HomeMy WebLinkAbout951555.tiffRESOLUTION
RE: THE BOARD OF EQUALIZATION, 1995, WELD COUNTY, COLORADO
PETITION OF:
HEWLETT-PACKARD CO
ATTN FIXED ASSETS GREELEY DIV
700 71 AV
GREELEY, CO 80634
DESCRIPTION OF PROPERTY: PIN: R 1966586 PARCEL: 095904300025 - GR 17383 PT
SW4 4 5 66 (PARCEL 2)(NORTH SHEEP DRAW ANNX) LYING W OF THE FOL DESC LN BEG
S89D29'E 2599.30' FROM SW COR OF SEC THENCE N05D20'E 628.92' N29D06'E 227.50' TO
A PT ON E LN OF SW4 THENCE N05D49'E 918.02' N58D11'W 210' N04D49'E
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 1995, 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 1995, claiming that the property described in such petition was assessed too
high, as more specifically stated in said petition, and
WHEREAS, said petitioner being represented by Steve Letman, Consultus Asset Valuation,
Inc.,, 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:
951555
AS0032
QC• AS, Mkt&r-ftl), C otdtu;J(ay c )
RE: BOE - HEWLETT-PACKARD CO
Page 2
ORIGINAL
Land $ 715,933
Improvements OR
Personal Property 11.286.709
TOTAL ACTUAL VALUE $ 12.002.642
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)
OR
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)
951555
AS0032
RE: BOE - HEWLETT-PACKARD CO
Page 3
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.
The above and foregoing Resolution was, on motion duly made and seconded, adopted by
the following vote on the 3rd day of August, A.D., 1995.
BOARD OF COUNTY COMMISSIONERS
ATTEST:
Weld County ClerCtb the Board
BY:
eputy :Clerk t>ij hi'AM
APPROVED A TO FORM:
/
Coutt Attor y (a J
LD COUNTY, COLQRADO
Barbara J. Kirkmeyer
George E. Baxter
EXCUSED
FXCI ISFn
Constance L. Harbert
,'J (J
W. H. Webster
951555
AS0032
7-41-e y
O- 3 -es?
BOE DECISION SHEET
PIN #: R 1966586 PARCEL #: 095904300025
HEWLETT-PACKARD CO
ATTN FIXED ASSETS GREELEY DIV
700 71 AV
GREELEY, CO 80634
HEARING DATE: August 3, 1995 TIME: 9:15 A.M.
HEARING ATTENDED? oN) NAME a„,„1_,7
AGENT NAME: CONSULTUS ASSET VALUATION INC STEVE LETMAN PRESIDENT
APPRAISER NAME
DECISION:
DECREASE IN VALUATION
INCREASE IN VALUATION
NO CHANGE IN VALUATION
ASSESSMENT RATIO
ACTUAL VALUATION
ORIGINAL SET BY BOARD
Land $ 715,944 $ '7/S39 3
Improvements OR
Personal Property 11,286,709
Total Actual Value $ 12.002,642
COMMENTS:
MOTION BY a 4-+ TO
SECONDED BY :7-3
i2
Failed to prove appropriate value
No comparables given
Other:
l )l<cgb r`/C9
$ /3, ec4 to yO-
RESOLUTION NO._
Baxter--.{fld}-g—` 11C
Hall -- flu )
Harbert - (`j )
Kirkmeyer--efttd) Cjtc.,
Webster -112J)
sbibb5
COLORADO
CLERK TO THE BOARD
PHONE (303) 356-4000 EXT.4218
FAX: (303) 352-0242
915 10TH STREET
P.O. BOX 758
GREELEY, COLORADO 80632
July 21, 1995
Parcel No.: 095904300025 PIN No.: R 1966586
STEVE LETMAN, PRESIDENT
CONSULTUS ASSET VALUATION, INC.
7445 EAST PEAKVIEW AVENUE
ENGLEWOOD, CO 80111
Dear Petitioner(s):
After further consideration of conversations between you and the Weld County Attorney, the Weld
County Board of Equalization has decided to hear petitions for appeal of property taxes which were
postmarked on or before July 17, 1995. A hearing on your valuation for assessment has been set
on Thursday, August 3, 1995, at or about the hour of 9:15 a.m. 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 10, 1995, and
mailed to you on or before August 16, 1995.
