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Home My WebLink About940165.tiff 15-DPT FORM PRESCRIBED BY THE PROPERTY TAX ADMINISTRATOR FORM 920 1/66-6/90 PETITION FOR ABATEMENT OR REFUND OF TAXES—c. F HOECKEL CO, DENVER 36312 Petitioners: Use this side only. GREELEY , Colorado, DECEMBER 18 , 19 93 City or Town To The Honorable Board of County Commissioners of WELD County Gentlemen: The petition of BANC ONE COLORADO CORP. whose mailing address is 1125 17th street. Denver Colorado 80202 City or Town State Zip Code SCHEDULE NUMBER DESCRIPTION OF PROPERTY AS LISTED ON TAX ROLL 961 -05-3-15-022 Situs ' 822 Seventeenth Street _ Greeley ,Colorado 80631 -H., 7 respectfully requests that the taxes assessed against the above property for the years A. D. 19..9.1__, 1992_ ..., are erroneous, illegal, or due to error in valuation for the following rgjsons: (Completely describe the circumstances surrounding the incorrect value or tax.) INCOSISTANT USE OF INCOME APPROACH TO VALUE. COUNTY HAS FILED TO RECOGNIZE FUNCTIONAL UTILITY LOSS BROUGHT ABOUT BY BRANCH BANKING. INCOME APPROACH OVER-STATES LEASE RETES . 19..8-1- 1992... Value Tax Value Tax Orig. 1 , 534 , 310 159, 796 .85 1 , 534 , 310 162 , 814 . 80 Abate. 3-83,869-.-27 39-,.97.9 . 6-0 3.83,.8b9...27... 40, 734 . 67 Bal. 1 , 150, 440. 73 119, 817. 25 1 , 160, 440 . 73 122, 080 . 23 The taxes (have) (have not) been paid. Wherefore your petitioner prays that the taxes may be abated or refunded in the sum of $_..813.,.7.1-4,27.. + Interest I declare, under penalty of perjury in the second degree that this petition, together with any accompanying exhibits or statements, has been examined by me and to the best of my knowledge, information and belief is true, correct and complete. BANC ONE COLORADO CORP. Petitioner By J M. Monroe , ' Agent Tax Profile Services Address 1-1--3 Aurar-i-a---ParkwaY---Suite--€-4-O0 Denver, Colorado 80204 940165 C'e ; f1C; 1---"k ii NA/ski f4Gtiv j RESOLUTION OF COUNTY COMMISSIONERS WHEREAS, The County Commissioners of Weld County, State of Colorado, at a duly and lawfully called regular meeting held on the 7th day of February , A.D. 19..94._, at which meeting there were present the following members• Chairman W. H, Webster (ABSTAINED),_and_Commis.sioner.s..Dale..K.._Ha11,._ George E. Baxter, Constance L. Harbert.,._ aad_Baxbara_J__Kirkmeyer notice of such meeting and an opportunity to be present having been given to the taxpayer and the Assessor of said County and said Assessor Warren Lasell, present, and taxpayer represented by Steven Schluchter, le.ng pxase itcand (name) (name) WHEREAS, The said County Commissioners have carefully considered the within applica- tion, and are fully advised in relation thereto, NOW BE IT RESOLVED, That the Board concurs with the recommendation of (concurs or does not concur) the assessor and the petition be_________denied , and an abatement/refund not_be--allowed $38 ,i ne.d2° enbdI) for $39,979.60 (be allowed or not be allowed) on an assessed valuation of$.383,8-6.9,_27(9.2)for $-40.,7]34...661X199.Ztotal for he year(s) 19.9 Land 1992. Chairman of Chairman of Board of Cou ty Commissioners. STATE OF COLORADO, )f) Profein Weld ss. County of I, Donald D. Warden ,1lraitiltiftaleXIt1 X3OfYtCiDICIerk of the Board of County Commissioners in and for the County of Weld State of Colorado, do hereby certify that the above and foregoing order is truly copied from the records of the proceedings of the Board of County Commissioners for said Weld County, now in my office. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of said County, at Greeley-, Coloxado., , this 7th ay of 4IaS? ruart , A. D. 19 94 /lz-� x)opurn Clerk. to Board Deputy. ACTION OF THE PROPERTY TAX ADMINISTRATOR Denver, Colorado, , 19 The action of the Board of County Commissioners, relative to the within petition, is hereby ❑ approved; ❑ approved in part $ ❑ denied for the following reason(s) ATTEST: Secretary. -o w Property Tax Administrator. ro +-) • .-I 4- S- 01 0 (e i a1 0 Cl) rti N CO 4-' 1n .0 a) c r ¢ E C) C •r a) Cl.) ra O U •r O._c E aa) z c : 04-) to a)N a . CU U ,f ^ wy _ +,01 CLOD 4-) ow 0 F ¢ K 5Sct gla a' Q Cr) a) O'-0 +.) 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Q 'a RI ri ° ° „I § m -0 a','; r c n� -- a A ti O $, L Si rr�� _N �+ 'p }o �J LL V7 R: LI ® ❑'� O 3 -O OV c' U N •U, :-ill 0' E .�0 4 W .r 940165 L ° V PEIITION TO STATE BOARD OF ASSESSMENT APPEALS For office use Date: - Feb. 16 , 19 q 1 Docket Number PETITIONER, Bann One rnlnradn rnrp R4-1911665 (name of property owner social security or tax ID number) 822i-17th, Streetc-—L Greeley, Colorado 80631 Filing fee amount (street address, city,state,zip code of subject property) Check number appeals the decision of the Weld (check one) (county name) County Board of Equalization • County Board of Commissioners Property Tax Administrator which was dated Feb 9 , 1994 ' This appeal concerns: _ Valuation For tax year (s) jgg1 _g9 , (check one) x Refund/Abatement - Exemption CONCERNING COUNTY SCHEDULE NUMBER(S) : g61 _ns-1-15-n99 If more than one schedule number is involved,please list on a separate page. TYPE OF PROPERTY: This property is currently classified by the County as : (check one) y Commercial Residential _ Agricultural __ Vacant Land Other (Specify ) REPRESENTATION: Please check appropriate response(s). Petitioner will be present at the hearing._ Petitioner requests a telephone conference call . Petitioner will be represented by an agent x or a Colorado attorney. x Please inform the Board in writing if representation changes are made prior to hearing. ' ATTACHMENTS: The following documents MUST BE ATTACHED to your appeal in order for the Board to accept filing. * The decision being appealed. * Notarized letter of authorization if an agent is filing or representing. * Assessor' s Notice of Denial or Notice of Valuation. ACTUAL VALUE: Current actual value of the subject property as set by the County is $ s,2(10, 7-24 • I believe the actual value of the subject property should be $ 3 , 967, 037 • ESTIMATED TIME FOR PETITIONER TO PRESENT THE APPEAL: 60 minutes or 1 hours. Not less than 30 minutes. Board will allow equal time to Respondent. CERTIFICATE OF MAILING I certify to the Board of Assessment Appeals that I have mailed or hand delivered one complete copy of this appeal to the Weld _County Board of Equalization county _xCounty Board of Commissioners _Property Tax Administrator in G eeley , Colorado on Feb. 17 , 1914 . (Check one-should be the same ci date as who the decision is from) ey or Agent signature Petitioner's signature 1191 Anraria Ptrwy Snite G 1-00 Street Mailing Address Street Denver, Colorado 80204 City,State,Zip City,State,Zip Telephone : 628-0405 Telephone: BAA-1/rev. 93 Day number,p 940501 [c: NS'CA- C\i(f. CLERK TO THE BOARD P.O. BOX 758 I GREELEY,COLORADO 80832 (303)358-4000 EXT.4225 WI D C. COLORADO February 10, 1994 Banc One Colorado Corporation 1125 17th Street Denver, CO 80202 Re: SCHEDULE NUMBER 961-05-3-15-022 Dear Property Owner: On February 9, 1994, the Board of Weld County Commissioners considered your petition for tax abatement and denied same. Pursuant to Section 39-2-125(f) , C.R.S. , you have the right to appeal this decision to the State Board of Assessment Appeals within thirty days. You may obtain the appropriate forms and instructions from the Board of Assessment Appeals, Department of Local Affairs, 1313 Sherman Street, Room 420, Denver, Colorado 80203. Lu,ac ely, Donald D. Warden, Clerk to the Board By: 5�2c1 Deputy Clerk to th oard cc: Weld County Assessor Jeffrey M. Monroe, Tax Profile Services, Agent 9 Q .6S CLERK TO THE BOARD If \ P.O. BOX 758 Irs: is: "L....% I C. GREELEY,COLORADO 80632 (303)358-4000 EXT.4225 COLORADO January 11, 1994 Banc One Colorado Corporation 1125 17th Street Denver, Colorado 80202 RE: SCHEDULE NUMBER 961-05-3-15-022 Dear Property Owner: This is to advise you that the hearing before the Board of Weld County Commissioners for tax abatement or refund on the property described as: Situs, 822 Seventeenth Street, Greeley, Colorado 80631, has been rescheduled for Monday, February 7, 1994, at 9:00 a.m. The meeting 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. If you have any questions concerning this matter, please do not hesitate to contact this office. Sincerely, 1 ' fri X6.1 C /il 1,1/ /, ✓L/ud& Donald D. Warden, Weld County Clerk to the Board • BY: , Leizr rte/ -) Deputy Clerk to the Boyd XC: Assessor - W. Lasell County Attorney Jeffrey M. Monroe, Agent, Tax Profile Services 940165 CLERK TO THE BOARD P.O. BOX 758 GREELEY,COLORADO 80632 wilp (303)JS8-�00p EXT,422S C. COLORADO January 5, 1994 Banc One Colorado Corporation 1125 17th Street Denver, Colorado 80202 RE: SCHEDULE NUMBER 961-05-3-15-022 r/ ci Dear Property Owner: 4 r �1 This is to advise you that the Board of Weld County Commissioners will hear your petition for tax abatement or refund on the property described as: Situs, 822 Seventeenth Street, Greeley, Colorado 80631. The meeting is scheduled for M . , at which time you may be heard. The Assessor is recommending that the Board deny your petition. The meeting 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. If you have any questions concerning this matter, please do not hesitate to contact this office. Sin rely,/ l /// 0 Donald D. arden, Weld County Clerk to the Board By: /A- L.