HomeMy WebLinkAbout940040.tiff . FORM 920(66.93) PETITION FOR ABATEMENT OR REFUND OF TAXES_- �rV��.
Must" filed in duplicate and all questions must mswered '!'7
Petitioners: Complete this side only.
Greeley , Colorado, November 29 `iq 9 ` N /
Clly or Tam
/ t'
To The Honorable Board of Commissioners of Weld county,'';,
Gentlemen:
The petition of Federal Deposit Insurance Corporation,-`
whose mailing address is: c/o Bridge & Associates 216 16th Street #950
Denver Colorado 80202
City or Town State Zip Code
SCHEDULE NUMBER DESCRIPTION OF PROPERTY AS LISTED ON TAX ROLL
6768386 710 11th Avenue Greeley, CO
or 096105317006
respectfully requests that the taxes assessed against the above property for the years A.D.
19 92 , 19_, are erroneous, illegal, or due to error in valuation for the following reasons:
Describe specifically the circumstances surrounding the incorrect value or tax, including owner's
estimate of value. (Attach additional sheets if necessary)
The income approach and sales comparison approach indicate this
property can support no value higher than $725 , 000 .
WELD COUNTY ASSESSOR
utk; u91995
GREELEY,COLO. •
19 92 19
Value Tax Value Tax
Orig. $348,009
Abate. $137 , 759 $14 , 618
Bal. $210 , 250
Therefore the petitioner requests that the taxes may be abated or refunded in the sum of $ 14 , 618
+ Interest allowed by Colorado State statute .
I declare,under penalty of perjury in the second degree that this petition,together with any accompanying
exhibits or statements, has been examined by me and to the best of my knowledge, information and belief
is true, correct and complete.
c/o Bridge & Associates
216 16th Street, Suite 950
Federal osit Insurance Corp . Address Denver, CO 80202
Petitioner / d
By /1 Lay ime phone number (303) 573-7000
ent Date
Every petition for abatement or refund filed pursuant to section 39-10-114 shall be acted upon pursuant
to the provisions of this section by the board of county commissioners or the assessor, as appropriate, within
six months of the date of filing such petition. 39-1-113(1.7), C.R.S.
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OO'6 Complete Either Section I or Section II
RESG_ JTION OF COUNTY COMMISSIONI I
Section 1: In accordance with 39-1-113(1.5) C.R.S., the commissioners of
County authorize the assessor to review petitions for abatement or refund and to settle by written mutual
agreement any such petition for abatement or refund in an amount of one thousand dollars or less per tract,
parcel, or lot of land or per schedule of personal property.
County Commission Resolution #
The assessor and petitioner mutually agree to an assessed value of $ for
$ total tax for the year(s) 19 and an abatement/refund of $
Petitioner's Signature Date Assessor's Signature Date
If Section I is not complete and/or if petition is for more than $1,000, Section II must be completed.
Section II: Assessors's recommendation:
® approved;❑ approved in part $ ❑ denied for the following reason(s)
Staff agrees with the value requested by the agent .
B ", A
1
Assessor Dep. sessor
WHEREAS, The County Commissioners of Weld County,
State of Colorado, at a duly and lawfully called regular meeting held on the 3rd day
of January , A.D. 1994 , at which meeting there were present the following
members: Chairman Pro-Tam Dale K. Hall ; Commiccinn erg Genrge R Ranter, Copetanee
L. Harbert, and Barbara J. Kirkmeyer
notice of such meeting and an opportunity to be present having been given to the taxpayer and the
Assessor of said County and said Assessor Warren T.acell being pregenr, and taxpayer
Federal Deposit Insurance Corti-. cLo Bridge h Asanriarpg not being present; and
(name)
WHEREAS, The said County Commissioners have carefully considered the within application, and
are fully advised in relation thereto,
NOW BE IT RESOLVED, That the Board conrurc with the recommendation of
(concurs or does not concur)
the assessor and the petition be approved , and an abatement refund be all owed
(approved or denied) Om avowed or not be avowed)
on an assessed valuation of $ 137.759 for $ 14,618 total tax for the year(s) 1997 .
Chair an of Board of unty Commissioners
STATE OF COLORADO,
1 ss.
