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Home My WebLink About910896.tiff RESOLUTION RE: THE BOARD OF EQUALIZATION, 1991, WELD COUNTY, COLORADO PETITION OF: WHEELER PARTNERSHIP 812 8 ST GREELEY, CO 80631 DESCRIPTION OF PROPERTY: PIN: R 2131886 PARCEL: 095912104040 - GR 17534-A THAT PORTION OF TR B OF GREELEY PLAZA LOCATED IN NE4 12 5 66 BEG SELY COR OF 28TH AVE & W11TH ST RD THENCE S89D57'E 99.86' THENCE ALONG ARC OF A CURVE TO THE LEFT 87.60' N82D05'E 154.20' SOD14'E 137.64' S89D55'W 340' NOD03'W WHEREAS, the Board o£ 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 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. 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: 910896 Page 2 RE: BOE - WHEELER PARTNERSHIP 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. 910896 Page 3 RE: BOE - WHEELER PARTNERSHIP 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 9th day of August, A.D. , 1991. �� BOARD OF COUNTY COMMISSIONERS ATTEST: WELD COUN Y, COLORADO Weld County Clerk to the Board Gor a irman By: g4:71:_- __..):-(1� EXCUSED Dety Clerk to theand Ge/o e Kennedy, Pro-Tem /APPROVED AS TO FORM: /.4/72 Constance L. Harbert /4,0011 Assistant County Attorney C./74 �K,Yby fr W. d H. WebsterF"/�✓t��(�a2 910896 BOE DECISION SHEET PIN #: R 2131886 PARCEL #: 095912104040 WHEELER PARTNERSHIP 812 8 ST GREELEY, CO 80631 HEARING DATE: August 9, 1991 TIME: 10:30 A.M. HEARING ATTENDED? ,9N) NAME: �:1"--- ��J 6(2 AGENT NAME: f` �*^ DECISION: DECREASE IN VALUATION INCREASE IN VALUATION NO CHANGE IN VALUATION ASSESSMENT RATIO ACTUAL VALUATION ORIGINAL ADJUSTED Land $ 162044 $ Improvements OR Personal Property 86569 Total Actual Value $ 248613 $ COMMENTS: MOTION BY _,/1,1c( TO SECONDED BY 1�424,, Lacy //�nI �`") Failed to meet burden of roof HarbeKennert � ON P �N) �- Comparables in,a-q••^* Kirby (y/N) - Assessor's data unchallenged Webster MN) Other: RESOLUTION NO. 91°896 915 10th STREET GREELEY,COLORADO 80631 NOTICE OF ADJUSTMENT PHONE(303)356-4000, EXT.4256GR EY LOCATED 4IN NE4T 12R5 66 BEG TION OF TSELY COR OF 28TH PLAZA 28THAVE COLORADO f W13TH ST RD THENCE 589D57°E 99.861 THENCE ALONG ARC OF A CURVE TO THE LEFT 87.60• N82D05°E 154.20° SOD14° E 137.64° 589055°W 340• NOD0344 2726 W 11 STRD GREELEY . y OWNER WHEELER PARTNERSHIP WHEELER PARTNERSHIP PARCEL 0959121040_40 PIN R 2131884H-, - ul: 812 8 ST YEAR 1991 r, GREELEY CO 80631 LOG 03259 05/29/1991 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 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: THE ACTUAL VALUATION OF YOUR PROPERTY HAS BEEN ADJUSTED BASED UPON THE ADDITIONAL INFORMATION YOU HAVE PROVIDED. T PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASS ESTIMATE ACTUAL VALUE ACTUAL VALUE OF VALUE PRIOR TO REVIEW AFTER REVIEW LAND 162x044 162.044 IMPS 97i956 86569 TOTALS $ $ 260.000 $ 248.613 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)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal. 91`V�ofpQ By. WARREN L. LASELL 06/10/91 WELD COUNTY ASSESSOR DATE 163 Form PR-207-87/91 ADDITIONAL INFORMATION ON REVERSE SIDE YOU HAVE THE RIGHT TO APPEAL .THE ASSE§SOR'S DECISION The County Board of Equalization viii sit to hear appeals beginning July 1. and continuing through August 10 for real property (land anctbullgings) and,per,sunai,property (furnispings, machinery, and equipment). 