- 77) Deputy Clerk to the B' rd XC: Assessor - W. Lasell County Attorney Jeffrey M. Monroe, Agent, Tax Profile Services 340165 STATEMENT OF AGENCY• Property Owner, Banc One Colorado Corporation, hereby appoints Tax Profile Services, Inc. (hereinafter "TPS" ) , as Property Owner' s representative in connection with the valuations for assessment of Property Owner' s real and/or personal property which is contained in Addendum A attached hereto, for the years 1990 through 1994, for taxes payable the following year (hereinafter " Subject Property" ) . TPS shall have full authority to review all applicable records relating to the valuation for assessment of the Subject Property; to negotiate the valuation for assessment of the Subject Property with the County Assessor, with any representative of the Assessor' s office, or with the County, at an amount which TPS deems appropriate in the circumstances; and to pursue any statutory remedies which Property Owner may possess before the County Assessor, County Board of Equalization, County Board of Commissioners, Board of Assessment Appeals, District Court, Appellate Courts, or in binding arbitration in the Property Owner' s name and in Property Owner' s behalf. This agreement shall remain in effect until revoked in writing by Property Owner. Banc One Col Corporation State of C��cc oteign,p County of ) ss. The foregoing agreement was acknowledged before me thisiday of /mAfc4 , 19 93 , by G4,'Ay flnmsdeu (if a natural person or persons, insert name(s) ; if by a person acting in a representative or official capacity or as . attorney-in-fact, insert the name and identify the capacity in which it is executed; if by an officer of a corporation, insert the name of such officer and identify the office. ) Witness my hand and official seal. Notary Public My commission expires: Sl2.f/9,•j C . S _ 0 _ E _ ABATE ME NT HEARING DATE: FEBRUARY 7, 1994 TIME: 9:00 A.M. SUBJECT: GREELEY NATIONAL BANK ADDRESS: 821 8TH STREET, GREELEY PINIM: 2810986 - _- EXHIBIT ON- 94015., t 4N b--Alt smatt PHOTOGRAPHS OF THE SUBJECT i' z x , aM m • pm. ETILID171:77Trra Tll11 L � Iln..., 9 I� H6g tits :*'Q (e9J 9GI'�pI IYtbr.k. y„1.�..4.. n X1111 nniile n '41.II irri -,, ,t nnip r ;,, A .—. i III .....ice.. h • vas l r , _!a - 5 11 1 I II@1 .,� ` ., I n 4 �A Y I 9I ` - l 1 821 8TH STREET 940165 SUMMARY OF SALIENT FACTS AND CONCLUSIONS Purpose of the Appraisal: To estimate market value on June 30, 1990 Property Rights Appraised: Unencumbered fee simple interests. Property Address: 821 8 Street, Greeley, Colorado Improvement: Bank/Office complex Land size: 54, 125 square feet Zoning: C-4 Service Business Assessor's Value: 1991 & 1992 Land Value: 216,500 Imps Value: 5,074, 196 Total Value: 5, 290,696 Highest and Best Use: Present use as Bank/Office Complex Size of Improvements: Bank facility 23,525 square feet; office 94,824 square feet; total leasable 118,349 square feet total Area 128,537. Actual Age: 16 Years Effective Age: 14 years Remaining Economic Life: 41 years Estimated Land Value: $216,500 Estimate of Value: — y...v.. �m..m.� ........�.r w..a....�e..._... .....�..�... «. - gym.„, ....a...+...W', .K.. A ^y< Improvement Value: 10, 711,812 Total Value: 10, 900, 000 Sales Comparison Approach: 5,900, 000 Income Approach: 5, 700,000 Final Estimate of Value: $5,290, 696 Date of Value: June 30, 1990 2 940165 PROPERTY DESCRIPTION The Greeley National Bank buildings constructed in 1973-1974 are an eight story high rise building and a two story building located at the corner of 9 Avenue and 7 Street in the downtown plaza on a site of 54, 125 square feet. On the west side of the site is the high rise building. The bank occupies the first floor and the remainder of the building is office. Also on the first floor is a garage used by the bank. The fourth and eighth floors contain the mechanical space for the heating ventilation and air conditioning equipment. Directly east is a two story office annex which is all office space. These buildings are a class "B" reinforced concrete frame, concrete floors, concrete walls and concrete roofs. The exterior unfinished concrete is a natural low maintenance design extending upward 126 feet. There are large areas of glazing consisting of anodized aluminum frames with reflective insulating glass. The buildings are heated and cooled with water running through boilers and chillers. To facilitate the movement of people there are elevators and escalators. Because of the massive framework, interior partition are non load bearing. In the bank lobby, a portion of the second and third floor is missing, which extends the ceiling upward over 40 feet. The buildings have a total floor space of 128, 537 and a leasable area of 118,349 square feet which is summarized below: High Rise Building Annex Building 1 floor 23,525 sf 9, 400 sf 2 floor 19, 154 9, 400 3 floor 22, 100 4 floor 6, 720 (mechanical) 5 floor 11,590 6 floor 11, 590 7 floor 11,590 8 floor 2,508 (mechanical) _ - Condition: The quality of construction is above average and because of a good maintenance program remains in excellent condition. All of the component are functioning and no functional obsolescence was observed. 3 9-01;5 COST APPROACH Valuation of the Site: There are five ways to value a site: 1. direct sales comparison 2. allocation or abstraction procedure 3. anticipated use (development) procedure 4. capitalization of ground rent 5. land residual capitalization. Description of Valuation Methods: Using the direct sales comparison analyzes sales of similar vacant parcels adjusting for any differences to arrive at an indication of value. The allocation procedure uses sales of improved properties to analyze the price between land and improvements. A ratio of land value to total value is allocated between land and improvements. In the abstraction procedure comparable improved properties are used to abstract a land value. From the total sale price of a comparable property, the portion that could be assigned as building value is estimated and deducted. The remainder is the vacant land value. Anticipated use estimates total value as if the land were subdivided and sold, and subtracting the development costs, incentive costs, and carrying charges. This method is used to value land in transition from agricultural use to residential use, such as in new neighborhoods, potential residential subdivisions, and undivided land. Capitalization of ground rent uses the income approach to value. Net income for the land is capitalized into a value. This approach is used primarily in commercial lands such as business districts or leased farm lands. 4 €3 Y etl pit„d patializes ant¢value -the pest. us l zpcpme zt.o the land t g 4041;3 g wiirovemertt.rm 3ac•f agat.he u.g2 es t-iitiaCECtteafrjfta best use�f the sl art' i---:ww;..N, -xCt-Yk `mi"^Ym:_. T •r .L..m wG • .:.x samvr a. ..� • ..¢. --iasw.+w...�.m .. .. u.... ..a s ..� .. e. �.u+f.. :., Due to the number of sales, in the downtown area, we are going to use the direct sales comparison to value the land. Because the subject site is 54, 125 square foot, we are going to concentrate on sales 6, 25 and 26 to establish a value. The closest comparable, in terms of time and size, is 1126 at $4.39 per square foot. Sale #25 is closest in location at $4.20 a square foot. Sale 116 was purchased by the La Mears Estate to expand parking in mid 1984, and due to its smaller size, the purchase was $5.03 per square foot. Since all three of these comparables, without adjustments, are in excess of $4.00 per square foot, we feel this land is not over valued at $4.00. Therefore the land value is $4.00 x 54, 125 = $216,500. 4 94,0.165 LAND SALES SUMMARY SHEET CONTRIB. LAND SALES SALE DATE OF SALES VALUE OF AREA PRICE/ NO. GRANTOR/GRANTEE SALE PRICE IMPROV. IN SF SF LAND ZONING 1 GNB TRUSTEE/U-TOTEM 03/11/81 $ 70,000 NONE 16,100 $ 4.35 C-4 2 GNB/CLAP£. 