HomeMy WebLinkAbout920231.tiff• _ FORM RE FUS
ED BY THE PROPERTY TAX ADMINISTRATOR re—wan rm lSTN "1"'Crii ft
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T �- -v 320 t:b6-t/9O PET• FOR ABATEMENT OR REFUND OF TAXES c. e•KEL co, Et 2-�
Peti:loners: Use this side only. CC L N0V 1 Z
LiGREELEY 1 —di radb, ' j NOV 12 1991
City or Town GREELEY,COLO.
To The Honorable Board of County Commis_4o.Atr5 of: WELD County
Gentlemen:
The petition of WINDSOR CENTER INC ti
whose mailing address is' 1200 CAROUSEL DR STE 100
WINDSOR CO 80550
•
1, t!1 City or Town State Zip Code
L--ottaiEDULE 1 MBER DESCRIPTION OF PROPERTY AS LISTED ON TAX ROLL
I5842B6 WIN VC-A LOT A VALLEY CENTER SUB
C; rr ° 1200 CAROUSEL DR)
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respectfully requests that the taxes assessed against the above property for the years A. D.
1989 , 1990 , are erroneous, illegal, or due to error in valuation for the following reasons:
(Completely describe the circumstances surrounding the incorrect value or tax.)
SUBJECT PROPERTY WAS OVERVALUED IN TAX YEARS 1989 & 1990 . THE
OVERVALUATION IS VERIFIED BY THE ASSESSMENT REDUCTION THE PROPERTY
RECEIVED IN 1991 AND IS FURTHER VERIFIED BY THE ATTACHED
VALUATION REPORT.
IN ACCORDANCE WITH SENATE BILL 91-231 , PETITIONER REQUESTS THE
1989 & 1990 VALUATIONS BE ADJUSTED TO THE SAME LEVEL AS THE 1991
VALUATION . PLEASE SEE THE ATTACHED VALUATION REPORT FOR OVER-
ASSESSMENT VERIFICATION .
1989 1990
Value Tax Value Tax
Orig. 134,710 12,586.90 134,710 12,425.38
Abate. 47,710 ✓ 4,457.88 47,710 /4,400.68
Bal. 87,000 8, 129.02 87,000 8,024.70
The taxes (have) bwcoexaot) been paid. Wherefore your petitioner prays that the taxes may
beaabatezknr refunded in the sum of $....8.,.858..5.6
I declare, under penalty of perjury in the second degree that this petition, together with any
accompanying exhibits or statements, has been examined by me and to the best of my knowledge,
information and belief is true, correct and complete.
`J
79
Petitioner
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- --Agent tfe
R&N PROPERTY CONSULTANTS
413 MAIN STREET
Address CO 80.55.0
303-686-7447
920231
RESOLUTION OF COUNTY COMMISSIONERS
WHEREAS, The County Commissioners of Weld County,
State of Colorado, at a duly and lawfully called regular meeting held on the 11th day
of March , A.D. 19 ..92.., at which meeting there were present the following
members' Chairman...G.eorge...Kennedy,..and...C.ommissioners..Conatanc.e...L....11arber.t
C. W. Kirby, Gordon E. Lacy, and W. H. Webster
notice of such meeting and an opportunity to be present having been given to the taxpayer and
the Assessor of said County and said Assessor...re.pres.e.nterd...b.y...l°1ike..Sampson and taxpayer
....repre.cent.e.d..by...Chris...Ruff.,...R&N, being present; and (name)
(name)
WHEREAS, The said County Commissioners have carefully considered the within applica-
tion, and are fully advised in relation thereto,
NOW BE IT RESOLVED, That the Board _concurs with the recommendation of
(cdncurs or does not concur)
the assessor and the petition be approved...., and an abatement/refund....be allowed,
(19 r o (be allowed or not be allowed)
.
on an assessed valuation of$(.19.90.)..i4ep,.477.I�icd) (1989 $4457.88,,.710.for .1.99Q $.44I1D...6.&.total tax fort a year(s) 19 89&90.
