HomeMy WebLinkAbout991874.tiff RESOLUTION
RE: THE BOARD OF EQUALIZATION, 1999, WELD COUNTY, COLORADO - ADJUST
VALUE IN PART
PETITION OF: WINOCO INC
PO BOX 2435
GREELEY, CO 80632
DESCRIPTION OF PROPERTY: ACCOUNT#: R2771186 PARCEL #: 096105106005 - GR
66 THAT PT BLKS 111-112& 114 LYING S&W OF NELY BANK OF NEW CHANNEL OF CACHE
LA POUDRE RIVER ALSO THAT PT OF 4TH ST LYING E OF 5 AV&THAT PT 4 AV E3ETWEEN
4 ST& 5 ST LYING S &W OF NELY BANK OF NEW CHANNEL OF CACHE LA POUDRE RIVER
ALSO VAC ALLEY%431 5 ST%
WHEREAS, the Board of County Commissioners of Weld County, Colorado, convened 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 1999, 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 1999, claiming that the property described in such petition was assessed too
high, as more specifically stated in said petition, and
WHEREAS, said petitioner 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 supported,
in part, the value placed upon the property by the petitioner. The assessment and valuation of the
Weld County Assessor shall be, and hereby is, adjusted as follows:
ACTUAL VALUE
AS DETERMINED ADJUSTED
BY ASSESSOR ACTUAL VALUE
Land $ 152,373 $ 117,600
Improvements OR
Personal Property 485,127 374,400
TOTAL ACTUAL VALUE $ 637,500 $ 492,000
991874
C _ A s � AS0043
RE: BOE - WINOCO INC
Page 2
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; however, said appeal
must be filed within thirty (30) days of this resolution:
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
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.
991874
AS0043
RE: BOE - WINOCO INC
Page 3
Arbitration Hearing Procedure: Arbitration hearings are held within sixty days
from the date the arbitrator is selected. Both you and the OBOE 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 OBOE. 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 arid foregoing Resolution was, on motion duly made and seconded, adopted by
the following vote on the 30th day of July, A.D., 1999.
� I� A ! / BOARD
COUNOUNTY Y COL RA
ATTES 'Sim ..
r41 ,I �n
6�cv Dale K Hall, Chair
Weld th
® EXCUSED
�f Barbara J. Kirkmeyer, Pro-Tem
BY:
Deputy Clerk to the Board
eor B % er
APPROVED AS TO FORM: 9 _
Assi t nt ouf y Attorney V� i . eie
L�%�lGNdd _
Glenn Vaad
991874
AS0043
U)
w
J
> O (ID 'It Ma- Mt
O
wr � r- Q1 M � f�
ma r M
c.) u_
O DD CO DD vvv
Z r- r- N- O m 0
O O o o O O O
O
z CC CC
ON0_JO ENO CD CD u)O . LnO
Mr u) x CO 0
cci
O O N I . W D c n O O O W D co co
LL ON r- Ln .J r ,rO ON N- (nJ
W• ca � Q > 0 Q >
< I- 0 0 0 co O rcc)
LID CY) LID
w N M .4- cocC N m r N-
g Z (Or V C a.O6 Z C 4 �
0d co .E o a mE o
,,// NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR
�,ans,� 1400 NORTH I7th AVE.
itt4\'t`/\ GR 66 THAT PT ELKS 111-112 & 114 GREELEY,CO80631
LYING S & W OF NELY BANK OF NEW PHONE:(970)353-3845,EXT.3650
CHANNEL OF CACHE LA POUDRE RIVER ALSO T PT TH ST LYING E WC & 5tISTHLYINGHAT PT 4 SF&4 WVOFENELYNBANKTF
COLORADO OWNER: WINOCO INC
•
WINOCO INC LOG 654
PO BOX 2435 PARCEL 096105106005
ACCOUNT R2771186
GREELEY, CO 80632 YEAR 1999
05/24/1999
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):
COMMERCIAL PROPERTY 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 determined the
valuation(s)assigned to your property. The reasons for this determination of value are:
NO CHANGE HAS BEEN MADE TO TFE 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.
PETITIONER'S ASSESSOR'S VALUATION
PROPERTY CLASSIFICATION ESTIMATE
OF VALUE ACTUAL VALUE ACTUAL VALUE
PRIOR TO REVIEW AFTER REVIEW
LAND 152373 152373
IMPS 485127 485127
TOTALS $ oQ0a $ 637500 $ 637500
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.
05/24/1999
By: Stanley F. Sessions —
WELD COUNTY ASSESSOR DATE
15-DPT-AR
Form PR-207-87/99 ADDITIONAL INFORMATION ON REVERSE SIDE
YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR'S DECISION
The County Board of Equalization will sit to hear appeals beginning July 1 and continuing through August 5 for real
property (land and buildings) and personal property (furnishings, machinery, and equipment) 39-8-104 and 39-8-
107(2), C.R.S.
APPEAL PROCEDURES:
If you choose to appeal the Assessor's decision, you must appeal 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
REAL PROPERTY, AND JULY 20 FOR PERSONAL PROPERTY.
WELD COUNTY BOARD OF EQUALIZATION
915 10th Street, P.O. Box 758
Greeley, Colorado 80632
Telephone (970)356-4000 Ext. 4225
NOTIFICATION OF HEARING:
You will be notified of the time and place set for the hearing of your appeal.