01/10/80 $102,000 NONE 28,500 $ 3.58 I-1 2A CLARK/YERBIC, ET AL 01/26/81 $180,000 NONE 28,500 $ 6.32 I-1 3 DAVIS, ET AL/BIG D PROP 05/26/87 $ 65,000 NONE 19,000 $ 3.42 C-4 4 GREELEY URBAN RENEWAL/ 01/28/86 $250,000 NONE 76,000 $ 3.29 C-4 COLSON CONSTRUCTION 5 BAIRCO ENTERPRISES/ST 04/13/84 $ 60,000 NONE 19,000 $ 3.16 C-4 MARY'S HOUSING COMM. 6 GNB/LA MERES ESTATE 06/08/84 $102,200 NONE 20,330 $ 5.03 C-4 7 AGLAND, INC/ 12/02/88 $ 38,988 NONE 11,400 $ 3.42 C-4 GABLEHOUSE & GRAUBERGER 8 MITCHELL, ET AL/ 01/14/80 $242,000 NONE 42,875 $ 5.64 C-4 WHITNEY, ET AL/ BA WHITNEY, ET AL/NOFFSINGER 12/02/83 $175,000 NONE 14,375 $12.17 C-4 9 ROMERO/NOFFSINGER 12/08/83 $ 75,000 NONE 7,187 $10.43 C-4 10 TOMEY, ET AL/NOFFSINGER 12/08/83 $ 40,000 NONE 2,875 $13.91 C-4 11 AMESSE/GGID#1* 11/12/82 $ 52,500 NONE 2,012 $26.09 C-4 - - ... iIba7413I rfkfD91*' rM x03104(83 - S 88,810 NONE 14 255 .$20.87. C-4 F .SE. :;1-a.�.-"v,�..sw a cam .a74%;e..�--a"..,.......,..^mm Ic- .:: 12A GGID#1/MID-BLK PRTRNSHP 10/21/83 $ 10,400 NONE 1,380 $ 7.54 C-4 13 EATON, ET AL/GGID#1* 02/11/83 $ 70,000 NONE 5,750 $12.17 C-4 14 RAMSEY/CITY OF GREELEY 06/01/78 $ 50,000 $ 4,000 8,625 $ 5.33 I-1;C-4 15 DOWNES/FIRST UNITED 11/18/80 $ 75,000 NONE 9,500 $ 7.89 C-4 16 HEADMAN/GGID#1* 08/27/82 $101,200 NONE 5,000 $20.24 C-4 17 CINNAMON/WILLARD 01/10/79 $ 30,000 $10,750 2,500 $ 7.70 C-4 17A A.S.& W./LEPENOITIS 01/08/81 $ 42,500 $12,500 5,000 $ 6.00 C-4 17B LEPENOITIS/GGID#1 06/22/82 $ 62,000 NONE 5,000 $12.40 C-4 5 y'W165 CONTRIB. LAND SALES SALE DATE OF SALES VALUE OF AREA PRICE/ NO. GRANTOR/GRANTEE SALE PRICE IDPROV. IN SF SF LAND ZONING 18 OPDYKE/A.S.& W. 02/01/79 $ 87,500 NONE 11,500 $ 7.61 C-4 18A A.S.& W./F.S.Y. 03/04/82 $ 65,000 NONE 9,000 $ 7.22 C-4 19 EATON, ET AL/GGID#1 02/18/83 $ 71,400 $24,150 6,750 $ 7.00 C-4 20 MITCHELL/DEAN 09/22/78 $ 40,000 NONE 9,500 $ 4.21 C-4 20A DEAN/ASMUS 08/31/82 $150,000 NONE 19,000 $ 7.89 0-4 21 HICKS/DEAN 07/04/81 $ 82,500 NONE 9,500 $ 8.68 C-4 22 DELERIDGE/ASMUS 08/30/82 $149,300 NONE 19,000 $ 7.86 C-4 23 HAEFELI/MURDOCK CORP. 11/15/81 $132,500 NONE 9,500 $13.95 C-4 23A MURDOCK CORP./ASMUS 08/31/82 $145,000 NONE 9,500 $15.26 C-4 24 WORLDS&L/F.S.Y. 10/04/83 $129,000 NONE 5,250 $24.57 C-4 PARTNERSHIP 25 GREELEY URBAN RENEWAL/ 07/25/85 $672,600 NONE 160,000 $ 4.20 C-4 GREELEY PUBLISHING 26 DAVIS AND DAVIS/ 05/02/88 $250,000 NONE 57,000 $ 4.39 C-4 NORTH CENTRAL FOOD SYS. 27 LLOYD/LOPEZ 11/30/90 $ 22,500 NONE 9,500 $ 2.37 C-4 .....- w ^ ate 6 940165 I --- — --- - �I `•- _ — z 1 ! — 1. — v.c s:� STREET 4 17 �mparable Land Sa' s . I _T . ; F ►y 1 3 I I 5len a - ! ) 3 ! • I 9iLLIE I l I L —.. 'J I 1, MART:�1EZ ..C g., . FOURTH STREET SCHOOL WARNER_' r I I 1 Z� tsLie.oZFIR2� Lz �� , l' I , _ `f( I NARK ! Safe I 7-1-1 �+ • ! . � I , 2 s B s e I! 3 B e I •. • T - S FIFTH \e STREET � .._• 1..r z -. a Sale 1 9. . : I . % A ai i I s I . , i '5' Sale 2 7, i I I , ' c2iV . I I ' l6III ri Z J8 I -.AYE �. l't-J I 3 4 ILJ B 5 I 8 9' f. g ^n 'K 9 I !� '16 9 '.11 K Fr le 4 Vdj I v�j 5ale 3 i I Saw _ SIX T 6` P 1 . , t STREET ' ' Ir Oh! S I < I a , , . I 8 81 ' I 8� 1 • I �I I I(r I' _ I CITY 11 I B J ! YTAN1 PARK _ -. _ YY�_i�. - - 1 PI 171-0 soi..i e's i I a I 5 B COMPLEX pl' n '.• 11,1 .4 + °•1 : I II1. I L____._.—J [.� - I Say Viv • I I I I I I i+ I F•I ' SEVENTH e 8 f0 STf ' ;4".. Mk El . I i_________, I 1. —2- _ z �—y •_ _ •1 !1 ` d LINCOLN s 1 1'K I ;I .� _ 3_ a I . S_ I B I V'T PARK Cite `+�� I '� !}2 ;: tlI i • EIGHTH , , t `• �I L 1.t- ''I i 11r , T ..' III1 I1 . .-• :'i. iIII:. • • LINCOLN 1• y e el i,;l I,l PARK c • 1,I i ll 1 -^r-- �'(\/V�, ! NINTH ; 4I_ Is, .-R; d ' -y , STf, 2 I a • 1 , {I'1I' i I; .I l`IIIIN"�'T A� �Y`e M111 ti I„f.'!t 'III 'i III:•!'T 04 P4TTQ�1•'• . ° m I ' ' . I ' ' I ! ! L. li i ! .., I Sale 16� , I • _ Ii. B 13 Ti� �y+ yam ' I 1 • I I I ' I I I . U� �y TENTH ke Sale 17 STI P4RKM4N S . • B 8' I e I I 1 I O�� 8•. ♦ SUBD r 1 a 5 S B �� I a�e� 9 SiS`�i Z9 I I u - e g T-_--__ y s... _ , T"-: - - w 5 ' ELEVENTH ST/ — ..I11�.. 1 ♦ I 4 ' I 4 I I , l ♦ I , I ! 1 Bi SI.I,• `A a I •♦CREST r! a� 5 sr y S y j P4R, I B S e y B 9' ?I I. STREET 1 , TWELFTH STh • W I�r -9. 1I to 4i ' L41 l\u I�z \W Lu l [oResr 2 , {I z J 2 J z ) z J 2 ! 4 4 :�' i _ 1..., I ,1 I. s PARR 33 j _,t__ -- 11 jI .� 1 I —. f , y Ie 1sF B I \ .\:, THIRTEENTH STREET F Atte }-- Pr- z I 2 • 1 I % I 4 I , I 1 1 • r 9a • I.Ii. USE IJM 4 8 S 1 8 I• I �� l • H 4' � I . _ � S STREET I..•-•.}. . t! 'ICI (V.t �� t 3F9 4 N _c.- a Icz 1 4P i Q`' a wEN ti Ii � i...... j .1 - [3: 4 '1� aI c: ,I ' I - 153 i ito 155 I [ I! . ` __l . - �__. O to STREET ''�I I yc r yIZ o I _ I E' .41 i M rER..• a T� EP iii1REELEY CENTRAL I 4 44 iI -4HIGH r ' i 2 ! I f f 6 Ii. SCHOOL I. • : 4 is_1 I I •I.. — .- - r , dI�.. .. SUbD 1 alCi1 1• I, l - ��r , _S C: STREc T ; -.. Property Owner : 0961-05-3-15-022 Address : Greeley National Bank City, State, ZIP: 821 8 St Surveyed by : Greeley, Co 80631 Date of Survey : D Schildmeier Occupancy: 18% Bank, 82% Office Floor Area: 118,349 square feet Number of stories: 8.0 Class: Reinforced Conc. Frame Average story height: 16.0 feet Cost rank: Average Effective age: 17 years . Cost as of: 1/94 Heating and Cooling: Hot & Chilled Water 100% Other features: Elevators serving 118, 349 square feet Units Cost Total Basic structure cost 118,349 95.45 11,'296,41:3 Extras: Bank equip 300,000 4 Fir mech 6,720 of @$30 201,600 8 Flr mech 2,508 sf @$30 75,200 1 Fir gar 960 sf @$30 28,800 Subtotal 605, 600 Replacement Cost New 11,902,013 r t .1710.. awJ...M tee. y.�.��{ T- • _ _ _ 19-1LY'�t'dSC-3S�' 3 - Tea E._• q 4.k _ _ Miscellaneous: Land 216,500 Total 10.928,312 Cost data by MARSHALL and SWIFT 8 Comparable Sales Improved Properties for Greeley National Bank The most comparable sales are sale 244 located at 2000 16th Street which sold for $55.53 per square foot and sale 252 at 2021 Clubhouse Drive which sold for $60.00 per square foot. To adjust for time from the date of sale to the appraisal date of 6/90 we will use two percent per year. This adjustment is based on an office at 3701 West 10th Street which sold in 9/86 for $325,000 and resold 4/91 for 357,000 for a gain of 2.1% per year over 55 months. Adjusting sale 244 upward for time (55.53 x 4% = 57.75) . Adjusting sale 252 upward for time and down for an unfinished basement yields (60.00 x 4% = 62.40 - $5.00 = 57.40) . To adjust for size the closest comparison is a 5 story office building which sold 4/90 at 1050 Walnut street in Boulder. The building size is 111, 722 square feet. After adjusting for location the adjusted sales price is $5,120,500 or $45.83 PSF. 57.00 - 46 = $11 downward adjustment for size. Therefore the subject 128,537 square feet x $46 equals $5,912,702 or $5,900,000 rounded. 9 940165 COMPARABLE SALES IMPROVED PROPERTIES FOR GREELEY NATIONAL BANK GROSS SALES PR. SALE DATE OF SALES BLDG. P. S.F. OF NO. LOCATION SALE PRICE AREA G.B.A. OFFICE SALES 94 2918 W 10TH ST 11/89 $ 235, 000 6, 086 $ 38.61 118 1770 25TH AVE 9/86 $ 774, 900 11, 200 $ 69. 19 244 2000 16TH ST 7/88 $ 595,000 10, 715 $ 55.53 252 2021 CLUBHOUSE 8/88 $ 600, 000 10, 000 $ 60.00 DRIVE 1040 1650 16TH ST 5/85 $ 907, 000 14, 746 $ 61.50 9230 1050 WALNUT 4/90 $5,800,000 111, 722 $ 51.91 BOULDER _% „.,„ ..._ 10 940165 INCOME APPROACH The agent states that Income approach over states lease rates. He has neglected to provide the rental rates for the subject property. Typically in an income approach you look at the previous 3-5 years of income on the subject to determine the potential gross income and the vacancy and collection loss. Then you look at similar properties to determine an economic rent. We do have a rent roll for the month of January 1988 supplied by the agent. Based on this information we have extracted a rent for the office space in the tower and the annex. The rent for the bank area is also estimated from rental rates obtained from other banks. These leases gathered by the assessor's staff show rent of $12.00 gross is a conservative rental rate for a banking area. e 1s6 11 n -0,, . :5222440 P. 03 J-% -J1 Filename TENANT 20-Jan-88 SUITE. TENANT Square Current S per Escalation Lease Vacant I Footage Rate Month Expires " ,1002 Boettcher & Co 1 ,020 13.46 1 ,144.10 4% each 9/1 31-Aug-88 0 /003 Optique Vision Clinic 716 10.00 596.67 31-Jan-90 0 ✓004 Quiche & Stuff 992 10.65 880.40 31-Dec-89 0 v005 E‘ F Hutton 2,839 11.58 2,739.92 31-Deo-90 0 007 740 0.00 740 ' 008 942 0.00 942 009 218 0.00 218 v010 Clearwater 8,200 7.25 4,954.16 31-Dec-88 0 . 