HomeMy WebLinkAbout910879.tiff RESOLUTION
RE: THE BOARD OF EQUALIZATION, 1991, WELD COUNTY, COLORADO
PETITION OF:
VILLA WEST MOBILE HOME PARK
4891 INDEPENDENCE ST #140
WHEAT RIDGE, CO 80033
DESCRIPTION OF PROPERTY: PIN: R 1654686 PARCEL: 095901106017 - GR 17280
L2 THRU 7 NW4NE4 1 5 66 & ALL L3-4 & THAT PT OF LOTS 5-6 SW4NE4 N OF #3 CANAL
ALSO L1-2 SW4NE4 1-5-66 PT AXSOM ADD(VILLA WEST MOBILE PARK) 22626-1 ST2
WHEREAS, the Board of County Commissioners of Weld County, Colorado,
organized as the Board of Equalization for the purpose of adjusting, equalizing,
raising or lowering the assessment and valuation of real and personal property
within Weld County, fixed and made by the County Assessor for the year 1991, and
WHEREAS, said petition has been heard before the County Assessor and due
Notice of Determination thereon has been given to the taxpayer(s) , and
WHEREAS, the taxpayer(s) presented a petition of appeal of the County
Assessor's valuation for the year 1991, claiming that the property described in
such petition was assessed too high, as more specifically stated in said
petition, and
WHEREAS, said petitioner represented by Robert Shaiman, Attorney, and
WHEREAS, the Board has made its findings on the evidence, testimony and
remonstrances and is now fully informed.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, acting as the Board of Equalization, that the evidence presented at the
hearing clearly supported the value placed upon the Petitioner's property by the
Weld County Assessor. Such evidence indicated the value was reasonable,
equitable, and derived according to the methodologies, percentages, figures and
formulas dictated to the Weld County Assessor by law. As such, this Board finds
that the Petitioner failed to meet the burden of proving that the Assessor's
valuation was incorrect. The assessment and valuation of the Weld County
Assessor shall be, and hereby is, affirmed.
BE IT FURTHER RESOLVED that a denial of a petition, in whole or in part, by
the Board of Equalization may be appealed by selecting one of the following three
options:
910879
Page 2
RE: BOE - VILLA WEST MOBILE HOME PARK
1. Board of Assessment Appeals: You have the right to appeal the
County Board of Equalization's (CBOE's) decision to the Board of
Assessment Appeals (BAA) . Such hearing is the final hearing at
which testimony, exhibits, or any other evidence may be
introduced. If the decision of the BAA is further appealed to
the Court of Appeals, only the record created at the BAA hearing
shall be the basis for the Court's decision. No new evidence can
be introduced at the Court of Appeals. (Section 39-8-108(10),
CRS)
Appeals to the BAA must be made on forms furnished by the
BAA, and should be mailed or delivered within thirty (30)
days of denial by the CBOE to:
Board of Assessment Appeals
1313 Sherman Street, Room 523
Denver, CO 80203
Phone: 866-5880
OR
2. District Court: You have the right to appeal the CBOE's decision
to the District Court of the county wherein your property is
located. New testimony, exhibits or any other evidence may be
introduced at the District Court hearing. For filing
requirements, please contact your attorney or the Clerk of the
District Court. Further appeal of the District Court's decision
is made to the Court of Appeals for a review of the record.
(Section 39-8-108(1) , CRS)
OR
3. Binding Arbitration: You have the right to submit your case to
arbitration. If you choose this option the arbitrator's decision
is final and your right to appeal your current valuation ends.
(Section 39-8-108.5, CRS)
Selecting the Arbitrator: In order to pursue arbitration, you
must notify the CBOE of your intent. You and the CBOE select an
arbitrator from the official list of qualified people. If you
cannot agree on an arbitrator, the District Court of the county
in which the property is located will make the selection.
910879
Page 3
RE: BOE - VILLA WEST MOBILE HOME PARK
Arbitration Hearing Procedure: Arbitration hearings are held
within sixty days from the date the arbitrator is selected. Both
you and the CBOE are entitled to participate. The hearings are
informal. The arbitrator has the authority to issue subpoenas
for witnesses, books, records, documents and other evidence. He
also has the power to administer oaths, and all questions of law
and fact shall be determined by him.
The arbitration hearing may be confidential and closed to the
public, upon mutual agreement. The arbitrator's written decision
must be delivered to both parties personally or by registered
mail within ten (10) days of the hearing. Such decision is final
and not subject to review.
Fees and Expenses: The arbitrator's fees and expenses are agreed
upon by you and the CBOE. In the case of residential real
property, such fees and expenses cannot exceed $150.00 per case.
The arbitrator's fees and expenses, not including counsel fees,
are to be paid as provided in the decision.
The above and foregoing Resolution was, on motion duly made and seconded,
adopted by the following vote on the 7th day of August, A.D. , 1991.
��j,,y/��,� BOARD OF COUNTY COMMISSIONERS
ATTEST: nth WELD COUN Y, OLORADO
i
Weld County Clerk to the Board
J Gordy a , airman
By:
Depu y Clerk to the Boa d Ge e Ken edy, Pro-Tem
r�
APPROVED AS TO FORM:
Constance L. Harbert
Assistant County Attorney C. W. Kirby a
yi—SVl
W. H. Webster
910879
BOE DECISION SHEET
PIN 11: R 1654686 PARCEL 1l: 095901106017
VILLA WEST MOBILE HOME PARK
4891 INDEPENDENCE ST #140
WHEAT RIDGE, CO 80033
HEARING DATE: tbaly-'16, 1991 TIME: I pl-A.M.
HEARING ATTENDED? .14D'N)
AGENT NAME: MIKE NOAKES ��'�`�� � ���
DECISION:
DECREASE IN VALUATION
INCREASE IN VALUATION
NO CHANGE IN VALUATION
ASSESSMENT RATIO
ACTUAL VALUATION
ORIGINAL ADJUSTED
Land $ 2722275 $
Improvements OR
Personal Property
Total Actual Value $ 2722275 $
COMMENTS:
MOTION BY TO 7)
SECONDED BY a it< Lacy� O
Kennedy N)
Failed to meet burden of proof Harbert KPN)
Comparables inadequate Kirby ON)
Assessor's data unchallenged Webster yWN)
V Other: p pp
RESOLUTION N0._ 910d77
,5
a'`
915 0th STRL
JO l� E? �J�' " GREELEYICOLO ADO 80631
NOTICE OF DENIALPHONF(303)356-4000, 1tXf.4256
wokGR 17200 L2 THRU 7 NW4NE4 15 66 6 ALL
L t-4 E THAT PT OF LOTS 5-6 SW4Nc4 N OF tt3
COLORADO CANAL ALSO LI-2 SW4NE4 1-5-66 PT AXSOM
ADD(VILLA WEST MOBILE PARK) %2626-1 ST%
2626 W 1 ST GREELEY
0WNE.R VILLA NEST MOBILE HOME: PARK
•
MIKE. NOAKES PARCEL 0 9590 11060 17 •
PIN R 1654601 _ •
,
4491 INDEPENDENCE ST #140 YEAR 1991
WHEATRIDGE CO 80033 LOG 01613
•
05/15/1991
f<J
The appraised value of property is based on the appropriate consideration of the approaches to value required by law.The Assessor has determined
that your property should be included in the following category(ies):
Residential property is valued by considering the cost and market approaches.