COUNTY BOARD OF EQUALIZATION'S DETERMINATION:
The County Board of Equalization must make a decision on your appeal and mail you a determination within five
business days of that decision. The County Board must conclude their hearings by August 5.
TAXPAYER RIGHTS FOR FURTHER APPEALS:
If you are not satisfied with the County Board of Equalization's decision you must file within thirty days of the
County Board of Equalization's written decision with ONE of the following:
Board of Assessment Appeals (BAA):
Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880.
District Court:
9th Avenue and 9th Street, P.O. Box C
Greeley, Colorado 80632
Telephone (970) 356-4000, Ext. 4520
Arbitration:
WELD COUNTY BOARD OF EQUALIZATION
915 10th Street, P.O. Box 758
Greeley, Colorado 80632
Telephone (970) 356-4000, Ext. 4225
If you do not receive a determination from the County Board of Equalization, you must file an appeal with the Board
of Assessment Appeals by September 10.
TO PRESERVE YOUR APPEAL RIGHTS, YOU MUST PROVE YOU HAVE FILED A TIMELY
APPEAL; THEREFORE, WE RECOMMEND ALL CORRESPONDENCE BE MAILED WITH PROOF
OF MAILING.
PETITION TO THE COUNTY BOARD OF EQUALIZATION
In the space below, please explain why you disagree with the Assessor's valuation. IN ACCORDANCE WITH 39-
8-106, C.R.S., YOU MUST STATE YOUR OPINION OF VALUE IN TERMS OF A SPECIFIC DOLLAR
AMOUNT. Attach additional documents as necessary.
aCA-5E s (F 4'774 c:Vf 7) Z.-671C1L
t\-
(-49t L '4r 7�r-z77
Y Jv
b10NA I UKt UY Yh 1111UNhK DA IL
t
WINOCO, INC.
P.O. BOX 2435
GREELEY, COLORADO 80632-2435
Phone ( 970) 346-8866 Fax ( 970) 352-870-:
July 6, 1999
Weld County Board of Equalization
P. O. Box 758
Greeley, CO 80632
Gentlemen:
This letter is our petition for a hearing relative to the Notice of Denial we have received
from the Weld County Assessor re their file:
Log 654
Parcel 096105106005
Account R2771186
Year 1999
It is our considered judgement that this property should be valued at about $400,000 for
several reasons, the most important of which is its location in the Poudre River FLOODWAY
and FLOOD PLAIN as designated by the Corps. Of Engineers and by the City of Greeley.
In the seventy years we have owned this property it has been flooded many tunes. The
flooding which took place on April 30th of this year was the worst ever, flooding the yard and
warehouse buildings to a depth of about 5-1/2 feet and the elevated office building to a depth of
two feet. The offices have never before been flooded.
The final figures are not yet known, but we expect the cost of removing the water
damaged walls, partitions, cabinets, carpets, water heaters, furnaces and the restoration of same
will be in the range of$250000-$300000. This estimate does not include damage and restoration
of tenant owned fixtures, furniture, files and merchandise.
The present tenant has advised us that they will not renew their lease when the present
one expires December 31, 2000, a year and a half from now.
In the light of this worst-ever flood, we believe it will be virtually impossible 1:o find a
buyer for this property when it becomes vacant, and it is hard to imagine that any prospective
tenant with a need fix this much space in yard and buildings can be found at any reasonable rate
of rental. A greater likelihood, in our opinion, is that we will be faced with finding tenants who
need smaller amounts of space, and if we are lucky, we will have an ongoing series of short term
tenants for small portions of the facility. The present assessed valuation will result in taxes out
of proportion to the income we can look forward to receiving.
We respectfully ask that the Board of Equalization consider the facts and opinions set
forth here and that you reduce the assessment by a significant amount.
Sincerely,
WIN?CO3 INC.
Harold Winograd
CNA COMMERCIAL INSURANCE
SWORN STATEMENT IN PROOF OF LOSS
AMOUNT OF POLICY AT TIME OF LOSS$10,000.000 POUCY NUMBER 1,1 61774249
DATE ISSUED 12/3111008 AGENCY AT Omaha.NE
DATE EXPIRES 12/31/1000 AGENT Koch Company,Harry Bs
To the Transportation Insurance Company
At the time of Loss, by the above indicated policy of Insurance you insured Norfolk Iron & Metal Company
—against loss by
Flood to the property described under Schedule'A,'according to the terms and conditions of the said policy and
all forms, endorsements, transfers and assignments attached thereto.
1.Time and Origin:A Flood loss occurred about the hour of 12:00o'clock A M., on the 2 day of
May 19 99 . The cause and origin of the said loss were: After several days of heavy rains the Poudre River
overflowed, flooding the insured premesis
2.Occupancy: The building described, or containing the property described,was occupied at the time of loss as follows, and for no
other purpose whatever_ Steel and supplies sales and storage
3.Title and Interest:At the time of the loss the interest of your insured in the property described therein was Owner
No other person or persons had interest therein or encumbrance thereon, except: H.Winograd ownes buildings, First National
Bank of Omaha secured party on contents
4. Changes: Since the said policy was issued there has been no assignment thereof, or change of interest, use, occupancy,
possession, location or exposure of the property described, except: None
5.Total Insurance: The total amount of insurance upon the property described by this policy was, at the time of the loss, $
10 000,000 flood , as more particularly specified in the apportionment attached under Schedule'C,'besides which there
was no policy or other contract of insurance,written or oral,valid or invalid.