Chairman of Board of County Commissioners.
STATE OF COLORADO, Pro fern
ss.
County of
Weld
I, Donald D. Warden ,X761141tratlatilikEXVItax Clerk
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 Greel€y, Cvlaxada this 11th r y of Mar h , A. D. 19...9.2...
/: � Clerk.By. 44.2.42---/ D
ACTION OF THE PROPERTY TAX ADMINISTRATOR
O /
Denver, Colorado, . -. Lc..i /7 , 19. E
Th action of the Board of County Commissioners, relativ to the within petition, is hereby
approve , ❑ approved in part $ ❑ denied for the following reason(s)
ATTEST:
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ecretary. Property Tax Administrator.
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f :` NOTIC. 0F ADJUSTMENT (�1t11ELh:Y,('Or.OltnhO$U631
.1C . ,$� k„ Y t, PHONE(303)356-4000, EXT.4256
.. ,,, i,„ 2,........ -.-c,-. LOT A VALLEY CENTER SUB
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r. _,.. 1200 CAROUSEL DR WINDSOR
Co Y � ,��1�� OWNER WINDSOR CENTER INC
WINDSOR CENTER INC PARCEL 080722001002
PIN R 1584286
1200 CAROUSEL DR, SUITE 100 YEAR 1991
WINDSOR CO 80550 LUG 02099
05/20/1991
,e appraised value of property is based on the appropriate consideration of the aptirteu•hes to value requireal by law. The As%er,sul h.is determined
at your property should he included in the following category(ies):
Residential property is valued by considering the cost and market approaches.
_— Agricultural land value is determined solely by the earning or productive capacity of the land,capitalized at a rate set by law.
Producing mines are assessed at 25%of the gross proceeds or 100%of the net proceeds,whichever is gloater.
.._Oil and gas leaseholds and lands are assessed at 87.5% of the gross value of die oil an,l/ur gas!;ulrl or iraihp 'a red horn rir:p;uinis':s on
o primary production;secondary production is valued at 75%.
—All other property, including vacant land, is valued by considering the cost, market,and income approaches.
your concern is the amount of your property tax, local taxing authorities (county, city, fire protection, and otltt:4 special districts) hold
tget hearings in the fail. Please refer to your tax bill or ask your Assessor for a listing of these districts,and plan to attend these:::ielget hearings.
le Assessor has carefully studied all available information, giving particular attention to the specifics included oil your protest;,u(.1 has deter-
ined the valuation(s) assigned to your property.The reasons for this determination of value ate:
ii THE ACTUAL VALUATION OF YOUR PROPERTY HAS BEEN ADJUSTED BASED UPON
i
THE ADDITIONAL INFORMATION YOU HAVE PROVIDED.
- - - --- - - --V -
T PETITIONER'S ASSESSOR'S VALUA
TION 1
PROPERTY CLASSIFICATION I ESTIMATE ACTUAL VALUE- E ACTUAL VALUE
- _ OF VALUE PRIOR TO REVIEW I AF[s REVIEW
LAND 22x5291 22529
IMPS 442. 0001 191 ,501•
TOTALS S $ 464, 529S 214,030
ou disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration,
8-1O6(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal.
WARREN L. LASELL.
.Q4/2.0/91.
WEL 0 CUUNTV A$SFSZOR .._..._.. —.. ....
,.►-AD DATE I 85
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OPINION OF VALUE
Owner's Name Windsor Center Inc
Property Address : 1200 Carousel Dr; 1300 Carousel Dr
City Windsor
County Weld
Property Type Commercial (Retail)
Schedule Number(s) : 1584286, 1584386
PETITIONER'S VALUE-RETAIL PART(1584286) : $300,000 ($87,000 ASSESSED)
PETITIONER'S VALUE-RESTAURANT (1584386) : $ 70,000 ($20,300 ASSESSED)
Summary of Key Facts
Subject is a retail/restaurant complex located east of Windsor. It was developed
in 1974, in anticipation of Windsor growing to 15,000 to 20,000 people with the
building of the Kodak Plant. Unfortunately, Windsor only grew to 5,000 people,
and the growth did not extend out to subject's location. It has suffered from
relatively high vacancy for most of its existence.
