HomeMy WebLinkAbout971368.tiffRESOLUTION
RE: THE BOARD OF EQUALIZATION, 1997, WELD COUNTY, COLORADO - DENY
PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE
PETITION OF:
DINNER INV COMPANY
540 BANK ONE PLAZA
GREELEY, CO 80631
DESCRIPTION OF PROPERTY: PIN: R3266186 PARCEL: 096108225005 - GR 3312 ALL
THAT PT L25 W OF W LN OF ALLEY & ALL L26 TO 36BLK165 ELMWOOD & A STRIP 20.8FT
WIDE ADJ 33 ON S SIDE & EXTENDING TO N LN OF 25 TO 32 STRIP BEING VACATED
ALLEY%1540 8TH AVE%
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 1997, 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 1997, 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 Weld County Board of Equalization, that the evidence presented at the
hearing clearly supported the value placed upon the Petitioner's property, after review 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:
ACTUAL VALUE
AS DETERMINED
BY ASSESSOR
Land
Improvements OR
Personal Property
TOTAL ACTUAL VALUE
$ 114,000
354.690
$ 468.690
971368
AS0038
RE: BOE - DINNER INV COMPANY
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 30 days of the denial:
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
fora 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.
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.
971368
AS0038
RE: BOE - DINNER INV COMPANY
Page 3
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 18th day of July, A.D., 1997.
ATTEST:
Y
Weld Coun'tfle
BY.
Deputy Cler
APPROVED AS TO FORM:
C dnty Attrjney
BOARD OF COUNTY COMMISSIONERS
WELD NTY, COL RADO
eorge F. Baxter, Chair
Constance L. Harbert, r - e
EXCUSED
Dale K. Hall
EXCUSED
Barbara J. Kirkmeyer
W. HI Webster
971368
AS0038
97-;
c 7CC— 3 c
DINNER INV COMPANY
540 BANK ONE PLAZA
GREELEY, CO 80631
HEARING DAT
fr,IikSING ATTENDED? a!)
AGENT NAME:
APPRAISER NAME
DECISION:
Land
BOE SUMMARY SHEET
PIN #: R3266186 PARCEL #: 096108225005
TIME: 8:30 a.m.
NAME
a-t."--eLd
Improvements OR
Personal Property
Total Actual Value
ACTUAL VALUATION
ORIGINAL
$114,000
354,690
$468,690
SET BY BOARD
COMMENTS:
MOTION BY ad TO 0/kg; ,.58.0
SECONDED BY Si
Failed to prove appropriate value
No comparables given
Increase/Decrease in Valuation
Assessment Ratio
Other:
Hall ---7---
Kirkmeyer --,��
Webster - )
Harbert - �, )
Baxter -
RESOLUTION NO._
971368
July 11, 1997
CLERK TO THE BOARD
PHONE (970) 356-4000 EXT.4218
FAX: (970) 352-0242
915 10TH STREET
P.O. BOX 758
GREELEY, COLORADO 80632
Parcel No.: 096108225005 PIN No.: R3266186
DINNER INV COMPANY
540 BANK ONE PLAZA
GREELEY, CO 80631
Dear Petitioner(s):
The Weld County Board of Equalization has set a date of Friday, July 18, 1997, 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. A number of hearings have been scheduled at this time; peitioners will be asked to sign in
with the Clerk upon arrival, and cases will be heard on a first come / first heard basis.
You have a right to attend this hearing and present evidence to the Board in support of your
petition. The Weld County Assessor or his representative will be present. The Board will make its
decision on the basis of the record made at said 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, 1997,
and mailed to you on or before August 10, 1997.
Because of the volume of cases before the Board of Equalization, all cases shall be limited to 15
minutes, of which you will be allowed 10 minutes for your presentation. 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.