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.
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.
CONSULTUS ASSET VALUATION, INC - R 1966586
Page 2
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,
BOARD OF EQUALIZATION
Donald D. Warden,
Clerk to the Board
•
BY: // 7A.
Carol A. Harding, Deputy
cc: Warren Lasell, Assessor
NOTICE OF DENIAL
OFFICE OF COUNTY ASSESSOR
1400 NORTH 17th AVE.
GREELEY, COLORADO 80631
PHONE (970) 353-3845, EXT. 3656
COLORADO
GR 17383 PT SW4 4 5 66 (PARCEL 21( NORTH SHEEP
DRAW ANNX) LYING W OF THE FOL DE SC LN BEG 589029'E
2599.30' FROM SW COP OF SEC THENCE N05020'E
628.92• N29D06'E 227.50' TO A PT ON E LN OF SW4
THENCE N05D49'E 918,02' N58D11•v1 210' N04049'E
712 I 171 AV .GR EELEY
OWNER HEWLETT-PACKARD CO
CONSULTUS ASSET VALUATION INC
STEVE LE TMAN PRESIDENT
7445 E PEAKVIEW AVE
ENGLE WOOD CO 80111
05/31/1995
PARCEL
PIN
YEAR
LOG
095904300025
P 1966586
1995
04366
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.
ILL 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 ask your Assessor fora 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:
NO CHANGE HAS BEEN WADE TO THE ACTUAL VALUATION OF THIS PROPERTY,
COLORADO LAW REQUIRES US TO SEND THIS NOTICE OF DENIAL FOR ALL
PROPERTIES ON WHICH WE DO NOT ADJUST THE VALUE.
PROPERTY CLASSIFICATION
PETITIONER'S
ESTIMATE
OF VALUE
ASSESSOR'S VALUATION
ACTUAL VALUE
PRIOR TO REVIEW.
ACTUAL VALUE
AFTER REVIEW
LAND
IMPS
715,933
11,286,709
715,933
11.286,709
TOTALS $ $ 12,002,642 $ 12,0022642
I you disagree with the Assessor's decision, you have the right to appeal to the County Board of Equalization for further consideration,
9-8-106(1)(a), C.R.S. Please see the back of this form for detailed information on filing your appeal.
3y: WARREN L. LASELL
WELD COUNTY ASSESSOR
5 DPT-AR
06/01/95
DATE
87
CONSULTUS
ASSET VALUATION, INC.
7445 E. Peakview Ave. (303) 770-2420
Englewood, CO 80111 FAX: (303) 770-2430
July 17, 1995
ATTENTION: WELD COUNTY BOARD OF EQUALIZATION
We are filing the enclosed appeals on behalf of our clients. Due to prior commitments and out
of town travel, we are requesting that our hearing be scheduled for the afternoon of Thursday,
July 27, 1995.
Please date stamp each of the appeal letters and fax a copy to us at 303-770-2430.
In accordance with CRS 39-8-1-7 (3), we have requested that data supporting the Assessor's
valuation be provided to us two days prior to the hearing. Please notify the Assessor's office
of our request.
Since
Steve Letman, MAI, ASA
President
(0) National Property Tax Group, member firm
CONSULTUS
ASSET VALUATION, INC.
7445 E. Peakview Ave. (303) 770-2420
Englewood, CO 80111 FAX: (303) 770-2430
July 13, 1995
WELD COUNTY
BOARD OF EQUALIZATION
P.O. BOX 758
GREELEY, CO 80632
Re: SCHEDULE NO: 095904300025
Hie/as-4 LP
On behalf of our client, we wish to protest the valuation on the above -captioned property to the
Board of Equalization.
The value should be $7,000,000.
Per C.R.S. 39-8-107(3), we request the data supporting the Assessor's valuation two days prior
to the hearing.
If you have any questions, please contact us.
Cordially,
e
Brad A. Licht
Vice President
HPCO-WE-001
National Property Tax Group, member firm
W1�Yc
COLORADO
July 18, 1995
Steve Letman, President
Consultus Asset Valuation, Inc.
