of taxable real and
personal property, which prop-
erty equals more than fifty per-
cent of the total valuation for'.
assessment of all taxable real and
personal property to be included
in the District, is filed with the'
Board of County Commissioners
no later than ten days prior to the
hearing,unless such property has
been excluded by the Board of
County Commissioners under Sec-
tion 32-1-203(3.5),C.R.S.
Pursuant to Section 32-1-30513),
C.R.S,the owner of real property.
within the proposed District may
file a petition with the District
Court in and.for Weld County,
stating reasons why said property
should not be included within the
proposed District and requesting
that such real property be
excluded therefrom.Such petition
shall be duly verified and shall
describe the property sought to be
excluded.The District Court will
hear such petition and all oblec
tions thereto at the time of the
hearing on the petition for organi-
zation and:'shall determine
whether, in the best public inter-
lest, said property should be
excluded or included in the pro-
posed District.Such petition may
be filed any time after the petition
for the organization of the District
is filed with the District Court,but
not later than ten days before the
day fixed for the hearing on the
organizational petition.
THE BOARD OF COUNTY COM-
MISSIONERS
WELD COUNTY,COLORAD
BY MARY ANN FEUERSTEIN
COUNTY CLERK AND RECOR-
DER AND CLERK TO THE !
i BOARD
BY: Mary Reiff, Deputy
DATED:October 20,1986
The Coloradoan,J14,October 28,
1986.
t F ..
RESOLUTION OF THE WELD COUNTY PLANNING COMMISSION
Moved by Paulette Weaver that the following resolution be introduced for
passage by the Weld County Planning Commission. Be it therefore resolved by
the Weld County Planning Commission that the following be adopted.
CASE NUMBER: Pine Lake Sanitation District Service Plan
NAME: Donald Carlson (Thomas E. Hellerich)
ADDRESS: 630 Greeley National Plaza, Greeley, CO 80631
REQUEST: To review a service plan pursuant to Section 32-1-201 et seq.
C.R.S. for a proposed sanitation district
LEGAL DESCRIPTION: Part of Section 17, T7N, R67W of the 6th P.M. , Weld
County, Colorado
LOCATION: South of Highway 14 and west of Highway 257.
That the Planning Commission recommend denial of the Pine Lake Sanitation
Service Plan to the Colorado Board of Health, because even though the plan
meets most of the criteria as outlined in the special district provisions
document, it does not meet what she condiders one the prime criteria which
is that it is not in substantial compliance with the Comprehensive Plan of
Weld County which encourages residential development contigious to existing
municipalities.
Motion seconded by Lynn Brown.
VOTE:
For Passage Against Passage
Lydia Dunbar Louis Rademacher
Lynn Brown Jack Holman
LeAnn Reid
Ivan Gosnell
Paulette Weaver
Ann Garrison
The Chairman declared the resolution passed and ordered that a certified
copy be placed in the file of this case as a permanent record of these
proceedings.
CERTIFICATION OF COPY
I, Bobbie Good, Recording Secretary of the Weld County Planning Commission,
do hereby certify that the above and foregoing Resolution is a true copy of
the Resolution of the Planning Commission of Weld County, Colorado, adopted
on November 4, 1986, and recorded in Book No. X of the proceedings of the
said Planning Commission.
Dated the 5th day of November, 1986.
bovA-, s am`o c�
Bobbie Good
Secretary
Date: November 4, 1986
CASE NUMBER: Pine Lake Sanitation District Service Plan
NAME: Thomas E. Hellerich
ADDRESS: 630 Greeley National Plaza, Greeley, CO 80631
REQUEST: To review a service plan pursuant to Section 32-1-201 et seq.
C.R.S. for a proposed sanitation district
LEGAL DESCRIPTION: Part of Section 17, T7N, R67W of the 6th P.M. , Weld
County, Colorado
LOCATION: South of Highway 14 and west of Highway 257.
Based upon the review criteria set forth in Section 4. 32-1-203 (1) ,
C.R.S., the Department of Planning Services recommends conditional approval
of the sanitation service district for the following reasons:
On June 12, 1985, the Weld County Board of County Commissioners approved the
change of zone from Agriculture to R-5 (Mobile Home Residential) on 75 acres
of land within the proposed district. One of the reasons for approving the
change of zone was that since the existing sanitation service was inadequate
to service the new R-5 property, a special district would be formed for
sanitation purposes to service the new expanded development associated with
the new R-5 zoning classification.
There is not adequate service available nor will it be available in the area
through other existing municipal or quasi-municipal corporations within a
reasonable time and on a comparable basis. The R-5 zoned area (Pine Lake
Village) is in need of the special distict in that there are no other
municipalities or other districts which can provide sanitation services to
the site. The Town of Windsor is the nearest municipality and is not within
a reasonable distance to provide service.
The facility and service standards of the proposed special district can be
made compatible with the facility and service standards of the County.
The proposed service district is in compliance with the Weld County
Comprehensive Plan.
Environmental Protection Policy #2, pages 78-79 of the Weld County
Comprehensive Plan states:
Any land-use that will pollute any stream, body of water,
subsurface aquifer, aquifer recharge, the air or the surrounding
surface will require the development of a proper treatment
facility or environmental protective operation before said
land-use can be allowed."
Pine Lake Sanitation Service Plan
Page 2
The creation of the proposed sanitation district in accordance with the
conditions listed below will be in the best interests of the area proposed
to be served.
1. Additional information shall be submitted as part of the Pine Lake
Sanitation District Service Plan application prior to the Board of
County Commissioners hearing which is scheduled for November 12,
1986. The additional information shall include the concerns
outlined in a memo dated September 30, 1986, by Don Warden, Weld
County Director of Finance and Administration, requesting evidence
that the developer has secured financial commitments for the
financing of the plan and land for the proposed district or
demonstrate that the developer is financially capable of fully
funding the project with personal financing.
ADDITIONAL COMMENTS
Pine Lake Sanitation District
The applicant is aware of the need to amend the Areawide Water Quality
Management Plan as addressed in a letter dated October 23, 1986, from
Dave DuBois. This is not required prior to the Planning Commission and
Board of County Commissioner's approval of this sanitation district
proposal.
01
Summary of the Weld County Planning Commission
November 4, 1986
Page 7
needed a Use by Special Review. The County Commissioners gave them
permission to start this expansion at their own risk. If this request were
to be denied, all construction would have to be removed at their own
expense. They are also increasing the size of their laboratory and this
will also employee approximately four additional people.
Wes Potter reported this septic system is more than adequate to handle the
expansion. Also, their people are aware and comply with disposal of
laboratory wastes.
The Chairman called for discussion from the members of the audience. There
was none.
The Chairman asked if they had reviewed the staff's recommendations,
conditions, and development standards. They have and have no objections to
them.
The Chairman asked that reading of the recommendations, conditions, and
development standards as outlined by the Department of Planning Services
staff be dispensed with and that they be filed with the summary as a
permanent record of these proceedings.
MOTION:
Paulette Weaver moved Case Number USR-764:86:45 for Monfort of Colorado for
a Use by Special Review permit for an agricultural service establishment,
expansion of their corporate complex, be forwarded to the Board of County
Commissioners with the Planning Commission's recommendation for approval
based upon the recommendations, conditions, and development standards as
outlined by the Department of Planning Services staff and the testimony
heard by the members of the Planning Commission. Motion seconded by LeAnn
Reid.
The Chairman called for discussion from the members of the Planning
Commission. Discussion followed.
The Chairman asked the secretary to poll the members of the Planning
commission for their decision. Lydia Dunbar - Yes; Lynn Brown - Yes; LeAnn
Reid - Yes; Ivan Gosnell - Yes; Louis Rademacher - Yes; Paulette
Weaver - Yes; Ann Garrison - Yes; Jack Holman - Yes. Motion carried
ununimously.
6'U CASE NUMBER: Pine Lake Sanitation District Service Plan
APPLICANT: Thomas E. Hellerich
REQUEST: To' review a service plan pursuant to Section 32-1-201 et seq.
C.R.S. for a proposed sanitation district
LEGAL DESCRIPTION: Part of Section 17, T7N, R67W of the 6th P.M. , Weld
County, Colorado
LOCATION(/ Fm LOCATION: South of Highway 14 and west of Highway 257 ,7 .� tal
/r3il'fig i L—
Summary of the Weld County Planning Commission
November 4, 1966
Page 8
APPEARANCE:
Thomas E. Hellerich, Attorney, Dinner, Hellerich, and Lazar, represented the
applicant. He asked that his name as applicant on this request be removed.
He is not the applicant. He has been retained by Donald Carlson to
represent him in this request. They teel the service plan complies with all
the conditions of the County. There is an existing mobile park at this
location. A change of zone has been approved to expand from thirty-four
mobile homes to two hundred and twelve mobile homes. At the present time,
this service plan will serve only Pine Lake Mobile Home Village.
Wes Potter reported the County is very satisfied with this request in
comparison to what they now have.
Lee Morrison reported the service plan does not include anything outside the
mobile home park. If any others wish to go on this sewer system, they must
come back and ask for an enlargement of the district.
The Chairman asked if they had reviewed the staff's conditions pertaining to
this request. They stated they have and have no objections to them.
The Chairman called for discussion from the members of the audience. There
was none.
The Chairman asked that reading the conditions of the staff be filed with
the summary as a permanent record of these proceedings.
Mr. Hellerich presented a letter which was just received this morning
regarding financing of this project. The Chairman read the letter into the
record. Copies were taken of this document for the case file.
Tape 255 - Side 1
MOTION:
Paulette Weaver moved the Pine Lake Sanitation District Service Plan for
Donald Carlson for a service plan pursuant to Section 32-1-201 et seq.
C.R.S. for a proposed sanitation district be forwarded the Colorado
Department of Health, Water Quality Control Division, with the Planning
Commission's recommendation for denial because even though the plan meets
most of the criteria as outlined in the special district provisions
document, it does not meet what she considers one of the prime criteria
which is that it is not in substantial compliance with the Comprehensive
Plan of Feld County which encourages residential development contiguous tc
existing municipalities. Motion seconded by Lynn Brown.
•
Summary of the Weld County Planning Commission '
November 4, 1986
Page 9
The Chairman called for discussion from the members of the audience. There
was none.
The Chairman asked the secretary to poll the members of the Planning
commission for their decision. Lydia Dunbar - Yes, for the reasons given by
Paulette Weaver. Lynn Brown - Yes, for the reasons given by Paulette Weaver.
LeAnn Reid - Yes; Ivan Gcsnell - Yes; Louis Rademacher - No; Paulette
Weaver - Yes; Ann Garrison - Yes; Jack Holman - Mc, since the mobile home
park is already there and allows for thirty-five mobile homes, he would
rather see it go to something other than the septic systems that are
presently there. Since the expansion has already been allowed, something
n.:eds to be done to handle the wastes from the expansion, plus the existing
facilities. Motion carried with six voting for the notion and two voting
against the motion.
The Chairman called a recess at 3: 15 p.m. The meeting was reconvened at
3:25 p.m.
CASE NUMBER: Z-•436:86:5
APPLICANT: Bay Shores Planned Unit Development (Robert and Susan
J. Pictrzak ana C.R.S. Investments)
REQUEST: Change of Zone from A (Agricultural) to PUD (Planned Unit
Development) R-1 (Low Density Residential) , R-2 (Duplex
Residential) , and oil and gas production facilities
LEGAL DESCRIPTION: Part of the Ni of Section 5, T2N, R68W of the 6th P.M. ,
Weld County, Colorado
LOCATION: Approximately 3 miles east of Longmont; north of State Highway 119
and east of Weld County Road 3
APPEARANCE:
John McCarty, P.E. , McCarty Engineering Consultants, represented the
applicants. He reviewed the history of this request and explained the
difference between their first applicaticn and this one. There were at
least twenty-five referral agencies who reviewed this project. They have
discussed the resubmittal of this application with these agencies. They
have met with the Greatwestern Railroad Company and the County Engineer.
The railroad crossing would require widening and signals would need to be
installed. The applicant has agreed to pay all costs of these improvements.
There will be two open-space areas next to the railroad and they will be
landscaped attractively. He read a letter from Macy-Mershon Oil Company,
stating he felt they had satisfied their concerns. The Oligarchy Ditch
Company does not object to this development as long as the developer can
meet their concerns, and the developer feels these can be met. There is a
proposed agreement on the streets and roads. They have met with the
attorney representing Union Reservoir. He asked the Planning Commission to
refer to the letter in their packets from Neil Pillar, Attorney, Union
Reservoir Company. The supporting documents required in 28.5.2.4.4 and
28.5.3.2. 19 of the Weld County Zoning Ordinance have been submitted. They
INVENTORY OF ITEMS SUBMITTED FOR CONSIDERATION
Case Number 'e/ , c e £G.�1i�Y %u �^' -) Submitted or Prepared
(4.Ji .liC:/ Prior
iN to Hearing ng At Hearing
•
I. Application'j`) Pages t.„ �1
2. ' Application. plat(s) page(a) N /f}
3. DPS Referral:Summary Sheet 1
4. PPS Recommendation
5. DPS Surrounding Propery Owner Mailing List ill )9.
•
6. DPS Mineral Owners Mailing List A) / l/
7. 1114- DPS Maps Prepared by Planning Technician y//
8. DPS Notice of Hearing 9/4'
9. DPS Case Summary Sheet
10. DPS Field Check N/Q,
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11. i°p/1tTtSt± t :3';/no
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I hereby certify that th�j' items identified herein were submitted to the
Department of Planning Servic s at or prior to the scheduled Planning Commission
hearing. I further certiAyt hat these items ie wers,forwarded to the Clerk to the
Board's office on L-7110 X
ZZ, -5.1-C i s32, - I --203 O6 0-C6dand ,g��y/(4
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(al/ dAn „ , 4. � Current�re Planner
STATE OF COLORADO ) (J I(A t P/3/4,,
COUNTY OF WELD )
SUBSCRIBED AND SWORN TO BEFORE ME THIS 1) — DAY OF V aw,V,.�x,, 191.6
SEAL .
c c\wc.ta oda
NOtARY PUBLIC
.r, —*Hon r,-?-:-e Fel; 11, 1QRt T .r
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EXHIBIT INVENTORY CONTROL SHEET
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Exhibit /� Submitted By Exhibit Description
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PINE LAKE SANITATION DISTRICT
SERVICE PLAN
PI Mr, romrmifERS
P7(4- cv7qr-
0CT 14198t1' I
l f /b
CREELEY. COLD.
SEPTEMBER, 1986
DINNER, HELLERICH AND LAZAR
ATTORNEYS AND COUNSELORS AT LAW
MELVIN DINNER 630 GREELEY NATIONAL PLAZA
THOMAS E.HELLERICH GREELEY.COLORADO 80632
MICHAEL A.LAZAR 13031382.2061
ELIZABETH B SI KOBEL
CHARLES 3.CONNELL
September 16, 1986
Board of County Commissioners
Weld County
P. 0. Box 758
Greeley, CO 80632
Dear County Commissioners:
Our office represents certain parties who intend to file with the Weld
County District Court a petition for the organization of a sanitation district
to be known as the Pine Lake Village Sanitation District. The petition for
organization will be signed by all of the property owners owning property
within the proposed boundaries of the sanitation district.
Pursuant to C.R.S. 1973, Section 32-1-201 et seq. as amended, a service
plan for the proposed district must first be submitted to the Board of County
Commissioners for approval by way of resolution. Accordingly, we are
presenting herewith to you for formal filing, the service plan of Pine
Lake Village Sanitation District. This service plan consists of both
statutorily required information as well as additional demographic
projections and analyses of the area.
We are requesting that the service plan be filed and processed in accordance
with Colorado statutes. In the event there may be any questions, please feel
free to call our office or the office of Nelson Engineering, Mr. Vern
Nelson. We look forward to working with the staff, the Planning Commission
and the Board in reviewing this plan. Your assistance in this matter is
greatly appreciated.
Very truly yours,
C
— OMAS E. HELLE IC
TEH:dg
PINE LAKE SANITATION DISTRICT
SERVICE PLAN
INDEX
EXHIBIT A - Introduction and Overview 1
EXHIBIT B - Description of Services 5
EXHIBIT C - Financial Analysis 6
EXHIBIT D - Engineering Report 7
General Overview 7
Design Criteria 10
Proposed Improvements 14
Cost Estimates 18
EXHIBIT E - Map and Legal Description 21
EXHIBIT F - Assessed Value 22
EXHIBIT G - Estimation of Costs 23
EXHIBIT H - Interested Parties 24
EXHIBIT I - Conclusion 25
EXHIBIT A
INTRODUCTION AND OVERVIEW
INTRODUCTION AND OVERVIEW
The purpose of this report is to give some general background
of the legal aspects of forming a sanitation district for Pine Lake
Village in Weld County, Colorado. Special districts are provided
for in Title 32, C.R.S. 1973 . Part 1 of Title 32 defines and
provides the procedures and criteria for establishing a special
district for a sanitation district.
A special district may be petitioned for by any parties, and
the service area for the special district may consist of nonconti-
guous tracts or parcels of property. The procedure for establishing
a special district is to first file a service plan with the Board
of County Commissioners of each county which has territory included
within the boundaries of the proposed special district prior to the
filing of the petition for the organization of a district with the
Court. In the case of the Pine Lake Sanitation District, its
proposed boundaries lie wholly within Weld County, Colorado.
A service plan must consist of a financial survey and a pre-
liminary engineering or architectural survey showing how the proposed
services are to be provided and financed. Included in the service
plan is a map of the proposed special district boundaries and an
estimate of the population and valuation of the land for assessment
purposes. The service plan shall also include a statement
describing the facilities to be constructed, the construction
standards, an estimated cost of construction including land
acquisition, engineering fees, legal services, proposed indebtedness
and any other major expenses related to the organization and
operation of the special district.
Once the service plan is filed with the Board of County
Commissioners, the board has the authority to approve the plan with-
out conditions or modifications, disapprove the plan, or
conditionally approve the service plan subject to the submission of
additional information or the modification of the proposed service
plan. If the Board conditionally approves the service plan, the
service plan does not receive final approval until the additional
information or modifications have been made and evidence provided
to the Board.
After the service plan is submitted, a public hearing is
scheduled, and the County Planning Commission is required to conduct
a study of the service plan and present its recommendations with
C.R.S. 1973, 321302, Subparagraph 2, which sets forth the criteria
for approval and disapproval of the service plan. The findings of
the Board of County Commissioners shall be based solely upon the
service plan and the evidence presented at the hearing by the
Petitioners, the planning commission and any interested party as
defined by statute. Subparagraph 2 of Part 203 provides the Board
of County Commissioners with eight (8 ) areas to examine for approval
and disapproval of a service plan. These areas are summarized as
follows :
a. Is there sufficient existing and projected need for the
proposed special district.
b. Is the existing service in the area adequate for the present
and projected needs.
c. Is adequate service available or will it be available in
the area through other existing municipal or quasi-municipal corp-
orations within a reasonable time and on a comparable basis.
d. Is the special district capable of economically and suffi-
ciently providing service to the area in the proposed boundaries.
e. Will the proposed area within the district be financially
able to discharge the proposed indebtedness on a reasonable basis.
f. Are the facilities and service standards of the proposed
district compatible with the facility and service standards of
adjacent municipalities and special districts.
g. Is there substantial compliance with a master plan adopted
by Weld County.
h. Is the proposal in compliance with a master plan regional
or state long range water quality management plan for the area.
These are the eight criteria the Board must examine in making
its approval or conditional approval.
Once a resolution has been approved and entered by the Board of
County Commissioners, the resolution approving the service plan to-
- gether with a petition must be filed with the District Court of Weld
County for the organization of the special district. Once the
petition is filed with the District Court, a hearing is scheduled on
the petition. At the time the petition is filed, the petitioning
party must file a cash or surety bond in sufficient amount to pay
all expenses connected with the proceedings in the event the
district is not formed. At the hearing, the Court first determines
whether the required number of tax paying electors of the proposed
special district have signed the petition. If this determination is
made favorably, the Court then enters an order that the questions of
the organization shall be submitted to an election to be held for
that purpose in accordance with Part 8 of Title 32, C.R.S. 1973.
Voters at that election vote for or against the organization and for
five electors of a district who shall constitute the board of
directors of a special district. If the election is favorable to
2
the formation of the district, a report is made to the District
Court and the District Court enters an order declaring the district
organized , and a copy of the Order is then filed with the Weld County
Clerk and Recorder and with the County Assessor' s office.
The Pine Lake Sanitation District service plan complies with
all of the requirements of Colorado statutes, and all of the criteria
set forth in Subparagraph 2 of Title 32, 1-203. At present, the
property within the proposed district is zoned R-5, Mobile Home
Residential and Agricultural. This change of part of the area from
agricultural to R-5 was approved by the Board of County Commissioners
in June of 1985 , expanding the existing mobile home development
from 34 to 212 units and contemplating that a special district
would be formed for sanitation purposes to service the new expanded
development.
Pine Lake Village is in need of the special district as there
are no other municipalities or other districts to provide sanitation
services to the mobile homes. The closest existing municipality,
Windsor, Colorado, is not within a reasonable service distance to
the mobile homes, and has expressed no desire to provide the service
or any objection to the organization of a proposed district.
Adequate service is not available in an economic manner without the
formation of the proposed district. The area to be included within
the proposed district as set forth in the service plan has adequate
financial ability to provide the services in an economical manner
and is capable of discharging its proposed indebtedness on a
reasonable basis. All service standards and construction standards
and all operation of the sanitation district must comply with the
standards of the Weld County Health Department and the State Health
Department. The proposed district must and will comply with all
such standards.
When formed, the Pine Lake Sanitation District will create a
new sewage treatment system having an initial estimated cost of
_ $226 ,776 . That cost will be paid from presales of service taps so
that no district indebtedness will be created. A modern efficient
"lagoon type" treatment facility will be constructed with suffi-
cient capacity to serve existing and foreseeable needs and designed
for future expansion, if required. A disinfection system to comply
with stream standards will also be installed.
The proposed district is consistent with the Weld County Com-
prehensive Plan. Although proliferation of service districts is not
to be actively encouraged, service districts are not prohibited and
_ are necessary to provide services where no other services are
readily available on an economic basis. As stated in the Comprehensive
Plan, regionalization of services and facilities will be opposed
when not compatible with the desires of the towns involved . There
have been no towns involved in the Pine Lake Village development who
have opposed the change from agricultural to R-5 zoning, or have
opposed the proposed special district. Extension or consolidation
of any sanitation service with any other service district is not
feasible or available.
3
Finally, as indicated in the preliminary engineering report,
the proposal is consistent with the Water Quality Control Act of
1973, and will be monitored by the Colorado State Health Department.
_ If any additional information is requested by staff or by the
commissioners, such information will be readily provided.
Consultants for the preparation of this service plan are:
Thomas E. Hellerich
Dinner, Hellerich and Lazar
Attorneys at Law
Greeley National Plaza, Suite 630
822 Seventh Street
Greeley, Colorado 80631
Dennis Kugler
Kugler and Associates, Inc.
P. O. Box 550
Sterling, Colorado 80751
_ LaVern C. Nelson, P.E.
Nelson Engineers
Greeley National Plaza, Suite 520
822 Seventh Street
Greeley, Colorado 80631
4
EXHIBIT B
DESCRIPTION OF SERVICES
DESCRIPTION OF SERVICES TO BE PROVIDED
Once formed, the Pine Lake Sanitation District intends to
provide for the acquisition, construction, completion, installation,
and/or operation and maintenance of a complete local sanitary sewage
collection transmission and treatment system. The system may in-
clude, but shall not be limited to, collection mains and laterals,
transmission lines, lift stations (if necessitated) , and all appur-
tenant facilities, a sewage treatment facility, all required land,
easements, and rights-of-way.
Pursuant to Section 32-1-103 (18 ) C.R.S. , the District may also
provide for storm sewers and related flood and surface drainage.
The sanitary and/or storm sewer services will be provided within
the proposed boundaries of the District (as may be amended by ex-
clusions and/or inclusions) and without the District' s boundaries
pursuant to Section 32-1-1001 (k) C.R.S. , at the discretion of the
District' s Board of Directors and in compliance with then existing
and applicable state statutes.
5
EXHIBIT C
FINANCIAL ANALYSIS
FINANCIAL ANALYSIS
The proposed District will have no long term indebtedness.
The owner of Pine Lake Village mobile home park is arranging long
term financing for the entire mobile home park development. In-
cluded in that financing package are sufficient funds to provide
for a total connection fee payment equivalent to the capital cost
of the sewage treatment plant, its appurtenances, and land. The
— park developer then prepays all sewer taps on a per unit basis to
the District so that the District will have no debt for the initial
construction to serve the planned 212 rental spaces.
A monthly service charge as described later in this report
will be paid to the District from park space rental income to
provide a source of revenue for necessary operation and maintenance
— funds.
In subsequent sections of this Service Plan, a build out
— schedule for the park is shown to be a maximum of 4 years. The
sewage treatment plant and land cost is estimated to be $226,776 .
This results in a per connection cost of $1,069.70 for 212 units.
Although the entire area proposed for service by the Pine Lake
Sanitation District is not included in the District boundaries ini-
tially, that area outside that is planned for mobile home park rental
— and zoned R-5, will be served either by long term contract or by
annexation to the District. In either case connection fees will be
paid to the District in accordance herewith.
6
EXHIBIT D
ENGINEERING REPORT
SECTION I
GENERAL OVERVIEW
Scope of Report
The purpose of the preliminary engineering report is to provide
pertinent information to the Weld County Commissioners, Weld County
Health Department, Larimer-Weld Regional Council of Governments,
Colorado Department of Health, and all other interested parties or
agencies regarding the formation of a Sanitation District for the
Pine Lake Village Mobile Home Park.
Prior to the preparation of this report, the following tasks
were completed: Site visits, soils sampling and testing, evaluation
of proposed service area boundaries, and preliminary wastewater
collection and treatment designs and cost estimates.
According to Section 32-1-103 (18 ) of the Colorado Revised
Statutes, a sanitation district is a special district which provides
for storm and/or sanitary sewers, flood and surface drainage, treat-
ment and disposal works and facilities, and all necessary or proper
equipment and appurtenances. Its primary objective is to serve a
public use and promote the health and general welfare of the inhabi-
tants of the District and the people of the State of Colorado.
Upon formation, the Pine Lake Sanitation District intends to
provide for the acquisition, construction and operation, and main-
tenance of a wastewater collection and treatment system for the
benefit of the people within its service area as established and as
may be revised from time to time.
Description of the Area
The area to be served is located in the Northwest Quarter (N.W.
1/4 ) of Section 17, Township 7 North, Range 67 West in Weld County.
The site is one-half (1/2 ) mile west of Colorado State Highway 257
on the south side of Colorado State Highway 14. The intersection of
Interstate 25 and Colorado State highway 14 is four and one-eighth
(4-1/8 ) miles to the west, and the Town of Windsor is approximately
six and one-half (6-1/2 ) miles to the south (see Exhibit No. 1) .
The existing development consists of a 34-unit mobile home park
known as Pine Lake Village. In June of 1985, the Weld County
Commissioners approved a change of zone for 75.72 acres from
agriculture to R-5 (mobile home residential ) . This change of zone
was required to expand the existing development from 34 to 212 units.
7
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EXHIBIT NO. 1
VICINITY MAP
There is a wastewater collection and treatment system serving
the existing Pine Lake Village. An individual, privately owned
system, such as this, is generally unacceptable to County and State
health officials due to difficulties encountered in monitoring
these facilities on a regular basis and providing continuity in the
party responsible for the proper operation and maintenance of the
facilities.
The site is presently served by other public utilities which
are required for development. These utilities are:
Water -- North Weld County Water District
Gas -- Public Service Company of Colorado
Electricity -- Poudre Valley Rural Electric Association
Telephone -- Mountain Bell
Fire -- Poudre Fire Authority
School -- Weld County School District RE4
All of the above utilities have been contacted concerning their
adequacy of facilities and all have expressed a willingness and cap-
ability to provide the necessary services to the proposed development.
Physical Aspects
The topography of the proposed District slopes predominantly to
the south and southwest. The Larimer County Canal flows to the
southeast at the northeast corner of the boundary.
Weld County Road 15 is located approximately one-eighth (1/8 )
mile to the west. The southern boundary lies adjacent to the
Platte River Power Authority transmission line easement.
The drainageway into which the wastewater outfall will
discharge is located along the eastern edge of Section 18. This
drainageway flows south until it is intercepted by the Larimer and
— Weld Canal in the Northeast Quarter (N.E. 1/4 ) of Section 19.
Approximately 270 feet upstream of this point on the drainageway
there is a structure which diverts water to Smith Reservoir. The
water stored in Smith Reservoir is utilized to irrigate surrounding
acreages. The outlet pipe from Smith Reservoir crosses underneath
the Larimer and Weld Canal and discharges into a continuation of the
natural drainageway which eventually empties into Timnath Reservoir
some two miles southwest of Pine Lake Village.
The existing drainageway has a perennial flow. During the
growing season, irrigation waste runoff from adjacent lands flows
into this drinageway substantially increasing the amount of water
carried. The area which contributes runoff to this drainageway to
the point of interception by the Larimer and Weld Canal is approxi-
mately 765 acres.
8
Weir measurements were taken on April 22 and 25, 1986, on the
drainageway at the point of diversion to Smith Reservoir. These
measurements were taken prior to water being turned into either the
Larimer County or Larimer and Weld Canals. It is assumed that at
this time of year, the flow in this drainageway is at its lowest.
The flow was conservatively determined to be 0. 34 cubic feet per
second (c.f. s. ) or approximately 153 gallons per minute (g.p.m. ) .
The surrounding properties outside the limit of the proposed
District range in size individually from 2. 95 to 156 acres. They
are sparsily populated and zoned agricultural. The proposed District
encompasses only the south 87 .5 acres of Pine Lake Village properties.
The area outside the District which may be served by gravity
sanitary sewer flow has been estimated to be 370 acres. Development
on these adjacent properties is not anticipated in the near future.
At the time development does occur, the services of the District can
be expanded as needed.
The only domestic water well within one mile of the District,
listed on the master extract list for Division 1, Ground Water
Section of the State' s Division of Water Resources is located on the
Pine Lake Village property. This well is not being used nor is
there planned use for the well as a source of potable water. The
North Weld County Water District serves potable water to the park
will continue to do so.
The nearest existing wastewater service entity to the proposed
District is the Boxelder Sanitation District. That District boundary
is located three miles west of Pine Lake Village. Pine Lake Village
is in a drainage basin which is not tributary to the Boxelder Sani-
__ tation District wastewater treatment facility. As a result, ex-
tensive pumping, using lift stations and force mains for long
distances, is required . Such added costs of facilities makes
connection with Boxelder infeasible. Mr. Ernest J. Croissant,
Boxelder' s General Manager, indicated that it is not feasible to
extend their service area to include Pine Lake Village.
A preliminary geotechnical investigation within the District
indicated the stratum underlying the topsoil is a sandy, clayey silt.
Below the upper silts, at depths of one ( 1 ) to eight and one-half
_ (8-1/2) feet below the surface, highly weathered sandstone-siltstone
bedrock was encountered. The depth to bedrock increases in a
southerly direction on the Pine Lake Village property.
9
SECTION II
DESIGN CRITERIA
Description of the District
The proposed Pine Lake Sanitation District and facilities are
shown on Exhibit No. 2. It encompasses 87. 5 acres and is owned
entirely by Mr. Donald J. Carlson. The contributors to the waste-
water collection and treatment systems will consist of the 212
mobile homes located on the northerly 57 . 37 acres (3.7 units per
acre) of the property. The mobile homes will be located on rental
spaces with Mr. Carlson retaining land ownership.
The proposed District is located outside the Flood Hazard, Air-
port, and Geologic Hazard Overlay Districts as designated by Weld
County.
The legal description of the proposed District boundary is
provided in Exhibit E.
Population Projection
Initial project planning indicates that the expansion of the
mobile home park from the present 34 units to 212 units will
occur over a four (4 ) year period. The population during this
period will grow from 94 to a total of 583 persons assuming 2.74
persons per mobile home.
Several factors have been identified as reasons for
expecting complete development of the mobile home park within the
specified four (4 ) year period :
1. The location offers easy access to either Fort Collins
or Greeley.
2 . Aesthetically, the park offers a spectacular view of the
front range mountains. The rental spaces within the park will
range from 6,000 to 11,000 square feet to better accommodate the
larger mobile homes currently being manufactured.
3. Recent development in and around Fort Collins (i.e.
Anheuser Busch brewery) along with the potential growth of
satellite companies.
4. The quality and affordability of new mobile homes has in-
creased in recent years allowing a larger percentage of people to
become homeowners.
10
PINE LAKE SANITATION DISTRICT
Iin N. W. Cor. Sec. 17, N. 1/4 Cor. Sec. 17
--NA
_� [T.7 N., R. 67 W. — T. 7N., R. 67W.