0 0 • 200 Affiliated Audit 777 10.50 679.66 Monthly 0 . Old Trust Dept 2,749 0.00 2749 0 ' 300 Law Offices 3,077 10.50 2,692.38 4% 3/1/87 & 88 28-Feb-89 0 310 Paine Webber 3,622 16.38 4,944.03 4% each 12/1 31-Aug-93 0 Old Bookkeeping 3, 162 0.00 3162 ' 500 John Cowart ' 1,200 2.25 225.00 Monthly 0 505 Dominguez Janklow et al 1,811 11.61 1,752,14 30-Nov-88 0 • 510 National Onion Assoc 1,178 9.25 908.04 31-Dec-91 0 520 Nelson Engineers 1 ,317 11.44 1,255.54 31-Aug-89 0 ; 530 483 0.00 - ' ,1,-8E9d-e9F:.4d.. 483 550 Karowsky Witwer Oldenburg 411 10.75 0 2,336 11.00 2,509.52 ' Monthly 0 600 1,762 0.00 2 1760 • 605 Prof Empl Adv Council 609 9.85 500.00 31-May-90 0 610 932 0,00 620 Mntn States Beet Growers 499 ...11 00 457 42 -3p aU41..88 - 932 - "r4:=64st!-=e•""' - .• ._- _.3r@' r-- 0,p-0- .'w� >._ - - 115 " _ . 0,00 � -• 650 115 1,150 0.00 1150 700 Blundell & Condon 1,155 9.50 914.37 0 • 0 710 Craig Dewars 771 11.50 738.87 0 720 1,434 0.00 1434 740 Anderson & Whitney 1,070 10.50 936.25 0 I 760 Anderson & Whitney 4.877 11.36 4,616,89 - 31-Dec-89 0 Annex Walker Miller ) and 4,161 6.61 2,293.30 30-Apr-88 Annex Timothy Chavies • MCI 65.00 Monthly TOTAL 60,545 39,797.31 13687 Percentage of Unrented Space 14 .2% ( Excluding Old Trust area 2nd floor and Average Rent on Rented Space 10.19 Old Bookeeping 3rd floor ) SEP 30 '93 13:45 303id22440 PAGE.003 12 9101,55 Income Approach Based on 1988 rent information from the agent, the office space in the subject property would rent for $11.00 PSF. The office tower rents are as follows: Square $ Per Suite Tenant Footage Rate Month 200 Affiliated Audit 777 10.50 679.66 Old Trust Dept 2, 749* 0.00 300 Law Offices 3, 077 10.50 2, 692.38 310 Paine Webber 3, 622 16.38 4, 944. 03 Old Bookkeeping 3, 162* 0.00 500 John Cowart 1,200 2.25 225. 00 505 Dominguez Janklow et al 1,811 11.61 1, 752. 14 510 National Onion Assoc. 1, 178 9.25 908.04 520 Nelson Engineers 1,317 11.44 1, 255.54 530 483* 0.00 550 Karowsky Witwer Oldenburg 411 10. 75 2,336 11.00 2, 509.52 600 1, 762* 0.00 605 Prof Empl Adv Council 609 9.85 500.00 610 932* 0.00 620 Mntn States Best Growers 499 11.00 457.42 630 Dinner Hellerich & Lazar 3, 060 11.36 2,895.98 640 Larry Steel & Assoc. 1, 160 11.36 1, 097. 67 645 115* 0.00 650 1, 150* 0.00 700 Blundell & Condon 1, 155 9.50 914.37 710 Craig Dewars 771 11.50 738.87 `740 -` Anderson' & Whitney -1, 070 10.50 936.25 - 760 Anderson & Whitney- - 4,877 11.364,616.89 Totals 28, 930 $ 27, 123. 76 x 12 Annual Rent $325, 485. 12 * Not figured in annual rent $325, 485/28, 930 = $11.25 PSF Therefore the Annual Rate is $11.25 PSF 13 9101535 Based on 1988 rent information from the agent, the rent on the annex is figured the same. This rent is $9. 00 PSF Square $ Per Suite Tenant Footage Rate Month 002 Boettcher & Co 1,020 13.46 1, 144. 10 003 Optique Vision Clinic 716 10.00 596.67 004 Quiche & Stuff 992 10.65 880.40 005 E F Hutton 2,839 11.58 2, 739.92 010 Clearwater 8, 200 7.25 4, 954. 16 Total 13, 767 $ 10,315.25 x 12 Annual Rent $123, 783.00 $123, 783/13, 767 = $8. 99 PSF Therefore the annual rate on the annex is $9.00 PSF 14 940 _i;5 BANK LEASES BANK NAME & BLDG RENTAL LEASE ADDRESS AREA RATE START 1 CENTRAL BANK 11,094 14.71 NET 11/85 3690 W 10 ST GREELEY 2 BANK OF WINDSOR 4,080 15.44 NET 5/85 1041 MAIN ST WINDSOR 3 UNION COLONY BANK 23.884 10.05 NET 7/86 1701 23 AV GREELEY 4 NORLARCO BANK 4,588 17.00 GROSS UNK 2545 RESEARCH BLVD FT. COLLINS 5 NORWEST BANK 6,500 13.00 NET UNK 6500 JFK PARKWAY FT. COLLINS 15 9101.C i5 PIN: 2810986 PARCEL: 0961-05-3-15-022 PROPERTY OWNER: GREELEY NATIONAL BANK ADDRESS: 821 8TH ST OCCUPANCY: BANK QUALITY OF CONSTRUCTION: AVERAGE CONDITION: GOOD YEAR OF CONSTRUCTION: 1974 BANK OFFICE ANNEX AREA LEASABLE 23525 76, 024 18,800 RENT PER S.F. 12.00 11. 00 9.00 POTENTIAL GROSS INCOME 282,300 836,264 169,200 LESS VACANCY 0 20% 40% EFFECTIVE GROSS INCOME 282,300 669, 011 101,520 LESS EXPENSES 35% 35% 35% NET OPERATING INCOME 183, 495 336, 026 65, 988 OVERALL CAP RATE . 12 . 12 . 12 ESTIMATE OF VALUE 1,529, 125 3, 623,808 549, 900 TOTAL ESTIMATE OF VALUE: 5, 700,000 16 910155 -._ - _r; ill ~t atCLERK TO THE BOARD I\ AIIIIII P.O. BOX Ise GREELEY,COLORADO 80032 • P03)3564000 EXT.4225 COLORADO January 5, 1994 1 Banc One Colorado Corporation i 1125117th-Street Denver, Colorado 80202 ,, RE: SCHEDULE NUMBER 961-05-3-15-022 4;6' Z '� Dear Property Owner: This is to advise you that t Board of Weld County Commissioners will hear your petition for tax abateme or refund on the property described as: Situs, 822 Seventeenth Street, eley, Colorado 80631. The meeting is scheduled for Monday, January 17, 1994, at 9:00 a.m. , at which time you may be heard. The Assessor is recommending that the Board deny your petition. The, meeting 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. If you have any questions concerning this matter, please do not hesitate to contact this office. Sin / n rely, ' / /// I &•oj �v G✓uc/Gn Donald D. Warden, Weld County Clerk to the Board y By: ✓/ / Deputy Clerk to the B rd XC: Assessor — W. Lasell County Attorney Jeffrey M. Monroe, Agent, Tax .Profile .Services • • 2 EXHIBIT SnHg�� 9401., i' +� t� �t 15DPT 'M PRESCRIBED BY THE PROPERTY TAX ADMINISTRATOR i FORM 920 1/666/90 RON FOR ABATEMENT OR REFUND OF TAXES-0 F HOECKEL NVER 341312 A Petitioners: Use this side only. GREELEY - ,Colorado, DECEMBER 18 19 93 ? " • City or Town To The Honorable Board of County Commissioners of WELD County • Gentlemen: • The petition of BANC ONE COLORADO CORP. ' f a whose mailing address is. 1125 17th Street. ? I`• '. • I Denver Colorado '180202 City or,Town State ZIP C d 1 SCHEDULE NUMBER DESCRIPTION OF PROPERTY AS LISTED ON TAX ROLL 961-05-3-15-022 Situs 822 Seventeenth Street Greeley ,Colorado 80631.1;, respectfully requests that the taxes assessed against the above property for the years A. D. 19.91 1`392 are erroneous, illegal, or due to error in valuation for the following reasons: (Completely describe the circumstances surrounding the incorrect value or tax.) T INCOME APPROACH VALUE. COUNTY HASD FILE TO RECOGNIZE FUNCTIONAL UTILITY LOSS BROUGHT ABOUT BY BRANCH BANKING. INCOME APPROACH OVERSTATES LEASE MITES. Value Tax Value, Tax„ Orig. 1 ,534,310 159,796.85 1 ,534,310 162,814.80 Abate. 383,869..27 39.x97.9.6.0 3.83..8fi9..27... 40,734.67 Bal. 1 ,150,440.73 119,817.25 1 ,160,440.73 ; ,122,080.23 . The taxes (have) (have not) been paid. Wherefore your petitioner prays that the taxes may • be abated or refunded in the sum of$....80,.71.4.27•+ Interest • I declare, unaer penalty of perjury in the second degree that this petition, together with any accompanying exhibits or statements, has been examined by me and to the best of my knowledge, . information and belief is true, correct and complete. BANC ONE COLORADO CORP. , Petitioner By..,_.J. M. Monroe Agent• Tax Profile '1123.Aura-tit Parkway Suite••G-4t Address 0 Denver, Colorado 80204 9"01 &5 I STATEMENT OF AGENCY Property Owner, Banc One Colorado Corporation, hereby appoints Tax Profile Services, Inc. (hereinafter "TPS" ) , as Property Owner' s representative in connection with the valuations for assessment of Property Owner' s real and/or personal property • which is contained in Addendum A attached hereto, for the years 1990 through 1994, for taxes payable the following year (hereinafter " Subject Property" ) . TPS shall have full authority to review all applicable records relating to the valuation for assessment of the Subject Property; to negotiate the valuation for assessment of the Subject Property with the County Assessor, with any representative of the Assessor' s office, or with the County, at an amount which TPS deems appropriate in the circumstances; and to pursue any statutory remedies which Property Owner may possess before the County Assessor, County Board of Equalization, County Board of Commissioners, Board of Assessment Appeals, District Court, Appellate Courts, or in binding arbitration in the Property Owner' s name and in Property Owner' s behalf. This agreement shall remain in effect until revoked in writing by Property Owner. Banc One Col "ado Corporation State of CCL0RAJO , lemeet County of ) ss. The foregoing agreement was acknowledged before me thistday of /m4AcA , 19 9,Y , by GAFFY /Nmsde// (if a natural person or persons, insert name(s) ; if by a person acting in a representative or official capacity or as . attorney-in-fact, insert the name and identify the capacity in which it is executed; if by an officer of a corporation, insert the name of such officer and identify the office. ) Witness my hand and official seal. 272. Notary Public • My commission S/��/`p3 expires: 940165 SUMMARY OF DESCRIPTIVE DATA PURPOSE OF APPRAISAL: To determine Market Value as of 1\1\91, effective date 6\30\90 PROPERTY OWNER: Banc One Colorado Corp PROPERTY ADDRESS: 821 8th Street Greeley CO 80632 PROPERTY DESCRIPTION: Central Business District, Greeley LOT SIZE : 54,125 Square Feet ZONING: C-4 Commercial LAND VALUE: $216,500 SIZE OF BUILDINGS: 116,301 Net Rentable QUALITY: Average YEAR BUILT: 1974 EFFECTIVE AGE: 16 years CONDITION: Average IMPROVEMENT VALUE: $3,874,694 VALUE INDICATIONS: COST APPROACH N/A * MARKET APPROACH N/A * INCOME APPROACH $4,091,194 FINAL CONCLUSION TO VALUE: $4,091,194 * Market Approach is not applicable as * Cost Approach is not applicable as subject property is limited market, adjustments that must be made render it special use property. unreliable. 