39-8-104 and 39-8-107(2), C.R.S. APPEAL PROCEDURES: '• • • r , If you choose to appeal the Assessor's decision, mail bt, deliver one copy of"ffiis completed form to the County Board of Equalizatioh. To preserve your right to appeal, your appeal must be POSTMARKED OR DELIVERED ON OR BEFORE JULY 15. WELD COUNTY BOARD OF EQUALIZATION . • :915 loth Street, P O. Box 758 t Greeley, Colorado 80632 Telephone (303) 356-4000, Ext. 4225 NOTIFICATION OF 1 ARING_: . -^ You will 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 must conclude their hearings by August 10. TAXPAYER RIGHTS FOR FURTHER APPEALS: if you are not satisfied with the County Board of Equalization's decision, you must file within thirty days of the County Board of Equalization's decision to ONE of the following: Board of Assessment Appeals (BAA): Contact the BAA at 1313 Sherman, Room 315, Deriver, Colorado 80203, (303) 866-5880. District Court: 9th Avenue and 9th Street, p,o, Box C Greeley, Colorado 80632 Telephone (303) 356.4009 Ext. 45,20 . . •ArRbittaticin: _ , • z WELD COUNTY BOARD OF EQUALIZATION 915 1t?tl. Street, P.O. Box 758 Grl'.C:i(:y, Colorado 306(,32 Telephone (.303) 356.4000, Ext. 4225 If you do not receive a determination from the County Beard of Equalization,you must file an appeal with the Board of Assessment Appeals by September 18. TO PF1ESE-RVE 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 spades below,please explain why you disagree with the Assessor's valuation.Attach additional documents as necessary. Assessed land value is 162 ,044 for 3/4 of an acre . Immediately to the ; East is a comparable vacant space that has been for sale for 10 years . : The owner wilJ) take 50, 000 to 75, 000 . The�Land ��is almost double what the improvement assessed value is . It is customary in Real Estate for the improvements/ land ratio is 80/20. This valuation distorts every principal of good Real Estate development . : ,You would not underimprove a piece of ground as these valuations represent . Site shou I d be no more than 20% of valuation . In this case, your assessed value of the land in relatio to the improvements is 62%. (It 4-11 91_0896 DATE PROPERTY INCOME APPROACH County: Weld Owner: Wheeler Partnership Parcel*: 2131886 Property Address: Pepe O'Tooles 2726 W. 11th Street Rd. Greeley, Colorado Potential Gross Income: 24,000.00 Other Income: Total Gross: 24,000.00 Vacancy/Collection Loss: (0% Typical) Adjusted Gross: 24,000.00 ALLOWABLE EXPENSES: Direct: 4,800.00 (20% Typical) Other: Total