�— _ Colorado State Hwy. 14 (2-lane paved)
__]
I Sanitation __===__== ____
District
Boundary =-_ _= __ J ----
--- -- -- -- -- -- ---
I
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___ _J=am_-_---__J--f ■
-
Discharge �J 50' Platte River
•:� Point _ _ __ - ,._J�Power Authority Easement
——...6— [. —r --
S, Line N. W. 1/4, Sec. 17—,
I I LEGEND
1 I Proposed Sanitation
wwiw�w w��
— •
FDistrict Boundary
I -_--- - Land Zoned R-5
Adjacent Property Lines
EXHIBIT NO. 2 ------- Easement Line
�--••• Drainageway nageway (unnamed)
Sanitary Sewer Collection
Line and Direction of Flow
5. Market analyses have concluded there is a need for addi-
tional mobile home spaces. Vacancy rates in comparable parks is
very low.
6. The site has excellent access via Colorado State Highways
14 and 257.
It is not the intention of the park owner to increase the
number of rental spaces above 212 ; therefore, the 10 and 20 year
population projections for the mobile home park will also be an
estimated 583 people.
Wastewater Characteristics
The characteristics of the proposed District' s wastewater
have been estimated based on generally accepted domestic
wastewater strengths and on design criteria recommended by the
Colorado Department of Health. Future wastewater loading has
_ been determined using the estimated characteristics and the pro-
jected population.
The Colorado Department of Health recommends, for design
purposes, that an average individual flow contribution of 100
gallons per capita per day (gpcd ) be used to determine the
quantity of wastewater generated .
The composition, as well as flow, of domestic wastewater
varies from area to area and with the time of day. The two most
common measures of the "strength" of wastewater are Biochemical
Oxygen Demand (BOD) and Total Suspended Solids (TSS) . The deter-
mination and monitoring of other characteristics such as chemical
oxygen demand, temperature, color, pH, dissolved oxygen, fecal
coliforms and ammonia may be warranted by a particular situation.
For preliminary design purposes, the following values have been
utilized as domestic wastewater strengths :
BOD - 0. 17 pounds per capita per day (ppcd)
TSS - 0 . 17 ppcd
Water Quality Objectives
The Colorado Water Quality Control Act of 1973 established
the mechanisms required to implement water pollution controls at
the State level. The Water Quality Control Commission is
responsible, by State statute, for the promulgation of control
_ regulations and to describe prohibitions, standards, concentrations
and effluent limitations on pollutants that may be discharged into
classified waters of the State.
11
The State is also responsible for operating a discharge permit
system for wastewater treatment facilities which is administered by
the Colorado Department of Health. The Pine Lake Sanitation District
will be required to obtain a discharge .permit.
Water quality standards have been adopted for river basins
within the State. The unnamed drainageway into which the District
will discharge is a tributary to Segment 13 of the Cache La Poudre
River. This segment is classified for secondary contact recrea-
tion, warmwater aquatic life class 2 , and agriculture. The app-
licable water quality standards for this classification are:
Dissolved Oxygen (DO) - 5 mg/1 (minimum)
pH - 6.5 to 9.0
Fecal Coliform - 2, 000/100 ml
In addition, the District' s wastewater treatment facilities
will be required to provide standard secondary treatment. The
limitations on these parameters to meet this requirement are as
follows :
30-Day Average 7-Day Average
BOD 30 mg/ 1 45 mg/ 1
TSS 30 mg/ 1 45 mg/ 1
Oil and Grease Less than lomg/ 1
Total Residual Chlorine Less than 0 . 5 mg/ 1
The treatment system as proposed by the Pine Lake Sanitation
District, which provides good secondary treatment with chlorination,
will satisfy these water quality standards.
System Design
Design Period - In the planning of improvements, it is
necessary to design for some future estimated population. The time
in which this population is reached is termed the "design period".
In most instances, wastewater treatment facilities are designed for
a future period of 20 years. Regardless of the design period chosen,
however, facilities must be designed to function efficiently at both
the present and future estimated populations.
In the case of the proposed Pine Lake Sanitation District, the
population growth is expected to occur within a four (4 ) year period
and remain essentially constant.
Sewer line extensions required by future District boundary
changes will be provided in accordance with adopted policies of the
Board of Directors. Areas which may be served by gravity sewers
but that are outside the initial District limits will be required
to pay the cost of extensions to serve their development as well as
a fee for their share of treatment.
12
Collection and Outfall Sewers - Lateral sewers are designed to
carry, when running full, 400 gallons per capita per day, or four
(4 ) times the anticipated average flow. Trunk and outfall sewers
are designed to carry 250 gallons per capita per day under the same
conditions. All of the lines within the District will have a
minimum diameter of eight inches (8" ) and be constructed on grades
such that the average wastewater flows at a velocity greater than
2 .0 feet per second to prevent the deposition of solids. Due to
the shallow bedrock throughout much of the area and no basement
construction, the sewers will be constructed utilizing a shallower
depth than that normally required.
Manholes - Manholes will be installed at the end of each line,
at all changes in grade, size or alignment and at distances not
greater than 400 feet apart. The minimum manhole diameter will be
48 inches.
Wastewater Treatment Plant - The treatment facility will
consist of an aerated stabilization pond, polishing pond and
chlorination. The facilities have been designed using an average
hydraulic flow of 100 gallons per capita per day and an organic
loading of 0.17 lbs. of BOD per capita per day.
13
SECTION III
PROPOSED IMPROVEMENTS
Wastewater Collection System
The collection system will be constructed by the owner of the
mobile home park. It will be designed to discharge at a control
structure at the sewage treatment facility. Ownership of the col-
lection system will be transferred to the Sanitation District for
operation and maintenance when the treatment system is operational.
The collection system will be constructed to conform to the design
criteria shown herein and as otherwise required to meet the regula-
tions of Weld County and the State of Colorado.
Sewage Treatment Plant
The sewage treatment plant will include an aeration basin, a
polishing pond, and permanent chlorination facilities. Its com-
pletion will be timed to coincide with the rental park development.
Upon complete park development, the average hydraulic flow to
the treatment plant will be 58,300 gallons per day. The corres-
ponding organic loading will be 99. 1 lbs. of BOD per day. The 0. 5
acre aerated pond will have a detention time of 11. 4 days at a
capacity of 89 ,040 cubic feet (2.04 ac.-ft ) . The polishing pond
will have a detention time of 49 .8 days at a capacity of 388,030
cubic feet (8. 91 ac.-ft. ) .
The aerated pond will have one (1 ) , 5-horsepower surface
aerator to provide oxygen to oxidize (stabilize) the organic matter
as well as provide the necessary mixing.
The aerated pond will have a depth of six feet (6 ' ) and the
polishing pond will have a depth of five feet (5 ' ) . Both ponds
will have 3 :1 interior and exterior slopes. Two feet (2 ' ) of free-
board will be provided in each pond.
The ability to maintain adequate water levels within these
ponds is important to their proper operation. To prevent excess
water loss, the bottom and interior sides of each pond will be
lined with the clayey silt available on site or other sealing
material if required.
Chlorination will be the final step in the treatment process.
These facilities have been sized for a chlorine dosage of five (5 )
mg/ 1 and a minimum contact detention time of 30 minutes at average
flow.
14
The organic matter is biologically reduced in the plant
through natural processes enhanced by the addition of air through a
surface aerator. The aerator (electrically operated ) will provide
the oxygen required as well as increase the reaction time for biode-
gradation by mixing the organic matter with the microorganisms.
From the aerated pond, the wastewater will flow into the
polishing pond. This pond will continue to reduce the organic
matter in the wastewater utilizing photosynthesis to obtain the
necessary oxygen. No additional mixing will be employed ; there-
fore, the heavier solids which are not broken down will settle out.
Between the polishing pond and the point of discharge, the plant' s
effluent will pass through a contact chamber for chlorination and
detention. This detention time will give the chlorine time to kill
pathogenic organisms which may exist in the effluent.
Operation and Maintenance (0 & M)
The stabilization ponds as proposed are relatively simple to
operate. The major items for the operator to monitor for satis-
factory treatment are: 1) maintain adequate water levels in each
of the ponds; 2 ) insure normal functioning of surface aerator; 3 )
provide adequate chlorination; and 4 ) provide regular testing of
water quality parameters to ensure proper performance and to
satisfy legal requirements of the State Health Department and the
discharge permit.
Regarding the maintenance of the wastewater treatment plant,
regular daily inspections will be made to check each of the
following areas:
1. Shallow rooted, perennial grasses may be planted on the
dikes to within one foot (1 ' ) of the normal water surface elevation.
Grass should be mowed on a regular basis during warm weather.
2. Trees and shrubs will not be allowed to grow on the dikes
of the ponds.
3. Animal burrow damage in the dikes.
4. Bank erosion.
5. Perimeter fence.
6. Proper operation of mechanical equipment.
In addition to daily maintenance, the on-going duties will
include keeping the collection and outfall lines clean and free-
flowing, maintaining records on mechanical equipment which detail
names of manufacturer and supplier, specifications, nature and
frequency of maintenance, and record keeping and reporting to the
District Board of Directors on treatment plant performance.
15
The proposed facilities within the District will require one
person on a part time basis for the daily operation and maintenance.
A second person will occasionally be needed for jobs which, for
safety or physical reasons, cannot be handled by one person. The
plant operator, as a minimum, will possess a Class "D" wastewater
operators certificate.
It is anticipated that the proposed District will contract
with the Weld County Health Department to sample and test the
treated wastewater for compliance to established effluent
limitations.
Treatment Alternatives
Various alternatives were evaluated for providing treatment to
the wastewater generated by Pine Lake Village. The two onsite
systems studied were: A package plant using the extended aeration
process, and an aerated lagoon followed by a polishing pond. Each
alternative would include chlorination facilities.
The first alternative, a package plant, was rejected for the
following reasons:
1. Treatment process is more sensitive to operating problems
and variations of influent loadings.
2. Requires additional operator attention.
3. Operating costs are higher.
4. The Colorado Department of Health has concluded that package
plants, in general, have a less than satisfactory track record in
Colorado.
Also evaluated during the alternative treatment analysis was
the possibility of extending Boxelder Sanitation District' s
collection system to Pine Lake Village. The extension would
require 14,050 lineal feet of 8 inch gravity sewer, 7,450 lineal
feet of force main and four (4 ) lift stations at an estimated total
construction cost of $410,215. In addition to this cost, the park
would still have to install its collection system and pay the
necessary tap and service fees as required by Boxelder's District.
At the present time, Boxelder' s Board of Directors is not accepting
systems or designs which incorporate lift stations; therefore, this
alternative was rejected.
The aerated and stablization pond system as proposed in this
report meets the needs of the mobile home park. The system will
operate satisfactorily below its projected design capacity. Also,
this type of treatment facility offers simplicity of operation,
lower operation and maintenance costs, flexibility in expansion and
reliability.
16
Land and Easements
The proposed District will acquire the land on which the
wastewater treatment ponds are to be located. The ponds will be
located in the southwestern portion of the District on about 13
acres.
The stabilization ponds will be located at a minimum of 300
feet from adjacent properties to provide a reasonable buffer zone.
The District will have to obtain site approval for the waste-
water treatment plant site from the Colorado Water Quality Control
Commission. In addition, approval will be necessary from the
_ Larimer-Weld Regional Council of Governments for a major amendment
to the 208 Areawide Water Quality Plan for the proposed treatment
system expansion. The site application procedure also requires the
review and approval by the Weld County Planning Commission and
County Commissioners.
A permanent 20 foot wide easement will be needed for the con-
- struction and maintenance of all sanitary sewer lines. Easements
within the District will be provided as necessary by the owner of
the Pine Lake Village. Two easements will be required across
private property for the outfall line from the District' s boundary
to the point of discharge. Discussions have been initiated with
the Platte River Power Authority to allow construction of the out-
fall line within their easement.
Implementation Plan
The wastewater treatment improvements proposed with the
expansion of the mobile home park are planned to be constructed in
the Spring of 1987 . The wastewater collection lines will be
constructed in phases over a three (3 ) year period also beginning
in the Spring of 1987 . The actual construction will proceed only
after approval of District formation, the treatment site app
and a discharge permit.
17
SECTION IV
COST ESTIMATES
General
The following cost estimates are based on current construction
bid prices for comparable work in this area. These estimates include
costs of major portions of the work and the conditions which might
affect the final cost of the work. Engineering design, construction
observation, easements, legal, fiscal and contingency items are in-
- cluded as 28% of the estimated construction cost.
Construction costs in this general area have continued to rise
during the past several years. Due to various conditions, such as
impending growth and general increases of costs, the construction
costs are based on 1986 prices. The annual increase is impossible
to predict, but based on past performance, the increase will pro-
bably range between 3.5% and 10% annually.
Although these estimates represent the best information avail-
- able, there is no guarantee of the actual costs to be incurred.
There may be unforeseen factors that can substantially affect the
final costs of construction when considering that the current cost
predictions are based on preliminary data at a time that maybe many
months prior to actual design and construction. Every effort will
be made to accomplish a final project commensurate with the financial
program that is adopted as a result of this report and subsequent
studies.
18
COST ESTIMATE
WASTEWATER TREATMENT IMPROVEMENTS
Item
No. Description Quantity Unit Unit Cost Amount
1. 8" PVC Sanitary Sewer 200 1.f. 12. 00 2,400
_ 2. Stripping 3,500 c.y. 1.00 3,500
3. Excavation and Fill 20,000 C.Y.
2.00 40,000
4 . Lining 124,000 s.f. 0.35 43,400
5. Aerator 1 l.s. 9,000.00 9,000
6. Outfall Structure 5,000
and Piping 1 1.s. 5,000 .00
7 . Chlorination Basin
1 1.s. 7,500.00 7,500
8. Chlorination Equipment 1 1.s. 8 ,000 . 00 8,000
9 . Effluent Meter 1 l.s. 5,000.00 5,000
10. Electrical Equipment
1 1.s. 6,000.00 6,000
11. Fence 1,100 l.f. 4.00 4,400
134,200
Subtotal
13,420
10% Contingencies and Miscellaneous 16,104
12% Engineering and Administration 8,052
6% Legal and Fiscal
171,776
_ Subtotal
Land and Treatment Site (13 acres ± )
55,000
$ 226,776
Total
19
Operation and Maintenance (O&M)
Annual operation and maintenance costs for the proposed
District' s wastewater collection and treatment system are itemized
below. These "present day" estimates will be in addition to the
cost of capital improvements.
Operator' s Salary $19,200
Maintenance Labor 2,400
Power Requirements 2,760
Chemicals, Supplies, and Misc. 600
Effluent Testing 1,800
Miscellaneous 3,240
$30,000
Monthly service charges will be established to provide the
necessary revenue to maintain and operate the system. It is estimated
that a charge of approximately $12 per month per connection will
provide the needed revenue. For comparative purposes, the following
table showing charges by other sanitation districts is provided :
Residential Service
Charge per Month
Weld County Tri-Area Sanitation District $ 8. 00
South Loveland Sanitation District 15 .00
Milliken Sanitation District 12.75
South Fort Collins Sanitation District 12.00
20
- EXHIBIT E
MAP AND LEGAL DESCRIPTION
BOUNDARY DESCRIPTION OF PINE LAKE SANITATION DISTRICT
COMMENCING AT THE NORTH QUARTER CORNER OF SECTION 17, TOWNSHIP
7 NORTH, RANGE 67 WEST OF THE 6TH P.M. , WELD COUNTY, COLORADO AND
CONSIDERING THE NORTH-SOUTH CENTERLINE OF SAID SECTION 17 TO BEAR
SOUTH 00°22 ' 47" WEST WITH ALL OTHER BEARINGS CONTAINED HEREIN
RELATIVE THERETO;
THENCE SOUTH 00°22' 47" WEST, 676.60 FEET ALONG SAID NORTH-SOUTH
CENTERLINE TO THE TRUE POINT OF BEGINNING;
THENCE SOUTH 00°22 ' 47" WEST, 1957 . 31 FEET ALONG SAID NORTH-SOUTH
CENTERLINE TO THE CENTER QUARTER CORNER OF SAID SECTION 17 ;
THENCE NORTH 89°48 ' 51" WEST,. 1969.74 FEET ALONG THE SOUTH LINE OF
THE NORTHWEST QUARTER OF SAID SECTION 17 ;
THENCE NORTH 00°13 ' 56" EAST, 1950 . 89 FEET;
THENCE NORTH 90°00 ' 00" EAST, 1974.79 FEET TO THE TRUE POINT OF
BEGINNING.
SAID SANITATION DISTRICT CONTAINS 88.47 ACRES MORE OR LESS AND IS
SUBJECT TO ANY RIGHTS-OF-WAY OF OTHER EASEMENTS AS GRANTED OR RE-
SERVED BY INSTRUMENTS OF RECORD OR AS NOW EXISTING ON SAID DISTRICT.
21
PINE LAKE SANITATION DISTRICT
I N. W. Cor. Sec. 17, N. 1/4 Cor. Sec. 17
_� T. 7 N., R. 67 W. — T. 7N. , R. 67W. _
4 — Colorado State _Hwy. 14 (2-lane paved) r
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Boundary =-=____-- _ ----=- ==== === - - ==__=_=-
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1 S, Line N. W. 1/4, Sec. 17—,
— 1 LEGEND
IProposed Sanitation
District Boundary
- Land Zoned R-5
— Adjacent Property Lines
EXHIBIT NO. 2 ----'- Easement Line
_
Drainageway (unnamed)
Sanitary Sewer Collection
Y
Line and Direction of Flow
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11
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ASSESSED VALUATION
The 1985 estimated assessed valuation for the property located
within the proposed boundaries of the Pine Lake Sanitation District
is $5, 000.
22
- EXHIBIT G
ESTIMATION OF COSTS
ESTIMATION OF COSTS
The following are estimations of organizational and first-year
operating expenses.
ORGANIZATIONAL (includes service plan, hearings, and election)
Engineering Study $ 8,500
Attorney' s Fee 3,000
Printing and Miscellaneous 500
Election 500
Publication Fees 1, 000
Filing Fees 200
Recording Fees 50
$13,750
OPERATIONAL (exclusive of construction costs)
Management $ 3,000
Accounting/Auditing 1, 000
Engineering 2,500
Legal Services 1,500
$ 8 ,000
23
EXHIBIT H
INTERESTED PARTIES
LIST OF INTERESTED PARTIES
Pursuant to Section 32-1-204 (1) , the following is a listing
(to be confirmed by the Weld County Assessor) or municipalities and
special districts which have levied ad valorem taxes within the pre-
- ceding tax year and which have boundaries within a radius of three
miles of the proposed Pine Lake Sanitation District:
Windsor-Severence Fire Protection District
P. O. Box 308
Windsor, Colorado 80550
Weld County Reorganized School District RE-4
301 Walnut
Windsor, Colorado 80550
North Weld County Water District
33247 Highway 85
Lucerne, Colorado 80646
Northern Colorado Water Conservancy District
1250 North Wilson Avenue
Loveland, Colorado 80537
Aims Community College
5401 West 20th Street
Greeley, Colorado 80634
24
- EXHIBIT
CONCLUSION
CONCLUSION
It is submitted that this Service Plan for the proposed Pine
Lake Sanitation District constitutes satisfactory evidence under the
provisions of Section 32-1-203 (2 ) and (2 .5 ) , C.R.S. , that:
- there is sufficient existing and projected need for organized
sanitary sewer service in the proposed area of the District;
- the existing individual service in the area is inadequate for
present and projected needs;
- the proposed District is capable of providing economical and
efficient sanitary sewer service to the area;
- the area proposed to be included in the District has, and will
have, the financial ability to discharge the proposed indebted-
ness on a reasonable basis;
- adequate sanitary sewer service is not, nor will not be,
available to the area through county, municipal, or other
existing sanitation districts;
- the proposed facility and service standards will be com-
patible with those of interested parties as defined by
statute;
- the proposal is in compliance with long-range water quality
management plans for the area and with the master plan; and
- the creation of the District is in the best interests of the
residents of the area, in particular, and the residents of
Weld County, in general.
Accordingly, it is respectfully requested that this Service Plan
for the Pine Lake Sanitation District be approved.
25
Igtot‘-% mEmORAnDUm
WilkTo Board of County Comm iesio s pate November 25, 1986
COLORADO From Donald D. Warden �fG/1"/
Pine Lake Sanitation District
Subject:
In accordance with the conditions of your November 12, 1986 hearing
regarding Pine Lake Sanitation District, unaudited financial statements
from Donald J. and Patricia A. Carlson have been submitted. In addition,
an income summary and bank financial statements from Hallett and Diane
Walston have been submitted.
I would disclose to the Board that the financial statements for the
Carlson's have in the opinion from James W. Stockover, CPA, the statement
that "A compilation is limited to presenting in financial statement form
information that is the representation of the individuals whose financial
statements are presented". In the statements under assets of real estate
the following values are listed in Note 2:
Estimated
Current Value
Pine Lake Village, a 5 acre mobile home park
of 34 spaces $ 340,000.00
70.7 acres unimproved ground zoned for mobile
home residential 602,000.00
45 acres unimproved ground zoned agricultural 45,000.00
$ 987,000.00
On page 4 of an appraisal of the real estate done on August 11, 1986 by
Michael L. Ehler and Fermor T. Black, the above property was purchased as
follows:
. 35 acres including mobile home park purchased November 1, 1983
for $70,000.
. South 85 acres, unimproved, purchased February 15, 1984 for
$75,000.
As indicated in the appraisal filed on November 12, 1986, the value
estimates are "as if complete", thus value is contingent upon sanitation
district approval and project development.
It should be further pointed out for the record that Mr. Lyle D. Landis,
who prepared the statement for Mr. and Mrs. Walston, is not a certified
public accountant.
Based upon the unaudited data submitted (as represented by the applicants
themselves) it would appear that adequate financial capability exists
between the Carlsons and Walstons to fulfill the financial commitments
outlined in the service plan. This conclusion is reached with the
qualification that the data presented places full reliance on the fact that
the applicants themselves have fairly represented their financial position,
since there is are no third party assurances presented.
c ,
as
-1
DONALD J. AND PATRICIA A. CARLSON
STATEMENT OF FINANCIAL CONDITION
COMPILED
OCTOBER 31, 1986
"1
a,
JAMES W. STOCKOVER
Certified Public Accountant
FORT COLLINS,COLORADO
JAMES W. STOCKOVER
Certified Public Accountant
P.O. Box 291
Fort Collins,Colorado 80522
303/482-3727
Donald J. and Patricia A. Carlson
7200 East State Highway 14
Fort Collins, Colorado 80524
I have compiled the accompanying statement of financial condition of
Donald J. and Patricia A. Carlson as of October 31, 1986, in accordance
with standards established by the American Institute of Certified Public
Accountants.
A compilation is limited to presenting in financial statement form
information that is the representation of the individuals whose financial
statements are presented. I have not audited or reviewed the
accompanying statement of financial condition and, accordingly, do not
express an opinion or any other form of assurance on it.
November 21, 1986
DONALD J. AND PATRICIA A. CARLSON
* Statement of Financial Condition
October 31, 1986
ASSETS
Cash $ 1,000.00
Real estate (Note 2) 987,000.00
Mobile home 24,000.00
Tractor and other equipment 14,000.00
Vehicles 19,800.00
Horses and related equipment 30,000.00
Household furnishings and other personal items 10,000.00
Total Assets
$1,085,800.00
LIABILITIES AND NET WORTH
Liabilities
Real estate mortgages (Note 3) $ 340,600.00
Mortgage on mobile home 10,000.00
Note payable, United Bank of Longmont 10,000.00
Accounts payable, charge accounts, etc. 6,200.00
366,800.00
Estimated income taxes on the
excess of the estimated current
values of assets over their tax
bases (Note 4) 170,000.00
Net Worth 549,000.00
Total Liabilities and Net Worth $1,085,800.00
* COMPILED. The accompanying letter and notes are an integral part of this
financial statement.
DONALD J. AND PATRICIA A. CARLSON
* Notes to Financial Statements
October 31, 1986
Note 1. The accompanying financial statements include the assets and liabilities
of Donald J. and Patricia A. Carlson. Assets are stated at their
estimated current values, and liabilities at their estimated current
amounts.
Note 2. Real Estate
Estimated
Current
Value
Pine Lake Village, a 5 acre mobile
home park of 34 spaces $340,000.00
70.7 acres unimproved ground zoned
for mobile home residential 602,000.00
45 acres unimproved ground zoned
agricultural 45,000.00
$987,000.00
Note 3. Real Estate Mortgages
Estimated
Current
Balance
First mortgage to Gibraltar MoneyCenter,
Inc. , secured by the 5 acre mobile
home park and approximately 30 acres
of unimproved ground $197,600.00
First mortgage payable to Gladys and
Timothy Howard, secured by approximately
86 acres of unimproved ground 55,000.00
Second mortgage payable to United Bank
of Fort Collins, secured by all of the
above real estate 88,000.00
$340,600.00
Note 4. Estimated income taxes have been provided on the excess of the estimated
current values of assets over their tax bases as if the estimated current
values of the assets had been realized on the statement date, using
applicable tax laws and regulations. The provision will probably differ
from the amounts of income taxes that eventually might be paid because
those amounts are determined by the timing and the method of disposal or
realization and the tax laws and regulations in effect at the time of
disposal or realization.
* COMPILED. The accompanying letter is an integral part of this financial
statement.
AN APPRAISAL OF
Pine Lake Village Mobile Home Park
Fort Collins, Colorado
PREPARED FOR
Mr. & Mrs. Donald J. Carlson
7200 East State Highway 14
Fort Collins, Colorado 80524
PREPARED BY
Michael L. Ehler, M.A. I.
Fermor T. Black, III
429 East Magnolia Street
Fort Collins, Colorado
80524
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Michael L. Ehler, M.A. I .
SUMMARY OF SALIENT FACTS AND CONCLUSIONS
Subject Property: Pine Lake Village Mobile Home Park, located in
unincorporated Weld County, Colorado, is a proposed mobile home
park of 212 mobile home spaces on 63 . 256 acres . An adjacent
12 . 468 acres will be developed as the Pine Lake Sanitation
District Waste Water Treatment Facility.
Effective Date of Appraisal : July 1, 1986
Appraisal Assignment: Estimate Market Value of the
property "as if complete" .
Land Area: Parcel A: 63 . 256 acres, more or less
Parcel B: 12 . 468 acres, more or less
Zoning: R - 5, Mobile Home Residential
Highest and Best Use : Mobile Home Park
Valuation - Parcel A
Cost Approach : $2 , 415 , 000
Sales Comparison Approach : $2 , 811, 000
Income Approach: $2 , 600 , 000
Value at stabilized occupancy: $2 , 700, 000
Loss in value over absorption period : - $375 , 000
Market Value prior to absorption: $2 , 325 , 000
Valuation - Parcel B
Cost Approach: $287 , 000
Market Value: $287 , 000
i
I
Michael L. Ehler, M.A.I.
X
Table of Contents
Page
Summary of Salient Facts and Conclusions
i
Z • Appraisal Assignment 1
Ownership History 4
Certification 5
Assumptions and Limiting Conditions 6
II. Neighborhood Analysis 9
III• Subject Property 12
IV. Highest and Best Use, Feasibility 19
V. Valuation 32
VI. Cost Approach 34
VII. Direct Sales Comparison Approach 41
VIII . Income Approach 45
IX. Correlation and Final Estimate of Value 53
X. Effect of Absorption on Market Value 55
1 APPENDIX
Market Area
Mobile Home Park Inventory
Cost Estimate - Norton, Underwood and Lamb
Qualifications of Appraisers
1
I
I
1
I
1
I
ArrR AISAIS
IN VESTMI'.N'I'A NA LYSIS
MICHAEL L. EHLER, MAI, SRA
MARKF;I SI'1 IDIES
FEASIIIILITY ANALYSIS
REAL ESTATE CONSULTANT
428 RAMP MA(;NOI.IA S'I'REha' FORT COLLINS,COLORADO 80529 201/482-6802
August 11, 1986
Mr. & Mrs. Donald J. Carlson
7200 East State Highway 14
Fort Collins, Colorado 80524
RE: Appraisal of the proposed Pine Lake Village Mobile
Home
Park, Fort Collins, Colorado
Dear Mr. & Mrs, Carlson This
r concerningltheeabove referenced property. Theeys to you this he of 56 pages
estimated is Market Value which is subject to the enclosed
he value
Qualifying and Lim Conditions, the specifications of
the Appraisal Assignment, and any other assumptions as
stated or implied in this report. The primary contingencies
of the appraisal are 1 ) all proposed construction is
complete, and 2 ) values are estimated on a cash basis.
report conforms to the appraisers ' understanding of
Regulation R-41b This
of the Federal Home Loan Bank Board.
We have both personally inspected the subject property
and analyzed the available data to estimate this value.
After analysis of the collected data, the values of the
properties both before and after achieving
•
occupancy have been estimated. Value Estimates iare elocated
in the Summary of Salient Facts and Conclusions on the
following page. All value estimates are "g.1 if complete"
the Effective Date of the appraisal and are su�—
Qualifying and Limiting on
Conditions stated hereinect to the
Respectfully submitted,
Miichaael L. rEhllerr
Fermor T. Black, III
MLE/fb
I
Michael L. Ehler, M.A.I .
I. APPRAISAL ASSIGNMENT
This report concerns the appraisal of a proposed mobile home
park of 212 spaces on 63 . 256 acres and a proposed waste water
treatment facility situated on an adjacent 12.468 acre parcel .
The properties are located at 7200 East State Highway 14, Fort
Collins (Weld County) , Colorado.
This report is expressly contingent upon the following:
1. review of final plans and specifications,
2. review of final cost estimates,
3. a completion inspection by the appraisers,
4 . subsurface drainage problems being curable at reasonable
cost,
5. final approval granted for proposed Waste Water
Treatment Facility from all responsible agencies,
6. final approval granted from Colorado Highway Department
for access,
7. final approval granted from Weld County Planning
Department,
8 . final approval from North Weld Water District regarding
water availability at the cost indicated herein.
The purpose of this appraisal is to estimate Market Value of
the subject properties. "Market Value, " as used in this report,
is defined as :
"The most probable price in terms of money which a
property should bring in a competitive and open market
under all conditions requisite to fair sale, the buyer
and seller, each acting prudently, knowledgeable and
assuming the price is not affected by undue stimulus. "l
1Federal Home Loan Bank Board, "Appraisal Policies and
Practices of Insured Institutions and Service Corporations "
(Washington: F.H.L.B.B. , 1982 ) , p.3 . Also known as Memorandum
sh.
1
I
Michael L. Ehler, M.A.I .
Implicit in this definition is the consummation of a sale as
of a specified date and the passing of title from seller to buyer
under conditions whereby:
1. Buyer and seller are typically motivated.
2. Both parties are well informed or well advised, and each
acting in what they consider their own best interest.
3 . A reasonable time is allowed for exposure in the open
market.
4 . Payment is made in cash or its equivalent.
5 . Financing, if any, is on terms generally available in
the community from disinterested third party lenders, at
the specified date and typical for the property type in
its locale.
6 . The price represents a normal consideration for the
property unaffected by special financing amount and/or
terms, services, fees, costs, or credits incurred in the
transaction.
Property Rights Appraised
For valuation, the rights are considered to be a Fee Simple
Estate, which is defined as:
"Absolute ownership unencumbered by any other interest
of estate; subject only to the limitations of eminent
domain, escheat, police power, and taxation. "2
All liens and mortgages, if any, have been disregarded and
the properties have been appraised as though free and clear.
Date of the Appraisal
The effective date of this appraisal is July 1, 1986.
Dictionaryri anRe Institute
se Aof Real Estate Appraisers , The
12,i (Chicago: AIREA, 1984 ) ,p,
2
Michael L. Ehler, M.A.I .
Legal Description
Legal descriptions for both parcels may be found on the
following pages. The property which will be developed as the
mobile home park is labeled "Parcel A" and the property which
will contain the proposed waste water treatment facility is
labeled "Parcel B. " The two parcels will be referred to as
Parcel A and Parcel B throughout the balance of the report.
