HomeMy WebLinkAbout930691.tiff RESOLUTION
RE: THE BOARD OF EQUALIZATION, 1993, WELD COUNTY, COLORADO
PETITION OF:
GREELEY NATIONAL BANK
P 0 BOX 1098
GREELEY, CO 80632
DESCRIPTION OF PROPERTY: PIN: R 2808386 PARCEL: 096105310029 - GR 4792 L9
& 10 N2 L11 & 12 ALL L13 THRU 20 BLK37 ALSO S2 VACATED ALLEY ADJ L13 THRU 19 EXC
E5' OF ALLEY ADJ L19 ALSO EXC W8.65' OF S2 L13
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 not being present, and
WHEREAS, the Board has made its findings on the evidence, testimony and
remonstrances and is now fully informed.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, acting as the Board of Equalization, that the evidence presented at the
hearing clearly supported the value placed upon the Petitioner's property by the
Weld County Assessor. Such evidence indicated the value was reasonable,
equitable, and derived according to the methodologies, percentages, figures and
formulas dictated to the Weld County Assessor by law. The assessment and
valuation of the Weld County Assessor shall be, and hereby is, affirmed as
follows:
930691
4}&00(2''
Page 2
RE: BOE - GREELEY NATIONAL BANK
ORIGINAL
Land $ 212,512
Improvements OR
Personal Property 39,846
TOTAL ACTUAL VALUE $ 252,358
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)
930691
Page 3
RE: BOE - GREELEY NATIONAL BANK
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.
930691
Page 4
RE: BOE - GREELEY NATIONAL BANK
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.
BOARD OF COUNTY COMMISSIONERS
ATTEST: 404411/ WELD COUNTY, COLORADO
Weld County Clerk to the oar
Constance L. Harbert, Chairman
BY: / 4�,E� i� t A c ABSTAINED
Deputy Clerk o the B W. H.Ewebster, Pro- em
-71 APPROVED AS TO FORM: ,.G�7� ,
eorgeBaxt r
County Attorn y "� Da e K. Hall
/7c.
Barbara J. Kirkmey
930691
BOE DECISION SHEET
PIN 1/: R 2808386 PARCEL if: 096105310029
GREELEY NATIONAL BANK THE
P 0 BOX 1098
GREELEY, CO 80632
HEARING DATE: July 29, 1993 TIME: 10:00 A.M.
HEARING ATTENDED? (Yg NAME:
AGENT NAME: TAX PROFILE SERVICES INC
APPRAISER NAME:
DECISION:
DECREASE IN VALUATION
INCREASE IN VALUATION
NO CHANGE IN VALUATION -\f
ASSESSMENT RATIO
ACTUAL VALUATION
ORIGINAL ADJUSTED
Land $ 212,512 $
Improvements OR
Personal Property 39,846 S7/
Total Actual Value $ 252,358 $ c9,57o 3f'
COMMENTS: /� , l MOTION BY &73 TO - rt i r W/t e [/e__-
SECONDED BY 13r3VBaxter -- ON)
Hall -- N)
Failed to meet burden of pid t4poj, Harbert -- N)
Comparables inadequate r yes d Kirkmeyer -- N)
Other:
Ceti Webster -- !
RESOLUTION N0.
930691
•
JWN 16 '93 09:14AM ABC CENTRAL ACCIG OFFICE OP COUfp:4,>4SESSOR
1400 NORTH 17th AVE.
NOTICE OF DENIAL GREELEY, COLORADO 80631
PHONE (303) 353-3845. EXT. 3656
GR 4792 L9 '6 10 N2 LII C ' I2 ALL .L13 THRU .20 BLK37
C ORADO ALSO S2 VACATED ALLEY ADJ L13 THRU 19 EXC ESa OF
ALLEY ADJ L19 ALSO EXC WB.65' OF S2 L13
OWNER GREELEY NATIONAL BANK 'THE
GREELEY NATIONAL BANK THE PARCEL 096203310029
PIN R 2808386
P 0 BOX 1098 YEAR 1993
GREELEY CO 80632 LOG 02248
•
05/28/1993
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(les):,
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. Please refer to your tax bill or esk your Assessor fora listing of these districts,and plan to attend these budget hearings.