6.The Actual Cash Value of said property at the time of loss was $ TBD
7.The whole Loss and Damage was S TBD
8.The Amount Claimed under the above numbered policy is ...(advance payment per SOL) $ 495.31792
The said loss did not originate by any ad,design or procurement on the part of your insured,or this affiant;nothing has been done by or with the privity or
consent of your insured or this affant,to violate the conditions of the policy,or render it void;no articles are mentioned herein or in annexed schedules but
such as were destroyed or damaged at the time of said loss;no property saved has in any manner been concealed,and no attempt to deceive the said
company,as to the extent of said loss,has in any manner been made.Any other information that may be required will be furnished and considered a part of
this proof.
The furnishing of this blank or the preparation of proofs by a representative of the above insurance company is not a waiver of any of its rights.
WARNING
Any person who knowingly and with intent to defraud any insurance company or other person files a statement of claim containing any
materially false information,or conceals for the purpose of misleading,information concerning any fad material thereto,commits a fraudulent
insurance ad,which is a crime.
State of Individual or Firm Name --
County of Authorized Signature and Title
Subscribed and sworn to before me this day of 19
Notary Public
CG-30287-C (FWS)
1
1 , BMS Blackmon-Mooring Steamatic Catastrophe, Inc.
1 car
24-Hour Hotline•(800)433-2940
Website•http://www.hmscatcom
Invoice: 781 1
Winograd's Steel & Supply 05/25/99
Attn: Ron Wilderman Date:
1 431 5th Street Terms: Net 20
Greeley, CO 80632
Job #: KT0837
cc: William F. Walls, Crawford-THG Fed. ID #: 75-1738902
For dehumidification & restoration services rendered at your facility in Greeley, CO
1 I Winograd's Steel & Supply _
$89,799.79
Labor
Materials 27,623.20
I 17,074.00
Equipment
19,034.12
Reimbursables - T, L, PD
Reimbursables - Other
13,093.14
25,600.00
Dehumidification
I TOTAL DUE AND PAYABLE $ 192,224.25
I
1
Respectfully Submitted,
IBMS Catastrophe, Inc. Please remit payment to:
�9 BMS Catastrophe, Inc.
11 tr t Cl��; Attn: A/R Department
I 303 Arthur Street
Kyle Tomlin
Ft. Worth, TX 76107
1 Project Manager
1 West Region Midwest Region Corporate/Central Region Northeast
ort4 east Region
450 Cemetery Southeast Street. on
201
4641 Pell Drive.Suite 10 71 Kendall Point Drive 303 Arthur Street Al n 221 SO Norcross,GA 30071
Sacramento,CA 95838 Oswego,IL 60543 Fort Worth,TX 76107 Springfield,03 8 VA 22 rcros ,GA 69
al (916)6414705 x-(630)236-86 (817)332-2770 37
Fax:(703)866-2042 Faz:(770)409-9798
Fa(916)64I-670708 Fax:(630)236-8458 Fez:(817)712-6728
m
a 5
y i a o 1 Q�
0 0 0 _ O L
O N
m m -a o O
O u u u Q N
Q Q Q C Q N
m >
. i >. E > c
c c c > c 0 e c
0 a o e m m —a
m m g a m m E —
> > > m > > 0 3
I:3 a m m m
m m ea C` O 0 CO
m - f
a v a a a a '2
e
c c c m c n
m m m m e j
y
O O OI e 0 O C `
ID a a ; a v Y o
3 3 2 ° a d e e
e a, - v a e
a m a m m a m CO a o a
m 30 J C 300403 3 e
n
p E _ E c E, _ E c ;!E c NI
m m _ _e' o — ¢r a of 2
Q 0 a 0 .o 0 a 0 a a 0 a E n E
2 E a E a E O ET, C m N M e
o E o E 0 E CD ° -: J .
E: 'o E o n e
X E m E _ E; o f a 11 E a N a
w Q o Q u < 040043 _
0 O 8 O Ci O O S O Val m S T
O O O O o 1 O O O O n Oo 0 N_ R
0 8 to C1 O 0 N O N
0 O cl Cyi N CO N N y m
> J co O V y V
Q Q
8 0 0 00 SpOBS o
O O O O 0 0 0 0 0 O
G
wf.
f
W W N
c. e e ae eae e e e e
y e
W 0 00 OO 0S 0000 a
o d o d o <i o 0 0 0
0 0 8 o 8 :3 80800 N
w O a i O O P.D 00 00 N
0 i o ^!
cc> 0 6 N T
v
S O S S O O O O O N N N Ti0 0000 el tO en 03
O O Q 8 17 00 y 0 00oN n my ONOO O 0
7 c O N m - Nm 0 N
0 0
U Q
c
0
c
0
K
w
m m
w ho" m
ca
C L
.0 O m
> O
`m C
y • 'a m m o
m m J
m ; C m Q
S H
m y m — 6 .m+ 0 . r o
2 0. a o a ~ c m N
o mto
m - E .0 w m r• c E a a
C c it cc0 a 51 ft, G 2 to- r y 0 0 v
U c ° — C o 2 e a .0 y e
y e Z 0 L m m E J m O
0 U co 4 o = d 0 0 ID- n 0 0 !-
T mU
m e E m m c a
u o c .0 a
.o a `m m 2 2 o -
>. E.