7445 East Peakview Avenue
Englewood, CO 80111
Dear Petitioner(s):
CLERK TO THE BOARD
PHONE (303) 356-4000 EXT.4218
FAX: (303) 352-0242
915 10TH STREET
P.O. BOX 758
GREELEY, COLORADO 80632
Parcel No.: 095904300025 PIN No.: R 1966586
u _
�r� u, I : + t � .
The Weld County Board of Equalization, pursuant to Colorado law, has authority to hear petitions
for appeal from persons whose objections to or protests of excessive, erroneous, or illegal valuation
have been refused or denied by the County Assessor. However, for tax year 1995, the County
Board of Equalization may hear only those petitions for real property which were received or
postmarked on or before July 15, 1995. Your petition was received; however, the postmark
indicates that it was mailed after July 15, 1995. Therefore, the County Board of Equalization does
not have jurisdiction to hear your appeal and thus, your petition is dismissed.
Very truly yours,
BOARD OF EQUALIZATION
Donald D. Warden,
Clerk to the Board
BY.
Carol A. Harding, Deputy — C\
cc: Warren Lasell, Assessor
HEWLETT-PACKARD / GREELEY
INDUSTRIAL RENTAL COMPARISON SUMMARY
AS OF JUNE 30, 1994
NO
LOCATION ; r
USE
SIZE (SP)
RENT
TERMS I TERM
REMARKS
3625-55 CINCINNATI
ROCKLIN, CA
2 10000 FOOTHILLS-PY
ROSEVILLE, CA
3 TEKTRONIX CAMPUS
BEAVERTON, OR
4 HWY 34 @ HWY 99
TANGENT, OR
5 20415 72ND AV S
KENT, WA
6 15112 NE 24TH ST
REDMOND, WA
7 21326 88TH PL S
KENT, WA
8 125 VALLEY DR
BRISBANE, CA
9 CYPRESS CREEK
HOUSTON, TX
10 1115 SE 164TH AV
VAN COUVRE, -WA
11 II -P BRIARGATE
COLO SPRINGS, CO
WHSE/DIST
WIISE/DIST
MFG/OFC
WHSE
OFC/WHSE
OFC/WHSE
OFC/WHSE
WHSE/DIST
230,477
182,497
210,766
216,(x)0
748,000
594,140
800,000
$ 4.96
$ 3.48
$5.64
3.31 -
4.56
3.36-W
7.20-0
$ 4.71
3.50-W
7.20-0
980,000 $ 4.61
R&D 694,000 $ 3.15
R&D 325,300 OF $ 4.31
488,000
R&D 88,227 OF $ 5.54
270,850 $3.15 NNN
NNN
TO 1997
NNN 1993-03 OPUS TO H -P
NNN 1995-05
NNN 3-5 YRS
NNN 3-5 YRS SALE COMP 2
NNN 3-5 YRS SALE COMP 4
NNN 3-5 YRS SALE COMP 5
NNN N/A SALE COMP 7
NNN S YRS
5 OPT
NNN 1992-97
MOD NET 1992-98
VARIOUS
LANDLORDS TO H -P
TEKTRONIX TO IST
INTERSTATE RANK
SPENCER TO II -P
AND OTHERS
TEKTRONIX TO
I I -P
H -P TO
CURRENT, INC
Potential Income
For this analysis, we project subject rent at $3.50 per square foot, triple net. Our
conclusion is based on rent comparables 4, 7 and 10. At this rate, Potential Gross Income is
$916,000 (261,800 SF x $3.50).
Vacancy and Collection Loss
The subject is currently 100% occupied by the owner. We allow 10% vacancy
($92,000), which is reasonable during the life of a facility like the subject.
Expense Analysis
We presume the subject will be leased on a triple net basis which assigns responsibility
for hazard insurance, real estate taxes, water, sewer and facility maintenance expenses to the
tenant. Owners are expected to absorb management expense, and structural maintenance which
ti EXHIBIT
I. NP
is recognized as replacement reserves. Annual landlord expenses utilized in the development
of stabilized first year net operating income are summarized as follows:
Management: Property management is estimated at 3.0% of effective gross income.
