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Home My WebLink About901473.tiff RESOLUTION RE: THE BOARD OF EQUALIZATION, 1990, WELD COUNTY, COLORADO PETITION OF: GREELEY URBAN RENEWAL AUTHORITY % RADDISSON HOTEL ATTEN: S. FISHER MANAGER 701 8 ST GREELEY, CO 80631 DESCRIPTION OF PROPERTY: PIN: R2810486 PARCEL: 096105314010 - GR 4814 LOTS 1 THRU 32 BLK43 TOGETHER WITH VAC E-W ALLEY $701 8 ST% 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 adjustment 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 being represented by Joseph Dirk Monson, Marvin F. Poer & Company, 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 its 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. J - '101473 Page 2 RE: BOE - GREELEY URBAN RENEWAL AUTHORITY 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. (39-8-108 (1) , 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. (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. (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. 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 Page 3 RE: BOE - GREELEY URBAN RENEWAL 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. The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 31st day of Ju , A.D. 199 ATTEST: /��u BOARD OF CCODUNTY COMMISSIONERS WELCJ�/vr p IG/ irwtO LORADO Weld County Clerk to the Board Gene R. Brantner, Chairman CY: O714---a e/ D puty Clerk to he Board #4.7.4"-ygeennecsetray, Pro- REPROVED AS TO FORM: Constance L. Harber c t �t • County Attorney C. W. it G \ OFFICE OF COUNTY ASSESSOR 1 915 10th STREET NOTICE OF DENIAL GREELEY,COLORADO 80631 PHONE(303)356-4000, EXT.4256 GR 4814 lots 1 thru 32 b1k43 together with vac e-w alley %701 8 ST% COLORADO 701 8 ST OWNER GREELEY URBAN RENEWAL AUTHORITY GREELEY URBAN RENEWAL AUTHORITY PARCEL 096105314010 PIN R 2810486 %RADDISSON HOTEL ATTEN: S. FISHER 701 8 ST YEAR 1990 GREELEY CO 80631 LOG 01045 06/19/90 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 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: NO CHANGE HAS BEEN MADE TO THE ACTUAL VALUATION OF THIS PROPERTY. COLORADO LAW REQUIRES US TO SEND THIS NOTICE OF DENIAL FOR ALL r PROPERTIES ON WHICH WE DO NOT ADJUST THE VALUE. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE ACTUAL VALUE ACTUAL VALUE OF VALUE PRIOR TO REVIEW AFTER REVIEW LAND 400,000 400,000 IMPS 3,575,250 3,575,250 TOTALS $ $3,975,250 $ 3,975,250 If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration, 39-8-1060)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal. By. RICHARD W. KEIRNES 07/31/90 WELD COUNTY ASSESSOR DATE Forrn PR-207 87/90 ADDITIONAL INFORMATION ON REVERSE SIDE Y rim' I-I,•.t\: r THE: ;4IG T TO APPEAL., THE ASSESSOR'S DECISION +,Ott.(;t}ytJi( .iushAudust10Rtrrealproperty t ,..t_ st, „iS, r attE e: art:3 ClU prr,ellt). 9-8 104 and 39-8-107(2), C.R.S. t . ,,ct Eu ,dings;� w- c>; itto or,: as , atetatattiti tat tct the County Board of ,E; tau. POSIMAPKEL0 t r, DELPEERED ON C3R BEFORE tuteffe, t` a t OI tefie, one :opy OI the. et- a:teeter; Eta , t0 the County Board of ;oat app > t: Rtri , Kf ':� (.93 Dt E rlE_RED ttly tit`' BEFORE '{ AL ti .i :'r .�Ct S.t ,_ a HI m1;1 yet ha !be U,G tit 'VOL:" appeaa ; tact .i r �.fartE,.• t iN'' z •: .rth. can t .Lt ea, Eht a off a x 'r 7Th :o h RETCH. .lVe i;usmesS tto fray tar t_ + ,; E etust . aiR3n s rift S5Urt rrmust ytothui thirty days of the County r.v.:, . .t, t,;sa,s, attent .A poaa c {C .R.At`t: Emit ia:t Co art: Rat etc anti 9th Street P O. Brat t. Fa, 5 ^at:on ;t, r'.i; Fe 158 ltitilti S'S :list k..t. -titi,,S, rti Stir t" ;SSW ASS'S Stiti StiilarSiS, YOU tritaST PFtOV? YOU REEVE F €LED A TIMELY APPEAL, r , ITTITTITESPITINITcy TIC I TE 4 r, ElEl' WITH PER0OF OF MAt's.t1.4G. ,... N ara THE f 'it..iN .T 9OAatift ryE FC)UAL.S ATIt?N Ilr'y r,: r. : P" ) : r se >„ aC S:J,: , +te O`,.: .. ,.t:.i ,•tit'_. 3 S UOI ctoctr vats as necessary. OEI.ICE OI'COLN1 r ASSE SSu 915 10th STREET GREELEY,COLORADO 80631 NOTICE OF DENIAL PHONE(303)356-4000, EXT.4256 GR 4 - % 2K43 TOGETHER WITH vac EW ALLEY 8 ST/ COLORADO 701 8 ST AGENT POER & COMPANY POER & COMPANY PARCEL 096105314010 PIN R 2810486 °%ATTN: JOSEPH DIRK MONZON YEAR 1990 6025 S QUEBEC SUITE 170 LOG 01045 ENGLEWOOD CO 80111 06/19/1990 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 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 NOeCHANGE(sHASIBnEEN MADEPTO THE ACTUAL VALUATION IOFIon THIS value PROPERTY. COLORADO LAW REQUIRES US TO SEND THIS NOTICE OF DENIAL FOR ALL PROPERTIES ON WHICH WE DO NOT ADJUST THE VALUE. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE ACTUAL VALUE ACTUAL VALUE OF VALUE PRIOR TO REVIEW AFTER REVIEW LAND 400,000 400,000 IMPS 3,575,250 3,575,250 TOTALS $ $ 3,975,250 $ 3,975,250 If you disagree with 39-8-106(1)(a),C.R.S.ePleasessees decision,you have the the back of this form for ght to appeal to the County Board of detailed Equalization for further consideration, det iled information on filing your appeal. RICHARD W. KEIRNES 7/31/1990 By; DATE WELD COUNTY ASSESSOR l5 orm PR-2 ADDITIONAL INFORMATION ON REVERSE SIDE Form PR-207 e]/90 YOU HAVE THE RIGHT O APPEAL THE ASSESSOR'S SOR'S DECISION so t DARED t sti" offoie , P`t 's _ ...,! 'o:FersAugust 0 for reaiproperty (MAC ('1 r aft .`iE roccitnnery, „i3d F nee ) 39 8 ;04 and 39-8 107(2), C.R.S. PROESDEWEIRS LAW noo3„ d " . _', dozo'ioo ro' HOOvH, , ,i o 0."H oireflow: form . . the County Board of st .,t , ( r i d 0 ,: a;a.. .".. ( S .` a EU OR `i : DIFE rdEDON O R BEFORE :DAD geochscrDARNEL or ;deliver one copy to cot pi oic i, 'i.l tO the County BOarci Of ARAD ROAN ROARD Oh cow:\LA 34 NFL , e", LAND, P f,. Ihrot "75 recotione AE( •;6.4000 Ext 42tig :DC . < I * a..:L:„,}giNt" i hen het notified of , i' 4tS=rt and glace on ,ilf e4Trrlg of }t.+Uf appeal. t. . :.t. IZATIONNDE.$E_3-MINATION: ; ANNE F ERNit ish Liaaaa:2.-2a,H.)1 a decision on END J{1EED anti ERN you 3 (LED mina-Eon within ve bUSIIieSS ,., a t,, _ t coricieggi then hearings Yf at,gust. 0. no sat:tried A ,n Rie County Boa o of Eada wation's decision, YOU must lee within thirty clays of the County decision m ONE: of One opHoffooff Bawd of Assessment Appeals (RAA): :go ERA at t vP r:eh Root 523, Denvei, CNN ado 80203, (303) 866-5880. District Court: 9th Avenue and 9th Street, P.O. Box C; Greeley, Colorado 80631 Telephone (303) 356-4000. Ext 4520 Arbitration) t` ` po i .'Y ROARt) OF EC) i E_LE?A-ilf N ADS 1 OW ho AA, PLR Rog ift8 I frieggoor: ANNE FINE 4000, EN- 4225 3333:RDA Cotimg Bo ,s,f Ft: EL ciaiitortioii itE August 45, you IMP:it file an appeal With AFFSERVE YOUR APPEAL RIGHTS., NCH 'y:E.1;7'.^." PROVE YOU HAVE FILED A IWIELY APPEAL, >a, RE FORE,sRE, WE RECOMMEND At L. CORRESPONDENCE BE MAILED WITH PROOF OF MAILING. PE.TiTlC4N TO THE COUNTY BOARD OE ECR ALIZATION REED ERN WcNN F-Fx(. aiIi ILINAND disagree A:1El Ng As__:sir sAdo:i1on. Attach additions; documents as necessary, � h t 1:,111• of AD VALOREM TA%SERVICFS MAItVI,V (, IrOI R � ( ph11'ANl C1 t r�iA . TO Nr .3 TVVEN rv-FIVE YEARS oFSERVICE 1964-1089 July 9, 1990 Weld County Board of Equalization 915-10th Street Greeley, CO 80631 RE: 0961-05-3-14-010 Dear Board: A timely filing was made to the Weld Assessor' s Office to appeal the 1990 value of the above referenced parcel . To date, an answer has not been received. In order to protect appeal rights of our client, we ask that this document be accepted as a filing to the Board of Equalization. Very truly yours, 2Peplteli2 Monzon Tax Agent JDM/af Plaza Quebec 1 6025 South Quebec.Suite 170 Englewood,Colorado 80111 (303)77I-1800 Fax(303)771-7536 Atlanta Boston Chicago Dallas Duwu Houston I os/Ngeles New York Orlando Phuddelphid Phoenix San Antonio San Francisco Startle Washington,D_C. � _ - \ \V4I MARVIN F DOER&COMPANY AD VALOREM TAX SERVICES TWENTY-FIVE YEARS OF SERVICE June 13, 1990 9641989 Mr. Richard Keirnes Weld County Assessor's Office 915 - 10th Street Greeley, CO 80631 RE: 0961-05-3-14-010 Dear Mr. Keirnes : The parcel which is the subject of this appeal is the Greeley Radisson Hotel and Conference Center. The hotel was sold quite recently at a price of approximately $1 .5 million. The owners of record as of 1-1-90, The Bank of New York, have requested that we preserve appeal rights on behalf of both the buyer and seller. If it develops that the purchaser wishes to retain another consultant, or to handle the matter on their own Poer and Company will bow out of the picture. Very truly+��y , /ouurrs —/ ose h Dirk Monzon Tax Agent JDM/af enclosure Plaza Quebec 1 