Expenses: 4,800.00 Net Income: 19,200.00 INCOME / RATE = V A L U E $ 19,200 / 12% _ $ 160,000 910896 WHEELER PARTNERSHIP TENANT NAME SOUARE FEET BASE RENT Pepe O'Tooles 5,604 2,000.00 Totals 5,604 $2,000.00 910896 IMPROVED SALES DATA SUMMARY Date Sales Bldg. Price Parcel Property Sold Price Size Per S/F Size 6400 Wadsworth 1985 $3.2M 128,681 $ 24.97 10.1 Acres Castle Rock 1991 $3.6M 120,000 $ 30.00 15 Acres East Hampden 1990 $1.2M 142,235 $ 15.47 11 Acres Pepe O'Tooles Current $160,000 6,500 .90 Acres Income Approach @ 12% Cap Rate IMPROVED CENTERS - USING YOUR ASSESSED VALUATIONS: Hillside Center Current $2,225,348 60,000 $ 37.00 5 Acres Hillside Mall Current $7,173,813 100,000 $ 36.00 22+ Acres Bittersweet Plaza Current $4,712,978 110,000 $ 42.00 10+ Acres IMPROVED CENTERS - ASSESSED VALUATION - SITE ONLY: Hillside Center 1991 $ 962,000 $ 4.58 5 Acres/ 217,000 Sq.Ft. Hillside Mall 1991 $3,200,000 $ 4.03 22 Acres/ 871,200 Sq.Ft. Bittersweet Plaza 1991 $1,940,000 $ 4.50 10 Acres/ 435,650 Sq.Ft. 910896 COMPARABLE SALES - UNIMPROVED REAL ESTATE Date Sales Bldg. Price Parcel Property WA Price ize Per Sa.Ft. Size 35th Ave. & 1989 $283,140 $ 1.00 6.5 Acres Hwy 34 Bypass (Ghent Chevrolet) Stampede Toyota Current $224,000* $ 1.00 4+ Acres 35th Ave & 34 Bypass Westlake Shpg. 1990 $1 Million $ 1.37 17 Acres Center - 20th St. & 35th Ave. Pepe O'Toole's Comparable. Ever: though our property (Pepe O'Toole's) is improved, Restaurant the vacant land (30,000 sq. ft.) directly to the east of our property (11th St. Rd. & owned by Dr. Sprague has been on the market for over ten years and 28th Avenue) they haven't been able to get an offer of $50,000 for the land. Assessed Valuation: $162,000 for .90 acres = $4.13 per Sq. Ft. * Toyota bought 2 acres from Ghent Chevrolet for ($224,000 or $1.00 per Sq. Ft.) as well as 2 acres from Wheeler Management Group for $224,000 or $1.00 per Sq. Ft.) 910896 • << CLERK TO THE BOARD P.O. BOX 768 GREELEY,COLORADO 80832 C. (303)368-4000 EXT.4225 COLORADO July 18, 1991 Parcel No. : 095912104040 PIN No. : R 2131886 WHEELER PARTNERSHIP 812 8 ST GREELEY, CO 80631 Dear Petitioner(s) : The Weld County Board of Equalization has set a date of Friday, August 9, 1991, at or about the hour of 10:30 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. 9 .Ctia f WHEELER PARTNERSHIP - R 2131886 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, BOA OF EQUALIZATION lign Donald D. Warden, Clerk to the poard // / Carol A. Harding„DepAity cc: Warren Lasell, Assessor ov'4OCOr 0 be- I ft.• • • N 1•^ og cil in .• � Itri at i� Y! a9 ad es t • NO X In O. O N O W r al CO I 111•�' N 49 49- H H ro CO a.a a O O F E • N a a.3 M In 4 Ir. .C a N L U CO 0 O H H ro m 0' N m N In a N N ON M 0 O ti t— O, " re rn ae >, ti H N y O 0 M -69- a9 S. H • 0 Hi E k a 0 .•1 •• CO CO N O ••L UI H • X a.) as a.