DINNER INV COMPANY - R3266186
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,
BOARD OF EQUALIZATION
Luk�
Donald D. Warden,
Clerk to the Board
BY:
Carol A. Harding
Deputy Clerk to the Board
cc: Warren Lasell, Assessor
By:
15-DPT-AR
Form PR -207-87/94
DINNER INV COMPANY
540 BANK ONE PLAZA
GREELEY, CO 80631
NOTICE OF DENIAL
GE 3312 ALL THAT PT L25 W OF W LN
OF ALLEY & ALL L26 TO 36BLK165
ELMWOOD & A STRIP 20.8FT WIDE ADJ
33 ON S SIDE & EXTENDING TO N LN
OF 25 TO 32 STRIP BEING VACATED
ALLEY%1540 8TH AVE%
OWNER: DINNER INV COMPANY
06/27/1997
,.., 1,
LOG 3126
PARCEL 096108225005
ACCOUNT R3266186
YEAR 1997
�y.
-7
OFFICE OF COUNTY ASSESSOR
1400 NORTH 17th AVE.
GREELEY, CO 80631
PHONE (970) 353-3845, EXT. 3650
The appraisal 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):
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 defemination 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
1995/1996 TIME PERIOD. THIS COMPARISON SHOWS YOUR ACTUAL PROPERTY VALUE TO BE
CORRECT FOR THAT PERIOD.
PROPERTY CLASSIFICATION
PETITIONER'S
ESTIMATE
OF VALUE
ASSESSOR'S VALUATION
ACTUAL VALUE
PRIOR TO REVIEW
ACTUAL VALUE
AFTER REVIEW
LAND
IMPS
114000
354690
114000
354690
TOTALS $
$ 468690 $ 468690
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.
06/27/1997
WARREN L. LASELL
WELD COUNTY ASSESSOR
DATE
ADDITIONAL INFORMATION ON REVERSE SIDE
( :,' S
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 21 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 EOUALIZATION'S DETERMINATION:
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 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 11.
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(1.5), C.R.S., YOU MUST STATE YOUR OPINION OF VALUE IN TERMS OF A SPECIFIC DOLLAR
AMOUNT. Attach additional documents as necessary.
s1ci7 A I tKb OF PE I I f TONER
i /to hi
DAIS
Elem:
SrHi:
STR: 050565
Zoning:C-4
Year Built:
137026 COM SOLD 05/30/97 16:56
Area:10 SA: 4 Pr: $299,900
Range Pr:
Ad: 901 10 AV
Lgl:GR 5043 L1 TO 4BLK66 (1002 9TH SSS
Subd: GREELEY Cnty:WELD
Map-Book:X Page: 0 Sec:X $/SqFt: 22.60
TaxIDx(B)/Parclx(L)/PINx(W):2822886
Locale:GREELEY Zip Code:80631-
Taxes: 9,009/95 IR:
LoanBal: $0 Pymnt:
CashAssume: 230,000 LnTrm/Yrs:
Water: GREELEY
Middle .
Sch Dist:
Landsize: < 1 Acre
Approx.Lot Size: 100X190
1956 New: N Builder:
Elec: PUB SVC Gas: GREELEY
Approx.Acreage:
Est Comp Dt:
Bldg #: Unit #:
Total Sqft Lease:
Min Sqft Avail .
Min/Max Units Vacant: Floor Level:
Total Bldg Area : 10,178 Avail Date:
Max Sqft Avail :
.2nd -Balance:
Acct/Legal Exp
Adv Exp
Insurance Exp
Prop Mgmnt Exp
Per Prp Tax Exp
RE Tax Exp
$0
$0
$2,000
$3,989
$0
$9,009
Pymt: Int:
Rep/Maint Exp
Services Exp.
Supplies Exp
Utilities Exp
Misc Exp
Total Op Exp
$1,200
$564
$0
$13,756
$2,000
$32,518
Terms/Yrs. Remain:
Tot Cur Mo Inc:
Gross Schd Inc:
Vac Rate: 0 %-
GRM: 3.6
Cap Rate: 13.4
Net Op Income:
$5,276
$63,312
$0
$30,794
GREAT BUILDING AS FAR AS LOCATION & CASH FLOW. CHECK OUT THE GROSS INCOME
BANK SALE - HERE'S A BARGAIN!