T ssessor has carefully studied all available information. giving particular attention to the specifics included on your protest and has deter-
mined the valuations) assigned to your property.The reasons for this determination of value are:
YOUR PROPERTY HAS BEEN UNIFORMLY VALUED FOIL LINING COLORADO LAM AND
INSTRUCTIONS PUBLISHED BY THE STATE DIVISION OF PROPERTY TAXATION,
YOUR PROTEST OF VALUE HAS BEEN •DENIED DUE TO COMPARISON OF OTHER
SIMILAR PROPERTIES WHICH sato DURING •THE 1992/1992 TIME PERIOD,
THIS COMPARISON SHOWS YOUR 'ACTUAL PROPERTY VALUE TO BE CORRECT FOR
THAT PERIOD.
•
PROPERTY CLASSIFICATION PETITIONER'S ASSESSOR'S VALUATION
OFTIME MATE . ACTUAL VALUE ACTUAL VALUE
PRIOR TO REVIEW AFTER REVIEW
•
LAND
2121512 2129612.
IMPS
39, 846 39,846
•
TOTALS S $ 252.358$ 252.358
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-fob(})(a),C.R.S. Please see the back of this form for detailed information on filing your appeal.
- a
By: WARREN L. LASELL 06/07/93 r�
WELD COUNTY ASSESSOR
DATE v J Q r.�AVh91 59
1S-OPT AR
Form PR-207-87793 Alf11TIflMG1 INFARMnTIllnr nru POVC cm=twit
WELD COUNTY ASSESSOR
0
PETITION FOR REVIEW t� �;_
Hu 0 7 1993
TO THE HONORABLE WELD COUNTY BOARD OF EQUALIZATION GREELEY,COLD.
Petitioner, BANC ONE COLORADO CORP c/o Tax Profile Service (TPS
INC. ) 1123 Auraria Parkway, Suite G-100, Denver CO. 80204, requests
review of the County Assessor's Notice (s) of Valuation for Subject
Property (described below) for tax year 1993 . Copies of the
Personal Property notices of valuation are attached hereto and
incorporated herein by reference.
DESCRIPTION OF SUBJECT PROPERTY:
Schedule # 096105310029
Location : GREELEY NATIONAL BANK
The Subject Property is described, with Schedule numbers, a copy of
which is attached hereto and incorporated herein by reference.
ESTIMATED TIME FOR PETITIONER TO PRESENT CASE:
60 minutes, or 1 hour.
REPRESENTATION:
Petitioner requests a hearing at which petitioner will be
represented by the following registered agent, Tax Profile Service
INC. , or legal counsel: (303) 628-0405
CERTIFICATE OF SERVICE
I certify that I have served a copy if this Petition, with
attachments, on the County Board of Equalization by hand delivery,
this 2nd day of JULY ,1993
TAX PROFILE SERVICE, INC. •
By:
Je fe onroe
11 ar a Parkway, Suite G-100
Denver Colorado, 80204
Telephone: ( 303 ) 628-0405
4 30691
•
CLERK TO THE BOARD
'14t P.O. BOX 758
OREELEY,COLORADO 80632
C. 1903)358 4000 EXT.4225
COLORADO
July 9, 1993
Parcel No. : 096105310029 PIN No. : R 2808386
GREELEY NATIONAL BANK THE
P 0 BOX 1098
GREELEY, CO 80632
Dear Petitioner(s) :
The Weld County Board of Equalization has set a date of Thursday, July 29,
1993, at or about the hour of 10:00 A.M. , to hold a hearing on your
valuation for assessment. This hearing will be held at the Weld County
Centennial Center, 915 10th Street, Greeley, Colorado, in the First Floor
Hearing Room.
You have a right to attend this hearing and present evidence in support of
your petition. The Weld County Assessor will be present before the Board.
The Board will make their decision on the basis of the record made at the
aforementioned hearing, as well as your petition, so it would be in your
interest to have a representative present. If you plan to be represented
by an agent or an attorney at your hearing, prior to the hearing you shall
provide, in writing to the Clerk to the Board's Office, an authorization
for the agent or attorney to represent you. If you do not choose to
attend this hearing, a decision will still be made by the Board by the
close of business on August 5, 1993, and mailed to you on or before August
10, 1993.
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.
S= 0691
GREELEY NATIONAL BANK THE - R 2808386 -
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,
BA
kR0 OF JiLt
AON
Donald D. Warden,
Clerk to the Board
BY: / Fi- 4-it tt /c 4
Carol A. Harding, Depu
cc: Warren Lasell, Assessor
2AR PROFILE SERVICES INC,
930691.
