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Home My WebLink About930701.tiff RESOLUTION RE: THE BOARD OF EQUALIZATION, 1993, WELD COUNTY, COLORADO PETITION OF: WILLOW STATION LTD % LOUP-MILLER CO 10065 E HARVARD AVE #900 DENVER, CO 80231 DESCRIPTION OF PROPERTY: PIN: R 2459886 PARCEL: 095913412013 - GR 17565C SD6 ADD TO BRENTWOOD PT SE4 13 5 66 BEG N0D26'E 538.90' & N89D34'W 50' FROM SE COR OF SEC N89D34'W 901. 75' N43D01'W 372. 16' N46D49'E 189.87' S89D34'E 419.78' NOD30'W 609.32' S89D34'E 610' SOD26'W 1010' TO BEG EXC BEG N0D26'E 1548.90' WHEREAS, the Board of County Commissioners of Weld County, Colorado, organized as the Board of Equalization for the purpose of adjusting, equalizing, raising or lowering the assessment and valuation of real and personal property within Weld County, fixed and made by the County Assessor for the year 1993, and WHEREAS, said petition has been heard before the County Assessor and due Notice of Determination thereon has been given to the taxpayer(s) , and WHEREAS, the taxpayer(s) presented a petition of appeal of the County Assessor's valuation for the year 1993, claiming that the property described in such petition was assessed too high, as more specifically stated in said petition, and WHEREAS, said petitioner being represented by Mike Licht, who submitted a letter regarding said petition, and WHEREAS, the Board has made its findings on the evidence, testimony and remonstrances and is now fully informed. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, acting as the Board of Equalization, that the evidence presented at the hearing clearly supported the value placed upon the Petitioner's property by the Weld County Assessor. Such evidence indicated the value was reasonable, equitable, and derived according to the methodologies, percentages, figures and formulas dictated to the Weld County Assessor by law. The assessment and valuation of the Weld County Assessor shall be, and hereby is, affirmed as follows: 930701 Page 2 RE: BOE - WILLOW STATION LTD ORIGINAL Land $ 1, 105,683 Improvements OR Personal Property 994,317 TOTAL ACTUAL VALUE $ 2. 100,000 BE IT FURTHER RESOLVED that a denial of a petition, in whole or in part, by the Board of Equalization may be appealed by selecting one of the following three options: 1. Board of Assessment Appeals: You have the right to appeal the County Board of Equalization's (CBOE's) decision to the Board of Assessment Appeals (BAA) . Such hearing is the final hearing at which testimony, exhibits, or any other evidence may be introduced. If the decision of the BAA is further appealed to the Court of Appeals, only the record created at the BAA hearing shall be the basis for the Court's decision. No new evidence can be introduced at the Court of Appeals. (Section 39-8-108(10) , CRS) Appeals to the BAA must be made on forms furnished by the BAA, and should be mailed or delivered within thirty (30) days of denial by the CBOE to: Board of Assessment Appeals 1313 Sherman Street, Room 523 Denver, CO 80203 Phone: 866-5880 OR 2. District Court: You have the right to appeal the CBOE's decision to the District Court of the county wherein your property is located. New testimony, exhibits or any other evidence may be introduced at the District Court hearing. For filing requirements, please contact your attorney or the Clerk of the District Court. Further appeal of the District Court's decision is made to the Court of Appeals for a review of the record. (Section 39-8-108(1) , CRS) 930701 Page 3 RE: BOE - WILLOW STATION LTD 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. 