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Home My WebLink About930679.tiff RESOLUTION RE: THE BOARD OF EQUALIZATION, 1993, WELD COUNTY, COLORADO PETITION OF: ADAMS PARK APTS PARTNERSHIP 748 WHALERS WAY BLDG D-#100 FT COLLINS, CO 80525 DESCRIPTION OF PROPERTY: PIN: R 6119886 PARCEL: 147105232001 - FTL AS-1 LOT 1 ADAMS PARK SUB %450 ROLLIE AVZ 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: 930679 Page 2 RE: BOE - ADAMS PARK APTS PARTNERSHIP ORIGINAL Land $ 103, 793 Improvements OR Personal Property 838,412 TOTAL ACTUAL VALUE $ 942,205 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) 930679 Page 3 RE: BOE - ADAMS PARK APTS PARTNERSHIP 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. 930679 Page 4 RE: BOE - ADAMS PARK APTS PARTNERSHIP 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. /1 //// BOARD OF COUNTY COMMISSIONERS ATTEST: /J n WELD COUNTY, COLORADO /0Y/itwi /D` ULv il4 C7l�[ Weld County Clerk to the Board ( of ,��y �, _.cc% Constance L. Barber Chairman BY: AA A / { i,Ed --rte EXCUSED Deputy Clerk to the Board \ W. H. Webster, P -Tem/� APPROV$13 4S TO FORM: /k � C %%( 4 //., eorge Baxter '-�iG ounty Attorney C__palf K. Hall / a,a,„,,,/. ....,„,_ Barbara J. Kirkmey r 930679 Rod_ 93-/ C19.2?) BOE DECISION SHEET PIN It: R 6119886 PARCEL It: 147105232001 ADAMS PARK APTS PARTNERSHIP 748 WHALERS WAY BLDG D-#100 FT COLLINS, CO 80525 HEARING DATE: July 29, 1993 TIME: 8:30 A.M. HEARING ATTENDED? (Ye NAME: AGENT NAME: MIKE SOLLENBERGER, MGNG GEN PARTNER APPRAISER NAME: L. Oct c� Rt� r i‘q O DECISION: DECREASE IN VALUATION INCREASE IN VALUATION NO CHANGE IN VALUATION ASSESSMENT RATIO ACTUAL VALUATION ORIGINAL ADJ'i38TED Land $ 103, 793 $ )p . "79":3 Improvements OR Personal Property 838, 412 R 3 S9) .cft Total Actual Value $ 942,205 $ 9 Ya ) + -oC COMMENTS: MOTION BY ��_K TO IbP V4._y n Lt)heS) (ca- SECONDED BY Baxter -- (Y/N) 1 Hall -- (Y/N) Failed to /ntexe_ aJ+e crnn t-e. Harbert -- (Y/N) Comparables inadequate V@-I‘J 'a- Kirkmeyer -- (Y/N) Other: I Webster -- � R r)I d v oi- ao - a_c c e c C d>`C 1 hp C e CY © e V ,` 1 e o e 1 r e- 4-c{PI RESOLUTION NO. 530679 OFFICE OF COUNTY ASSESSORat, ,rx ti 1400 NORTH 17th AVE. r+'I GREELEY, COLORADO 80631 WIIDc. NOTICE OF DENIAL PHONE (303) 353-3845, EXT. 3656 FTL AS-1 LOT 1 ADAMS PARK SUB %450 ROLLIE AU% COLORADO • 450 ROLLIE AV FORT LU OWNER ADAMS PARK APTS PARTNERSHIP MIKE SOLLENBERGER , MGNG GEN PARTNER PARCEL 147105232001 PIN R 6119886 ADAMS PARK APARTMENTS 748 WHALERS - WAY BLDG D 71100 YEAR 1993 FORT COLLINS CO 80525 LOG 01737 05/25/1993 The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The Assessor has determined that your property should be included in the following category(ies): :RESIDENTIAL PROPERTY IS VALUED BY CONSIDERING THE MARKET APPROACH. AGRICULTURAL LAND VALUE IS DETERMINED SOLELY BY THE EARNING OR PRODUCTIVE CAPACITY OF THE LAND. CAPITALIZED AT A RATE- SET BY LAW. ALL OTHER PROPERTY. INCLUDING VACANT LANDS 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 ask your Assessor for a