County of Weld J
I Donald D. Warden ,43stuldinceterixamcbfataaffiado Clerk of the
Board of County Commissioners in and for the County of Weld
State of Colorado, do hereby certify that the above and foregoing order is truly copied from the records
of the proceedings of the Board of County Commissioners for said Weld
County, now in my office.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of said County,
at Greeley, CO , this 3rd day of January , A.D 19
i ,u /7
/traiewvvl
Clerk to the Board_e_i_ij1
By A__417 Deputy clerk to the Board
ACTION OF THE PROPERTY TAX ADMINISTRATOR
Denver, Colorad 1991
T ction of the Board of County Commissioners, relative the within petition, is hereby
sprrov.r,❑ approved in part $ enied for the following reason(s)rAt-
71-4:1717/ Secretary Property Tax Administrator
• 4
April 15, 1992
Ms. Sharlene D. Raat
Liquidation Assistant
Asset Information Management
Federal Deposit Insurance Corporation
707 17 Street, Suite 3300
Denver, Colorado 80202
RE: Greeley Office Building; Lamis Number 003564611
Dear Ms. Raat:
As requested, I have prepared four copies (one unbound) of an appraisal of the
Greeley Office Building located at 710 11th Avenue, Greeley, Colorado. A copy of
the engagement letter is included as Exhibit A, along with the FDIC Uniform
Appraisal Instructions to Appraisers and Environmental Risk Checklist. The
appraisal contains a total of 98 pages and is subject to the assumptions and limiting
conditions set forth on pages 96 and 97.
Property rights appraised are both fee simple and leasehold interests in the
property. Date of value is April 15, 1992, the date of last inspection. The purpose
of the appraisal is to estimate Market Value, which is defined on page 3 of this
report.
I have inspected the property and have endeavored to consider all factors that
affect value. The narrative report that follows describes the methods of valuation
used and sets forth the analysis of data and reasoning involved in deriving my con-
clusions.
It is brought to the reader's attention that 1989 and 1990 real estate taxes are
delinquent, along with the payment of a special improvement district assessment.
County records indicate that $123,837.68 is required to redeem the subject property
through April 30, 1992.
W. West Foster, MAI, CRE
Sue Anne Foster, MAI, RM
Real Estate Appraisers&Counselors
Cottonwood Commons Offices • 1750 25th Avenue, Suite 303 • Greeley, Colorado 80631
(303) 352-1117
94O040
h -
Ms. Sharlene D. Raat
Page 2
April 15, 1992
Based on the inspection of the property and the investigation and analysis
undertaken, I estimate the Market Value of the subject property, as of April 15,
1992, subject to payment of the delinquent taxes, interest, and penalties, to be as
follows:
SEVEN HUNDRED TWENTY-FIVE THOUSAND AND NO/100 DOLLARS
($725,000.00)
Respectfully submitted,
Sue Anne Foster, MAI, RM
940040
F if
ii^ SUMMARY OF SALIENT FACTS AND CONCLUSIONS
h
Property Description: Two and one-half story, plus garden level basement, office
building that is listed in the National Register of Historic
Places. Originally a school, the building was renovated in
1983 for office use.
Location: 710 11th Avenue, Greeley, CO.
l Property Rights Appraised: Undivided one-half fee simple interest and all long-term
leasehold interest
Ownership: Back to School, Ltd., a Colorado limited partnership, has
fee title to an undivided one-half interest and title to the
l leasehold estate. (Note: Fee title to the remaining
undivided one-half fee simple interest is vested in the City
of Greeley, Colorado, a Municipal Corporation.)
Zoning: C-4 (Commercial)
Highest and Best Use: As improved
Land Area: 50,381 square feet
Improvements: .MiliiiiirnalinentalgaiiiMMbrass I1sab1
RE
atiltditI Area Aria
Sq. Ft. Above Grade 34,195 20,436
Sq. Ft. of Garden Level Bsm't 14,779 4,861
Total 48,974 25,297
*Defined as space the tenant actually occupies
Date of Value: April 15, 1992
Date of Report: April 15, 1992
Estimated Marketing Time: Two years
Estimated Land Value: $175,000
Value Indications
Cost Approach: $1,595,000
Sales Comparison Approach: $810,000
Income Approach: $635,000
Market Value Estimate "As Is": $725,000, subject to payment of delinquent taxes, interest
and penalties totaling $123,837.68.
FOSTER VALUATION COMPANY
( - 1 -
9400` 0
IDENTIFICATION OF THE PROPERTY
The property being appraised is a 48,974 square foot, multi-tenant, office
complex containing 25,297 square feet of usable area. It is a two and one-half story,
solid masonry building situated in the northeast quadrant of the intersection of I I th
Avenue and 8th Street. Property address is 710 11th Avenue, Greeley, Colorado.