< 1 Acre
Compo Roof
Evap Cooler
Lend Onw/REO
Nothing
Minimum - C
1 Story
Flat Roof
Natural Gas
Tenant Occup
Cash
1 Ph/Mp/Rend
OfficeDwntwn
Partial Bsmt
City Water
Lease Agreem
Conventional
Lease/Rents
Brk/Brk Vane
90%+FinBsmt
LawnSprkSyst
Now Mo-Mo
Comm or Ind
Brick
Hot Water
Corner Lot
OffGrossLse
AppraisalAvl
LA:G66464
LO:1AUST
BRUCE WILLARD
AUSTIN & AUSTIN
(970) 346-1330 SubAg:
(970) 353-0790 TrnBr:
0.00 ByAg: 3.00
3.00 LC:R BE:N
Pend Date :
Close Date:
SA:COOP
SO:COOP
01/30/1997 Terms:CONV FIX Points Paid by Seller:
03/31/1997 Oth Consid/Seller: Pts Pd Buyer: SP:
COOP Misc:
COOP (303) 442-3585
Information herein deemed reliable but not guaranteed.
Copyright: 1997 by Information and Real Estate Services -
Prepared by: Patrick McNear on May 29, 1997
DOM: 214
$230,000
Elem:
SrHi:
141809 COM EXPIRED
Area:10 SA: 7
05/30/97 17:01
Pr: $495,000
Range Pr:
Ad: 810 9 ST
Lgl:L6&7,EXCEPT 5 3OFT BLOCK 64
Subd: DOWNTOWN
Map-Book:X Page: 0 Sec:X $/SqFt: 24.59
Cnty:WELD
TaxIDx(B)/Parclx(L)/PINx(W):0274687
Locale:GREELEY Zip Code:80631-
Taxes: 9,700/95 IR:
LoanBal: $0 Pymnt:
CashAssume: 495,000 LnTrm/Yrs:
Water: GREELEY
Middle .
Sch Dist:
Elec: PUB SVC Gas: GREELEY
STR: 050565 Landsize: < 1 Acre
Zoning:C4 Approx.Lot Size:
Year Built: 1908 New: N Builder:
Approx.Acreage:
Est Comp Dt:
Bldg #: Unit #:
Total Sgft Lease:
Min Sgft Avail .
Min/Max Units Vacant: Floor Level:
Total Bldg Area : 20,127 Avail Date: 10/02/1996
Max Sgft Avail :
2nd -Balance:
Acct/Legal Exp
Adv Exp
Insurance Exp
Prop Mgmnt Exp
Per Prp Tax Exp
RE Tax Exp
Pymt: Int:
$0 Rep/Maint Exp
$0 Services Exp
$0 Supplies Exp
$0 Utilities Exp
$0 Misc Exp
$0 Total Op Exp
Terms/Yrs. Remain:
$0 Tot Cur Mo Inc:
$0 Gross Schd Inc:
$0 Vac Rate: 0 0-
$0 GRM: .0
$0 Cap Rate: .0
$0 Net Op Income:
$0
$0
$0
$0
LARGE SOLID BUILDING RENOVATED 1991 GOOD PARKING, ENTERPRISE ZONE CREDITS
GREAT FOR DOWNTOWN LOFT APT., GOLD SUITES
< 1 Acre
Flat Roof
City Sewer
Deliv.of Ded
Lease/Rents
2 Story
Full Bsmt
Public Elevt
All OperCost
OfficeDwntwn
Forced Air
Paved Parkng
Business
Brk/Brk Vane
Refrg/HVAC
Privte Owner
100 Yr - A
8'-10'Ceiing
City Water
Vac Not Rent
Take 1 Ext
LA:G49602
LO:1HERD
BLAINE HERDMAN (970) 353-6776 SubAg: 0.00
REALTEC-GREELEY (970) 346-9900 TrnBr: 3.50
Information herein deemed reliable but not guaranteed.
Copyright: 1997 by Information and Real Estate Services
ByAg:
LC:R
3.50
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SURVEYOR'S CI.IIrIFICATE
I HEREBY CERTIFY THAT ON JUNE 29, 1981.THE BUILDING DIMENSIONS WERE MEASURED AND
FLOOR AREAS CALCULATED FOR THE BUILDING AT 1542 - 8th AVENUE AND THAT THE
INFORMATION SHOWN HEREON I5 TRUE TO TIII: BEST or MY KNOWLEDGE.
0
0
GERALD U. tic(RAEPROF S IOFAClaicilfcrrr Ann
LAND SURVEYOR, COLORADO REG, NO. 6616-
T,IOVAh'Ic'$}10117 INC. 1??/
n
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REALTORS
REALTY CO.