Agricultural land value is determined solely by the earning or productive capacity of the land,capitalized at a rate set by law.
Producing mines are assessed at 25%of the gross proceeds or 100%of the net proceeds,whichever is greater.
Oil and gas leaseholds and lands are assessed at 87.5% of the gross value of the oil and/or gas sold or transported from the premises on
primary production;secondary production is valued at 75%.
All other property, including vacant land,is valued by considering the cost, market,and income approaches.
If your concern is the amount of your property tax, local taxing authorities (county, city, fire protection, and other special districts) hold
budget hearings in the fall.Please refer to your tax bill or ask your Assessor fora listing of these districts,and plan to attend these budget hearings.
The Assessor has carefully studied all available information, giving particular attention to the specifics included on your protest and has deter-
mined the valuation(s) assigned to your property. The reasons for this determination of value are:
NO CHANGE HAS DEEN MADE TO THE ACTUAL VALUATION OF THIS PROPcRTY•
COLORADO LAW REQUIRES US TO SEND THIS NOTICE OF DENIAL FOR ALL
PRC1PERTIES ON WHICH WE. LD NUT ADJUST THE VALUE .
PETITIONER'S ASSESSOR'S VALUATION
PROPERTY CLASSIFICATION ESTIMATE ACTUAL VALUE ACTUAL VALUE
OF VALUE PRIOR TO REVIEW AFTER REVIEW
LAND 2,722) 275 23722; 275
IMPS
TOTALS $ $ 2■7223 275 $ 2 s 7222 275
If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration,
39-8-106(1)1a),C.R.S. Please see the back of this form for detailed information on filing your appeal.
WARREN L. 'LASH*
By: - - v6/23/91
WELD COUNTY ASSESSOR DATE 43, 0379 7
15-DP J
Form PR-PR-207-87/91 ADDITIONAL INFORMATION ON REVERSE SIDE 1� !r 7
YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR'S DECISION
The, County Board of Equalization will sit to hoar appeals beginning July 1 and continuing through August 10 for
real property (land and buildings) and personal property ffurni;hings, machinery, and equipment). 39-8-104 and
39-8--107121, C.R.S.
APPEAL PROCEDURES: •
It you choose to appeal the Assessor's dr r isicn, r raH or deliver one copy of this completed form to the County
Board of Equalization.To preserve your right to appc.a, your appeal most be POSTMARKED OR DELIVERED ON
OR BEFORE JULY 15.
WELD CtiUNT't' BOARD Or EQUALIZATION
915 10th ttrrr-9, P.G, Box 758
Greeley, co/orado 80632
Telephone 13031 13E'-4000, Ext.- -1715
NO of ICATtON OF' HEARING:
You will be notified of the time and plane set for the hearing of your appeal,
COUNTY BOARD OF EQUALIZATION'S DETERMINA.TICxN:
The aunty- Board of i_auaiiLation mu5i make a dewslori or: your appeal :arid mail you a determination within five
business days. The County Board must conclude their hearings by August 10.
TAXPAYER RIGHTS FOR FURTHER APPEALS:
it you are, not satistied with the County Board of Equalization's derision, you must file within thirty days of the
(Jaunty C3oard of Equalization's decision to ONE of the following:
Board of Assessment Appeals (BAA):
Contact the BHA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303) 866-5880.
District Court:
991 Avenue and 9tL Street P.J. 9o4 C
Qr-eeinv, i5na! trade, 80632
Telephone (3031 356-4000, Ext. 4520
Arbitration:,
WELD COUNTY BOARD OF EOUAI_IZATION • -
915 10O1 Sfir€>et, P.D. Bcx 758
Greeley Colorado 80632
Telephone ( 303) 356-4000, Ext. 4725
It you do not receive a determination from,the County Beard of Equalization, you must file an appeal with the Board
of A =.mss>rnent Appeals by September 18.
1-0 PRESERVE YOUR APPEAL NIGHTS, YOU IVILi5T PROVE YOU HAVE FILED A TIMELY APPEAL;
THEREFORE, WE RECOMMEND ALL CORRESPONDENCE BE MAILED WITH PROOF OF MAILING.
PETITION TO THE COUNTY BOARD OF EQUALIZATION
In the apace below, piease explain why you disagree with the Assessor's valuation.Attach additional documents as
necessary.here are no comparable sales of completed mobile home parks in Weld County and the income approach is
not allowed in valuing tesidedtial property per statute. Based upon the cost approach (using Marshall and Swift) the 333
mobile home park spaces are valued on a cost basis (before depreciation)of $5,000 per space and net of depreciation(the
spaces are on average 16 years old), at $3,200 per space with a total value for all 333 spaces of$1,065,600. In addition, the
community building and pool built in 1988 at a cost of approximately$150,000 must be added for a total value of
improvements of$1,215,600.
The only comparable sale of land zoned for mobile home park use is a 1987 sale in Greeley at $2,350 per acre which
results in a value for the 55.5 acres of$130,425. This results in a total value for improvements and land of $1,346,025.
Expert testimony of a certified appraiser will be provided at the hearing to substantiate values.
Robert Shaiman, #3510
Attorney for Petitio er
1t21cI
1:7,1.0879
LOH F, SHAIMAN & ROSS
A PROFESSIONAL CORPORATION
ATTORNEYS AT LAW
900 CHERRY TOWER
950 SOUTH CHERRY
DENVER,COLORADO 80222
303 753-9000
TELECOPIER 303 753-9997
MAILING ADDRESS:
July 15, 1991 P.D.Box 24'85
DENVER.COLORADO 80224
ROBERT SHAIMAN
Weld County Board of Equalization
915 Tenth Street
P. O. Box 758 CERTIFIED MAIL
Greet=' -y, Colorado 80632 RETURN RECEIPT REOUESTED
Re: Villa West Mobile Home Park
Parcel No. 095901106017
Gentlemen:
On Friday, July 12 , 1991, we filed on behalf of our client, the
owner of the above-referenced real property, a petition appealing
the determination of the Weld County Assessor with respect to the
1991 valuation for real estate tax purposes of the above-
referenced real property. A copy of the appeal is enclosed for
your convenience. The basis for the appeal is set forth in the
petition.
Since the owner's representative, the certified appraiser
retained by the owner and the undersigned will all have to travel
to Greeley from the Denver metropolitan area, please schedule the
hearing for late in the morning or early in the afternoon. A
hearing date in August would be appreciated.
We are prepared to meet with your personnel to discuss the
valuation issue if you believe a conference between us would be
helpful in resolving this dispute.
