The URL can be used to link to this page

Browse Search

Home My WebLink About900686.tiff RESOLUTION RE: THE BOARD OF EQUALIZATION, 1990 , WELD COUNTY, COLORADO PETITION OF: Savage, Savage & Brown 2932 N. W. 122nd Oklahoma City, OK 73120 DESCRIPTION OF PROPERTY: Dillon Real Estate Company PARCEL 095911124014 PIN R 0021187 WHEREAS, the Board of County Commissioners of Weld County, Colorado, organized as a Board of Equalization for the purpose of adjusting, equalizing, raising or lowering the assessment and valuation of real and personal property within this County, fixed and made by the County Assessor for the year 1990, 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 to the County Assessor' s valuation for the year 1990 , claiming grounds for relief thereunder stating the property described in such petition was assessed too high, as more specifically stated in said petition, and WHEREAS, said petitioner was neither present nor represented, 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, Colorado, acting as the Board of Equalization, that after review of the evidence presented at the hearing, did determine that the value placed upon the petitioner' s property by the Weld County Assessor was inadequate; therefore, this Board finds that the assessment and valuation of the Improvements only, on said property shall be, and hereby are, increased from $221 ,087 to $265 ,000 , and the total of the Land and Improvements shall be increased from $341 ,087 to $385,000 . BE IT FURTHER RESOLVED that this determination by the Board of Equalization, may be appealed by selecting one of the following three options: 900686 Page 2 RE: BOE - SAVAGE, SAVAGE & BROWN - PIN R 0021187 1) BOARD OF ASSESSMENT APPEALS You have the right to appeal the 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. (38-8-108 (1) , C.R.S. ) Appeals to the BAA must be made on forms furnished by the BAA, and should be mailed or delivered within 30 days of denial by the CBOE to: Board of Assessment Appeals 1313 Sherman Street, Room 523 Denver, Colorado 80203 Phone (303) 866-5880 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. (39-8-108 (1) , C.R.S. ) 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. (39-8-108.5 , C.R.S. ) Selecting the Arbitrator In order to pursue arbitration, you must notify the CBOE of your intent. You and the OBOE 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. 900686 Page 2 RE: BOE - SAVAGE, SAVAGE & BROWN - PIN R 0021187 Arbitration Hearing Procedure Arbitration hearings are held within 60 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 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 3rd day of August, A.D. , 1990 . i BOARD OF COUNTY COMMISSIONERS ATTEST: r41 / i,4/ WEL UNTY, C/OLORAyD�O /CN Weld County Clerk to the Board i0;40 Liz Gene R. Brantner, Chairman/ThCJ erk tol/I �Y e �1 etc t �x George Kennedy, Pro-Tem Day C1 the Board APPROVED AS TO FORM: Goons ance L. Harb rt ' ?' II- "7 , L� �- / C.W. Ki b ,_ t_ 12---/92---- ! , � i-2 County Attorney Go� IS�C 900686 OFFICE 15 COUNTY ASSESSOR _ 915 10th STREL'T. r hiS,Y�.�71(:L tJF M k( .1 E'L r - GREELEY,COLORADO 8'Q6i1 v,,,,_.:.,i ,:i.„: „ �� PHONE(303) 356-4000, EXT.4256 W� Ip�?F� lt.. _Q (xtt€ f� TA f T . r F, HITT� 123,v. LT NMkTn VAi. ATi , t. 31 • UU ICAl IC� 7 Jc(; AT Nrd c:Orz 4F 1rt A 7tHENCL Ti �u �. r r_ COLORADO Cu ,,;,lg3•557 -THENCE ALONG ARC OF CURVE Tu k1 ,1NT c tijAa, TO 110cE BOnFSYiHS". 5511/Ob sE::- n] rV O"1-' 5'0703 I t` Y4"7• V3e TyLtu v:L . ALON4 . A CURVE. TO LEFT CHORD bi_ARS GO9D1s4t. 4e.( -;‘,. 4 1 001 39 AU „A _t_ci'_Y OWNER DILLON REAL ESTATE CO :3ILLOW A.kAL LGTATE. CC: PA„ ct_L. O35timi [ 4ail,,. PIN R (WE I. 131 I' Ca n,,2 1 20 b YLAK I ? )O ii6-1:, N ( in),) ro KG 675(:4 L'11c 01 hilt 0tij l2jl ,49C 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 production 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 Midget 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. 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: A 1982 COLUf?AUU C ON_(TITUE1UNAL GHANGi_ REciOIRES CUCC7ERC:IAL PROPcETY 0 it VALUcE bAS.:._D Ufa THL 19db LEVEL OF ACTUAL VALUE AND A.aSE:',aED AT :.H"e FU+C 1.710• KEPLALLMENT LOST OF CONSTRUCTION MATERIALS' MARKci VALUE AN;: INCOME GERIVEL FkOM TAU. ARUPERTY ARE APPROACHES t1GIcii TO LTNERMINc TOL 191st} ACTUAL VALUE_ OF YOUR PRUPHRTYa '4 ,10,4 VALUATiGA 111 301'UUP1t ' i31/41 THF. A PP RAIGAL PRUCL.. tnl-`.'1 R1 ;{U112r-U 13Y LA4., ,y ry` PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE ACTUAL VALUE ACTUAL VALUE OF VALUE PRIOR TO REVIEW AFTER REVIEW • \J�17 t+ 1°A- �� 'c3 �t�\-4\ , \ n`��. z \0 2,\,',,_,\ � '� �\ \P a:>w �A`�� 3 n��lJ{�1 �� St::�O' hA 1� 30,\Q� (:) 2b\� `A} p): J1::\ \‘,1 , � � ,\'�A. 2\ht i7 �f\%11:".1c,)410g�\ I . a <'��\�)v�I'V CY\ V) .S�J\" ( \-.1�3\ )\� �� \'1' C 1\' d.