PiS g38b
asosash /OSI%
gotayS2b ' S / O9g ,
agoy tog b a8or_ gG
Banc One - Greeley Downtown
Schedule 1 0961-05-3-15- 3
022,018,020
821 8th Street, Greeley
Several factors have contributed to the decline in value 't
regarding the bank properties located in Weld County. The first and
most influential factor is the economic obsolescence attributable
to the entire State of Colorado during the economic downswing of
the late 1980's. Economic Obsolescence is defined as:
External obsolescence, the diminished utility of a structure
due to negative influences from outside the site, is incurable on
(sic) part of the owner, landlord, or tenant. The total value loss
due to external obsolescence must be allocated between the land and
the improvements. External obsolescence can be caused by a variety
of factors - e.g. , neighborhood decline; the property's location in
a community, state, or region, or market conditions. An estimate of
external obsolescence should be based on thorough neighborhood or
district analysis.'
Our analysis of the banking industry throughout State of
Colorado reflects a tendency to overvalue bank facilities,
primarily caused by the incorrect utilization of the cost approach
to value. Almost all county assessors place their prime reliance on
this approach. Without correcting this approach in recognizing
functional obsolescence (both curable and incurable) , and external
obsolescence, bank properties experience an overvaluation of 40% on
average.
The Weld County Assessor has recognized that the cost approach
to value would need considerable adjustments in the form of
depreciation that would render this approach unreliable.
The Assessors office as well as the petitioners
representatives have placed the income approach to value as the
best indicator of true market value. The market approach was tithed
as a measure to support the value conclusion.
Cost Approach:
Income Approach: 53 ,784 ,849
Market Approach:
Value Conclusion: $3,784 ,849
'The Appraisal of Real Estate, American Institute of Real
Estate Appraisers, Ninth Edition, p.395
i
SURVEY FOR: WELD COUNTY ASSESSOR
PROPERTY OWNER: BANC ONE OF COLORADO CORP
ADDRESS: 821 8TH STREET
TYPE: BANK
PIN: 2810986
BANK OFFICE ANNEX
NET LEASABLE
RENT PER SQUARE FOOT 23 ,525 76, 024 18, 800
$12 . 00 $8 .50 $6 . 00
POTENTIAL GROSS INCOME
LESS VACANCY* $282, 300 $646 , 204 $112, 800
12. 79% 33. 00% 40. 00%
EFFECTIVE GROSS INCOME
$246, 194 $432, 957 $67, 680
LESS EXPENSES
35% 35% 35%
NET OPERATING INCOME
$147,389 $206,785 $43 , 992
OVERALL CAP RATE
10.52% 10. 52% 10.52%
ESTIMATE OF VALUE
$1,401, 035 $1, 965, 640 $418, 175
TOTAL ESTIMATE OF VALUE
$3,784,849
* Based upon unusual condition associated with branch banking.
Employee reduction 12. 79%
930691
it
Band of Investment Technique
Market information indicates that available funding for
properties of like utility to the subject are typically written
on a cash sale or merger basis, therefore market interest rates
for the base period must be used to determine the capitalization
rate. As of June 30 , 1992 the prime interest rate was 7%,
including 1.5% for a conservative increase to market rates,
yields an 8 . 5 cost of funding. Typical loans written during this
period on typical propertes were at a 70% loan to value ratio.
This scenario yields a mortgage constant of .1166 assuming a 25
year amortization period at 11%. The equity dividend rate has
been estimated at 10%. The Band of Investment Technique is
developed as presented below:
.70 (Mortgage Ratio) x . 0960 (Mortgage Constant) = .06720
. 30 (Equity Ratio) x . 06 (Equity Dividend Rate) = . 01800
Ad Valorem Taxes = .02000
Indicated Capitalization Rate = .1052
Rounded To: 10 . 52%
Due to the mill levy being 104 mills, the ad valorem must be
added onto the capitalization rate calculation as it is not being
deducted as an expense on the attached income approach.
{
STATEMENT OF AGENCY
;t
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, ₹P
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.
Bane One Col ado Corporation
State of C°oLr,en≥o Je,vve,Z County
of ) ss.
The foregoing agreement was acknowledged before me thisiday
of- ('MAcA , 19 93 ,
by GAgAy /9/9msde// -.
(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 .
G" Notary Public
My commission /
expires: .31:2‘1/9.3
C - B _ O _ E _ HEARING
DATE: JULY 29, 1993
TIME: 10:00 A.M.