>. — — m m
m o m m m m • m m o
a a •c a o u U I c J
U V - m O a
r 3 og m Q <. m E a <
a i
0 n T T U _ > c C
C O o C O O'— O
0 c Q o a > 2 m m
z m a 0 0 c j O >
mc a 5 L Z — 8 U E `m
o a co m
a U O Q m m oa `p C m
p m m m
5 . 9 • C v
O 9 > o 9 c c N 'i 0 = O c
o .m. m y m m - H .4E -g 3 m
3 m v 0 0 - 0
coo_Cd 0 is 9 O H m tp < - 9
� O c g ii m b m a
m 0 E a a cr) m c c 7 >
o c m •a y o i o m a o0.Et t n a ^ . V
e ON m v m y ` o •c m m -i e m v m
j a
m J j m J m J e y 2 2 2 m L 0 m m
2 2 0 0 — E m E m v v N a E S
0 0 F « N m o Y man U .0 o ` o i) my vU y
Q < O ' m .0 *6 -0C-0
_ c40 .3 . 1; . -60. -6 ,"
0 < -6
z 2 •
0 N ` C O c m c o O O p
.a_i g it qob 3o Eo E o UUyt maeDOE
X x - . < ,n mQ UQ o a — i a r% x100 n $ < u
W 04 0
0 OS 0 00 OO 0 0S B0 0 O
O O O 0 0 0 0 0 0 O O b b u) O 7 O
O U0 OO O 40 ICI CS
b 0 0
W
b N ^
0 N fi 8
> O > O N N <
J
4 Q < 4 CC
- —
8 O O 8 88888 0
0 SSS C) 8 8 8
O 0 0 0 0 0 0 0 0 O 0 0 0 0 0 O 0
ci S
W
ca U U
US
-
e et e * tee * e e e e e
et cc a. w 0 o0 8
S 0000 S oo 0o 0 0 cs
0, a
O 0 o 0 0 6 0 0 0 0 0 0 0 6 0 0 0 0
e O 8 S S 8 O S 0 00 00 0 S 0 p IN 0
0 0 0 m O
O Wb 6 0 0 o 0 0 0 0 O 6 0 0 b 0 7 0
w
> 0 > 0 OO 0 CO o o 0
2 _a a' O b N ^ N N 0
J J N a
4 4
O O 0 SOSOS
NN in S 000to O4 0
N WO 0 30000 N gm � S ° b §
g O O - IO h CO
> W 2 w N n b - m O n m .f O Cl
70 2 'O 0 0 N O. N 0) Cl C')
ID
2R 2 Q
J a U Q u —
-
o U
O O
Ts Cl O m
m OI O
cc 0 f - o - c
u d Cl m
K a c
N R
b em m Z w '�E 2 m m - m m
w O cc LL 6 0 C 0 J o y a
2 O Om NN > uj w 2 e >ii j m
0 z 2 f O 0 N O O .174
r r- W r b u.)
m
p~, W G 2 W u. a e 0-3 1 2 < m c O W Q W m m c m C
2 W W O O 0 N G O 0 m C m m o u u m - O CO m
0 h ¢ e. W W • b U J b ._ c U O 2 b ` d d p m C
Iio i a - 4 f 2 • 0 W D 2 ba. 0 L o O 0 2 J J a 2 O
Stanley F. Sessions
WELD COUNTY ASSESSOR
CHRISTOPHER WOODRUFF, DEPUTY ASSESSOR
APPRAISAL REPORT
OF
COMMERCIAL PROPERTY
FOR
County Board of Equalization
WINOCO INC
PETITIONER
vs.
WELD COUNTY ASSESSOR'S OFFICE
RESPONDENT
Parcel Number: 0961-05-1-06-005
Schedule Number: R2771186
Log Number: 654
Date: July 30, 1999
Time: 9:00 AM
Board: CBOE
PREPARED BY
ll\� DAVID SCHILDMEIER H4}
S(1,ty's IL 49Siig*nature Date
Signature Date
ASSESSOR'S OFFICE STAFF APPRAISER
CBOE_COMM_010998
SUBJECT PHOTOGRAPHS
t"t441441r4prev-e" 4-s•
oat
M1.G—Csoliaagplikna x
aXa
Bldg 1
x .S t4'
by a o sx
yet >
si Jo
2 "4 � l
yy i y
R57,Fly t
{
Bldg 2
e
N. .' rWI. li4 Y t' .
`'� 'RCil bir 9'6.
.--
L
l•
1 - 4.I tT , �.� .i +♦ -� � �� iii 4._
...
o,
�1'i i�7 R , b
1v
\w• 'Z+ ad`, (/ � -14
L Rti -4,- a, _
4 rot, �^A
_ A it \ '< ♦- ° . . �1.�/ 1
M•
W G10. -t-,o
, , Di. ‘:;;C::
f7
z.4 , 11, ---- 'N5,4t-t ' '3'7' '-
4 ^1 _ ♦Tkl
� •/ i I a•? • 4 • .1�RS Rtt \ )R f- `lie %itgt.
le
`
1,� �',.� V ,. �! fin.,
J Yf
L Al /1 . . I ) �.. M1 ) � „111.,10,.24,0„-::'.