> C a L O L VI c c c c a) a) o a E E E E U E a) �' O V m > o O 0 0 0 0 0 U a) E , O � L L L L '0 L O L • to a a a a c j rt... I a0a U L O H H H H ay al • N E 1 0 a) O L o• 0 0 L N CO CO L a... 0 C ro p• .,a a 'O 0 a • N 0 0 T t— CO 0 a 4-1 O • C �' O• •>'a E L F N I m .•a .0 O >.Y L 0• N .0' a0-• •H O 1 N h 7 0 a. 0 N .- L U 7 C 4-• • N W t9 0 O m ••-r 01 O l a) c) • D. EL 3 • N O 1 O H 'O I H O df a-1 >. x Y 4-) L L y N .' N E a..1 oS O 0 W CO O' Le• 4c• O a 0 0 ON C CO O O o H N L 49 C •CT m 0. O • E CS O. 0 L oa - - w o a) h O .c 0 CT > W N U N a) I a > • O 4-) O n I c ' o w .O am n N a) . I a r-- >, _• L O L •.1 do t.. N O --I >. L 'O 4-) MS O O a C 7 0 E-i . 0 a) 99- M 44 ^O VI a CO 0 t • x t9 Z . • E C 'O 0 O 0 1 0 IS a N 40. ro L N49 •tf I •iS V} H H O O a M 1; N V) >. 0 G 0 • O 4. £ I 0 O 0 1 t`' C L O. 0 0 co C C 0 it •0f a 'O 0 I •- Cal O+ C — a) ,-I • •0-I a) +I C 0 a) a) O. 0 a) •- a) rn H Cy .O E L 0 7 J -a •• .L1N .] 0 0 a) .N .2 0 ON > L > as O. ro Y 0 ro 0 a 0 H 0 ro 0 00 0 to N L .- Col a 0 •- 0 > I. 0 7 to 0 a) WO .0 E H O a L Y O alO' >. SO L 0 COO .H a> Q 'O .C T) .C U "Cl 0 U L O. 0 0 OD 0 V H L r- 02 a.> H a..1 In H a.> Q H H n5 Cl. E a) >+ 'O O L C .0 0.1/40 ro 0 0 t- O In • O N O L H E O H C O a)aj a.. cr. C H L f7 rn x W 3 co m.O V] on S h al m H U a L [1.1 N a) •- '- H 3e. a ro O O. 0 E CC on a U —• V1 0 a — U 910896 INCOME APPROACH - PEPE O'TOOLE'S RESTAURANT Gross Income (Per Year) 24,000 Expenses: Taxes 6,000 Insurance 2,500 Management Fee - 4% 960 Vacancy Allowance - 5% 1,200 Maintenance - 5% 1,200 -11,860 Net 12,140 NOI @ 12% Cap 100,000 Summary: Comparable Sales Assessed Value - Site: 1.16 - 49.00 Comparable Assessed Value - Improvements: 20.00 - 110.00 Comparable Summary: Imp. Sales Black Knight Inn 20.00 6400 Wadsworth 24.97 Castle Rock 30.00 East Hampden 15.47 Average: $25.00 = $137,500 91.08 as * / / ® » / ® ) x \ 9 / . • a 4 � ® /\ % /\ / 3 \ \3M x : • t-, ' . 9 S C ."1-.. G n H . . , \ GC 4.1 . . . \ § LA / . � \ � / / � . m _• / \ % x } (Ng� � 4 a - -.9 N / \ ® \ \ ce ? e K \ K icC \ § \ § \ / \ \ / Co —0\CI\� . . ._. ./ g & y \ % .. .-CDc . �/ 4.1 NI \ � / \ @ g \ 7 Q . 2 e () � . F-• \ % & g . NK Co . \ \ 7 \ L. ® . i & § & z % � � ill ell� } k _ . % \ 5 \ �2 \ S � 3 ii® /� » � § / , m�>N �^ / �� 1.1 { 'ii Ns• ( � } �» / \� \ \ \/ / ,?4) @1e8»« \G � \± /$9 v \ \ % / � \� / , . / pproaC CUbjeGJz P-ipa 0 ' -/ D0%25 ]' ih it c2/3 /023(P - L 67zued L7ross p-er_st �OwPczrabl Res4-atArav‘ f _Tnc©n'IZ _Crr/r11 Moose. a5Dl //1-141/ 5,7022 Si F - AcfUa/ Gross Pent p-er - c (p• 9* 60/c/e h Co r ral 350 v.._ //A SL (7,33-0 S.� - Acfua/_ keo f Per -- 7)/p Ga l_ __Tnconi e. Pofeli li a j droSS 580 X 1.3785 �. F, 39 353 - Liss- -5�_ _ ya c, 5� Co//. Loss i - - _ -_ 1) (11� 8 ...,Eff ectve__ - _ L P s o Exp-ease 7, 477 c9908 - - -. -_ 02.9.908__ o - /.)- 7: Cap_ Raft - 01.-`791 ,22.3_3 910896 0 i el f 1 ►' I, 6 ci 4 ill I tt I1 � 4- 0: M t I I 1 : n•n x i • i .L j 44 •• rF �.. 4 fail , ala� I '4 0 i ? N i E - I Cit -' - c • `�T Hello