� .c � l Yc \�G c�,��'J cIC'Y'�v�vuV_'INv \�> �iy��a� !Ls v' ,u"ra� $ vy �hl ,z '1L�ia .1 ,C\W4k7 \ �� 7 If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consider for , 39-8-106(1)lal,C.R.S. Please see the back of this form for detailed information on filing your appeal. = 'OC i C -� By. RICHARI�O(L�IRNES -- e�a3' yY - WELD COUNTY ASSESSOR\ \ bATe 90.0686 Form PR 20 F 7 87790 ADDITIONAL INFORMATION ON REVERSE SIDE YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR'S DECISION County. Board of Equalization will sit to hear appeals beginning July 1 and continuing through August 10 for real property (l.rid and buildings) and personal property (furnishings, machinery, and equipment). 39-8-104 and 39-8-107(2), C.R.S. REAL MOPE APPEAL PROCEDURES: (Land and Buildings) 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 appeal, your appeal must be POSTMARKED OR DELIVERED ON OR BEFORE JUl.. ' 10. PERSONAL PROPERTY APPEAL PROCEDURES: (Furnishings, Machinery, and Equipment) l l you choc e to .appeal the Assessor's decision, mail or deliver one copy of this completed form to the County Board of Equ: iization. To preserve your right to appeal, your appeal ►Rust be POSTMARKED OR DELIVERED ON OR BEFORE 15, WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (303) 356-4000. Ext. 4225 NO r I ICATIQN OF HEARING: YOU viii be notified of the time and place set for 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 roust conclude their hearings by August 10. A't.: AYER RIGHTS FOR FURTHER APPEALS: it you are not satisfied with the County Board of Equalization's decision, you must file within thirty days of the County ;oar;; of Equalization's decision to ONE of the following: Board of Assessment Appeals (BAA): Contact. BAA at 1313 Shernran, Room 523, Deriver, Colorado, 80203, (303) 866-5880. District Court: 9th Avenue and 9th Street, P.O. Box C Greeley, Colorado 80632 Telephone (303) 3564000, Ext. 4520 Arbitration: WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.0, Box 758 Greeley, Colorado 80632 Telephone (303) 356-4000, Ext. 4225 If yo;: do not. rEceive a determination from the County Board of Equalization by August 25, you must file an appeal with the Board of Assessment Appeals by September 24, TO PRESERVE YOUR APPEAL RIGHTS, YOU MUST PROVE YOU HAVE FILED A TIMELY APPEAL, THERE FOR F: tit RECOMMEND AL. CORRESPONDENCE. BE MAILED WITH PROOF OF MAILING. PETITION TO THE COUNTY BOARD OF EQUALIZATION In/nthe space below, please explain why you disagree with the Assessor's valuation. Attach additional documents as necessary. 44 //atilt- 6r9a A a/�/ 6is /11116. 14.5)/7C<' H Ayer �n (i/e7 e- Mrid- /�il� it �ca�eS a �a lug ir1 Ore MOOD /ri t 4r land Qiid iorverneds /husk Nt• Swore/- Nitta/ion 1,4 a& inliCales � Mai lesser Cosi- /air sre 471- ladilco air ;mpoiernen-I Uake o J l 3,ObD. 7.3A'et P::m-rii; ��. r 1001 297k AVE i i F:'E E:.L._E-. ' C._'O AREA PATE D.,;�rr..: iAPPROACH TO rol(�i;_,.�JE. ..']y ��!_•�!_! �13. 00, $— , „600 LF S : MANAGEMENT FEE 5% $2. 080 GROS() RENTAL INCOME EXPENSES: I EF'ORE .TAX EXPENSE r. ROM PAIzE 227 25% $9, 3b0 OF THE 1 AAC AF:'PRA'SAL_ GUIDE:. NET OPER y !'.?N G T NC OME: $20. 08C, I ND I'-A;EiT% !a'AL_�iE $18 , 4-14 C A�.I :'Ai_.T ZA S I ON PATE :jlEVE_LOPME=N l F ROt- x.ANT_', OF :E N`JES I MEN T' Wl t1.3JTEG BANK COMMERCIAL LOAN! DEPAP1 MI N' i?UOTES: CONTRIBUTION ' LLAN %:.i% RATE = 1 . m-v @. 63% BANK TPUST DEPARTMENT QUOTE St EDU I T Y @ 25% PA1 E = 15, 0% 3. 75% MIL..LAGE ASSESSME:t'] EF CECTIVE IAA RATE C:';- ,W':)% . 52% CO CO CO Y CO N IN 01 N in N N In CO IN 0 Oct N CO CO N O M O CO O IN NO N 03 w 02 w CD CO CO CO O IN O c0 O) a a CO a s O 0 m CD w i- to � O - N O N 03 n °i 6 6 O v n W .- O a X11 I� Oi 0'i to ai Ia r 6 6 Ci 6 6 m 6 o O) G � a N in y CO M N 7 M CO y V DI N a a CO N N m CO N LO V CO N M m a in a E M . r at f0 N O tO N N c0 IN - In CO N m N. O O M _ NCO 0 _ id- IN E IL 07 CO O N In in O) N CO CO 'h O N 2- LO m a CO .- O N V N O Z 0° Cr) a a M N4 m M N6 M N N4 M N N co m M N V cal 6 N M -c> O V a U P a m W 2 V N W cD a m N .- 0) CO N CO h r- CO O) O 0 ON cO W m N CO y) m in 00 a — m — r m — co l0 0) — O O O M c0 m m 6 m m 6 O a y m ca 6 M N .