listing of these districts,and plan to attend these budget hearings. - The Assessor has carefully studied all available information; giving particular attention to the specifics included on your protest and has deter- mined the valuation(s) assigned to your property. The reasons for this determination of value are: YOUR - PROPERTY HAS BEEN UNIFORMLY VALUED FOLLOWING COLORADO LAW 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 SOLD DURING THE 1991/1992 TIME PERIOD. THIS COMPARISON SHOWS YOUR ACTUALPROPERTY VALUE TO BE CORRECT FOR THAT PERIOD. - - PROPERTY CLASSIFICATION PETITIONER'S ASSESSOR'S VALUATION ESTIMATE ACTUAL VALUE ACTUAL VALUE OF VALUE PRIOR TO REVIEW AFTER REVIEW LAND ' 103, 793 103, 793 IMPS 838, 412 838,412 TOTALS $ $ 942, 205$ 942 , 205 If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration, 39-8-106(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal. • By' WARREN L. LASELL 06/25/93 WELD COUNTY ASSESSOR DATE 93Q6rd 15-OPT AR - --- J c., pn'AT.vma Anr11TIrlAI A I imcnrm ATIrLU llgl nnicn OL eine Sul 28,1993 03:19PM FROM TST FT COLLINS TO 13520242 P.26 • ,SfOUHAVE THE RIGHT TO APPEAL Jg.AaSF,ISSQA'>9ECISION The County BoarQpfiEgySjyagonyaipAlt(g peaspptailegirinirigt July 4zanc(joontinuing through Augtist10'sfgt;• real property(land and buildings) and personal property(furnishings, machinery, and equipment)..39r8-104#dt, 39.8-107(2), C.R.S. APPEAL PROCEDURES: If you choon tpyAppeal the Asses is decision,.majl or,deliver one copy of thjs,pompleted form to the County Board of Equalization.To preserve your right to appeal,'your appeal must be POSTMARKED OR DELIVERED ON OR BEFORE JULY 15 FOR R44),,P}iQRVI Y,tNA 44.1(.2q. gggigPERSQS(,(1j PROPERTY. WELD COUNTY BOARD OF EQUALIZATION I j'. i'91510th Street, P.O. Row il5&._a 6 Greeley,Colorado 80632 Telephone (303) 356.4000, Ext.4225 a T.•::nT"r. ). ; I:fk i M{,.:Y f. JlC U is.:.J' Y .. _:•j qhw B+� NOTIFICATION OFTHEARING_ t J u t: ., I N;;I You will be notified of the time and place set for the hearing of your appeaL COUNTY BOARD OF EQUALIZATION'eallefaNATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days. The County Board must conclude their hearings by August 10. . • • , TAXPAYER I(;I�Cff'1~ 'F tH�)t1RIHAll AP E]1LS'r'a •C T, 1(7,3 Y•: u:uJAv L I YTt.- .' J4 1i• :r' It: : —avlT tY011-•t";13 Cllr/Yip ri�l 1`it—'YJ3JO2 33W1M4i:TJfi 21 ^UJA�' ......�i J!• .:.0 7_k '. 7 �J:: If you are not satisfied with the Cpypty 4gerd gf Egtialjzatjoq'p d@cisipslorqu4rriusttfile wJthIr}thirty daysiof tbg.. CQN'L1Y f o$rri otverwilotiqrfitowfiVee_dff519ipne iitt)4.KEJofit4e 4911Pt RICIG UJ D :I .v 7 .._ (ID Y1 Board of Assessment Appeals (sap AO Ale'n J I^G301 or, , t-i•t4. Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303) 866-5880. t e. .f 'sib lu;ngt mt., iris ,noitt‘:1u,a )'n , , ,,,, ,, >. - Ii, •. ,. lr 1 1 ;r,erodtina tc•.lr;igban TIDillElbn ,..14.11,;r1,. ,:r r, ., r 4 . •c , • .K,•,;'iuuy ,�? I::.,u7.r,i �. ir:5e ! 