6025 South Quebec.Suite 170 Englewood.Colorado 80111 (303)771-1800 Fax(303)771-7536 Atlanta Boston Chicago Dallas Denver Houston Los Angeles New York Orlando Philadelphia Phoenix San Antonio San Francisco Seattle Washington.DC. MARVIN F. POER&COMPANY �`�� AD VALOREM TAX SERVICES jrTh LETTER OF AUTHORITY TO ACT IN MATTERS OF AD VALOREM TAXATION PROPERTY OWNER: Greelco Realty Corporation We hereby appoint and authorize MARVIN F. POER AND COMPANY .to represent our firm as ad valorem tax agent for the 1990 tax year. They have the right to file returns and applications , examitne any records , and discuss or appeal any tax assessments to the appropriate authorities for the purpose of obtaining the proper tax values relative to property owne , managed or controlled by this company. B y: Ofj-fee J Of • Title : UlCt Atr! t-A Company Name And Address : 671672 Co .P679rTS, Corp, dNe wq« Sr. 4 Retie Neu) V e.Z, ivy /o2g4. Telephone Number : 0/2) ‘fs ef//„? PROPERTY NAME: Radisson Hotel&Conf . PARCEL NUMBER(S) : 0961-OS- 3- 14-010 BEFORE ME , the undersigned , a Notary Public within ..a/ind for J�"he County of iyEG}� Q a d the State of /7/614t6‹ personall appeared .5/WEN 4. �jp/� acknowledged to me that this certificate of authority was executed for the purposes herein expressed . iR..I WITNESS MY HAND and notarial seal this .01%..0Y day of 1990 . ?Lie, My Commission Expires NOTAR PUBLIC •U SAIL LOCK / / �MitimItrentr aR 6261 96746 EgiraaMay 1sSS iiiiii, F— ill - On _ • P x x^ a n fr al . tic . \\ r w o.�narstne �,•y.'\ k MI M `'�4. l O 13/4a 4 144 CI . vt / V V 5 bf:4 4A ft t v 2 4', W „� V 4. � V obi ¢ E: a•kkl ac ••: a k 1 a':' p0 V1 V �- t x� W ^ S II ,7• , 0 E ii U r+ w v 0. 4 '. • _ { EH jY>. t T • • l jl l�� e.., � L� `4 An 4 4, , x . �'91 ru i —_ _ r !! n •- n; - ii ' 1 t W L —' •A i q c� ` --ii I 4x r r', i � __ ik >� � h 00 � '� I • ), -,„ '", ,.*4 ._ . ' t, 444'77.5h { 5,t • $ • 3 +n A•' '.a i m'W WNN I�l �,6 F E4�j2 3 '�a-��r. r VII /'+"' ik ^ 1 ' ' 4 i•., N \ 1. I O2: cc ; " ^ Y ., z{ A-il� 41 �� k 4 1.4r -^* {► ; { ___ , - • •°""°° STREET MAPS TRANSPORTATION . EZ 17 _ - . ..� L acR a�ly/1rI�lP H I J K L M N 0 ' P . I. licarito rn.im« . - 6 w k I 3 L i . .... ppE`!{q 1 , . 6i I Y a f tar EM® ND I DIY OW n 1. C1/4 t.."Pcnallte74143icinii3" 11! elagt4ktialtitlath4 kr�� 44b� rea mi s atiti kI'� ankle)V f6 z, # 12 ,11 P a��s-�esg MF . fig; '��.�¢ ^. R93°w.'.�'�c:"�'Gsas ie asryr-A®®4pEpypq}��wa-a r t -..* 4 F rY " a a.. S�P�r' r 3tr� z NEE IZw f�' Po w P 441,47°Pt i 1:41`+ :Atli. �L:- b�,,iP5'x.�.?Yi YitS4 `3Jfii i -_ Y.e.r+.,. ��II Ds�ayr ;ly, ..i' "it i SW ..�G4ilE 14 ri,,irci1P.,�v.•`-e1"4- J'T•T l!�1?T �LIM,Sf E t Q} 1 pF+ f+. .t `a.J. ll� et e1 NN.j5'CY'"AwesF 4r11G." `Y t Yf S .a1 • 7,""` 'v44 {'.i }� 4 y� ‘44 F `ice rl.:l"'c rr f �« �oLl+�mt a � _ .° 7 ]]- ..,2r Tfy ai .A +gt.x'PFpau" .+�e1yg5 i _ ` ([ i,j' wYr"'� qy�6ck't�iiu t �,, ::`%3L11,2. "I �i1� � - ,w. F. €7A tai ,fit�w I Na1a,n.io r1 as r w :4.5, +t�,Ar•af< .,`f` "z ant.2 � ii CAt4� ,t, '.( 'i!'Q f mow. , -`13'{{7�� 5 E i Tx .% iaJW RS',0`k'.-- TN r 'w�c.�C _4.fi4rtar �Eg.� i c ,+!v.n�5, L.1 ll trig , �. L� [j � one R-i 2.,,� yy g �� /'tP&fit a �yy• ,t i:c�,rAAe4Irl u. s>.ie t • s ; '��,,ee��? E r { '; ' k INCOME APPROACH MOTEL SECTION: POTENTIAL GROSS REVENUES BY RENT $2,376,000 $45 PER ROOM PER NIGHT X 365 DAYS PER YEAR 16,425 PER ROOM PER YEAR X 150 ROOMS LESS VACANCY AND COLLECTION LOSSES (60%) -$1,478,250 • EFFECTIVE GROSS INCOME $ 985,500 LESS OPERATING EXPENSES(40%) -$ 394,200 NET OPERATING INCOME $ 591,300 THE CAPITALIZATION RATE ON THIS STRUCTURE AND TYPE OF BUSINESS IS QUITE HIGH COMPARATIVE TO OTHER BUSINESS'S BECAUSE OF RISK AND DIFFICULTY TO ATTRACT INVESTORS. BECAUSE OF THIS WE HAVE USED AN 18% RATE, THEREFORE: $ 591,300 NET OPERATING INCOME DIVIDED BY 18% CAP RATE $3,285,000 VALUE TO THE MOTEL SECTION RESTAURANT/LOUNGE SECTION: POTENTIAL GROSS REVENUES $ 825,000 $5,500 PER ROOM PER YEAR X 150 ROOMS LESS COLLECTION LOSSES(5%) -$ 41,250 EFFECTIVE GROSS INCOME $ 783,750 LESS EXPENSES (OPERATING) 50% -$ 391,875 NET OPERATING INCOME $ 391,875 CAPITALIZATION RATE DIVIDED BY 18% VALUE TO RESTAURANT SECTION $2,177,083 TOTAL VALUE BY INCOME METHOD MOTEL SECTION $3,285,000 RESTAURANT SECTION $2,177,083 TOTAL $5,462,083 WE FEEL THE VALUE BY INCOME TO BE VERY LENIENT AND FAIR TO THE OWNERS. WE ALSO FEEL THIS SUPPORTS THE MARKET APPROACH WHICH WE HAVE PRESENTED PREVIOUSLY. MARKET APPROACH SALE OF HOTELS SALE NO. OF GROSS LAND PRICE PRICE SUBJECT DATE PRIG ROOMS BLDG. AREA AREA PER R001 50. FT RADISSON HOTEL 150 113,899 2.29 AC THREE STORY BLDG. CONSTRUCTED IN 1987 WITH EXISTING RETAIL BLDG. CONVERTED INTO RESTAURANT AND MEETING ROOMS. HOTEL AREA IS 62,059 WITH CONVENTION 51,840. THIRD FLOOR OF CONVENTION CENTER UNDER LEASE TO CITY BUT NOT RENOVATED AT 'THIS TIME (10,440). 