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. 930701 Page 4 RE: BOE - WILLOW STATION LTD The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 29th day of July, A.D. , 1993. ilighilMat WELDD OF TYUNCY ORADISSIONERS ATTEST: WELD COUNTY, COLORADO Weld County Clerk to the Board /C�y� Constance L. Harbert, Chairman BY: / a-1,17-1/4112.,,/,,7-> EXCUSED Deputy Clerk to the Board W. H. Webster, P Tem /47 APP AS TO FORM: eorge F,<54/Baxter County Attorne 2---Dale K. Hall Barbara J. Kirkmeyer 930701 BOt X93 BOE DECISION SHEET PIN It: R 2459886 PARCEL It: 095913412013 WILLOW STATION LTD % LOUP-MILLER CO 10065 E HARVARD AVE 0900 DENVER, CO 80231 HEARING DATE: July 29, 1993 TIME: 1:30 P.M. HEARING ATTENDED? (Y I9 NAME: AGENT NAME: MIKE R LICHT, ASA LICHT & COMPANY APPRAISER NAME: S --1-- DECISION: DECREASE IN VALUATION INCREASE IN VALUATION NO CHANGE IN VALUATION ‘34- ASSESSMENT RATIO ACTUAL VALUATION ORIGINAL AD3P`ED Land $ 1, 105, 683 $ / )Q 1 Qs Improvements OR Personal Property 994, 317 991/) S/7 Total Actual Value $ 2, 100,000 $ .3) /00)0077 COMMENTS: MOTION BY (Ii,.44 TO The v. l ✓' LS } o I e SECONDED BY + l Baxter -- 40N) Hall -- ON) x Failed to anent-.burdan a -_pr-o�F rev 4a- Harbert -- (6N) Comparables inadequate Va,/ tc e Kirkmeyer -- ON) Other: Webster -- (YJNI4L RESOLUTION NO. 93070i JUN 14 '93 09:52 LOUP DEVELOPMENT COMPANY \ 1400 NORTH 17th Ave.. REELEY,NORTH NOTICE or ADJUSTMENT O COLORADO 80631 PHONE (303) 353.3845. EXT. 3656 III�`D e , . -, , _, SEC1N00261E053809010tBNB9034' W 50' FROMISESCOP 6 OF COLORADO SEC N89D341W 901 .751 N430011W 372.161 N46049'E ' t^89.'87' 5890341E 419.75' NOD301W 609.321 5890341E 6101 S00261W 1010• TO BEG EXC BEG 1400261E 1548. 9C ' 2305 W 27 ST GREELEY OWNER WILLOW STATION LTD WILLOW STATION LTD PARCEL 095913412013 PIN R 2459886 'a LOUP—MILLER CO 10063 E HARVARD AVE 1900 YEAR 1993 DENVER CO 80231 LOG 02466 06/01/1993 The appraised value of property is based on the appropriate consideration of the approaches to value required by law.The Assessor has determined that your property should be included in the following category(ies): RESIDENTIAL PROPERTY IS VALUED BY CONSIDERING THE MARKET APPROACH. AGRICULTURAL LAND VALUE IS DETERMINED SOLELY BY THE EARNING OR. PRODUCTIVE CAPACITY OF THE LAND, CAPITALIZED AT A RATE SET BY LAW, 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. Neon 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 ' ADD ITZONAL INFORMATION YOU HAVE PROVIDED , PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION V ESTIMATE ACTUAL VALVE I ACTUAL VALUE OF VALUE PRIOR TO REVIEW AFTER REVIEW LAND I 1s474, 204 1 , 105,683! IMPS 11025, 756 9941717: , TOTALS S $ 219001000S 2e1009J0Zl f you disagree with"the Assessor's decision, you have the right to appeal to the County Board of Equalization for further consideration. 