HomeMy WebLinkAbout930693.tiff RESOLUTION
RE: THE BOARD OF EQUALIZATION, 1993, WELD COUNTY, COLORADO
PETITION OF:
GREELEY NATIONAL BANK
P 0 BOX 1098
GREELEY, CO 80632
DESCRIPTION OF PROPERTY: PIN: R 3019486 PARCEL: 096106426020 - GR 5080
L2-3-4 BLK68%1212 9TH ST%
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 1993, 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 1993, claiming that the property described in
such petition was assessed too high, as more specifically stated in said
petition, and
WHEREAS, said petitioner not being present, 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. The assessment and
valuation of the Weld County Assessor shall be, and hereby is, affirmed as
follows:
930693
%Soa .17
Page 2
RE: BOE - GREELEY NATL BANK
ORIGINAL
Land $ 117,563
Improvements OR
Personal Property 346, 625
TOTAL ACTUAL VALUE $ 464. 188
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:
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)
930693
Page 3
RE: BOE - GREELEY NATL BANK
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 OBOE of your intent. You and the CBOE select an
arbitrator from the official list of qualified people. If you
cannot agree on an arbitrator, the District Court of the county
in which the property is located will make the selection.
Arbitration Hearing Procedure: Arbitration hearings are held
within sixty days from the date the arbitrator is selected. Both
you and the OBOE 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 OBOE. 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.
930693
Page 4
RE: BOE - GREELEY NATL BANK
The above and foregoing Resolution was, on motion duly made and seconded,
adopted by the following vote on the 29th day of July, A.D. , 1993.
/1 //L BOARD OF COUNTY COMMISSIONERS
ATTEST: ' ', �{/yJ`/Am WEI,p COUNTY, COLORADO
Weld County Clerk to the Board (/,/7< 2tfq.:ali or< UC.(ci-.1
Constance L. Har , Chairman
BY: / ./tyCet rY1 � ABSTAINED
Deputy Cler o the Boar W. H. bster, Pro-Tem
APPROVED TO FORM: -{"LTe `% "i
��-4 , eorge e' Baxte
Co At�r ey' —z -- Da e I . Ha
I a iy �
/Barbara J. Kirkm er
930693
BOE DECISION SHEET
PIN #: R 3019486 PARCEL Il: 096106426020
GREELEY NATL BANK
P 0 BOX 1098
GREELEY, CO 80632
HEARING DATE: July 29, 1993 TIME: 10:00 A.M.
HEARING ATTENDED? (Y NAME:
AGENT NAME: TAX PROFILE SERVICES INC
APPRAISER NAME:
DECISION:
DECREASE IN VALUATION
INCREASE IN VALUATION
NO CHANGE IN VALUATION yL
ASSESSMENT RATIO
ACTUAL VALUATION
ORIGINAL ADJWED
Land $ 117,563 $ // '7 3&3
Improvements OR
Personal Property 346,625 -3 174, 443cc
Total Actual Value $ 464, 188 $ 94o1, ice
COMMENTS:
MOTION BY TO ( y 11.4. LOA ea /a'
SECONDED BY :1.),41 / Baxter N)
Hall -- ON)
X Failed to pro,' e-- re kes arbert -- YN) ,f
Comparables inadequate /jaiuro Webster --
Other:
RESOLUTION NO.
930693
..a a a‘.14 VI W U'P.ev10'cUIC
iUN 14 '93 12:08PM ABC CENTRAL ACCTG U00 NORTH Ivm AVE,
- GREELEY,COLORADO 80631
NOTICE OP DENIAL PHONE (303) 353.3845,EXT. 3656
le-VILVC.
CR 808D L2-3-+ BL K68%1212 9TH STllr
,OLORADO
•
1212 9 ST GREELEY •
OWNER GREELEY NATL BANK THE
GREELEY NATL BANK THE PARCEL 096106426020
PIN R 3019486
•
YEAR 1993 .
P 0 BOX ' 1098 LOG D2264
GREELEY CO 80632
05/28/1993 ., , '
•
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(les):
RESIDENTIAL PROPERTY IS VALUED BY CONSIDERING THE MARKET APPROACH. . .
AGRICULTURAL LAND VALUE IS DETERMINED SOLELY BY THE' EARNING OR PRODUCTIVE I.
CAPACITY OF THE LAND. CAPITALIZED AT A RATE IS ABETYELAWY 'CONSIDERING THE 'CDST>
ALL OTHER PROPERTY, INCLUDING VACANT LAND,
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,end plan to attend these budget hearings.
I 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:
YOUR PROPERTY HAS BEEN UNIFORMLY VALUED FOLLOWING COLORADO LAW AND
INSTRUCTIONS PUBLISHED BY THE •ST ATEt DIVISION OF PROPERTY TAXATION.