The property is further identified by the Weld County assessor's office as Parcel
Number 0961-05-3-17-006.
LEGAL DESCRIPTION
The subject property is legally described as follows:
An undivided one-half fee simple interest and all leasehold interest as
created by instrument recorded August 26, 1981, in Book 945 under
Reception No. 1867449, Weld County Records, in and to the West One-Half
(W 1/2) of Block Forty-Six (46), City of Greeley, Weld County, Colorado.
\` FOSTER VALUATION COMPANY
- P2 -
9400'19
RECONCILIATION AND MARKET VALUE ESTIMATE
The last step in the appraisal process is to conclude a final estimate of value for
the subject property. This is done after analyzing the quantity, quality, and
reliability of the data utilized, strengths and weaknesses of the different methods of
valuation, and applicability of each approach to the type of property being
appraised. The final estimate of value approximates that which an informed, rational
investor would pay for the subject property if it were available for sale on the open
market at the date of appraisal, given the data used in this report.
A review of the value indications derived from the three approaches employed
is as follows:
COST APPROACH $1,595,000
SALES COMPARISON APPROACH $810,000
INCOME APPROACH $635,000
The Cost Approach is of limited use in this appraisal. The depreciation that has
accrued to the structure is difficult to estimate because (1) the improvements have
been renovated and (2) they do not represent the highest and best use of the land.
As a result, in this report the Cost Approach is not a particularly effective method
for estimating market value. The estimate of functional obsolescence resulting from
the subject's lack of efficiency is the most useful information to be obtained from
the Cost Approach. The severity of the problem is highlighted.
Given sufficient market data, the Sales Comparison Approach tends to be a good
reflection of the marketplace. In this report, however, it is weakened by lack of
highly comparable sales and differences between complexes.
The Income Approach was estimated by three different techniques. Reliable
rental and expense data were used, and the direct capitalization rate and discount rate
were derived from sale properties sharing similar investment characteristics. The
greatest uncertainty relating to this approach pertains to the stabilized vacancy factor
selected. Since the building is not currently estimated to be at stabilized occupancy
due to a poor leasing program, the stabilized vacancy rate selected is based to a large
degree on judgment. This weakens the Income Approach to some degree.
FOSTER VALUATION COMPANY
- 92 -
94OO4O
6
CERTIFICATION OF VALUE
I certify that, to the best of my knowledge and belief,...
1. The statements of fact contained in this report are true and correct and no important facts
have been withheld or overlooked, subject to the stated assumptions and limiting
conditions contained in this report.
2. The reported analyses, opinions, and conclusions are limited only by the reported
assumptions and limiting conditions, and are my personal, unbiased professional analyses,
opinions, and conclusions.
3. I have no undisclosed present or contemplated future interest in the property that is the
subject of this report. Further, I have no personal interest or bias with respect to the
subject matter of this appraisal report or the parties involved.
4. My compensation is not contingent upon the reporting of a predetermined value or
direction in value that favors the cause of the client, the amount of the value estimate, the
attainment of a stipulated result, or the occurrence of a subsequent event. Furthermore,
the appraisal assignment was not based on a requested minimum valuation, a specific
valuation, or the approval of a loan.
5. My analyses, opinions, and conclusions were developed, and this report has been prepared,
in conformity with the Uniform Standards of Professional Appraisal Practice. Additionally,
it has been prepared in conformity with the Code of Professional Ethics and the Standards
of Professional Practice of the Appraisal Institute.
6. The use of this report is subject to the requirements of the Appraisal Institute relating to
review by its duly authorized representatives.
7. As of the date of this report, I have completed the requirements of the continuing
education program of the Appraisal Institute.
8. I have made a personal inspection of the property that is the subject of this report.
9. No one provided significant professional assistance to the person signing this report.
I have formed an opinion that the Market Value of the fee simple estate in the subject
property, as of April 15, 1992, is estimated to be $725,000.00, subject to the payment of
delinquent taxes.