1. HOLIDAY INN 6/85 2,400,000 100 60,400 1.318 AC 24,000 609 8 AVE GREELEY TEN STORY BLDG. CONSTRUCTED IN 1974 WITH RESTAURANT/LOUNGE. HAS OUTDOOR SWIMMING POOL. 2. HERITAGE INN 10/85 1,600,000 80 59,016 8.18 AC 20,000 27.11 301 SERVICE RD EVANS TWO STORY BLDG. CONSTRUCTED 1964 WITH RESTAURANT/LOUNGE ADDED IN 1955. ALSO HAS OUTDOOR SWIMMING POOL. 3. LAMPLIGHTER 9/85 775,000 48 17,542 .746 AC 16,145 44.18 EVANS TWO STORY BLDG. CONSTRUCTED 1963. HAD OUTDOOR SWIMMING POOL. PROPERTY WAS RAZED IN 1986 TO PROVIDE MORE AREA FOR STATE FARM INSURANCE. 4. WINTERSET INN 1/85 1,230,000 59 25,550 4.195 AC 20,847 48.14 EVANS TWO STORY BLDG. CONSTRUCTED IN 1964 WITH RESTAURANT/LOUNGE. HAS AN OUTDOOR SWIMMING POOL. NOTES: SALE #2, HERITAGE INN - RECENTLY RESOLD, IF WE TIME ADJUST TOWARD 6/88 USING NEW SALE INFORMATION WE WOULD REDUCE THE VALUE OF THIS COMP TO AROUND $1,350,000 OR $16,875. BUT OF NOTE IN THIS PROCESS WOULD BE THE NEW OWNERS SPENDING AROUND $1,000,000 TO REMODEL. THIS WOULD PLACE THE VALUE AT APROX. 2.3 MILLION OR ABOUT $30,000 PER ROOM WHEN TOTALLY FINISHED. 744g/ce /faea•Pc# Cam ✓Hors: "de `�//oe_��i.,4/7 eats' AiPc PRPse�a/ .,4s .� ��s ¢ Ske it G j�i% /Y o "ie S.41,4 C l/ O f' c� /n Cie,/ y �1.1J/��?ee/i�- amis Al us✓�ed, To Viliec 7�ie RAcikso a 44,te. t. Nagy saw S9Ce /�i'ice—� 4' ao 2, rew, 000 /1/4o, 700c- /eesoc%reL 2,289 Leo� -_02O6 o6y "= ZiNo Odic end 8r t,4/ y /yrs9 12 613�53‘r (coal e 7Zmps avo T.s ) oo -fr2o0 doe)o /demo ekCosTs 41.2 .22g. )53.4 viTL adrie anocietUZ4Roar4eti, AO TiTL tieneye ef✓L�,�4 Zo.ns 2� 8,3 5 es I/Ake T e iroo i e,ps aix) ft/4?„7„044 g2)935� l/due ./-f Roo. eras/fan& x /so _-✓'ait Ake et iee.a/e .cans 3.) 425)250 mo Ake tcts*td- t y50 coo ✓/ue 7674 (t.1/exian C,w �'"'� 3� 575 25MsmAi 0 ot, lags �kd ✓A// ,,,R.Ime,(3 (4.554.4 — ---_-_yd 0� 000 Vac ✓o /swb q pie Atcessve) 3/77.60° -2S0° Vitae -7‘�Rl rojecr-A meth/twee AI. rl N I N . N v I 1 ^ I I . - - C _ Cl Y y - dCI -3 = - Si W a _5 z: u a = y 21 C. C _ N in CI C y d = Y Y J > Y 9 N C C _ J J O 0 ] U L y . J d > < _ E n ^ d u •W W CC =GO J•u = ^ W M C 4 d 4 N .r^C I y J o-+ C .c d C E nC.. L YI u . n C < 1 C o -.¢ E U ¢I q 4.1 �I 3 N 4 2 F ^ i. E u a� c c u ` $I a T ^ t, 630 _I t I 11 Y ....i L >N J C u C "I . C L .>>-I n o 4 2 a C u ^I +'U. • yI N - Y � u 4 d Y ¢I c o. _I l� y� � u 0 z O:I N L _ y �; vi en . Jn c c __ .. Z 22I WI 4 y 4 �I 1c C ^ L'J.-. ^ CC) U y y C CC C 'J 63 4 3 ; ...S I F W O n ^ C C V o u 1 1 n < O u u ti )0 CI >C L. T: o -. CI i� dY 4.I 0 4'I cc et JL 3-....eel CI CI v Z- N I <I U NI Li or w 4 N Y CI s Gl L c; _ G d NI C _- : a. cifL Z. G \ =I . T Y co ua T \ U Z ..I ^ LI L L < s 1 C m CH .] S m y 0.. C F o �I 4 a < ElC w0i C N E N G Y C u V.I W 401 _ LC J+ C T^W ^ M C 0 S CI !1 c.V =I u i E 6 n d 4. R 9 cl V Pi Ea Sl V T 0 u 0 E � C z T u � Y r•l ^_ N 4 L �I Pc-X is 03 0 n C d u 41 C: G N u d¢' ,J CO Z n > r ..� C O CC TN a N nC. N _ C N ra `j N C. M d UPnFVa [...I 4 WPL LI ^ L. 10 .en ..4 co Tee C Y 9 f. T. O ,_, t W uo X Y Z: aY\46.J. I U .]P. a 6: ..1 c. C. G o 10.� 0 T. yI E O < T cl C ^I O C a7 C O y 1 J L rI G Pc P C � :j 3 a Y zI Cl cl O55 Ow pa¢ V .-I L CI CT W a l_I N`J = _s v] .„' I C L L `6 V1 d� u VY w 6 G 'JJUCC vlP-. V 'J UJ �� ^ '] ¢I 'J ]I C L., N '_J Ls C: u rI C 9 >.1-I tn II x L C. !^I A .. Y .. OBI .. N.: V v N N L• ti:� IA LI V. <1 u Lc 1I _ • a L Y = 31 a C: • CN <I 1 C ^ y I 3-3 = m . LI — _l — _I a it _ _ J = \ }I A 1 _ S _I a .O _.I J•- a a _ XI 1 % 1 1 1 `1 T T `I _ • C r .. 