3
PINE LAKE VILLAGE
MOBILE HOME COMMUNITY
Legal Description- Parcel A
(excluding wastewater treatment facility site)
A tract of land located in the Northwest Quarter (NW1/4) of Section
17 , Township 7 North , Range 67 West of the 6th P.M. , Weld County ,
Colorado ; being more particularly described as follows :
Considering the North line gf the Northwest Quarter (NW1/4) of said
Section 17 to bear South 89 49 ' 00" East , and with all bearings
contained herein relative thereto :
Commencing at the North Quarter Corner of said Section 17 ; thence
along the East line of said Northwest Quarter South 00° 22 ' 47" West ,
a distance of 46 . 60 feet to the TRUE POINT OF BEGINNING on the South
Right-of-Way line of Colorado State Higheway 14, as described in
Book 1304 on Page 105 of Weld County , Colorado records ;
Thence along said East line , South 00° 22 ' 47" West, 1268 .00
feet ;
Thence North 89° 51 ' 20" West , 684.00 feet ;
Thence South 19° 37 ' 56" West , 185 . 41 feet ;
Thence South 39° 06 ' 40" West , 235 .00 feet ;
Thence North 89° 51 ' 20" West , 592 .00 feet ;
Thence North 00° 08 ' 40" East , 357 . 50 feet ;
Thence North 89° 51 ' 20" West , 487 . 50 feet ;
Thence North 00° 13 ' 56" East , 1263 . 01 feet to a point on the
South Right-of-Way line of Colorado State Highway 14 ;
Thence along said South Right-of-Way line , North 90° 00 ' 00"
East , a distance of 1976 . 42 feet to the TRUE POINT OF BEGINNING.
The above described tract contains 63 .256 acres , more or less , and
is subject to all rights-of-way and easements of record.
POTENTIAL PINE LAKE
SANITATION DISTRICT
WASTEWATER TREATMENT FACILITY SITE
LEGAL DESCRIPTION— Parcel B
A tract of land located in the Northwest Quarter (NW%) of Section
17 , Township 7 North, Range 67 West , of the 6th Principal Meridian,
Weld County, Colorado; being more particularly described as follows :
Considering the North line gf the Northwest Quarter (NWT) of said
Section 17 to bear South 89 49 ' 00" East , and with all bearings
contained herein relative thereto;
Commencing at the North Quarter Corner of said Section 17 ; thence
along the East line of said Northwest Quarter South 00° 22 ' 47" West ,
a distance of 46. 60 feet to a point on the South right-of-way line
of Colorado State Highway 14 , as described in Book 1304 on Page 105
of Weld County, Colorado re&ords ; thence continuing along said East
life of Section 17 South 00 22 ' 47" West , 126$. 00 feet ; thence North
89 51 ' 20" Wes8 , 684. 00 feet ; thence South 19 37 ' 56" Wes 185 .41 feet ;
thence South 39 06 ' 40" West , 235 . 00 feet ; thence North 89 X51 ' 20"
West , 332. 00 feet to the True Point of Beginning :
Thence South 00° 13 ' 56" West , 380 .00 feet ;
Thence South 29° 21 ' 10" East , 165 . 99 feet;
Thence South 00° 13 ' 56" West , 369 . 00 feet ;
Thence North 89° 48 ' 51" West , 428. 00 feet;
Thence North 59° 21 ' 45" West , 373 . 35 feet ;
Thence North 00° 13 ' 56" East , 413.00 feet ;
Thence North 54° 42 ' 20" East , 501 . 38 feet ;
Thence South 89° 51 ' 20" East , a distance of 260. 00 feet to the True
Point of Beginning.
The above-described tract contains 12 . 468 acres , more or less .
'Pit'`:,
ii
imy
Fi
" F
Michael L. Ehler, M.A.I.
itt
Ownership History
litt According to the public records of Weld County, Colorado,
ownership is in the name of Donald J. Carlson. The property was
f =j purchased in two transactions.
p
{, Purchase No. One 35 acres including existing mobile home
t ': park
Grantor: Gladys Iola Howard and Timothy Gordon Howard
r 5,'
Grantee: Donald J. Carlson
40 Date: November 1, 1983it Recording: Book 1012, Rec. No. 01946215, Weld County
4 Consideration: $70 , 000
N
Mortgage: None
Purchase No. Two South 85 acres, unimproved
Grantor: Gladys Iola Howard and Timothy Gordon Howard
Grantee: Donald J. Carlson
Date: February 15, 1984
Recording: Book 1021, Rec. No. 01956733 , Weld County
Consideration: $75 , 000
Mortgage: Deed of Trust to sellers for $55 , 000 ; 10%
interest; no payments for six months , then
,0 monthly payments of $481 . 25 until balloon
payment due February 15, 1989 .
The Howards owned the property for several years prior to sale.
4
A
Michael L. Ehler, M.A.I.
CERTIFICATION OF VALUE
We , the undersigned, do hereby certify that we have
personally inspected the properties identified as:
A 63 . 256-acre parcel and a 12 . 468-acre parcel of
land, both located in the Northwest Quarter of
Section 17, Township 7 North, Range 67 West of the
6th Principal Meridian, Weld County, Colorado.
I certify that, to the best of my knowledge and belief,
the statements of fact contained in this appraisal report are
true and correct. I further certify that the reported appraisal
analyses and opinions are limited only by the reported qualifying
conditions and are my personal, unbiased, professional analyses
and opinions . I further certify that I have no present or
prospective interest in the appraised property. The appraisal
analyses and opinions were developed and this appraisal report
has been prepared in conformance with (and the use of this report
is subject to ) the requirements of the Code of Professional
Ethics and the Standards of Professional Practice of the American
Institute of Real Estate Appraisers . Michael L . Ehler is
currently certified under the AIREA Voluntary Continuing
Education Program. I do not authorize the out-of-context quoting
from or partial reprinting of this appraisal report. Further,
neither all nor any part of this appraisal report shall be
disseminated to the general public by the use of the media for
public communication without the prior written consent of the
appraiser signing this appraisal report.
-)
ic4A4e-c in
Michael L. Ehler Fermor T. Black, III
-1 C -` t,..
c7i
Date Date
5
Michael L. Ehler, M.A.I.
ASSUMPTIONS AND LIMITING CONDITIONS
This report has been made with the following general assumptions:
1. No responsibility is assumed for the legal description or for
matters including legal to title considerations. Title to the
property is assumed to be good and marketable unless otherwise
stated.
2 . The property is appraised free and clear of any or all liens
or encumbrances unless otherwise stated.
3 . Responsible ownership and competent property management are
assumed.
4. The information furnished by others is believed to be
reliable. However, no warranty is given for its accuracy.
5. All engineering is assumed to be correct. The plot plans and
illustrative material in this report are included only to assist
the reader in visualizing the property.
6. It is assumed that there are no hidden or unapparent
conditions of the property, subsoil, or structures that render it
more or less valuable. No responsibility is assumed for such
conditions or for arranging for engineering studies that may be
required to discover them.
7. It is assumed that there is full compliance with all
applicable federal, state and local environmental regulations and
laws unless noncompliance is stated, defined, and considered in
the appraisal report.
8 . It is assumed that all applicable zoning and use regulations F
and restrictions have been complied with, unless a nonconformity
has been stated, defined, and considered in the appraisal report.
9 . It is assumed that all required licenses , certificates of
occupancy, consents , or other legislative or administrative
ative
authority from any local , state , or national government or
private entity or organization have been or can be obtained or
renewed for any use on which the value estimate contained in this
report is based.
10. It is assumed that the utilization of the land and
improvements is within the boundaries or property lines of the
property described and that there is no encroachment or trespass
unless noted in the report.
6
Michael L. Ehler, M.A.I.
11. In this appraisal assignment, the existence of
hazardous material used in the construction or maintenance
nofathe
building(s) , if such improvements exist, such as the presence of
urea-formaldehyde foam insulation, and/or the existence of toxic
been considered.waste, which may or may not be present on the property, has not
The appraisers are
such substances. We urge the notto client toreta n an p n this
field if desired. this
This report has been made with the following general limiting
conditions:
report 1. The distribution , if any, of the total valuation in this
between land and
nts app
stated program of ut liz ti nE.roTheese aratelies only under and
and buildings must not be used in conjunction with anyothe her
appraisal and are invalid if so used. Y r
2. Possession of this report, or a copy thereof, does not carry
within the right of publication. It may not be used for any
purpose by any person other than the party to whom it is
addressed without the written consent of the appraiser, and in
any event only with properly written qualification and only in
its entirety.
3 . The appraiser herein, by reason of this appraisal assignment,
attendance in court with is not required to give further consultation, testimony, or be in
reference the
unless arrangements have been previously made property in question
4. Neither all nor any part of the contents of this report
(especially any conclusions as to value , the identity of the
appraiser , or the firm with which the appraiser is connected)
shall be disseminated to the public through advertising, public
relations, news , sales, or other media without the prior written
consent and approval of the appraiser.
5. This report involves the appraisal of proposed improvements,
"as if complete" . The conclusions of this report are therefore
contingent upon the completion of all improvements in a
e
professional and workman-like manner, in com
appraisers ' understanding of the Pliryce with the
specifications . Should significant ariationspreliminaro cur during
plans in
development, the estimated value could be effected significantly.
7
I
Michael L. Ehler, M.A.I.
City and Regional Data
Although the subject property is located in unincorporated
Weld County, the primary market for the proposed project will be
comprised of families of workers in the Fort Collins area.
Employees working in the City of Greeley are seen as a secondary
1 market group. Readers unfamiliar with Fort Collins and the
surrounding region are referred to the City and Regional Data in
1 the Appendix.
1
l
I
1
8
Michael L. Ehler, M.A.I.
II. NEIGHBORHOOD ANALYSIS
A neighborhood is defined as : "a group of complimentary
land uses . " 3 since economic, political , social and physical
changes can influence property values , it is important to
identify such trends affecting the environment of the property
being appraised.
General Area. The subject is located in a four-mile-wide
corridor, extending approximately three miles east and one mile
west of Interstate Highway 25 from Colorado Highway 1 at
Wellington on the north to Colorado Highway 119 at Longmont to
the south. The most significant economic influence on this 38-
mile-long corridor is the presence of Interstate Highway 25 .
Interstate 25 is the main north/south interstate highway system
running along the eastern edge of the Rocky Mountains from El
Paso; Texas (on the Mexican border) into Montana and eventually
into Canada.
Historically, this has been an agricultural neighborhood
which has gradually been trending from agricultural uses to uses
which benefit from access and/or exposure to Interstate Highway
25. There are 11 intersections with Interstate 25 dispersed over
this 38 mile long neighborhood. Development at each of these
intersections is directly related to the quality and quantity of
crossroad traffic. Uses at these intersections include motels,
truck stops , service stations , farm implement dealers ,
restaurants and a variety of large and small manufacturing and
distribution concerns -- most of which are located in recently
developed industrial parks . These industrial parks include
Interstate Business Plaza, Centro Business Park and Crossroads
3Ibid. , p. 210 .
9
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Location Map
Michael L. Ehler, M.A.I .
West, adjacent to Fort Collins; the Loveland/Fort Collins Air
Park , adjacent to Loveland ; and the Sekich Business Center,
adjacent to Longmont.
Immediate Neighborhood. The immediate neighborhood extends
approximately one mile along either side of U.S. Highway 14 from
Interstate 25 on the west to Colorado Highway 257 on the east, a
distance of approximately five miles. The west portion of the
neighborhood is in unincorporated Larimer County while the east
portion of the neighborhood is in unincorporated Weld County.
The neighborhood is within ten minutes drive of Fort Collins and
Windsor, and within 20 minutes of Greeley.
Uses within the Larimer County portion of the neighborhood
near the I-25 interchange include the Raintree Inn Motel , a
Standard Service Station, the Marathon Metallic Building Company,
and the Cloverleaf Mobile Home Park . Continuing east along
Highway 14 , uses include a small multi-family subdivision
(duplexes to four-plexes) , two single-family subdivisions (Vista
Bonita and Ridgewood Meadows ) and Jackson Heights, a subdivision
of "horse properties. " Agriculture is the major land use in the
Larimer County portion of the neighborhood, but the trend toward
more intense land use is clearly established. Uses east of
County Road 13 , the Weld/Larimer County Line, are exclusively
agricultural with the exception of the Pine Lake Village Mobile
Home Park , the subject of this report . Development to
residential uses is probable within the east portion of the
neighborhood, however this development is several years off .
The predominant zoning category in the immediate neighbor-
hood is agricultural . Zoning adjacent to Highway 14 near
Interstate 25 includes "B" (Business ) , "C" (Commercial ) , "T"
(Tourist) , "I" (Industrial ) and "MI" (Mobile Home Park) .
10
_ _
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Neighborhood Map
Michael L. Ehler, M.A.Z .
.,' .""
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1 . Southeast quadrant of intersection of I-25 and State
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Highway 14 .
Michael L. Ehler, M.A. I .
III
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1
I
Michael L. Ehler, M.A.I .
Land use is largely determined by the quality and quantity
of crossroad traffic intersecting with Interstate 25 . The
Colorado Highway Department has provided traffic counts for 1984
and 1985. Interstate 25 carries an average of 19 ,100 cars per
day south of Colorado Highway 14, and an average of 8, 400 cars
per day north of Highway 14 . Highway 14 , . adjacent to Interstate
25, carries 6, 100 cars per day while the traffic count west of
State Highway 257 is 3, 200. Traffic count on Highway 257 , south
of Highway 14 is 1,250 cars per day.
Utilities are provided to the immediate neighborhood by the
following suppliers:
Water: North Weld County Water District
Natural Gas : Public Service Company of Colorado
Electricity: Poudre Valley Rural Electric Association
Sewer: Boxelder Sanitation District serves the east
portion of the neighborhood. Most users in
the immediate neighborhood are on septic
systems.
Telephone: Mountain Bell
In summary, the subject neighborhood is an unincorporated
area of Larimer and Weld Counties . It benefits from its
proximity to Interstate 25 , Fort Collins, Windsor and Greeley.
While the neighborhood is in the early development stage of its
life cycle and the predominant use in this neighborhood is
agricultural, various commercial, industrial and highway business
related uses are well established at the intersection of I-25 and
Highway 14 . Development is somewhat slow in the immediate
neighborhood due to the lack of public sewer service. As the
cities of Fort Collins, Windsor and Greeley continue to grow,
there should be increasing demand for commercial and residential
sites in the area.
11
Michael L. Ehler, M.A.I.
III. SUBJECT PROPERTY
A. Subject Site
Location
The site is located on the south side of Colorado Highway
14, approximately four miles east of Interstate Highway 25. This
1;cation is approximately 1 . 2 miles east of the Larimer/Weld
^ounty Line, and is within the political jurisdiction of Weld
County. The site is located within reasonable commuting distance
to the following commercial centers:
Employment/Trade Area Miles
Anheuser-Busch Brewery 6. 0
Fort Collins Industrial Areas 6. 0
Fort Collins Central Bus. District 8 . 2
Town of Windsor 7. 6
Greeley City Limits 14.5
Greeley Central Business District 23.5
City of Loveland 17. 0
Denver Central Business District 60 . 0
Size, Shape and Frontage
The property is irregular in shape and contains a total of
75. 724 acres; please refer to the site plan on the following page
for a pictorial representation.
Parcel A is comprised of two parts . The north portion has
1, 976. 42 feet of frontage on the south side of Colorado Highway
14 . The east property line extends 1 , 268 . 0 feet south from
Highway 14 while the west property line extends south from
Highway 14 a distance of 1,263 .01 feet. The south line of this
portion of the property is approximately 1 , 970 feet . This
portion of the site contains approximately 57 . 37 acres and will
be developed with 212 mobile home sites. An irregular 5 . 886 acre
parcel protrudes from the south side of Parcel A which will be
12
I
Michael L. Ehler, M.A. I.
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of site. State Highway 14 is at right.
Michael I,. Ehler, M.A. I .
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Michael L. Ehler, M.A. I .
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Michael L. Ehler, M.A.I.
utilized as a storm water detention area. Total site area of
Parcel A is 63 . 256 acres according to the attached legal
description.
Parcel B, the proposed location of the Waste Water Treatment
Facility, is irregular in shape and lies to the south of Parcel
A. According to the attached legal description, the total site
area is 12. 468 acres.
Topography and Flood Plain
The frontage portion of the property is generally at grade
with Highway 14 . According to the site plan, it slopes from
northeast to southwest ; the elevation of the site ranges from
approximately 5, 080 feet at the northeast corner to 5, 020 feet at
the southwest corner. There is a natural drainageway which
bisects the east and south portions of Parcel A and flows through
the center of Parcel B, eventually feeding into the Larimer-Weld
Canal. This natural slope will be utilized by the proposed waste
water collection and waste water treatment systems. The property
is not located within a designated flood hazard zone, however it
lies below the Larimer County Canal which does cause seepage
problems for the site.
Access and Exposure
Access to Interstate 25 ( 4 .2 miles ) and the cities of Fort
Collins, Windsor, Greeley and Loveland is good. The property has
good exposure from Highway 14 which presently carries an average
of 3 , 200 cars per day adjacent to the site.
Two access points are planned along the site' s 1, 976. 42 foot
frontage on Colorado Highway 14 . Primary access will be provided
by an 80-foot-wide street at the approximate center of the north
property line. Acceleration and deceleration lanes are planned
along Highway 14 adjacent to the entrance to facilitate ingress
13
Michael L. Ehler, M.A.I .
and egress to the subject. A secondary access point is proposed
at the northwest corner of the site. This will accommodate a 24-
foot gravel drive along the west property line, which will
provide access to the storm water detention pond and the waste
water treatment facility.
Existing Site Improvements
The site is presently improved with a 34-space mobile home
park which was originally constructed in 1971, and improved in
1983 . The park was built to minimum standards with gravel
streets, small lots, no amenities and a private septic system.
The park is currently well maintained and fully occupied.
Development plans call for completely razing the existing
pads and re-developing the area with new utility service lines,
new streets and gutters, and larger lots. This re-development
will be the final phase of the development plan for the property
as a whole; this will allow the owner to continue generating
income while new spaces are developed and then re-locate the
existing tenants onto the new pads. No contributory value is
estimated for the existing improvements under this redevelopment
scenario.
Easements
The following easements affect the property at the present
time:
1 . powerline easement to the Platte River Power Authority
adjacent to the south border of Parcel B. This ease-
ment varies in width from 36 . 98 to 43 .84 feet.
2 . 30-foot right-of-way for Highway 14, adjacent to north
property line.
3 . 40-foot right-of-way for Water Supply and Storage
Company, parallel to north property line.
4 . easement of unknown width for gas line presently in
place adjacent to north property line.
14
Michael L. Ehler, M.A.I .
According to the attached site plan, the following easements are
proposed for Parcel A:
5. 30-foot landscape and noise buffer easement across the
north end of the property, adjacent to Highway 14.
6. 36-foot landscape easement along east and west property
lines.
7. 32-foot landscape easement along most of the south
property line.
8 . 15-foot utility and irrigation easements along inside
of north landscape easement.
9 . 20-foot drainage and utility easements adjacent to all
lots which do not abut one of the previously mentioned
easements.
10. 20-foot drainage easement adjacent to northeast corner
of storm water detention area.
11 . 40-foot access, utility and drainage easement adjacent
to northwest corner of storm water detention area.
Utilities
Water service is provided by North Weld County Water
District; a 24-inch water main is in place adjacent to the entire
length of the north property line. Natural gas is provided by
the Public Service Company of Colorado . Overhead electrical
service is provided by Poudre Valley Rural Electric Association.
Sewer service will be provided by the proposed Pine Lake
Sanitation District; the Waste Water Treatment Facility will be
located on Parcel B.
Zoning
The entire site is zoned R-5 , Mobile Home Residential. A
copy of the zoning regulation is enclosed in the Appendix.
15
Michael L. Ehler, M.A.I.
Schools
Children living in the Pine Lake Village Mobile Home Park
attend schools in Weld County School District RE-2 . This
district has one of the better reputations in Northern Colorado.
Specific schools include:
Tozer Elementary School (K - 2 ) ,
Mountain View Elementary School (3 - 5 ) ,
Windsor Middle School (6 - 8 ) , and
Windsor High School (9 - 12 ) .
Children are bussed to all schools, which are located in
Windsor, Colorado, approximately seven miles south of the subject
property.
Surrounding Land Uses
The predominant land use in the immediate vicinity of the
subject property is agricultural. All properties which abut the
subject property are currently devoted to agricultural use or
rural residential use (horse properties ) .
B. Proposed Improvements
Preliminary development plans call for 212 mobile home pads
which range in size from 6, 000 to 11, 000 square feet, all pads
will accommodate double-wide mobile homes. All site improvements
(i.e. , streets, curbs, utility lines, etc. ) will meet or exceed
Weld County Subdivision Standards. Streets will be 40 feet in
width and constructed of 2-inch asphalt over six inches of
compacted road base. "Valley" style gutters will be concrete.
Each pad will be served by public water ( 6 " mains with 3/4 "
service lines ) , natural gas , underground electricity and
underground telephone. Sewer service (8 " mains ) will be provided
by the proposed Pine Lake Sanitation District, whose waste water
treatment facility will be located on Parcel B. Off-street
16
Michael L. Ehler, M.A.I .
parking will be provided by a 600-square-foot graveled parking
area on each site.
Final Plans and Specifications are unavailable at the
present time for common area amenities such as clubhouse ,
swimming pool, recreation areas and landscaping. From interviews
with the developer and engineer, the following descriptions were
compiled.
Clubhouse: 1,200 square foot structure of average quality
frame construction and materials ; placed on a permanent
foundation, without basement. Interior finish will include:
large meeting/party room, kitchenette, two offices , two
2-piece restrooms and small laundromat with plumbing for
four washers and two dryers.
Swimming pool : 1 , 000 square feet in area , concrete con-
struction, without tile, equipped with chlorinator, filters,
heaters , boards and ladders. Pool deck will extend eight
feet from the pool in all directions. The pool will not be
enclosed and will not have a separate bath house.
Because plans and specifications are preliminary, this
appraisal is expressly contingent upon: 1. ) review of final plans
and specifications, 2. ) review of final cost estimates and 3 . ) a
completion inspection by the appraisers.
17
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Michael L. Ehler, M.A.I .
j C. Taxes
The Weld County Assessor ' s Office shows the current assessed
f' value of the property as follows:
Parcel No.
Land Improvements Total
07017-00-0010 $11,170 $ 440 $11, 610
$3 07017-00-0011 $ 4, 210 $3, 770 $ 7 , 980
Total Assessed Value: $19 , 590
IThe subject property is located in Taxing District RE-46
which has a mill levy for 1985 of 98.559 per $1, 000 of assessed
value. The taxes for 1985 , payable in 1986, are calculated as
follows :
$19 ,590 x . 098559 = $1, 930 . 77
Because the project is proposed , future taxes on the
completed project are unknown. In order to estimate probable
J taxes a survey of larger mobile home parks in the market area was
made. The results are as follows :
Park Spaces 1985 Tax Tax/Space
Brymar 108 $10,858 $100 .53
Columbine 299 $31, 751 $106.19
Harmony Park 367 $37 , 767 $102 . 91
Hickory Village 204 $18 ,376 $ 90. 08
Horsetooth Village 304 $27 ,119 $ 89 . 21
University Manor 295 $25, 411 $ 86 .14
Average
$ 95 .84
Because the project will be newer than any of the
comparables , it is reasonable to expect that the real estate
taxes on the subject property will be at or near the high end of
the range for the comparables. Therefore, taxes are estimated at
$105 . 00 per space or $22,260 . 00 .
18
Michael L. Ehler, M.A.I .
IV. HIGHEST AND BEST USE
The analysis of Highest and Best Use is fundamental to the
concept of value; it is defined as :
"The use , from among reasonably probable and legal
alternative uses , found to be physically possible ,
appropriately supported, financially feasible and that
results in the highest present land value. "4
Physical Characteristics
Location: The subject is located in unincorporated Weld County,
six miles east of Fort Collins, Colorado . Employment centers
within short commuting distance include Fort Collins, Windsor,
Loveland and Greeley, Colorado. Several employers have recently
announced plans to build or expand facilities in reasonable
proximity to the subject property. These Include:
Projected New
Employer Distance Employment
Anheuser-Busch 6 mi. 500
Metal Container Corp. 7 mi. 100
Deline Box Company 7 mi. 40
Monfort of Colo. 20 mi . 500
Soils and Drainage: Empire Laboratories, Inc. of Fort Collins
completed a Preliminary Geotechnical Investigation o£ the
property in October 1984 . According to this report, soil types
on the site are suitable for residential construction with a
minimum of special engineering. Bedrock is within one foot of
the surface on portions of the site, however the proposed site
plan effectively avoids this problem.
Subsurface water problems negatively affect portions of the
subject property at the present time. The Larimer County Canal
4Ibid. , p. 152 .
19
Michael L. Ehler, M.A.I .
runs adjacent to the northeast corner of the site. Seepage from
the canal, when combined with the presence of bedrock near the
surface, has created two large marshy areas on the eastern
portion of the site. Preliminary plans call for the developer to
either line the irrigation canal with concrete or lay underdrain
adjacent to the east property line to remedy this problem.
Utility/Size and Shape
Accessibility and Exposure: The property has good exposure to
Colorado Highway 14 . The proposed primary access street for the
project will be a 48-foot-wide boulevard with 8-foot central
median. Adequate acceleration and deceleration lanes are planned
adjacent to Highway 14 . Interior streets throughout the park
will be 40-feet in width . Access from the property to the
surrounding employment and trade centers is good.
Utilities: All public utilities except sewer are adjacent to the
site. The size of water main ( 24" )is more than adequate to allow
further development of the site without the expense of upsizing.
The North Weld Water District has already granted preliminary
approval for a six-inch tap to provide for the needs of the
proposed project. Natural gas, electricity and telephone service
are presently in use on site . Adequate capacity exists to
provide for the needs of the proposed project; all services will
be installed underground.
Sewer service will be provided by the proposed Pine Lake
Sanitation District. This district will provide service only to
the Pine Lake Village Mobile Home Park and the owner' s adjacent
home. The District ' s waste water treatment facility will be
located on Parcel B of the subject property. Clearly, the
feasibility of the proposed Pine Lake Village Mobile Home Park is
20
Michael L. Ehler, M.A.I.
dependent upon all necessary approvals being granted for the
operation of the Pine Lake Sanitation District.
Amenities: A beautiful view of the Front Range of the Rocky
Mountains is visible from the subject property, as noted in the
attached photographs. Topography of the site and the surrounding
properties is such that it is unlikely this view will be
diminished by future development in the area.
Proposed density is low, another desirable attribute .
Development plans call for creating a total of 212 mobile home
spaces on 57 .37 acres of Parcel A. This equates to an overall
density of 3 . 7 spaces per acre, which is comparable to most
conventional single-family subdivisions as opposed to an overall
density of seven to ten spaces per acre in a typical mobile home
park . Lower density also results in larger-sized spaces .
Proposed individual spaces range from 6 , 000 to 11 , 000 square
feet, which will allow placement of double-wide mobile homes on
all spaces. This creates a competitive advantage for the Pine
Lake Village Mobile Home Park , as the Colorado Manufactured
Housing Association reports that approximately 50% of new mobile
homes purchased in the state in recent years have been double-
wide. By contrast, less than 10% of the spaces in competitive
mobile home parks in the market area can accommodate double-
wides.
Adjacent Uses : Properties adjacent to the east, north and south
of the subject property are utilized for agriculture . Two
properties adjacent to the west are 5-acre and 17-acre "horse
properties. " A moderate amount of residential development is
occurring in the west portion of the subject neighborhood.
Although there has been no new development in the immediate
21
1
Michael L. Ehler, M.A.I.
vicinity of the subject, it was noted that one of the adjacent
farms had recently been purchased by a large land speculator.
Potential Uses: Conformance to current zoning classification and
neighborhood standards would indicate that mobile home park
development would be the most likely future use for the site.
dal Conditions
The subject is located within an unincorporated area of Weld
County and is already zoned for mobile homes . Numerous other
legal obstacles must be overcome before development can commence.
These include approvals from:
1. Weld County Health Department re: sewer.
2. Colorado State Engineer, Division of Water Resources
re: sewer.
3 . State Highway Department re: access to Highway 14.
4. Weld County Engineer re : physical aspects of
development and traffic considerations.
5. Poudre Fire Authority re: fire protection and water
requirements.
6 . North Weld Water District re: final agreement on water.
7. Fort Collins Soil Conservation District.
8. Weld County Planning Department re: final approval and
building permit.
The appraisers know of no reason that any of the above
should be withheld. However, the absence of any of the above
approvals (or unforeseen costs necessary to obtain the approvals)
could undermine the feasibility of the project.
22
Michael L. Ehler, M.A.I .
Economic Feasibility
A development proposal for a property should be governed by
the potential market it could serve. In addition, it must offer
the incentives necessary to justify the work and risks involved.
In the case of the private investor , this incentive is the
probability of earning a net profit.
The Fort Collins area is currently in an over-built
situation for several types of property. Office vacancies have
persisted at above 20 percent for several months , and only
recently has there been some net absorption. Approximately
600 , 000 square feet of retail space is planned even though
vacancies have reached nearly 30 percent in some sectors of the
City. Obviously, the feasibility of proposed retail and office
projects in the Fort Collins area is questionable at the present
time.
The objective of the following analyses is to assess whether
the market will support the proposed expansion of Pine Lake
Village Mobile Home Park at an economic level acceptable to the
developer. A critical factor is the time it will take to absorb
the new mobile home spaces (pads ) . The following areas have been
investigated:
1. Analysis of the historical demand for mobile home
spaces in the market area.
2. Projection of future demand for mobile home spaces in
the market area.
3 . Analysis of current supply of mobile home spaces in the
market area.
4 . Analysis of net demand.
5 . Estimation of proposed new mobile home spaces which may
come on-line in the foreseeable future.
6. Estimation of a market capture rate and absorption
period for the subject property.
23
Michael L. Ehler, M.A.I .
Historical Demand
The Market Area for the Pine Lake Village Mobile Home Park
is considered to include the east portion of Larimer County and
the west portion of Weld County. Exhibit No. 1 presents
population growth and the number of mobile homes in use for both
Larimer and Weld Counties from 1970 to 1985. (The mobile home
figures presented in Exhibit No. 1 include all mobile homes that
paid taxes in Larimer and Weld Counties during the years
indicated. Mobile homes not located in mobile home parks will be
deducted when appropriate. ) The increase in popularity of mobile
homes was greatest between 1970 and 1980, when mobile home use
increased at an 11. 29% annual rate. Although the annual rate of
growth has been slower between 1980 and 1985 (as the population
growth rate has been slower) , it has still averaged 5% per year
over the five-year period. Of equal significance is the fact
that the number of persons living in mobile homes as a proportion
of the population ( labeled Use Rate) has increased from 2 . 53% in
1970 , to 3 . 54% in 1980 , and to 4 .18% in 1985.
Future Demand
Exhibit No. 1 demonstrates the following correlation between
population and demand for mobile housing.
Year Use Rate
1970 2.53%
1980 3 . 54%
1983 4 . 09%
1985 4 .18%
It is concluded that this relationship between population
and mobile housing will continue and that a 4 . 0% Use Rate can
reasonably be expected. Using this 4. 0% figure, future mobile
home demand can be projected, based on population projections for
the market area.
Exhibit No . 2 presents the most current population
projections made by the Planning Departments of both Weld and
24
Exhibit No .1
Michael L. Ehler , M . A. I .
Pine Lake Village ( mobgrow )
17-Jul-86
MOBILE HOME GROWTH
Total Percent Annual
Larimer Weld Total Growth Growth Growth
1970
Population 89 ,900 89 , 300 179 ,200
Mobile Homes 2 , 310 2 ,220 4 ,530
Use Rate 2 .57% 2 .49% 2 .53%
1980 *
Population 149, 200 123,400 272 ,600 93,400 52. 12% 5.21%
Mobile Homes 4,243 5 ,400 9 ,643 5, 113 112.87% 11 . 29%.
Use Rate 2 . 34% 4 . 38% 3.54%
1983 **
Population 159 , 048 131 , 603 290,651 10,051 6.62% 2 .21%
Mobile Hornet 5, 746 6, 135 11 ,801 2,238 23.21% 7.74%
Use Rate 23. 61% 4 . 66% 4 . 09%
1985 **
Population 175,734 136 ,000 311 ,734 21 ,083 7.25% 3.63%
Mobile Homes 6 , 150 6,870 13 ,020 1 , 139 9 .59% 4 .79%
Use Rate 3 .50% 5 .05%. • 4 . 18%
SOURCE : * U.S. Dept . of Commerce, 1980 Census of The United States
** County Planning and Assessors ' Offices
Exhibit No . 2
Michael L . Ehler , M .A . I .
Pine Lake Village ( mohproj )
17-Jul --86
PROJECTED MOBILE HOME DEMAND
Larimer Weld Tot.- 1 Use Estimated
Pop . * Pop . * Pop . Rate ** Demand **
1990 221 , 800 172 ,733 394 ,533 X 4 . 00% = 15,781
1992 237,340 181 ,651 410 ,999 X 4 .00% = 16 ,760
1995 260, 100 194 ,963 455 ,063 X 4 .00% = 18 ,203
SOURCE : * Planning Departments of Larimer and Weld Counties
** Michael L. Ehler , M .A. I .
Michael L. Ehler, M.A.I .