Serving Northern Colorado for over 70 years
1212 8th Avenue, Greeley, Colorado 80631 (970) 352-1212
Melvin Dinner P.C.
540 Bank One Plaza
Greeley, CO 80631
Dear Mel:
May 30, 1997
This letter is in answer to your question of what you might except to receive should you place
your building at 1538 8th Avenue for sale with Scott Realty Co.
I am sure my response is going to be considerably less than you and your family think it's worth.
In the 2nd quarter of 1996 we sold the old Wheeler Realty location at 1331 8th Avenue. It's only
a block away. It was on the market over (2) two years. It sold for $150,000 or $16.93 per sq.
foot.
Although the bank portion of your building has been updated the restaurant area (7231 sq. ft.) and
the norther section (6640 sq. ft.) of the total 18669 sq. feet will require a lot of renovation to.
become functional.
A recent sale at 901 10th Avenue brought $229,900 or $22.60 per sq. ft. to the seller. That
building was in better condition than yours, had some updating.
The closing of the new Fleetside Pub on 10th Street also points out that downtown is not where
it's at, you must go west to have desirable commerical property.
Scott Realty Co. feels that your building should sell for about $400,000. However it may take a
year or more to find a buyer because of it's downtown location.
Should you go ahead and list it we would need an M.A.I.. appraisal to market it in Denver, Fort
Collins, and etc. The cost of such an appraisal will be approximately $3,000 to $3,500.
Keep me posted,
Rays p$aker
Scott Realty Co.
i≥EAL OP
NOTICE OF VALUATION
REAL PROPERTY
This Is Not a Tax Bill
LEGAL DESCRIPTION:
GR 3312 ALL THAT PT L25 W OF W LN OF AL
LEY & ALL L26 TO 36BLK165 ELMW00D & AST
RIP 20.8FT WIDE ADJ 33 ON S SIDE & EXTEN
DING TO N LN OF 25 TO 32 STRIP BEING VAC
*t:*** *:;>:**d:**,:,;,:****** 5 —DIGIT 80631
DINNER INV COMPANY
540 BANK ONE PLAZA
GREELEY, CO 80631
Warren L. Lasell
Weld County Assessor
1400 N. 17th Avenue
Greeley, CO 80631
Date: 05/22/97
HEEARINGDATE : MAY
17th p YJUN
EUNE 20 1997
LOCATION:
OFFICE HOURS: 8:30 - 4:00
TELEPHONE NO: (970) 353-3845 x-3650
FAX NO: 970 351-0978
TAX YEAR: 1997
TAX AREA: 0600
ACCOEUNTONO: 096108225005
PROPERTY PRIOR YEAR
CLASSIFICATION ACTUAL VALUE
COMMERCIAL
VACANT LAND
TOTAL.
354690
85500
440190
CURRENT YEAR INCREASE/
ACTUAL VALUE DECREASE
354690 0
114000 28500
468690 28500
Parcel# 096108225005
Account# R3266186
To appeal by mail, list your name, address, and phone it below, detach the lower portion of this notice
and mail in accordance with instructions on the reverse side to: Dinner Investment Company
Name: c_o__MeJv .n 13inner
Weld County Assessor Address: 54n Bank Una Pla7a
1400 N. 17th Avenue Greeley, —CO A0631
Greeley, CO 80631 Phone: Q7O_352-2081
An assessment percentage will be applied to the actual value of your property before taxes are
calculated. The assessment percentage for residences is projected to be 9.74%. Generally, all
other property is assessed at 29% of actual value (39-1-104(l) and (I.5)(a), C.R.S.). A change in the
projected residential assessment percentage is not grounds for appealing property values or abatement (39-5-
121(1), C.R.S.) Assessed value' for oil & gas production is 87.5% primary and 75% secondary.
Appraisal data used to establish value were gathered from the 18 month period ending June 30 1996.
If data from that period were insufficient, data from the five year period ending June 30 1996 were used.
Your property was valued as of January I of the current year. The "current year actual value" represents the
actual or market value of your property. The tax notice you receive next January from the treasurer will be
based on that value.