° N DJ O � a M W CO CO m CO 00 N CDC OJ N 0. co W — 0 N'O ��f/�� (n m c0 In d' co co 6 d' m V O m N M a COCON V M N in d' com a cc 0 VI N OL N Wm N N ~ n Cro 0 0 (j (.) U d U o (j U U d i) U U U U d U a m LL o o^ o - - ` Va Uaoz, 0 Ora Q Q Q m ac oa Q - Q Q m m Q Q �- Q Q m Q W8 co 0v v v O Q Eo Eo Eo as m m) m m) Eo Cn d m m m d m 01 m m) m) m v m) Wm W m—' m' m m O o m `O a m 1°' m o 0 m m U m ._ u o 0. m o 9j VI 2 3m 3'm 3'm a w a a w m a �'m a )° a a" LL m m a a LL a a LL m ati 0 O O ° N N m c 6 m c d E o' m • m O Z J co ,'�"- ' rn c; E t `" n m o o m 2- . CD E a E 0 0 g go E E v- 0 = 0 0 lb- c o mQ z aL cm n m -0 ca, :1 r< o«0` me °c)m so nom �'= oo2 rn m n 1-124 4; 5 ° .00' E > DE m mo on 0i m rna vm rn2E3 E E m m o W as 8.0 c'1m ` o EOb ct o2 - 4021 - o'3n w ° ° t T a o °a " rn m a m o)- Y Y a O o a w a m W IJ.a ` 6:8 as — M 67 coc — W do m � nYY Cho Nc — N C (?) Er 6 n cCCl.d L � a U �p 2 8 a c 6 O)N 2.3 O m .E a U� L T a a cm 6 T d__ L C 6 o,:3 a g.). -0 'O a a •=15- d N §-'- = d a d VW E.E >2'4? a ≤ N .2) 1W Oa LU cN -g )O U'O Y `- CN Em 2' La ≤ �0 U U m2 01 O. L ,c ° .2'0 O� W Z F-2mo > rna) m « ' mag = 0m E oo rnarnIZ Sm Sur o =0 mE o o ,o,cmo - M •TO ME > ≥ mE N _ SO va .5aa000-d .En - - a ° v- EE v� vc QmEo ,_ ao na- E .Eda oE22 a o Q= EE 0 o a) W o c�z c a c o 5 a v E c 0.15c- o m a co •c c ° ° 0 5 x 5 E a x o 0 a To E c c o o a E a x 00 D a m c `o y v Z That U' nQ 2m Qm2EthE0.o Qo2cn .rO2 < m22 (7)nQ2tn:2O2 Qoo)) 2Ein2' E W W w a d S y } 2 m n ?) = a ai c • a m e ai a -Ilil E CC Z O cn •m d — font.0 0 .N d N a N 0 ON 4- isi if 2.4 tri till i U O .C a 0 V U i m d V O O IE L O > .` U woo O O Ol Z m Ogo° o." 2m o? oE mE my am N`o ono co a 0o a :."E 02 a)) 0 'C mmo2 a •�� d a)) o ay U U d 4. d U m m ~ co U) - m •-• N U_ 3 a'« y c a N 8_ 3 U E c'.,, L d 0 CO C m? N L - 0 m T E d a • • m m ^'a d 2 fora d a N m O a d a o> m N a m m U m"> oa go m > co.E --`> .o.. c_ 3L .om -4= °3 mE "-,.. °0o' o� � c E. m om m ? 6."on �c oT m c8 m JQ >.C .O ° p d >'CO3 a O C • C C O T O > C > 6 •C ° C > ow 2 or C > C > a O jU O a o O co °U m a— m y OV > .a C m d X` U w O ° 'O 0 m U'> D m m d w V w ._ 0 at d N 'm ac y. =) C wt a cc °▪ ` °D.- N T O r .0 m ,2 o =U U U 'd0 o m c m 0 O'° w m 0 -3-° ° 0 _ o m '` 'C O.C 'T U = U E .V d Q Q w d a .d+ r v c u)13 0 _ v a d a cu v m o m U ~ d•E «'T d m d m d « N m m m.N N E .`d c a m lr- m m m m o y c Z =cn > mo M > Md mo MN To °T'o E-- co'E coc me o NN ¢o cc ›- s- m'5 N o �a 4o aU -E-I4• 8'- ��f/�� a2ao- EoE..... aaad FVl- m aE an E'5 E 5 u) a u Frn H mt) � E._co w fn O rnF- rn Fm 2n a VI c v co o -o O C d mco N O • Z c T E. d m� C d E � 0 �ry m o E _ o m ry N . 0 < N m N E E> 3 N ? d =" m co N a O Lon :O o d c a o a m c m w d 4N wa, J m c 4' .cm any m 1E 22E NE vm uc o oo '.com ,E0 Lo 00 om E c o w - E L E oa > a am,,/^) 3 E a 62 ° °.` as m E — 0 0 0 ` 0 0L 0« ur — m m = U 0i LV I c m o ° .; o o c ->:c w v a o" " ems c w °) w° v m a = E •v a m o N c L 1"' S to .mE « m �"m a E � m o o �e 2 g m . o o m `oo c°i .y)y ooc E c E .c c m m d ao ° Ea a °o W O a � 09 ao D0D $ c `on 0 d om m ?o m` ao ao ma = o = a m °v ov ° m `c ; 22 .-a E3 c ? c E 0 m a.) 0 m c c o 'er " v m v E. cif cc o.` '_' `m Y re gal c o °°)s- st E 5 s, p o o 70 O O o co 0 6 U m d c N O • o n — C w vd o ° av :° E w om , > >.� '^ E ao > d om o 0o a v am am on °) m /y ~ um ? E um oa am > m ud 60 .E ' sv` oa o c ? m ..)e-0 am m v m v v co Ea '-°a am _ c_ am mo LL X CO a m d d n m a c o m .` o o E 'o � C .` oo ' m D o D ≥ m v 0 oo 'w o o m m'c o w a Q W 'the. E.c m` w m` E Ua5 `o m m` n �n` m `o ai g0 :. m 58 mrnmnm a ma w 2 m0' S a 0 E mo C7a om I u . z 2 d d d d v v d v N y N o n W w N o w m o 0 o m o 0 0 0 0 U U U U m U U V as as as Y0 0 m m d d d d m U us t c c c c v E c c c y m to E E c c c a d a 0. u� d t d N C.d N d 8 d d d r 2.° d N « r ry d d r d d a a ¢8. Ps d W"' O d C Fogg O C ITm 0)r d._ N d e d a) a).°) v— _ ovc 'E me o orn ca oc 'c o)c oc -y cE 0. T co d a3 O� d U co d > p > 8 > V > - a 5) 2 y U m > a > m > U U m � m V N > a > O > U > >, d a 2 N > > mxm O m > m31° x000 > 000 >t o m , moxooa > c 33v= d3vc ° cvc3cv. Ca O< I— QE wEt7E QE .� E w0 [7oQu 3 Qv C9E QE 3 Ell uC7u Qo3c Qa -ti J W oho Qo 3 °u Qa ca a-3' m— 5 m 20 '< UCS N ,a, U m »m e Z >® • • __ .. . _._ _._. N = ' a N N N C4. N Oi � i S N N �' O d w a V C O CO • "o a y N a E L E w vi E Lo a, c 0 �" L 0 m O N ._ O o C.Cit > ( n N — ff m a n ac H0 OO to W 't$,5 Li,i W a 3 N N O L C U N N U :.°3 N _O:O E LO O N O nil C V — z,.�. rc;�. Q in .3 3 _5, a c o E o « m vE a..o`_ c - a Qc o C U co sI k � y N«. •+ I O a X 0 0 50 Z N F- i Y O� O E. N t� co 'Ps i O N 0 .N -,-„,- a _ to; m W (0 Ip 0 C 3 C F D y LL. _ co N C co) N — c� ≥ N3m �` 5 s,'.: aC H m a o H c 3 " w Xre C � a> '5 F o) 41 3 `••34' " "'` 06 c' - U1N« cro ' 0o ' < y ' .'sc � JO fa > O '~ N J la la o E >.5 o owa E wow ciao , ,ill 2 No' o Y QL O — N Nm ( ' �tl�+I-��-�h.y U '.