'I �' C oI , ]_ _. _ .1 - I V O C • A J _ II .I J. f. I I T 3 I C 0 / BUDGET/COST COMPARISON • ORIGINAL ACTUAL BUDGET PAYMENTS • 1. GMP Construction Contract 4,605,600 4,538,130 2. Asbestos Removal 140,000 140,000 3. Owners Allowance 79,400 79,400 r: 4. Hard Contingency/Change Orders 150,000 220,039 Y. Furniture, Fixtures, Equipment 5. Hard Costs 1,400,000 1,359,671 6. Pre-Opening 250,000 249,780 7. Architectural Engineering Fees 494,713 481,627 8. Borings, Surveys, Site Testing 10,000 9,729 9. Commitment Fees 337,500 313,605 10. Construction Period Interest 318,750 237 ,960 11. Permits, Fees, Studies 82,000 41,945 12. Insurance, Legal , Accounting 202,558 149,920 13. Development Fee: Reserve for CD 275,000 14. Development Fee: Overhead 213,362 47,840 15. Debt Service Reserve 310,919 16. Contingency b Reimbursables 100,000 16,222 8,989,802 7,885;868 eisiIn . � oP � a' vo. . � ps "e.IS 8 ° oo r you et6fa . emu W no C e deiU (. d Y t d ° c O O C% O..0IO V C 4 °.'�. y'P"12 C `a3' r •yam. ", co _,°c.cv543au.a $ co druvf,L.ow . v owmmacy> B • - x• - a� � aa.9y3oa T$t_L � Fev3�2A� v.BNev-' v ° vv 3 .— = lw�coigv3'olE$.nco� 3.3v- The°- .1= dnv `uTAy vFt 6 .. CO � � ewy.o ° a°isoho °rsprIE- I.2c1° ,1 .9e75E.3ddr v '° ca CC — a' ` ,Tisx ,2 g" v .' E 3 �� ° y a v7i o vd ti¢¢ ` v o . •m ?'tn z . 9 Q000L2 VFS.om`3 eLd ° 3a9 ;Goa"c11):.-e,- gay = ≥U > N Ermm� � .rmvn . ZEooCh-, o - o awt:C*- m 99 Cost Approach n1 CALCULATOR COST FORM For subscribers using the MARSHALL VALUATION SERVICE Calculator Cost Method • SQUARE FOOT COSTS 1. Subscriber making survey D. schildmeier Date of survey 2-20-87 • 2. Name of building Raintree Plaza Owner 3. Located at 701 8th Street Greeley. CO, SECTION 1 SECTION 11 SECTION III SECTION IV 4. Occupancy Hotel Convention Ctr 5. Building class and quality cis.D oaal.Ave Cis.A oaal. A_—_ALL cls._Oust els,_oaal_J 6. Exterior wall Rtnrco S+urcn 7. No. of stories & height per story ,No. 3 Ht. 30 No.3 ti 13 Avg No. Ht. No.__Ht. r 8. Average floor area 150 rooms 43,471 9. Average perimeter 1 .333 T` B10. Age and condition Age co tl987 geiltCo d.B Age_Cond. Ages—Cond. 11. Region: Western X Central Eastern . 12. Climate: Mild Moderate X Extreme SECTION SECTION SECTION SECTION I II III I IV 13. Base Square Foot Cost • 33.2 61 .08 1 SQUARE FOOT REFINEMENTS 14. Heating, cooling, ventilationconvention ctr. hot/chill +,10 •water 15. Elevator deduction hotel, And heft pump 16. Miscellaneous 17• Total lines 13 through 16 33.311 61 .08 1 HEIGHT AND SIZE REFINEMENTS 18. Number of stories-multiplier 19. Height per story-multiplier(see Line 7) .917 20. Floor area-perimeter multiplier(see Lines 8 and 9) .973 .992 21, Combined height and size multiplier(Lines 18 x 19 x 20) 1 FINAL CALCULATIONS • SECTION 1 SECTION 11 SECTION III - SECTION IV 22. Refined square foot cost(Line 17 x 21) 27.4T 55. 58 • 23. Current cost multiplier(Sect. 99 p. 3) 1.08 1 .06 24. Local multiplier(Sect. 99 p. 5 thru 8) 1 .02 1 .04 25. Final sq. ft. cost(Line 22 x Line 23 x Line 24) 35. 70 61 .25 26. Area (Back of this form) 62 ,059 51 ,840 I Tot al 27. Line 25 x Line 26 2 ,215.506 3 ,175,200 5,390 ,706 I 28. Lump sums(Line 34). 94 .870 _29. Replacement Cost(Line 27 + Line 28) 5,485,576 30. Depreciation%(Sect. 97) 8% 31. Depreciation amount (Line 29 x Line 30) 438 ,846 32. Depreciated Cost (Line 29 - Line 31) 1 5,046 , 730 1 TOTAL OF ALL SECTIONS 33. Reolacement cost O ' 455' 576 Depreciated cost 5,046 ,730 pInsurable value See back c corn for drawings and area and insurable value calculations. rosvic o 'Cala.Cost) _ rPrinted in 1.5.A. 73 _ 1 Fire • Sprinklerl —l- -: -71"-- _ -- Hotel - — 51,840 •�-89 - - I -- Y- _ Convention Ctr= -6Z',-D59 x1_04 =--1_-- --- -- _ -- -- --1 Total- 11j3- '. 1 899-Xi96AvIg)=4109,3 3--' - - 1 • �- - - --=-yT-_Passenger-250011_-vase=Y7j_5c,0 L4 : , - T .- 3-tstops-at-560f�-�6-s-800 : _ . i ; — _: cost ppr P avat r 3 —3()rZC _ L Fre₹g1ht2500trh i i ,,5C0 —?� -r i � l 1 - J Hit i ;', i i -_ _ -stops-at;--339-9 ! ; B-,900, 1 I , ,' . h! - .rear 49P _�.. , - - -; -y r ---1-cosi pC vaLui 123,606 {{ i _- - r-. �1 - __ 3.—Ns�_i-nx�sio tine h �-p g,_ I t : i _ � ' � I ) I - _ 3rd f14-er officc�165410 } ' ' - :_ _�e i. l i n nspan Fi nn .ysien --3-90 —i LL-,.-4-.--.II � �� Itteri T-1Sart-St"1"51 ' 1,3_,18 _ , i --� 1, - 1 , D 8,315 i i I f r - it I I III , ' � ' I ' I ' il i-11 : : : ; : : . ! ; i II , , 41==-4k4, :4i-000-x-- 45 X3.8. I , - ; ( ' T 70~�:2!D , 1 : '11 ' I• • 6. Swim pool 648 x 20.