1ln
'lln
' - --7 ,--4. _ _
T iH, ... lIbi '1
d la •a _ st/ g 'rt.1/..,. ____ Of , ov v A
k . i .
milni
.`� w•\»l� i. ems, ` ! .4' •
^_r :p1 ' v ..fit 1
T yy v 4n Q[ h.
3
../'x 1 I
.
•
.
f
�� � v ♦ _ A
ri i ;IAy rr//
�{ �y
SUMMARY OF SALIENT FACTS AND CONCLUSIONS
Purpose of the Appraisal : Estimate market value June 30 , 1998
Property Rights Appraised : Unencumbered fee simple interests .
Property Address : 431 5 Street, Greeley, Colorado
Improvement : STORAGE WAREHOUSE
Land size : 11 . 66 Acres or 507, 910 square feet
Zoning: CD Conservation District
assessor' s Value : 1999
Land Value : 152 , 373
Imps Value : 485 , 127
Total Value : 637, 500
Highest and Best Use : Present use as a STORAGE WAREHOUSE, LIGHT
INDUSTRLAL
Size of Improvements : 1 Bldg WAREHOUSE : 34, 536 square feet
2 Bldg WAREHOUSE : 14 , 000 square feet
TOTAL: 48 536 square feet
Year ofConstruction: Bldg 1 1951-66
Bldg 2 1984
Effective Age : 28 years
Remaining Economic Life : 12 years
Estimated Land Value : $152 , 373
Estimate of Value :
Cost Approach
Land Value : 152 , 373
Improvement Value : 489 . 127
Total Value : 637, 500
Sales Comparison Approach: $637, 500
Income Approach: $637 , 500
Final Estimate of Value : $637, 500
Date of Value : June 30 , 1998
1
LAND SALES SUMMARY SHEET
Sales
Sale Date of Contrib. Sales Area Price/
No. Grantor/ Grantee Sale Price In SF SF Land Zoning
Subject WINOCO INC
431 5 St -- 507, 910 $ .30 C-D
Greeley, Co .
1 Ells Jim/ Monfort
801 N 8 Av 10/95 $350, 000 677, 004 $0 . 52 I-M
Greeley, Cc C-D
2 Kreps & Wiedeman/
ABC Development 02/95 $80, 000 739, 648 $0 .11 Ag
701 Cherry Av
Greeley, Cc
3 Buell, Temple/ Moser Ind
Tom 03/97 $504, 000 963, 162 $0 . 52 Dev
751 31 St
Evans, Co
4 Andrade, Joe/ Griy Res
Habitat for Humanity 05/96 $95, 000 304 , 920 $0 .31 Dev
325 23 Av,
Greeley, Co
5 Ross Oren Estate/ Ind
Big R Greeley 10/97 $75, 000 239, 580 $0.31 Dev
501 1 Av
Greeley, Co
SUBJECT SITE
The subject site is a 507, 910 square foot irregular shape site, in the
conservation district, 3 blocks west of Highway 85 Bypass .
The comparable land sales range from $0 . 11 PSF to $0 . 52 PSF. Sale one
is the sale which compares the closest to the subject because it is next to
the Poudre River. The mean of the sales is $0 . 35 PSF. The Median is
$0 . 31 .
As a result of the land sales study, a value of $0 . 30 per square foot
has been applied to the subject land area or $152 , 373 .
2
WELD COUNTY ASSESSOR
Account#: R2771186 PROPERTY PROFILE Parcel #: 096105106005
MH Seq#: MH Space:
Appr Year: 1999 Levy: 91.113 #of Bldgs: 2 Active On: 7/23/99
Tax Dist: 0600 Map#: LEA: GRLY02 InactiveOn:
Assign To: DWS Initials: ADM Acct Type: Commercial Last Updated: 7/23/99
Owner's Name and Address: Property Address:
' WINOCO INC 7; Street: 431 5 ST
PO BOX 2435 I City: GREELEY
GREELEY CO 80632
_II Business/Complex:
Sales Summary
Legal Description _
GR 66 THAT PT BLKS 111-112& 114LYING S&W OF NELY BANK OF NEWCHANNEL OF CACHE LA POUDRE RIVERALSO THAT PT OF 4TH ST
LYING E OF5 AV&THAT PT 4 AV BETWEEN 4 ST&5 ST LYING S&W OF NELY BANKOF NEW CHANNEL OF CACHE LA POUDRERIVER ALSO VAC
�'�,ALLEY%431 5 ST%
Land Valuation Summary
Unit of Number Of Value Per *Assessed
Abst Assmt
Land Type Ag Code Code Measure Units Unit Actual Value Percent Value
Commercial 2135 Acres 11.66 $13,068.01 $152,373 29.00% $44,188
Land Subtotal: 11.66 $152,373.00 $44,190.00
Buildings Valuation Summary _