°'5Y'�I „,- IL Q o yt c =v , QWaciu m cE _ 3 Z ° q) ma i t7 ---1 g p f .- a — a m > to m cc' 7 v O t i.Wrcp ¢ �" ac � v o � �L• W V 'v yea ❑ 'o JwE Q � }' \� 3 i -om N E a o U c N d 02 a 'O m L m at h X W Q of O E c'Y 6L of O N p U N N — O a) ��//�� C I I Q 17) � � N « UcmrnoLUmd � _ E 0 to Eo = a VI \\/ } ,I m "� to 2 .`e � . m E > " a a `o u " E t. a` -6 .o con/Wy a ✓ Q to Emv ac, m >w0 o23 ' '0 co v 0o v LL i-- a " 41 � .. � U cwco , 100 « a) - 4413a2 o, °� 2 0 O X�iIll ' �' . f C7 u 0 a) o a) o c " ..c c 2 0 2 0 d ro o � Xt� Q >< 3 � 41 � co`c ~ E >.LLN > > c v (" c—) at I ¢ Wa E '� ° _ — mf- o, Q � Qv, 'n W !� a, >m ▪ d1 ` ON _ H0 Hm Q .z'y. )G,'� '�`� 1 i �{ .1% Q N O th m In L a O m O N � C f0 � n 3 c W Uri a ,r v L a l— o a) In o c � O E in N to O ._ In Z W ,,i �, x Z Y it r4' i Y tr < w:1 , ., i , ccZ ₹ v "�� Ug. 1 �� y �{• `` y 1 { r •! i J ✓4 Q Uj , to 0 > � W ti L) �� )m Y . ` yU ka t , w '5 C O , j � � O L N , i � I Q k s r w w 4 ' � s .^ w '�Is,ie,a G ±� � n U { •Y a'₹.fa " W 0.,�q < Y j rX r © 3 'S :1;1-* i Q cc ,,o,-, , fro. • Q i _ r j, i Q , .i. �� I.. . } g to 94 jl: sr. +V U t .. �'..-a 4 y V ..S a Y In 1 V: N 0 r N r s- Q 1 ,, J ' r J U i '_ U ¢. 1 } _ W a F y O Q � si F '� 5 O 4 J'" � z F C7 4 t I W • y 5 '� r b _ 'r y > ^� O l ¢ ? a a Q k•� a 41 . f : U 11.1 {' y 1 y{ 2 j III � '. U sa i,. { _� F °a o = 1} ; ,1 N Q J , � 0 Q m 7 G' >CC < i tc I I tJ f rI. ' I �f Wei" OILLON STORE% A DIVISION OF DILLON COMPANIES, INC. Illeine 2700 EAST FOURTH-P.O.BOX 1606 HUTCHINSON, KANSAS 67504 -16OB -C216]665-5511 TO WHOM IT MAY CONCERN: This letter is to advise you that Savage, Savage & Brown located at 2932 N. W. 122nd, Oklahoma City, OK presently represents Dillon Stores on a national basis in the area of ad valorem and personal property taxes, and as our representative are authorized to perform whatever duties as would normally be ours as to filing, approval for payment and appeal of taxes pursuant to applicable law. Please address any questions that you may have regarding their authority to me at the above address and I shall be happy to answer them. Sincerely yours, Aet ff 6, rte.✓ Phil D. Mosier Senior Accountant M�N� Mph t Mini Mart, Inc. PO Box 3259. Casper, Wyoming 82602 307/266-1230 March 23, 1990 County Assessor RE: Mini Mart, Inc., Personal Property & Real Estate 'Pax Data Plea,e accept this letter as authorization for Savage, Savage and Brown to act on behalf of Mini Mart, Inc. , concerning any dealings with personal property and real estate taxes. As our agent, we ask that they be granted access to Mini Mart data concerning these taxes in any of the following states/counties. Colorado - Adams, Arapahoe, Boulder, Denver, Douglas, Moffat, Tarimer, Jefferson, Rio Blanco, Weld Montana - Cascade, Yellowstone, Dawson, Richland, Missoula Flathead, Park, Gallatin, Lewis & Clark Nebraska - Scotts Bluff, Dawes, Box Butte North Dakota - Burleigh, Ward, Stark, Williams, Morton, Stutsman, Mercer, Grand Forks, Cass South Dakota - Lawrence, Meade, Pennington Utah - Uintah Wyoming - Albany, Campbell, Carbon, Converse, Frement Laramie, Natrona, Platte, Sheridan, Sublette, Sweetwater, Teton, Washakie Thank you. Sincerely, • Jeanne Aro • Vice President Finance & Administration JA/lsg P50; ydaille OFFICE OF BOARD OF COUNTY COMMISSIONERS PHONE(303)356-4000, EXT. 4200 P.O. BOX 758 GREELEY,COLORADO 80632 COLORADO July 18, 1990 Savage, Savage & Brown 2932 N. W. 122nd Oklahoma City, OK 73120 Dear Sirs: The Weld County Board of Equalization has scheduled your hearing for Friday, July 27 , 1990 , at or about 10 : 00 a.m. regarding the tax assessment of Dillon Real Estate Company, for property described as Parcel #095911124014 , Pin #R 0021187 , Weld County, Colorado. The public hearing 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. Procedure for Hearings before the Weld County Board of Equalization will be as follows : Assessor: 1) The Assessor shall present his case first. He shall present evidence concerning the manner in which the property was assessed, both orally and in written form. (15 minutes) Taxpayer: 1) The taxpayer will present his case second. 2) Taxpayer may present all evidence, orally and/or in written form as exhibits. 