HomeMy WebLinkAbout920230.tiff `, 1.5-DPZ FORM ESCRIBED BY THE PROPERTY TAX ADMINISTRATOR 1
• .FORM 920 1/66-6/90 PETI• FOR ABATEMENT OR REFUN?OF TAXES-c. E.KEL CO, DENSERt%an rnt'NTY ASSESSOR
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Petitioners: Use this side only. r L. 7 O.1
GREELEY L ; aiorkdo, ' NOV 12 , N0V19.d .. 1 3 19
City or Town [l�
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To The Honorable Board of County Commisgiohets of WELD ct M&COLO
Gentlemen:
The petition of WINQ$.QR..C.NNTER..INC
whose mailing address is. 1200 CAROUSEL DR, STE 100
WINDSOR CO 80550
N City or Town State Zip Code
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SCH: DJI LE NUMBER DESCRIPTION OF PROPERTY AS LISTED ON TAX ROLL
!15886 c WIN VC—B LOT B VALLEY CENTER SUB
- if. cn (1300 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 •
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ASSESSMENT VERIFICATION.
1989 1990
Value Tax Value Tax
Orig. 84,240 7,871.14 / 84,240 7,770.14 /
Abate. 63,940 5,974.36 63,940 5,897.70 v
BaL 20,300 1 ,896.78 20,300 1,872.44
The taxes (have) Qftavexaa6) been paid. Wherefore your petitioner prays that the taxes may
be a lox refunded in the sum of $ 11,872.06
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.
Petitioner
--
By teleaceAgent J
ea R&N PROPERTY CONSULT NTS
413 MAIN STREET
Address WIN.DSO.R.,....CO....80.55.0
303-686-7447
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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 llth day
of March , A . 19.....9.2., at which meeting there were present the following
members. Chairman...Gearge Kennedy.,. .and Comics.i.onex.s..Gorastanc.e..L.....Harbert,
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 represented by Mike Sampson and taxpayer
represented 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........cancur.s with the recommendation of
(concurs or does not concur)
the assessor and the petition be...app.roxe.d......., and an abatement/refund....b.e...aliowed
(approved or denied) (be allowed or not be allowed)
(1989)$63,940 (1989)$5974.36
on an assessed valuation of$.(19.90).$&3,9411for $(199.0.) 589.7...ZD.total tax for c the th ear(s) 193.9.&99•.
�/2�� 0� ` �lif
Chairman of Board of County Commissioners.
STATE OF COLORADO, i Pro tern
ss.
County of Weld
I, Donald D• Warden , aCiRiMetatiaaratEciefICIN Clerk
of the Board of County Commissioners in and for the County of ldeld
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, Colorado this 11th y of M4;.ch, , A. D. 19 92 141111/i� . I ��jj 1tBaGYti'6y Clerk.
By.......E •-/..s..`.. . .. . . ilk.--
Depu .
ACTION OF THE PROPERTY TAX ADMINISTRATOR
/
Denver, Colorado, .... Z L /d , 19. :
tion of the Board of County Commissioners, relative to the within petition, is hereby
approyeskti approved in part $ ❑ denied for the following reason(s)
ATTEST:
cretary. ¢ Property Tax Administrator.
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N PROPERTY 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(s) : 1584386 •
, 1584286
I/we OL-CJ. , agree with R&N Property Consultants
(hence/PI R&A) at, 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
Own /ag t/lessee date
1 R&N ropert Consul is
92'0230
413 MAIN STREET • P.O. BOX 99 • WINDSOR, COLORADO 80550 •(303)686-7447 FAX(303)686-7492
(.RI•.EI.1.Y,((tk{)RAIN) e t I
-. ..' NOTIC OF` ADJUSTMENT
PHONE(303)356-0000, I:X'I.d≥56
,.,•fie., .» .#. —.
• '•:` -.''''HI:' WIN VC-B B VALLEY'' LOT CENTER SUB
4a+ye0 't %130Q CAROUSEL%
OLORADO
-. 1300. CAROUSEL DR WINDSOR
OWNER WINDSOR CENTER INC
WINDSOR CENTER INC PARCEL 000722001003
PIN R 15843236
1200. CAROUSEL DRS SUITE 100• YEAR 1991
WINDSOR CO 80550 LOG 02100
05/20/1991
ie appraised value of property is based on the appropriate consideration of the approaches to value required by hen. f!rrrAs•,es snr•.r;a determined
at your property should be included in the following category(ies):
._.._Residential property is valued by considering the cost and market approaches.
.___ Agricultural land value is determined solely by the earning or productive capacity of the land, calhlali/':d at a;ate set by I,.r,.
Producing mines are assessed at 25%of the gross proceeds or 100%of the net proceeds,whichr:vei is greater.
._.—Oil and gas leaseholds and lands are assessed at 87.5% of the gross value of the oil and/or gas :,old nr tiair i oried :rum the piemises on
primary production;secondary production is valued at 75%.
_..All other property, including vacant land,is valued by considering the cost, market,and income .ggwroaehes.
your concern is the amount of your property tax, local taxing authorities (county, city, fire prat ction, and other special districts) "cold
dget hearings in the fall.Please refer to your tax bill or ask your Assessor for a listing of these districts,and!:!;iii toattenrt these f::t(:•;:(hearings.
,- Assessor has carefully studied all available information, giving particular attention to the specific,. inck.•`rsi on voile.!from :aid has deter-
ried the valuations) assigned to your property.The reasons for this determination of value are:
THE ACTUAL VALUATION OF YOUR PROPERTY HAS BEEN ADJUSTED BASED UPON
THE ADDITIONAL INFORMATION YOU HAVE PROVIDED,
I PETITIONER'S l AS:�':SsOli'. '/A_LUAI ltJt -_
PROPERTY CLASSIFICATION ESTIMATE AC:irU L VALUE I Al:'i L'A.V,.LUE
OF VALUE . I'tilCI{ i U i2LV II W I Ai 5 it riEVlEW I
I
LAND 2711374 ' 27a874i
IMPS 263; 64d ; 39:327
TOTALS $ 291 , 522::; 67,201
/oil disagree with the Assessor's decision,you have the right to appeal to the County Board of Equ.rii.ration fur further runsidi::i- ,in,
3-1O6(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal.
WARREN L. LASELL Ot;/2v/v19 30
WELD cdvNty A.v.tek5aon. - i iA l l 86
; !�U i•r•
1 I'DD3T)ONA1._ io.1,--;)l7:MA li.)N i:3N REVEAL_ .
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 S5.58/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.
940230
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 520,300 (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.
920230
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 digi4E make it extremely
energy inefficient, so the tenants utility bills average between $2.60 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% ! ! !
920230
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 @ $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 @ $3.00/SF = $24,240
Vacancy Rate 50% 12,120
Adjusted Gross Income $12,120
EXPENSES Expenses as percentage of income--25% $ 3,030
NET OPERATING INCOME $ 9,090
CAP RATE (INCLUDING EFFECTIVE TAX RATE) .13
INCOME INDICATION OF VALUE (MARKET RENTS) $ 69,923
920230
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