Very
truly yours,
Alfea-tal--
Robert Shaiman
RS/caa
Enclosure (as stated)
cc: Villa West Mobile Home Park Partnership
CT� c
•
. (�
\ a CLERK TO THE BOARD ittT P.O. BOX 758
ipe OREELEY,COLORADO 80632
(303)356-4000 EXT.4225
COLORADO
July 18, 1991
Parcel No. : 095901106017 PIN No. : R 1654686
VILLA WEST MOBILE HOME PARK
4891 INDEPENDENCE ST 11140
WHEAT RIDGE, CO 80033
Dear Petitioner(s) :
The Weld County Board of Equalization has set a date of Friday, July 26,
1991, at or about the hour of 9:00 A.M. , to hold a hearing on your
valuation for assessment. This hearing will be held at the Weld County
Centennial Center, 915 10th Street, Greeley, Colorado, in the First Floor
Hearing Room.
You have a right to attend this hearing and present evidence in support of
your petition. The Weld County Assessor will be present before the Board.
The Board will make their decision on the basis of the record made at the
aforementioned hearing, as well as your petition, so it would be in your
interest to have a representative present. If you plan to be represented
by an agent or an attorney at your hearing, prior to the hearing you shall
provide, in writing to the Clerk to the Board's Office, an authorization
for the agent or attorney to represent you. If you do not choose to
attend this hearing, a decision will still be made by the Board by the
close of business on August 10, 1991, and mailed to you on or before
August 16, 1991.
Because of the volume of cases before the Board of Equalization, all cases
shall be limited to 15 minutes. Also due to volume, cases cannot be
rescheduled. It is imperative that you provide evidence to support your
position. This may include evidence that similar homes in your area are
valued less than yours or you are being assessed on improvements you do
not have. Please note: The fact that your valuation has increased cannot
be your sole basis of appeal. Without documented evidence as indicated
above, the Board will have no choice but to deny your appeal.
a.1.0979
VILLA WEST MOBILE HOME PARK - R 1654686
Page 2
At least two (2) working days prior to your hearing the Assessor will have
available, at your request, the data supporting his valuation of your
property.
Please advise me if you decide not to keep your appointment as scheduled.
If you need any additional information, please call me at your
convenience.
Very truly yours,
BAARD//IE/Q/HJiA�L,NaI�Z�ION
( arlb , /V �
Donald D. Warden,
Clerk to the B rd
BY:
Carol A. Harding, Deputy ,
cc: Warren Lasell, Assessor
cR7C SheO µ-a w jV 4 T� j
S1.0879
LOHF, SHAIMAN 8c ROSS
A PROFESSIONAL CORPORATION
ATTORNEYS AT LAW
GOO CHERRY TOWER
GSO SOUTH CHERRY
D ENVER,COLORADO SOEEP
DOD T5S-9000
TELECOPIER 303 9SJ-9991
July 26, 1991 MAILING ADDRESS:
P.D.SOX E+Iee
DENVER,COLORADO ease
ROBERT SHAIMAN
Weld County Board of Equalization
P. O. Box 758
Greeley, Colorado 80632 HAND DELIVERY
Re: Villa West Mobile Home Park; Parcel No. 095901106017
Hearing Scheduled for July 26, 1991, at 9: 00 a.m.
Gentlemen:
Unfortunately, I am unable to attend the scheduled hearing, as I
have a hearing scheduled at a conflicting time. However, the tax-
payer will be represented at the hearing by its representative.
The taxpayer's protest (a copy of which is included for your con-
venience) sets forth the basis of the appeal. In addition, the
taxpayer has retained Mike R. Licht of Licht & Company. Mr. Licht
was the Assessor in the City & County of Denver for many years and
is certified with the state to act as an appraiser in hearings
before the BOE.
Mr. Licht, in accordance with applicable state law, has valued the
subject property at $1,730, 000 for 1991 real estate tax purposes.
Mr. Licht's appraisal letter is attached.
While the taxpayer believes that Mr. Licht's valuation of the sub-
ject property is higher than true value determined under applic-
able law, for purposes of resolving this dispute, the taxpayer is
prepared to accept the valuation determined by Mr. Licht. There-
fore, the taxpayer requests that the Weld County Board of Equali-
zation value the subject property at $1, 730, 000.
The official record should reflect that the petitioner's position
is that the valuation of the property is $1, 730, 000.
Very truly yours,
Robert Shaiman
RS:wld
cc: Villa West Mobile Home Park Partnership
Mike R. Licht
91.0873
Ui 1 [cr..:cif ' sr:-Cs.suR
J� �r11�1 913IUthSTREET
v O EELGY.COLORADO E T.-12
NOTICE OF DENIAL PHONE (309) 00. 80 3l
will C. GR 1728C L2 THRU 7 NW4NE4 1 5 66 & ALL
L3-4 8 THAT PT OF LOTS 5-6 5W4NE4 N OF 73
COLORADO CANAL ALSO L1-2 SW4NE4 1-5-66 PT AXSOM
ADD (VILLA WEST MOBILE PARK) -s2626-1 ST%
2620 W 1
ST GREELEY
0 ANER VILLA +TEST MOBILE HOME PARK
MIKE NOAKES PARCEL 095571136017
PIN R 16546;16
4d91 INDEPENDENCE ST 314C YEAR 1991
WHEATRIDGE CO 80]33 LOG 0O1613
05/15/1991
The appraised value of property is based on the appropriate consideration of the approaches to value required by law.The Assessor has determine_
that your property should be included in the following category(ies):
Residential property is valued by considering the cost and market approaches.
Agricultural land value is determined solely by the earning or productive capacity of the land, capitalized at a rate set by law.
Producing mines are assessed at 25% of the gross proceeds or 100°6 of the net proceeds,whichever is greater.
Oil and gas leaseholds and lands are assessed at 87.5% of the gross value of the oil and/or gas sold or transported from the premises r
primary production; secondary production is valued at 75°6.
All other property, including vacant land, is valued by considering the cost, market,and income approaches.
If your concern is the amount of your property tax, local taxing authorities (county, city, fire protection, and other special districts) hc:
budget hearings in the fall. Please refer to your tax bill or ask your Assessor for a listing of these districts,and plan to attend these budget hearing:
The Assessor has carefully studied all available information, giving particular attention to the specifics included on your protest and has de:_
mined the valuation(s) assigned to your property. The reasons for this determination of vaiue are:
NO CHANGE HAS JEEN MADE TO THE ACTUAL VALUATION OF THIS PROPERTY *
COLDRAjO LAW RE•3UIRES U3 TO SEND THIS NOTICE OF DENIAL FJR ALL
PROPERTIES ON IiHICH +iE DO NOT ADJUST THE VALUE *
I PETITIONER'S ASSESSOR'S VALUATION
I PROPERTY CLASSIFICATION ESTIMATE ACTUAL VALUE ACTUAL VALUE
OF VALUE ! PRIOR TO REVIEW AFTER REVIEtb
I
LAND 2s722s275 2s722s27=
IMPS
TOTALS $ $ 2m722' 275 $ 2 s 722 s 27`.