SUBJECT: PARKING LOT BLOCK 37
ADDRESS: 800 BLK OF 7th STREET, GREELEY
PIN#: 2808386
930691
LAND SALE S
LEGAL SALE DATE SALE PRICE SIZE PRICE/SF LOCATION
SUBJECT:
ASSESSORS
096105310029 VALUE 800 BLK
2808386 LAND 212,512 53, 128 4.00 OF 7TH
*IMPS 39,846 SQ FT .75 STREET
TOTAL 252,358 4.75
COMPARABLES:
SALE # 25 501 8th
07/25/85 $ 672,600 160000 sqft $4.20 Avenue
SALE # 26 702 10th
05/02/88 $ 250,000 57000 sqft $4.39 Street
SALE # 7 612 8th
12/02/88 $ 38,988 11400 sqft $3.42 Avenue
**ADJ 45,401 $3.98
* Imps: Asphalt parking lot.
** Consideration includes assumption of special assessment of $6,413.
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COMPARABLE SALE
209
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PIN: 0071688 PARCEL : 96105333008
OCCUPANCY: BANK
ADDRESS: 1000 10 ST GREELEY
PROJECT: 0
BOOK # : 1179
SALE DATE: 12/07/87 RECEPTION # : 2123804
SALE PRICE: $1 ,575,000 ADJ SALE PRICE:
GRANTOR: UNITED BANK OF GREELEY
GRANTEE: CITY OF GREELEY
YEAR ELT: 1974 LAND/BLDG RATIO: 4 . 46
BLDG SIZE: 17 , 042 IMPS PRICE/PSF: $76 .81
CLASS: C SALE PRICE/PSF: $92.42
CONSTRUCTION-QUAL: GOOD CASH DOWN: $1 , 575 ,000
WALL HEIGHT: 20 LOAN: 0
STORIES: 2 INTEREST RATE: 0.0%
BSMT SIZE: 9503 LOAN TERM (YRS) : 0
LAND SIZE: 76000 POINTS PAID: 0
LAND VALUE: 266000 BY WHOM: 0
REMARKS: BLDG WAS BANK NOW CITY COMPLEX. SALE DID NOT
INCLUDE DRIVE-UP BANK FACILITIES
t?33069t
EXHIBIT
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COMPARABLE SALE 411:4 9k
208
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PIN: 1448686 PARCEL # : 80720115029
OCCUPANCY: BANK
ADDRESS : 1041 W MAIN ST WINDSOR
PROJECT: 0
BOOK #: 1283
SALE DATE: 11/30/90 RECEPTION # : 2234556
SALE PRICE: $492 ,000 ADJ SALE PRICE:
GRANTOR: BANK OF WINDSOR INVESTMENT
GRANTEE: BANK OF WINDSOR
YEAR BLT: 1982 LAND/BLDG RATIO: 13 . 38
BLDG SIZE: 4 , 363 IMPS PRICE/PSF: $86 . 01
CLASS: D SALE PRICE/PSF: $112.77
CONSTRUCTION-QUAL: GOOD CASH DOWN: $492 ,000
WALL HEIGHT: 14 LOAN: 0
STORIES : 1 INTEREST RATE: 0.0%
BSMT SIZE: 0 LOAN TERM (YRS) : 0
LAND SIZE: 58370 POINTS PAID: 0
LAND VALUE: 116740 BY WHOM: 0
REMARKS: PREVIOUS SALE 5/85 $400,000
r
COMPARABLE SALE
215
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C t 1
PIN: 0085388 PARCEL #: 95911116023
3
OCCUPANCY: BANK
ADDRESS: 3690 W 10 ST GREELEY
PROJECT: 0
BOOK # : 1089
SALE DATE: 10/28/85
RECEPTION #: 2030143
SALE PRICE: $1,500,000 ADJ SALE PRICE:
GRANTOR: CENTRAL BANCORP
GRANTEE: HEIMICK RICHARD •
YEAR BLT: 1981 LAND/BLDG RATIO: 12.87
BLDG SIZE: 11,094 IMPS PRICE/PSF: $83 .74
CLASS: C SALE PRICE/PSF: $135. 21
CONSTRUCTION-QUAL: AVG CASH DOWN: $0
WALL HEIGHT: 28 LOAN: 0
STORIES: 2 INTEREST RATE: 0. 0%
BSMT SIZE: 5547 LOAN TERM (YRS) : 0
LAND SIZE: 142775 POINTS PAID: 0 (+(
LAND VALUE: 571000 BY WHOM: 0
REMARKS: 1 FLR BANK 5547 SF; 2ND FLR OFFICE 5547 SF
BSMT BANK 5547 SF. CANOPY 1625 SF. BANK
LEASE 14.71 NET, OAR 10 .88%
COMPARABLE SALE
1011 Pr
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f of Greeley
LI
an! tY 9 9 .