Management expense is $24,700.
Allowance for Replacements: We estimate landlord replacement reserves at $0.25 per
square foot, or $65,300.
Total projected landlord expenses are $90,000, or $0.34 per square foot. Deducting
vacancy and expenses from potential gross income indicates net operating income (NOI) of
$734,000 ($2.80/SF). A proforma operating statement is presented below:
HEWLETT-PACKARD / GREELEY
PROJECTED OPERATING STATEMENT
AS OF JUNE 30, 1994
GROSS POTENTIAL INCOME
261,8(10 SF X $3.50
LESS VACANCY & COLLECTION LOSS 10.0%
EFFECTIVE CROSS INCOME
EXPENSES
Management 3% $24,700
Allowance for Replacements @ $0.25/SF $65,_300
NET OPERATING INCOME
$916,000
($ 92,000)
$824,000
($90,000)
$734,000 ($2.80/SF)
Capitalization Process
To capitalize into value the subject's net income before debt service of $734,000, an
overall capitalization rate of 10.50% has been selected. This was developed from market sales,
band -of -investment mortgage equity analysis, and national investor surveys. The calculation is
presented next.
Net Operating Income
Capitalization Rate
$734,000 ± 10.50%
Market Value
$6,990,000 $26.70/SF
SALES COMPARISON APPROACH
The underlying premise of the Sales Comparison Approach is the concept that analysis
of sales of reasonably similar properties provides empirical data from which observations and
conclusions about the subject property can be made.
In analyzing the industrial market, we investigated many industrial sales occurring
between March 1990 and June 1994. Our research included industrial sales throughout the
United States. One sale included on the following table occurred subsequent to June 30, 1994,
and is included for information only. Sales of such large facilities do not occur often. We are
attempting to present a complete picture of the market for large industrial facilities.
Twenty-two sales of large industrial properties are identified on the following grid.
Detailed information for each sale has been retained in our files. These sales are considered the
most significant transactions for direct comparison with the subject.
Unadjusted, the sales range in selling price from $6.84 to $32.52 per square foot,
averaging $14.91 per square foot. In our opinion, the value indicated by the Sales Comparison
Approach is $7,070,000, equivalent to 261,800 square feet of building at $27.00 per square foot.
Sales considered in this analysis are on the following page.
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DENVER MIC ASSOC III
CO 702 FRONTAGE RD DATA GEN'L CORP/ 77.03 R&D
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IL 1025 S MAIN ST CARNATION/NESTLE/ 17.01
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•
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SHERMAN GEORGE MARKUS
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AZ 2500 W UNION HILLS DIGITAL EQUIP CORP/
PHOENIX 85027 HONEYWELL. INC
CO 2345 CLOVER BASIN CA PUB EMP RET SYS/
LONGMONT STORAGE TECHNOLOGY
CO 700 W MINERAL AV I MARTIN MARIETTA/
DENVER U4 WEST
IL CATERPILLAR, INC!
OSWEGO SOUTHGATE CENTER I
IL BASELINE RD AND US 30 CATERPILLAR CO/
MONTGOMERY SPACE CENTERS. INC
IN COAST TO COAST ANDURA CORP/
DISTRIBUTION CENTER CONFIDENTIAL
CRAWFORDSVILLE
IN 6550 E 30TH ST STAR BANK/
INDIANAPOLIS BERTLESMANN MUCIC
MN 1405 XENIUM LN CVN CO.'S/
PLYMOUTH CARLSON R.E.
C L IV3II O3I}I31I A.LNIIOD ?13-LLfla
/ONIIIIVNMAI-M.011D 2MU S31 -1C1 S8-SZZb HO I
PA 3001 MARKET ST FDIC! ACADEMIC
PHILADELPHIA PROPERTIES, INC
TX E/S WESTMORELAND RD TRC/ DALLAS TRANSFER
DALLAS PROPERTIES. INC
TX WC HARRY MINES & BEDDING R.E./ LOMAS
BURBANK MORTGAGE USA, INC
DALLAS
TX S/S OF FOREST LN NATIONAL OILWELL/
GARLAND MARMON MOTROS
TX 801 GREAT SW PKWY TRAVELERS INSURANCE/
GRAND PRARIE J&P SAN ANTONIO LTD
C7
STATE LOCATION
Co
00.E . HEARING
DATE: AUGUST 3, 1995
TIME: 9:15 A.M.