3 O 5 ±&E&& : / EE am■gaggw m $ /| R & § � dE@• 2 � 2mT ) . . . cx f§)a . . . . . o - ; . 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D WW G ❑ W a 2a N� 0 W Z # (Zr ' E W NI d m a o sa rx 0 }. ) 0A , t, ¢ N ,D!";�. .,I� Ise; !'4I ^U. w ■ O O .-IN J N I-- I lli'iri , IY 1 _J Ci W N •') LI ; 4 FA Z and `N( � , Nbf r w M COW O .._ 0' ■ o ...:SR L_ ❑ CJ Ial ,p,...,N 0 CY • ■ ■ ■ ❑ IIMMI An 9101.35 SURVEY FOR WELD COUNTY ASSESSOR PROPERTY OWNER BANC ONE OF COLORADO CORP ADDRESS DOWNTOWN GREELEY BRANCH TYPR BANK BANK OFFICE ANNEX NET LEASABLE 21, 65B 77, 293 17, 350 RENT PER SQUARE FOOT $12.00 1.50 $6.00 POTENTIAL GROSS INCOME $259, 896 i56, 991 $104, 100 LKS VACANCY 16.69% 27.50% 40.00% EFFECTIVE GROSS INCOME $216, 519 $476, 318 $62, 460 LESS EXPENSES 35% 35% 35% NET OPERATING INCOME $140, 738 $309, 607 $40, 599 OVERALL CAP RATE 12.00% 12.00% 12.00% ESTIMATE OF VALUE $1, 172, 813 $2, 580, 056 $338, 325 TOTAL ESTIMATE OF VALUE $4, 091, 195 940165 § § % § § \ § § / § kkt$el t $ cn co CO C CM O ] gLet kk CO '4 % et / ( 2 \ § § $\ § ) § § 32aiitt kk cq \ Lb \ $ _co ] § k / 2 § % \ ) \ ^ a k gr;kkt iris _ \ c.:E in k � k § q § § 2 § \k C • § _k k3. K ( % § § m c4 W § \ § m q2 n ~ m # a w \ ; b d % \ §HHPJ \ 2 9d...01(135 GENERAL INFORMATION Introduction As described in this report,an appraisal was made of certain real estate identified to us as the property of Banc One Colorado Corp., located in various cities in Colorado. This appraisal was made to express opinions as of June 30, 1992,of the market values of the various interests held in the real estate as if offered for sale in the open market and the value in use of each property. We understand these opinions of value are to be used for the purpose of assessing Ad Valorem Taxation. It is entirely inappropriate to use this appraisal for financing or any other noninternal purpose. Market Value is defined as the most probable price in cash, terms equivalent to cash, or in other precisely revealed terms, for which the appraised property will sell in a competitive market under all conditions requisite to fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress. For properties held in fee simple interest, the land, land improvements and buildings were valued as if offered in the open market for a reasonable time in which to find a buyer. We have assumed the properties to be available for development to their highest and best use, free and clear of all liens and encumbrances. Value in Use is defined as value concept which is based upon the productivity of an economic good to its owner-user. Value in use may be a valid substitute for market value when the current use is so specialized that it has no demonstrated market and when the use is economic and likely to continue. Value in use is interpreted to be synonymous with Tax Profile Services, Inc.'s definition of Fair Market Value - Continued Use. Fair Market Value is defined as the estimated amount at which the property might be expected to exchange between a willing buyer and a willing seller, neither being under compulsion, each having reasonable knowledge of all relevant facts, with equity to both. The continued use premise assumes that buyer and seller contemplate retention of the facilities at their present location for continuation of the current operations. This opinion of fair market value is not intended to represent the amount that might be realized from piecemeal disposition of the property in the marketplace or from some other use of the property. We did investigate all financial information relative to the subject properties. In our opinion of fair market value under conditions of continued use, we assumed that prospective earnings would provide fair returns on the fair market values of the properties included in the appraisal. We did not test the adequacy of the earnings to justify an investment in the assets at the appraised amount. Fee Simple Interest is defined as an absolute fee, free of limitations to any particular class of heirs or restrictions, but subject to the limitations of eminent domain, escheat, police power, and taxation. Leased Fee Estate(Interest) is defined as an ownership interest held by a landlord with the right of use and occupancy conveyed by lease to others. It usually consists of the right to receive the contract rent provided by the lease, the reversion of the real estate at the end of the lease, plus any other benefits, but minus any penalties according to the provisions of the lease. Leasehold Estate(Interest) is defined as the right to use and occupy real estate for a stated term and under certain conditions as conveyed by lease(the value of which arises from the margin of the economic productivity of the property as measured by the difference between economic and contractual rents). We appraised only the real estate,including land,land improvements,buildings and fixed building service equipment. For value in use, we have included teller counters, drive-thru windows, pneumatic tube systems, safe-deposit boxes, and vaults and vault doors. The appraisal investigation included a personal inspection of each property. Banc One Colorado Corp., will be referred to hereafter in this report as "Bank One" or 'the company". 94,01.65 UTILITY Utility is Ma ability of a product, service or property to sadly a human want, need, or desire. All properties must have utility to tenants, owner-investors, or owner-occupants. Usually, the value of amenities is related to their desirability and utility to the owner-occupant, but their value can also be converted into income in the form of rent. The benefits from income-producing properties can usually be measured in cash flow. The influence of utility on value depends on the characteristics of the property. Size utility, design utility, location utility and other specific forms of utility can significantly influence property value. 9401.65 GOING-CONCERN VALUE Going-concern value is the value created by a proven property operation; it is considered a separate entity to be valued with an established business, with all the influences associated with internal and external forces, on the businesses. This value is distinct from the value of the real estate only. Going-concern value includes an intangible enhancement of the value of an operating business enterprise which is associated with the process of assembling the land, building, labor, equipment, and marketing operation. This process leads to an economically viable business that is expected to continue. Going-concern appraisals are commonly conducted for hotels and motels, restaurants, bowling alleys, industrial enterprises, retail stores, retail stores, banks, and similar properties. In appraising these properties, the physical real estate assets are an integral parts of an ongoing business, so market values for the land and the building are difficult, if not impossible, to segregate from the total value of the business. .. s • • ' • „+ ds ;•..; . 1 +wwvwi� ;' VALUE IN USE • The three approaches to value used in the determination of market value in the open market were also considered in the determination of the value in use. SPECIAL USE PROPERTIES This appraisal was developed for Bank Properties whether they be of a single user type or multiple use property. Identifying the difference between types, indicates the adjustments necessary to appraise each correctly. For single user bank property, the three approaches are used somewhat differently then with banks with multiple tenants/uses. First,, with the cost approach, allowances for external obsolescence, would have to measure influences for all classification currently in use with the subject property not only for external influences effecting the banking industry. Functional obsolescence, both curable (tenant finish in converting vacant bank space to usable rentable office space) and incurable (vacant basement board rooms, accounting and bookkeeping areas) must be carefully measured so to correctly adjust the "Replacement Cost , New". ,a. J+1rP t J tT. 4 11 ^ .