YOUR PROTEST OF VALUE HAS BEEN• DENIED DUE TO COMPARISON OF OTHER
SIMILAR PROPERTIES WHICH 'SOLD DURING THE 1992/1992 TIME PERIOD.
THIS COMPARISON SHOWS YOUR ACTUAL PROPERTY VALUE TO BE CORRECT FOR
THAT PERIOD. " .
•
PETITIONER'S ASSESSOR'S VALUATION '
PROPERTY CLASSIFICATION ESTIMATE ACTUAL VALUE ACTUAL VALUE
PRIOR TO REVIEW AFTER REVIEW
117. 562 217.563•LAND
346. 625 346.625
IMPS
•
TOTALS S S igi1tww LpI$ SSRw
If you disagree with the•Asseasor's decision,you have the right to appeal to the County Board of Equalization for further consideration,
38-8-106(1)(a),C.R.S. Please see the back of this form for detailed information on flung your appeal. •
•
•
WARREN L. LAS£LL 06/02/93
Bye DATE oflfCQ3 63
WELD COUNTY ASSESSOR rte,As
... an . ....,-,'tnt,wI I,,rnf.A Arl,1a1 C%&I DCtICDCC CIr1C _ __
WELD COUNTY� ASSESSOR
0 ECEIT
PETITION FOR REVIEW
MU 071993
TO THE HONORABLE WELD COUNTY BOARD OF EQUALIZATION GREELEY,COLO.
Petitioner, BANC ONE COLORADO CORP c/o Tax Profile Service (TPS
INC. ) 1123 Auraria Parkway, Suite G-100, Denver CO. 80204, requests
review of the County Assessor's Notice (s) of Valuation for Subject
Property (described below) for tax year 1993 . Copies of the
Personal Property notices of valuation are attached hereto and
incorporated herein by reference.
DESCRIPTION OF SUBJECT PROPERTY:
Schedule # 096106426020
Location : GREELEY NATIONAL BANK
The Subject Property is described, with Schedule numbers, a copy of
which is attached hereto and incorporated herein by reference.
ESTIMATED TIME FOR PETITIONER TO PRESENT CASE:
60 minutes, or 1 hour.
REPRESENTATION:
Petitioner requests a hearing at which petitioner will be
represented by the following registered agent, Tax Profile Service
INC. , or legal counsel: ( 303) 628-0405
CERTIFICATE OF SERVICE
I certify that I have served a copy if this Petition, with
attachments, on the County Board of Equalization by hand delivery,
this 2nd day of JULY ,1993
TAX PROFILE SERVICE, INC.
By: � �•
Je le ' M Monroe
112 ura a Parkway, Suite G-100
Denver Colorado, 80204
Telephone: (303) 628-0405
•
rto \ •
CLERK TO THE BOARD
P.O. Box 758
GREELEY, COLORADO 80632
WI I P
(303)3564000 EXT.4225
COLORADO
July 9, 1993
Parcel No. : 096106426020 PIN No. : R 3019486
GREELEY NATL BANK
P 0 BOX 1098
GREELEY, CO 80632
Dear Petitioner(s) :
The Weld County Board of Equalization has set a date of Thursday, July 29,
1993, at or about the hour of 10:00 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 5, 1993, and mailed to you on or before August
10, 1993.
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.
30 .4,1
GREELEY NATL BANK - R 3019486
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,LBOA OF EQUALIZATION
4 ,i%/
cl[. ' /2" l/'v i2„„(7,7i
Donald D. Warden,
Clerk to the Board
BY: �/T iJ �--�/�----,--
Carol A. Harding, Deputy.
cc: Wa ren Lasell, Assessor
VAX PROFILE SERVICES INC, .
93069.3
Banc One - Greeley 9th
Street Convenience Center
Schedule # 096106426020
1212 9th Street, Greeley
Several factors have contributed to the decline in value
regarding the bank properties located in Weld County. The first
and most influential factor is the economic obsolescence
attributable to the entire State of Colorado during the economic
downswing of the late 1980's. Economic Obsolescence is defined
as:
External obsolescence, the diminished utility of a structure
due to negative influences from outside the site, is incurable on
(sic) part of the owner, landlord, or tenant. The total value
loss due to external obsolescence must be allocated between the
land and the improvements. External obsolescence can be caused by
a variety of factors - e.g. . neighborhood decline; the property's
location in a community. state, or region, or market conditions.
An estimate of external obsolescence should be based on thorough
neighborhood or district analysis.l
Our analysis of the banking industry throughout State of
Colorado reflects a tendency to overvalue bank facilities,
primarily caused by the incorrect utilization of the cost
approach to value. Almost all county assessors place their prime
reliance on this approach. Without correcting this approach in
recognizing functional obsolescence (both curable and incurable) ,
and external obsolescence, bank properties experience an
overvaluation of 40% on average.