3) Evidence presented will be limited to actual or assessed values of like properties or sales of like properties from January 1 , 1987 through June 30 , 1988 . Testimony concerning tax amounts and their usage by law are not applicable at this hearing. (15 minutes) Page 2 RE: BOE - DILLON Decision of County Board of Equalization: 1 By law, the valuation of property for taxation as determined by the Assessor is presumed to be right. The taxpayer is therefore required to present sufficient evidence to prove his case. 2) The decision of the County Board of Equalization shall be based only on the testimony produced and exhibits introduced at the hearing. 3) The decision of the County Board of Equalization shall include a statement of findings and conclusions upon all the material issues of fact and law presented and shall either affirm the Assessor' s assessment or shall amend it as stated. If you are unable to attend at the time scheduled above, please contact this office immediately. Our phone number is (303) 356-4000 , ext. 4225 . Sincerely, Donald D. Warden Weld County Clerk to the Board By 1/erne.a.e/ +r 47.-r( 4. /Deputy Count Clerk five- — St.NIv..--,„ t; �"R3e to SENDER: Complete items 1 and 2 when additional services are desi d, and complete items • 3 and 4. Put your address in the"RETURN TO" Space on the reverse side. Failure to do this will prevent this card from being returned to you.The return receipt fee will provide you the name of the person delivered to and the date of delivery. For additional fees the allowing services are available. Consult postmaster for fees and check boxlesl for additional servicelsl requested. 1. ❑ Show to whom delivered, date, and addressee's address. 2. ❑ Restricted Delivery (Extra charge) (Extra 3. Article Addressed to: 4. Article Number Savage, Savage & Brown 7 STS10 9ga if%o 2932 N. W. 122nd Type of Service: ❑ Registered IIIInsured Oklahoma City, OK 73120 5+-6ertified ❑ COD Return Receippt ❑ Express Mail 0 for MerchandlN Always obtain signature of addressee _ or agent and DATE DELIVERED. 5. Sign ddressee 8. Addressee's Address (ONLY if — requested and fee paid) X 1146, gnat Agent X 7. Da of Deliverty--7 y� �� j r�� /�D'i el- S PS For 3811, Apr. 1989 .u.s.c.a.o.rase-zae-sts __ DOMESTIC RETURN RECEIPT 0 N C � J • 3 r"t a O 2 a PO m o x Er w5E tel o S LL aa N E F 'Ed= m bo e4 p', ' .� rL cc s 2 t o .a l� v o`m rp W >� m ro • ..-4 w m> ma m USESCc c6 cT a �' Q =z N N v ,+ 3o 3o a Jc OLL `om a) 2 O �` 6 5c o" "1 0) V1 F. i 60 ,� `. '- -O ¢`a Q, pQ, -cii `!� L O d o ty N cd ai ? 0 °'c °'a `o t W z 7 CO .-i a m Q m ¢a o N ea a r C_ U m ca 0 v m c o c m a E m d a) m 3 v m l- o o rn m m2 m o 2 a sss-yea-sect'od0'ST1 3861- aunP'ooeE wind Sd m a 3 x ��` iu TV W V Q; %3.1tiLi VI I �C Cia I V pes � f" � CO stab Cl. < Pl h- 1 a a W in # _ z In I ll � O D � it, t tr. K s m i GREELEY • COLORADO • ISLAND <I GROVE ' IL PARK m . I V m m • CENTENNIAL in VILLAGE STH ST w CITY (L < r� BUILDINGS `'\� r COM MUNIT� Q N CENTER a 9TH ST ..,_,__I..,_,__I �� J �� COURT US 34 BUSINESS IOT • HOUSE I • 1 COLLINSTO O HOSPITAL Fl. LLIN3 > 13TH 5T ESTES PARK < • CHAMBER = OF b. e I6TH ST HOB ITAL OMMERC IN ly RIVERS; ^ > ≥ > OF US < < < NORTHERN TO AIMS e F COLORADO COMMUNITY .'+ w — COLLEGE 20TH ST _ QP w >< O a04P WEST T Lp w P<„ CAMPUS m < 0 'S'y'�E \ '25TH ST • E /. ^ 3 �/ US]4 BYPASS _ GREELEY MALL N . Grearey Area Chamber of Commerce 1u ea Convenoon A Views Bureau S PO Bo.CC 1407 em Gramay,COimsoo IOW r C • e . 53=2.3544 er e q J - 4 OV� Location Map It it k V h Q ei in. f^ T,' vl _ 1 0, I1I44 N�G �--+ 1®,' I , , ,e� `�. I :� 0. r ,', S 'a, ;I I q r��, ;, V ` , r �: V { . - '�� 'in u1 t. L„,. 1644 tip- Qi � V 1 � Nc CC V1 - , dm r, , -- •, I' 11 ## • `r I i g ; 'I - 1 ` i - cci `. � ,4 7,. tAr- kil t 7 4.1 . E-- l I .L�� a,' y�a� 7. - It { �T {I E et.". II ,F. f O 4:' O dl i ,�' ia vri 01i1 � ` 41 J a N1 T Ia i i i , 06/;tv.4 i v ►�• l.. R at P '," •"...c H:. w a 4, :Cb'^ v • -0 1990 C . B . O . E PROTEST OWNER : Dillon Real Estate Co . AGENT : Savage , Savage and Brown PROPERTY DESCRIPTION : 2800 sq . feet convenience , gas outlet built in 1989 and operated as a minimart store . PROPERTY ADDRESS : 1001 West 10th St . Greeley , CO PRESENT VALUE : $341 ,087 . 