3g-8.108(111el,C.R.S. Pleas.see the beck of this form for detailed Information on filing your appal. By: WARREN L. LASELL 05/09/93 WE CCJr,TY ASSESSOR DATE 1 2. Y 1 (o0 --f0M Cbuvii ERvd We hereby protest the decision of the Assessor regarding the 1993 valuation. Based on the information provided to the Assessor during the protest period, we feel the actual value of the subject property should be reduced to: $ ;f(4000 11141( July 8 , 1993 Licht & Company 427-4860 930701 t‘to 1• • • ciSi CLERK TO THE BOARD \ P.O. BOX 758 GREELEY,COLORADO 80832 (303)3564000 EXT.4225 WI 1 C. COLORADO July 20, 1993 Parcel No. : 095913412013 PIN No. : R 2459886 WILLOW STATION LTD % LOUP-MILLER CO 10065 E HARVARD AVE #900 DENVER, CO 80231 Dear Petitioner(s) : The Weld County Board of Equalization has set a date of Thursday, July 29, 1993, at or about the hour of 1:30 P.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, 1992, and mailed to you on or before August 16, 1992. 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. 930'791 WILLOW STATION LTD - R 2459886 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, BORED OF EQUALIZATLON T` hetathaty vier-vie/ G7 Donald D. Warden, Clerk to the. Board BY: , ��GC/ Linda M. Dodge, Deputy/ cc: Warren Lasell, Assessor MIKE R LICHT, ASA, LICHT & COMPANY 930701 • Et no ao rq W O 'X trg S m d g 3 Q-.c>-- vt LV r U u. r ss w RS N "34 tem raw M Eo V roc c s JO °woO 4Mll .c N ;; "- O “) 88 S -� n o velnc 9.ii1701 • similar Aso,e c _ B _ O _ E _ HEARING DATE: JULY 29, 1993 TIME: 1:30 SUBJECT: WILLOW STATION SHOPPING CENTER OWNER: WILLOW STATION LTD PIN#: 2459886 330701 LAND S ALE S LEGAL SALE DATE SALE PRICE SIZE PRICE/SF LOCATION SUBJECT: 095913412013 CORNER OF 2459886 368,561 sqft $3.00 23rd AVE. (Willow Station & 27th ST. Ltd) COMPARABLES: 095913400040 2707 23rd 0165690 06/18/90 $610,000.00 76,126 sqft $8.01 Avenue (Western Auto) 095924100067 2835 23rd 0004590 12/04/89 $475,000.00 89,655 sqft $5.30 Avenue (Red Lobster) 095913120004 2325 23rd 0002689 09/22/88 $600,000.00 144,172 sqft $4.16 Avenue (Albertsons) PAGE 1 930721 39 ¢ • .. a 16 t - 1 t hSt 12th t S \ 12`r , Comparable Land Sales ' c 12th ' t Rt 3thc,2. aS `F,"; o c) 6 . .1 • th : j « 14th < St t > �� 4t St Rd �¢ � h2 6 �.� - ¢ 7a5t146t9d •. v 1 th6 . oth St d4 N h .• of :a N ' c . > (' 5 ° 15 16th _ > a -- tln . �P • e . . N Q -0 th¢ St P 17th f cot•' e S - �� -. �co `co v 18th St L t St Rd Fronde 19th ,St 9; r9/ X10 n a s Olen F • I C� °> y 3p iii 9 h h a Q> Q i c n _ F .: i ¢ ° 11,19 ' ' 42 - ° 9 -c Rd 't o `t 19th 'eh 41 v St ° > c.^ 9 Sr 20 0 ° Stcv CD ° i sCC 20t ¢ St •d t ' n �s °' o td 2 st ..� ." 21St St r -5 m " ` t Rd ° 21st St Rd r 21S > > < a' 22nd IC ° �n > < < —• 2 ' n . . . S . 5t °. 22nd i cP < > < < : 13 '� � td ° fr 23 d t23d Sale 33 to . •��iiiiii111111 � 24 24th w St 24th S� cz, /Q Std Rd eta. lir 12 �g 3 : � . 5 is 7 ar 2s1 7� ew r -s Q,z ti S .dyi5� D \r • t y� : th > �� 26th�` L� 6 h S_sr ' 4 • .� re a -c t . 7 t a ' Sp.% ct D•7 I ow . 27th > — co �n .. > N �/1 Ncv N} ¢ Sale WY 34 , _ 29th , I jcTh Sale 2 lca) 30th 0th St �gj Q (;)St —% 31 st v ail >-L � cJ > _< N N 0 O Am."