= 12 ,960 Asphalt 18 ,450 Calculations: = 1f179 .9R Concrete 3.932 Depreciation Hotel 62 .059 541 x 1287 Swim pool 12 ,960 Convention ctr. 51 840 4 = 1976.42 Base year 1984 — 1976 = adiustQd veal- it gears 343 Fire sprinkler 113 ,899 x .96 109,343 Elevator passenger 3 x 34 .300 102 .900 Lump sum (Sprinklers, elevators, etc.) freight 1 x 25,600 25,600 ivu Interior ara floor —1'/8,315 Total 94 ,870 34. Insurance Exclusions (Section 96) SECTION 1 SECTION II SECTION III SECTION IV 35. Basement excavation 36. Foundation below ground 37. Piping below ground 38. Architect's plans and specifications • 39. Total %of exclusions(Lines 35 through 38) 40. Replacement or depreciated cost(Line 29 or 32) 41. Excluded amount(Line 39 x Line 40) 42. Insurcblo velure (Line 40 . Line 41) Notes: . SUMMATION OF VALUES COST: $5,446,730 MARKET: $3,975,250 INCOME: $5,462,083 DUE TO THE MARKET CONDITIONS IN THE GREELEY AREA OVER THE PAST SEVERAL YEARS WE FELT THAT THE VALUE REPRESENTED BY THE MARKET APPROACH WAS THE BEST METHOD TO VALUE THIS PROPERTY WITH. WE ARE AWARE OF CURRENT EFFORTS TO MARKET THIS PROPERTY FOR $ 3,750,000; HOWEVER THIS IS A CURRENT EFFORT AND NOT REPRESENTATIVE OF THE TIME PERIOD FROM 1/87 TO 6/30. WE ALSO FEEL THAT THE BANK OF NEW YORK AS SELLERS IS NOT A TYPICAL SITUATION IN THE GENERAL MARKET PLACE. WE THEREFORE ASK THE VALUE FOR THE GREELEY RADISSON INN TO BE UPHELD AT THE CURRENT LEVEL OF S3.975.250. I III 0 �. . . . . i. . . • • . . ' • , '• / � . i� r 7 . K o c -r $ _. . . . • • 1 • t 5 ‘, r CA . o .1 . . ... ... . . . . . . In . . . . . . . . . . . .\ r tat a . . lf . a A . . .r- rj I . . 3 N J . . . . . . . .' . ,'s s : : : . : . - a µ . / - r. . : , . . . . . .` € X' - - le . . : : r .� _ _ 1PU 5. r� � N D • '3 a p- i e3 . . Q ft ,, y'L : i N "' _ . gcs r . 3 • • u o . 2 m L _,a a . .x 3 4 .43 � • CO • • . v4 . _ v;X rIt.n O • . . . . j d a ,, u .LL. 3 61)J V • • • y 3'717pri = __ `reaoRd Getr . a OFFICE OF WELD COUNTY ASSESSOR PHONE (303)356-4000, Err. 4256 915 10TH STREET ikGREELEY, COLORADO 60631 COLORADO WELD COUNTY BOARD OF EQUALIZATION: JULY 27, 1990 - 3:00 P.M. RE. 0961-05-3-14-010 GREELEY RADISSON INN/PIN# 2810486 ADDENDUM TO 1989 PROTEST PACKET THE WELD COUNTY ASSESSORS OFFICE CONTENDS THAT THE INFORMATION CONTAINED IN THE 1989 PROTEST PACKET IS STILL THE BEST ESTIMATE OF VALUE FOR 1990. WE ALSO WANT THE BOARD TO CONSIDER THAT THIS IS AN INTERVENING YEAR AND THAT WE HAVE NOT CHANGED THE VALUES ON THIS PROPERTY SINCE IT WAS HEARD LAST YEAR AND THAT AS SUCH THE VALUE SHOULD NOT BE ADJUSTED THIS YEAR. THE AGENTS REPRESENTING THIS PROPERTY HAVE ONLY STATED THAT THIS PROPERTY RECENTLY SOLD FOR APPROXIMATELY 1.5 MILLION. FROM THIS STATEMENT IT WOULD APPEAR THAT NOT ONLY THE COUNTY AND CITY ARE IN THE DARK ON THIS SALE BUT SO ARE THE AGENTS TO SOME EXTENT. BECAUSE THE DETAILS OF THIS NEW SALE ARE SO SKETCHY AND BECAUSE THIS SALE ONLY TRANSPIRED IN THE PAST THREE MONTHS WE FEEL IT HAS NO BEARING ON THE VALUES WE CURRENTLY HAVE ON THE PROPERTY. WE HAVE DOCUMENTED GOOD SALES INFORMATION FOR 1988 AND OUR INCOME STATEMENT IS FAIR AND EQUITABLE ALSO. BECAUSE OF THESE FACTS WE RESPECTFULLY REQUEST THE BOARD OF EQUALIZATION TO UPHOLD OUR VALUES AND DENY THIS REQUEST BY THE BANK OF NEW YORK AND POER AND COMPANY. sai�U ilibir 0 Frederick Ross Company ROSS 707 Seventeenth Street Suite 2100 Denver. Colorado 80202 (303) 892-1111 Established 1888 FOR SALE WITH LAND LEASE 150 Room Inn & Convention Center • gym. 'L. � l g ri , ittetl f..C ky.. P u•. .w z S� �. �'� h�� :�� The "Radisson "experience is a rich mix of pleasant happenings... you will feel at home and well cared for. � ^ 114.