9th,Avenue and 9tI1 Street .P,Q.Box G - •' .. :1", a,. Greeley,colorra�wdoo$n06C32: �n " " ut1,: YAJ p(i,,R i3JOJ alifle 21194393J►u3f,"U -9944 9�:n7 IA338 2-H VT- ".UH4 St :':Y .HGITAXAT YT.7Zigoaq 90 H012IArkatratlo,fe 3HT Ye 03H27.1eL:, ; : t; 1T)Ur" TLr.I 63HTO 40 DIG akypFpal T�yt7�y ({��'`rT�}�F 1 �p7'��('� UJt.0 RC '1070a s •;:Y .0a1st3e 3nrens j}{Fpry7�j�y 3�(a.7�" "T'F'-tgIC� " FfJ7 Y ?UT,: ,:cJ."77 A09 T)3 A03 38 GT 3 fiC 'T Y'75 C�•�i•9 ' 'tialtJlJlfll .; ... U Ci G sway 2WOHc Noll 'ii' a k. ]H7 ree a olorado Tel'eph'gne (303) 3564000. Ext. 4225 • '�7 u...5 TA PT T If you do not receive a detefnlinaIlon from the County Board of Equalization,you must file an appeal with the Board of Assessment Appeals by September 20. • TO PRESERVE YOUR APPEAL RIGHTS, YOU MUST PROVE YOU HAVE FILED A TIMELY.APPEAL; _THEREFORE,'WE'RECOMMEND-y/,�,L'L":CORRESPONDENCE BE MAILED WITH PROOF OF MAILING. alb ;,•; .\,IT,A , rt,:+a ,,,4 - •'n.01 1, t PETITION TO THE COUNTY BOARD OF EQUALIZATION In the space below, please explain why you disagree with the Assessor's valuation. IN ACCORDANCE WITH c91i-peLQ6(1.5), C.RI$,,:Y.OU MUST STATE YOUR OPINION OF VALUE IN TERMS OF A SPECIFIC.DOLLAR AMOUNT. Attach additional documents as necessary. SN,BCb J7« ,tCYi i • • ;SIGNATURE OE PETIT70 DATE TOTAL P.06 JUL 28 ' 93 15: 19 3032260204 PAGE . 006 9S '9 4CMIt \ l'A CLERK TO THE BOARD ID P.O. BOX 758 GREELEY,COLORADO 80632 Mi C (303)38 .4000 EXT.4225 O COLORADO July 9, 1993 Parcel No. : 147105232001 PIN No. : R 6119886 ADAMS PARK APTS PARTNERSHIP 748 WHALERS WAY BLDG D-#100 FT COLLINS, CO 80525 Dear Petitioner(s) : The Weld County Board of Equalization has set a date of Thursday, July 29, 1993, at or about the hour of 8:30 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. i 930679 ADAMS PARK APTS PARTNERSHIP - R 6119886 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, BOAJ�D OF / I /T O N ti Lter/ /i1(11/141/A, Donald D. Warden, Clerk to e Board BY: �.� C rol A. ardi' g, Deputtti, cc: Warren Lasell, Assessor MIKE SOLLENBERGER, MGNG GEN PARTNER, 930679 ADAMS PARK APARTMENTS 748 WHALERS WAY, BLDG. D, SUITE 100 FORT COLLINS, COLORADO 80525 PHONE: (303) 226-8775 July 7, 1993 Weld Couunty Board of Equalization 915 10th Street P.O. Box 758 Greeley, CO 80632 RE: Adams Park Apartments, Lot 1 Adams Park Sub 450 Rollie Avenue Fort Lupton, Colorado. Parcel 147105232001 Ladies and Gentlemen: I wish to appeal the Notice of Denial on the above referenced property. I will have actual comparable sales data at the time of the appeal hearing to demonstrate that there is nojustification for this 25% increase in valuation of these apartments. These apartments are low income residences for senior citizens, have no amenities, dishwasher, air conditioning. Comparable sales in the general area will demonstrate that, if anything, in the appraisal base year, the value of this property declined. I request that the appointment for the hearing be made during the first week of August, 1993 . Thank you for your cooperation. Very truly yours, Mike Sollenberger Managing General Par r MS/my 930679 Jul 28,1993 03:16PM