,.-'
PIN: 0134291 PARCEL #: 961082210010
OCCUPANCY: BANK
ADDRESS: 822 14 ST
GREELEY
SALE DATE: 01/02/91
SALE PRICE: $625,000
GRANTOR: BANK OF GREELEY
GRANTEE: HOUSEL, JERRY ETAL
CONSTRUCTION-QUAL: 0
PR/SF(IMPS) : $68.77 BLDG SIZE: 6,180
PR/SQ FT: $101. 13 YEAR BLT: 1973
LAND SIZE: 70,785 CLASS: C
LAND VALUE: $200,000 WALL HEIGHT: 10
LAND/BLDG RATIO: 11.45
REMARKS: INCLUDES 4 BAY DRIVE UP AND STORAGE BLDG
16X16= 256SF APPRAISER VALUE $1,000
NET RENT $12.82 PSF 15 YEAR LEASE
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COMPARABLE SALE
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183
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PIN: 3761286 PARCEL #: 96119200023
OCCUPANCY: BANK
ADDRESS: GREELEY MALL 1800
GREELEY
SALE DATE: 12/12/88
SALE PRICE: $450,000
GRANTOR: COLORADO NATIONAL PROPERTY
GRANTEE: FIRST NATIONAL BANK BLDG SIZE: 6, 530
CONSTRUCTION-QUAL: AVG YEAR BLT: 1973
PR/SF(IMPS) : $62.16 CLASS: C
PR/SQ FT: $68.91 WALL HEIGHT: 14 FT
LAND SIZE: 44,110
LAND VALUE: $44 ,110
LAND/BLDG RATIO: 6.75
REMARKS:
COMPARABLE SALE
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PIN: 0955786 PARCEL # : 70931319020
OCCUPANCY: OFFICE
ADDRESS: 213 1 ST
EATON
SALE DATE: 07/31/91
SALE PRICE: $90,000
GRANTOR: BOWNESS, WM TRUST
GRANTEE: COLO INDUSTRIAL BANK
CONSTRUCTION-QUAL: 0
PR/SF(IMPS) : $23 . 73 BLDG SIZE: 3 ,660
PR/SQ FT: $24.60 YEAR BLT: 1926
LAND SIZE: 2,250 CLASS: C
LAND VALUE: $3 ,150 WALL HEIGHT: 14
LAND/BLDG RATIO: 0.61 BSMT SIZE: 1560
REMARKS: BLDG INTERIOR REMODELED 1981. AT SALE NET
LEASE $1 , 000/MO($2 .80 PSF) . 1 FLR 2080 SF +
BSMT OFFICE 1580 SF=3660 SF
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Ba• nk of. Windsor approves Bancorp offerr.
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By JEFFREY JONES
Tribune Staff Writer - rv'
WINDSOR—A Nebraska banking company has pur- This offer was aS attractive
s
chased the Bank of Windsor for an undisclosed amount, to us, 2SK1"our Shareholders have -e
bank officials said this morning.
A statement released by Bank of Windsor officials said acceptedit - i
bank stockholders voted Thursday night to accept a purii
-
chase offer from Pinnacle Bancorp Inc.,which is based in =Mel., IdRaz €
Central City Neb. K. ?Bank of Windsor board chairman
Pinnacle also owns the First Security Bank of Windsor. 1 Bank of Windsor board chairman Mel Ylarraz said it is t r
a cash offer and does not involve any stock trades. petted to take several months. q
The bank was chartered in 1978 and has more than$22 Tom Prenger,president of the First Security Bank,said
million in assets. Pinnacle officials have not yet made decisions on the fate
"In the present banking climate, we knew a healthy of the Bank of Windsor or its 14 full-time employees.
bank ... would receive offers.We've had four in the last "Right now...we have not made any decisions on what
couple of months,"Ylarraz said in the statement."...This facilities we'll keep,"Prenger said."Hopefully in a week
offer was attractive to us,and our shareholders have ac- (or) two weeks, we'll have something. I can't say what pg
cepted it." they're going to do.There's a long road to go before we l P
Officials said regulatory approval for the sale is ex- even get to those decisions."
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