If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further_consideration,
39-8.106(1)lal,C.R.S. Please see the back of this form for detailed information on filing your appeal. -r- --- -
WARREN L.`LASE . �- —• o6�2s/s1 ^ -ry-�-
By. WELD COUNTY ASSESSOR DATE .91.0P71 7,
15.OPT-,iO 7ntq"r7\1m.1. IANri'1. M.j...TICY1 ON RFVERSr SIDE3
YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR'S DECISION
•
The County 3oard of Equalization will sit to hear appeais beginning July 1 and continuing through August 10 for
real property (land and buildings) and personal property (furnishings; machinery, and equipment). 39-8-104 and
39-8-107(2), C.R.S. -
APPEAL PROCEDURES:
If you choose to appeal the Assessor's decision, mail or deliver one copy of this completed form to the County
Board of Equalization. To preserve your right to appeai. your appeal must be POSTMARKED OR DELIVERED ON
OR BEFORE JULY 15.
WELD COUNTY BCARD OF EQUALIZATION
915 10th Street, P.O. Sox 758
Greeley, Oolorado 30632
Telephone (303) 356-4000, Ext. 4225
NOTIFICATION OF HEARING: ' -
You will be notified of the time and place set or the hearing of your appeal.
COUNTY BOARD OF EQUALIZATION'S DETERMINATION:
The County Board of Equalization must make a decision on your appeal and mail you a determination within five
business days. The County Board must conciude their hearings by August 10.
TAXPAYER RIGHTS FOR FURTHER APPEALS:
it you are not satisfied with the County Board of Edualizatlon's decision, you must file within thirty days of the
County Board of Eoualization's decision to ONE of the fallowing:
Board of Assessment Appeals (BAA).
Contact :he BAA at I ?3 Sherman. =,cam 376, Zenver, Colorado 80203, (303) 866-5880.
District Court:
9t;n venue arc 9th Street, P.O. Box C
Greeley, Colorado 80632
Telephone (203) 356-4600, Ext. 4520
. Arbitration:
'N='S COUNTY ?O!-`.nD OF EQUALIZATION •
9 '5 ',6r-. ._., P.O. Box 758
Greeley;. Coioraco 30632
-eiepnone 1303; 356-400O3 Ext. 4225
If you do not receive a determination from the County Board of Equalization,you must file an appeal with the Board
of Assessment Appeals by September 18.
TO PRESERVE YOUR APPEAL RIGHTS, YOU MUST PROVE YOU HAVE FILED A TIMELY APPEAL:
THEREFORE, WE RECOMMEND ALL CORRESPONDENCE BE MAILED WITH PROOF OF MAILING.
PETITION TO THE' COUNTY BOARD OF EQUALIZATION
In the space below, please explain why you disagree with the Assessor's valuation.Attach additional documents as
necessaryThere are no comparable sales of completed mobile home parks in Weld County and the income approach is
not allowed in yarning residential property per statute. Based upon the cost approach (using Marshall and Swift) the 333
mobile home park spaces are valued on a cost basis(before depreciation)of$5,000 per space and net of depreciation(the
spaces are on average 16 years old), at$3,200 per space with a total value for all 333 spaces of$1,065,600. In addition,the
community building and pool built in 1988 at a cost of approximately$150,000 must be added for a total value of
improvements of$1,215,600.
The only comparable sale of land zoned for mobile home park use is a 1987 sale in Greeley at $2,350 per acre which
results in a value for the 55.5 acres of$130,425. This results in a total value for improvements and land of 51,346,025.
Expert testimony of a certified appraiser will be provided at the hearing to substantiate values.
Robert Shaiman, 113510
Attorney for Petitio er
SIGNATURE OF PETITIONER DATE Cr1.2151973r,',
3
5801 Logan street,Suite 203
Mailing Address—P.O.8ox 16683
Denver.Colorado 80216
(303)296.4802—Fax(303)296.7753
LICHT [hh:villawes]
&COMPANY
Real Estate Consultants
July 23 , 1991
Mr. Robert Shaiman
Lohf, Shaiman & Ross
950 S. Cherry Street
Denver, Colorado 8O222
Re: Villa West Mobile Home Park - 333 Spaces
2700 C Street
Greeley, Weld County, Colorado
Schedule Number O959-O1-1-O6-O17
Dear Mr. Shaiman:
Per your instructions , we have analyzed the above described
property for the purposes of determining the actual value for the
1991 property tax period.
Sales of mobile home parks are usually not arms-length because of
the inability of purchasers to obtain institutional financing.
Carry backs and other creative financing are typical. These
types of financing create difficulty in measuring the cash
equivalence in order to determine market value. The majority of
experts in the field rely on the income approach to value, which
is not mandated by the Colorado State Constitution, but is
necessary to determine the actual value of income producing
properties.
We have analyzed the income statements for the subject property
for 1989 and 1990. Mobile home parks generally have ratios of
expense to actual rents received of 40%. The subject property
hargi a ratio of 63% in 1990. The subject property has unusually
high utility expenses - especially high are the water costs. We
have concluded that the high expense ratio would have a negative
effect on the sales comparison approach. In other words, a
potential purchaser would adjust downward the sales prices of
comparable sales which did not have similarly high expenses.
We have calculated a market approach to value utilizing a gross
rent multiplier of 40, which indicates a value of $1,745, 000.
We have relied upon the Marshall Valuation Service to calculate
the cost approach to value. We estimate the replacement cost new
less depreciation to be $4, 000 per space, or $1, 332, 000.
® Mike R. Licht, ASA 21.0879
a. x: <a Senior Member of American Society of Appraisers
Mr. Robert Shaiman
July 17, 1991
Page 2
Summary:
Income Approach $1,428, 600
Market Approach $1,745,000
Cost Approach
Improvements $1, 332,000
Land 388,500
$1,720,500
Estimate of Value $1,730,000
Respectfully,
fcl
Mike R. Licht, ASA
Colorado State Certified Appraiser SAC01313647
Attachment
01.0873
III :.w�+�-/0`Y lF C ct J "E L 9! _ y C C a JI • W
= d
C7 O N O • 3 I NI J if t �O N _ a J W
a z o D - N °c oI :RI 2'1 YI 0I cc n m �I —
M O J > Y Ni JI co �i dl N C C O LI C
W C d n w o QI o v c L CO
V o � }I Y
d O y - c JI C O N 01 N m C U 3i. y
w N D r d o s d N O mI N N m1 E• s- I d
N`
w c '0 9 0 Y E v v I o I "i a. E11 c °o J:
m HI c. I D! E �I
W m 03 c p' m 'E a co H o o °3" -1 �' h- EI1 E 5 A E
v o' rg- -° JoI E o c3i o sI c 2' N m - J E 0 L o c
�H a 1 `o a 2 ° E Ei c d c d .c 2 S O: o O C ., a d
VI N DI c a N N U 3 I N CO J .°. N
Q c' c v D ¢ o d N! E D N x o c
d > .. J d C Ni O N Y C V j d
(N v d 3 co N U x d iii N' N' - co U Y Y NI
0:1 nn
IL m` g - m 'c w 10-
-o m v 0 .NL u c 3 I � _ E.� n �I s
O a
.E O c co p d b. dI J U • O a ° d C o y o
ti s c a v °! O v u V '° r E L C
°' C • 3 N C O d
O d o) o m 3 o c E NI d °u mc co c c m d E w E',, d
v = ° E c E B Q Y y D m 3 m E
c v - Q n 5 •E o ,°?'I o o D L.