• y . - . { • 1 _ Thoughtfully designed,carefully For a workout or relaxation,the planned and comfortably appointed. pool and courtyard are favorites. The Radisson Inn & Convention Center 701 8th Street - Greeley, Colorado The Radisson is located on a prime site adjacent to the newly established Downtown Mall, which has a selection of better retail shops and restaurants and features a Farmers' Market. The historic Greeley train depot,which is diagonally across from the Radisson,is scheduled to be renovated and will accommodate the offices of the Chamber of Commerce,Greeley/Weld Economic Development and the Visitors and Convention Bureau.The City and County government offices are two blocks from the Inn as are the newly opened Union Colony Culture and Civic Center,which is an enjoyable walk through the Mall and Lincoln Park. PRICE: $3,750,000 /$25,000 PER UNIT FULL SERVICE & CONVENTION CENTER Contact: A New Property Built in 1987 Lynn Hoover 892-1111 Information contained herein is from sources we believe reliable.However,Seller neither represents,warrants or guarantees the validity of the information, which may be subject to errors and omission. The property is offered"AS IS", WHERE IS". Price, terms and information subject to change. Property DescriptionI p Y � Address: Radisson Inn & Conference Center 701 Eighth Street Greeley, Colorado 80631 Access: U.S. Highways 85 and 34: Interstate 25 (15 miles west) Location: Central Business District/Greeley/Weld County Primary north/south street-8th Avenue, situated between 7th & 8th Streets. Site: 2.316 acres; 100,885 square feet 8th Street frontage; 402 feet 8th Avenue frontage; 251 feet The property occupies the entire city block and does not lie in the 100-year flood/hazard area. Parking: 127 surface spaces Zoning: C-4, Service Business. Property conforms in lot coverage, parking and use to the Greeley General Improvement District Number 1 and Special Improve- ment Districts No. 428 and No. 445. Utility Service: Public Service Co., Gas & Electricity; City of Greeley, Water& Sanitary Sewer; U.S. West Communications, Telephone Service. Building Area: A three story structure containing a total of 115,826 sq.ft. The renovated areas comprise 51,582 sq.ft. include the restaurant, lounge, lobbies, adminis- trative offices, gift shop and kitchen facilities on the first level. The Conven- tion Center is on the second; and the third level consists of 10,350 sq.ft. of which 8,525 sq.ft. is leased to the City and remains unrenovated. All guest rooms and the indoor concrete heated swimming pool are of new construction. Year of Construction: Occupancy Permit, 12/17/87. Construction New portion; wood stud bearing and non-bearing walls. Materials: Renovated portion; steel stud bearing and non-bearing walls. Exterior; synthetic stucco finish. Guest room walls; painted drywall. Roof: Built-up system over 1-1/2 inch wood decking. Heating/ Individual heat pump units in all guest rooms; warmed and chilled forced air Air Conditioning: in public areas. Elevators: Two passenger elevators servicing the guest rooms; one passenger and one freight elevator servicing the convention center. Security/Safety: Fire system including sprinklers throughout, smoke detectors and enuncia- tor panel. Radisson May be transferred with the approval by Radisson. Transfer costs may not Franchise: exceed $30,000, and not more than $10,000 if MHM management is retained. Land Lease: Land owned by the Greeley Urban Renewal Authority. The term is for 99 years commencing June 30, 1986. Rental is 27% of the annual residual tenant. cash flow. Taxes and assessments of the land are the obligation of the MARKET APPROACH SALE OF HOTELS SALE NO. OF GROSS LAND PRICE PRICE SUBJECT DATE PRICE ROOMS BLDG. AREA AREA PER ROOM SO. FT RADISSON HOTEL 150 113,899 2.29 AC THREE STORY BLDG. CONSTRUCTED IN 1987 WITH EXISTING RETAIL BLDG. CONVERTED INTO RESTAURANT AND MEETING ROOMS. HOTEL AREA IS 62,059 WITH CONVENTION 51,840. THIRD FLOOR OF CONVENTION CENTER UNDER LEASE TO CITY BUT NOT RENOVATED AT THIS TIME (10,440) . 1. HOLIDAY INN 6/85 2,400,000 100 60,400 1.318 AC 24,000 609 8 AVE GREELEY TEN STORY BLDG. CONSTRUCTED IN 1974 WITH RESTAURANT/LOUNGE. HAS OUTDOOR SWIMMING POOL. 2. HERITAGE INN 10/85 1,600,000 80 59,016 8.18 AC 20,000 27.11 301 SERVICE RD EVANS TWO STORY BLDG. CONSTRUCTED 1964 WITH RESTAURANT/LOUNGE ADDED IN 1955. ALSO HAS OUTDOOR SWIMMING POOL. 3. LAMPLIGHTER 9/85 775,000 48 17,542 .746 AC 16,145 44.18 EVANS TWO STORY BLDG. CONSTRUCTED 1963. HAD OUTDOOR SWIMMING POOL. PROPERTY WAS RAZED IN 1986 TO PROVIDE MORE AREA FOR STATE FARM INSURANCE. 