FROM TST FT COLLINS TO 13520242 P.02 ADAMS PARK APARTMENTS 748 WHALERS WAY, BLDG. D,SUITE 100 FORT COLLINS,COLORADO 80525 PHONE (303)22e-8775 July 28, 1993 Weld County Board of Equalization P.O. Box 758 Greeley, Colorado 80632 RE: Parcel No. 147105232001 PIN No.R 6119886 Ladies and Gentlemen: This letter presents some information regarding my appeal for the valuation for assessment of our property known as Adams Park Apartments in Fort Lupton, Colorado. Adams Park is a 40-unit, Farmers Home Administration financed, senior citizen complex. It was constructed in 1982, and serves low-income seniors and handicapped persons. Its construction is frame, two-storey, 8-plex, 650 square foot one-bedroom units. The units do not have air conditioning or dishwashers, as these are prohibited by the Farmers Home Administration. There are no swimming pools or tennis courts or other amenities. Rents are controlled by the Farmers Home Administration and are currently at $300.00 per month. Return to Owner is set by the Farmers Home Administration at $7,200.00 per year. Additionally, there are many restrictions on sale or transfer, rendering Adams Park nearly unmarketable at any price. Adams Park Apartments are located within five miles of the Adams County line, so I have researched comparable information from both Weld and Adams counties. Information in Weld County comes from Powell Prothe, a Greeley property manager. He provided the following information: r , JUL 28 ' 93 15 : 16 3032260204 PRGE . 002 930679 Jul 28,1993 03:17PM FROM TST FT COLLINS TO 13520242 P.03 Letter to Weld County July 28, 1993 Page Two Location ImvrOVements DAIS Date Price price Per Constructed Sold twit Village Gardens 72-unit garden Approximately 1991 $1,220,000 $16,972 Apartments, apt. complex 1972 Greeley, CO Comment: This is a market rent complex, with normal luxury amenities, and is much nicer than the subject property. Chateaux 36-unit apt. Approximately 1991 $ 560,000 $15,556 Apartments, complex 1972 Greeley, CO Gateway 210-unit apt. Approximately 1991 $6, 000,000 $28,571 Apartments, complex 1985 Greeley, Co Comment: This is a much newer, luxury complex of five times the size, receiving market rents with full luxury amenities, and is not a direct comparable to Adams Park, but is listed for reference purposes only. The following group of comparables are from Roddy Reports in Adams County, and are located closer to the subject property than are the Greeley comparables. Location Improvements Date Date price price Constrerteq Sold Per Unit 7220 - 7240 40-unit, 1970 March, $800,000 $20,000 Zuni Street 2-storey apt. 1991 complex. Frame construction. Comment: Market rents 11152 E. 16th 55-unit, 1972 July, $260, 000 $4,727 Avenue 3-storey apt. 1991 building, masonry Construction Comment: Rented primarily to lower income tenants, fair condition. JUL 28 ' 93 15: 17 3032260204 PRGE . 