`"""'Ina°`°"RIGHT"" PAGE 2 330701 IOLOCG £ 30Vd • A N — co V V D in V P N P N N • C a' C C rd a P4 PL LI Z O cc W o d N O P N 0 In 0 N N. 00 0 H U P ^ In re q P P on on O ti H J• 0 H E co b N 0' N CO N CO O en M 1'I 9 v T 0 CID 2 a H v e n o N `0 P '0 w , V o en en r 0 P 0 P4 0 V P z W In N. N -+ b H U 0 on 0 y N m O O N men 6 P N N W Q Q P H N CO P Cr, CO aW N 0 V h 0 W 0 O 0 0 0 a 0 00 o a O 0 ry N a N N W S 41 a N 0 W 9 E i g P W S� V�a a Vf C�yy 9 0 ' .�6Z En �'], 0 w iZ+ a EN o> i Oo F es 0 W a V y o z 28w� a 8 en 0 H 33o 5 W Z ZQc�.�n 9 O8 N Gel �£]N a y w 8 m a q W W F U F W N O >n 5 Up Chi] ,6] ob �¢ 0 ...777 N 'j N U 0 U en W N Q N N Q H Q RENT C OMPA RA B L E S GROSS RENT NAME Y 0 C SQ FT PER SQ FT SUBJECT WILLOW STATION 23RD AV & 27TH ST 1979 85,970 6.62 GREELEY CENTENNIAL COMMONS 10TH ST & 35TH AV 1979 33,485 6.72 GREELEY HILLSIDE CENTER 11TH AV & 25TH ST 1959 63,731 6.06 GREELEY COTTONWOOD SQUARE 23RD AV & 16TH ST 1978 20,822 7.88 GREELEY PAGE 4 930701 IN-COME STATEMENT LEASABLE SQ FT 85,970 @ 6.62 = 569,511 TYPICAL ASSESSOR ALLOWED POTENTIAL GROSS INCOME 569,511 569,511 LESS: VACANCY & COLLECTION 56,951 10% 170, 853 30% EFFECTIVE GROSS INCOME 512,560 398,658 LESS: OPERATING EXPENSES 76,844 15% 99 , 665 25% NET INCOME 435,676 298,993 DIVIDED BY : CAP RATE 14% 14% INCOME VALUE 3,111,971 2,135,644 ROUNDED DOWN TO 2,100,000 NOTE: TAXES ARE NOT PART OF OPERATING EXPENSES, THEY ARE INCLUDED IN THE CAPITALIZATION RATE. PAGE 5 s3uini Libht 51 West 84th Avenue,Suite 230 Denver, Colorado 80221 & Company (303)427-4860 Real Estate Consultants Fax(303)427-5315 [kk:willowst] May 15, 1993 r WELD COUNTY ASSESSOR Assessor E C E I Weld County, Colorado 0 Re: Schedule #095913412013 R2459886 JUN G 11993 Address 2305 17th Street Willow Station Shopping Center GREELEY,COLO. Assessor: - We represent the owners of the above referenced property. We hereby protest the 1993 property tax valuation. We estimate the 1993 actual value for property tax purposes to be $1, 942, 000 Your office has valued the property as follows: Land $ 1, 025, 756 Improvements $ 1, 474 , 244 Total $ 2 , 500, 000 The subject property as of 1-1-93, and currently, had a vacancy rate in excess of 54%. The major tenant (Pay-n-Pak) vacated the premises in April of 1992 . The owner's have not been able to lease the space since that time. Prior to the loss of Pay-n-Pak, the center had a vacancy rate in excess of 30% for several years. The property does not enjoy the exposure and/or access of the newer centers in Greeley, and as a result, is at a competitive disadvantage. The layout of the buildings, with a courtyard area, also makes the property more difficult to lease. There are several storefronts with no access from the street _ or parking lot. Additionally, the subject property is in need of deferred maintenance. Due to the above listed conditions, the subject property does not maintain a 10% stabilized vacancy and collection loss as is typical in the market. The appropriate vacancy and collection loss for the subject property is 30%. Please reduce the value of the subject property to $1, 942 , 000 as indicated on the attached income approach. EXHIBIT a ® Mike R. Licht, ASA ►tom /t>jor$��• La E3 Ga Senior Member of American Society of Appraisers 930701 AS0027 930701 EXHIBIT B IS PHOTOS - SEE ORIGINAL FILE s } m o x N. 147 717GYy_ I 0 0 0- a"' • N f CD rJr 3 i, , 1 , �Nu IY . . TE. 0 • rl • 930701 0 I- O 0 I- C N d. • • J - S 943001 Hello