00 DILLON REAL ESTATE CO. P.O. BOX 1.266 HUTCHINSON, KA SUMMARY THE ASSESSORS OFFICE HAS REVIEWED THIS ACCOUNT AND WE FEEL THE DOCUMENTATION PROVIDED IN THIS APPRAISAL WILL SUBSTANTIATE OUR VALUES AS SHOWN CURRENTLY. WE WOULD LIKE TO POINT OUT AT THIS TIME THAT THE APPRAISAL INFORMATION PROVIDED BY AGENT ON THIS PROPERTY IS LACKING IN SOME AREAS AND W£ QUESTION HOW THEY ARRIVED AT THEIR OPINION OF VALUE. FIRST, WE WOULD LIKE THE BOARD TO BE AWARE THAT THE PROPERTY IN QUESTION IS VALUED AT $341,087 THIS INCLUDES LAND, BUILDING, AND PUMPS/TANKS EQUIPMENT. THE BARE GROUND WAS PURCHASED IN DECEMBER OF 1988 FOR THE PRICE OF $318.600 OR ONLY $22,487 LESS THAN WE CURRENTLY SHOW FOR THE ENTIRE PROPERTY. SECOND, THE INCOME STATEMENT THEY HAVE PREPARED ALLOWS FOR NO INCOME ATTRIBUTABLE TO THE PUMPS/TANKS PART OF THIS FACILITY. THIRD. THE REFERENCE TO THE COST AS PER MARSHALL AND SWIFT IS NOT TOTALLY ACCURATE EITHER. THEY FAIL TO COST ANY OF THE LUMP SUMS SUCH AS CANOPY, ASPHALT, PUMPS. TANKS, LIGHTS. ETC. THEY ALSO ASSUME THIS STRUCTURE TO BE AN AVERAGE CONVENIENCE STORE AND WE FEEL THAT THE GREENHOUSE. LANDSCAPING, BRICKWORK AND OVERALL QUALITY ARE SUPERIOR TO TYPICAL CHAIN CONVENIENCE STORES. WE ASK THAT THE COUNTY BOARD OF EQUALIZATION UPHOLD OUR VALUES BASED UPON THE FOLLOWING FACTUAL APPRAISAL DATA. COST APPEOACH THE COST METHOD OF APPRAISAL IS TO REPLACE THE IMPROVEMENTS TO A NEW STATE OF CONSTRUCTION AND THEN DEPRECIATE TO THE PROPER VALUE OF THE PROPERTY IN ITS CURRENT PHYSICAL AND FUNCTIONAL CONDITION. SINCE THIS PROPERTY IS NEW AND AS SUCH HAS NONE OF THE TYPICAL PROBLEMS ASSOCIATED WITH DEPRECIATION WE HAVE COSTED THIS STRUCTURE AS NEW AND LEFT IT AT THAT LEVEL. ONCE THE IMPROVEMENTS ARE VALUED THE LAND MUST BE ADDED TO THEM AND A TOTAL PROPERTY VALUE IS THEN ESTABLISHED BY THE COST METHOD. THE ASSESSORS OFFICE HAS VALUED THE IMPROVEMENTS BY USING THE MARSHALL AND SWIFT MANUALS AND THE RESULTING VALUE IS AS FOLLOWS : MAIN BUILDING IMPROVEMENTS $106. 900 LUMP SUM IMPROVEMENTS 109 ,851 TOTAL LIMITED IMPROVEMENTS $216 ,752 2% MANUAL ADJUSTMENT FACTOR 4 335 REPLACEMENT COST NEW $221.087 DEPRECIATION 000% REPLACEMENT COST NEW LESS DEPRECIATION $221.087 LAND VALUE 120.000 $341,087 TOTAL VALUE PIN: 0021187 BUILDING NUMBER 001 PrOPERTY TYPE C OCCUPANCY 602 CONVENIENCE STORE STYLE 602 CONVENIENCE STORE SEQUENCE 00 USAGE 00 USAGE MOD 00 UNIT 0000 HEIGHT/STORY 10 # STORIES BLDG 1 # STORIES OCCUPANCY 1 PERIMETER 228 AVG AREA/FLOOR 2808 MAJOR STYLE 602 AREA: TOTAL 2808 FIRST FLOOR 2808 BASEMENT FIRE RES BSMT DOCK HEIGHT UNIT FLOOR: . BSMT SEMI BSMT FLOOR # WELD COUNTY ASSESSOR ATIUP248 APPR YEAR 1990 COMMERCIAL COST SUMMARY PIN: 0021187 BUILDING NUMBER 001 PROPERTY TYPE C OCCUPANCY 602 CONVENIENCE STORE STYLE 602 CONVENIENCE STORE SEQ 00 CLASS D QUAL 30 0 USAGE 00 USAGE MOD 00 BASE CPSF 36. 03 TOTAL LIMITED IMPS 216 ,752 . 06 HEATING/COOLING . 00 CURRENT 1 .0200 ELEVATOR . 00 LOCAL 1 . 0000 MISC CPSF ADJ* . 00 BASE YEAR 1 . 0000 ADJ BASE CPSF 36 .03 RCN 221 ,087 . WALL MULT . 9570 DEPREC . 0000 STORY MULT 1.0000 COND 1 . 0000 ADJ 1 . 6000 AREA MULT 1 . 1042 ECON . 0000 REF BASE CPSF 38 .07 FUNCT . 0000 FLOOR AREA* 2 , 808 .00 DEPRECIATED COST 221,087 . SQ FT COST 106,900 . 56 LANDSCAPING . 00 ADDITIONAL COST* . 00 LUMPSUM PREV DEP . 00 LUMPSUM N/DEP 109 ,851 .50 RCNLD 221 , 087 . WELD COUNTY ASSESSOR ATIUP2, APPR YEAR 1990 COST APPRAISAL LUMP SUMS PIN: 0021187 BUILDING NUMBER 001 PROPERTY TYPE C OCCUPANCY 602 � � CONVENIENCE STORE STYLE 602 CONVENIENCE STORE SEQUENCE 00 USAGE 00 USAGE MOD 00 UNIT 0000 CAT TYPE UNIT DESCRIPTION COST/UNIT LIFE YEP 999 999 3200 CANOPY OVER PUMPS 11 .00 0 999 999 15000 ASPHALT TOTAL 35,200. 00 .75 0 TOTAL 11, 250.00 999 999 725 CONCRETE 1 .50 0 999 999 3 6 PRODUCT ELECTRONIC PUMPS TOTAL 1 , 087.50 1 , 080'50 TOTAL 31,500 .00 999 999 18 REMOTE TOTALIZER SYS (18HOSES) 600 . 00 0 TOTAL 10, 800.00 999 999 24 SQ FT DOUBLE ILLUMINATED SIGN 36 . 00 0 TOTAL 864 .00 999 999 2 10,000 GAL TANKS 6800 .00 0 I TOTAL 13 , 600 . 00 999 999 1 8,000 GAL TANK 5550. 00 0 I TOTAL 5,550.00 TOTAL -, 109,851 .00 MARKET APPROACH WHEN WE VIEW THE SALES DATA ASSOCIATED WITH CONVENIENCE STORES IN THE GREELEY AREA WE FIND SEVERAL SALES WHICH WILL STRONGLY SUPPORT OUR VALUE. THE SUBJECT IMPROVEMENTS ARE VALUED AT $221,087. THIS INCLUDES PUMPS - TANKS - ASPHALT - CANOPY ETC. IF WE DIVIDE THIS AMOUNT BY THE 2,$08 SQUARE FEET OF THE BUILDING WE ESTABLISH A VALUE PER SQUARE FOOT OF IMPROVEMENTS OF $78.73. AS YOU CAN SEE FROM THE COMPARISON SHEET SALES 1,3 ,4 ARE ALL IN FAIRLY CLOSE PROXIMITY TO SUBJECT AND POSSESS SIMILAR QUALITIES. YOU WILL ALSO NOTICE THAT THE VALUES AT SALE ON THE IMPROVEMENTS FOR THOSE PROPERTIES RANGE FROM $170.00 TO $414.00. THEREFORE, IF WE USED A MEDIAN POINT OF COMPARISON FOR ALL THE SALES WE WOULD HAVE A COST PER SQUARE FOOT OF APPROXIMATELY $225.00 THEREFORE: 225 X 2,808 SQUARE FT = $631,800 IMPROVEMENTS ONLY 120.000 LAND (ASSESSORS VALUE) $751,800 TOTAL BY THIS COMPARISON IT WOULD APPEAR VERY EASY TO ACTUALLY INCREASE OUR VALUE SUBSTANTIALLY TO REACH THE MARKET. NOTE: IF WE WERE TO ONLY LOOK AT SALE #2 (WHICH