Abst Actual Assmt *Assessed
Bldg # Property Type Code Occupancy Value Percent Value
1 Commercial 223:1 406 - Storage Warehouse $303,127 0.29 $87,907
2 Commercial 223:5 406 - Storage Warehouse $182,000 0.29 $52,780
Improvements Subtotal: $485,127.00 $140,690.00
•
Total Property Value $637,500 $184,880
*Approximate Assessed Value
3
Wednesday, July 28, 1999
WELD COUNTY ASSESSOR
Account#: R2771186 PROPERTY PROFILE Parcel#: 096105106005
MH Seq#: MH Space:
Building #: 1 Condo SF Condo % Land: Condo % Bldg: Landscaping Quall$
Property Type: Commercial Fair $0.00
Quality: Fair Nbhd: 101 Occupancy: Storage Warehouse
Condition: Average Nbhd Ext:
Perimeter: 1236 Nbhd Adj: 1
Individual Built As Detail
Built As: Industiral Interior Office Sp Year Built: 1951
Construction Type: C Year Remodeled:
HVAC: Package Unit % Remodeled:
Interior Finish: Adj Year Blt: 1951
Roof Cover: Effective Age: 47
Built As SF: 4200 Mh Make:
#of Baths: Tag Length/Width: X
#of Bdrms: Tag Length/Width: X
#of Stories: 1 Mh Skirting LF:
Story Height: 10 MH Skirting Type:
Sprinkler SF: Diameter:
Capacity: Height:
Built As: Storage Warehouse Year Built: 1955
Construction Type: D Year Remodeled:
HVAC: None % Remodeled:
Interior Finish: Adj Year Blt: 1955
Roof Cover: Effective Age: 43
Built As SF: 2000 Mh Make:
#of Baths: Tag Length/Width: X
#of Bdrms: Tag Length/Width: X
#of Stories: 1 Mh Skirting LF:
Story Height: 16 MH Skirting Type:
Sprinkler SF: Diameter:
Capacity: Height:
Wednesday, July 28, 1999 4
WELD COUNTY ASSESSOR
Account#: R2771186 PROPERTY PROFILE Parcel #: 096105106005
MH Seq#: MH Space:
Built As: Storage Warehouse Year Built: 1954
Construction Type: C Year Remodeled:
HVAC: None % Remodeled:
Interior Finish: Adj Year Blt: 1954
Roof Cover: Effective Age: 44
Built As SF: 4000 Mh Make:
#of Baths: Tag Length/Width: X
#of Bdrms: Tag Length/Width: X
#of Stories: 1 Mh Skirting LF:
Story Height: 12 MH Skirting Type:
Sprinkler SF: Diameter:
Capacity: Height:
Built As: Storage Warehouse Year Built: 1970
Construction Type: S Year Remodeled:
HVAC: None % Remodeled:
Interior Finish: Adj Year Blt: 1970
Roof Cover: Effective Age: 28
Built As SF: 6000 Mh Make:
#of Baths: Tag Length/Width: X
#of Bdrms: Tag Length/Width: X
#of Stories: 1 Mh Skirting LF:
Story Height: 20 MH Skirting Type:
Sprinkler SF: Diameter:
Capacity: Height:
Built As: Storage Warehouse Year Built: 1962
Construction Type: S Year Remodeled:
HVAC: None % Remodeled:
Interior Finish: Adj Year Blt: 1962
Roof Cover: Effective Age: 36
Built As SF: 6336 Mh Make:
li #of Baths: Tag Length/Width: X
#of Bdrms: Tag Length/Width: X
#of Stories: 1 Mh Skirting LF:
Story Height: 20 MH Skirting Type:
Sprinkler SF: Diameter:
Capacity: Height:
Wednesday, July 28, 1999 5
WELD COUNTY ASSESSOR
Account#: R2771186 PROPERTY PROFILE Parcel#: 096105106005
MH Seq#: MH Space:
Built As: Storage Warehouse Year Built: 1966
Construction Type: S Year Remodeled:
HVAC: None % Remodeled:
Interior Finish: Adj Year Blt: 1966
Roof Cover: Effective Age: 32
Built As SF: 10000 Mh Make:
#of Baths: Tag Length/Width: X
#of Bdrms: Tag Length/Width: X
#of Stories: 1 Mh Skirting LF:
Story Height: 20 MH Skirting Type:
Sprinkler SF: Diameter:
Capacity: Height:
Building Details
Bldg #: 1
Concrete Slab Average - Deduct 14000 ($2.36) ($33,040.00) '
Value Details
RCN Cost/SF: $20.85 Design Adj °./0: 0 Func Obs %: 0