( USE VALUE • The realities of current real estate and mortgage practices not only place emphasis on market value, but also require more frequent consideration of other kinds of value. One of these, use value, is a concept based on the productivity of an economic good. Use value is the value a specific property has for a specific use. Use value focuses on the contributory value of the real estate to the enterprise of which it is a part, without regard to its highest and best use or the monetary amount that might be realized upon its sale. Use value may vary, depending on the managemeny of the property and external conditions effecting that business or industry. For example, a manufactoring plant designed around a particular assembly process may have a "use value" before a major , change in assembly technology and another use value afterward. When appraising a type of property that is not commonly exchaged or rented, it may be difficult to determine whether an estimate of market value or use value is appropriate. Such properties, called limited market properties, can cause special problems for appraisers. A limited market property is a property that has relatively few buyers at a particular time. A special use property such as as, auto dealership, theater, bowling alley, and banks are limited market properties that typically appeal to relatively few potnetial purchasers. Many limited-market properties include structures with unique physical design, special construction materials, or layouts that restrict their utility to use for which they were originally built. These properties usually have limited conversion potential and, consequently, are often called special propse or special design properties. Limited market properties may be appraised for market value based on their current use or the most likely alternitive use. Due to the relatively small market and the length market exposure needed to sell such properties, there may be little evidence to support a market value estimate based on their current use. Nonetheless , if a market exsists, the appraiser must search deligently for whatever market value is available. If a property's current use is so specialized that there is no demonstrable market for it, but the use is viable and likely to continue, the appraiser may render an estimate of use value. Such an estimate should not be confused with a market value estimate. However, it is sometimes necessary to estimate market value in these situations for legal purposes, i.e. ad valorum taxes. In these cases, appraisers must comply with the legal requirements, relying on. their judgement rather than direct market evidence. • 8 .. •.�M)nxpn TAX PROFILE SERVICES, INC. CERTIFICATE OF APPRAISE I certify that, to the best of my knowledge and belief: The statements of fact contained in this report are true and correct. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and represent the unbiased professional analyses, opinions, and conclusions of Tax Profile Services, Inc. Tax Profile Services, Inc. , has no present or prospective interest in the property that is the subject of this report, and has no personal interest or bias with respect to the parties involved. The analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Uniform Standards of Professional Appraisal Practice and the Code of Professional Ethics and the Standards of Professional Practice of the American Institute of Real Estate Appraisers. The use of this report is subject to the requirements of the American Institute of Real Estate Appraisers relating to review by its duly authorized representatives. I have made a personal inspection of the property that is the subject of this report. Anyone providing significant professional assistance is identified on the signature page of this report. J f y Monroe • 34 9?Q1 5 r .0 .ym, t r,•..,t tI, .. t r.,.5 , t YM1i l'' Ir �5 ,.,'',Ifli {'4C y i} Jl1J'1,{" d4`{4t tJ Ja1� rrf ti�1,.H+:4�tiV A ti5• 't !t r lad} :. x � !G'' ylr r) :� rnp f4 }F F I ` .44•4'! ee„"'w,-".nti 'o 11�1'V I2.1.tt ,, I��t1,y erf `, y,•t. 6 :, ili Yr }'I,Y, 2,1i ,ii,tbyr I0,'.2 ,ii ","1r !1 t�i7, fr4(v.14{1t ✓, w, 'ftkk�.i \qry l,, }$yi 9A' s 1 tr f '7 �f�' Yt : Irn"r tf;, ti� jI f r f � q>•"' `r�r1'`1"!',�I LUr, .0 I rr r),V y Ia �y Chf 4J BIZ ,�*�f11 ✓h {I �� ,r i1 t ?4 nrJ 1 i>�r s rl' ry t I ' RR € ' its :4 j c" yy`i ,;+ IlUILDING OWNERS f 1 4 ,� tI l r r. "� J V:'r 4 f rt I q J r 4 y, q(t"t f t f Ir7J ici r 4y fl; x'tU" W.j. r ', �t! �:v w P w t t' • 14,P(.t t t• a,04.$,1: a4 .,:t " t" wE iL.i. .fri 111. t" nrp n�,.bb " l W,11 U' 1'ti" M� + 'ydli+� t y5 t �.,,, 1114''4�: I.: •1Fi, (fd.14Xli��1r\.t�' ri }I5�•F`, rr,. 44 t9'+i` „,t.gr.l,.. �.,:iF',io,,4t1` YKit r r ,,, , I .„. At rli 6,` y1 .St# r �i1>Nt, J,yUI ll' F44��k1 V`r2(q: :'1'Iy6)S hri•4+f1):41't J�F1Yt` }`I , " '• 3. rZ � ' 1�k �'<� " 1 t o, �y t �� t t i AND MANAGERS' Ir 'W I ,,� ' Wf. C ,. i 3� }r 4},,iihrl a0, 1 W i,,f4Y•iuYcA"i ttiAkr,t4• ikl�C'�t'�.' rail^•"'^,Ad&1 114'^5 rfk , ` ', .:�rrlyl d r C.. °i ' ° � JIr .; ,rr�.Fr alkll,.l'ri7, Y 0t}"'{,ry7yifR';ttill. t'P.i ;t,'S t„�;fir.0 4i11s tir w f }FI112Ia:S:: (-c Air, r... 1, 4 J , i ,1. y !, :V$1."Yi f t"r1t,J ,rry f :tic J 7LN I11�4r' ,'q rfj11,F l,: /t A�t i,4'f ,r h•1'i� ti`+2�L ,. r : t {, r I. '," III Eltln' 'rlkR P', $77Strf`�,i'p,44,tntit,,lfr 14{�s �l'f4r p k ;lrt,'�I r1}v' t l t t, (� n ASSOCIATION tt tI rt tr I,rr ,t } tl i f( ; • riJFg , ,' Ix're btik� 1� iY � 1A 4t r.yd t , t, I r �• yI ( K f� I t r fp + ,� t r �: n l�tu� 4 )� iy)11• y" t t3'IV I'4 lv ;! 1r In r}11,E r l R .i A I I 4 ! fy 1 4,f • i r � i •IPaG a� � i s It FI , t 4y r 4 • r"'+ ' i I'} `s , 1 , �r,,(• • l i-414- .4F °!;�SrJi r It .rte :r°I',w� .y','"tl a ('��' REAL ESTATE 4 +a,ib y Yr`; M1+, v y I fF 14 r I ;:Vi ' t 'J f ..�{ t1vr("�"J. (�. V''i! y:li r r h�l, t " i r n; " "A ' t I,t+l thi "iht� trovl Irrr�■ Is, W r r xxw r... r ...a.. k-.a, i• .,�t t • ,•IrtiII- ' ' ,• 1 DIRECTORY I: � ',:,,,lit I1r1 ■NIMIrrr,:��ry r n , 5I -: t ' in�n■ ` ` 1' ' 1992 EDITION trtv', 11 ' ' M • • 'r' I , ll rf 1 �� a . , a rr I ,i : I t Ay fn llr "< 4r< t .(, 670rrr■ ii lit I , , I r ' °tl'{'A ' 7 r�NNNONONN `,..., 1'; , � OFFICE 1 �li .j 11 • a' y • I , ' 1 ti t i • : 14I 'nits.rllr.rrJa."a"II <ir? a"ii. Y fr- .-iinrrl. , INDUSTRIAL v JJ�'�• , I OUM�rrrl•: '63ih , , •S y n• fix 11 •1 t — '� ...,r. 11 y rOYMq MllrrrrMl k' RETAIL •� INNN/14tlrr■NNi x�l, !' ;W •> rA INNNN11NrNNN111 I ' 1 filt•O 107rNMNNNY00{{ t r t l j ' t r• ;Y ' • Nf "Cc c " I, l'!:.1' V IDC Cw NSA YCCI 1i+I 'I x r� w ! °")XK 1 ? DENVER'S MOST v " 1 yi~ I• • • Nr4iJ libt/hl''4 .nn ` I 4. Ve 1•i c' COMPREHENSIVE pfr ')� i? ` I ', >• ' r' ,OO i� ' t i _ REAL ESTATE K inn DIRECTORY • \ 1 w ,� �i '� � +4 I r, 04 �, � r • , ,NI � .,r• � G M f v I � � � 'I It 1+t • M ohl ��jb4 �� ar r�•44r I It1'ro44� �• • , ' rr ••.. • --,....:,.. ,;.:,,,..T.rrp�g . . ,--, ' 4 .. • �� I •• 1 � :�r} ^� �) Iii l� tit, •b,. b r 11 Iw♦ • I 1 Iq � I I`` :�Qxl ,y0, r' 1111 1111 • • '1,I. t: -.h ': ' wr1 • pl • Pl l ' gi. • I (p • 1'Idr Ix {' Yf ...•� I iM .:.Y !�4iA,� •�•xwti t>11.� `� , . .41i•il I l v r'f€dF� �k I� , • '1'1' ,, I "e7'.1. , r•.nwlNw•n,J,NI�I'i1rNW~.w11 1 I'.P�I Illi:'1 ":� 4��1.`II ( L r, , • `, .� Cy�4 ,fir 1 MI h P ql �. ..I 11 S'na IAN• ' .r r 1.- ii;:., 'y n,,..O �1:1.„16E.-.1 r� �- D�i•Y� ,y.. 1111 '' •.; �N 1 t. 1� � I •Id •1 p,i'.. •^� r- fir. I::, ,I,.,...,• q r 1. M1 tl .r4 I t kpv r I.. • ...:7111 I!I ARTICLES (' Space Rentable vs UsableJi One of the more perplexing concepts pertaining to office outer building walls,excluding any major vertical penetrations of ,PI hi buildings revolves around a concept known as the Standard the floor(i.e.:stairwells and air or elevator shafts). Method For Measuring Floor Area in Office Buildings. This standard,also known as the American National Standard, has No deduction is made forcolumns orprojections necessary to evolved over the last 80 years. the building. In 1915, the Building Owners and Managers Association Once the Usable and Rentable Areas have been established, International developed the first standard method of floor men- the Rentable/Usable Ratio (R/U Ratio) can be determined by • surement for office buildings. This was readily accepted as a dividing the Rentable Area by the Usable Area as follows: • national standard and serviced the industry for more than thirty- Rentable Area=1,150 square feet five years without occasion for amendment. With the advent of modern building designs, a revised standard was adopted by = 1.15 squ Ratio BOMA international in 1952 This was further revised in 1955 to Usable Area =1,000 