003 930679 Jul 29,1993 03:17PM FROM TST FT COLLINS TO 13520242 P.04 Letter to Weld County July 28, 1993 Page Three 2201 Dayton 46-unit, 1982 August, $310, 000 $6,739 3-storey apt. 1991 building, frame construction 11852 E. 16th 58-unit, 1973 Sept. , $410,000 $7,069 Avenue 2-storey apt. 1991 building, masonry construction 11102 E. 16th 55-unit, 1971 April, $360, 000 $6,545 Avenue 3-storey apt. 1992 building, masonry construction The above market comparables indicate that, if anything, there has been a decline in value for property in the area, and especially in Fort Lupton, Colorado. Fort Lupton is a difficult market, and has presented our partnership with occupancy problems, even with our 100% subsidized rents. I feel that our valuation has declined from the previous valuation of $756,653 .00 or $18,916. 00 per unit. I respectfully request that you establish the market valuation for Adams Park Apartments, based upon the above data, at $15,000 per unit, or $600,000.00. Veryy�truly yours Mike Sollenberger Managing General Partner MS/my JUL 28 ' 93 15: 18 3032260204 PAGE .. 004 930679 EXHIBIT A s ca-_ssnr 's WELD C OLJNTY COLORADO OFFICE OF WELD COUNTY ASSESSOR 1400 N. 17TH AVENUE GREELEY, COLORADO 80631 PETITIONER: ADAMS PARK APTS PARTNERSHIP PIN NO: R 6119886 PARCEL NO: 147105232001 ADDRESS: 450 ROLLIE AVENUE FORT LUPTON, COLORADO 80621 1993 PROPERTY VALUATION $942,205 PREPARED BY LARRY RODRIGUEZ PROPERTY APPRAISER 930679 OFFICE OF WELD COUNTY ASSESSOR TABLE OF CONTENTS Table of Contents 1 Property Identification 2 Assessed Valuation 3 Sales Comparison Approach (Square Foot Method) Its Sales Comparison Approach (Per Unit Method) 51Y Summary of Sales Comparison Approach 6 Sales Comparison Approach (SF/Fort Lupton) 7 Sales Comparison Approach (Unit/Fort Lupton) 8 Summary of Sales Comparison Approach (Fort Lupton) 9 Correlation and Final Estimate of Value 10 Subject Photographs 11 Subject Photographs 12 Subject Photographs 13 Comparable Sale No . 1 14 Comparable Sale No . 2 15 Comparable Sale No . 3 16 Comparable Sale No . 4 17 -1- 9366'79 PROPERTY IDENTIFICATION Type of Property: The subject property consists of a 40 unit apartment complex. this complex is comprised of 5 - 8 unit low rise apartment buildings and a clubhouse which were constructed in 1982 . Total gross area of the subject apartment building is 32, 340 square feet. the improvements are situated on a 109 ,256 square foot site. For property tax purposes, the apartment complex is classified as residential and receives the residential assessment rate when determining assessed value. Street Address : The subject property is located at 450 Rollie Avenue, in Fort Lupton, Colorado. Legal Description: The subject is legally identified as : FTL AS-1 LOT 1 ADAMS PARK SUB Ownership: According to records kept in the office of the Weld County Assessor, the owner of the subject property is : ADAMS PARK APTS PARTNERSHIP 748 WHALERS WAY BLDG D-#100 FT COLLINS, COLORADO 80525 Amenities : Laundry facilities in buildings, off-street parking, and a clubhouse. -2- 930679 ASSESSED VALUATION For tax purposes the subject property is assessed by the Weld County Assessor' s Office under parcel number 147105232001 . The valuation for tax year 1993 by the assessor is detailed as follows : Land Market Value $ 1O3,793 Improvements Market Value $ 838,412 Total Actual Value $ 942,205 Land Market Value: The subject is located in a zoned residential area. Market indicates a value of land in this neighborhood to be $1 . 