Total RCN: $687,036.00 Exterior Adj %: 0 Econ Obs %: 0
Phys Depr%: 0.56 Interior Adj %: 0 Other Obs °/0: 0
Phys Depr$: 384740 Amateur Adj (!/0: 0
RCNLD$: $302,296.00 RCNLD Cost/SF $8.75 Market/SF: $0.00
6
Wednesday, July 28, 1999
WELD COUNTY ASSESSOR
•
Account#: R2771186 PROPERTY PROFILE Parcel #: 096105106005
MH Seq#: MH Space:
Building #: 2 Condo SF Condo '1/0 Land: Condo % Bldg: Landscaping Qual/$
Property Type: Commercial Average $0.00
Quality: Average Nbhd: 101 Occupancy: Storage Warehouse
Condition: Average Nbhd Ext:
Perimeter: Nbhd Adj: 1
Individual Built As Detail
Built As: Storage Warehouse Year Built: 1984
Construction Type: S Year Remodeled:
HVAC: None (1/0 Remodeled:
Interior Finish: Adj Year Blt: 1984
Roof Cover: Effective Age: 14
Built As SF: 14000 Mh Make:
#of Baths: Tag Length/Width: X
#of Bdrms: Tag Length/Width: X
#of Stories: 1 Mh Skirting LF:
Story Height: 24 MH Skirting Type:
Sprinkler SF: Diameter: I
Capacity: Height:
Building Details
Value Details
RCN Cost/SF: $24.33 Design Adj %: 0 Func Obs °/a: 0 1
Total RCN: $340,620.00 Exterior Adj 11/0: 0 Econ Obs %: 0
Phys Depr%: 0.18 Interior Adj To: 0 Other Obs (1/0: 0
Phys Depr$: 61312 Amateur Adj %: 0
I RCNLD $: $279,308.00 RCNLD Cost/SF $19.95 Market/SF: $0.00
7
Wednesday, July 28, 1999
07/28/99
PIN: 2771186 COMPARATIVE SALES APPROACH
NAME:WINOCO INC
COMP SALE NUMBER SUBJECT 1 2 3 4
PARCEL NO 96117102005 96116300100 95918000047 146719000039
ADDRESS 431 5 ST 2123 2 AV 155 E 27ST 12680 CR 58 1000 CR 1
GREELEY GREELEY GREELEY GREELEY _ ERIE
USE WHSE WHSE WHSE WHSE WHSE
SALE DATE 02/28/95 08/04/97 06/27/97 _ 07/21/95
SALE PRICE 920,000 1,575,000 1,700,000 1,150,000
ADJ. SALE PRICE 920,000 1,570,000 1,700,000 1,150,000
LAND VALUE 152,373 88,378 206,474 41,750 170,760
BLDG.VALUE 831,622 1,363,526 1,658,250_ 979,240
SIZE SF 48,536 38,102 57,776 61,924 42,431
BLDG PRICE/SQ. FT. 21.83 23.60 26.78 23.08
YEAR BUILT 1962/1984 1965/1972 1976 1974 1980
EFFECTIVE YEAR 1970 1970 1976 1974 1980
ADJUSTMENTS: --
BLDG.SIZE@22.00 229548 -203280 -294536_T 134310
BUILDING AGE -102300 -82900a -122400
NET ADJ TO ADJ SALE PRICE 229548 -305580 -377436 11910
ADD BLDG VALUE 831622 1363526 1658250 979240
NET ADJ TO SALE PRICE _ 1061170 1057946 1280814) 991150
ADD SUBJECT LAND 152373 152373 152373 152373
INDICATED VALUE 1213543 1210319 1433187 1143523
INDICATED VALUE PSF 25.00 24.94 29.53 23.56
INDICATED MARKET VALUE 48536 X $13.13= 637500
WI NCO_2.WK4 8
COMPARABLE SALE
190
J'{
td
PIN: 3462386 PARCEL # : 96117102005
OCCUPANCY: WHSE/STOR
ADDRESS : 2123 2 AV GREELEY
PROJECT : 0
SALE DATE : 02/28/95 BOOK # : 1482
SALE PRICE : $920 , 000 RECEPTION # : 2428458
ADJ SALE PRICE :
GRANTOR: COUSINS LEASING CO
GRANTEE : DALE & EVELYN MAJORS
YEAR BLT : 1965/1972 LAND/BLDG RATIO : 3 . 09
BLDG SIZE : 38 ,102 IMPS PRICE/PSF: $21 . 84
CLASS : S SALE PRICE/PSF: $24 . 16
CONSTRUCTION-QUAL : AVG CASH DOWN: $675
WALL HEIGHT : 16 ' & 18 ' LOAN: ASSUMED
STORIES : 1 INTEREST RATE : 10 . 0%
BSMT SIZE : 0 LOAN TERM (YRS) : 30
LAND SIZE : 117, 837 POINTS PAID : 0
LAND VALUE : 88 , 378
REMARKS : SALE WOL PIN #3462286 . SALE INCLUDED A TRADE
OF 6 . 45 ACRES OF VACANT LAND ON WEST 10TH &
59 AVE (1031 TAX EXCHANGE) . 2 BLDGS : BLDG 1
28 , 785 SF WHSE (WITH 38 , 400 CU FT OF COOLING)
CLASS S, 16 ' WH . BLDG 2 9, 317 SF WHSE, 18 ' WH,
CLASS S.
COMPARABLE SALE
512
qg
ss
M�,-�`* ll d s'm `y T'6 p $f ens �tfyt
e .fr r •(3 PS Ott+�"
1r11!