E _ c I a v v
!!f� 'o' L o -° D o N o N, J c�� E m o o n
E C N: 0 d d VI -O 2 O O� `O O
an r v.N •I O' O' co y I ° 0 .5 �'. O ry .E V N O` ] a c• N cc °
��((�� c "f c -o m 3 U m o m. m m 3 v _. E D d . E a
u) d ml o c a J m ELI d C'.. c_ c dI E m m d o o
a N •E I N N N J O r. 0 C G O ry u d C N -O G d •J "O
d C >' N OI D N �y NI O Y O N m dL• U O d U
Q D D d D d y Q C Y C U _ '4 N C N E co o C U C
V -� N C > C 5 5 Y Y U - r y N d O N J N E ° O. u O
c .c v `° d ° c v m N C : Y E o a n m_ .� c
.1. 0 O J O y 2 Y I ;- � N O d C• O U O OU u all El d
pia O d O a s U w C U O U c.i UI
z > c > c > 0 J I o c r N NI J ' o'I_ '- o 'E' m Z DN a' ¢I N
w = U x = a Q o o E E 2. c U p (7 Y o Q y d+I O'
(�/ Y , ° J 1 N
Z m Q m 'm w co w o w n cI c ¢ .9..0, m p n c w o n.. 'alj m
ft 0 s Q _ c I � U I � _ n U E .L77,-
ft i- < 3 c m Q N o w v: r � =C -° y E E m
2 nl m c m !- Q w o °' - Q o � m ° C e 0 N m. 0
..y w a C7i .- m a • w u `m � 3 c7 I D w, u,' - CO' `c .0) m
F
O —
I ?..0' y .z.- F E wD DI N LI C C E N Q g N d .T. d
V�Py C C A X N G N NI N �' O d O 0 N N
Il.is (` N Cc d N Z. N N N L N 0'.� O d N a O 7-
J N J N
.o v J 8 a E ° > d L. E D al m '� \ o 0 0
3�yy > s O O 1(1 O E L O C A I O I Tr
N O N O O U O'
G., rn v N .. m .. d E al c d m i° c H t
9• 4 d n N 9 N d m m .� N I L. 0 C d coF
c Ol N L y J d .^'.. C ._ t. a: L I � O H d .N.. w0 d 0-
°C N N O O O IC N�� O C N D I d N J D d U C E
e„� •9 ° E > m a d c °1I a m o I', m n m = m E `o• o °' °
`5 f w. d o - x d. D - m' .T - m m L _ N • d o
Q .y- d v o `° 02 v v m '., c v .m vi .N o r0 CO
o a m av
S d E D
�9 m c v
Z d 'U'J a' N s C C " a C N 7 >! N O' y d m 'O N N J
U j D ` 'O = V C m U '. al y ≤ N = C+ Y N c .L- a C
Q Z _-. C S O 6 J O C 'N OU D N in C .. N L U — L a
dO N d O
_O c E .' `o -E 3 o o
an m m .- P o `o w °' ' a 0 t U m � >
L_ o m c N a > = E c m y 31 nI N E m m o E .°
ruLi j 6 D` N Y c O L O .0 N °! .O I Y ° — C T �j O Y
J Q �° N D — d 5 E v m c _m °U o m a aa)i m a! E •o c d
C Y I N J , L o O 0 d I N C T E N N N Ia
O O J J E v
D a Fox Y 70 D N _ o n c D 3 o c E
O/y a E ° LL � 0 9 c 2 E 9 L E; V E •o c D 5 L L� c 5 o 0
LL > O' N N ` O O U O y 3 v>Oi N a) O' N C r ° D N
E" L o m a v v c I _ t v c _ t `° N a o o m 0
CLI Z v v o "E,, E m E o w m 3 f- D 3 ° N D J
v 5 3 D cE n o i° �' P n _ o '� d m o d z
c c n o '� m m e1 o _ a _ I c1.? m `c O1 v m — U s E a o 0
O e N p' — C O V U >.' O D O O N C d � U r
d a a>
c Y N -=‘,,,,
V C C a L I Od i V U O m E >O d C J a Z
N o -
N mEr c c m t. 'E a - c o f mI N a1 2, c `-. d > a ._ `o L m o _
.. 2 � c E o o!I h x E. C Y n n n L m o .C a
c 2 .al o n � ._ . .o I N m m co, c; ° a' a xi m � c+ c o m CO N N
> - 1 r I Y E > D _
d c o d v o m v n > c N > y o a
N m y v 'c o v o' O' v N o m m E .°o = _m v p a
Et) ;
0 a, a 1. N' N , O « C c N a CO U U N
sa C U 0 N T U. N l O I n d'. '0 0 N d v' VI 0 _ -U _
y v Y d 9 — tat)
13'
. O D — E U N D m O N d 2 d >
U C N `O to" N d I W N _ r I J d U N U Iii = U N 3 D C
a "2 E m ° L d E y o m10 F ? N{ L y m o T v o en d .. .. E
X d V d U d d N_ I n " V I N ` CL'i O `U J '- N O J J
W o -E � y r l m I Y o J x J O -m a L x0 .o v m - =
o f !` 3 3 E m` m d E o v o n a E a = a
Y•Iskatmall
I i
0
as + A� ® 4
•
Li.. 1.-) IC)• f'
r V1 00 .. ¢, 4-) a) U
_o_- i a C) - .d
Fa a) Q.) .H U ;.4
r{
r` • cd a) o r� a) m, , C)) Fi CI)
a
c„ •
a rn U F-I cd U • cd ¢' Pli
0 �
• ca av� ca �, a
O• •
''7 A, r-I M ,� cd
o!CI to
o cd a in ca •
cd
. •F_, 0 2s k 00 a0i W P •
4-) N O 0 o OS a) 757r1 a N a) C)
4.4
a boa spa a) o a�irna
r *' -Q
••00 p 00 � COM
VI C!) C Cr) U) M p U] tfJ U) I-I N
Z CD O "00 •�0c0 r- n•II � 0
T5 � GO - I~ CO -O 'Cj ^O co
N r1 CO O
-71.-. ... r-I r-I � � I-I Cd N r 1 cd CO r-I O)
U)
Fa hC O — ------- u7'
bA cd U 'CI
v1 '� ,..i F•,, •,-1 Q) � 0
U' N -I cd a) v a) cd x
.1r2U) .. cd bk I1 a) U) -i-.)ei al x U N U e .C O .si O U)
U •
rrt ,� �•r•I . I. ,--I . r-I ,.. ;y r-I ri .0 •r•I r-I r-I
r`• J 4-I + O O •r-I -p l w O 0 4-4 O •r1
CJ r�q-I C). U) O cd •r-4 C rl 4i O r--I CH O at
-- •_.C.)_.0.41 a _ 3 z U tw O U Oa, e
- - ---- {
i ai
hl C
Cr) tI
.-, 4-'
a E= cf) U) �
v1 v1 � f ,: cd
c,3 rn cd c i 4-)
f — Fa F-I Si F-I i�-'3-i 4-3
CD a) a) a) m a) +) a) •-, F♦
+) 3 3 41 - 3 3 cd 3 S-I .cd a)
Cr) cd a) (1) cd a) 0 3 a) a) +) 3 {
3 U) m 3 • U) U) U) I-s (11 a)
- Lt U)
` n �: � 3 4-•)
E 0 O CO N r-I 00 co r--I CD 4.1 F{
- I I I IIII I I •r1 O
r N r-♦ N N r-I r-I N r-I N ' CD r-I 4-I
-• — c
h
r
µµ 1
-4
•t c`•Fi ,- c
cI cd r_..