The retail/office portion (1584286) has had significant vacancies, and still today
is over 23% empty. It's central foyer design causes an abnormally large common
area in both ends of the building, which decreases potential leasable space to 75%
of gross area and increases utility costs. Because of its odd design, 51₹ of the
total leasable space is in the basement, where rents are naturally lowest.
Subject's upstairs rents average $5.58/sf gross, while the basement rents average
$2.63/sf gross.
The restaurant building (1584386) has had multiple tenants, including local
stalwart Farmers Inn. None could survive the combination of a bad location and
INCREDIBLE energy inefficient (ie. high utility bills) construction. The utility
bills for this building alone averages $1,800 to $2,000 per month.
Protest was missed in 1989, and owners were unaware of the protest period in 1990.
Subject's valuation was protested in 1991, and was reduced substantially. In
accordance with Senate Bill 231, petitioner now requests review of the two years'
values they missed appealing.
The 1991 valuation was essentially the same as 1989 and 1990. As the following
case will show, there was little difference in the property's condition, both
financial and physical, from 1987 to present. Therefore, given the information
presented below, petitioner requests a reduction in the 1989 and 1990 valuations
to approximately the same level established for 1991.
970231 •
VALUATION SUMMATION
PIN '89 '90 '91 REQUESTED '89/'90
ASSESSED ASSESSED ASSESSED ASSESSMENT
1584286 134,710 134,710 62,070 87,000
1584386 84,240 84,240 19,490 20,300
As the above chart shows, both properties were significantly over-assessed in
both 1989 and 1990.
Petitioner seeks an adjustment down to $87,000 (assessed) for the retail
portion, as sufficient market rents and actual income exists to support that
valuation (higher than the '91 value) .
Petitioner seeks an adjustment down to S20,300 (assessed) for the restaurant
portion, approximately the same as the new '91 valuation. It is considered the
same as '91 because subject has sat vacant for FIVE (5) years straight (except for
a four month period in 1990.
97,021
INCOME APPROACH
Income and expenses for the entire property (retail and restaurant) for the
last four years is presented below. We then present a market rent analysis of
each part of the property separately.
RETAIL PORTION (1584286)
It must be noted that, in the retail portion, subject has a very low
efficiency factor (75%) in terms of net leasable area. It has 20,821 SF of
leasable area versus 27,600 SF total area. The inefficiency is due to the central
foyer design--the bldg originally had an open atrium surrounded by the
stores/offices. The two atriums were eventually enclosed, which increased the
total bldg area by approximately 6,700 SF but did not add one square foot of
leasable space. The large common area in both ends of the building also
contributes to higher utility costs to serve the increased area.
Through October of 1991, the retail/office portion (1584286) is still only
77% occupied ( 23% vacant), with 18% incorrectly used as storage or management
offices simply to occupy the space. Because of its odd design, 51% of the total
leasable space is in the basement, where rents are naturally lowest. Subject's
upstairs is only 9% vacant and averages $5.58/sf gross (including 12% of the prime
space used for simple storage) . The basement is 44% vacant (only because
management occupies 23% of the basement) and arms-length rents average $2.64/sf
gross (management's $1.00/SF rent was NOT considered in the average).
A market income analysis would consider market rents based on retail and
office space in downtown Windsor area, coupled with a look at subject's actual
rent. We have included two sets of Windsor lease data, with the 1987 Foster lease
data being the most germane to this property. Actual rents in that survey ranged
from $1.65/SF to $4.06/SF gross, with a median rent of $2.88/SF and an average of
$2.97/SF. Note also that all comps are located on Main St (combination HWY 392
and 257) , while subject is set back approximately 1/4 mile off HWY 257.
Accordingly, the market rent analysis for the retail portion shall use
$3.00/SF average, and an optimistic vacancy and expense rates of 15% and 25%,
respectively. The result is an extremely optimistic (ie. , note utilities now
consume 25% of the gross rent' by themselves) indication of subject's true value
from an income perspective.