Larimer Counties. Population projections for both counties have
been added and then multiplied by the 4 . 0% Use Rate to develop
the anticipated total demand for mobile home spaces in the market
area for 1990, 1992, and 1995 .
Current Supply
The appraisers were able to identify 76 mobile home parks
with a total of 5 , 035 spaces in Larimer County. This accounts
for 82% of the mobile homes in the county; the remaining homes
are located on individually-owned sites . A listing of these
parks, entitled "Larimer County Mobile Home Park Inventory, " may
be found in the Appendix. Parks range in size from three to 345
spaces and average 66 spaces. Parks range in age from one year
to 45 years and average 22 years.
The appraisers were able to identify a total of 28 mobile
home parks with a total of 3,402 spaces in Weld County. These
spaces account for only 50% of the mobile home inventory provided
by the Weld County Assessor, presented in Table No . 1 . This
difference is believed to be inaccurate and is attributable to
inability to accurately cross reference mobile homes with mobile
home parks in Weld County . Officials in the Weld County
Assessor' s Office and Weld County Planning Department estimate
that 75% to 80% of the mobile homes in their county are located
in mobile home parks. For the purpose of this analysis , the more
conservative figure, 75% , is selected. It is therefore estimated
that there are a total of 5,153 rental spaces in Weld County at
the present time ( 6, 870 x . 75 = 5,153 ) . The parks which were
identified are summarized in an Exhibit entitled "Weld County
Mobile Home Park Inventory, " located in the Appendix.
It is concluded that currently there are approximately
10,548 rental spaces in the market area ( 5, 035 in Larimer County
+ 5, 513 in Weld County = 10 , 548 ) .
25
Michael L. Ehler, M.A. I .
A survey of 38 mobile home parks indicates that vacancy
rates are 5 .25% in Weld County and 7 . 55% in Larimer County. The
average vacancy rate for the two counties combined is 6 . 33%. If
two new parks in Larimer County are deducted from the sample, the
overall vacancy rate is reduced to 5 . 9% . Details of the survey
are presented in Exhibit No. 8 and Exhibit No. 9 and discussed
in depth in the Income Approach.
Net Demand
It is necessary to deduct the number of mobile homes which
will be located on individually-owned sites from the total
estimates of mobile home demand presented in Table No. 2 in order
to estimate the future demand for mobile home spaces (pads ) in
rental parks. As mentioned previously, 82% of mobile homes in
Larimer County and 75% of mobile homes in Weld County are located
in established mobile home parks. It is reasonable to assume
that this ratio will continue in the future; therefore, the total
demand estimated in Table No. 2 will be reduced on the assumption
that only 80% of mobile homes in use will be located in mobile
home parks.
26
Michael L. Ehler, M.A.I .
For the purpose of this analysis, only the years 1990 and
1992 are considered.
1990 1992
Total Mobile Home Demand 15 ,781 16 , 760
(From Table No. 2 )
Total Mobile Home Supply 1985 - 13 , 020 -13, 020
(From Table No. 1 )
Additional Mobile Homes Required 2 , 761 3 ,740
Number of M. Homes Reqd. Per Year 552 534
Less No. of Homes Not in Parks (20% ) - 110 - 107
Annual Demand for M.H.Park Spaces 442 427
(at 100% occupancy)
Plus Allowance for 5% Vacancy + 22 + 21
Annual M.H. Park Spaces Needed 464 448
In a housing demand analysis, it is generally necessary to
increase the above figures by the estimated number of demolitions
which may be expected to occur over the projection period . In
the mobile home park market, this is not considered necessary as
there is a tendency for owners to gradually add a few spaces
within existing parks to make more effective use of the land.
This addition of a few spaces here and there tends to offset
losses due to redevelopment or eminent domain cases.
The indicated annual demand for new rental spaces in mobile
home parks in the market area is estimated to be 464 over the
period 1986 - 1990 and is estimated to be 448 over the period
1986 - 1992 . Because absolute precision is not possible in
forecasting, an annual demand of 450 spaces is adopted.
27
Michael L. Ehler, M.A.I .
Pro osed Mobile Home Parks
According to the Weld County Planning Department, no new
mobile home parks have been developed in unincorporated Weld
County in the past three years , due largely to opposition
pP by
community residents. The City of Greeley has recently granted
approval for Putnam Farm, a 450-space mobile home park west of
35th Street in North Greeley. This is the first such approval in
Greeley since the mid-1970s. The developers do not plan to begin
development for at least six months.Several parks have received approval in Larimer County in
recent years ; however, the likelihood of most of the projects
being developed within the next two to three years is slight.
Promontory Park, located near Campion at the southeast thd corner
preliminary
approvalCounty Road 60 and U . S . Highway 287 ,
approval for a mobile home park, but later changed its proposal
to a modular home subdivision. It does not appear that the
developer is proceeding on the project at the present time.
Three proposed projects in the vicinity of South Lemay and Trilby
Road (South Fort Collins ) received Master Plan approval and/or
preliminary approval for modular home subdivisions. One of these,
Twin Creek Estates, also received preliminary approval for 402
mobile homes on a 70 . 4-acre parcel in February 1986 . It appears
that development will be delayed by the lack
of public
for sale by
facilities
in the area . The property is presently offered
owner , but efforts to confirm the owner ' s intentions were
unsuccessful . The probability of development of this project
within the next three years is estimated to be 50% . The only
known mobile home project that will definitely enter the mobile
home park market in the near future is Brook Knolls, a 25-acre,
130-space park that is located north of Loveland. This will not
be a rental park , however , as it has been organized as a
cooperative ( co-op) for low-income families. Although it will
28
f
Michael L. Ehler, M.A.I .
not directly compete with the Pine Lake Village Mobile Home Park,
it will have an impact on total demand for rental spaces in
mobile home parks.
It is believed that a few of the existing mobile home parks
could be expanded in the near future. Harmony Park in South Fort
Collins , for example, has all necessary approvals and has site
improvements in place to add an additional 124 spaces whenever it
chooses. Loveland Mobile Home Plaza has approximately 10 acres
of excess ground that is zoned for mobile homes , although the
owner is considering building mini-storage units at the present
time. Pioneer Mobile Home Park in South Fort Collins has 15
temporary spaces (not counted in our inventory) that the owner
would like to convert to approximately 10 permanent spaces .
Other parks could undoubtedly add a few spaces here and there,
but the effect on total supply should be small.
Capture Rate and Absorption
An annual net demand for new spaces in the market area has
been estimated at 450 . Only four known projects stand poised to
add a significant number of new spaces within the next few years:
Pine Lake Village Mobile Home Park 178 (net)
Brook Knolls Cooperative Community 130
Harmony Park (Expansion) 124
Putnam Farm 460
Total No. of Spaces 892
The total number of proposed mobile home park spaces ,
including the subject property, is equivalent to a two year
supply. If all of these projects were completed within the next
two years , the new supply would equal the new demand and the
market would continue to be in a state of equilibrium, and
vacancy rates should not exceed five percent . While it is
possible that unknown projects could enter the market within the
projection period and increase supply, in our opinion it is
equally likely that the Putnam Park and Brook Knolls projects
29
Michael L. Ehler, M.A. I .
would not be completely built out within this same period,
thereby reducing supply. A certain amount of this "slippage" is
expected in any new market due to unknown and unknowable
variables.
Plans for Pine Lake Village Mobile Home Park call for
developing the park with a total of 212 large, new spaces. The
park presently has 34 spaces which will be razed and redeveloped
in the final phase of the project. The total number of new
spaces added will be 178 . This number of spaces is 20% of the
total number of new mobile home spaces proposed (178/892 = 20% ) .
As these proposed spaces are located in only four parks, and
because the subject property should compete well with the other
proposed parks , it would be logical to conclude that the subject
could capture 20% to 25% of the market and that the subject could
be rented-up in a year . However, because of slippage and
somewhat remote location of the subject property, a safe Capture
Rate of 13% is projected. This rate indicates that the subject
property can reasonably expect to capture 13% of the total demand
for mobile home park spaces , or an average of 59 spaces per year.
Based on this Capture Rate, all of the new spaces developed at
the Pine Lake Village Mobile Home Park are expected to be
absorbed in three years.
Conclusion
It would appear that the market for mobile home parks in the
Larimer-Weld County area is a market of opportunity . Adequate
demand has existed to justify developing more mobile home parks ;
however, only two small parks with a total of 80 spaces have come
on line in the last two years due to the difficulty of obtaining
neighborhood approval, zoning and public utilities at the same
location. Developers of the subject property have accomplished
30
Michael L. Ehler, M.A.I .
the first two of these obstacles and appear to have a sound
solution to the utility problem.
Considering the attributes of the site, the mobile home
zoning , present uses in the neighborhood , plus economic
conditions in Fort Collins, the Highest and Best Use of the site,
as if vacant , is as a mobile home park . The existing
improvements contribute to the Highest and Best Use of the land
to a limited extent; however, the small number of completed pads
is a significant under improvement of the land. The proposed
development plan is considered a reasonable approximation of the
Highest and Best Use. It could be argued that a larger number of
pads are permissible than the 212 which are planned and that
greater density would maximize the present value of the land.
While this is true, the land was acquired at a reasonable price
and the project is considered feasible as proposed . Two
advantages are gained by developing to lower density than
permitted: 1 ) the park will offer a more spacious environment
than typical mobile home parks and thus compete favorably in the
market, and 2 ) the developer will have the option of selling
individual lots in the future , should changes in market
conditions warrant.
31
1
Michael L. Ehler, M.A.I .
V. APPROACHES TO VALUE
Professional appraisal practice customarily includes the
Cost, Income and Direct Sales Comparison Approaches to arrive at
a final value estimate.
The Cost Approach generally involves estimating the current
reproduction cost of the improvements, less any depreciation as
of the date of the appraisal, plus the estimated value of the
land. The land value is developed through comparing recent sales
of similar vacant parcels to the subject site, as if vacant and
available to be put to its Highest and Best Use. In this case,
estimates of reproduction costs are based on estimates by Norton,
Underwood and Lamb, Engineers ; Frontier Construction and the
Marshall Valuation Service. Parcel B, the Waste Water Treatment
Facility, is valued exclusively by the Cost Approach.
The Direct Sales Comparison Approach is a process of
estimating Market Value by comparing recent sales of similar
properties to the subject. Comparable sales may be analyzed on
the basis of:
1 ) Price per square foot (including or excluding land)
2 ) Price per unit (i.e. ,price per space)
3 ) Use of the Gross Income Multiplier (sales price
divided by gross income at the time of sale) .
The applicability of one or more of these techniques may be
determined by the quantity or quality of data available. The
Income Approach offers several techniques to estimate Market
Value . Direct Capitalization converts a stream of net income
into an indication of value by use of an Overall Capitalization
Rate. Economic Rent, is estimated and developed into an estimate
of potential gross annual income . Deductions are made for
vacancy, rent loss and operating expenses to derive an estimate
of net operating income. Through analysis of comparable sales
32
Michael L. Ehler, M.A.I .
and/or examination of the financial market, a Capitalization Rate
is calculated. Net Income divided by the Capitalization Rate
indicates value by the Income Approach. Discounted Cash Flow
Analysis is another technique of the Income Approach. It is
particularly appropriate when valuing proposed properties which
have not been pre-leased.
33
A
f
Michael L. Ehler, M.A.I .
VI. COST APPROACH
A. Land Value
The first step in the Cost Approach is to estimate the value
of the land by the Direct Sales Comparison Approach. In order to
estimate the Market Value of the subject site, a survey has been
made of recent sales and offerings of parcels zoned for mobile
home development. Because of the difficulties involved in mobile
home development referred to in the Highest and Best Use section
of this report, comparable sales of mobile home ground are scarce
in the market area. Four confirmed sales, one current contract,
one expired contract and two current listings were found; these
are summarized in Exhibit No. 3. The eight comparables range in
price from $7 ,500 to $20,280 and average $12, 676 per acre, prior
to adjustments. The comparables range from $1, 715 to $3 , 934 and
average $2 , 752 per buildable unit.
Comparable No. 1, a current listing, has been on the market
for over a year at $7, 500 per acre. Mobile home zoning is in
place and the property has good access and exposure to I-25 .
However, the cost of providing sewer service to the site could
easily exceed land value. Although superior to the subject in
location and exposure, lack of viable sewer service indicates
that this comparable sets the lower limit of value for the
subject on a per acre basis.
Comparable No . 2 is a current contract on a 143 acre
property located in southeast Fort Collins . Master Plan approval
has been received to develop 70 acres of this property as a
mobile home park; however the contract is contingent on changing
the development plan to include a modular home subdivision and
condominiums rather than a mobile home park. The contract is for
a cash sale and public utilities are to the site. The comparable
is considered significantly superior to the subject in location.
34
Exhibit No. 3
Pine Lake Village
Michael L. Ehler, M.A.I.
Ipineland)
07-Aug-86
COMPARABLE LAND SALES
SALE SALE CASH EQ. SIZE PRICE/ NO. PRICE/
NO. LOCATION DATE PRICE PRICE (ACRES) ZONE ACRE UNITS UNIT
1 NEC 1-25 L Hwy. 402 List. $150,000 $150,000 20 M-1 $7,500
Loveland
2 SEC Trilby & Lemay Cont. $2,900,000 $2,900,000 143 ALP $20,280 775 $3,742
Fort Collins
3 NWC Trilby & Lemay Exp.Co $850,000 $850,000 47 ALP $17,970 278 $3,058
Fort Collins
4 207 E. 57th St. 8/05 $200,000 $250,000 26 N-1 $9,615 130 $1,923
Loveland
5 Co. Rd. 3E, S. of 8/84 $480,000 $480,000 40 M-1 $12,000 122 $3,934
Hwy. 402, Loveland
6 Shade Tree Park 3/84 $317,250 $317,250 38 F-A $8,371 185 $1,715
Loveland
7 Co. Rd. 10, N. of List. $160,000 $160,000 16 N-1 $10,000
Berthoud
8 Co. Rd. 10, N. of 7/83 $350,000 $315,000 20 M-1 $15,672 147 $2,143
Berthoud
AVERAGE 44 $12,676 273 $2,752
MINIMUM 16 $7,500 61 $1,715
MAXIMUM 143 $20,280 775 $3,934
Note: The information presented is from reliable sources and while
it is deemed accurate, it is not guaranteed.
Comparable Land Sales
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11.024-.' M19t \.Y.4. -•1.�. F'\COLLINS 1111._ _ Subject
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r. 4.1•.: .. 1.. •.•c• • [11•�°:: ,�• _14
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^ 31 •.,...., 6.1
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® I ..n i.>nahn we on r./o �tI Ij ZE. ,� ount•w rt..uo uc ` .me C.y��/����� '"� i p�T•. �o._..._ e�-��— ,+.ry-.w)r5:....... uc IA,uw n.n,urr.i/./i,.,nl‘�
Michael L. Ehler, M.A.I .
At $20,280 per acre and $3 , 742 per site, the comparable is above
the upper limit of value for the subject.
Comparable No. 3 is an expired contract on a property
adjacent to Comparable No. 2. This was a bona-fide cash offer to
purchase in January, 1985 and is indicative of buyer and seller
opinions regarding well located mobile home ground at the time.
Development plans had been approved for a modular home
subdivision, and utilities were available. The comparable is
superior to the subject in location.
Comparable No. 4 is a closed sale on a 26 acre property
which is currently under development as the Brook Knolls Mobile
Home Community, a publicly subsidized co-operative in North
Loveland. The property sold at less than market value in August,
1985; an upward adjustment has been made in Exhibit 3 to adjust
it to market value. The property was zoned for mobile homes at
the time of sale; however, neither water nor sewer service were
readily available. The comparable is slightly superior to the
subject in location and provides an upper limit of value for the
subject property on a per acre basis.
Comparable No. 5 is a two year old sale between two limited
partnerships that both had the same general partner; the sale
appears to be arms-length however, and the property was appraised
at this value at the time of sale. The comparable is similar to
the subject in its rural location, but has exposure and superior
access to I-25. The comparable lacks public sewer service and
the developer will have to create his own sewer district to serve
the site. Public water will have to be extended to the site.
Overall the comparable is considered superior to the subject
because of its location 25 miles closer to the Denver
Metropolitan Area. Of interest is the fact that the developer
plans to develop the site as a modular home subdivision rather
than as a mobile home park.
35
xt'..aw..e(M..,u PL*4'ra't..AY Ai.ie:
Michael L. Ehler, M.A.I .
Comparable No. 6 is a 37 . 9 acre parcel which was zoned
Agricultural at the time of sale. Subsequent to its sale, 28
acres were re-zoned for mobile homes and the remainder was sold
to the City of Loveland for a park. This is not a very good
comparable because it was not zoned for mobile home park
development at the time of sale. The comparable is also superior
to the subject in location. The price of $1,715 per space is
considered below the lower limit of value for the subject because
mobile home zoning was not in place.
Comparable No. 7 is a current listing on a 16 acre parcel
which has poor exposure but is zoned for mobile home development.
The comparable is superior to the subject in location and has
been on the market for approximately one year at $10 , 000 per
acre . This comparable sets the upper limit of value on the
subject on a per acre basis.
Comparable No. 8 is located adjacent to Comparable No. 7 ,
but has superior exposure. The comparable is superior to the
subject in location and all utilities were adjacent to the site
at the time of sale.
Eventual density is unknown on Comparables No. 1 and No. 7 ;
however, Comparable No. 1 effectively sets the lower limit of
value for the subject at $7 , 500 per acre and Comparable No. 7
effectively sets the upper limit at $10, 000 . A value of $8,500
per acre is estimated for the subject.
Density figures are known on the remaining sales, although
some are only estimates. These six comparables provide a test of
the reasonableness of the $8 , 500 per acre estimate. The six
comparables range from $1 , 715 per space for a property zoned
Agricultural at the time of sale to $3 , 934 for a parcel which
will be developed at a lower density than the subject. The
average is price is $2, 752 per space and the average density is
6 . 2 units per acre. The average price paid per acre adjusts to
36
Michael L. Ehler, M.A.I .
$17 , 093 when density is taken into account ( $2 , 752 x 6 . 2 =
$17, 093 ) . Parcel A will be developed at a density of 3.35 units
per acre. The estimated value per space, calculated from the
$8,500 per acre value estimated above, is $2 , 573 ( $8 ,500 / 3 . 55 =
$2 , 537 ) . This figure falls below the average of the seven
comparables with known density and above the two lowest
comparables which were lacking either utilities or zoning at the
time of sale . The price per space comparison lends strong
support to the price per acre estimate.
Based on the above analysis, the land value of Parcel A is
estimated to be $538 , 000 ( $8 ,500 x 63.256 acres ) . Because Parcel
B, the waste water treatment site, is also zoned for mobile home
park use, an equal contributory value is adopted. The value of
Parcel B is estimated to be $106, 000 ( $8,500 x 12. 468 acres ) .
B. Value of the Improvements - Parcel A
Preliminary cost estimates provided by Norton, Underwood and
Lamb, Engineers, and Frontier Construction, General Contractor,
were compared to estimates provided by Marshall Valuation
Service5 , updated to June, 1986 .
Exhibit No. 4 summarizes the Marshall Valuation analysis for
good quality construction; itemized details regarding this
analysis can be found in Section 63 , Page 3 of this service and
have been updated to June , 1986 . Exhibit 4a summarizes the
Marshall Valuation estimate for the clubhouse and swimming pool.
Total estimated cost via this service is $1 , 634, 000 (rounded) ,
excluding land value, off-site improvements and developer ' s
profit. This equates to $7, 708 per mobile home space.
Exhibit No. 5 summarizes the preliminary cost estimate
provided by Norton, Underwood and Lamb, Engineers. The complete
5Marshall and Swift , Marshall Valuation Service, Marshall
and Swift Publication Service (Los Angeles , 1986 ) .
37
I
Exhibit No . 4
Pine Lake Village: Marshall Valuation Cost Estimate
Michael L. Ehler , M.A . I .
24-Jul-86 (pnecost5)
I
Section/Page 11/ 18
Occupancy Clubhouse
Updated to : July, 1986
Class/Quality Average
•
Base Rate/Square Foot $35.45
Multiplied by Factors for
Size/Shape 1 .000
Height x 0.973
Local Modifier x 0.970
Current Update x 0.970
Combined Modifier X 0.915
Final Cost/Square Foot $32.45
Reproduction Cost of Clubhouse
1 ,200 Sq .ft . x $32.45 = $38,945
Add Swimming Pool
1 ,000 Sq . ft . x $30 .00 = $30,000
Add Deck
1 ,376 Sq .ft . x $1 .75 = $2, 408
$71 , 353
Less Depreciation
Physical $0.00
Functional $0.00
Economic $0.00
Total Depreciation $0.00 $0
Total Depreciated Cost of Amenities $71 ,353
Rounded to : $71 ,400
Exhibit No . 4a
Pine Lake Village: Marshall Valuation Cost Estimate
Michael L. Ehler , M.A. I .
24-Jul-86 ( pnecost2 )
Section/Page 63/03
Occupancy Manufactured Housing
Updated to : June, 1986
Class/Quality GOOD
Cost/Space
Engineering $550 j
Grading $480
Street Paving $795
Patios & Walks $600
Sewer - mains & service $580
Water - mains & service $530
Gas $305
Electrical $870
Buildings $1 ,230
Miscellaneous $630
Base Cost Per Space $6, 570
Refinements:
Number of Spaces 0.98
Gross Land Area x 1 . 06
Combined Multiplier x 1 .04
Refined Cost/Space $6,825
Current Cost Multiplier 1 .01
Local Multiplier x 1 . 00
x 1 . 01
Final Cost/Space $6,893
No . of Spaces 212
On-site Cost $1 , 461 ,351
Water Tap $15, 000
Raw Water $86 , 000
Total Estimated Cost $1 ,562,351
Total Cost Per Space $7 , 370
Exhibit No. 5
Michael L. Ehler, M.A.I.
Pine Lake Village (pnecst'i)
24-Jul-86
COST ESTIMATE - Norton Underwood 6 Lamb - 6/86
Cost/
Item Estimate Park WWTF Site
Waste Water Treatment Facility, Ph. $114,512 $114,512 $540
Waste Water Treatment Facility, Ph.I $138,772 $188,772 $890
Sewer Mains $136,066 $136,066 $642
Sewer Service Lines $101,760 $101,760 $480
Water Mains - on-site & off-site $167,225 $167,225 $789
Water Service Lines $65,720 $65,720 $310
On-site Streets $319,615 $318,615 $1,503
Off-site Highway $55,992 $55,992 $264
Storm Water Detention System $130,171 $130,171 $614
Secondary Access Road (gravel) $11,400 $11,400 $54
Landscaping $50,798 $50,798 $240
Underdrain $41,096 $41,096 $194
Grading $37,300 $87,300 $412
Subtotal $1,469,426 $1,1.66,142 $303,284 $6,931
Engineering, Management, Legal (15%) $220,414 $174,921 $45,493 $1,040
Contingency (10X) $146,943 $116,614 $30,328 $693 •
Telephone Utilities $110,000 4110,000 $519
Electric Utilities $212,000 $212,000 $1,000
Gas Utilities $63,420 $63,420 $299
Water Tap $15,000 $15,000 $71
Raw Water $76,000 $76,000 $358 •
Amenities $92,440 $92,440 $436
Subtotal $2,313,203 $1,934,093 $379,105 $10,911
Construction Loan Cost $95,8500 $56,250 $39,600 $452
TOTAL $2,409,053 $1,990,348 $419,705 $11,363
Michael L. Ehler, M.A.I .
estimate may be found in the Appendix. Total on-site costs for
the mobile home park are estimated at $1, 990,000 (rounded) , or
$9, 387 per mobile home space , excluding land value , off-site
improvements and developer ' s profit.
A Cost Estimate was received from Frontier Construction for
a portion of the development costs (following page ) . This bid
includes : grading, streets and curbs, on-site water and sewer,
final engineering and off-site costs (Highway 14 acceleration/
deceleration lane and waste water treatment plant) but does not
include the clubhouse, swimming pool, landscaping, construction
management or legal costs. Total on-site costs are estimated at
$943 ,000 (rounded) , or $4,448 per mobile home space by Frontier
for the items included.
Marshall Valuation Service; Norton, Underwood and Lamb and
Frontier each itemize costs on a different basis which makes
comparison of line items difficult. None the less, a partial
line item comparison has been made in Exhibit No. 6. This
comparison indicates that the Norton, Underwood and Lamb estimate
is 84% higher for total on-site sewer costs, 98% higher for total
water distribution costs , 3% higher for street costs and 18%
lower for grading costs than those provided by Marshall
Valuation. The same comparison indicates that Frontier estimates
are 50% higher for total on-site sewer costs , 38% higher for on-
site streets and 17% lower for grading than Marshall Valuation
estimates.
Large differences between the estimates are caused by four
factors. First, Marshall Valuation figures have been obtained by
comparing costs of a large number of mobile home parks in all
parts of the country, hence they are intended to be "ballpark"
estimates , rather than firm figures . Second, the proposed
project has a larger individual space sizes than the typical ,
good-quality, mobile home park; thus streets, natural gas lines,
38
1 - ~ FRONTIER
Phone 776-8962
Metro 447.8951
a - 3600 Highway 52
Erie,Colorado 80516
Frontier Materials. Inc. PROPOSAL DATE 8/6/86
3600 Highway 52
Erie,Colorado 80516
• TO: Pine Lake Village
ADDRESS: 7200 E. State Hwy 14
• Ft. Collins, CO 80524
PROPOSAL -CONTRACT
(No.
PROJECT: Pine Lake Village Mobile Home Community
PROPERTY OWNER: Don Carlson
LOCATION: 7200 E. Hwy. 14
LEGAL DESCRIPTION: Ft. Collins, CO 80524
STREET ADDRESS:
WORK DESCRIPTION:Frontier will furnish all necessary labor,material and equipment to complete the following
work: Site Work
• Overlot grading cut & fill $88,580.00
Street Base & Paving 6" Base & 2" Asphalt
45,750 sy @ $6.00/sy - 274,500.00
Curb 17,400 if @ $8.50/lf - 147,900.00
Concrete Pans 3,000 if @ $9.00/lf - 27,000.00
Median Curb 850 @ $6.00 - 5.100.00
Excell/Decell Lane 80,000.00
On site sewer & water 370,000.00
Sever District Improvements 190,000.00
Site Engineering & Lay out 30,000.00
Estimate only - due to lack of final engineering $1,213,080.00
Plans & Design.
Soil sterllant 0 Included 0 excluded
Progress Payment Requests to Customer by will be paid by
EXCLUSIONS:We specifically exclude from this Proposal the following:
PRICE AND PAYMENT TERMS:Sublect to Provisions 1 8 6,on the reverse side hereof,the price for the work described herein
shall be S The undersigned agrees to pay such price,along with any adjustments as providedfor herein,as follows:
Each Invoke from Frontier for work completed during the month of the Invoice shall be paid In full within 10 days of Invoice date.
For each Invoice not paid within 10 days,interest shall accrue from that date at the rate of 2%per month(an annual percentage
rate of 24%.
ADDITIONAL PROVISIONS:This Proposal Is aublecl to all the terms and conditions on the reverse tilde hereof which are
Incorporated here in reference.
ACCEPTANCE:This Proposal must be accepted byyour returning asignadcopy hereof to Frontier within thirty(30)dayssfter the
Proposal Date.
FRONTIER MATERIALS, INC. ( I THE UNDERSIGNED HEREBY ACCEPTS ALL OF
THE PROVISIONS OF THIS PROPOSAL
// 1-4e,— (Name of Company/Owner)By
n By Agent for the Corporation Title
DATED: 12- S � DATED:
Exhibit No. 6
Michael L. Ehler, M.A.I.
Pine Lake Village (pnecst4)
11-Aug-86
COST COMPARISON
Norton, et.al. Frontier Marshall Norton Frontier
Item Off- On- Off- On- Valuation Percent Percent
Site Site Site Site Good Variation Variation
Waste Water Treatment Facility, Ph. 1 $540
Waste Water Treatment Facility, Ph.11 $890 $0
Sewer Mains $896 $0
Sewer Service Lines $642 } $1,745 ( $609 50%
Water Mains - on site b off site $480 I t incl. 84%
•
Water Service Lines $789 I t $556
On-site Streets $310 [ incl. 98%
Off-site Highway $1,503 $2,017 $1,464 3% 38%
$
Storm Water Detention System f614 $377 $0
4 $0
$
Secondary Access Road (gravel) $54
Underdrain $0
Grading $194 $0
$412 $418 $504 -18% -17%
Sub Total $2,362 $4,329 $1,273 $4,179 $3,132 38% 33%
Sub Total $6,692
$5,452
Landscaping $240
Telephone Utilities $1,291 -66%
19
Electric Utilities f000 $960 $0
Gas Utilities $1,000 $960 $913 10%
Water Tap $299 $299 $320 -7%
Raw Water $71 $71 $71
$35Engineering, Legal,Management $354 $751 8 $406
$142
Construction Financing $187 $265 f577 30% 75%
Miscellaneous $272 $465
$661 -30%
Sub Total $813 $3,968 $0 $2,396 $4,239 -6%
Amenities $436
$0 $0
Sub Total $813 $4,404
$4,239 4%
Michael L. Ehler, M.A.I.
underground electric lines, underground telephone lines , water
distribution lines and sewer collection lines are longer (and
more costly) than normal . Marshall valuation does not offer
adjustments for spaces larger than 6 , 000 square feet. Third,
Marshall Valuation assumes that the site is level , while the
subject is not; thus the cost of a significant amount of earth
moving is not accounted for . Finally, the cost estimates
compiled by Norton , Underwood and Lamb and by Frontier
Construction are very preliminary; until further engineering is
completed it is not possible to determine exactly how much dirt
will have to be moved or how deep sewer lines must be laid, etc. ;
thus the cost estimates are admittedly on the high end of the
range, to cover unanticipated difficulties.
In conclusion, the estimate provided by Marshall Valuation,
increased by a 10% adjustment for space size and topography is
considered realistic. The cost of the off-site work on Highway
14 and land value must be added to this adjusted estimate. Total
value of Parcel A is estimated as follows :
Estimated Cost Per Space $7 ,708
10% Adjustment for Size and Topography $ 770
Total On-site Cost Per Space $8,478
Multiplied by Number of Spaces 212
Total On-site Cost (rounded) $1,797 , 000
Plus Off-site Highway (Frontier) $ 80 , 000
Plus Land Value $ 538 , 000
Total Value of Parcel A $2, 415 , 000
39
Michael L. Ehler, M.A.I .
C. Value of the Improvements - Parcel B
Norton, Underwood and Lamb have based their estimates on a
two-phase development scenario that supposes a facility of
intermediate capacity will be constructed when development
begins , which will be combined with a larger system when the
mobile home park approaches full occupancy. Total cost for this
two-phase system is estimated to be $813 per mobile home space,
or $172 , 500 . Frontier Construction based its estimate on a
single, full capacity plant being constructed at the outset of
the project. Frontier estimates a cost for the facility of $896
per mobile home space or $190,000. Marshall Valuation does not
offer a great deal of guidance regarding waste water treatment
facilities . Based on the proposed 58 , 300 gallon capacity,
Marshall Valuation estimates a cost range from $114 , 850 to
$191 , 000 . The estimates made by both firms fall within this
range. The average of the two commercial estimates is $181,250
and is adopted as the value of the waste water treatment facility
to be constructed on parcel B.
D. Conclusion of Cost Approach
Parcel A:
Total On-site Cost (rounded) $1,797 ,000
Plus Off-site Highway (Frontier) $ 80, 000
Plus Land Value $ 538,000
Total Value of Parcel A $2,415 , 000
Parcel B:
Value of Improvements (rounded) $181, 000
Plus Land Value $106, 000
Total Value of Parcel B $287 , 000
40
Michael L. Ehler, M.A.I .
VII. SALES COMPARISON APPROACH
Exhibit No. 7 summarizes data concerning nine mobile home
parks that have sold within the last two years. The comparables
are analyzed on the basis of Price per Space and Gross Income
Multiplier. The nine comparables provide a range of G.I.M. s from
5 . 14 to 6 . 98 and average 6 . 41 prior to adjustments . Data
included in Exhibit No. 7 have not been adjusted to Cash
Equivalent Value, this adjustment is made to the most relevant
comparables in the discussion below.
Comparable Sale No. 1 is the oldest and smallest of the
comparables and was not relied upon in reaching a final
conclusion . Comparable Sale No. 3 involved an owner-carry
wraparound mortgage about which all of the details could not be
obtained ; therefore this sale was eliminated from further
consideration. Comparable Sale No. 6 actually sold for $1, 100 , 000
of which $250 , 000 was allocated to improvements in Exhibit No. 7 .
The sale also involved atypical financing which could have been
adjusted for; however, due to the number of comparables available
that did not require significant adjustment, this sale was not
relied upon.