00 per square foot. Property has been give a 5% discount for location and size. Subject land consists of 109 ,256 square feet. 109,256 * $ . 95 = $103,793 . Improvements Market Value: Based on sales collected by the assessor' s office, market indicates value of $25 . 93 per square foot for improvements of this type. Subjects improvements consists of 32, 340 square feet. 32 , 340 * $25 . 93 = $838,412 . Total Actual Value: Total actual value according to the assessor' s office is calculated at $942,205 . $103,793 + 838,412 = 942,205 Support of Values : Presented on the succeeding pages are the sales comparison approach (market approach) to value, which is used to support the value assigned by the county assessor' s office. Two types of units of comparison are used in the sales comparison approach, the square foot method and the per unit method. -3- 93O673 SALES COMPARISON APPROACH (PER UNIT METHOD) SUBJECT COMP. 1 COMP. 2 COMP. 3 COMP. 4 ADDRESS 450 ROLLIE AVENUE 303 BYERS 812 7TH STREET 3750 W 24TH STREET 706 27TH AVENUE FORT LUPTON PLATTEVILLE WINDSOR GREELEY GREELEY SALES DATE 10/13/88 01/31/89 10/09/91 12/17/91 SALES PRICE $942,205 $549,900 $775,000 $6,000,000 $1,220,000 NO. OF UNITS 40 16 52 210 72 SALE/PER UNIT $34,369 $14,904 $28,571 $16,944 IMPS SF. 32340 13786 35040 188438 61875 AVG. SF. PER UNIT 809 862 674 897 859 YEAR BUILT 1982 1985 1972 1987 1970 QUALITY AVERAGE AVERAGE AVERAGE AVERAGE AVERAGE CONDITION AVERAGE AVERAGE AVERAGE AVERAGE AVERAGE AMENITIES (Parking, $782 $745 $688 $443 $1,100 pools, garages, etc.) ADJUSTMENT MATRIX: AGE $0 $1,490 ($1,429) $2,542 SIZE ($1,063) $2,693 ($1,776) ($1,018) QUALITY $0 $0 $0 $0 CONDITION $0 $0 $0 $0 AMENITIES $37 $95 $340 ($317) TOTAL ADJUSTMENTS ($1,025) $4,278 ($2,865) $1,207 ADJUSTED UNIT VALUE $23,555 $33,344 $19,182 $25,706 $18,151 ADJUSTED PRICE RANGE $18,151 - $33,344 PER SF. ADJUSTED MEDIAN $22,444 PER POW uMV -4- 930679 SALES COMPARISON APPROACH (SQUARE FOOT METHOD) SUBJECT COME. 1 COMP. 2 COMP. 3 COMP. 4 ADDRESS 450 ROLLIE AVENUE 303 BYERS 812 7TH STREET 3750 W 24TH STREET 706 27TH AVENUE FORT LUPTON PLATTEVILLE WINDSOR GREELEY GREELEY SALES DATE 10/13/88 01/31/89 10/09/91 12/17/91 SALES PRICE $942,205 $549,900 $775,000 $6,000,000 $1,220,000 LAND VALUE $103,793 $31,405 $164,591 $259,170 $152,550 IMPS VALUE $838,412 $518,495 $610,409 $5,740,830 $1,067,450 IMPS SF. 32340 13786 35040 188438 61875 AVG. PRICE PER SF. $37.61 $17.42 $30.47 $17.25 YEAR BUILT 1982 1985 1972 1987 1970 QUALITY AVERAGE AVERAGE AVERAGE AVERAGE AVERAGE CONDITION AVERAGE AVERAGE AVERAGE AVERAGE AVERAGE AMENITIES (Parking, $31,294 $11,920 $35,758 $92,930 $79,169 pools, garages, etc.) ADJUSTMENT MATRIX: AGE $0 $61,041 ($287,042) $160,118 