April 15. 1992
Date Sue Anne Foster, MAI, RM
FOSTER VALUATION COMPANY
- 95 -
9'100 0
AUTHORIZATION Tn APPEAR BEFORE THE
WELD COL Y ASSESSOR,
_ WELD COUNTY BOARD OF EQUALIZATION
THE COLORADO BOARD OF ASSESSMENT APPEALS
AND ALL COLORADO STATE COURTS
Property ON BEHALF OF THE OWNER OF RECORD OF REAL PROPERTY
Tax
BRIDGE IIIII MI Services
& ASSOCIATES 216 Sixteenth Street Mall ■ Suite 950 ■ Denver,Colorado 80202-5123
(303)573-7000 ■ FAX: (303)573-7050 ■ (8(X))842-2335
I, Federal Deposit Insurance Corporation , owner and/or agent of the
owner of real property ( "the Property" ) located at 710 11th Ave. Greeley CO
and described more specifically as Schedule No. (s) 6768386 or *see belowdo
hereby authorize Bridge & Associates to represent my interests and to appear
on my behalf before the Weld County Assessor, the Weld County Board of
Equalization, the Colorado Board of Assessment Appeals and all Colorado state
courts for purposes which arise from any matter(s) concerning the valuation
and taxation of the Property for tax years 1993 and for all previous years as
allowed by applicable Colorado law and the rules and regulations of the
above-referenced entitites .
I further authorize Bridge & Associates to appear as a witness at all
formal or informal hearings of the above-referenced entities and to testify
as to the valuation of the Property and to the accuracy of any factual
documentation submitted on my behalf in connection with the Property.
The undersigned requests that copies of all decisions from the Weld
County Assessor, the Weld County Board of Equalization, and the Colorado
Board of Assessment Appeals be mailed to: Bridge & Associates, 216 16th St. ,
Suite 950, Denver, CO 80202-5123 .
Further, the undersigned expressly revokes all previous authorizations
relating to the Property and the subject matters referenced herein. This
authorization shall remain in effect until this authorization is terminated
in a written instrument executed by the undersigned.
Dated this 2-1 day of , 1993 .
*Schedule# 096105317006 Federal Deposit Insurance Corporation
(Company)
By: tee
Title. ..5ec '1 -• ch , -C
Phone: ( 3a3) 29Th 35/:}-
STATE OF COLORADO
) SS
COUNTY OF
Swo to and subscribes before me this c2 7 day of /9,2Q_I , 1993 by
ness my hand a €'ficial seal. /
My Commission expires ,?j - /9 - 9 V
Notary Public
Address : 7d 7 1 7-04 Si-.
,n LA_<.-r CCJ',1,Fi
■ Nationwide Property'Pax Services ■ M
9400'8-9
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p Property
BRIDGE Ill Tax
Services
& ASSOCIATES 216 Sixteenth Street Mall ■ Suite 950 IN Denver,Colorado 80202-5123
(303)573-7000 ■ FAX: (303)573-7050 ■ (800) 842-2335
December 7, 1993
Attn: Marty or Cindy
Weld County Assessor's Office
1400 North 17th Avenue
Greeley, CO 80631
To Whom It May Concern:
We are filing the following abatement petition.
Name Schedule No. Property Address For Tax Year(s)
Federal Deposit Insurance Corp. 6768386 or 710 11th Avenue, Greeley CO '92
096105317006
Sincerely, .
Greg.Evans
Bridge& Associates
GE/wd
Enclosures WELD COUNTY ASSESSOR
of -,1w , c
uti: u91993ii
GREELer,COW,
■ Nationwide Property Tax Services ■ p !� (�
9400' 0
tii?:11 .4111/4
CLERK TO THE BOARD
P.O.BOX 768
WI ' GREELEY,COLORADO 80832
C. (303)368-1000 EXT.1226 P
COLORADO
December 16, 1993
Federal Deposit Insurance Corporation
c/o Dan George
Bridge & Associates
216 16th Street #950
Denver, CO 80202
RE: SCHEDULE NUMBER 6768386 or 096105317006
Dear Property Owner:
This is to advise you that the Board of Weld County Commissioners will hear your
petition for tax abatement or refund on the property described as: 710 11th
Avenue, Greeley, CO. The meeting is scheduled for Monday, January 3, 1994, at
9:00 a.m. at which time you may be heard. The Assessor is recommending that the
Board approve your petition.
The meeting will be held in the Chambers of the Board, Weld County Centennial
Center, First Floor, 915 10th Street, Greeley, Colorado, at the above specified
time.
If you have any questions concerning this matter, please do not hesitate to
contact this office.
Si
nly, ith
Weld County Clerk er/ to the Board
By: L alet. I/i'!/G �1�
Deputy Clerk to the B rd
XC: Assessor - W. Lasell
County Attorney
; 400'10
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