The Weld County Assessor has recognized that the cost
approach to value would need considerable adjustments in the form
of depreciation that would render this approach unreliable.
The Assessors office as well as the petitioners
representatives have placed the income approach to value as the
best indicator of true market value. The market approach was used
as a measure to support the value conclusion.
Cost Approach:
Income Approach:
Market Approach: $250,000
Value Conclusion: 5250,000
iThe Appraisal of Real Estate. American Institute of Real
Estate Appraisers, Ninth Edition. p. 395
IiEXH2BIT
t17 iol9ysto
e6 ,rk
C _ B - O - E - HEARING
DATE: JULY 29, 1993
TIME: 10:00 A.M.
SUBJECT: GREELEY NATIONAL BANK BRANCH DRIVE-UP
ADDRESS: 1212 9 STREET, GREELEY
PINa,: 3019486
;938691
SUBJECT PROPERTY
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PIN: 0071688 PARCEL # : 96105333008
OCCUPANCY: BANK
ADDRESS: 1000 10 ST GREELEY
PROJECT: 0
BOOK # : 1179
SALE DATE: 12/07/87 RECEPTION # : 2123804
SALE PRICE: $1,575 ,000 ADJ SALE PRICE:
GRANTOR: UNITED BANK OF GREELEY
GRANTEE: CITY OF GREELEY
YEAR BLT: 1974 LAND/BLDG RATIO: 4 . 46
BLDG SIZE: 17,042 IMPS PRICE/PSF: $76 . 81
SALE PRICE/PSF: $92.42
CLASS: C
CONSTRUCTION-QUAL: GOOD CASH DOWN: $1, 575 ,000
WALL HEIGHT: 20 LOAN: 0
STORIES: 2 INTEREST RATE: 0 .0%
BSMT SIZE: 9503 LOAN TERM (YRS) : 0
LAND SIZE: 76000 POINTS PAID: 0
LAND VALUE: 266000 BY WHOM: 0
REMARKS: BLDG WAS BANK NOW CITY COMPLEX. SALE DID NOT
INCLUDE DRIVE-UP BANK FACILITIES
"30f93
EXHIBIT
1 73
S4I13anoONQ- ,
P10; 251C)1/g4"
ii
COMPARABLE SALE aq�}53�
208 ,;-8-&-rtgf
a3u5-a3G� f
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f 'rx�' ' i r rf f'a� `r` :4,,e � ' a-',#.4.1''V 1"r-"y1-+y I n e,
.uc ryT u+.� e yf 7 i :,
PIN: 1448686 PARCEL #: 80720115029
OCCUPANCY: BANK
ADDRESS: 1041 W MAIN ST WINDSOR
PROJECT: 0
BOOK # : 1283
SALE DATE: 11/30/90 RECEPTION # : 2234556
SALE PRICE: $492 , 000 ADJ SALE PRICE:
GRANTOR: BANK OF WINDSOR INVESTMENT
GRANTEE: BANK OF WINDSOR
YEAR BLT: 1982 LAND/BLDG RATIO: 13 . 38
BLDG SIZE: 4 , 363 IMPS PRICE/PSF: $86 . 01
CLASS: D SALE PRICE/PSF: $112 . 77
CONSTRUCTION-QUAL: GOOD CASH DOWN: $492 ,000
WALL HEIGHT: 14 LOAN: 0
STORIES: 1 INTEREST RATE: 0 . 0%
BSMT SIZE: 0 LOAN TERM (YRS) : 0
LAND SIZE: 58370 POINTS PAID: 0
LAND VALUE: 116740 BY WHOM: 0
REMARKS: PREVIOUS SALE 5/85 $400,000
•
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COMPARABLE SALE
1011 + )
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PIN: 0134291 PARCEL #: 961082210010
OCCUPANCY: BANK
ADDRESS: 822 14 ST
GREELEY
SALE DATE: 01/02/91
SALE PRICE: $625,000
GRANTOR: BANK OF GREELEY
GRANTEE: HOUSEL, JERRY ETAL
CONSTRUCTION-QUAL: 0
PR/SF(IMPS) : $68.77 BLDG SIZE: 6 , 180
PR/SQ FT: $101.13 YEAR BLT: 1973
CLASS: C
LAND SIZE: 70,785
LAND VALUE: $200 ,000 WALL HEIGHT: 10 I
LAND/BLDG RATIO: 11.45
REMARKS: 16X16INCLUDE256SFS 4 AAPPRAISERY DRIVE PVALUE AND S$1 000 TORAGE BLDG
NET RENT $12.82 PSF 15 YEAR LEASE
COMPARABLE SALE
215
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Cyp '. rjM1 9
,.: $
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ed. w 4 a 5 I
PIN: 0085388 PARCEL # : 95911116023
OCCUPANCY: BANK
ADDRESS: 3690 W 10 ST GREELEY
PROJECT: 0
BOOK # : 1089
SALE DATE: 10/28/85 RECEPTION # : 2030143