SIZE $371,080 ($54,000) ($3,121,960) ($590,700) QUALITY $0 $0 $0 $0 CONDITION $0 $0 $0 $0 AMENITIES $19,374 ($4,464) ($61,636) ($47,875) TOTAL ADJUSTMENTS $390,454 $2,577 ($3,470,638) ($478,458) ADJUSTED IMPS VALUES $908,949 $612,986 $2,270,193 $588,993 SUBJECT SF. 32340 32340 32340 32340 ADJUSTED SF. VALUE $25.92 $28.11 $18.95 $70.20 $18.21 ADJUSTED PRICE RANGE $18.21 - $70.20 PER SF. ADJUSTED MEDIAN $23.53 PER FOOT -5- 9 SUMMARY SALES COMPARISON APPROACH (MARKET APPROACH) PARCEL NO: 147105232001 PROPERTY: 450 ROLLIE AVENUE FORT LUPTON, COLORADO 80621 SQUARE FOOT METHOD: CONCLUDED COST PER SQUARE FOOT $ 23.53 NUMBER OF SQUARE FEET 32,340 IMPROVEMENTS COST $ 760,960 ADD LAND VALUE $ 103,793 SALES COMPARISON APPROACH/SQUARE FOOT METHOD $ 864,753 PER UNIT METHOD: CONCLUDED COST PER UNIT $ 22,444 NUMBER OF UNITS 40 SALES COMPARISON APPROACH/PER UNIT METHOD $ 897,760 VALUE ESTIMATE BY THE SALES COMPARISON APPROACH: $ 881,000 -6- 930679 FORT LUPTON SALES SALES COMPARISON APPROACH (SQUARE FOOT METHOD) SUBJECT COMP. 1 COMP. 2 COMP. 3 ADDRESS 450 ROLLIE AVENUE 307 1ST STREET 311 1ST STREET 271 EAHIL PL FORT LUPTON FORT LUPTON FORT LUPTON FORT LUPTON SALES DATE 01/19/90 06/30/88 05/05/92 SALES PRICE $942,205 $90,000 $80,500 $141,500 LAND VALUE $103,793 $8,407 $8,827 $12,017 IMPS VALUE $838,412 $81,593 $71,673 $129,483 IMPS SF. 32340 3360 3360 4160 AVG. PRICE PER SF. $24.28 $21.33 $31.13 YEAR BUILT 1982 1958 1958 1980 QUALITY AVERAGE AVERAGE AVERAGE AVERAGE CONDITION AVERAGE AVERAGE AVERAGE AVERAGE AMENITIES (Parking, $31,294 $0 $0 $0 pools, garages, etc.) ADJUSTMENT MATRIX: AGE $20,398 $17,918 $0 SIZE $579,600 $579,600 $563,600 QUALITY $0 $0 $0 CONDITION $0 $0 $0 AMENITIES $31,294 $31,294 $31,294 TOTAL ADJUSTMENTS $631,292 $628,812 $594,894 ADJUSTED IMPS VALUES $712,885 $700,485 $724,377 SUBJECT SF. 32340 32340 32340 ADJUSTED SF. VALUE $25.92 $22.04 $21.66 $22.40 ADJUSTED PRICE RANGE $21.66 - $22.40 PER SF. ADJUSTED MEDIAN $22.04 PER FOOT _7_ 79 FORT LUPTON SALES SALES COMPARISON APPROACH (PER UNIT METHOD) SUBJECT COMP. 1 COMP. 2 COMP. 3 ADDRESS 450 ROLLIE AVENUE 307 1ST STREET 311 1ST STREET 271 EAHIL PL FORT LUPTON FORT LUPTON FORT LUPTON FORT LUPTON SALES DATE 01/19/90 06/30/88 05/05/92 SALES PRICE $942,205 $90,000 $80,500 $141,500 NO. OF UNITS 40 4 4 4 SALE/PER UNIT $22,500 $20,125 $35,375 IMPS SF. 32340 3360 3360 4160 AVG. SF. PER UNIT 809 840 840 1040 YEAR BUILT 1982 1958 1958 1980 QUALITY AVERAGE AVERAGE AVERAGE AVERAGE CONDITION AVERAGE AVERAGE AVERAGE AVERAGE AMENITIES (Parking, $782 $0 $0 $0 pools, garages, etc.) ADJUSTMENT MATRIX: AGE $5,625 $5,031 $0 SIZE ($630) ($630) ($4,630) QUALITY $0 $0 $0 CONDITION $0 $0 $0 AMENITIES $782 $782 $782 TOTAL ADJUSTMENTS $5,777 $5,184 ($3,848) ADJUSTED UNIT VALUE $23,555 $28,277 $25,309 $31,527 ADJUSTED PRICE RANGE $25,309 - $31,527 PER UNIT ADJUSTED MEDIAN $28,277 PER UNIT -8- 930679 SUMMARY SALES COMPARISON APPROACH (MARKET APPROACH) FORT LUPTON SALES PARCEL NO: 147105232001 PROPERTY: 450 ROLLIE AVENUE FORT LUPTON, COLORADO 80621 