SUBJECT: HEWLETT-PACKARD CO.
ADDRESS: 700 71 AVE, GREELEY CO
PIN: 1966586
REAL PROPERTY SCHEDULE
HEWLETT-PACKARD COMPANY, GREELEY, COLORADO
GENERAL LEDGER ACCOUNT BALANCES
JANUARY 1, 1994
DESCRIPTION
COST PLAcameeT
MULTI PC I EC C 05Y NEW
YEARACQ ACQVALUE AS OF (p -
LAND IMPROVEMENTS
Phase I: Land Improvements
Parking Lot, Road
Perimeter Fencing
Trees,Lawn,Ground Cover,Shrubs
Signs
Corp HP Sign
--Big-T-Water-14nits
Phase II: Land Improvements
Parking Lot Add
Landscape,Irrig,Fence,Trees, Sod,Lawn
Service Building
Sprinklers
Raw Water Irrigation
Automatic Irrigation System
Soil Stabilization - Ship Dock
Walkway Lights
SE Lot Storm Drains
Soil Stabilization - Sent Bldg
LEASEHOLD IMPROVEMENTS Modular Tiikiiog
—ModularWalk/Sy.0 t,r., 1990
is --19900
LEASEHOLD IMPROV PROCESS SYS Modular Bldg 1989-
HP BUILDING #1
Warehouse -Burglar -Sys------- --1990 -
Master Plan
Phase I
Outfitting
Phase II
Cafeteria
Recreation Site
Recreation Equipment
Phase II Outfit/Add
Modifications
Additional Outfitting
Add Electrical
Add Elec/EMS Xfrmr/CAD Rm Vent
Parabolic Lighting
Environmental Risk Fuel Tanks
Add HVAC/Controls/Duct/Fire Sys
Additional Outfitting
Electrical Panel/Distribution Add
Cooling Tower Add
Parapet Access Doors
Additional Outfitting
Fan Control System/Electrical Add
Utility Vault - Electrical, Phone
Fire Alarm System Upgrade
Telephone Ran Air Handler Emergency Power
Cooling Water Backflow
Chiller Control Panels/Purifier/Compressor Pump/HVAC
Backflow Protection/R123 Ozone Safe Refrig
Guard Rail
Mech. Chase/Install Comp.Pump/Dock &Sery Bldg Heat
1
1983 /'
1983 '!
1983
1983
1983
1984 /. 71I 10
1984
1984
1984
1984
1984
1985 /-
1987 /• /S,a
1987
1987
1988 / /411
1989 /, /.24-/
1990 /. 07L/
1989
r!
50,000
1,071,490
882,157
137,146
207,941
35,936
10,637
4-80,000
432,099
300,387
300,900
25,690
7,618
83,592
9,939
5,163
12,479
4,400
10,074
123,895
23,408-
1982 /• 95
1983
1983
1983
1983
1983
1984 / ;n
1984 ,i
1984 "
1985 / /9'7
1986 / /8S
1987
1987
1987
1988
1988
1989
1989
1989
1990
1990
1991
1991
1991 I,
1991
1992 /,0(OJ
1992
1993 (,Or5
1993
/.dt/
1.094/
u
n
3,205
/,337�ao
1,1oo,93
I`71) 758
59, SIC
4y, 848
0, 7-a)
505, tf?,2
?0,9 '71
2S, 394
?I,a39
09(0
°i0, Sos
11,-748
U / OE
14,.139
4,9410
11,oa I
125,649 I 7 I S
16,381,820 ao, 4 y 4511
198,055 247, 173
47,411 59, IV)
306,255 38a, ao(0
195,925 44,5'-4
4,470 - _5,L1 -3(o
29,254 35 ,323
202,792 t/ (o, 593-
29,697 33,1438
4,349 5, 1 b-/
15,991 /9, 9o1
53,811 (03, (Oo5
14,317 I (a , 923
32,834 3'7 , 4 (n/
15,140 11 1.75
3,991
10,421 II,'I/3
2,317 a, r0I
41,150 I/5, O I S
333,866 3 Its, :-.C4 9
39,327 14 , 6 30
72,425 78, 509
4,694 _5,0 e8
2,929 2,175
62,891 70(0, 799(?