SALE PRICE: $1 ,500,000 ADJ SALE PRICE:
GRANTOR: CENTRAL BANCORP
GRANTEE: HEIMICK RICHARD
YEAR BLT: 1981 LAND/BLDG RATIO: 12 . 87
BLDG SIZE: 11 ,094 IMPS PRICE/PSF: $83 . 74
CLASS: C SALE PRICE/PSF: $135. 21
CONSTRUCTION-QUAL: AVG CASH DOWN: $O
WALL HEIGHT: 28 LOAN: 0
STORIES: 2 INTEREST RATE: 0.0%
BSMT SIZE: 5547 LOAN TERM (YRS) : 0
LAND SIZE: 142775 POINTS PAID: 0
LAND VALUE: 571000 BY WHOM: 0
REMARKS: 1 FLR BANK 5547 SF; 2ND FLR OFFICE 5547 SF
BSMT BANK 5547 SF. CANOPY 1625 SF. BANK
LEASE 14 .71 NET, OAR 10 . 88%
Saore9i
COMPARABLE SALE
1041
a++ *,#‘4,,i`h : .'r �I r.7 1- a RRj
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PIN: 0955786 PARCEL # : 70931319020
OCCUPANCY: OFFICE
ADDRESS: 213 1 ST
EATON
SALE DATE: 07/31/91
SALE PRICE: $90,000
GRANTOR: BOWNESS, WM TRUST
GRANTEE: COLO INDUSTRIAL BANK
CONSTRUCTION-QUAL: 0 BLDG SIZE: 3 ,660
PR/SF(IMPS) : $23 .73 BLT: 1926
PR/SQ FT: $24 . 60 YEAR
LAND SIZE: 2,250 CLASS: C
LAND VALUE: $3 ,150 WALL HEIGHT: 14
LAND/BLDG RATIO: 0 . 61 BSMT SIZE: 1560
REMARKS: BLDG INTERIOR REMODELED 1981. AT SALE NET
LEASE $1, 000/MO($2.80 PSF) . 1 FLR 2080 SF + 4
BSMT OFFICE 1580 SF=3660 SF
I
COMPARABLE SALE
183
11
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v '4 -*' ;Ih*'3' 8
PIN: 3761286 PARCEL # : 96119200023
OCCUPANCY: BANK
ADDRESS: GREELEY MALL 1800
GREELEY
SALE DATE: 12/12/88
SALE PRICE: $450,000
GRANTOR: COLORADO NATIONAL PROPERTY
GRANTEE: FIRST NATIONAL BANK BLDG SIZE: 6,530
CONSTRUCTION-QUAL: AVG YEAR BLT: 1973
PR/SF(IMPS) : $62 .16 CLASS: C
PR/SQ FT: $68.91 WALL HEIGHT: 14 FT
LAND SIZE: 44,110
LAND VALUE: $44,110
LAND/BLDG RATIO: 6. 75
REMARKS:
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- Bank of Windsor approves Bancorp offer
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By JEFFREY JONES Triune Staff Writer 4` T
WINDSOR—A Nebraska banking company has pur- , his offer;was attractive
chased the Bank of Windsor for an undisclosed amount, t0 US; and OUr share,
hOlderS have
bank officials said this morning. y
A statement released by Bank of Windsor officials said accepted it " I 8
bank stockholders voted Thursday night to accept a pur- —Mel Ylarraz t
chase offer from Pinnacle Bancorp Inc.,which is based in
Central City,Neb. ', Bank of Windsor board chairman
• Pinnacle also owns theFirst Security Bank ofWindsor.
Bank of Windsor board chairman Mel Ylarraz said it is i
a cash offer and does not involve any stock trades. pected to take several months. 1
The bank was chartered in 1978 and has more than$22 Tom Prenger,president of the First Security Bank,said
million in assets. Pinnacle officials have not yet made decisions on the fate
"In the present banking climate, we knew a healthy of the Bank of Windsor or its 14 full-time employees.
bank... would receive offers. We've had four in the last "Right now...we have not made any decisions on what
Ylar
raz of months," said in the statement."...This facilities we'll keep,"Prenger said."Hopefully in a week `
offer was attractive to us,and our shareholders have ac- (or) two weeks, we'll have something. I can't say what
cepted it." , they're going to do.There's a long road to go before we l
Officials said regulatory approval for the sale is ex- " even get to those decisions." I
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