IS THE LOWEST ON THE BOARD) WE WOULD STILL HAVE THE FOLLOWING FIGURES: IMPROVEMENTS--$57.32/SQ FT X 2808 SQ FT = $160,955 LAND $ 4.00/SQ FT X 30,000 SQ FT = 120.000 TOTAL VALUE $280,955 TO THIS WE MUST ADJUST FOR ADDITIONAL ITEMS SUCH AS ADDITIONAL ASPHALT-10,000 SQ FT AT .75 = $ 7,500 ADDITIONAL PUMPS---2 UNITS AT 10,000 EA = 20,000 ADDITIONAL CANOPY--2624 SQ FT AT 11.00 = 28,864 ADDITIONAL TOTALIZER EQUIP 12 AT 600 EA = 7.200 TOTAL ADDITIONAL $ 63,564 ADJUSTED VALUE OVERALL $280,955 63 564 $344,519 ALSO OF NOTE IS THAT THERE IS NO ALLOWANCE FOR THE SALE PROPERTY BEING NINE YEARS OLDER THAN THE SUBJECT PROPERTY AND THEREFORE WORTH LESS IN THE MARKET PLACE DUE TO INFERIOR CONDITION. THE SUBJECT PROPERTY IS ALSO FAR SUPERIOR IN LOCATION TO THIS PARTICULAR SALE. n u I 11 ._ __ _ 11 __ __ __ __ __ __ __ __ __ ._ __ __ __ __ _ u u {- _ __ ._ _ r_ _ u n u n u I> II 1 1 N 11 y t' M N c 11 L a II ^ a P a II U.1 0 J � a o CO 11 11 t II J O II H ti -.1, To II D. II II u __ __ .- __ _ __ _ __ _ ._ II II i II II I II II I II 11 II O H P NP N 11 II ti m N 4 11 W ii-:CCii-:11 11, _ _ y y y m n N 11 LU act0 II 11 J = 11 Y> v H II c:C II� 11 11 11 11 II II II II I II II II II II Li- lli. 2.- II N LL II O II O 11 6 II a n = O Z Z O O II II __ U II ! 0 lZ 11 II 11 11 11 11 11 II 11 II W W 11 II LI3 ID 11 II O O II II S 11 II II a a co CO 11 11 O_ 1 1 y E. _ II 6 I II o FL" a o �I 0 II II _N _ __ }'_ __ __ __ _ __ _02 m_ _ _ _ .. __ _ _ 111 II 1 II If 11 11 11 11 11 11 J J II 11 a a 4 4 6 CC 11 W 11 CD 0 ID [O u3 [p 11 CO 11 b II a II G G b G O n s n o 0 0 0 0 II o II O Co. o o 0 0 11 H II b O CO H N V II N_ _ II H N H N II 11 II II 11 11 H II 11 {i II Irf O N O O 11 II It) O O. m r-- it W 11 ^1 C 1., 4 in II IY 11 .-1 N I = 11 I 1 II CI 11 11 N 11 II _ _ _ II II 11 11 11 11 11 II II 1-. II H 0 II J II m CO .O a II 11 o- P y y 02 II II .04 II m II II II II CC II II r u u II __ __ •_ __ _ __ .. ._ __ _ __ __ __ __ •_II II II II II II II w {oJ ii En cn Ell En II 1(PO II Q 16 II N O C RJ O O O M O II ¢ II 0.. y _mn Kr M o 1Ira.0 o- 11 J II H M V ..1 401 H 1-.1 M 11 _ II _ _ _ __ __ 11 11 II 11 11 II 11 11 11II C II II O G b O O - F 11 II O O (> u> m > 11 W II m a WW P O a_ II U I I a N a , II C II W d 11 2 II 11 - 11 ._ 11 II II 11 11 11 II 11 II PI a a II 11 m H CO 11 II 0 CO W II II a a a 1� W II 0 11 N r N N tr 2 11 J 11 \ \ \ O 11 O II \ I- II ID 11 ~ .-1 .. N 11 II I II W II 11 • II 11 2 Z 11 11 W 11 II II 11 2 11 11 W II 11 at ? 11 II W LLI O 11 ID II 6 O 0 D. ~ D. 0 11 W II a Q II K II V> t T N 1- P II O 11 H W ..4 W W2 W CD W -d II m II lJ .4 J J y1 Q 11 C' 11 O .1.1 W W Y9 d O P W Z 11 11 N .Y0 W H W 11H> W N 11 II n rt ¢ r cc poio. Z 11 II N - u'f co _ IV IO _ N N to W II II ._ H II II 4 II 11 H II II N II II II a a a a a • LIJ 0 I I a II m 02..0 CO vm> t CO II II a -o o m o a- > it n d u o- 0 1.> H K II II H ID b r... 0 W 11 II N CJ .-1 H Pi• 11 II ii It 11 H . . u I' ti N E .f in n II _' __ .11 I 1 IIIII 1 11 11 u o 11 r II N 1 1 ly ≥» ctif ai !11 O II 4t.4 C N N O W -0 W 11 2 II U9 .n 0 o +4. z 11 (.J 41.2 11 N 11^9 C O a' O It It ...Iz - ll -- -- .- 11 -- -- -. .. -- -- -- .. . .. -- .- -. .- -- .. .. -- -- .... •-- -_ I •- •- -- _- -- I 11 11 11 11 II 11 11 W W 1:11 11 11 O O O CO � PA 0 I 11O II 11 T S 7 T II 11 rt CV 11 11 N .ti -+ �ZI lff CA II 0. II .O-. N .1.• _ ...... •-• N II aO 1II 1 0 G CI O. 1L Q 0 11 CC. 11 Y !' w' -0 -0 N .tp I .- - .• 11 I . I 11 I 0 11 II II I ii 6 Q q .2 4 R d II 11 LU II O O O CO O 02 CD 11 c li o o b 00 G O II F4-- 11 O O ..00 Q Ih C O 11 IYf II M 11 11 M N M N .. .. -- -. .. .. It II I/ II it It It I . it 11 W 11 rt ...1 le O. ^ -4 , 11 1A 11 in m Ir) 11 W Cl.. 11 O 117 1.4. ^ u7 IN H II 4 II il CC N .m .,-• ..ti I,.1 M I CO11 I II 119 11 11 11 •- -- - -- •- •.. .- -- -- •' -- '- -- -- .. -. .. .- -- -- .. .• .. .. .. ... .. ... II I 11 11 11 -- II II 11 II J It CO0. CO O CO •O CO 1, 11 Qi 11 .-r •.1 .•-•I .P.. O• O. .�Y . ti II 11 11 OC 11 II 74-4 11 11 -- -_ -- •- -- -- _- -- •- -. .. •• •• .- •• .. ... -- .• .. •• .. •• ..11 4. .. •- -- -- 11 II 11 11 II tl W II 11 N LA- 11 CO I CO II 11 d 11 O N O O 11 Z II O] 11'9 m O O 11 Q 11 O• CO O O` II J 11 M +N+ ..y •1 N •-I N-1 111 fl 11 -- -- 11 -• .• _- .. .. •• .- •- .. .. -- ._ -- .. .- •• _.. •- .• •. .- _- •-Ill 11 •- •- - •- __ ill 11 11 11 II 11 11 II O O O O O 11 11 O q0 o O II � II CO CO CO O M 00 CO O 11 = 11 � � V9 11 11 2 1+- f1 en y M —1 Lai 11 I 11 Q 2 11 11 11 III •- -- - 11 •.. .. •• .- -- •. .. -- •- •- -- •' -- .. •- •• __ -• •- .. W III 11 _- •. ._ .• -- '- t!1 II II pi W '▪ II 11 ▪ 1 11 CO IA III W II .O .