SQUARE FOOT METHOD: CONCLUDED COST PER SQUARE FOOT $ 22.04 NUMBER OF SQUARE FEET 32,340 IMPROVEMENTS COST $ 712,774 ADD LAND VALUE $ 103,793 SALES COMPARISON APPROACH/SQUARE FOOT METHOD $ 816,567 PER UNIT METHOD: CONCLUDED COST PER UNIT $ 28,277 NUMBER OF UNITS 40 SALES COMPARISON APPROACH/PER UNIT METHOD $ 1,131,080 VALUE ESTIMATE BY THE SALES COMPARISON APPROACH: $ 973,823 3306'9 CORRELATION AND FINAL ESTIMATE OF VALUE The sales comparison approach utilizing the square foot and per unit methods of determining value have been extensively detailed in this valuation analysis . The sales comparison approach (Market Approach) to value is the only type of valuation method used in this report in keeping with state law , which states that residential property must valued by the Market Approach. Sales Comparison Approach: The value as indicated by recent sales of comparable properties, as adjusted to account for all differences in physical, locational and economic characteristics. Comparable Sales Summary (page 5) $ 881,000 Fort Lupton Sales Summary (page 8) $ 973,823 SUMMARY Of the data available, the preponderance of supportable data was present in the market approach. After considering all available data, it is the conclusion of Weld County Assessor' s Office that the market value of the subject property is : NINE HUNDRED AND FORTY-TWO THOUSAND, TWO HUNDRED AND FIVE DOLLARS $ 942,205 -10- 930679 COMPARABLE SALES NO _ 1 f `4 • tee Fs s9,1' n"; ,, , • `" ,�.:Fr" .may, .. . ADDRESS: 2025 4th Avenue APARTMENT UNITS: 16 Platteville, Co. 80651 SALES PRICE PER UNIT: $34,369 SALES DATE: October 13, 1988 SALES PRICE PER SF: $37.61 SALES PRICE: $549,900 IMPROVEMENTS: 13, 786 sf. -14- 930679 COMPARABLE SALES NO - 2 3 'ffi , ice, ' Vk (1! r4 N1' �, � H9 444;-,'ti+. dei { qW y F MFT �` {Y ,� fi r n . r4 f 46x2 411 a 718 ok '" A } , RN� r xd f� x r W,1'5 ` 4 r 1 HY t. 1 �iT ,}� 4y v Wit`-'4lY� + Rf y ; a, is ^;I_ i{ 1 ' '* y.y�gJJ� � �- sso el 11 I.k n.??)fit'rcn+.+rtn Diu L r• * 4 $ } Ty w ^ .M 66•_x..7, 1: L J • M �•r T ^�ntN.• -C`an' � f 1. a�yJ ♦'�4Yy ,t ,�, ADDRESS: 812 7th Street APARTMENT UNITS: 52 Windsor, Co. 80550 SALES PRICE $17. 42 PER UNIT: $14, 904 SALES DATE: January 31, 1989 SALES PRICE PER SF. : SALES PRICE: $775, 000 IMPROVEMENTS: 35, 040 sf. -15- 930679 COMPARABLE SALES NO - 3 w , } r 1, 90 q _ GRA — d_p c S ADDRESS: 3750 W. 24th Street APARTMENT UNITS: 210 Greeley, Co. 80631 SALES PRICE PER UNIT: $28,571 SALES DATE: October 09, 1991 SALES PRICE PER SF. : $30.47 SALES PRICE: $6, 000,000 IMPROVEMENTS: 188, 438 sf. -16- 930679 COMPARABLE SALES NO _ 4 • - • e . �,., .11 1, x�» • ADDRESS: 706 27th Avenue APARTMENT UNITS: 72 Greeley, Co. 80631 SALES PRICE PER UNIT: $16, 944 SALES DATE: December 17, 1991 SALES PRICE PER SF. : $17, 25 SALES PRICE: $1,220, 000 IMPROVEMENTS: 61, 875 sf. -17- 343O679 AS0027 930679 FILE CONTAINS PHOTOS - SEE ORIGINAL FILE SUBJECT PHOTOGRAPHS + {`8xJ r£ # r. ,.s+` 91er ,Y' g . a "c • Y# .tip•F9p >A e 4 } F. 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