Comparable No. 2 sold in May, 1985 , for an indicated price
of $975 , 000 . The comparable is an older, somewhat obsolete park
that has been well maintained. It contains 89 finished mobile
home spaces, a resident manager' s house. Financing included a
15% cash down payment, the assumption of a $321, 000 loan at 10
1/2% interest and on owner-carry second mortgage of $515 , 000
interest only at 14% for five years. This sale adjusts to a cash
equivalent price of $900 , 000 . The G.I .M. adjusts to 6 .39 and the
price per space adjusts to $10 ,112 . The comparable is considered
inferior to the subject in age, condition and density ; it is
considered superior in location.
41
Exhibit No. 7
Michael L. Ehler, M.A.I.
Pine Lake Village 1pnemkt2l
03-Aug-86
No. Identification Sale Acres Units Sales Price/ SIM
Date Density Price Pad
1 Verns 11-84 4.07 52 $400,000 $7,692 5.14
4220 N. Hwy. 287 12.7
Fort Collins, Colo.
2 Mobile Manor 5-85 11,50 89 $975,000 $10,955 6.09
1107 30th St. 7.7
Greeley, Colo.
3 Sun Valley 6 Circle Park 5-85 23.5 144 $1,600,000 $11,111 6.82
140 23rd Avenue 6.1
Greeley, Colo.
4 Aspen Meadows 6-85 5.3 57 $510,000 $8,947 6.98
333 37th Street 10.7
Evans, Colo.
5 South Park 12-85 23.7 205 $4,250,000 $20,732 6.10
3650 S. Federal 8.6
Englewood, Colo.
6 Continental 2-86 Unkn. 73 $740,000 $10,137 6.70
1508 U.S. Hwy 85
Cheyenne, Wyo.
7 Loveland M.H. Plaza 3-86 14 III $1,200,000 $10,811 6.40
4105 N. Garfield 7.9
Loveland, Colo.
6 Englewood 3-86 Unkn. 61 $745,000 $12,213 6.80
2334 McConn
Cheyenne, Wyo.
9 Casa Estates 6-86 56.6 364 $7,350,000 $20,192 6.67
860 W. 123nd Ave. 6,4
Westminster. Colo.
Average $12,532 6.41
Minimum $7,692 5.14
Maximum $20,732 6.98
Subject Pine Lake 7-86 63.2 212
7200 E. Hwy. 14 3.4
Fort Collins, Colo.
Note: The information presented is from reliable sources and while
it is deemed to be accurate, it is not guaranteed.
Legend: Density - Units/Land Area SIM - Price/Gress Income
I
Michael L. Ehler, M.A.I .
Comparable No.4, located in a Greeley suburb, sold in June,
1985 for an indicated price of $510, 000 . The comparable is an
older mobile home park with no amenities except carports and
storage sheds. The comparable contained 53 finished mobile home
spaces, but the seller finished four more to facilitate the sale,
bringing the total to 57 . Total land area was 6.3 acres; overall
density is nine spaces per acre. Financing included a 15% down
payment and a new first mortgage to Home Federal Savings for
$435,000; no adjustment is necessary for atypical financing. The
comparable is considered inferior to the subject in age ,
condition and density. The indicated price per pad of $8, 947 is
considered to be below the lower limit of value for the subject.
The 6. 98 G.I.M. is considered the upper limit for the subject.
Comparable No.5, located in Denver, sold in December, 1985
for an indicated price of $4 , 250 , 000 . The comparable was
constructed in three phases between 1958 and 1971. It included
23 .7 acres, 205 finished mobile home spaces, 16 R.V. hookups, two
retail shops, a rental apartment, swimming pool and 2, 900 square
foot clubhouse and was in good condition at the time of sale.
Financing included a $1,100, 000 cash down payment and a new first
mortgage of $3 , 150 , 000 ; no adjustment is required on this
comparable for atypical financing. The comparable is considered
superior to the subject in location and quality of income (i.e. ,
the comparable commands rents between $215 and $245 per space,
per month) and inferior to the subject in density. The G.I .M. is
considered to be a good indicator of value for the subject
property. The $20 , 732 price per space is well above the range
for the subject however, due to the distortion in this figure
caused by the presence of other rental improvements on the
comparable.
Comparable No. 7, sold in February, 1986, for an indicated
price of $1, 380 , 000 . The grantor and grantee were both limited
42
Michael L. Ehler, M.A.I.
partnerships involving the same general partner; however the
transaction is considered to be arms-length and the property was
appraised by a local M.A.I . in conjunction with the sale. The
comparable was constructed in 1968 and upgraded in 1971 and 1980.
The property contained 111 finished mobile home spaces on 14
acres and an additional 10 acres which was zoned for mobile
homes, but was undeveloped . A value for the excess land of
$180 , 000 has been deducted to provide an equitable comparison to
the subject. Financing was conventional with a $1 , 020 , 000
adjustable rate mortgage with five year balloon; no adjustment is
necessary for financing.
Comparable No. 8 , located in Cheyenne, Wyoming, sold in
March, 1986 for an indicated price of $745 , 000 . This is the
newest of the comparables and was constructed in 1985 . It
contained 61 finished mobile home spaces; land area and density
are not known. Financing was conventional. The comparable is
considered superior to the subject in location. This sale
produces a G.I.M. of 6. 8 and a price per space of $12 , 213 and is
considered to set the upper limit of value for the subject.
Comparable No. 9 sold in June, 1986 , for an indicated price
of $7 , 350 , 000 . The comparable was constructed in 1973 , and
included 364 finished mobile home spaces , 55 R.V. spaces ,
swimming pool, two tennis courts, an ornate 7 , 000 square foot
clubhouse with hot tub, two saunas and party room with fireplace.
Financing included a $1 , 850 , 000 down payment, a $5 , 300 , 000
conventional first mortgage and a $200 , 000 owner-carry second
mortgage at an unknown interest rate. A conservative adjustment
for the owner-carry second mortgage reduces the sales price to
$7 ,325, 000 or $20,124 per space. The G.I .M. is adjusted downward
to 6.65 .
The above six comparables provide the following indications
of value for the subject property.
43
Michael L. Ehler, M.A. I.
The above six comparables provide the following indications
of value for the subject property.
G.I .M.
No. Pric_ e2211P ce 6 . 39
2. $10 ,112 6 .98
4 . $ 8 ,947 6 .98
5 . Not Applicable 6.10
7 . $10 , 811 6.40
8 . $12,213 6 .80
9 . $20 ,124 6.656
7
Avg. $12,441 space analysis
The indications provided by the price per
yield a range from $8 , 947 to $20 ,124 , a difference of 125%. The
G.I .M. analysis provides a much smaller range, from 6 . 10 to 6 . 98 ,
a difference of 14%. For this reason, the G.I.M. is considered a
more reliable indicator of value. Based on the above analysis, a
G.I .M. of 6.50 is selected. The estimated Market Value of Parcel
A by this approach is $2 ,811,000 ($432,480 x 6 . 50 = $2 ,811, 120 ) .
This equates to a value of $13 ,259 per mobile home space.
ESTIMATED VALUE OF PARCEL "A" BY SALES COMPARISON APPROACH:
$2 , 811,000
44
4J
Michael L. Ehler, M.A.I.
VIII . INCOME APPROACH
The Income Approach can utilize any of several techniques to
analyze the investment characteristics of the anticipated income
stream to be produced by an income producing property. In this
appraisal the Direct Capitalization technique and the Discounted
Cash Flow Analysis technique will be utilized.
The Direct Capitalization technique involves four steps:
1) estimation of market (economic) rent
2 ) estimation of expenses to calculate the net income
3 ) development of a capitalization rate, and
4 ) capitalization of the net income into an indication
of value.
The Discounted Cash Flow Analysis involves a set of
procedures which allow the appraiser to specify the quantity,
variability, timing and duration of a periodic income stream, as
well as the quantity and timing of the reversion (future sale of
the property ) . Each of these sources of income is then
discounted to present value at a specified yield rate.
A. Economic Rent
The first step in the Income Approach is to estimate
Economic Rent . Economic Rent or Market Rent is defined as
follows :
"The rental income that a property would most probably
command on the open market ; indicated by current
rentals paid and asked for comparable space as of the
date of the appraisal. " 6
The rental market for mobile home parks in the Larimer- Weld
market was surveyed and the results are presented in Exhibit No.8
6Dictionary of Real Estate Appraisal, p. 194 .
45
I
Exhibit No.
Pine Lake Village (Larrent)
Michael L. Ehler, M.A.I.
•
24-Jul-86
,
LARIMER COUNTY RENT COMPARABLES {{
6l
Rent Rent Vacant 1I
Name Address City Pads Acres Y.O.C. Single Double No. % Amenities P
1 Blue Spruce 230 2nd Street Berthoud 85 10 1968 $135 $145 0 0% None
2 Pinederosa 235 2nd St. Berthoud 76 7 1970 $130 0 0% None
3 Bender 912 Wood Fort Collins 32 1953 $158 $168 0 0% None
4 Cloverleaf 4412 E. Mulberry Fort Collins 228 35 1960 $190 $200 46 20% CH,P,L,R ii
5 Collins Aire 401 N. Summitview Fort Collins 328 1971 $200 $200 40 12% CH,P,L,R
6 Harmony Rd. Park 2500 E. Harmony Rd. Fort Collins 362 65 1972 $170 $170 2 1% CP,PG
7 Highland Manor 301 Spaulding Lane Fort Collins 63 1970 $152 $155 0 0% CP
8 Parklane 411 S. Court Fort Collins 65 11 1960 $150 $150 2 3% None „,
9 Pioneer 300 E. Harmony Rd. Fort Collins 191 29 1963 $155 $155 0 0% None
10 Trilby - CJP 517 E. Trilby Fort Collins 114 13 1971 $165 $175 40 35% CP, L f
• 11 University M.H. Manor 3717 S. Taft Hill Fort Collins 298 40 1971 $170 $170 10 3% CI,P,L,R H
12 Overland Trail 3501 N. Hwy. 1287 LaPorte 16 1 1943 $175 0 0% CP .;
13 Brymar 1166 N. Madison Loveland 108 16 1972 $149 $149 1 1% None
14 Cherry Ridge Village 221 W. 57th Street Loveland 206 28 1971 $170 8 4X CH,P,L.R !I,
15 Sunset Park 1471 Sunset P1. Loveland 41 1985 $149 10 24% None l
16 Sylmar Place 1444 Slymar Pl. Loveland 40 6 1985 $140 $150 11 28% None 1
a
Totals 2253 170
Averages 141 1968 $160 $166 11 7.55%
Vacancy Rate 7.55%
LEGEND: CH = Clubhouse, P = Swimming Pool, L = Laundromat, S = Storage Shed, CP = Carport, R = Recreation area
q
NOTE: The above information is from reliable sources and,
while deemed accurate, it is not guaranteed.
ti
i
i
b _._- .,.-.....,.._.._.,. _......,_.. ....... ......... ....a _.._.. —tea....., .wasok+xs 4,4•,• 4:41 WAgatrA r '" :r,:.
j
Exhibit No. 9
Pine Lake Village (weldrentl
Michael L. Ehler, M.A.I.
22-Jut-86
'I
WELD COUNTY RENT COMPARABLES
Rent Rent Vacant
No. Name Address City Pads Y.O.C.Single Double No. % Ammenities
17 Pine Lake Village 7200 E. Hwy 14 Ault 34 1971 $155 $165 2 6% Subject
IB Stewart N.H.P. Highway 14 Ault 50 1974 '$125 n/a 0 0% R
19 Aspen Meadows 3610 Trinidad Evans 56 1969 $145 $160 4 7% None
20 Eastwood Village 200 37th Street Evans 159 n/a $165 $175 20 13% R,S
21 Terrace M.H.P. 2200 37th Street Evans 119 1966 $130 n/a 0 0% None
22 Circle Drive M.H.P. 101 21st Ave Greeley 93 1972 $150 $150 1 1% R
23 Country Estates 3500 35th Ave. Greeley 107 1969 $163 $168 2 I% CH,R,S
24 Countryside 2036 1st Ave. Greeley 171 1972 $157 $167 0 0% None
25 Friendly Village 200 N. 35th Ave. Greeley 226 1969 $160 $170 15 7% CH,P,R
26 Greeley N.N.P. 2040 4th Ave. Greeley 46 $145 n/a 2 4% L
27 Holiday Village 3102 17th Ave Greeley 202 1971 $160 $170 5 2% CH,P,R,L,S
28 Meadows N.H. Village 101 E. 20th Street Greeley 75 1969 $125 n/a 0 0% None
29 Mobile Estates 1717 5th Greeley 95 1950 $135 n/a 5 5% None
30 Mobile Manor 1107 30th Street Greeley 89 1966 $155 n/a 4 4% P
31 Mountain Air/Woodlands 2280 1st Avenue Greeley 174 n/a $160 $170 8 5% None
32 Ponderosa 1817 2nd Ave. Greeley 51 1961 $100 n/a 1 2% None
33 River Park 545 N. 11th /ave. Greeley 45 $120 n/a 2 4% None
34 Sun Valley 101 21st Ave. Greeley 51 1960 $150 $150 0 0% R
35 Villa West M.H.Estates 2700 'C' Street Greeley 333 1971 $140 $140 46 14% L,S,R
36 Woodlands East 2280 1st Ave. Greeley 174 1971 $160 $170 7 4% P
37 Paradise Village 210 S. 2nd Street Johnstown 40 1972 $120 n/a 0 0% None
38 Kersey M.H.P. Kersey 80 1969 $140 $150 10 13% None
Totals 2550 134
Averages 116 $144
Vacancy Rate 5.25%
LEGEND: CH = Clubhouse, P = Swimming Pool, L = Laundromat, S = Storage Shed, CP = Carport, R = Recreation Area
NOTE: The above information is from reliable sources and,
while deemed accurate, it is not guaranteed.
•
•
,kM
iIt
S
Michael L. Ehler, M.A.I .
r.
3,
and Exhibit No. 9. For the most part, the mobile home spaces are
t1
leased on a consistent basis with the tenant paying electricity, ,,,
gas , telephone and cable television (if any) . Generally, the f'"
landlord is responsible for all other costs related to the p '
operation of the park including: real estate taxes, insurance,
water, sewer, snow and trash removal, and park maintenance. In
rare cases the tenants also pay water. For consistency, parks t
where tenants pay water costs have not been utilized to estimate ti
economic rent. hu
The rents in the 33 mobile home parks summarized in Exhibit ,41
No. 8 and Exhibit No. 9 range from $100 to $200 per month. Rents a,
below $150 are confined to older parks with small spaces and no
amenities . Newer parks range from $170 to $200 with amenities
comparable to those proposed for the subject property .
Approximately half of the parks charge a higher rate for a
double-wide space , the remaining parks do not . This y+
differential, when present, ranges from $5. 00 to $15. 00 , but in
most cases is $10 . 00 . Based on an analysis of the rent
comparables, it is concluded that the best strategy for initial c
leasing of the Pine Lake Village is at the low end of the range f
noted for the better parks . Economic Rent is estimated to be
$165 for single-wides and $175 for double-wides. LI
According to the Colorado Manufactured Housing Association,
fifty percent of all new mobile homes sold in the state are
m
double-wides. Therefore, Potential Gross Income is calculated on
the assumption that half of the tenants will have single-wides
and half will have double-wides, therefore the average rent will
be $170 . Total Potential Gross Income is estimated to be
$432,480 ( $170 x 212 = $36 ,040 per month x 12 months = $432, 480 ) .
i
46
Michael L. Ehler, M.A. I .
B. Estimate of Expenses and Net Operating Income
Net operating income is income remaining after all losses
have occurred and all expenses have been paid but before payment
of debt service . Losses occur when vacancies occur or when
tenants do not pay their scheduled rent. Expenses generally fall
into three categories : 1) fixed expenses -- real estate taxes,
insurance, etc. 2 ) operating expenses -- utilities, management,
etc. and 3 ) maintenance and reserves for replacements.
Vacancy and collection losses were estimated on the basis of
market analysis . As shown in the Rent Comparable Exhibits ,
competitive mobile home parks had virtually no vacancies in parks
where the rent was less than $150 (the two exceptions are new
parks which have been in operation less than one year ) .
Significant vacancies are generally noted only in parks where
rents exceed $175 . The vacancy rate among the comparables
surveyed in Weld County is 7 . 55% and in Larimer County it is
5.25% . The overall vacancy rate in the market area is therefore
estimated at 5. 9% . A 5% vacancy rate is generally considered
optimum for most types of rental real estate. This allows both
tenants and landlords a degree of flexibility in finding a
compatible match.
Actual or estimated expenses were obtained on numerous
mobile home parks which had sold within the last three years .
Using ratios derived from these comparable parks , estimated
expenses were derived for the subject property. Net Income
Ratios (the reciprocal of the expense ratio) are included for the
nine comparable sales in Exhibit No. 11 which follows in Section
C, "Derivation of an Overall Capitalization Rate" . A projected
Income and Expense Statement is presented in Exhibit No. 10.
47
I
Exhibit No . 10
Pine Lake Village
Michael L. Ehler , M.A. I .
(pineinex )
03-Aug-86
I
STABILIZED STATEMENT OF INCOME AND EXPENSE
1 Potential Gross Income
212 Mobile Home Spaces x $170.00 x 12 mos. _ $432,480
Less Vacancy and Collection Losses ( 5.00%) ($21 ,624)
Effective Gross Income $410,856
Less Expenses Paid by Owner
% of
Cost/Pad EGI
Real Estate Taxes $105.00 5.4'/. $22,260
Insurance $19.38 1 .0'/. $4 , 109
Management 5155.04 8.0'/. $32,868
Water & Sewer $222.87 11 .5% $47 ,248
Gas & Electric $29.07 1 .5% $6, 163
Trash & Snow Removal $34.88 1 .8% $7, 395
Repairs & Reserves $58 . 14 3.0% $12,326
Total Estimated Expenses $624.38 32.2% ( $132, 369)
Net Operating Income
$278 ,487
1
P .
I
I
I
Y
Michael L. Ehler, M.A.I .
Ig
C. Derivation of an Overall Capitalization Rate
The third step in the Income Approach is to estimate an
appropriate Capitalization Rate for the subject property.
Capitalization is the process of converting an anticipated series
of future net income streams into present value by use of a
discount (interest) rate that will attract investment capital .
There are several ways of analyzing investor yield requirements
and developing an appropriate Capitalization Rate. When market
data is abundant, as is the case in this assignment, the Market
Extraction Technique is the most direct and easily understood.
In the Market Extraction Technique, net incomes produced by
similar investment properties are divided by their purchase
prices to obtain the rate of return acceptable to the investors.
Exhibit No. 11 summarizes the sale date, size, sales price,
Overall Capitalization Rate, monthly net income per mobile home
space and net income ratio (the reciprocal of the expense ratio)
for each of the Comparable Sales presented in the Sales
Comparison Approach. Overall Capitalization Rates for the nine
comparables range from . 0955 to .1176 and average .1065 before
adjustments for cash equivalence.
The sales selected as most comparable in the Sales
Comparison Approach, and adjusted to cash equivalence, produce
the following Overall Capitalization Rates :
Comparable No. 2 .1274
Comparable No. 4 .1002
Comparable No. 5 .1056
Comparable No. 7 .1127
Comparable No. 8 . 1136
Comparable No. 9 . 0958
Average - all six sales .1092
Average excluding High & Low .1080
Based on the foregoing comparable capitalization rates and
the new condition of the subject property as compared to the
comparables , an overall capitalization rate of 10 . 5 % is
considered appropriate for the subject property.
48
I
Exhibit No.11
Michael L. Ehler, M.A.I.
Pine Lake Village (pineoar)
16-Jul-86
No. Identification Sale Acres Units Sales Overall Net Income
Date Price Rate Per Pad Ratio
1 Verns 11-84 4.07 52 $400,000 0.1068 $68.44 54.92%
Fort Collins, Colo.
2 Mobile Manor 5-85 11.50 89 $975,000 0.1176 $107.34 71.56%
Greeley, Colo.
3 Sun Valley 6 Circle Park 5-85 23.5 144 $1,600,000 0.1027 $95.06 70.00%
Greeley, Colo.
4 Aspen Meadows 6-85 5.3 57 $510,000 0.1002 $74.68 69.90%
Evans, Colo.
5 South Park 12-85 23.7 205 $4,250,000 0.1056 $182.39 62.40%
Englewood, Colo.
6 Continental 2-86 Unkn. 73 $740,000 0.1042 $88.03 70.00%
Cheyenne, Wyo.
7 Loveland M.H. Plaza 3-86 14 111 $1,200,000 0.1127 $101.55 70.03%
Loveland, Colo.
8 Englewood 3-86 Unkn. 61 $745,000 0.1136 $115.64 77.31%
Cheyenne, Wyo.
9 Casa Estates 6-86 56.6 364 $7,350,000 0.0955 $160.76 68.76%
Westminster. Colo.
Average 0.1065 $110.43 68.32%
Minimum 0.0955 $68.44 54.92%
Maximum 0.1176 $182.39 77.31%
Subject Pine Lake 7-86 57.3 212
7200 E. Hwy. 14
Fort Collins, Colo.
Note: The information presented is from reliable sources and while
it is deemed to be accurate, it is not guaranteed.
Legend: Overall Rate - Net Income/Price Net Income Ratio - Net Income/Gross Income
Michael L. Ehler, M.A.I .
D. Estimate of Value by Direct Capitalization
The Overall Rate is the ratio of Net Income to Value; when
two of the components are known, the third may be calculated.
Therefore, a value is estimated for Building No. 1 as follows :
Value = Net Income Before Recapture
Overall Rate
Value = $278 , 487
.105
Value of Parcel A = $2, 650 ,000 (rounded)
E. Estimate of Value by Discounted Cash Flow Analysis
Discounted Cash Flow Analysis is a method of estimating
value by estimating the quantity and timing of income as well as
expenses over a specified holding period . This analysis is
presented in Exhibit No. 12.
Estimates of income and expenses are required for each year
plus proceeds from sale of the property at the end of the holding
period. The analysis is predicated upon the following estimates
and assumptions.
Holding Period: A four (4 ) year forecast period is adopted.
The DCF analysis presumes that the property is sold at the end of
three years.
Income and expenses : based on "stabilized" Income and
Expense Statement presented previously; five percent vacancy.
Rent levels have been escalated at an annual rate of 2 . 5%
(minimum expected inflation rate ) over the holding period and
various operating expenses have been escalated at rates currently
anticipated.
Reversion : The cash flows include net income over the
holding period plus the sale of the property at the termination
49
Exhibit No. 12 03-Aug-86
Michael L. Ehler, M.A.I.
Pine Lake Village (pinedcf3l
DISCOUNTED CASH FLOW ANALYSIS
( 95% OCCUPANCY )
Year 1 2 3 4
% Gross Esc.
No. Spaces Available 212 212 212 212
Potential Gross Income 100.0% 2.5% $432,480 $443,292 $454,374 $465,734
Less Vacancy & Credit Loss 5.0% 0.0% ($21,624) ($22,1651 ($22,719) ($23,2871
Effective Gross Income $410,856 $421,127 $431,656 $442,447
Less Expenses
Taxes 5.4% 5.0% $22,260 $23,373 $24,542 $25,769
Insurance 1.0% 3.5% $4,109 $4,252 $4,401 $4,555
Management 8.0% 0.0% $32,868 $33,690 $34,532 $35,396
Gas & Electricity 1.5% 2.0% $6,163 $6,286 $6,412 $6,540
Water & Sewer 11.5% 1.0% $47,248 $47,721 $48,198 $48,680
Trash 1.8% 3.5% $7,395 $7,654 $7,922 $8,199
Repairs 3.0% 4.0% $12,326 $12,819 $13,331 $13,865
Leasing & Advertising 0.0% 0.0% $0 $0 $0 $0
Rent Concessions 0.0% 0.0% $0 $0 $0 $0
Total Fixed & Operating 32.2% ($132,3691 ($135,7961 ($139,339) ($143,004)
Net Operating Income $278,487 $285,332 $292,317 $299,443
Add Reversion $2,566,654
(4th Yr Income, Less Sales Expense, Capitalized at 10.5%)
$2,858,971
Discounted to Present Worth 12.0% 0.892857 0.797194 0,711780
Present Worth of Net Income $248,649 $227,465 $2,034,959
Estimated Present Worth $2,511,072
Rounded to: $2,511,000 1
1
µ;a
Michael L. Ehler, M.A.I .
Fix
i
of the investment. The resale price is estimated by capitalizing
anticipated Year 4 Net Operating Income by .105, the same rate
utilized in Direct Capitalization above. Sales expenses of 10%
II
have been deducted to derive the net price to the sellers. While
there are several variations in estimating the reversion sale
price, the above method represents a consensus of investors and
lenders surveyed.
Yield Rate : The anticipated yield of a real estate
investment is a function of six elements -
,1'
1. the perceived accuracy of the forecasts and assumptions
used to estimate cash flows,
2 . that the assumed financing will be available at the
project' s initiation and at sale,
3 . there will no substantial changes in purchasing power, kj,
4 . changes in tax laws or other rules will not dramatically
alter net proceeds from cash flows,
5. disposition of the property can be made when projected, and
6 . that management of the investment is competent.
The most variable of these is Number 4 , changes in tax
laws . As of this writing , a Senate and House conference ti
committee are revising the code . Final changes cannot be
predicted nor the reaction of the President to the resulting ni
modifications.
To select an appropriate rate for discounting, reliance is
given to current expectations of investors and developers. From
interviews of market participants, a pre-tax yield of 12 to 14
percent is targeted by most. This is substantiated by the "Real
Estate Investment Survey: Fourth Quarter, 1985, " published in the
Real Estate Research Corporation ' s Real Estate Report which
obtained a range between 12. 75 percent and 15 percent.
50
M..
ppi
YAM
Michael L. Ehier, M.A.I .
;
Alternative investment opportunities provide further
guidance. Five year U.S. treasury bonds are generating a "safe
rate" of approximately 7 .2 percent. This is approximately 75
basis points less than the Municipal Bond Index, published by
Merrill Lynch. New corporate bonds are generating returns near
between 9 and 11 percent, an indication of the "loading" for
additional risk.
Returns specific to commercial real estate include first
mortgages at 10 . 0 to 12 . 0 percent with second mortgages
commanding an approximately 2 percent premium. An Overall rate
of .105 was utilized in the Direct Capitalization technique. As ,
Discounted Cash Flow views multi-year cash flows , there is
e
inherent additional risk and upward adjustment is indicated.
Conclusion. Because of the current depressed commercial
real estate market, the inherent risk in projecting cash flows,
and the uncertainty associated with the tax law, a 12 percent
return is adopted as an adequate before tax yield. This is
applied to the net operating income and reversion. To arrive at
the value the cash flows support, the year end amounts are
discounted to present worth by using Present Value of $1 factors
calculated at the yield rate. Exhibit 12 summarizes the process.
As noted in the exhibit, the estimated value of Parcel A by this
technique is $2, 511, 000 (rounded) .
ti
51
ti
Michael L. Ehler, M.A.I.
F. Correlation of the Income Approach g:
Direct Capitalization provided an estimated value of
$2,650, 000 and the Discounted Cash Flow Analysis y provided a value
estimate of $2,511, 000 . This difference of $139, 000 or 5.5% is a°
due to the difference in the techniques. Direct Capitalization
is a traditional technique and is widely accepted as a reliable
valuation method. However, the Discounted Cash Flow analysis
provides a more complete representation of the income stream and
the effect of time. The value estimate for the subject
property, if complete and leased to a 95% occupancy level, by the
Income Approach is $2 , 600, 000. This estimate gives near-equal l'
recognition to the Direct Capitalization and Discounted Cash Flow
techniques . This estimate is expressly contingent upon the
assumption of stabilized occupancy of 95% . The effect of
absorption on Market Value is treated in Section X of this
report.
52
Michael L. Ehler, M.A.I.
IX. RECONCILIATION OF THE FINAL VALUE ESTIMATE
Through the collection of market information and the
application of various types of analyses, the following value
estimates have been developed for Parcel A "as if complete" :
Cost Approach $2,415, 000
Sales Comparison Approach $2 , 811,000
Income Approach $2,600, 000
The value of Parcel B is estimated to be: $287, 000 .
The purpose of this report is to estimate Market Value.
To do so, each Approach is weighted by its applicability in
fulfilling this definition and the quantity and quality of data
available for analysis .
Cost Approach
Modest weight is given this Approach in estimating the
value of Parcel A, due to the preliminary nature of the plans ,
specifications and cost estimates. As this value indication is
lower than those of the Sales Comparison Approach or the Income
Approach, a developer ' s profit may be expected.
Total emphasis is given to the Cost Approach in estimating
the value of Parcel B, the Waste Water Treatment Facility. Cost
estimates prepared by Norton, Underwood and Lamb and Frontier
Construction varied by only 10% and were within the range
provided by Marshall Valuation Service. Properties of this type
are not sold through the market, hence comparable sale data is
non-existent. The Income Approach is not considered appropriate
for Parcel B because attempting to value the income stream
produced by this type of property would invariably involve
valuing the ongoing business rather than the real estate.
53
0
Michael L. Ehler, M.A.I.
0
Sales Comparison Approach
This Approach is a reliable indicator of value for Parcel
A, due to the abundance of comparable data. The small variation v,
in the range of Gross Income Multipliers indicates that buyers
and sellers are using this technique in negotiating sales prices.
Although the technique is not sophisticated, it is accepted by
the market as a realistic method of equating income potential to
Market Value.
Income Approach
Significant weight is given to this Approach in estimating
the value of Parcel A because the Discounted Cash Flow Analysis
and Direct Capitalization techniques employed are most often used
by investors to analyze property of this type.
Conclusion
The Sales Comparison Approach, is considered to most
accurately portray the decision making process of the typical
buyer . However , this indication must be tempered with the
indication provided by the Income Approach , which best
approximates the analyses employed by sophisticated investors.
The estimated Market Value of Parcel A, as if complete and 4
operating at stabilized occupancy, on the Effective Date, is:
$2,700,000.
The Market Value of Parcel B is estimated to be:
$287,000.
54
Michael L. Ehler, M.A.I.
X. The Effect of Absorption on Market Value
Parcel A will experience a loss of income for the first
three years while the mobile home park is being leased-up. A
second Discounted Cash Flow Analysis was run to quantify the
income loss during the three year rent-up period, and the
subsequent loss in value. Parcel B will be utilized by a single
user who will take possession upon completion; therefore the
there will be no loss of income and no diminution of value.
Exhibit No. 13, presents second Discounted Cash Flow
Analysis. In this analysis, gross income is estimated on the
assumption that approximately 60 new spaces per year will be
rented. This absorption figure was estimated in Section IV. ,
"Highest and Best Use" . The existing 34 spaces remain leased in
the Year 1 . No itemized vacancy and collection losses are
deducted in the first two years as these are already included by
the assumption that only 93 spaces ( 34 existing plus 59 new
spaces ) will be leased in year one and only 153 spaces will be
leased the second year. A 5% vacancy figure has been utilized
for years three and four . Income and Expenses have been
escalated on the same basis as in the previous DCF analysis ,
presented in the Income Approach, Exhibit No. 12. Differences
from the stabilized estimates are due to the assumption that
certain operating expenses are directly related to occupancy
levels. First year taxes appear at current levels in the DCF
analysis because there is generally a one year time lag before a
property is billed accurately for new improvements. In the DCF
analysis , fixed and operating expenses are also escalated over
time at rates currently anticipated. As noted in the exhibit,
the estimated value of Parcel A by this technique is $2 , 225, 000
(rounded) .
55
•
•
Exhibit No. 13 03-Aug-86
Michael L. Ehler, M.A.I.
Pine Lake Village (pinedcf4)
DISCOUNTED CASH FLOW ANALYSIS
Year 1 2 3 4
% Gross Esc.
No. Spaces Rented 93 153 212 212
Potential Gross Income 100.0% 2.5% $189,720 $312,120 $454,374 $465,733
Less Vacancy I Credit Loss 5.0% 0.0% $0 $0 ($22,719) ($23,287)
Effective Gross Income $189,720 $312,120 $431,655 $442,447
Less Expenses
Taxes 2.4% 5.0% $1,931 $22,260 $23,373 $24,542
Insurance 1.0% 3.5% $1,897 $3,230 $4,401 $4,555
Management 8.0% 0.0% $15,178 $24,970 $34,532 $35,396
Gas I Electricity 1.5% 2.0% $2,846 $2,903 $6,412 $6,540
Water S Sewer 11.5% 1.0% $21,818 $22,036 $48,198 $48,680
Trash 1.8% 3.5% $3,415 $5,618 $7,922 $8,199
Repairs & Reserves 3.0% 4.0% $5,692 $9,364 $13,331 $13,864
Leasing 5 Advertising 2.5% 3.5% $4,743 $4,909 $5,081 $5,259
Rent Concessions 15.9% 0.0% $30,090 $30,600 $30,600 $0
Total Fixed 5 Operating 47.5% ($87,609) ($125,890) ($173,850) ($147,035)
Net Operating Income $102,111 $186,230 $257,805 $295,412
Add Reversion $2,532,100
(4th Yr Income, Less Sales Expense, Capitalized at 10.5%)
$2,789,905
Discounted to Present Worth a 12.0% 0.892857 0.797194 0.711780
Present Worth of Net Income $91,171 $148,462 $1,985,800
Estimated Present Worth $2,225,432
Rounded to: $2,225,000
Michael L. Ehler, M.A.I .