square feet • become the American National Standard,of which BOMA Inter- This 1,1 example the Usable would indicate that rentable area of the R/ national was a co-sponsor. space is 1,150 feet,the UsableArea is 1,000 square feet,and the R/ In 1971,The Standard was again revised to reflect modern U Ratio(also known as the"Add-On" or"Load Factor")equals 1.15. This means that the tenant will actually have 1,000 square leasing concepts and practices in effect at that time. BOMA international revised the Standard again in 1980 to further clarify feet to occupy,and that approximately 15yoof the tenants rent will thepoint to whichmeasurements are taken relative to theexterior beortbuil oragerooms. theruseful formulas are: oms,wall of a building and to establish the two basic methods that are mechanical and storage rooms.Ratio=Rentable useful arc:used in measuring the office area of a given floor. Usable Area x R/U = '' The two major components which make up the Standard arcII Usable Arca and Rentable Area. The recognized definitions of Rentable Arca each are as follows: K/U Ratio =Usable Area I eachar Usable Area The Usable Arca is the area actually occupied by the tenant The UsableArea of an office is computed by measuring to the Reannd can tableArea ovary (given ending on lfloor should remain e configuration of the thesamespace.once ithlas 1, finished surface of the office side of the corridor or other perma- been established. 14 nent walls,to the center of partitions that separated the office from adjoining Usable Areas,and to theinside finished surface of For a more complete discussion on this topic a pamphlet is the dominant portion of the permanent outer building walls. available from the BOMA office at 303-820-2662. j No deduction is made for columns or projections necessary to the building. otheb ling.e Article provided by Mark Best,RPA,LoweEuterprisesColorado, I The Rentable Area of a floor is computed by measuring to the Lm,-CiiairmmtE1ec11992DcuverBOMA. inside finished surface of the dominant portion of the permanent ». A}" ,M .s ens, ; ¢ Riles} f- r rya, n't4 I' •(�t PC', ,re i �f A '"5'4'1(4'14, � N J{'f 441‘.."7111, ?'"a are t Have all the right PICCCS 1 ;fie 4 e �`nfi 0.i. `�'aL;yi i ,� ( Call Telepo✓'t Denver Today 303-572-5960 Fiber Optic Alternate Access provides your tenants with the most sophisticated options available. a*rat s Offer the complete picture,call Teleport n+ kr' i, �_x' to find out how you can benefit from these �a 14`41, ,., �Y�, . alternative services. _, t,"%<: tp kal r x71`2" i, s TAX PROFILE SERVICES, INC. CERTIFICATE OF APPRAISER I certify that, to the best of my knowledge and belief: The statements of fact contained in this report are true and correct. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and represent the unbiased professional analyses, opinions, and conclusions of Tax Profile Services, Inc. Tax Profile Services,Inc.,has no present or prospective interest in the property that is the subject of this report,and has no personal interest or bias with respect to the parties involved. The analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Uniform Standards of Professional Appraisal Practice and the Code of Professional Ethics and the Standards of Professional Practice of the American Institute of Real Estate Appraisers. The use of this report is subject to the requirements of the American Institute of Real Estate Appraisers relating to review by its duly authorized representatives. I have made a personal inspection of the property that is the subject of this report. Anyone providing significant professional assistance is identified on the signature page of this report. even D. Schluchter 94,0165 TAX PROFILE SERVICES, INC. CERTIFICATE OF APPRAISER I certify that, to the best of my knowledge and belief: The statements of fact contained in this report are true and correct. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and represent the unbiased professional analyses, opinions, and conclusions of Tax Profile Services, Inc. Tax Profile Services, Inc. , has no present or prospective interest in the property that is the subject of this report, and has no personal interest or bias with respect to the parties involved. The analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Uniform Standards of Professional Appraisal Practice and the Code of Professional Ethics and the Standards of Professional Practice of the American Institute of Real Estate Appraisers. The use of this report is subject to the requirements of the American Institute of Real Estate Appraisers relating to review by its duly authorized representatives. I have made a personal inspection of the property that is the subject of this report. Anyone providing significant professional assistance is identified on the signature page of this report. J f y Monroe 34 9101.55 01/31/94 09:52 4,303 271 8818 JEFFCO ASSESSOR _ 1002/002 s9TO 76 1l# Ig Pill IN I IIP: 55 mIx O i ib g Ell si , fix i � � i i i � � I .' x U � •or . tiil r . on NT bi Zi .611M ipm S m& 6i u F II T'N .....V9N3f k . by TN ; y N 1M1 $ S. Ig .; N i n Gap 1 ` PI! g> 0 �°. -wm42Ims . 0Si!ill A141 gli Pei a 7Ii �xj /, in a III ., Mg.; all! IgIE oe! NSW 6 1 ill Ei l 1 i 1 id � 1 $i fall � g ig g g E e � R A Ir IN r a Ii l iy id i 6— : A i W 1 N A a a0 •^ N Sq r N I . I , 4 n 9 9 '- 1 4 1- 1 ti N M N m ' S N Sw w A a w • .a. p T.Gil CV a r .a vi 3 t Y ? W T S N r.. om PI ,� N 2 . 2N w N N ]nQ/ ' N Ng 0 we 1 M " , 1A d d d q V N I I (� d co N N CO l ; iz g',. F iry I �ad e N qm 4 i I N G ! It g 5 8 �; = x x AMs OA JAN 31 '94 09:51 303 271 8616 PAGE.002 9101.65 STATEMENT OF AGENCY Property Owner, Banc One Colorado Corporation, hereby appoints Tax Profile Services, Inc. (hereinafter "TPS" ) , as Property Owner' s representative in connection with the valuations for assessment of Property Owner' s real and/or personal property • which is contained in Addendum A attached hereto, for the years 1990 through 1994, for taxes payable the following year (hereinafter " Subject Property" ) . TPS shall have full authority to review all applicable records relating to the valuation for assessment of the Subject Property; to negotiate the valuation for assessment of the Subject Property with the County Assessor, with any representative of the Assessor' s office, or with the County, at an amount which TPS deems appropriate in the circumstances; and to pursue any statutory remedies which Property Owner may possess before the County Assessor, County Board of Equalization, County Board of Commissioners, Board of Assessment Appeals, District Court, Appellate Courts, or in binding arbitration in the Property Owner' s name and in Property Owner' s behalf. This agreement shall remain in effect until revoked in writing by Property Owner. Banc One Col "ado Corporation Mir 4- !fir 4-5 /•4-.r-,.>f State of OL0RN�O , lem(fek County of ) ss. The foregoing agreement was acknowledged before me this, day of TI /l e A , 19 93 , by GAFRy /'Fmsde// (if a natural person or persons, insert name(s) ; if by a person acting in a representative or official capacity or as . attorney-in-fact, insert the name and identify the capacity in which it is executed; if by an officer of a corporation, insert the name of such officer and identify the office. ) Witness my hand and official seal. /elf= ea ,t Notary Public My commission expires: SP3/93 940165 .r. • SURVEY FOR:WELD COUNTY ASSESSOR PROPERTY OWNER: BANC ONE OF COLORADO CORP ADDRESS:DOWNTOWN GREELEY BRANCH ,� TYPE: BANK C / BANK OFFICE NEX NET LEASABLE 23,525 76,024 18,800 RENT PER SQUARE FOOT $11.40 $7.64 $7.64 / 1 0- 411, POTENTIAL GROSS INCOME $268,185 $580,823 $143 U �' 5% 20%1 40% LESS VACANCY 74 d o-, �"file' -- / EFFECTIVE GROSS INCO $254,776 $464,659 $86,179 LESS EXPENSES 35% 35% 35% NET OPERATING INCOME $165,604 $302,028 $56,016 2 OVERALL CAP RATE 13.20% 13.20% 13.20% 1J' ESTIMATE OF VALUE $1,254,578 $2,288,092 $424,367 TOTAL ESTIMATE OF VAL $3,967,037 L'Utikt (Us. 'VIA- \- 'lGtA 20 9401..65 • / FIRST RANK SYSTEM MASTER TENANT LIST • 09-01-93 PAGE 27 'I SUITE TENANT SUITE R MONTHLY Sp FT <---LEASE DATE---> OPT TO <- --- ' N0. NAME RYES; > < ---CPI > SEC SPECIAL SQ FT U RENT RATE START EXPIRE EXTEND YR DESC.., DATE C DESC YR DPSTS INFO ' 5544.01 Greeley • • 100 CB Greeley 7431 I .00 • '200 Colorado Financial 686 673.08 11.77 09-01-90 09-01-93 1-3Yr. 600.00 300 Kosmlcki, Frick • 3100 2400.00 9.29 09-01-93 08-31-96 1-3 Yr. 2500.00 400 Vacant 4051 .00 15260+ 3073.00. 