• CL
. In� rt. r C
N W u
I __.__--_. .E. st+
0ON +) Q
• .N = N 0) G r-•I Lt) ,._ d1 O •:t4 )—(
r O r-•i a) -4 N N $4 N xp.i -4 N N W 0
, I Q1 •r I r^I F, � � Cd a Fi CY) CS)cd P'
I J r-I •r7,--I cd r7I I-I
. r d co 'T -rl • 'i� a) a, �• r, QI • a r I r�
I- :I 4-) cd U . . •. Q
7";
' rt O U) DC �.P, +3 '� x a U) M N W � d-2 O W
v _ a) • w • WW m b U) a) �. • U) +_ o
�' a � a) cd r +) a)I—i N (
� U) +) 4-) U) • _
a r a) 44 a) a) 9••I a) U) r+••i � • a) 01 • -
as � U EH Fi U • k a) • CD t) a' U U) U U
• r� cd CO U cd CJ' U U a' F I cd U) a) cd �
I to � i], CO CO ) C, a3 U) U co 00 U 04 N
U] 1 a M N N 07
•v -O O In M M CO co 67 CIM M .
C C •
M CD • et+ d+ r-I 0p L''' CD t`•• CV
., . N
Ircs I M N II, 'el d1 r•I O M • O r-I 00 N
J M N Cn r-I CD N d1 CD Cn r-I N M r-♦ N r--I ^I
O
XI O O Q O Q
a, O O O O W
l= O o 0 0 0
i o v+ Q in 1 w
R. Z O d+ r—I r- v1
O - d
x N Cf) ,-+ P7
I-144 — -- E'
M rn .^ c;, a
o b 00 CO O�, 7 00
.--- C' � � }- o � Ca
O � >n N 0 ; 6) r1 x
• E' cn Z • ,-I N -_ —
C E-
n � ---._ N
N N
3 r-I r Fi c, * G) O
CO- ;--
a) +) CD r-I J +1 O ,Ii O
I -r1
V] +) I r I 4-) PI 3 O ' O N "d )-1 CO
I� n� v+r-I CJ tO c9 U) ' CO N O - O LO C CD
v1 =3 U rl N O 0 00 00 co ri 00 � I � O I cd Ei CD Cfl C!)
•• RI Z i D r-I I CD CD In r-I N r-4 CO CO '� U N W r—I � Cfl I F
cIr i cu {# O CO N O I CD CO r I l� CD CD a) dr I co Z
, t_ r.. by .r. r-I r--I •
O N a) Cn Cn 6} O r7 r--+ C7 Q = N r) O 9 U Cn I L-
(.7 0.. •I: U≥ N C9 F4 <A I 00 6) as o • c0 .--I O G) N g to No � I N
N N C7 Q ,rl N N N ri d+ N G) d1 -1 ;� Cn co *
.... .. ...._._-""."--•
p� c� p OFFICE OF COCA 1 Y ASS P,SSOR
JUN fG 81991 915 10th STREET
GREELEY,COLORADO 80631
gip NOTICE OF DENIAL PHONE(303)356-O000, EXT.4256
C. GR 17200 L2 THRU 7 NW4NE4 1 5 66 G ALL
(( L3-4 G THAT PT OF LOTS 5-6 SW4NE4 N OF U3
COLORADO AV CANAL ALSO L1-2 SW4NE4 1-5-66 PT AXSOM
-/ E H BIT �� ADDIVILLA WEST MOBILE PARK) %2626-1 ST%
2626 W 1 ST GREELEY
-'--
77
OWNER VILLA WEST MOBILE HOME PARK -_3
0 _.
-i CD:--.
MIKE NOAKES PARCEL 0959011®6017=
PIN R 1654686 _ :_-
1" rn '
4891 INDEPENDENCE ST tl14O YEAR 1991 t-,
O:: -
WHEATRIDGE CO 80033 LOG 01613 T
7 �_ ,
• 05/15/1991
r`i
The appraised value of property is based on the appropriate consideration of the approaches to value required by law:The Assessor has determined
that your property should be included in the following categorynes):
Residential property is valued by considering the cost and market approaches.
Agricultural land value is determined solely by the earning or productive capacity of the land, capitalized at a rate set by law.
Producing mines are assessed at 25%of the gross proceeds or 100% of the net proceeds,whichever is greater.
Oil and gas leaseholds and lands are assessed at 87.5% of the gross value of the oil and/or gas sold or transported from the premises on
primary production;secondary production is valued at 75%.
._..._All other property, including vacant land, is valued by considering the cost, market,and income approaches.
If your concern is the amount of your property tax, local taxing authorities (county, city, fire protection, and other special districts) hold
budget hearings in the fall. Please refer to your tax bill or ask your Assessor for a listing of these districts,and plan to attend these budget hearings.
Illy Assessor has carefully studied all available information, giving particular attention to the specifics included on your protest and has deter
rained the valuation(s) assigned to your property. The reasons for this determination of value are:
NO CHANGE HAS BEEN MADE TO THE ACTUAL VALUATION OF THIS PROPERTY .
COLORADO LAW REQUIRES US TO SEND THIS NOTICE OF DENIAL FOR ALL
PROPERTIES ON WHICH WE DO NOT ADJUST THE VALUE.