It was previously concluded that the estimated value "at
stabilized occupancy" by the Income Approach is $2 , 600, 000 . The
difference between these two figures is $375 , 000 ( $2 , 600 , 000-
$2 , 225 , 000 ) . This estimate of the loss in value over the
absorption period must be deducted from the estimated Market
k
Value "as if complete and 95% occupied" .
Parcel A
Market Value at stabilized occupancy $2 , 700, 000
Loss in value over absorption period -$ 375 , 000
Market Value prior to absorption $2 , 325 , 000
Parcel B Market Value $ 287 , 000
56
APPENDIX
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Michael L. Ehler , M.A. I .
Market Area
Larimer County , designated as the Fort Collins Standard
Metropolitan Statistical Area (SMSA) , is in north-central Colorado
approximately 65 miles north of Denver . Fort Collins , the county
seat and largest city , is a regional finance , trade and employment
center for northeastern Colorado , south-central Wyoming and
southwestern Nebraska . Because of transportation , commerce and
attraction of labor , Weld County (adjoining to the east ) acts as a
secondary trade area . Due to topography, travel time and
alternative shopping, the primary market area is restricted to the
SMSA boundary .
Larimer County is bounded on the north by Wyoming and on the west
by the continental divide . It is northernmost in the nine county
corridor comprising the "Front Range" where 80% of the State ' s 2 . 9
million population reside . Fort Collins is 65 miles north of
Denver and 45 miles south of Cheyenne , Wyoming. Interstate 25 ,
connecting New Mexico and Wyoming, is three miles east of the
city . U. S . Highway 287 , an inter- city route in the Front Range ,
is also Fort Collins ' primary arterial . Other means of
transportation include two commuter airports , rail freight service
and both commercial and municipal bus lines . Stapleton
International Airport can be reached by car or shuttle service in
approximately an hour .
Elevations vary from 14 , 000 feet in the mountains to 4 , 900 feet in
the plains , 15 miles to the east . At lower elevations the climate
is moderate with a normal precipitation of 14 .4 inches and a
growing season of 144 days . The county contains 2 , 614 square
miles with Fort Collins encompassing 25 . 24 square miles (a 1407.
increase over 1970) .
A. Demographics
From the 1980 census , the following statistical characteristics of
the population were compiled .
Population Totals and Growth
U . S . Colorado SMSA Ft . Collins
1960 180 , 671 , 000 1 , 753 , 947 53 , 343 25 , 027
1970 204 , 335 , 000 ( 137) 2 , 207 , 259 (267,) 89 , 000 (69%) 43 , 337
(73%)
1980 227 , 020 , 000 ( 11%) 2 , 889 , 964 (327) 149 , 184 (66%) 65 , 092
( 507.)
Note : Percent changes shown in parenthesis .
1
Michael L. Ehler , M.A. I .
Age Distribution
4
Median Age Percent 17 & Less Percent Over 65
4
1970 1980 1970 1980 1970 1980
Colorado 26 . 2 28 . 6 35 . 1 28 . 0 8 . 5 8 . 6
SMSA 26 . 2 28 . 6 30 . 6 25 . 6 9 . 7 8 . 5
Fort Collins 23 . 0 24 . 7 25 . 6 20 . 9 8 . 2 7 . 3
In 1980 , the Census Bureau named the Fort Collins SMSA the fourth
fastest growing city in the nation . By 1983 it was ranked as
sixth by Sales and Marketing Management . This and other indica-
tions , such as declining sales and construction activity , reveal
that this rate of growth has abated . Future expectations are
addressed in the Projections and Conclusions summary .
B . Economics
1 . Economic Base Analysis . This is defined by identifying a) a'e
sources of income , b) employment by sector , and c) major
employers .
Fk
Personal Income by Major Source , 1980
Amount ( $000 ' x ) Change from 1975 9n,
Farm 14 , 596 -20%
Non-Farm 838 , 234 +121%
Agri . Service , Other 3 , 970 +176%
Mining 3 , 189 +111%
Construction 83 , 958 +1627,
Manufacturing 234 , 743 +1667.
Non-Durable Goods 24 , 109 +1047. .
Durable Goods 210 , 634 +1757,
Trans . , Public Utility 33 , 764 +1617 y
Wholesale Trade 19 , 173 +102%
Retail Trade 103 , 048 +99%
Finance , Ins . , Real Est . 38 , 175 +188%
Government 206 , 696 +76% 4v
Source : Bureau of Economic Analysis .
Nonagricultural Wage and Salary Employment
by Industry Sector , Larimer and Weld Counties , 1980
Sector Employment Change from 1976
Mining 565 87%
Construction 6 , 996 47%
Manufacturing 18 , 999 21%
Trans . , Public Utility 3 , 611 Y4%
Trade 20 , 520 24%
Finance , Real Estate 4 , 081 31%
Services 12 , 924 30%
Government 26 , 538 17%
Source : Colorado Division of Employment and Training .
2
A, :ma}.ava.,,,tAL-4 „nA
Michael L . Ehler , M.A. I .
Major Employers
Colorado State University (Full and Part Time) 4 ,400
Hewlett Packard Company (Fort Collins & Loveland) 5 , 150
Eastman Kodak Company 3 , 000
Poudre R- 1 School District 1 , 800
U. S . Government ( In Larimer County) 1 , 200
Poudre Valley Hospital 1 , 055
Larimer County 960
Woodward Governor 944
Teledyne Water Pik Company (Ft . Collins & Loveland ) 750
City of Fort Collins 750
Diversification of the economic base is evidenced by the growth in
all classifications and the number employed in construction , manu-
facturing , trade , services and government . The manufacturing
sector is dominated by high technology with four of the leading
employers in this category. Within manufacturing , the electronics
industry provides 357, of the jobs , a trend which began in the mid
19701s .
2 . Employment Statistics . In July of 1983 , the total labor force
for the SMSA was 82 , 625 with three percent employed in agri-
culture . This ratio has remained generally constant over the past
three years . Unemployment rates are compared below.
Percent Unemployed , Annual
1980 1981 1982 1983 1984 1985
U. S . 7 . 1 7 . 6 9 . 7 9 . 6 7 . 2 N/A
Colorado 5 . 9 5 . 5 7 . 7 6 . 6 5 . 7 5 . 9
SMSA 5 . 6 5 . 6 7 . 1 5 . 8 5 . 2 5 . 5
Source : Colorado Department of Labor and
Employment
3 . Personal Income . Measures of per capita income and effective
buying income are tabulated below.
Median Per Capita Income
1970 1975 1980
U . S . $3 , 893 $5 , 861 $9 , 811
Colorado $3 , 838 $6 , 000 $10 , 033
SMSA $3 , 084 $5 , 026 $8 , 472
Source : Larimer-Weld Regional Council of Governments .
Effective Buying Income , 1980
Total Household Percent of Household by Group
( $000 ' s ) Median $8-9999 $10- 14999 $15-24999 $25000+
State 24 , 029 19 , 196 5 . 1 13 . 8 29 . 9 32 . 9
SMSA 1 , 207 18 , 395 5 . 7 13 . 6 29 . 1 31 . 0
Ft . C . 510 17 , 897 6 . 0 14 . 4 27 . 9 30 . 5
Source : Sales and Marketing Management Magazine .
4 . Sales . Retail sales centers are the South College Avenue area
near the Foothills Fashion Mall and the Central Business District ,
3
Michael L . Ehler , M.A. I .
two and one-half miles north . Downtown has been generating
approximately one- fourth of the total sales . From 1975 to 1980 ,
the average growth of net taxable sales has been 15 . 257. per year
with 1979 establishing a high of 20 . 957.. However , the rate of
growth declined beginning in 1980 . Annual and monthly sales are
tabulated below.
Monthly Net Taxable Sales ($000 ' s )
Month 1982 1983 1984 1985
January 49 , 317 ( 11%) 54 ,452 ( 10%) 60 , 986 ( 12%) 63366 ( 4%)
February 32 , 735 ( 5%) 36 , 874 ( 13%) 38 , 893 ( 5%) 45405 ( 17%)
March 30 , 582 ( 3%) 35 , 566 ( 16%) 40 , 593 ( 14%) 40536- ( . 1%)
April 36 , 009 ( 12%) 39 , 566 ( 107.) 44 , 071 ( 117.) 54255 ( 23%)
May 35 ,477 ( 8%) 37 , 798 ( 7%) 40 , 208 ( 6%) 43897 ( 9%)
June 35 ,054 ( 47.) 38 , 733 ( 107.) 44 , 133 ( 14%) 45837 ( 47.)
July 37 , 607 ( 97.) 41 , 876 ( 11%) 47 , 230 ( 13%) 50301 ( 7%)
August 35 , 003 ( 6%) 38 , 670 ( 10%) 41 , 002 ( 6%) 44045 ( 7%)
Sept . 36 ,465 ( 5%) 42 ,487 ( 17%) 48 , 735 ( 15%) 46429- ( 5%)
October 41 , 759 ( 87.) 45 , 315 ( 9%) 49 ,492 ( 9%) 52125 ( 5%)
November 37 , 259 ( 8%) 40 , 161 ( 8%) 53 , 329 (33%) 47225- ( 11%)
December 39 , 286 ( 13%) 41 , 833 ( 67.) 46 , 998 ( 12%) 49457 ( 5%)
Year 446 , 553 ( 8%)493 , 533 ( 11%)552 , 670 ( 12%)582878 ( 5%)
Note : Percentage change from previous year shown in parenthesis
Source : City of Fort Collins ; M. L . Ehler
5 . Construction . For the period 1972 to 1982 , the average number
of dwelling unit permits issued by Larimer County (excluding
incorporated areas ) and Fort Collins has been 1 ,430 and 1 , 095 ,
respectively. In 1979 , a record 1 , 937 dwelling unit permits were
issued by the City. Demand decreased substantially until 1983 ;
the annual and monthly permits issued in the City are listed
below .
Construction Activity , City of Fort Collins
Dwellings
1979 1 , 937
1980 991
1981 608
1984 1 , 615
Source : City of Fort Collins
4
Michael L. Ehler , M .A. I .
Monthly Construction , Fort Collins
Single Family Multi-family Commercial
(units ) (units ) ( $000 ' s )
January , 1985 28 20 4692
February 30 46 -0-
March 58 17 580
April 52 20
May 59 28 370
June 48 5370
88 1009
July 63 88 349
August 59 295 505
September 49 124 522
October 67 136 400
November 30 52 2130
December 36 0 2357
Source : City of Fort Collins
6 . Colorado State University. The University is one of the
largest research centers in the West with new annual contracts and
grants totalling nearly $38 . 5 million. Direct economic impact
from students has been estimated at over $28 million in addition
to an annual payroll approaching $90 million . In 1982 ,
conferences and institutes attracted 22 , 000 people who generated
approximately $2 . 6 million in fees plus nearly $1 million in
outside purchases .
7 . Tourism . Although the dollar impact on Larimer County is not
known , usage of the major attractions has been surveyed for 1982 .
Rocky Mountain National Park - 2 , 578 , 902
Lory State Park 61 , 000
County Parks : Horsetooth
Reservoir - 225 , 000
Carter Lake - 260 , 000
C . Government , Education , Public Facilities . A council-manager
structure governs the City with a three member commissioner board
heading the County. Primary through secondary public education is
provided by three school districts . Enrollment for the 1983-84
school year is 27 , 232 . The Colorado State University main campus
is within Fort Collins ; the 1983-84 attendance is 18 , 909 .
Medical services cluster around the 220- bed Poudre Valley
Memorial Hospital which serves a 2 , 200 square mile region in
north-central Colorado . A primary attribute of the City is the
recreational facilities which include active funding and
development of community , neighborhood and mini-parks , and other
municipal facilities . In relatively close driving distance are
the Rocky Mountain National Park , the Roosevelt National Forest ,
the Raywah Wilderness and Horsetooth Reservoir . Major ski areas
are reached in two to four hours by automobile .
5
Michael L . Ehler , M.A. I .
D . Projections and Conclusions
Following the above subject headings , compilation has been made of
expectations by various sources .
1 . Population
City of Fort Collins
Year Population Housing Units Persons/Household
1985 82 , 798 32 , 305 2 .45
1990 99 , 848 --- --
1995 118 , 878 --- --
2000 138 ,465 --- --
Source : City of Fort Collins .
City of Fort Collins
Year Population
1985 77 , 648
1990 99 , 848
2000 138 ,465
2010 179 , 250
Source : Larimer-Weld Council of Governments
2 . Income . Sales and Marketing Management magazine has projected
total and average household effective buying income for the Fort
Collins SMSA.
1986 Total Percent Change AverageHousehold
( $000 ' s ) 1981- 1986 1981 1986
2 , 632 , 091 89 . 8 23 , 309 34 , 908
3 . Employment . For 1983 , the Colorado Division of Employment and
Training estimates industry employment for the years 1982 to 1987
as follows .
1982 1987 Percent Number
Total 67 , 600 79 , 300 3 . 2 2 , 340
Mining 100 100 - -
Construction 3 , 600 4 ,400 4 . 3 160
Manufacturing 12 , 300 15 , 500 4 . 8 640
Trans . , Public Utility 1 , 900 2 , 300 4 . 2 80
Trade 13 , 300 16 , 200 4 . 0 580
Fin . , Ins . , Real Estate 2 , 500 3 , 000 3 . 7 100
Service 8 , 200 11 , 100 5 . 1 580
Government 17 , 000 17 , 900 1 . 0 180
Agriculture 2 , 000 1 , 800 -2 . 1 -40
Self , Domestic 6 , 700 7 , 000 1 . 0 60
6
Michael L. Ehler , M.A . I .
4 . Sales . The city of Fort Collins is project that sales taxes
will increase 87. in 1985 and 10 % over the next five years .
Sales and Marketing Management Magazine has estimated 1985 retail
sales for the Fort Collins SMSA of,
Tota1 , 1986 Percent Change Sales per Household
(6000 ' s ) 1981- 1986 1981 1986
1 ,472 , 842 92 . 1 12 , 889 19 , 534
Focused in Fort Collins , the county underwent dramatic growth in
the 1970 ' s . Much of this was initiated by the attraction of high
technology industry and the recognition of the area ' s recreational
opportunities and overall favorable quality of life . Most
forecasts reflect the past high levels of activity moderated by
current economic conditions . All predict continued growth but
differ as to degree . Because of the favorable "quality of life" ,
people and business will continually be attracted to the area .
The amount and timing are linked to the nation ' s economy and the
expectation of its performance .
5 . New Construction , Proposed Projects .
Anheuser Busch is building a brewery on 1 , 100 acres in northeast
Fort Collins . At operation , employment would be approximately
450 , 50 of which would be new to the community. While not a major
employer , the increase in tax base and stimulus to associated
industrial development should have a positive and stabilizing
affect on the local economy .
Two hotel/convention centers have been been completed . The
Holiday Inn is on West Prospect Avenue , to the immediate south of
the University campus . This is a 256 room facility with a 1 , 000
seat conference center . A 225 room Marriott Hotel , with
conference facilities , is to the south of the Foothills Fashion
Mall in Southeast Fort Collins . Revitalizaton of downtown has
continued with Old Town Square . Completed in December , 1984 , the
project contains approximately 120, 000 square feet of retail ,
restaurant and office space in historically significant structures
plus three in-fill buildings . Further growth of the City
southward seems assured by several mixed use projects planned
adjacent to Harmony Road or further south along College Avenue .
7
,.&' _ ii:tleAgOV`�Ik''.'. `t..d.'i '.@'eh IAt `J'AFd's4. t.s;_ki `l-':i'".. !'.i.t4..'; x., sFC,. ,,,w6..4 12. G11111. '.;w^leI, :.titoilx:.iil
1
!Artier County Mobile Hose Park Inventory LarMobil
Michael L. Ehler, M.A.I. 30-Jul-86
Name Address City Pads Acres Y.O.C.
1 Columbine Lodge Box 1000 Pudre Cyn Bellvue 6 n/a
2 Glen Echo Resort + 31503 Poudre Canyon Bellvue 3 n/a
3 Poudre Can. Christian t Poudre Canyon Rd. Bellvue 17 n/a
4 Blue Spruce 230 2nd Street Berthoud 85 10 1968
5 Parkview N. County. Rd. 123 Berthoud 3 n/a
6 Pinederosa 235 2nd St. Berthoud 76 7 1970
7 Wheel Estates 205 2nd St. Berthoud 13 n/a
B Fall River Village 511 W. Elkhorn Estes Park 68 6 1963
9 Ackersan Shields 1 Ackersan Fort Collins 5 n/a
10 Aspen 418 S. Overland Trail Fort Collins 35 1951
11 Bender 912 Wood Fort Collins 32 1953
12 Blue Spruce . 2704 N. Shields Fort Collins 24 5 1973
13 Cloverleaf 4412 E. Mulberry Fort Collins 228 35 1960
14' Coffee Park Fort Collins 16 n/a
15 Collin Aire 401 N. Sussitview Fort Collins 328 1971
16 Davies 1520 E. Douglas Rd. Fort Collins 26 2 1968
17 Frontier Trailer Ct. 1336 LaPorte Ave. Fort Collins 19 1 1941
18 Harsony Rd. Park 2500 E. Harsony Rd. Fort Collins 362 65 1972
19 Hickory Village 400 Hickory Fort Collins 204 33 1973
20 Highland Manor 301 Spaulding Lane Fort Collins 63 1970
21 Hitching Post 6640 N. County. Rd. 15 Fort Collins 11 3 1971
22 Horsetooth Marina 4737 S. Shoreline Fort Collins 31 n/a
23 Horsetooth Village 2300 W. Horsetooth Fort Collins 304 1973
24 Jameson 204 Spaulding Lane Fort Collins 1 n/a
25 Johnson Center 1799 5. College Fort Collins 92 5 1962
26 Lake Estates 4801 W. Cty. Rd. 138E Fort Collins 30 2 1968
27 Lynn Acres Lynn Dr.-E. h Trilby Fort Collins 6 n/a
28 Meldrus Street 333 Meldrus St. Fort Collins 4 0.5 n/a
29 Montclair Motel 1405 N. College Ave. Fort Collins 9 0.5 1959 _
30 Mountain View 3109 E. Mulberry Fort Collins 37 n/a
31 North College 1601 N. College Fort Collins 316 37 1963
32 Parklane 411 5. Court Fort Collins 65 11 1960
33 Pioneer 300 E. Harsony Rd. Fort Collins 191 29 1963
34 Poudre Valley 2025 N. College Fort Collins 345 1961
35 Riverside 1020 N. Mason Fort Collins 4 n/a
36 Skyline Mobile Park 2211 W. Mulberry Fort Collins 106 17 1968
37 South College 1807 5. College Fort Collins 57 3.3 n/a
38 Stonecrest 1303 N. College Fort Collins 18 1.9 n/a
39 Sunrise Ranch t 5569 N. County Rd. *29 Fort Collins 12 n/a
40 Sunset Mobile Court 114 S. Bryan Fort Collins 21 2 1941
41 Terry Cove 221 W. Douglas Fort Collins 24 3 1969
42 Terry Lake 437 N. Hwy. 1287 Fort Collins 33 1968
43 Trevena 1910 N. College Fort Collins 4 0.5 n/a
44 Trilby - CJP 517 E. Trilby Fort Collins 114 13 1971
45 University Mobile Manor 3717 S. Taft Hill Fort Collins 298 40 1971
46 Whites 2131 W. Horsetooth Fort Collins 4 n/a
47 %-L 1700 LaPorte Ave. Fort Collins 50 4 1943
48 Overland Trail 3501 N. Hwy. 1287 LaPorte 16 1 1943
49 Vern's 4220 N. Hwy 1287 LaPorte 53 2 1963
50 Anderson 2312 N. Lincoln Loveland 13 1.5 1966
I
ilWeld County Mobile Here Park Inventory Weldeobl
Michael L. Ehler, M.A.I. 30-Jul-86
I
Name Address City Pads Acres Y.O.C.
II1 Miller Ault 9
3 Stewart M.H.P. Highway 14 Ault 50 15 1974
4 Aspen Meadows 3610 Trinidad Evans 56 1969
I 5 Eastwood Village 200 37th Street Evans 159 20.2 n/a
6 Terrace M.H.P. 2200 37th Street Evans 119 15 1966
2 Pine Lake 7200 E. Hwy 14 Ft. Collins 34
II 7 B & B Greeley 56
8 Circle Drive M.H.P. 101 21st Ave Greeley 93 11.3 1972
9 Country Estates 3500 35th Ave. Greeley 187 29 1969
10 Countryside 2036 1st Ave. Greeley 171 29.3 1972
il11 Friendly Village 200 N. 35th Ave. Greeley 226 37.5 1969
12 Greeley M.H.P. 2040 4th Ave. Greeley 45 1946
13 Hill-n-Park I 4706 brand Teton Rd. Greeley 600 1967
II 14 Holiday Village 3102 17th Ave Greeley 202 1971
15 Meadows M.H. Village 101 E. 20th Street Greeley 75 7.5 1969
16 Mobile Estates 1717 5th Greeley 95 10 1950
II 17 Mobile Manor 1107 30th Street Greeley 89 1966
18 Mountain Air/Woodlands E. 2280 1st Avenue Greeley 174 28.8 n/a
19 Ponderosa 1817 2nd Ave. Greeley 51 4.5 1961
20 River Park Greeley 45
II21 Sun Valley 101 21st Ave. Greeley 51 10 1960
22 Villa West M.H.Estates 2700 'C' Street Greeley 333 41 1971
23 Woodlands East 2280 1st Ave. Greeley 174 1971
I 24 Paradise Village 210 5. 2nd Street Johnstown 40 6.5 1972
25 Kersey M.H.P. Kersey 80 1969
26 Thoepson Nunn 9
27 Highland Pierce 40 1970
II 28 Valley Village Grand Ave.& River Platteville 148 1971
Total 3402
1 Average 126 1967
I Indicates subdivision; individual ownership of lots.
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Qualifications
Michael L. Ehler, MAI, SRA
429 East Magnolia Street
Fort Collins, Colorado 80524
EDUCATION- Bachelor of Arts Degree in Real Estate and Urban
Land Planning, College of Business Administration, University
of Florida
Courses and Seminars :
Introduction to Appraising Real Property
Principles of Income Property Appraising
Condominium Appraising
Recreational Property Appraisal
Tax Considerations in Real Estate
Income Capitalization Workshop
Case Studies in Real Estate Valuation
Valuation Analysis and Report Writing
Litigation Valuation
Standards of Professional Practice
Federal Income Tax and Real Estate
Real Estate Feasibility Analysis
Profitable Preservation, Colorado Bar Association
Cash Flow and Risk Analysis
Investment Feasibility Analysis
Federal Home Loan Bank Board Memorandum R-41b
MEMBERSHIPS - Member Appraisal Institute (M.A.I.) - American
Institute of Real Estate Appraisers
Senior Residential Appraiser (S.R.A.) - Society of Real Estate
Appraisers
Real Estate Broker - State of Colorado
Youth Advisory Council, Society of Real Estate Appraisers
Landmark Preservation Commission, City of Fort Collins
Regional Panel Member, Professional Standards Committee,
American Institute of Real Estate Appraisers
Education Committee, Colorado Chapter 22, American Institute
of Real Estate Appraisers
Employment/Industry Sub-committee, Future Studies Council ,
Fort Collins Chamber of Commerce
Treasurer, Christian Businessmen's Committee of Fort Collins
and Loveland
Street Oversizing Committee, City of Fort Collins
a.w....b a+Ww..weYiYr..x .W. ';". .,.� ....:::...,_ ..,... .. �.w•...,r...rww,..va .:.v......at- ......
Michael L. Ehler, MAI
EXPERIENCE - Since 1973, have worked in Central Florida and
Vail, Colorado before coming to Fort Collins, Colorado in
1979. Appraisal experience includes residential, commercial,
industrial, resort, medical and agricultural properties plus
special improvement districts. Current services offered en-
compass property appraising, eminent domain valuations, market
feasibility and real estate investment counseling. Have qual-
ified as an expert witness in the Larimer County District
Court.
A partial list of clients since in Fort Collins includes:
Columbia Savings and Loan City of Steamboat Springs
First Interstate Bank of Fort Collins Concept Restaurants
United Bank of Fort Collins E.E. Mitchell & Co.
Greeley National Bank C.J. Bonner Corporation
Wells Fargo Credit Gefroh & Associates
Seafirst Mortgage Tri-Trend Homes
Larimer County T.R. Davis & Associates
City of Fort Collins Old Town Associates
Wheeler Realty Colorado State University
Downing-Leach Architects Eben Ezer Health Care
Church of the Latter Day Saints Shaw Properties
Land Development Services Engineering Professionals
Poudre R-1 School District Chevron, USA
Craddock Development Company ISTS Engineering
Also employed by architects, accountants, attorneys,
developers, investors, and private individuals ( listings
available upon request)
2
imNitii434A igAil¢wc,..,,..e lac*4,,,a.a., 4,asiSa .Y.. A46.44,11k4 Ma,:N.u.{F 6.:a;
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QUALIFICATIONS OF APPRAISER
FERMOR T. BLACK, III
EDUCATION
University of Colorado, B.A.- Business 1971
University of Denver, M.S.W. 1979
American Institute of Real Estate Appraisers
Principles, Methods & Techniques of Appraising 1971
Capitalization Theory & Techniques 1972
Urban Properties 1973
Real Estate Appraisal Principles 1984
Basic Valuation Procedures 1984
Capitalization Theory & Techniques, A & B 1985
Standards of Professional Practice 1985
Market Research 1986
EMPLOYMENT
Independent Real Estate Appraiser 1984 - Present
Denver (1984 ) , Fort Collins (1985-Present)
Real Estate Appraiser, Van Schaack & Company 1973
Denver, Colorado
Real Estate Appraiser, Midland Federal Savings 1971-1972
Denver, Colorado
Real Estate Appraiser, Arapahoe Appraisal Company 1969-1971
Littleton, Colorado
SELECTED APPRAISAL CLIENTS
Alpine Manufacturing, Inc. Arthur Johnson Foundation
Bairsley International Blanding & Company
Chrysler Corporation Craddock Development Co.
Fireplace Specialties First Interstate Bank
Fort Collins D.D.A. Franklin Supply Company
Gene Radcliff A.M.C. Holter Realty & Development
Innovative Kitchens, Inc. Kencourt Corporation
Larimer County Equipment Co. Michaud Electric Co . , Inc.
Pizza Hut, Inc. Poudre School District R-1
Republic National Bank S.R.S. Development
Scott Resources South Shore Plaza, Ltd.
Sunset Development Tiger Auto Parts
Turnmar Development Company United Bank of Denver
United Bank of Fort Collins Wicks Lumber
Wooden Shoe Preschools Yancy Produce Company
it**
N
1;
1
51 Apple Orchard 1109 E. 4th Loveland 9 0.4 1962
52 Brymar 1166 N. Madison Loveland 108 15. 1972
53 Case's Corner * 3505 S. County Rd. 31 Loveland 25 2.5 1953
54 Cherry Ridge Village 221 W. 57th Street Loveland 206 28 1971
55 Columbine 420 E. 57th St. Loveland 299 59. 1972
56 Columbine Court 430 E. Eisenhower Loveland 12 0.5 1973
57 Downtown Trailer 124 E. 1st Loveland 13 1.5 1966 a
58 Eden Valley San. * 6236 N. County Rd. B29 Loveland 16 n/a4.
59 Fort Namaqua 3105 W. Eisenhower Loveland 8 1.5 1968
60 Harmony Park 603 S. Lincoln Loveland 31 1968 ;+3
61 Homestead 323 42nd St. Loveland 34 n/a
62 Horseshoe Acres 4108 N. Garfield Loveland 19 10 n/a
63 Loma Vista 1801 W. 8th Loveland 4 0.5 1950
64 Loveland M.N. Plaza 4105 N. Garfield Loveland 111 25 1963
65 Meadowlark 605 W. 57th St. Loveland 68 n/a
66 Mountain View 1212 Butte Rd. Loveland 65 3 1959
67 Rainbow * 505 E. Eisenhower Loveland 4 0.2 1969
68 Riverhead Campground * 1520 Big Thompson Canyon Loveland 5 n/a
69 Sunset Park 1471 Sunset PI. Loveland 41 1985 .
70 Sylmar Place 1444 Slymar Pl. Loveland 40 5.6 1985 di
71 Trailerville 901-905 W. 10th St. Loveland 10 5 1943 I
72 Alpine Lodge Box 180 Red Feather Lakes 8 n/a
73 A-K 8417 Hayes Wellington 6 1972
74 Holford's 8501 4th St. Wellington 3 n/a
75 McClaren 8417 4th St. Wellington 5 n/a
76 McGregor 8421 6th St. Wellington 3 n/a
w1
5035 1964
* Indicates recreation or religious use
5
1
IQ
1
MY
ll
ti
INCOME SUMMARY
FOR YEAR ENDED Dec. alst. 1986
BASE SALARY/WuGES __41, 816. 00
BONUS/COMMISSIONS
INTEREST EARNED 3,000 . 00
DIVIDENDS
REAL ESTATE INCOME & EQUIPMENT LEASING
Address Gross Rents Expenses Depreciation Net
1 .11. W LEASING $_7>3�9�5 - $6_62,936 + $A$c$fl____. = $_.5_2.402. 00
2. READINS 3, 600 1��3 + ----�6�___-• --- X133 . 00
3. TX 2�Z49 ��49 + ___$_Q@ = 907. 00
Total: 53_, 442. 00
GAINS (Losses) FROM REAL ESTATE SALES & EQ
(If multiple transactions, please attach details) Total: 4, 000. 00
ALIMONY, CHILD SUPPORT, SEPARATE MAINTENANCES NONE
(This income need not be revealed if you do not
wish to have it considered as a basis for re-
paying this obligation.)
OTHER INCOME (Specify)
TOTAL: 108125800
Income tax is settled through 12-31-85
date
Adjusted Gross Income from the previous two years tax returns:
Year Income
1985 60, 551
1984 35, 041
Projected income for next year: $_ 11 Q}900 _.
Applicant ate
, •.„ 1 4. AL STATEMENT TO
q.(---- ----B N El a I , . .
. 4.:,, 4.. riiiikkiiiii ._ - li. .
- s13 I ' • = ANK
BERTHOUD, COLORADO As of 19
Name Address
A. Hallett Walston 13941 Elmore Road, Longmont, CO 0501
Social Security No. No. Dependents Phone Phone Occupation Frontier
377-34-9588 2 772-7906 776-8962 Vice Pres. Materials
Name of Employer Length of Employment Address
Frontier Materials, Inc. 8 years 3600 Highway 52, Erie, CO 80516
Name Address
B. Diane Walston 13941 Elmore Road Longmont,
Social Security No. No, Dependents Phone Phone Occupation
364-32-2946
Name of Employer Length of Employment Address
Home Maker
For the purpose of procuring and maintaining credit from limo to time with the demands against it, the undersigned will immediately and without delay notif
Berthoud National Bank, the undersigned submits the following as being an said Bank, and unless the Bank is so notified it may continue to rely upon th
accurate statement of its financial condition,and agree that if any change occurs statement herein given as a true and accurate statement of the financial condltio
that materially reduces the means or ability of the undersigned to pay all claims or of the undersigned. You are authorized to verify my credit experience with an
Note: First complete schedules on reverse. reliable source of information.
ASSETS DOLLARS- -- LIABILITIES DOLLARS
Thousands Bu
d ds Thousands Hundreds
Cash in Berthoud National Bank 10 n Notes Payable Banks (Schedule E)
cash in First National Fremont 22 500 1. Berthoud National Bank 84 000
(other-give name) 2.
Stocks and Bonds (Schedule A) 151 , 355 3.
Notes Receivable (Schedule B) 4.
Accounts Receivable (Schedule B) Notes Payable Others (Schedule E)
Cash Value Life Insurance (Schedule C) X, C. I .T. Corp. 68 000
Real Estate (Schedule O) 212 )00 2.
Autos 1978 Lincoln 5 000 _ 3.