RESTAURANT PORTION (1584386)
The restaurant portion is a disaster. Its location behind the strip center
gives it absolutely no visibility. Its construction and eessign make it extremely
energy inefficient, so the tenants utility bills average between S2.60 and $3.00
per square foot--a tremendous burden for a restaurant operation with low margins.
The combination--bad location, poor visibility, and high utility costs, make this
a dinosaur.
Local restaurant giant Farmer's Inn was the tenant for two years (1985 and
1986) and couldn't make it work. It sat empty from early 1987 to mid 1990, when
the Dominguez Family Restaurant opened. It closed three months later, and the
bldg has been vacant since. Its vacancy rate over the last 7 years is 67% ! ! !
C42,0231
RECONSTRUCTED INCOME AND EXPENSES
(for the ENTIRE complex)
1987 1988 1989 1990
INCOME:
ACTUAL RENTS 86,901 85,874 69,357 68,087
EXPENSES:
ACCOUNTING 370 1,072 1,258 1,082
INSURANCE 4,074 3,622 3,785 3,785
JANITORIAL 831 302 0 2,303
MAINT & REPAIR 8,930 4,932 9,584 6,898
RESERVES 2,000 2,000 1,000 1,000
SALARIES 10,119 9,282 4,512 7,647
TRASH & GROUNDS 1,221 1,504 1,268 1,723
UTILITIES 22,797 21,810 22,509 20,795
TOTAL EXPENSES 50,342 44,524 43,916 45,233
NET OPERATING 36,559 41,350 25,441 22,854
INCOME
INCOME VALUE 281,223 318,076 195,700 175,800
CAPPED AT 13%
MARKET RENT ANALYSIS -- RETAIL
INCOME Potential Gross: 20,821 net leasable SF 0 $3.00/SF = $62,463
Vacancy Rate 15% 9,370
Adjusted Gross Income $53,093
EXPENSES Expenses as percentage of income--25% $13,273
NET OPERATING INCOME $39,820
CAP RATE (INCLUDING EFFECTIVE TAX RATE) .13
INCOME INDICATION OF VALUE (MARKET RENTS) $306,307
MARKET RENT ANALYSIS -- RESTAURANT
INCOME Potential Gross: 8,080 net leasable SF 0 $3.00/SF = $24,240
Vacancy Rate 50% 12,120
Adjusted Gross Income S12,120
EXPENSES Expenses as percentage of income--25% $ 3,030
NET OPERATING INCOME S 9,090
CAP RATE (INCLUDING EFFECTIVE TAX RATE) .13
INCOME INDICATION OF VALUE (MARKET RENTS) $ 69,923
920231 '
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II RENTAL DATA
Family Health Center
August, 1987 Foster Valuation Company
Il
Area
Type Rented
II Rental Business Name of in Rate per Services
Number and Location Space Sq. Ft. Sq. Ft. Provided(i)
II 1 Windsor Auto Parts re tall 4,000 $1.65 T,I,H,W
503-505 Main St, Windsor
2 The Little Gypsy retail 1,900 $2.84 T,I,W
II 516 Main St, Windsor
3 Dr. R. L. Siblerud/ office 650 $4.06 T,I,H,E,W
II D. James Realty
508 Main St, Windsor
II 4 Mane Place beauty 650 $4.06 T,I,H,E,W
510 Main St, Windsor shop
5 Adventure Land Video retail 1,875 $2.88 T,I
II 430 Main St, Windsor
6 Li'1 Flower Shop retail 2,500 $3.60 T,I,W
II 419 Main St, Windsor
7 Advance Office World retail 2,300 $2.61 T,I,W
I421 Main St, Windsor
8 Sport Shop retail 2,500 $2.04 T,I,W
417 Main St, Windsor II 9 Available office 600 $7.00(2) T,I,W
(Was Janeken Realty)
II509 Main St, Windsor
10 Professional Office Bldg. office 1,200 $7.50(3) T,I,W
II413 Main St., Windsor
(1)T = Taxes; I = Insurance; H = Heating; E = Electricity; W = Water and Sewer ll (2)Asking price
II (3)Perspective tenants at this rate for medical office use
I
•' FOSTER VALUATION COMPANY 'i
I - 28 - 92,0231 :
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WINDSOR CENTER, INC.