PIN#, 3460586 PARCEL #: 0961116300100
PRIMARY OCCUPANCY: DIST. WHSE
OFFICE:
2ND OCCUPANCY:
ADDRESS: 155 E. 27TH ST GREELEY
PROJECT: BOOK #: 778
SALE DATE: 08/04/97 RECEPTION #: 1700298
SALE PRICE: $1,575,000
ADJ SALE PRICE: $1,570,000
GRANTOR: MCDOY DISTRIBUTION
GRANTEE: WELD COUNTY SCHOOL DISTRICT
YEAR BLT: 1976
EFFECTIVE AGE: 1980 LAND/BLDG RATI 4.76
BLDG SIZE: 57,776 IMPS PRICE/PSF: $23.60
CLASS: C SALE PRICE/PSF: $27.17
CONSTRUCTION-QUAI_: AVG CASH DOWN: $1,570,000
WALL HEIGHT: 20 LOAN:
STORIES: 1 INTEREST RATE:
BSMT SIZE: LOAN TERM (YRS)
LAND SIZE: 275,299 POINTS PAID:
LAND VALUE: 206,474
REMARKS: THE SUBJECT PROPERTY IS CURRENTLY A COLD
STORAGE DIST. WHSE. IT WAS PURCHASED WITH THE
INTENT TO CONVERT THE SUBJECT INTO A BUS
GARAGE FOR THE SCHOOL DISTRICT.
COMPARABLE SALE
584
'‘**-
PIN*, 2591186 PARCEL *: 095918000047
PRIMARY OCCUPANCY: STOR GAR
OFFICE: 34.00%
2ND OCCUPANCY:
ADDRESS: 12680 WCR 58 WELD
PROJECT:
SALE DATE: 06/27/97 BOOK *: 1614
SALE PRICE: $1,700,000 RECEPTION #: 2556755
ADJ SALE PRICE:
GRANTOR: POLLACK SHELDON & GERALD & ROLFES IRIS
GRANTEE: GLEN VALLEY INVESTMENT COMPANY LTD
YEAR BLT: 1974
EFFECTIVE AGE: 1974 LAND/BLDG RATIO: 5.87
BLDG SIZE: 61,924 IMPS PRICE/PSF: $26.78
CLASS: C SALE PRICE/PSF: $27.45
CONSTRUCTION-QUAL: AVG CASH DOWN: TRADE
WALL HEIGHT: 20&26 LOAN:
STORIES: 2 INTEREST RATE:
BSMT SIZE: LOAN TERM (YRS):
LAND SIZE: 363,726 POINTS PAID:
LAND VALUE: 41,750
REMARKS: THIS TRANSACTION INVOLVED A TRADE UNDER IRS CODE
SECTION 1031. TRIPLE NET LEASE WITH TENANT FOR
$137,100 PER YEAR EXPIRES JUNE 2000.
COMPARABLE SALE
299
e
1.
•
n
r W
-^-- ih ,
m e '3bw � w kh 6m «mv�
Y .+ .
S " ' 4X'95.r IF
h '' "l ktr y K
-a � ,. oaf i Y.. _ 3_�
PIN: 0033892 PARCEL # : 146719000039
OCCUPANCY: WHSE STOR
ADDRESS : 1000 WCR 1 ERIE
PROJECT: 0
SALE DATE : 0'7/21/95 BOOK # : 1503
SALE PRICE : $1 , 150 , 000 RECEPTION # : 2448001
ADJ SALE PRICE:
GRANTOR: FALCON PROPERTIES
GRANTEE : BOLDER ENTERPRISES LTD
YEAR BIT: 1980 LAND/BLDG RATIO : 14 . 61
BLDG SIZE : 42 , 431 IMPS PRICE/PSF : $23 . 08
CLASS : C SALE PRICE/PSF : $27 . 10
CONSTRUCT HE
AVG CASH DOWN: $250 , 000
WALL HEIGE:T: 20 ' /14 ' LOAN: NEW
STORIES : 1 INTEREST RATE : VARIABLE
BS1�IT SIZE : 0 LOAN TERM (YRS) 90 DAY
LTD SI21E : 619 , 858 POINTS PAID: 0
LAND VALUE : 170 , 760
REMARKS : REALTOR SALE - SHORT TERM LOAN PRIOR TO
COMPLETION OF S .B .A. LONG TERM FINANCING.
USE CHANGED FROM MANUFACTURING TO STORAGE
WHSE . OFFICE 7181 SF, STORAGE WHSE 30 , OOG
SF & STORAGE MEZZANINE 5,250 SF. 50% OFFICE
PARTITIONED OFF AFTER SALE FOR LEASABLE AREA.
07/20/99
PROFORMA INCOME WORKSHEET
Parcel : 0961-05-1-06-005
Name: winco inc
Prop Address: 431 5 St Greeley, co
Bldg sq ft Use No of Units
48536 whse 1
Effective
Tax rate mill rate assm't rate tax rate
0.091113 0.29 0.026423
Annual
Fractional rent units rent/month size/bay rent psf
1 7500 48536 1.85
Avg rent psf
Subject Rents Annual Annual gross
Area rent psf Income
1 flr rate psf 48536 1.85 89791.6
Less vacancy & expenses
vacancy 5% 4,490
`expenses 10% 8,979
Net income 1.57 76,323
Net Income/overall cap rate=Property value
Property Value
value per sq ft
Cap rate + eff tax rate 0.09 0.0264 0.12 655,566 13.51
0.10 0.0264 0.13 603,711 12.44
h-5
Total property value $637500
*owner expense: bldg exterior maintence
lease term from 1/97-12/2001
A.WK4 13
AS0043
991874
EXHIBIT A - PHOTOS
PLEASE SEE FILE FOR ORIGINALS
Hello