(Year-Make) (Year-Make) Accounts Payable
Autos Taxes Payable
(Year-Make) (Year-Make)
Other Assets (describe) Real Estate Mortgages (Schedule D) 60 000
1HW Leasing Eq. 382 000 other Liabilities (describe)
&Coins, Diamonds, Antiques 25 000 1.
&Livestock 5 000 2.
4.16 HP Case Tractor W Dallis 4 000 a-
4.
. &.Saddles & Tack 2 250 6,
spouse. Hold 25 000
TOTAL LIABILITIES 212 000
• TOTAL ASSETS 844 105 NET WORTH 632 105
INCOME TOTAL 844 105 _
NOTICE: Alimony,child support. or separate maintenance income need not be revealed if CONTINGENT LIABILITIES
you do not wish to have it considered as a bans for repaying this obligation.
Salary A.Hallett Walston 47 816 As Guarantor
'f Salary B.
interest 4 000
Dividends As Co-signer
Rentals _ 3 000
. Other (describe)
1. 53 442 Surety on Bonds
2. Other (describe)
3. 1.
4. 2.
5. 3.
TOTAL INCOME 108 258 Have you any judgements or suits filed against you?No -. if so,
give details:
BANKING AND OTHER CREDIT REFERENCES
NAME ADDRESS
Federal Land Bank Greeley, CO - James Lee 352-1561
Berthoud National Bank Berthoud. CO - Mittel Baummer 573-1051
C. I .T. Corp P.O. Box 22394 Denver. CO - Sam Triad 758-71R
Have you ever taken bankruptcy? No If so when?
Are there any taxes or note payments delinquent? No It so please detail:
SCHEDULE A — STOCKS AND BONDS
No. of Shares or --
Par Value Bonds Issuing Company Market Value it Pledged
This Date To Whom
1082 _ Frontier Materials, Inc.
110. 355. 00
1 VICO
50 United Motor Inn' s 12 ,000 . 00
10 Jones Cable 5, 000. 00
Colonial Investment 11 ,500. 00
, 500. 00
Frontier Materials, Inc. Profit Sharing 10,500. 00
1
Total as shown on statement
151, 355. 00
SCHEDULE B NOTES, CONTRACTS AND ACCOUNTS RECEIVABLE
Maker Original Monthly Due Date Unpaid
Description of Collateral
Amount Payment Balance
,
Total as shown on statement
$
SCHEDULE C LIFE INSURANCE
Issuing Company Beneficiary Face Cash
Amount Value Loans Against Policies
Total as shown on statement
SCHEDULE D — DESCRIPTION OF REAL ESTATE OWNED BY ME
LOCATION Type of Improvements Market Value
Encumbrance Monthly Payment
1.13941 Elmore Road House - 4 Acres 130 ,000. 00 30 , 000 . 00 360. 00
z.Siminons Shores Lake Lots 3 12, 000. 00
S.Haysmount Acres 10 Acre Lot 20, 000. 00
&Reading Mich Rental House & Lot 20, 000 . 00 10, 000. 00 144. 00
5.Mi1lCreek Pottsbow Texas House & Lot 30, 000,00 20, 000. 00 , 227. 00
Total as shown on statement $ 212, 000 . 00 $ 60, 000. 00
Annual income from above properties: 1 2
3 43,600. 00 b 2, 700. 00
SCHEDULE E INSTALLMENT NOTES OR NOTES PAYABLE ' -, '
Name of Bank, Company or Individual Address Original Amount Due
Amount Each Month Unpaid
Berthoud National Bank Berthoud, CO Balance
NOTE 7, 500. 00
C. I.T. Corp.
P.O. Box 22394 Denver
RPrthnnrl National Rank Berthoud, CO 4, 350. 00 68,000.00
3,351. 00 86, 000. 00
Total as shown on statement
General Information: ; 161,500. 00
The undersigned hereby certifies that the above statement and representations contained therein have been carefully read ant
onetitute a true and correct account of my financial condition as of the date indicated,
A. , teA 7-( / y,
Signature
') /
/� - � - �,
Date signed B. �L� -r�� IL,/ ,�
Signature
H - W LEASING
EQUIPMENT
SA 125 BARBER GREEN PAVER 125, 000
H & B SILOS TWO 110 TON WITH EQUIPMENT 130 , 000
JOHN DEERE 570 MOTOR GRADER 30 , 000
CAT D8 14A DOZER WITH SCRAPER & RIPER 10, 000
CAT D8 46A DOZER WITH SCRAPER & LAND PLANE 10 , 000
CAT 621 SCRAPER 30, 000
1984 CHEVY BLAZER 4 X 4 4,500
1980 FORD F350 PU 4 X 4 3 , 500
1979 GMC 1 TON PU 4, 500
1979 BRONCO 3,000
1978 FORD PU F150 2, 500
1977 FORD PU F250 2, 500
1979 ELDORADO CAMPER 1 , 000
1973 WINNIBAGO 4,000
1985 TRAVEL LONG TRAILER 6 , 000
1985 35 ' GOOSE NECK TRAILER 2, 500
1967 CLEMENT TRAILER 2, 000
1966 FORD PU 500
1970 DODGE PU 500
SMALL TOOLS & MISC. 6, 000
CASE TRACTOR 16 HR 4 , 000
$382, 000
P.O. Box 565
401 South College Avenue
Fort Collins,Colorado 80524
Telephone: (303)482-1100
40 United Bank
r$ of Fort Collins
National Association
November 21, 1986
Board of County Commissioners
Weld County, Colorado
This letter will serve to introduce Mr. & Mrs. Don Carlson, who are
currently customers of our Bank. Previously, they had been working
with our affiliate, United Bank of Longmont. Their history there
was for the period of 1979 thru 1984. During that time they maintained
both depository and loan accounts which were satisfactory.
We currently have a five (5) figure loan to the Carlson's for the benefit
of their project called Pine Lake Village. The project, from my
understanding, is in the final stages of approval through the various
state and county officials. I have informed the Carlsons of our
interest in the construction phase of this project. Our real estate
area cannot proceed with any of their preliminary work until the
permanent loan has been approved. Also from my understanding, part of
the construction phase will cover the Sanitation District rather than
separate financing being requested due to the relatively low loan to
total value ratio, which the permanent lender will be taking into
consideration. Please understand we are not being requested and have
not approved the construction loan at this time. It is our intention
once the project has been approved and a permanent lender has committed,
to process the request for construction funds. The request would be processed
under the current policies in existence at that time.
If any further information is required, please contact the undersigned.
S cerely,
Gary Erb
Vice President
GE:grg
f A �LYE
B N B „ ,_ te dj'#' ,64A, •
®,® ® ,., f .. ANK
BERTHOUD. COLORADO
November 18, 1986
1O WHOM IT MAY CONCERN:
This letter will serve to introduce Hallett Walston, a customer
of this bank. Mr. Walston has maintained deposit accounts with
us for approximately six years.
During this period of time, we have extended several loans to
him, with a high credit in excesss of $100,000.00. All of the
loans have been paid in a highly satisfactory manner.
Hal is presently planning construction of a wastewater
treatment facility at a projected cost of $226,000.00 . He
feels he can complete the project without borrowing any money.
We do not have a request to borrow money for this project, but
I feel confident should Mr. Walston make such a request, our
bank would act favorably on his application.
Very truly yours,
Darrell Baumer
Assistant Vice President
DB:mk
The Proucr
Equipmt in:,rr, nq
1385 S.Colorado
P.C.Box 2239
Denver.CC 5522?
303 758-7'..-1
CNovember 18, 1986
• ' I '
Equipment
Financing
To Whom It May Concern:
Below is the information pertinent to the pay record
of Hallett Walston dba H-W Leasing.
Opening Date: 12/12/84
High Credit: $154,989.99
Present Balance: $68,884.48
Terms: 36 months @ $4,305.28
Payment Record: As Agreed
1
. rc er
District Credit Manager
THE CIT GROUP/EQUIPMENT
FINANCING, INC.
f-° »1
19a
Landis & Associates, Inc.
Accounting & Taxes
November 17, 1986
To Whom It May Concern:
Landis and Associates, Inc. has been preparing Mr. and Mrs.
Hallet Walston's tax returns for the last seven years since 1979.
We have reviewed Mr. Walston's financials and to the best
of our knowledge these are fairly presented by the Walston's.
Sincerely ,
Lyle D. Landis
LANDIS & ASS0CIATES,INC.
3500 JFK Parkway 2503 Seventh Avenue 1528 N. Lincoln
DIFort Collins, CO 80525 Greeley, CO 80631 Loveland, CO 80537
(303) 226-3030 (303) 356-0050 (303) 663-4444
Filed Cur rtaid the La
'clock M.
RECORDER.
STATE OF COLORADO )
) SS.
COUNTY OF WELD )
DONALD J. CARLSON _ _ _ of the
City of Ft Collincounty of Weld , in the State of Colorado,
, being first duly sworn upon oath
deposes and says that Heritage Park Partnership
is the name under which a business or trade is being carried on at
7200 East State Highway 14 in the City of Ft . Collins
County of Weld and State of Colorado.
That the full first and surname and address of all persons who are
represented by the said name of Heritage Park Partnership
is as follows, to—wit:
Donald J. Carlson 7200 East State Hwy. 14
Ft. Collins, CO 80524
Patricia A. Carlson 7200 East State Hwy. 14
Ft. Collins, CO 80524
Hal let W. Walston 13941 Elmore Road
Longmont, CO 80502
Diane D. Walston 13941 Elmore Road
Longmont, CO 80502
That the affiant is the person carrying on said business
or trade under the name or style aforesaid.
.9 7 ,
tic/Subscribed and sworn to before me, this /Q day of 44.5e2m,/.4671,/ , 1926 .
My commission expires 9 19 er7.
Notary P bli
TRADE NAME AFFIDAVIT
IA
Kugler and Associates, Inc.
Financial and Business Consultants
a ``.(1'. ' _ .
kW 211986
November 18, 1986
Board of County Commissioners
Weld County Colorado
915 10th Street
Greeley, Colorado 80632
Re: Pine Lake Sanitation District
(Proposed)
Gentlemen:
I am writing to you as a follow-up to my letter of November 3, 1986,
regarding the proposed project set forth above.
In my letter of November 3, I set forth some factors which had been
taken into consideration in determining to include financing of the
waster water treatment facility as a part of the total financing
package for the expansion of Pine Lake Village Mobile Home Community.
I was originally involved in arranging the present financing on Pine
Lake Village which was extended by Gibralter Money Center, Inc. , San
Diego, California, a subsidiary of Gibralter Savings and Loan, one of
the largest savings and loans in the United States. I work not only
with that company, but various other institutional lenders to finance
mobile home parks as well as various other types of income producing
properties.
My career spans nearly two decades, during which time I have been
exclusively involved in the financial industry, including several
years as a CEO of commercial banks.
The project, as proposed, presents a very viable project, economically
speaking, and together with other factors which are present such as
location, proposed project design (lot sizes) and the abilities and
managerial experience of the principals, make it an extremely financable
project.
a212XMOBI OCatx t � • (402) 330-7609
3
Weld County Commissioners -2- November 18, 1986
I have enclosed a copy of my resume for your review. Should you have
other questions, or need additional information, please do not hesitate
to contact me.
Sincerely,
Dennis D. Kugle
President
Encl:
RESUME
Dennis D. Kugler Born: October 13, 1945
2212 South 160th St.
Omaha, Nebraska 68130 Phone: (402) 330-7609
Married, 5 children 5 feet 10 160 pounds Excellent Health
Business Experience
1983 to Present Kugler and Associates, Inc.
Formed own firm in 1983 to provide financial
and business management consulting services
to clientele in Colorado, Wyoming, Nebraska
and Iowa.
Consulting activities have been principally
in the following areas: (A) Financial instit-
utions - loan administration and policy
formulation, loan workout services, REO
dispositions and formulation of reorganization
plans for troubled borrowers, and conducting
of loan portfolio analysis for acquisition
of financial institutions. Major assignments
have included a six-month assignment for
Bank of Winter Park, Winter Park, Colorado,
during which time, arranged for disposition
of approximately $1,500,000 REO, resulting
in salavage of over $100,000 in probable
losses. (B) Legal counsel - have worked with
various attorneys representing debtors to
structure finances for presentation to lenders
and/or courts. (C) Mortgage consulting -
acted as mortgage consultant for various
commercial enterprises advising on structuring
and/or arranging of financing. Arranged nearly
$15,000,000 in financing 1983-1986.
1977-1983 During this period, was simultaneously
associated with the three (3) financial
institutions and their affiliated organizations,
in the capacities noted.
Dennis D. Kugler -2- Continued
Holyoke Adencyl Inc. , Holyoke, Colorado
A one-bank holding company conducting business
as a full-line insurance agency, and owning
two (2) subsidiaries: (A) Farmers State Bank
bf Holyoke, a $5,000,000 asset commercial
bank and (B) Agri Credit Corporation, a
$5,000,000 asset agricultural credit corporation.
Became associated with this organization in
January, 1977, as President of the commercial
bank and President of the agricultural credit
corporation. In 1978, reorganized the
organizational and financial structure of
the holding company and its subsidiaries, and
in addition to the above-mentioned positions,
became President of the Holding Company.
Reorganization led to the combined entities
earnings nearly 2% on assets in 1978 and 1979,
and growing from combined assets of $3,700,000
in 1977, to over $10,000,000 by 1981. Advanced
to Chairman of the Board of the commercial
bank in 1981, retaining all other titles.
Personally prepared, submitted and received
approval for a multi-bank holding company
to bring all the financial institituions
with which I was associated under one umbrella
in 1980; however, later withdrew the application
as stockholders of the three organizations
could not agree upon an equitable stock exchange
ratio. Resigned in May, 1983. to pursue other
interests.
Hereford Investment Co -L Hereford Colorado
Acquired the Hereford State Bank, Hereford,
Colorado, a $3,000,000 asset commercial bank
with a group of investors in August, 1978.
At the time of acquisition, the bank was
considered a "problem bank" by regulatory
agencies. During 1979, succeeded in turning
the condition of the bank around, with earnings
approaching 2% on assets. Was successful in
preparing and submitting an application for
a one-bank holding company, which was approved
by the Federal Reserve Bank of Kansas City.
Served as President of the bank from 1978-1980,
Chairman of the Board, 1980-1983, and President
and director of the holding company from its
formation to the time of my resignation in
May, 1983. Resigned to pursue other interests.
Dennis D. Kugler -3- Continued
Sedgwick County Bank, Julesburg, Colorado
Organizaed and chartered this bank in
July, 1981, (date of opening) . Was
personally responsible for putting together
investors to capitalize the bank, arranged
all financing, and completed application
for bank to become a member of the Federal
Reserve System. Worked closely with legal
counsel in the chartering process. Served
as Chairman of the Board from inception to
September, 1983, when I. resigned following
sale of my interest in the bank to pursue
other endeavors.
1975-1977 Citizens State Bank Lincoln, Nebraska
Became associated with this $14,000,000
commercial bank January, 1975, when an
investor group acquired the bank. Served
as Executive Vice President and Director,
with major responsibilities including
the overall administration of credit functions
and head of new business development.
Designed and impelemented an officer call
program which was very instrumental in
the bank realizing a nearly 50% growth
in assets during the period I was associated
with the bank. In addition, implemented
a completely revamped credit file system
which assured proper loan documentation,
control of delinquent accounts and proper
follow-up. Regulatory agencies complemented
our file system as one of the best they had
seen. Resigned in January, 1977, following
a change in control of the bank to accept a
position in Colorado.
1974-1975 First State Bank, Gothenburg, Nebraska
Associated with this commercial bank from
August, 1974, to January, 1975 as Vice
President, with responsibilities as commercial
and agricultural lending officer. Resigned
to accept position with greater potential.
$-,r
Dennis D. Kugler -4- Continued
1967-1974 Federal Deposit Insurance Corporation
Accepted position as examiner trainee following
graduation from college. Based in Lincoln,
Nebraska, I served as examiner of state,
nonmember banks in Eastern Nebraska and Western
Iowa. Involved in all phases of bank examination
and advanced through ranks to position of
Senior Examiner. Was Senior Examiner for the
Lincoln, Nebraska, office at the time of
my resignation to accept a position with
a commercial bank, August, 1974.
Education
1963-1967 University of Nebraska/ Lincoln, Nebraska
Bachelor of Science Degree in Business
Administration. Major emphasis in insurance,
marketing and economics.
1968 United'States Army
Enlisted, September,1967, as officer
candidate. Was one of top ten (10)
candidates from midwestern area tested
in Des Moines, Iowa. Received medical
discharge in February, 1968, due to total
hearing loss in left ear.
early background Small town background. Grew up in central
Nebraska. Graduated from Callaway, Nebraska,
high school, 1963.
business honors Past member Board of Directors, Missouri Valley
Chapter of Robert Morris Associates; accepted
for attendance to Commercial Lending School
for Senior Credit Officers, University of
Indiana, Bloomington, Indiana, 1976; graduate
of Agricultural Credit School, Iowa State
University, Ames, Iowa, 1974; Member of
Faculty, Colorado Graduate School of Banking,
Boulder, Colorado, 1980-1982.
licenses Licensed insurance broker - State of Colorado;
Registered mortgage broker - State of Colorado.
hobbies duffer golf, fishing, numismatics and reading.
references will be supplied upon request.
mEmoRAnDum
hiDe To Roerd of county ro,mnissiovers Date November 17 19A6
COLORADO From Dnnald 11 Wardon, Dirnrtnr of Finnnrp k Adminiatratinn
Subject: Pinn T,aka Sanitatinn PisstrirS
As indicated in the attached September 30, 1986 memorandum to Chuck
Cunliffe regarding the financial feasibility of the Pine Lake Sanitation
District, a final financial feasibility recommendation for the district can
only be provided after the developer has submitted evidence that he has
secured financial commitments for the financing of the plant and land, or
demonstrates the financial ability to fully fund the project with personal
financing. As of this date, no such data has beer. submitted.
This application is being reviewed against the same standard of financial
feasibility applied to previous special district applications and
industrial revenue bond applications. The attached examples of letter of
intents regarding financing of the projects were provided to the applicant.
It is not recommended that the Board approve the service plan without
acceptable evidence of financial feasibility. Although no legal liability
may exist for the Board in the event of financial failure, county
responsibility may develop to provide services to the district in the event
of financial failure of the district. This would be especially true in the
case of a sanitation district with a number of households dependent upon
the service for health reasons.
Unless the requested data is submitted, this office would not recommend
favorable approval of the service plan at this time.
4 BNB
THE BERTHOUD NATIONAL BANK
BERTHOUD. COLORADO
November 4, 1986
TO WHOM IT MAY CONCERN:
From our viewpoint, to make a long term loan
committment on any construction project that
has not been county approved and designed to
standard engineering specifications would be
an imprudent lending process.
1.,1// \.. 1rrti1-rye_4. i
Darrell I3aumer
Ass't Vice President
if%\.
Kugler and Associates, Inc. c
Financial and Business Consultants
44014 4
November 3, 1386
Board of County Commissioners
Weld County Colorado
915 10th Street
Greeley, Colorado
Re: Pine Lake Sanitation District
(Proposed)
Gentlemen:
My firm has been retained by the principals of the subject project to
assist in obtaining financing for the subject project.
The proposed sanitation district is presently designed to provide waste
water treatment facilities for Pine Lake Village, a mobile home community.
At the present time, the mobile home community consists of 34 spaces; however,
the wastewater treatment facility is to be constructed in conjunction
with an expansion of the mobile home community, which will result in the
community having a total of 212 mobile home spaces.
This letter is to advise you that after a review and analysis of all the
pertinent information relating to the expansion of the mobile home community,
it has been determined that financing of the waste water treatment facility
will be included in the total financing package for the park as a whole, rather
than utilizing some separate form of financing for the sanitation district,
such as a bond issue. This determination has been made for the following
reasons:
1. To finance the waste water treatment facility through use of
a bond issue or other separate financing instrument will be
more expensive than including the cost of the facility in the
total financing package.
2. Income to be generated from the project will be sufficiently
adequate to retire the entire indebtedness of the project,
including the cost of the waste water treatment facility.
3. By inclusion of the costs of the waste water treatment facility
in the project, we are still well within the generally accepted
$guidelines for financing OO�� of this project,gg������ with respect g, �( �� � to amount
2212x$ {a S$.. �.5'FXiCX�Qd$X Q eME�1X8�7r@4 • X3a3�h3 8721609
Weld County Commissioners -2 November 3, 1986
of loan required in relationship to the overall value of
the collateral offered, i. e. , the mobile home park and the
waste water treatment facility.
We have at least three (3) lending insitutions with whom we work on a
fairly regular basis, who routinely providing financing for mobile home
communities who have expressed an interest in providing financing for
this project, and will be making final submissions to them within the
next week to ten (10) days to allow them the opportunity to bid on the
financing for this project. We feel very confident that formal commitments
for the project will be forthcoming within the very near future.
If there are any questions, please do not hesitate to contact me.
Sincerely,
fbeZA-64, #144_e_
Dennis D. Kugler
President
STATE OF COLORADO
DIVISION OF HIGHWAYS
iE�1 op H
P.O. Box 850 1J S.
Greeley, Colorado 80632-0850 ,•; "
(303)353-1232 ` ,` „„ ,
e or coo.,
October 24, 1986 Weld Co. , S.H. 14
Pine Lake Sanitation
District, z Mi. W. of
Jct. S.H. 257 on S.
Side S.H. 14
Ms. Debbie de Besche
Department of Planning Services DOH File 45100
Weld County
915 10th Street
Greeley, CO 80631
Dear Ms. de Besche:
We have reviewed the proposed Pine Lake Sanitation District and find
no conflicts with our interests. We would like to remind the developer
of our previous comments regarding the following: requirements for access
to State Highway 14; additional highway right of way; noise abatement;
drainage concerns; and utility connections in S.H. l4 right of way. These
issues were covered in our comments on the various Carlson applications
to Weld County.
Thank you for the opportunity to review this proposed sanitation
district. Please contact Wally Jacobson if you have any questions.
Very truly yours,
ALBERT CHOTVACS
DISTRICT ENGINEER
John K. Crier .cipvi
Distric Planning/Environmental M¢nager
JKC:mbc(WJ)
cc: Crier-Jacobson via Chotvacs
1986
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LAND-USE APPLICATION
SUMMARY SHEET
Date: October 28, 1986
CASE NUMBER: Pine Lake Sanitation District Service Plan
NAME: Thomas E. Hellerich
ADDRESS: 630 Greeley National Plaza, Greeley, CO 80631
REQUEST: To review a service plan pursuant to Section 32-1-201 et seq.
C.R.S. for a proposed sanitation district
LEGAL DESCRIPTION: Part of Section 17, T7N, R67W of the 6th P.M. , Weld
County, Colorado
LOCATION: South of Highway 14 and west of Highway 257
SIZE OF PARCEL: 88.47 acres, more or less
POSSIBLE ISSUES SUMMARIZED FROM APPLICATION MATERIALS:
The procedure for review by the Planning Commission and the Board of County
Commissioners has been included in the land-use summary.
The Department of Planning Services staff has received specific
recommendations from the following agencies:
- U. S. Corps of Engineers
- Larimer Weld Regional Council of Governments
- Water Supply and Storage
- Don Warden, Weld County Director of Finance
I have included all referral responses in this land-use summary.
S
32-1-203. Action on service plan - criteria. (1) The
board of county commissioners of each county which has
territory included within the proposed special district, OTHER
THAN A PROPOSED SPECIAL DISTRICT WHICH IS CONTAINED ENTIRELY
WITHIN THE BOUNDARIES OF A MUNICIPALITY, shall constitute the
approving authority under this part 2 and shall review any
service plan filed by the petitioners of any proposed special
district. With reference to the review of any service plan,
the board of county commissioners has the following authority:
(a) To approve without condition or modification the
service plan submitted; by--the--petitioners--of--e--proposed
specie}-district;
(b) To disapprove the service plan submitted; by-the
petitioners-of-a-proposed-speciei-district;
(c) To conditionally approve the service plan submitted
by--the--petitioners-of-e-proposed-speciai-district subject to
the submission of additional information relating to or the
modification of the proposed service plan.
(2.5) The board of county commissioners may disapprove
the service plan if evidence satisfactory to the board of any
of the following, at the discretion of the board, is not
presented:
(a) Adequate service is not, or will not be, available
to the ' area through the county, other existing municipal or
quasi-municipal corporations, including existing special
districts, within a reasonable time and on a comparable basis;
(b) The facility and service standards of the proposed
special district are compatible with the f_c.lity and service
standards of each county within which the proposed special
district is to be located and each municipality which is an
interested party under section 32-i-204 (1);
(c) The proposal is in substantial compliance with a
master plan adopted pursuant to section 30-28-106, C.R.S. ;
(d) The proposal is in compliance with any duly adopted
county, regional, or state long-range water quality management
plan for the area;
(e) The creation of the proposed special district will
be in the best interests of the area proposed to be served.
(5) In the case of a proposed hospital district,
submission to the board of county commissioners by the
petitioners of a certified copy of cn approved certificate of
public necessity issued by the health facilities review
council of the department of health shall constitute
compliance with subsections (2) and (2.5) of this section.
SECTION 5. 32-1-203 (2), Colorado Revised Statutes, as
amended, is REPEALED AND REENACTED, WITH AMENDMENTS, to read:
32-1-203. Action on service plan - criteria. (2) The
board of county commissioners shall disapprove the service
plan unless'evidence satisfactory to the board of each of the
following is presented:
(a) There is sufficient existing and projected need for
organized service in the area to be serviced by the proposed
special district;
(b) The existing service in the area to be served by the
proposed special district is inadequate for present and
projected needs;
(c) The proposed special district is capable of
providing economical and sufficient service to the area within
its proposed boundaries;
(d) The area to be included in the proposed special ¢ ""a' ...
district has, or will have the financial ability to discharge
the proposed indebtedness on a reasonable basis.
October 23, 1986
Ms. Debbie deBesche
Department of Planning Services
915 10th Street
Greeley, CO 80631
Subject: Proposed Pine Lake Sanitation District
Dear Ms. deBesche:
In response to your request for comments on the subject proposed district, we
offer the following. Final approval of the formation of +he new sanitation
district will require that an amendment be made to the Areawide Water Quality
Management Plan for the Larimer - Weld Region. This amendment would
incorporate a description of the district and its services into the plan.
The amendment is subject to approval by the Council of Governments' Board and
then the Colorado Water Quality Control Commission. The complete process will
require a time period of from four to six months. Therefore, the applicant
should submit a request for a plan amendment as soon as they can.
Thank ynu for the opportunity to comment.
Sincerely,,
--/ /
/Dave DuBois
Water Quality Manager
DD:lm
P_I 1 r\y� l-1
�J hi J I -
1
'Weld Co. ?lalhlluk t WTUIIISS1011
of cozo
RICHARD D. LAMM
Q' , I O JERIS A. DANIELSON
-( p
Governor �, State Engineer
* / ,,, .
* 1876
OFFICE OF THE STATE ENGINEER
DIVISION OF WATER RESOURCES
1313 Sherman Street-Room 818
Denver, Colorado 80203
(303) 866-3581
October 21, 1986
Ms. Debbie DeBesche
Weld County Planning Department
915 10th Street
Greeley, CO 80631
RE: Pine Lake Sanitation District
Dear Ms. DeBesche:
We have reviewed the above referenced referral for the formation of
the Pine Lake Sanitation District. We have no specific comments. We would
suggest that the North Weld County Water District and Northern Colorado
Water Conservancy District be notified of this proposal if they have not
previously been notified.
Sincerely,b A ,„
Hal D. Simpsan, P.E.
Deputy State Engineer
HDS/JRH:cic
cc: Alan Berryman, Div. Eng.
3tIt
�� titlr ,,
1986
1
'!eld Co. ?Wilma i;nmintssion
DINNER, HELLERICH AND LAZAR
ATTORNEYS AND COUNSELORS AT LAW
MELVIN DINNER 630 GREELEY NATIONAL PLAZA
THOMAS E.HELLERICH GREELEY.COLORADO 80631
MICHAEL A.LAZAR 1303)352-2081
ELIZABETH B STROBEL
CHARLES 3.CONNELL
WELD COVNrY CCm'!Ie ifol.pS
October 13, 1986 ;117 ''-.,: f
,l 0CT 1 41986 );! I
Mary Ann Feuerstein GREELEY. COLO.
Weld County Clerk and Recorder
915 Tenth Avenue
Greeley, CO 80631
Re: Pine Lake Sanitation District
Dear Ms. Feuerstein:
Attached hereto is the Service Plan of Pine Lake Sanitation District
pursuant to C.R.S. (1973) 13-1-202. I am submitting the service
plan for filing and processing.
Ve truly yours,
e
HOGMa: E. HEL1 :;cH
Attorney at Law
TEH:cs
Enclosure
l
REFERRAL LIST
APPLICANT: Thomas E. Hellerich CASE NUMBER: none
SENT REFERRALS OUT: October 7, 1986 REFERRALS TO BE RECEIVED BY: October 27, 1986
NO S NR— NO SR NR
County
X Attorney /j X U.S. Army Corp of
V Engineers
X Weld County Health Dept. 9300 State Highway 75
Littleton, CO 80123-6901
// X Engineering Department
VVy X Water Supply & Storage
X Don Warden, Director of Finance 2319 E. Mulberry
Weld County P.O. Box 1584
Ft. Collins, CO 80572
✓ X Rick Dill, Undersheriff
Weld County X Union Pacific Corp.
Rocky Mtn. Energy
X Weld County Ambulance Service 10 Long's Peak Drive
1502 Hospital Road Box 2000
Greeley, CO 80631 Broomfield, CO 80020
/ X Larimer-Weld Regional Council k..7-...-- X Fort Collins Soil
V'
of Governments Conservation District
c/o David F. Dubois Suite 25
873 North Cleveland 2625 Red Wing Road
Loveland, CO 80537-5716 / Ft. Collins, CO 80526
/ X State Engineer / X North Weld County
�/ Division of Water Resources VVV Water District
1313 Sherman St. , Room 818 P.O. Box 56
Denver, CO 80203 / Lucerne, CO 80646
X State Highway Department , / X Poudre Fire Authority
1420 2nd Street VVV 238 Walnut
Greeley, CO 80631 Ft. Collins, CO 80524
X Colorado Department of Health X City of Fort Collins
Water Quality Control Division Planning Department
4210 East 11th Avenue 300 La Porte Avenue
Denver, CO 80220 Ft. Collins, CO 80572
X Larimer County Planning Department
P.O. Box 1190
Fort Collins, CO 80522
X James R. Raine, Supertendent
Weld County School District RE-4
301 Walnut Street
P.O. Box 609
Windsor, CO 80550
NO=No Objection
SR=Specific Recommendations
NR=No Response
County Attorney
DEPAR<tbs."re .�.t ,i
le t .
COLORADO
•
October 6, 1986
TO WHOM IT MAY CONCERN:
Enclosed is an application from Thomas Hellerich, Attorney at Law, for the
formation of the Pine Lake Sanitation District. The proposed district is
located approximately 6 miles north of Windsor; south of Colorado State
Highway 14 and east of Weld county Road 15.
This application is submitted to your office for review and recommendations.
Any comments or recommendations you consider relevant to this request would
be appreciated. Your prompt reply will help to facilitate the processing of
the proposal and will ensure prompt consideration of your recommendations.
If a response from your office is not received within twenty (20) days of
mailing from our office, it may be interpreted to mean approval by your
office. If you are unable to respond within the twenty (20) days (but wish
to do so at a later date) please notify our office to that effect.
Check the appropriate boxes below and return to our address listed above.
Please reply by October 27, 1986, so that we may give full consideration to
your recommendation. Thank you very much for your help and cooperation in
this matter.
1. We have reviewed the proposal and find no conflicts with our
interests.
2. A formal recommendation is under consideration and will be
submitted prior to .
3. Please
refer to the enclosed w— .�.
c Signedi Yte_ // 1 �14,frkk Agency: Cc a+ w Date: /S k
Q�Q uc n.. _7/7! 'l - a ri idr/e4 I� � }�_
Jas 11/444.6.----, 4 cur- U� O "A f'
0-117-C; 1 b exiLci .2 cAfittahr . r
Debbie deBesche
Current Planner _ — .
o9�I��a,a �y
, � . _ 1986
Cleld to. Plsnnin¢fi. 15t!ssiCP , .,
Engine qg Department 'ICES
,s i�L.� xT.naoo
,qF` Y�Y_ EaT'.�7+�'-� STREET
i" i )O 80631
yy
.
4 a ®
COLORADO
. October 6, 1986
TO WHOM IT MAY CONCERN:
Enclosed is an application from Thomas Hellerich, Attorney at Law, for the
formation of the Pine Lake Sanitation District. The proposed district is
located approximately 6 miles north of Windsor; south of Colorado State
Highway 14 and east of Weld county Road 15.