INCOME STATEMENT
/ December 31 , 1990
I CURRENT TWELVE MONTHS
INCOME MONTH YEAR TO DATE
Rent $ 5, 253 . 08
$ 68,087.42
EXPENSES
Contract Labor-Clerical 816 . 38 7,647. 18
Advertising 74 . 71
Telephone 239 . 13 3,407.33
Utilities 1 ,457 . 06 20, 794. 85
Trash & Snow 123 . 53 1 ,723.09
Repairs & Maintenance 839. 49 6, 897. 59
Janitorial Supplies & Service 218 . 10 2, 303. 11
Office Expense 74 . 31 1 , 505. 11
Legal 879.46
Accounting 50 .00 1 ,081 .95
Insurance 677.67 7,581 .60
Interest 82.74
Bank Charges 124.47
Miscellaneous 761 . 00 930.61
Total Operating Expenses 5, 256 . 67 55,033. 80
Operating Profit (Loss) ( At AV'r; 13,053.62
Depreciation Expense 2, 063 .00 24 ,756.00
NET PROFIT (LOSS) $(2,066. 59) $ ( 11 ,702. 38)
9(h0231
j1.4*:.
WINDSOR CENTER, INC.
` INCOME STATEMENT
December 31 , 1989
/
INCOME CURRENT TWELVE MONTHS
Rent MONTH YEAR TO
Miscellaneous $5, 327. 88 $64 ,416.01
Total Income 4,941 . 89
5, 327.88 69, 357. 90
EXPENSES
Contract Labor - Clerical
Telephone 684 . 50 4,459. 56
Utilities 152. 67 2,686.49
Trash & Snow 1 , 805 .81 22, 508. 78
Maintenance 96.00 1 , 268. 00
Janitorial Supplies 2, 298 . 11 9,583. 52
Office Expense 225. 73
Payroll Taxes 179. 94 1 ,978.60
Property Taxes 52 79
Legal 6, 736. 80
Accounting 200.00 2,467. 50
Insurance 51 .00 1 , 258. 10
Interest 334. 75 3,785.03
Bank Charges 48. 58 1 , 902.05
Miscellaneous 47. 98 127.55
Depreciation 247. 12 2,019. 15
2, 344 . 15 28, 119.00
Total Expenses
8,490. 61
89— 178,65
PROFIT (LOSS)
$(3. 1_ 6?�73) $ ( 19_820,75)
92,0231
WINDSOR CENTER, INC.
INCOME STATEMENT
December 31 , 1988
TWELVE MOTNHS
INCOME CURRENT MONTH YEAR TO DATE
Rent $ 4,511 .49 $ 85,767. 49
Miscellaneous 107. 24
Total Income 4, 511 .49 85,874.73
EXPENSES
Salaries & Wages 6,599.00
Advertising 168.70
Telephone 184. 37 1 ,920.97
Utilities 1 ,424. 51 21 ,810. 20
Trash & Snow 116. 00 1 ,503.60
Maintenance 484 . 01 4,932. 17
Janitorial Supplies 302. 21
Office Expense 11 . 95 361 . 38
Taxes - Payroll 340. 99 2,683 . 35
Legal 169.45 994.45
Accounting 267 . 50 1 ,071 .66
Insurance 603 . 22 3,621 .99
Interest 4.53 42,981 . 53
Petty Cash 25.00
Bank Charges 126. 12
Miscellaneous 161 .48 835. 10
Depreciation 2, 623 .00 31 ,480.00
Total Expenses 6 , 391 .01 121 ,417.43
PROFIT (LOSS) $ ( 1 , 879. 52) $( 35, 542 .70)
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92,0231
/ 0
WINDSOR CENTER INC.