4. WINTERSET INN 1/85 1,230,000 59 25,550 4.195 AC 20,847 48.14 EVANS TWO STORY BLDG. CONSTRUCTED IN 1964 WITH RESTAURANT/LOUNGE. HAS AN OUTDOOR SWIMMING POOL. NOTES: SALE #2, HERITAGE INN - RECENTLY RESOLD, IF WE TIME ADJUST TOWARD 6/88 USING NEW SALE INFORMATION WE WOULD REDUCE THE VALUE OF THIS COMP TO AROUND $1,350,000 OR $16,875. BUT OF NOTE IN THIS PROCESS WOULD BE THE NEW OWNERS SPENDING AROUND $1,000,000 TO REMODEL. THIS WOULD PLACE THE VALUE AT APROX. 2.3 MILLION OR ABOUT $30,000 PER ROOM WHEN TOTALLY FINISHED. INCOME APPROACH MOTEL SECTION: POTENTIAL GROSS REVENUES BY RENT $2,376,000 $45 PER ROOM PER NIGHT X 365 DAYS PER YEAR 16,425 PER ROOM PER YEAR X 150 ROOMS LESS VACANCY AND COLLECTION LOSSES (60%) -$1,478,250 EFFECTIVE GROSS INCOME $ 985,500 LESS OPERATING EXPENSES(40%) -$ 394,200 NET OPERATING INCOME $ 591,300 THE CAPITALIZATION RATE ON THIS STRUCTURE AND TYPE OF BUSINESS IS QUITE HIGH COMPARATIVE TO OTHER BUSINESS'S BECAUSE OF RISK AND DIFFICULTY TO ATTRACT INVESTORS. BECAUSE OF THIS WE HAVE USED AN 18% RATE, THEREFORE: $ 591,300 NET OPERATING INCOME DIVIDED BY 18% CAP RATE $3,285,000 VALUE TO THE MOTEL SECTION RESTAURANT/LOUNGE SECTION: POTENTIAL GROSS REVENUES $ 825,000 $5,500 PER ROOM PER YEAR X 150 ROOMS LESS COLLECTION LOSSES(5%) -$ 41,250 EFFECTIVE GROSS INCOME $ 783,750 LESS EXPENSES (OPERATING) 50% -$ 391,875 NET OPERATING INCOME $ 391,875 CAPITALIZATION RATE DIVIDED BY 18% VALUE TO RESTAURANT SECTION $2,177,083 TOTAL VALUE BY INCOME METHOD MOTEL SECTION $3,285,000 RESTAURANT SECTION $2,177,083 TOTAL $5,462,083 WE FEEL THE VALUE BY INCOME TO BE VERY LENIENT AND FAIR TO THE OWNERS. WE ALSO FEEL THIS SUPPORTS THE MARKET APPROACH WHICH WE HAVE PRESENTED PREVIOUSLY. SUMMATION OF VALUES COST: $5,446,730 MARKET: $3,975,250 INCOME: $5,462,083 DUE TO THE MARKET CONDITIONS IN THE GREELEY AREA OVER THE PAST SEVERAL YEARS WE FELT THAT THE VALUE REPRESENTED BY THE MARKET APPROACH WAS THE BEST METHOD TO VALUE THIS PROPERTY WITH. WE ARE AWARE OF CURRENT EFFORTS TO MARKET THIS PROPERTY FOR $ 3,750,000; HOWEVER THIS IS A CURRENT EFFORT AND NOT REPRESENTATIVE OF THE TIME PERIOD FROM 1/87 TO 6/30. WE ALSO FEEL THAT THE BANK OF NEW YORK AS SELLERS IS NOT A TYPICAL SITUATION IN THE GENERAL MARKET PLACE. WE THEREFORE ASK THE VALUE FOR THE GREELEY RADISSON INN TO BE UPHELD AT THE CURRENT LEVEL OF $3.975.250. 6 ' OFFICE OF BOARD OF COUNTY COMMISSIONERS PHONE(303) 356-4000, EXT. 4200 P.O. Box 758 ikGREELEY, COLORADO 80632 COLORADO July 18 , 1990 Joseph Dirk Monzon Tax Agent Marvin F. Poer & Company 6025 South Quebec, Suite 170 Englewood, CO 80111 Dear Mr. Monzon: The Weld County Board of Equalization has scheduled your hearing for Friday, July 27 , 1990 , at or about 3 : 00 p.m. regarding your tax assessment for property described as Parcel #096105314010 , 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 - GREELEY RADISSON ROTEL - PARCEL #096105314010 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 took/I the Board By; /oI icig--m-ce l /-, -47„ 4-, D puty Clerk to the Board 6at • SENDER: Complete items 1 and 2 when additional services are desired, 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 following services are available. Consult postmaster for fees and check boxlesl for additional service(s)requested. 1. ❑ Show to whom delivered, date, and addressee's address. 2. ❑ Restricted Delivery • (Extra charge) (Extra charge) , 3. Article Addressed to: 4. Article Number I Joseph Dirk Monzon Imo' 5-6—to )9 g 4 it 9 a- Tax Agent Type of Servin: Marvin F. Poer & Company .❑�d Registered ❑ Insured Quebec, 6025 S. b Suite 170 rr4ertified ❑ COD Q ❑ Express Mail ❑ Return Receipt EMIRWOOd, CO 80111 _ . for Merchandise Always obtain signature of addressee `.. . or agent and DATE DELIVERED. 5. Signature — Addressee S. Addressee's Address (ONLY if X requested and fee paid) 6. SignaW— AgCq „ X • �� 7. Date of Delivery -7/z o cin PS Form 3811, Apr. 1989 *U.S.G.P.G.1989.238.815 DOMESTIC RETURN RECEIPT O >o--- c ,-4 J 0 Q P. O E u ,--i ru po C U .0 ti n ,n ? LL6F _ G � � oJ it tu,z l O N O o iJ Rl R i o eJ N O -O li- ra W w 1 .x Pa v U m o0 0 fL .r? q G k. U"O 0 a 30 3S 1, - 10 D d EE t • O LT Nw m m v rn LL u,LL .C W C rn 3 >. > 'm v m S' u7 a o d`Si • 7 rn '�-I y ' 0 v o �G 22 C t� al u1 k S.i N Oft LL 0 a i 0 av a o Y \ O. W O cti Ft rd O C m t m m o m e rl .. xo W o r CC o t EL d d 3 Tit- o ~O H d o com m o m O ti a Sg6l aunt 'ME uuod Sd Hello