This application is submitted to your office for review and recommendations.
Any comments or recommendations you consider relevant to this request would
be appreciated. Your prompt reply will help to facilitate the processing of
the proposal and will ensure prompt consideration of your recommendations.
If a response from your office is not received within twenty (20) days of
mailing from our office, it may be interpreted to mean approval by your
office. If you are unable to respond within the twenty (20) days (but wish
to do so at a later date) please notify our office to that effect.
Check the appropriate boxes below and return to our address listed above.
Please reply by October 27, 1986, so that we may give full consideration to
your recommendation. Thank you very much for your help and cooperation in
this matter.
1. x We have reviewed the proposal and find no conflicts with our
interests.
2. A formal recommendation is under consideration and will be
submitted prior to
3. ea `refer to the enclosed letter.
) Signed: !Sj\ ! `-\ pis Agency: h' jy) cer1 rl `f Date: ICit iG( 'F,
au; diii_t c-LQ
Debbie deBesche
Current Planner
DEf Don Warden ES
I/a Director of Finance 1400
EET
(t ' 1 631
{
Ot 3
SiL
COLORADO
October 6, 1986
TO WHOM IT MAY CONCERN:
Enclosed is an application from Thomas Hellerich, Attorney at Law, for the
formation of the Pine Lake Sanitation District. The proposed district is
located approximately 6 miles north of Windsor; south of Colorado State
Highway 14 and east of Weld county Road 15.
This application is submitted to your office for review and recommendations.
Any comments or recommendations you consider relevant to this request would
be appreciated. Your prompt reply will help to facilitate the processing of
the proposal and will ensure prompt consideration of your recommendations.
If a response from your office is not received within twenty (20) days of
mailing from our office, it may be interpreted to mean approval by your
office. If you are unable to respond within the twenty (20) days (but wish
to do so at a later date) please notify our office to that effect.
Check the appropriate boxes below and return to our address listed above.
Please reply by October 27, 1986, so that we may give full consideration to
your recommendation. Thank you very much for your help and cooperation in
this matter.
1. We have reviewed the proposal and find no conflicts with our
interests.
2. A formal recommendation is under consideration and will be
submitted rior to
3. )( Please,�r�f i �o�/ theJenclosed/letter../ / v/
Signed: '7z--'/..' /� , //;"d4.'GT''�A ency: .('L�/U �' Date:44/57-7
�i
�
Ko o � ��i�.lCl[r
Debbie deBesche
Current Planner J 1 1986
Weld Co. Planoiog ConuJJ&log
DE Ric 'ill, Under Sheriff )ES
Wel& aunty 4400
1St �11 sae PE ET
.,�,, ., P E E�
t a o
COLORADO
October 6, 1986
• TO WHOM IT MAY CONCERN:
Enclosed is an application from Thomas Hellerich, Attorney at Law, for the
formation of the Pine Lake Sanitation District. The proposed district is
located approximately 6 miles north of Windsor; south of Colorado State
Highway 14 and east of Weld county Road 15.
This application is submitted to your office for review and recommendations.
Any comments or recommendations you consider relevant to this request would
be appreciated. Your prompt reply will help to facilitate the processing of
the proposal and will ensure prompt consideration of your recommendations.
If a response from your office is not received within twenty (20) days of
mailing from our office, it may be interpreted to mean approval by your
office. If you are unable to respond within the twenty (20) days (but wish
to do so at a later date) please notify our office to that effect.
Check the appropriate boxes below and return to our address listed above.
Please reply by October 27, 1986, so that we may give full consideration to
your recommendation. Thank you very much for your help and cooperation in
this matter.
1. '! We have reviewed the proposal and find no conflicts with our
interests.
2. A formal recommendation is under consideration and will be
submitted prior to
3. Please refer to the enclosed letter.
Signed: Agency: . , Date:
tiliter d__Q
Debbie deBesche yrd Rr., ' F'`1
Current Planner
�"�',C�p��
1980
Meld to. Mauna i.O111114-014
DEPART, , iNT OF PLANNING SERVICES
` C'' 1' PHONE(303)356-4000 EXT. 4400
-' 915 10th STREET
rte. �^ t GREELEY, COLORADO 80631
_ €
•
„Lc.. .
COLORADO
October 6, 1986
•
•
TO WHOM IT MAY CONCERN:
Enclosed is an application from Thomas Hellerich, Attorney at Law, for the
formation of the Pine Lake Sanitation District. The proposed district is
located approximately 6 miles north of Windsor; south of Colorado State
Highway 14 and east of Weld county Road 15.
This application is submitted to your office for review and recommendations.
Any comments or recommendations you consider relevant to this request would
be appreciated. Your prompt reply will help to facilitate the processing of
the proposal and will ensure prompt consideration of your recommendations.
If a response from your office is not received within twenty (20) days of
mailing from our office, it may be interpreted to mean approval by your
office. If you are unable to respond within the twenty (20) days (but wish
to do so at a later date) please notify our office to that effect.
Check the appropriate boxes below and return to our address listed above.
Please reply by October 27, 1986, so that we may give full consideration to
your recommendation. Thank you very much for your help and cooperation in
this matter.
1. We have reviewed the proposal and find no conflicts with our
interests.
2. A formal recommendation is under consideration and will be
submitted prior to
3. I," Please refer to the enclosed letter.
E Signe �� '
, ��r .ty �iti"� Agency: /,tin,,,�d LGPIJ 8(GDate:
is%41/F-{
•
tailtir rb cl__Q
Debbie deBesche
Current Planner 3 ' 44'r
DL`—
t eId Co. Phnom Gnmmissiw
DEPART. -NT OF PLANNING SERVICES
,+ `.z e PHONE(303)356-4000 EXT. 4400
'+�` e V' 915 10th STREET
*so ' y GREELEY,COLORADO 80631
X b
•
rd. ce`.q.; ({�+ r
COLORADO
October 6, 1986
TO WHOM IT MAY. CONCERN:
Enclosed is an application from Thomas Hellerich, Attorney ac Law, for the
formation of the Pine Lake Sanitation District. The proposed district is
located approximately 6 miles north of Windsor; south of Colorado State
Highway 14 and east of Weld county Road 15.
This application is submitted to your office for review and recommendations.
Any comments or recommendations you consider relevant to this request would
be appreciated. Your prompt reply will help to facilitate the processing of
the proposal and will ensure prompt consideration of your recommendations.
If a response from your office is not received within twenty (20) days of
mailing from our office, it may be interpreted to mean approval by your
office. If you are unable to respond within the twenty (20) days (but wish
to do so at a later date) please notify our office to that effect.
Check the appropriate boxes below and return to our address listed above.
Please reply by October 27, 1986, so that we may give full consideration to
your recommendation. Thank you very much for your help and cooperation in
this matter.
1. We have reviewed the proposal and find no conflicts with our
interests.
2. A formal recommendation is under consideration and will be
submitted prior to
3. X Please refer to the enclosed letter. ,4Foarn gTo,J.
Signed: _ It, yoyan Agency: ( ngP5 op (7, pate: jy OCT
Debbie deBesche
Current Planner
\(
I p
tl, 1986 1
ii..
. .. ... ..... `��eh� co Vh,nuwk
{ DEPAR1\ NT OF PLANNING SERVICES
r ` ' �' PHONE(303)356-4000 EXT. 4400
•
? '' '' 915 10th STREET
el �� GREELEY,COLORADO 80631
4444
z
Tx r.
COLORADO
October 6, 1986
• TO WHOM IT MAY CONCERN:
Enclosed is an application from Thomas Hellerich, Attorney at Law, for the
formation of the Pine Lake Sanitation District. The proposed district is
located approximately 6 miles north of Windsor; south of Colorado State
Highway 14 and east of Weld county Road 15.
This application is submitted to your office for review and recommendations.
Any comments ox recommendations you consider relevant to this request would
be appreciated. Your prompt reply will help to facilitate the processing of
the proposal and will ensure prompt consideration of your recommendations.
If a response from your office is not received within twenty (20) days of
mailing from our office, it may be interpreted to mean approval by your
•
office. If you are unable to respond within the twenty (20) days (but wish
to do so at a later date) please notify our office to that effect.
Check the appropriate boxes below and return to our address listed above.
Please reply by October 27, 1986, so that we may give full consideration to
your recommendation. Thank you very much for your help and cooperation in
this matter/.
1. We have reviewed the proposal and find no conflicts with our
interests.
2. A formal recommendation is under consideration and will be
/ submitted prior to
3. r/ Please refer to the enclosed letter.
LUidt� 0 4. „
^ v, /f,'/^ Till Agency: §' EC'-n - Date: to oi,
Signed: `V/g..(r r �� � ��
/ li-en ,--bc_LQ_
Debbie deBesche
Current Planner by
IV
11, J"' ' t .... I
Pc. - 4lEIn Cu. Planrnn2 iimnnissf3B
DEPART` -NT OF PLANNING SERVICES
�' � PHONE 303)1 356a EXT. 4400
A6 91510:0 STREET
rift1 GREELEY, COLORADO 80631
I I
µ •
COLORADO
s
1
I October 6, 1986
I
TO WHOM IT MAY CONCERN:
Enclosed is an application from Thomas Hellerich, Attorney at Law, for the
formation of the Pine Lake Sanitation District. The proposed district is
located approximately 6 miles north of Windsor; south of Colorado State
Highway 14 and east of Weld county Road 15.
This application is submitted to your office for review and recommendations.
Any comments or recommendations you consider relevant to this request would
be appreciated. Your prompt reply will help to facilitate the processing of
the proposal and will ensure prompt consideration of your recommendations.
If a response from your office is not received within twenty (20) days of
mailing from our office, it may be interpreted to mean approval by your
office. If you are unable to respond within the twenty (20) days (but wish
to do so at a later date) please notify our office to that effect.
Check the appropriate boxes below and return to our address listed above.
• Please reply by October 27, 1986, so that we may give full consideration to
your recommendation. Thank you very much for your help and cooperation in
this matter.
1. We have reviewed the proposal and find no conflicts with our
interests.
2. A formal recommendation is under consideration and will be
submitted prior to
3. - Please refer to the enclosed letter.
! Signed: �,L c�, ri L ck.�Pa� Agency: G�1,� '47-S C Date: l p
i
tiller (Io
Debbie deBesche
Current Planner ^r _ r `r ` �f
D rD
II(
1 1986
1
` 11 k, ___lam
CC
., _ 'delft CO. PI tuffilk o)1np1ismi.
r DEPART NT OF PLANNING SERVICES
s ¢ PHONE(303)356-,000 EXT. a<00
Y ` 915 10th STREET
�+� ; GREELEY,COLORADO 80631
COLORADO
October 6, 1986
TO WHOM IT MAY CONCERN:
Enclosed is an application from Thomas Hellerich, Attorney at Law, for the
formation of the Pine Lake Sanitation District. The proposed district is
located approximately 6 miles north of Windsor; south of Colorado State
Highway 14 and east of Weld county Road 15.
This application is submitted to your office for review and recommendations.
Any comments or recommendations you consider relevant to this request would
be appreciated. Your prompt reply will help to facilitate the processing of
the proposal and will ensure prompt consideration of your recommendations.
If a response from your office is not received within twenty (20) days of
mailing from our office, it may be interpreted to mean approval by your
office. If you are unable to respond within the twenty (20) days (but wish
to do so at a later date) please notify our office to that effect.
Check the appropriate boxes below and return to our address listed above.
Please reply by October 27, 1986, so that we may give full consideration to
your recommendation. Thank you very much for your help and cooperation in
this matter.
1. X We have reviewed the proposal and find no conflicts with our
interests.
2. A formal recommendation is under consideration and will be
submitted prior to
3. Please r fer to the enclosed letter.
i iJ 9-rd /Signe • Agency:APTAGe'7p(IJa)¢7LU, Date: /6//B$
sI�.ST.
illit; (1,9„8_..te).e_l_o
Debbie deBesche
Current Planner
I 101986
re 14eId Co. Plannine commission
.` s1
DEPART` NT OF PLANNING SERVICES
+ sr .� PHONE(303)356-4000 EXT. aa00
-,,,{
�.or,�- icemik., 915 10th STREET
r q 1 GREELEY, COLORADO 80631
L1i i
tint i1/4% Nt-fnr.
COLORADO
October 6, 1986
TO WHOM IT MAY CONCERN:
Enclosed is an application from Thomas Hellerich, Attorney at Law, for the
formation of the Pine Lake Sanitation District. The proposed district is
located approximately 6 miles north of Windsor; south of Colorado State
Highway 14 and east of Weld county Road 15.
This application is submitted to your office for review and recommendations.
Any comments or recommendations you consider relevant to this request would
be appreciated. Your prompt reply will help to facilitate the processing of
the proposal and will ensure prompt consideration of your recommendations.
If a response from your office is not received within twenty (20) days of
mailing from our office, it may be interpreted to mean approval by your
office. If you are unable to respond within the twenty (20) days (but wish
to do so at a later date) please notify our office to that effect.
Check the appropriate boxes below and return to our address listed above.
Please reply by October 27, 1986, so that we may give full consideration to
your recommendation. Thank you very much for your help and cooperation in
this matter.
1. X We have reviewed the proposal and find no conflicts with our
interests.
2. A formal recommendation is under consideration and will be
submitted prior to
3. P ase refer to he enclosed letter. _��_
Signed: ri .47
Agency: 4-..i to e`y
apt) iiitizixi
f2._
Debbie deBesche
Current Planner LET�,�-y ti r r?�1-
1,9186
Weld Co. Plaeuoiti domtrass;ot,
Aptetcf160
Avg
(Th
thEmoRAnDurn
IllicTo Chuck Cuntiffe. Planning Date _ September 30, 1986 if
COLORADO From Donald D. Warden. Director of Finance and Administration
Subject: Pine Lake Sanitation District
A financial analysis of the service plan of the Pine Lake Sanitation
District has been done by this office. Based upon the data submitted the
service plan is financially feasible assuming the developer has the ability
to privately finance the sewage treatment plant and land costa of $226,776.
Since the financial feasibility of the district rests solely on the
financial ability of the developer it is recommended that the service plan
only be approved once the developer has submitted evidence that he has
secured financial commitments for the financing of plant and land, or
demonstrates the financial ability to fully fund the project with personal
financing. The approach is highly unusual for a public entity's financial
feasibility to be dependent solely upon one developer or property owner.
On-going operational and maintenance costs also appear dependent upon a
private contractual arrangement for the District to receive revenue from
park space rental income. This contractual arrangement again makes the
district dependent upon private parties, but appears financially feasible.
If the arrangement did not work out the district could resort to
assessments like most sanitation districts.
A final financial feasibility recommendation for the district can only be
provided after data requested in the above first paragraph is submitted for
review. Unless requested data is submitted, this office would not recommend
favorable approval of the service plan at this time.
o E157E
19.5
Weld Co. Planning Commission
„Jo r Or
of DEPARTMENT OF 'THE ARMY
aF” 2 OMAHA DISTRICT, CORPS OF ENGINEERS
4 6014 U.S. POST OFFICE AND COURTHOUSE
o OMAHA. NEBRASKA 68102-4978
June 13, 1986
REPLY TO
ATTENTION OF
Regulatory Branch .
P. 0. Box 5, Omaha, NE 68101-0005
Don Carlson
Pine Lake Village
7200 East State Highway 14
Fort Collins, Colorado 80524
Dear Mr. Carlson:
Your proposal to place fill material in an isolated 3.5 acre wetland
four miles east of Fort Collins has been reviewed by this office. The
project site is in the northwest quarter of Section 17, Township 7
North, Range 67 West, Weld County, Colorado.
It has been determined that your proposed work will not require
an individual Department of the Army permit. This determination is
based on performance of the 3.5 acre mitigation proposal included in
your application. This mitigation area is to be maintained in
perpetuity.
Nationwide permits for specific construction activities or the
discharge of dredged or fill material into certain waters of the United
States were issued in the Federal Regulations published in the Federal
Register dated October 5, 1984, under 33 C.F.R. §330.5. Your activity
is covered by Nationwide Permit Number 26. Enclosed is a Fact Sheet
which describes that Nationwide permit and its associated conditions
and management practices. If the Nationwide permit conditions will
be satisfied, no processing for an individual Department of the Army
permit will be required.
Although an individual Department of the Army permit may not be
required for the project, this does not eliminate the requirement that
you obtain other applicable Federal , state and local permits as required.
This letter confirms your June 11, 1986 telephone conversation
with my office. Should you have any questions, please contact our
Regulatory Branch by letter, or telephone Mr. Jerry Tworek of my staff
at (402) 221-4173 and refer to Nationwide Permit Application Number
CO-86-67.
Sincerely,
Eldon E. Strine
Chief, Western Processing Section
Regulatory Branch
Operations Division
Enc sures ,
Copy Furnished:
Platte River Resident Office
FACT SHEET #26
•
33 CFR 4 330.5 Nationwide Permits
(a) Authorized activities. The following activities, including discharges
of dredged or fill material, are hereby permitted provided the conditions listed
in paragraph (b) of this section are met.
(26) Discharges of dredged or fill material into the waters listed
in paragraphs (a)(26)(i) and (ii) of this section.
(i) Non-tidal rivers, streams, and their lakes and
impoundments, including adjacent wetlands, that are located
above the headwaters.
(ii) Other non-tidal waters of the United States, including
adjacent wetlands, that are not part of a surface tributary
system to interstate waters or navigable waters of the United
States (i.e. isolated waters).
(b) Conditions. The following special conditions must be followed in order
for the nationwide permits identified in paragraph (a) of this section to be valid:
(1) That any discharge of dredged or fill material will not occur in
the proximity of a public water supply intake;
(2) That any discharge of dredged or fill material will not occur in
areas of concentrated shellfish production unless the discharge is directly related
to a shellfish harvesting activity.
(3) That the activity will not jeopardize a threatened or endangered
species as identified under the Endangered Species Act, or destroy or adversely
modify the critical habitat of such species;
(4) That the activity will not significantly disrupt the movement of
those species of aquatic life indigenous to the waterbody (unless the primary
purpose of the fill is to impound water);
(5) That any discharge of dredged or fill material will consist of
suitable material free from toxic pollutants in toxic amounts;
(6) That any structure or fill authorized will be properly maintained;
(7) That the activity will not occur in a component of the National
Wild and Scenic River System; and
(8) That the activity will not cause an unacceptable interference with
nadigation.
(9) That the best management practices listed in S 330.6 of this Part
shdUld be followed to the maximum extent practicable.
S 330.6 Management Practices. •
(a) In addition to the conditions specified in f 330.5(b) of this Part,
the following management practices should be followed, to the maximum extent practi-
cable, in the discharge of dredged or fill material under nationwide permits in
order to minimize the adverse effects of these discharges on the aquatic environment.
Pailure to comply with these practices may be cause for the district engineer
to recommend or the division engineer to take discretionary authority to regulate
the activity on an individual or regional basis.
(1) Discharges of dredged or fill material into waters of the United
States shall be avoided or minimized through the use of other practical alternatives.
(2) Discharges in spawning areas during spawning seasons shall be avoided.
(3) Discharges shall not restrict or impede the movement of aquatic
species indigenous to the waters or the passage of normal br expected high flows
or cause the relocation of the water (unless the primary purpose of the fill is
to impound waters).
(4) If the discharge creates an impoundment of water, adverse impacts
on the aquatic system caused by the accelerated passage of water and/or the restric-
tion of its flow, shall be minimized.
(5) Discharge in wetlands areas shall be avoided.
(6) Heavy equipment working in wetlands shall be placed on mats.
(7) Discharges into breeding areas of migratory waterfowl shall be
avoided.
(8) All temporary fills shall be removed in their entirety.
to ��1�7��aCltyj E--,
-ter.
�e19 Co. Plm000k hoinmissioi
Appendix L
tieritiZF
David P.Bell Anderson DeMontru r+.�D iv�sion
Assistant Vice President
I
April 8, 1986
Mr. Morris Burk
Beebe Draw Farms Metropolitan District
1551 Larimer Street
Denver, Colorado 80202
Dear Morris:
' Pursuant to consultation with the Beebe Draw Land Company' and
Collins and Cockrel, Attorneys at Law, it has been determine
that the construction of certain public improvements for the
' Beebe Draw Farms Metropolitan District will be financed with
funds provided by the issuance of General Obligation Bonds to be.
authorized and issued in accordance with the authorizing acl of
the Colorado State Legislation. It has been determined that the
bonds will be issued in four series, namely Series 1986, Se 1c-s
1986A, Series 1988 and Series 1990 . Furthermore, it is estina cJ
that the bonds, when issued, will mature within a period ..,nt tr.
Iexceed 20 years from the date of issuance.
The proposed maximum interest rate for the bonds will be 18% and
the maximum discount shall not exceed 4%. The interest rate is
estimated at 10% and a discount of 3 .9% for the attached financ-
ing plan. The exact interest rate and discount will b estab-
lished at the time the bonds are sold by the District and will
reflect market conditions at such time.
The source of revenue to the District for the repayme of he
I bonded indebtedness will be a mill levy estimated to D4 35 mills;,
income from water tap fees estimated to be $2000 per ew tap ,axzef
a development fee of $5000 per lot. Additionally, a se alida.xf
' development fee of $8000 per lot is required to repay the Seriu„
1986A short term debt issuance you have proposed. Finally, it is
anticipated that the bonds will be sold on a non-rated basis with
the exception of the Series 1986A issue. It ba< ben determine'
that the 1986A issue will need some type of crcdi sphancement a
security for the entire principal amount of the tore' issu.r .
I
I
PrudentsaK
Page two
Thank you for allowing us the opportunity to assist you with the
District's formation and future financing. I look forward to
working with you in the months ahead.
Very truly yours,
PRUDENTIAL-BACHE SECURITIES INC.
David P. Bell
Assistant Vice President
k ddential-E
----------
' Anderson DeMonbrun Inc.Div"..s,s.
James M.Anderson
Frst Vice President
Public Finance Department
IDecember 2O, 1985
11 ,
Mr. John A. McCarty, P.E.
II McCarty Engineering Consultants, Inc.
7O3 Third Avenue
Longmont, Colorado 8O5O1
,
I RE: Proposed Front Range Metropolitan District
Weld County, Colorado
II Dear John:
I have reviewed the financial information provided by your r`ii : rr
for the proposed Front Range Metropolitan District . I underil
stand that this financial information will be included in the
service plan to be filed with the Weld County Commission.
1 Front Range Metropolitan District proposes to issue genera]
obligation bonds to construct certain improvements to be locate:
within the District. The District proposes to use setv , cc'
I charges, property taxes, tap fees, parking lot revenue and cab1
television revenue to retire the proposed debt. Based on you
projections of revenues available and the bonds to be issued t :
finance the District' s municipal improvements, it is our opini(
that Prudential-Bache Securities Inc. will be able to underwrite ill the proposed bonds . Underwriting of the proposed bonds 1;),
Prudential-Bache will be subject to current interest rates at the
I time the bonds are available for sale. Our ability to purchas'c:
is further subject to receipt of an unqualified approving legai.
opinion from recognized bond counsel on the validity and t r
I exemption of the proposed bonds.
Prudential-Bache Securities Inc. is available to you, ti-
District and the County Commission to further explain nit-
Al approach to underwriting the proposed bonds of the Front Range
Metropolitan District.
II Sincerely yours,
RUDENTIAL-BACHE SECURITIES INC. ,
I ! uiL �' (//4644,4-,,----.
-James M. Anderson
g First Vice President
JMA:tk
I ll Prudential-Bache Securities Inc,5675 So.DTC Blvd, • .... _'...J.
Tel 303 740-7666 1 800 582-3448(Within Colorado only)eWood,CO 80111
-e
THE WATER SUPPLY AND STORAGE COMPANY
HARVEY a.JOHNSON, PnTAIU[NT VIVIENNE I. WOODWARD, sten2TAAA
POST OPTIC, Sox ISS4 PHONE 482.3433
2319 EAST MULBERRY
FORT COLLINS. COLORADO 80522
November 13, 1984
a
a
J
Mr. Rod Allison, Current Planner 11
Weld County Planning Services
J 915 10th Street
Greeley, Colorado 80631
Dear Mr. Allison; Case Number: USR-659:84:55
a
Thank you for the proposed Pine Lake Village Mobile Home Community development
special review permit for expansion in part of Section 17, Township 7 North,
Ranger 67 West of the 6th P.M. , Weld County, Colorado. This plan is to be
held to the following requirements of the Larimer County Canal:
1. No structures of any kind within 20 feet on each side of our ditch.
2. We have a maintenance right of ingress and egress all along our
ditch at anytime.
3. No crossing of our ditch of any kind without a written contract from
our Company.
4. No pumping from our ditch at anytime.
5. No waste of this particular project of any kind to enter our ditch.
6. Do not plan any recreation close to our ditch, as it is dangereous
to recreation. This is an irrigation ditch only.
Yours very truly,
THE WATER SUPPLYAND STORAGE I COMPANY-14
• a ey - hn56n
President
HGJ/vw
Copy to: Donald J. Carlson
%►r, w
A 1� `� /� 3. 3 (c)
COLORADO NATIONAL BANK
JJ�j���'�j��\����\I SEVENTEENTH STREET AT CHAMPA • DENVER 80202•13031 893-1862
0 MAILING ADDRESS: P.O. BOX 5168 T.A.• DENVER. CO 80217
March 5 , 1982
:ci of County Commissioners
a :u County Colorado
! ey, Colorado 80631
e : Eisenman Chemical Company
Industrial Revenue Bonds
iemen:
This is to confirm that we are well acquainted with
!'isenman Chemical Company and its parent company, Newpark
Kesources, Inc. We have had the privilege of serving Eisenman
Chemical Company for a number of years and consider them to be
in outstanding corporate citizen of our state and community.
Eisenman Chemical Company has maintained several depository
!counts with us for a number of years and we have extended to
CI: :m lines of credit up to a high of a moderate seven figures .
ritc,y have always handled their financial affairs in an excellent
manner.
We are well acquainted with the management of this firm
Ind have a very high regard for them and their capabilities
3s well as the management capabilities of their parent, Newpark
^sources, Inc. We are also well acquainted with the financial
ondition of Newpark Resources, Inc. , and based upon that
owledge and the past experience we have had with Eisenman, we
,r.e pleased to advise you that we believe that they are capable
of meeting the expenses incurred and requirements placed upon
them in connection with the above-captioned bond issue request.
Please let me know if there is anything further we can do
iosi.st you.
Sincerely,
M1= at _ •
David P. Hunt
Banking Officer
National Accounts
400 St ,ties
� �➢ itriontana Ba Icsyst a 1, En c. Billings, Montana B�
December 31, 1981
The Board of County Commissioners
Weld County Colorado
915 Tenth Street
Greeley, CO 80631
Re: Proposed Industrial Development Revenue Bond Issue for Office
Building in Greeley, Colorado
Ladies and Gentlemen:
At the request of the principals involved in the proposed industrial
development revenue bond issue financing an office building in Greeley,
Colorado, I have reviewed the financial projections for the project, the
anticipated terms of the bond issue, and contacted potential purchasers of
the bonds. Individual banks within the Montana Bancsystem, Inc., and the
United Banks of Colorado, Inc. have indicated their intent to purchase the
bonds. It is my opinion, based on these preliminary commitments, that the
issue is marketable and can be place with the financial institutions
mentioned.
Yours Very Truly,
E. E. Kuhns
Chairman of the Board
EEK:dmf
1000 Tentn Street
Greeley,Colorado 80631
Telephone:(303)356-10
United Bank
'I; of Greeley
December 29, 1981
a
Weld County Commissioners
Centennial Center
915 10th Street
Greeley, Colorado 80631
Dear Commissioners:
The United Bank of Greeley has had long and extensive business
relationships with the participants in the office building
project to be located at the corner of 10th Street and 11th .Avenue.,
Their current financial statements have been examined as has t.be
projected financial forecast for the building project. On the
strength of our past experience, the participants' current
financial positions, and the forecasted financials for the
project, it is the bank's intention to issue a letter of credit
renewable from year to year through the life of the bonds, covering
one year's payment toward the retirement of the bond issue. Such
a letter of credit would be issued in favor of the bond holders for
their use in the event of default, and would be in the amount of
$300,000.
It is the bank's opinion that the project represents a viable
investment and that the participants are capable of amortizing
the proposed bond issue.
Sincerely,
. E. Saboe
Executive Vice President
KES/bc
THE
BANK.
Commercial National Hank
200 Main Street
Post Office Box 13 i I
Little Rock,Arkansas 72203
501 378-3000
November 13, 1981
Board of County Commissioners
Weld County Colorado
Greeley, Colorado
Re: Platte River Steel Company, Inc .
Industrial Revenue Bonds
Gentlemen:
This is to confirm to you that we are well acquainted
with the Arkansas Foundry Company of Little Rock, Arkansas ,
the parent company of Platte River Steel Company , Inc.
4 We have had the privilege of serving that company for many
years and consider them to be an outstanding corporate
citizens of our state and community.
That company has maintained an excellent depositary account
with us since the early 1940' s and we extend to them an
unsecured line of credit for our bank' s legal lending limit.
Throughout all of these years , they have handled all of
their financial affairs in an excellent manner.
We are well acquainted with the management of this firm and.
have a very high regard for them and their management
capabilities.
ra
We are well acquainted with their financial condition and
based upon that knowledge and past experience, we are pleased
to advise you that we believe they are capable to meet and
will meet the expenses incurred in connection with the: above
captioned bond issue.
Please let us know if we can assist you in any other way for
you to be able to make approval of this issue..
Sincerely yours ,
V:
-Wallace B. ,¢unningtinm
ive- Committee
WBC:mh
E= Hutton & Cc'
• Mer • New York Sto--: .-.
F,
Tower Building
CGHutton 1700 Broadway
Denver, Colorado 8029b
Telephone (303) 861-5000
.
(
January 25, 1980
)
Mr. Larry R. Vosmera
President
Nor-Colo Distributing Co.
Post Office Box 846
2428 4th Avenue
Greeley, Colorado 80632
Re: Application for Resolution to
Issue Weld County, Colorado
Industrial Development Revenue Bonds
(Nor-Colo Distributing Co. Project)
Dear Mr. Vosmera:
Pursuant to the Weld County Application requirement
Section 3 . 2 , this letter is indication that E. F . Hutton
Company Inc . intends to purchase the Bonds for resale to
the public. We have made the determination that these
Bonds are saleable .
Sincerely yours ,
E, F . HUTTON & COMPANY INC .
d_ /16dA
R. Larry Malohn
Assistant vice President
WINDSOR-SEVERANCE FIRE PROTECTION DISTRICT
PO BOX 308
WINDSOR, CO 80550
WELD COUNTY SCHOOL DISTRICT RE-4
301 WALNUT
WINDSOR, CO 80550
NORTH WELD COUNTY WATER DISTRICT
33247 HIGHWAY 85
LUCERNE, CO 80646
NORTHERN COLORADO WATER CONSERVANCY DISTRICT
1250 NORTH WILSON AVENUE
LOVELAND, CO 80537
AIMS COMMUNITY COLLEGE
5401 WEST 20TH STREET
GREELEY, CO 80634
WINDSOR LIBRARY DISTRICT
PO BOX 627
WINDSOR, CO 80550
WELD LIBRARY DISTRICT
2227 23RD AVENUE
GREELEY, CO 80631
WELD COUNTY SCHOOL DISTRICT RE-9
209 W. 1ST STREET
AULT, CO 80610
POUDRE VALLEY FIRE DISTRICT
Nximmummoomemax 102 REMINGTON
FORT COLLINS, CO 80524
AULT FIRE DISTRICT
PO BOX 279
PIERCE, CO 80650
LARIMER COUNTY COMMISSIONERS
PO BOX 1190
FT. COLLINS, CO 80522
POUDRE R-1 SCHOOL DISTRICT
2407 LAPORTE AVENUE
FT. COLLINS, CO 80524
POUDRE VALLEY MEMORIAL HOSPITAL
1024 LEMAY
FT. COLLINS, CO 80524
LARIMER CO. PEST CONTROL DISTRICT
PO BOX 1190
FT. COLLINS, CO 80522
BOXELDER SANITATION DISTRICT EAST LARIMER WATER
PO BOX 2044 PO BOX 2044
FT. COLLINS, CO 80522 FT. COLLINS, CO 80522
10/20/86 COPIES OF NOTICE SENT FIRST CLASS TO:
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY COLORADO
P. 0. BOX 758
GREELEY, COLORADO 80632
DENNIS KUGLER
KUGLER AND ASSOCIATES, INC.
PO BOX 550
STERLING, CO 80751
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY COLORADO
P. 0. BOX 758
GREELEY, COLORADO 80632
LAVERN C. NELSON, P.E.
NELSON ENGINEERS
GREELEY NATIONAL PLAZA, SUITE 520
822 7TH STREET
GREELEY, CO 80631
Hello