Income & Expense
December 31, 1987
INCOME
Rents $60, 181. 17
Utilities 20, 119.92
Miscellaneous 6,599.45
Principal Recitation (Note)
FiLML National Bank of Cul.,. Syringe 1,.2.4:'21
-liticitednctien—falote)
First National -Rank of Colo. Springs 4-975t8 n8
P o e)
Dtatentmitfleeley 19.50
TOTAL INCOME ?4 $107,762.73
EXPENSES
Utilities $22,797. 15
Maintenance 8,930.41
Janitorial Supplies 830.98
Trash and Snow 1,221.00
Telephone 1,426.00
Insurance 4,074. 13
Wages (Net) 10, 119.70
Office Expense and Repairs 1,376.02
Taxes 4,149.40
Bank Charges 171.93
Depreciation
Interest Expense (Bank of Windsor) ---640.42
Interest Expense (United Bank of Greeley) —178.04-r-741—
Interest Expense (First of Colorado Springs) •-43, 121.29
Petty Cash Fund 290.00
Miscellaneous 1,244.89
Jeff Couch Draw 1,000.00"
Loss on Sale of Land 7,149.00
Cost of Lot Sale
Tax Preparation - 370.00
Attorney Fees 2,064.00
Video Store Expense - 919.50
TOTAL EXPENSES ($114,281. 93)
TOTAL NET PROFIT (LOSS) ($ 6,519.20)
9;72231
NPROPERTY CONSULTANTS
PROPERTY TAX CONSULTANT/AGENT AUTHORIZATION
Prop Owner/Rep : Windsor Center Inc/ Robert Ehrlich
Property Address: 1300 Carousel Dr ; 1200 Carousel Dr
City: Windsor
County: Weld
•
/PIN PIN(s) : &._.,1584386 / 1584286
I/we /�J/� eirCA. , agree with R&N Property Consultants
(hence/PI
) that, fdr the real estate assessment years 1989 and 1990, as to
the property referred to above, R&N is hereby engaged and authorized to act as
agent and consultant for the undersigned, in the preparation of a real estate
assessment appeal for the undersigned to the County Assessor, the County Board
of Equalization (CBOE), and any required higher levels of appeal.
Further, we also expressly authorize R&N to appear before any and all related
hearings of the property tax appeal system, to act as our sole representative
before such hearings and to make such presentations and decisions as necessary
to effect a settlement of the real estate valuation issue at hand.
This agreement further authorizes R&N, as agent of the undersigned, to execute
and cause to be filed on behalf of the undersigned, in the name of the
undersigned, any and all documents relating to an appeal of the said assessments
before the County Assessor, the CBOE, and higher levels of appeal.
Agre d: C
tid
' 44, 119/
Own /ag t/lessee date
Pro R&N pert Consul is
920231
413 MAIN STREET • P.O. BOX 99 • WINDSOR, COLORADO 80550 •(303)686-7447 FAX(303)686-7492
ArtCr-6
CLERK TO THE BOARD
P.O. BOX 758
WII GREELEY,COLORADO 80632
C. (303)356-4000 EXT.4225
COLORADO
February 28, 1992
Windsor Center, Inc.
1200 Carousel Drive, Suite 100
Windsor, Colorado 80550
RE: SCHEDULE NUMBER 1584386
SCHEDULE NUMBER 1584286
This is to advise you that the Board of Weld County Commissioners will hear your
petitions for tax abatement or refund on the properties described as: WIN VC-B
LOT B VALLEY CENTER SUB (1300 CAROUSEL DR) and WIN VC-A LOT A VALLEY CENTER SUB
(1200 CAROUSEL DR) . The meeting is scheduled for Wednesday, March 11, 1992 at
9:00 a.m. at which time you may be heard. The Assessor is recommending that the
Board APPROVE your petitions.
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,
Donald D. Warden,
Weld County Clerk I1to the Board I'
By: , ) a WV144t7v".
Deputy Cler to the Board
XC: Assessor - W. Lasell
County Attorney
R & N Property Consultants
9Z0231
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