12,544 i 3,
4,321 H -31)(-+
48,972 '- 9, 76
REAL PROPERTY SCHEDULE
HEWLETT-PACKARD COMPANY, GREELEY, COLORADO
GENERAL LEDGER ACCOUNT BALANCES
JANUARY 1, 1994 CoST
MUL%jpa E,Q
DESCRIPTION
BUILDINGS
House 6623 W. 10th Parcel #2
Farm House-Pueel#.1_
-Quenset-Hut-P-arne4#.1
SERVICE BUILDING & SPECIAL PROCESS SYSTEMS
RFI Weather Shelter
Drain Extensions
BUILDING EQUIP & SPECIAL PROCESS SYSTEMS
Building I- Phase I/Outfitting
Cafeteria Outfitting
Computer Room
Photo Lab Enclosure
Computer Room Add
Nighthawk Process Room Moveable Partitions
Clean Dried Air Equipment (Old Nighthawk)
QA Screen Room Enclosure
QA Special Process Room
Shock & Vibration Room
R&D Tape Test Room
Auto Shop - Service Building
Computer Room Add
Energy Management Bldg System - Energy Center
Environmental Monitoring System - Sewer System
Environmental Monitoring System - Wave/Dish Wash
Public Address System - Cafeteria
Chemical Station
Building I - Independence Pass Partition
Building I - Conference Room Paging System
GNU Bus Duct Control Center
Environmental Monitoring Sys - East Men
Energy Mangaement System - East/West Men
QA Special Process Room Add
Human Factors Lab
Safety Shower/Eyewash
Sewer Pit Telephone Cabling
Vibration Analysis System
Solder Flowhood Ductwork
Dock Emergency Drain Valve
Class 2 Cable Tray
Energy Management System Add
Pad for LN2 tank
Site Lan Phase 1
Copy Room Cooling
Closed Cooling Loop/Added Chambers to Loop
ESD Lab Cooling
Fumhood ductwork/HVAC for Chamber
WORK -IN -PROCESS: Site Lan
Refrigeration Monitor System
Maintenance Shop Power
GENERAL LEDGER BALANCE
2
YEAR ACO ACO VALUE
1980 /.4'(e'/ 55;000
1980 12,500
1980 3,500
1984 / P 1 /O 797,333
1989 /. / d 4 63,362
1990 / • 09'! 1,800
1983
1983
1983
1983
1984
1985
1985
1985
1985
1985
1985
1985
1986
1986
1986
1987
1987
1988
1988
1988
1988
1989
1989
1989
1990
1990
1990
1991
1991
1991
1991
1992
1992
1992
1992
1993
1993
1993
1994
1994
1994
/. 1,990,800
126,408
525,840
113,995
/ • 1(0 6,364
1,194/ 53,030
29,025
275,603
70,598
35,558
10,712
" 2,247
h/ee 4,320
81,182
43,352
/ • / 2,454
14,099
/-/q/ 10,151
9,052
it 11,656
' 51,958
I• /a4 11,056
r 38,640
5,888
/• 094 79,104
it 6,006
1,511
/• 094' 12,948
4,846
I' 1,025
r' 72,133
/10(92 6,857
13,893
128,783
3,500
1.0/5 253,115
it 4,878
23,274
REPLACEMF/VT
!' o5T MEW
,4S OF to -74
66,245
14,510
3,799 _
-39,628,413
a6,97_',17(o
¢30, Sao
9✓D9, 5L 1
71,219
114(`7
.,484',518
/5.-7,75•7
(o5(0,4'8
14 a,aL(O
7,239
G03, 31s
656
39,0-70
84, x941
qL/5 to
a, 790
a,(pa 3
5, /32_
qb, q Lk
51,502
.,901
l (o, loco5-
II, 5S2
Io, ;
13, 299
59, 284
la,'+a7
4'3,1/31
(o l to l lJ
Sto,540
'0'571
1,6 J`3
(4,05
r- �?