PETITIONER'S ASSESSOR'S VALUATION
PROPERTY CLASSIFICATION ESTIMATE
OF VALUE ACTUAL VALUE ACTUAL REVIEVALUE
� PRIOR TO REVIEW AFTER REVIEW
LAND 2s 722) 275 2)72'2) 275
IMPS
•
TOTALS S S 2j7221275 S 227221_275
If you disagree with the Assessor's decision, you have the right to appeal to the County Board of Equalization for further consideration,
39-8.1060)(a), C.R.S. Please see the back of this form for detailed information on filing your appeal. 91.0373
•
By' WARREN L. LASELL 1/2
- _ �i
LO COUNTY ASSLCSON - 7J
ADDITIONAL INFORMATION ON REVERSE SIDE
_ca 'N` �a*. 4' ^;.}c'i a;.` s Y j?':'�SPT+�f'k '"+ 4 iL �r -.T) `4.-"L
,‘ ,v.:
• '• �'' •
rag
i yMP5. ..
g' S ,ire 13 a A. is x f�1 ppppoo•I M. sFc sY • a G g .. NOJfbOnmO^^^--nned ONing•••••••nianann
*.t.'s 'eg • n $o *. nyc a � in g4 yc
ya g 8 CO B O e 0 9' 9 'e yy$ NpOnmONmmOmNN01CO OC••• �a•Pe�eso.
'ter ,i4:, : a .._a E •B 3 Oa 12 �a , • ,x.54 � _ co .+bmoNf, . °ant°°inen7r.gur mmNm
"11'w �v IC e e`t! Ern. _ I. �r'4' � ty S '-' ‘1.1"46.1!
�4 h � t n
ie 1! =22 .0 , 11 7!! 0 a 5. - a CO 0 X
cs'+ti a ✓'fie ? C e S O 4 C 0 l f rN p"•OJ�Q t EN n"Cie tetgNOp♦m�mm NOp{� .. -�
L Z Y7 NNN1+l lO l�fffbbl0b
'" f 12. e • c g 0 . a , e Z � C � a._ R 0 r $ 4 O = o _ , .8 a m V 2 Z9 N. �O .-.-NmNoirec co.w•IND1no0
'=? \ ZO •
o oc E cm �' O >r sit,
W O � . ..
c ; 11 3 � O $ n: Z 7 0 4 2 H Yn�'nOnomNn� apm
a C Q 'q �NNNN01Np�bSO
Q $ w m cc v 3 e J 00>wo W ° uWamN00CIn•0b�
_ U O' C .. 0. 0 0 11 • !q '0 m NNV1lq WfflDO
C O o E ,. Cc a • E e
hi e
qe o e g cC
Na t J a Xift0 �• •L 3 8 0 vS U IWL he xN0lf ^'NNN10010v*IAW01f Wiaa
W 2 a c o • o 2i `• � � c Z ibb ee a a
N a ° ° 86C1
° c E o e E : e t .- E iNNe9iW 0 �q KimmNm^^nooamcoMW* wWW010 ��
Y. NNNN 01 ab mb Y
a C � M0 c .r C 0 GN OTjfn200.00b00N001np 0)On
a. c • •• • • •6... m i E O o V • J S —,00000000 t0000
E e o g o cc. • m W o f Q m m
O twit c l n u 0 .c .O � �NNNO rg N t+100^mNNN�t7�100b mmn Ti
.Z c $ o ec 830C o c " o e ,...=
K
• a m _ a WV 'S 0 ge Z <�p R Cp
moo nv O O c a •m ` m o e m m 0 p0^mNNwiOeuNmn W
x c c m c c u _ • C %m c Z r
m o ,eOn° E q m o9 m9 p aN e'On.e.-0f0 T71'r40lIW
— '� O g O C V -�` > OI a NNfOffbb�l�
~ c m ~ m • e ~ 00• a , i..,.. ;3. t a1 e-NNfb Onm010Nf0m ONp0m ONf000N
= O0 .9pt E E ? r 0 d31LQ NNNNNWl7a1o1mfp�0
f
O
W ie j e b b b O 00 O O O br
• ... 1O CO •f CO CO b CO 0 O 0I O)
Ct o .. m• n n m nnf Oo n $ N
L $ ^ N a n. O
E
S E 'o o n p N
U • 0.
• c n mi
as m o.
aO p • • O CO• ICI 01 O
Li. 1E eog p ac N
RE $ oN d S c o
Z cc '▪ a w 3 c .i s iv E N m o O
e i c $ c m e 99 c p a so • O O
Q • _ ' •p O `e `o 2 3 Y �II r 2 • m e e $ N o
C F • m 2 e = c o a c .C OD $ E p c v p g
G Z e a 213 e 'at 3 e c —cO a ` a n $ • ff1 n g 0 .
J ?> ` $ B • $ e S 2 .6 4 80 -30 ° 8 a `3+ KB IX u
00 E v 0. • • c tot Ea .° iZ a To W co
J n e > c' a • 8
o Q E o gu 2S E i e _2 'o IL n o N m
$ c 8 5 ' a • • tic
X a e c• o i S c $ 5 c 2 3 e , v a c 'c 'c O o0 0
W oo a « et
o m o e g o p o m c E o • e o 9 n f g Y m
� 0 ` V C •• t a p so ca. eXS 4 L O $ .. e J _e e • O
C •2 • O O O • O �f • C L 9 O • $ O O <- �
Lis` yo9 = o e E g . O �q e c E = `• 4
f .2e = $ L1 e r. ... . . ,
o $ c ° caE. _8 $ xc •crz 8 m o
W a e •3g .0 ID• � I �'+ r 119 _3 $ E ` � a —Y'sic a I 0 g m
a E o = e l a o c p vo Q a w Z5 m oo — 000a04010
a
E e O U' 2 3 3 • IreO E o Q
• E e Z Q I o 5' , O • g m .� •. , O C I W e O c y 02 gic t
O 'g n r EC Lie Q O Z n 'e 4. • f g H 0 2 E 0 • F = W W V 0 W
2O a ° c n W $ 0.0 3 ° bg r, 0 oDQ eQ9a v : Z c on W Zd F `w0 a
0 e •- so E 0 O E Q • W S a
c z is,
a Gf O 4� o 0 U e " 0 W 2 LL O
US € moo 0 2 ¢ F .4 '3 Q a ofu rsQQJ iS mJ � � � m X O� 2 co
MO. • W $ 0 Cb0 OGQ em 530 W 0 .e. m 2 _ r 0 W lT.n �,,-io, •..
Ln
Ln
ul in
in W 6. - a C m N N t'1 n N V ml ! O in p m CO
i ~ E E o b b m m m b (7 m m tl n m'' m o ro
m m
o
n o 0 0 o
0 m
_ n 0 m m o
a m Wa
4
O 0 = 0 m0 1°
3 a m 0 co o
W r 0 b O a
C O a N O
N C2 4 `o m _P m N b
ac c 0 m m
m 0 o n a p
.m- `C a 0. x :4 m m m n O p C
0 e c E c 0 — m r ' m
Y q C J C c •e 0 a J C
o c o $ _ f
ea E E m d m o c o` m C x n
m x o
C p .0 '0 °O O 0. m 0 o 90 c E n O G m ' O 0 0
a s m q a 6 c I-
O e c C U m m o G m ca m o p
Oc x m la
L C O m c m >m. C x• O O c m a O N CO �° O CO
O V m .W m 9 m Y O u O .0 9 0 0 0 V O m 4- CO r.