--1 Q' W 111 I!1 W 11 O O- 119 O• w O O Cc III II W Q 11 N co W Q CO CO .11 J O II .-1 ~ ~ v. W CO I.• - C 011 -• •• •• ._ .. .- _- •• .- - .. •. -- .. _. .. •- • .- ..- .- -• .- .- •. .- .• .- ... .- Cal III 1 La ,It 11 ^2 .11 11 W III 11III - CC W II 11 g `r' O. 'II fl LLI ll II i.- AI In II I- Co In I�- CO all W 11 N T Q W > xCc oz an fn ¢ II o In a• W i- to . G ,I) fa II N 41 I"1 4J 0 W O. t 4 O In LIC Y N LIJ = :II d 11 �,1 J I J 1J L IA Z ..J 4 .It Q It u9 W O II II O. (W� O W O W O W O'• 2 P J m 01 to 'II II O .�.1 CC T+ C X11 11 Y CO 0 CO N CO 1 . NQ = = IC ti a -. It -- -- - • .-. .- ... .. _• •• ._ ... .• -• ._ . - . -- .. .... .- -- _- --CC 'II II �- .- I •• .. -- .. I— 11 II M 11 ll in II le III 11 f+ .q W II ll CO CO CO co O CO CO wIn O V7 M ,N mm 11 -0 COO .p > 'II a 11 .4- ID N ti O O ...1 OC l/ 11 w . 19-1 O 1 .�.1 p W ,11 11 N PA .y I11 'II II ••• III 11 III 11 • . . • I 11 11 4..1N M -•• Irj c • IP+ { __�i � � y ��u� ..V :',f. f - ₹ . 5 i ay tq 1,,,•`� aU ac CL. - .:r Y F 4 11II s ,4- . 1 S+., s : 2 '4 lT ,; o 17. i � * i. j W ' T Ji ' ^ ?..� 'Z h. F , s , R `► tL. , . DCri '1.2.,:711'.:, f m: rb3: , _ Q . �� kn ' :Y a3` �,1�� 1 -- g � t � . ,� ., :,.a__. ...y : - ... .s Wig, ;.I.,�.. _ rir4ss 1` Y 3 r S •$� ' r- ]y ,�� }l� I I CIE I�V. `r - i. .f' x% • , ,tu i g' i{p4 4'' r 5 i �7 1 I V . ^fir S yi... ' : 1 a. �' ��. { i (•hey ( , ty I E r K 4 4j Y v" _ ( k�,., \ $ , ) q: F LI f; d 1( 1 .�y r t I�� 1 Gr I 1 µ ' t itt .4 (11.4' 1 Ile � ark, ttr ; ,< _ �� r N d i p_ II I G Z. i ▪ C ₹ j� 1 is a4X ,{ate kSI 1tt 1 t i F▪ - �' tu cl1 + - «,, i1� 1 1 'r)1 � S F aI. • • 4 rcY. ,L ..�1�,. .- x'34^7,rJ t nR > t 1 f t •,b 1 _, ayy I ) 1 x Z r} a .t 1 4 yr.(, ]t,,I :iJ ?^ ,44.-S YS 5� i t 4h 4- q ki „4 1 ., r*' A. !' -z„,-/P 1;2 k 4 H� `�� ` 214- ..aJr 1 1 :9 w _it,-:7).:4,-/-f 1 . ,,I • h hi AL z:.. tai III li k JJJyyy�� Fk l e` v` P 1 `•' • _ 1 'i _ �. `�1 zkar31 ` ; r a . ? i M1• �l k >w_E, .; 'fit_ ((t iY c 1 .•v , ii rie,i,:iii:A:4: s. ____, • itt''' 1 .... i ^ , 14 CS ' W... I , f4:11i,l I c 'Is 41 44,4'..:"l, ..-1. `el. L y. I. / . gI, afi. = � ` It I IYi / •'�I� 1 S �Ir IT�1 1/41'"1' 1 f?x! •lii IR N I as_ • i�. : W ,44 i .1: $� �N'IF"' ' }'r� 1 1/41) I. � it t af 1 �S- �.. ,Iy 1 ' t.f it iR Y,'p 4. 11 N '.I k }, % �'�yT,�s 1 • p 1 Y{ 141 (j. x H I�': y .t € '�r' Y'-')T;• ,,,•-•i, -!--1 .( It. . r 1 , - :emu z�; v� q •, FCC } ": i—� .!e .m_.ssd,l ni /o.ri, INCOME APPROACH WITH NET ANNUAL INCOME SHOWN ON SEVERAL GREELEY AREA CONVENIENCE STORES TO TOP THE $46,000 RANGE , IT IS INCONCEIVABLE TO US THAT THEY FEEL A NET OPERABLE INCOME OF $28,000 IS JUSTIFIABLE. THE SUBJECT PROPERTY IS LOCATED IN ONE OF THE BEST TRAFFIC AREA AND ITS QUALITY IS ABOVE ALL THOSE STORES WE SHOW ON THE GRID. COMPARABLE INCOME STORES #1,2,3 ARE VERY SIMILAR PROPERTIES LOCATED VERY FAVORABLE TO THE SUBJECT AND'ALL SHOW ANNUAL INCOMES OF $46,000+ THEREFORE: $46,800 DIVIDED BY 11.25% _ $416,000 $46,800 = N.O. I . 11.25% = CAP RATE* * NOTE: THE CAP RATE IS DERIVED FROM A COMBINATION OF ELEMENTS WHICH INCLUDE THE DISCOUNT RATE AND RECAPTURE RATE AND EFFECTIVE TAX RATE. WE HAVE CHOSEN TO ELIMINATE THE EFFECTIVE TAX RATE FROM THIS EQUATION BECAUSE WE ARE USING A N.O.I. WHERE EXPENSES ARE ALREADY TAKEN OUT. LOAN RATE AT 75% X 11.507 - 8.63% (WEIGHTED) **EQUITY RATE AT 25% X 10.50 = 2.63% (WEIGHTED) OVERALL RATE = 11.25% ** NOTE: WE HAVE CHANGED THEIR EQUITY RATE TO REFLECT A MUCH MORE REALISTIC VIEW OF WHAT AN INVESTOR WOULD LOOK FOR RELATIVE TO RETURN ON HIS INVESTMENT. 10.50% WOULD BE A GOOD SAFE RATE. CONCLUSIONS COST $341,087 MARKET $475,000 INCOME $416,000 BECAUSE THE MARKET DATA IS A BIT OLDER THAN WE ARE COMFORTABLE WITH AND BECAUSE THE FACILITY IS FAIRLY NEW AND WE HAVE LITTLE DEPRECIATION TO HASSLE WITH, WE FEEL THE COST IS FAIRLY INDICATIVE OF THE WORTH OF THIS STORE. THE INCOME AND MARKET INFORMATION IS SOLID AND COULD PROVIDE AN ARGUMENT TO ACTUALLY INCREASE THIS VALUE BETWEEN THE CURRENT LEVEL OF $341,087 AND $400,000+. WE WILL HOWEVER, LEAVE THIS QUESTION TO THE BOARD WITH ONE SIMPLE REQUEST: IF YOU CHOSE TO CHANGE THE VALUE, INCREASE IT TO A LEVEL OF $385,000, BASED UPON THE INCOME AND MARKET FACTS WE HAVE PROVIDED. i. Iii . nN lzhE(I . . j o • • • H etit �`tii • Q • • • . v h. k V °.3 'JINNI U ko � . . • o j . . cr I Q . . . . . . . . . . • . . . . • • j` �K. '.4, . . . . . . . . . . . . . . . • : . . . . . . k, NiN. . o • . . . . . . . . cc i . . � No . . �l . • �i � : : a I . .�: C { -— ; ' •. : cis.'. . e, � : l • i . o � • .� i a • • -:... . . . . . . . . . . . . , . . L • Li Hello