I, III
78, 1 1 L-
7, 2;-
I4, 754
13(0,7(,9
/ 1 1
256,7 1;1
,25/
13,623
(oGr, 2ys
14',510
✓, 799
33,PQ;34y
SUMMARY OF COST APPROACH
ACTUAL COST OF HEWLETT-PACKARD
IMPROVEMENTS 1982 thru 1994 26,973,176
COST TO REPRODUCE HEWLETT-PACKARD
IMPROVEMENTS AS OF 6-94
ALL ACCRUED DEPRECIATION 50%
DEPRECIATED IMPROVEMENT VALUE
ADD ASSESSOR'S LAND VALUE
TOTAL COST VALUE
ROUNDED TO
3
33,282,349
16,641,175
16,641,174
696,431
17,337,605
17,338,000
s310Nd\1a33Pa103 s3vidM f
SUBJECTS VALUE ESTIMATED BY THE MARKET APPROACH: $50.00 S.F. X 286,800 S.F ,= 14,340,000
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Market Lease Rates
(quoted on a "Gross plus Utilities" basis)
Type Pricelsf
Existing Metal Warehouse
• Large
(30-60,000 sf) $2.75-$3.50
• Medium
(10-20,000 sf) $3.50-$4.50
• Small
(800-5,000 sf)
$4.50-$5.50
Build -to -Suit
(5,000 sf or less) $5.00-$6.00
R&D (Manufacturing) $6.00-$9.00
(Masonry construction, prime
locations, research parks)
Lease Rate Projections
Developers need to obtain $5.00 to
$6.00 per square foot for build -to -suit
lease rates in today's market. If the
average industrial building costs
upward of $40.00 per square foot and
we cap the return at 10%, we have
$4.00 per square foot plus $1.50 per
square foot expenses and end up with
a $5.50 per square foot lease rate.
We believe these new projected
rates will then stay flat for a number
of years (excluding increases in taxes,
insurance and inflation).
Available
Industrial
Space
■ 50,000 SF & Up
❑ 5,000 to 50,000 SF
E9 5,000 & Less
4.1%
Industrial
Operating Expenses
Older existing metal warehouses have minimal landscaping and very
low operating expenses. With property tax levels of $.60 per square
foot and low maintenance requirements, the total operating expenses
are approximately $1.00 per square foot or less. Build -to -suits and
R & D space have higher landscaping requirements and higher taxes.
For these properties, operating expenses are $1.50 to $2.00 per square
foot on the average.
Demand/Absorption
Vacant space has been absorbing at a rapid rate. However, this
absorption rate will not continue because of lack of space and high
replacement cost. The tenant will postpone moving and implement just
in time inventory plans and tighter space planning rather than take on
the cost of new construction.
The remaining large warehouse facilities will be absorbed this year
and the small warehouse build -to -suits will be occupied. The overall
vacancy factors will run 2% to 3% into 1995.
20-
15-
10-
5
o
18%
Industrial Vacancy Rates
12%
7%
4.9%
90
5
91
92 93
Year
REALTEC
COMMERCIAL REAL. ESTATE SERVICES. INC.
1 136 East Stuart, Suite 4207
Fort Collins, CO 80525
(303) 493-0714
ESTIMATED INCOME APPROACH
GROSS BUILDING S.F.
NNN LEASE RATE
INCOME
LESS 5% MANAGEMENT & RESERVES
NET OPERATING INCOME
CAPITALIZATION RATE
INCOME VALUE
ROUNDED TO
SUBJECT VALUE ESTIMATED BY THE INCOME APPPROACH
286,800
4.60
1,319,280
65,964
1,253,316
10.5
11,936,342
11,936,000
11,936,000
VALUE INDICATIONS
COST APPROACH:
SALE COMPARISON APPROACH:
INCOME APPROACH:
ASSESSOR'S VALUE (1995)
PLUS FARM LAND
TOTAL
IlWPFILESCOMMERCLPROTESTSWPACKARD.95
17,338,000
14,340,000
11,936,000
11,983,140
19,502
12,002,642
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