O p m
0 p 0 0 c ; m P m J m b m x Q
N 0 m J m p m al
C C V m O o 2 C O G O
Y „ ≥ g m ei mamm � m ° 0 CO
C C a L o e m m - os > 0 'O m q qP O m ' C1
e N .L. Tr. r P N O m m m m p > e o 0 : C O M E
g o 3 x V03
Y m E 0 0 . e O O 9 0 •-•x O 0 m .- u b of O W
Q .^ m m m o > S CO
a •o x ° o E c P 3 J ca m m o c v m vi
/1 �e v E 'in n m o m ° - e of m 83 = r o d e o
LL c o E 2 ° m m m 9 c m o .O o Q c m `m o
m CO L m 0 7 o ? N co ` m m c .0 m p p O
V m 9 0.
e a co V 9 1 ; 0 J 0 9 0 C E m 17 e c t0i I c r m m m
a L J o t7 m ' C Z 0 m i E m o > i0 r 7 C 0 7 C C7 ' a
Z o P m
ii, Itt CC
am u m a Q C I L < m m Z p :13 a 3 a ; < •
giz o b 2 c o 2 Ww w m a w
N n c c m w WC"' 3 c < a '311.110C.) m C7 g `o a a
0 m E 0 2 .m. O ` W N O P 9 1y m W H a 0 Z W > m p 7b m
O C = 0 E < O cc m s h ILJ w J T, 81- w W a O.to _l y 0 ; O ZO f ¢ i it �
71
E W 0. 0 2 LO .0 '> S Q m u) 2 ?.i 0 W 0 E m E E c 0 0
Lo in
Li. o m L m a a mi LO
a s N m 0 V Omi l b m O N
m e ; E m a° R • a N
m 1p
> U
}.m m` E _ 7 m o 0o
0
° f m
3 m N CO 7
Uc• o ._ ow f
g e m y J
Q J r ` m b CO
0 p m
m r 'u O : m a q
IL m O
O 0 m C aV y m m ' O
E p c C a m 8 m E B O b o m
Z c o m m 0 S e b a p 0
E o o v a m m p Fya.
n ,_ pm ol 8 '- '�+
Q p L m o p E $ to
a ° 9 C C q O 32
C CON m o 0
W 3 _ r em m c � o ° m E a^ n m m
G a m L m e o to
s n c ..mm- o t c 8 p c . e W p o
0 1' a •e m J o •x m a c c a a q � 9 C O p g
e q e m m J 0 m q. c m q m m ' o c m �_ r � CO
J E e _ c Coe
e 'm m N c a : o a p o c .
�
Q _ n a 2 a m o m v m E o c u
a o .m- a m m 711 E; E g o m c w e m a c c O N O om r"" e
c c,
e t0+ n m m m u o co m 0 o c m m c:, o m C u �. � a ,
-Le ow`o
e n b m � 'm B m N m > e 'm a Y c ? o o m `o m o $ a ei Ls
- q 1O ai o o .0 -0 0 Q 3 E > .J = c c o > Lo 0. ' a
o m o c .0 a . m Q a m J 4 m
_ .°r N I c m C m o ac
m m icy
u P O m
mm g $ i `m g 3 E a: `o m' E 0 c ..c116 - 010. 03C GI At ' l < o a oo co a`--
_ .f
0
`0 ° ° o o , m m 5 O c < ° o a my 0 `° 0 7 iz 7 E ? 0 Y o. .
> E .c d 0.. . O n C9 2 .73 p 3 x m c m c O ¢ F
e m e O a 2 a i >> > 9 0 .- G , EL J O O . W c Lc x Q y<j W m <�
g e y y m W o tl o m 2 L v m CO 3 Q o y Z C ° e p cW la U.i
0 7 ¢ a " c:
o ° ma E < a m �° fl m m O g `o m w m< n < o. C. >c
S 3 m n � W z .0 Z 'm 10 00 ° 2 m C G o a J a 0 C9 20- F b co <
cm
Icc fa a
L" m m = E E O m Q S «16 O n ; m Q y w m .c - a m° a E IX ZO E cc i
E E 5 u c uZi $ O . H G G $2 CA° SL O w lm- � m f E 0 4: < 01 C:":�rr7``.� - '" i_
.r..._
• • • • • • s-
I r
•q T1
4
x
w
U
a
d
W
¢ ¢
W
F� a F
¢ W
W
a x
o �
r
a
r
co
W C
1'0'NM91gIIN
q.
C9
00
C9
co
.--i
sc C7
z z
H H
a
x
0
x
w
V
H
W
w
O
¢
p. /1 W
E ai +> W Cd
f4 a) w ¢
W +) NPi k
J
O C.) +) Z H
CL k U] ¢
a +-
0 4-)
E � a
U U F
W ".
Cl O O
W O N
• t- (.0
CO
C N N •
F1
h
ilr �
l r�� ri`
_f
'Sr O
6
ix
•
- w Ir
i
- v
:, _ • •; a 1
'1, CO
+; ;i c •
F
W
t W
c4
N. • S F
CO
Y
\ . \fit
v '.. R'
O •
"' 1C ...
�. 1
. r
al .
.1 f1
a
W
a
H
r a 1 cz
. z
Wer H
a Q
z Li-i
�
m
� oF A • y. .
FUD •. a E. 1 F
,i O C+ O ,fin .4' O
It .-i W U
cv a •
a
a W Q �.
THwa _
OoxwCO
v1-1c73 f
t,
f .
w11 r • 1
44Oi .
0
6
w
it%
w
U
a
E
W
W
F
i
v,^,
1 - 1
1
.t
W
F wi
x + w
U
E. 0 �, z
F 6
F
Z
0 N O z
zc E U .j W
n n �a
• O• Z Q
O rOW --``
U N 3 J
'4ts J
`' .
4
f:LS0.i6
F U
6
a
m
E
W
W
' E
s
x4.
•
w
a
F •.
c
w w
a f z
FO d
mUY4 x
F F
Z 3 w
NNNOO
cn cn
� xaw o
O ,l O w
UN 3-•
t+ J
w �y
a
ht.
0 •
'` „, •
4.
e.3
4 .
r ,
Q' (4
W
U
co
*23
_
F
Gal
w .
x
•
1
.
V
z
..
> c o
L } .-•1
M
.Z
S
U
Q P H
N
O N C •
F ./5-^ i.0
a1
` , ' W
a`, I
I
xl
wI
tt w
. 0 a
.+ ii rn
^' W �
A � E
N d' W
o CC
eft
E
a � I
P+1. Pi'
t r 1
i
I . .
s
'N1:!3v,
1N I
i,,
111 ,i,
.< I
› C
E
O z 4a W
QU J O U
+) ..J F-1
A` TJ 9 k+
•cr LO c x k+
At caw 0
wry
O > x
ON o <
C.) 711aa
if r F
Hello