5.27• 3100.00" • • • • • • • • • • • • • 94 0-1.G$ - FIRST BANK SYSTEM MASTER TENANT LIST 09-01-93 PAGE 65 SUITE TENANT SUITE R MONTHLY SQ FT <---LEASE DATE---> OPT TO <- ---DYES---+-> < ---CPI > SEC SPECIAL HO. NAME SQ FT U RENT RATE START EXPIRE EXTEND YR DESC DATE'• C DESC YR DPSTS INFO 9059.01 Longmont 1 TAD Temporaries 475 R 425.00 10.74 11-01-92 10-31-93 2 2 Colorado Dermatolo 1526 R 1099.99 8.65 11-01-92 09-30-96 1-4y Byes 01-01-93 2 3 Nelson;Dwayne 384 R 295.00 9.22 07-01-93 06-30-96 2 189.67 4 Home Health Care 1100 962.50 10.50 06-01-93 05-31-95 Base 01-01-94 962.50 6 Durable Medical EQ 188 164.50 10.50 06-01-93 05-31-95 Base 01-01-94 164.50 100 RANK WESTERN 5145 R 5145.00 12.00 Imputed Rent MEZZ RANK WESTERN 1322 R 1322.00 12.00 Imputed Rent 5 Vacant 617 R .00 10757" 9413.99" 9.20* 1316.67" • • • • • • • • • • • 94!0• .65 . - ..hr'd.0 .wa,:LaalkaNiwrM4'tawti}R6m FIRST DANK SYSTEM MASTER TENANT LIST 09-01-93 PAGE 49 SUITE TENANT SUITE R MONTHLY SQ FT <---LEASE DATE---> OPT TO <- ---OYES-^?'-> < ---CPI > SEC SPECIAL NO. ' ..NAME SQ FT U RENT RATE START EXPIRE EXTEND YR DESC DATE' C DESC YR DPSTS INFO 9021.01 Pueblo-Central 10 DANK WESTERN 3684 R 1842.00 6.00 Imputed Rent 100 DANK WESTERN 4201 R 3375.00 9.64 Imputed Rent 101. BANK WESTERN-LOAN 400 It 267.00 8.01 200 DANK WESTERN 775 R 517.00 8.01 ' Imputed Rent 9060* 6001.00. 7.92* .00* • • • • • • 940'135 .4••s . . O\ H c-1 M V1 ' 41 O1 O • N-1=.f .. 00 (n C/1 h O t [t ON V* • N..• . U H H M pO N `C' 00 • r-r eel 00 4-4 • a pp a��ppp09 . 1:4O ✓ <4 N CD HOMMg. `hQ' N09ea me O U ~ • 0%fil V�9 f 909 Nr Nr 0% >74 W CA O N el err 0 co(V 69 Ch rT ~ (f N 69• �v. 09 04 wn/ Oh <Y CI N O O v� 12 W Cb 7+ co Ch 0 49 I ICI. rli r, v7i .-4 t- �q ~ 00 iii 00 N n • r•rl of) . (A F+i O9�2 to c) v1 G't O O VI N r••i N O O Oi Ch N 49 un un69 r W 00 VVD r U PE). .r v, 00M c� 00 (� t� • 09 69 ffi 6A PI . Ch r4 0O0 coq N 4• CICI WI �c�A C 49 O 09 X49 CD nt er r4 000 WCh lA t��n n f 49 Cip ' Ore 04 09 .. I/F��j11 Off. t� M O�yl r4 O �O O+ �OCh O W O erl ~-40 ti 449� ObiI VI 64 ‘r V ^Q� FC��' op • i�09 o�p 00 CN �• ael Ch pp 09 :II' Q1:1•1 Q rn bn vii U N o0 N oo N �Q' O .-r ti 0 H N n r, 00. ve H .0-� V9 49 • et ♦�`I ((I)1 • V• ooiGO 69 v% N ff% �fi op601 69 • • U 7 00 NMN 0 NaO M F-J U Z. O > w • yzDel • w2: w PEI � � w � � w 14 4Z4 PM4-1 1 DE) A 0 CS z ] . mom • 27 FIRST DANK SYSTEM MASTER TENANT LIST 09-01-93 PAGE 46 SUITE TENANT SUITE R MONTHLY Sp FT <---LEASE DATE---> OPT TO <- ---DYES--_> 4 ___CPI > SEC . SPECIAL • NO. NAME SQ FT U RENT RATE START EXPIRE EXTEND YR DESC DATE C DESC YR DPSTS INFO 9015.01 Citadel . 20 DANK WESTERN-STORA 324 R 108.00 4.00 - Imputed Rent 30 BANK WESTERN-KITCH 288 R 180.00 7.50 100 BANK WESTERN 5002 R 5082.00 12.00 Imputed Rent • 110 VACANT 2358 .00 120 BANK WESTERN LOANS 2593 R 2593.00 12.00 Imputed Rent 130 DANK WESTERN-KITCH 148 R 148.00 12.00 Imputed Rent 10 ;VACANT 3270 R .00 14071* 8111.00* 6.79* .00* • • • • • • • • 940165 BOARD OF ASSESSMENT APPEALS STATE OF COLORADO Docket Number 24617 ORDER WEST GREELEY NATIONAL BANK, Petitioner, vs . WELD COUNTY BOARD OF COMMISSIONERS, Respondent . THIS MATTER was heard by the Board of Assessment Appeals on October 18 , 1993 , Ramon G. LeDuke and Kenneth Bennett presiding. Petitioner was represented by William A. McLain, Esq. Respondent was represented by Cindy Giauque, Esq. FINDINGS OF FACT: 1 . Subject property is described as follows : BANK/OFFICE COMPLEX LOCATED AT 821 8TH STREET, GREELEY, COLORADO (Weld County Schedule Number 961-05-3-15-022) 2 . Petitioner is requesting an abatement/refund of taxes on the subject property for tax year 1990 . The subject property consists of two buildings, which contain a total of 118 , 349 square feet . The larger building contains 99 , 549 square feet , of which 23 , 525 square feet are bank space and 94 , 824 square feet are office space . The improvements are situated on a 54 , 125 square foot parcel of land. 3 . Petitioner presented the following indicators of value : Cost : $8 , 062 , 600 . 00 Income : $3 , 967 , 037 . 00 4 . Petitioner' s witness stated that a market analysis was not made, since the only known bank sales were smaller in size and not comparable to the subject property. 1 94,0155 5 . Petitioner presented a cost approach to derive a market- adjusted cost value for the subject property of $8 , 062 , 600 . 00 . 6 . In the cost approach, Petitioner used data from the Marshall Valuation Service, and estimated the replacement costs of $56 . 48 per square foot for the smaller building and $72 . 55 per square foot for the larger building . Physical depreciation was estimated to be 1/2% per year or 7 . 0% . No consideration was given to economic or functional obsolescence . 7 . Petitioner presented an income approach to derive a value of $3 , 967 , 037 . 00 for the subject property. 8 . In the income approach, Petitioner derived rental rates from a master tenant list of company-owned properties in Greeley, Longmont, Pueblo, Grand Junction and Colorado Springs . 9 . Petitioner estimated a 5 . 0% vacancy rate for the bank space, 20 . 0% for the office space in the larger building and 40 . 0% for the office space in the smaller building. 10 . Petitioner' s witness stated that the actual expenses for the subject property were approximately 50 . 0%, but that he used 35 . 0% in his analysis . He further stated that the 35 . 0% expense ratio used was an industry standard. 11 . Petitioner used a band of investment technique to derive a capitalization rate of 13 . 2% . 12 . Petitioner contends that the 1990 actual value of the subject property should be $3 , 967, 037 . 00 . 13 . Respondent presented the following indicators of value : Market : $ 7, 200 , 000 . 00 Cost : $11, 200 , 000 . 00 Income : $ 4 , 848 , 692 . 00 14 . Respondent presented three comparable sales ranging in sales price from $595, 000 . 00 to $907 , 000 . 00 and in size from 10 , 000 to 14 , 746 square feet to derive a market approach value of $7, 200 , 000 . 00 for the subject property. 15 . Respondent' s witness stated that the comparable sales were made up of 100% office space, and were selected because the subject property was 80% office and only 20% bank. Two of the three sales were subsequent to the base period, and cannot be considered by the Board. The third sale was 15 . 0% of the size of the subject property. An additional sale of a bank only property was presented by Respondent , but this sale was subsequent to the base period and cannot be considered by the Board. 24617. den 2 9101.65 16 . Respondent used a state-approved cost estimating service to derive a market-adjusted cost value for the subject property of $11, 200 , 000 . 00 . 17 . In the cost approach, Respondent estimated the land value by use of the sales comparison approach. No support was presented by Respondent ' s witness in his replacement cost analysis of the subject improvements . 18 . Respondent used the income approach to derive a value of $4 , 848 , 692 . 00 for the subject property. 19 . In the income approach, Respondent used income and capitalization rate information from excerpts of an appraisal by a third party, who was not available for cross-examination at the hearing. 20 . Respondent assigned an actual value of $4 , 900 , 000 . 00 to the subject property for tax year 1990 . CONCLUSIONS: 1 . Petitioner presented insufficient probative evidence or testimony to prove that the subject property was improperly valued, in accordance with the Board' s Rule 14 . 2 . Further, the applicable state statutes and the Division of Property Taxation manuals and guidelines were used in valuing the subject property for tax year 1990 . 3 . The Board concluded that the appropriate method to value the subject property was by the income approach. The income evidence presented by Petitioner, excluding references to distant properties , indicated a rate near to that used by Respondent, supporting the value set by Respondent . 4 . It is the determination of the Board that Petitioner failed to meet the burden of proof . ORDER: The petition is denied. 24617.den 3 940..sz APPEAL: Petitioner may petition the Court of Appeals for judicial review within 45 days from the date of this decision. If Respondent alleges procedural errors or errors of law by this Board, Respondent may petition the Court of Appeals for judicial review within 30 days from the date of this decision. DATED this (b day of November, 1993 . RD 0. ASSESSME. APP t►/ , Ramon G. LeD e _ —_1 Kenneth B• nn=tt This decision was put on the record N0V 1 51993 !��PZO....o 4s,. .ti '• SEAL • , I hereby certify that this is a true .m t i and correct copy of the decision of tyr9 •.•• y ' t Board Assessment Appeals . •• <P%/ ��-, � Q IAA • 1.112 - tl�l (13 �' � SF„. „et' Eileen M. Kile 24617.den 4 9410a Hello