DOCUMENTATION - REASON FOR REQUESTING A REVIEW:
See schedule of material attached, including letter dated June 6, 1997
MRLVIN DINNER, P.C.
ATTORNEY AND COUNSELOR AT LAW
540 BANK ONE PLAZA
GREELEY, CO 60631
(970) 362-2081
PAX (070) 352-9172
July 10, 1997
Weld County Board of Equalization
P. O. Box 758
Greeley, CO 80632
Re: Dinner Investment Company
c/o Melvin Dinner
540 Bank One Plaza
Greeley, CO 80631
Tax Year 1997
Tax Area 0600
Parcel No. 096108225005
Account No. R3266186
Gentlemen:
I represent The Dinner Investment Company, a Colorado
corporation, with offices located at 540 Bank One Plaza, Greeley,
CO 80631. This letter shall serve to acknowledge receipt of a
Notice of Denial of the protest of value heretofore submitted
relative to the value provided by the Weld County Assessor in his
Notice of Valuation, said Notice of Denial being dated June 27,
1997 and received on Wednesday, July 9, 1997.
This letter shall serve to advise you that I am herewith
appealing the Assessor's decision and making appeal to the Weld
County Board of Equalization. I am enclosing herewith copy of
the letter dated June 6, 1997, together with various exhibits
attached thereto, heretofore submitted to the Weld County
Assessor for the purpose of protesting the dollar value outlined
in the Notice of Valuation. In addition I am also enclosing
herewith a copy of the Notice of Denial dated June 27, 1997.
In accordance with the provisions of 39-8-106(1.5) C.R.S., I am
herewith indicating that the opinion of value of the corporation
as to value is the sum of $440,000.00.
July 10, 1997
Page 2
I would accordingly appreciate your contacting me at your
earliest convenience so that a suitable time and date can be
arranged for the hearing on this matter.
Very tly yours,
MD/as
enclosures
cc: Mr. Ray Speaker
MELVIN DINNER
1
MELVIN DINNER, P.C.
ATTORNEY AND COUNSELOR AT LAW
840 BANK ONE PLAZA
GREELEY, CO 80831
(970) 352-2081
FAX (070) 352-9172
June 6, 1997
Warren L. Lasell
Weld County Assessor
1400 N. 17th Avenue
Greeley, CO 80631
Re: Dinner Investment Company
c/o Melvin Dinner
540 Bank One Plaza
Greeley, CO 80631
Tax Year 1997
Tax Area 0600
Parcel No. 096108225005
Account No. R3266186
Dear Mr. Lasell:
This letter shall serve to acknowledge receipt of your Notice of
Valuation dated May 22, 1997 pertaining to real property
submitted concerning the property owned by Dinner Investment
Company, a Colorado corporation, located at 1538-1542 8th Avenue,
Greeley, Colorado.
This letter shall serve as a written appeal or protest and
objection to the Notice of Valuation which you have submitted
which increases the property valuation by $28,500 from $440,190
to $468,690.
I am enclosing herewith for your benefit the following:
1. Copy of your Notice of Valuation with the information
which you have requested.
Based upon the information which you have provided in the Notice
of Valuation, it appears that the increase is unjustified and
erroneous as to the current value of the property in question.
The commercial building involved was initially constructed as a
grocery supermarket and has since been converted to other
commercial usages. The present usages of the building in
question consist of the following:
(1) a location for Norwest Bank, Greeley, N.A.,
(2) a restaurant location-Lucerito Restaurant, and
June 6, 1997
Page 2
(3) a vacant portion of the premises as of June 30, 1996.
The third portion of the premises remains vacant as of the
present date.
Parcel No. 1 currently occupied by Norwest Bank of Greeley, NA
consists of 4798 square feet. Parcel No. 2 currently occupied by
Lucerito Restaurant consists of 7231 square feet and Parcel No. 3
which is presently vacant consists of 6640 square feet. A copy
of the square footage of the building is submitted for your
benefit and for your assistance in recognizing and understanding
the location of the tenants or potential tenants of the building
in question.
In addition, I am also enclosing herewith a copy of
correspondence dated May 30, 1997 prepared by Mr. Ray L. Speaker
of Scott Realty Company concerning potential market valuation of
the property. As you will note, Mr. Speaker has indicated an
approximate value of the building at its present location of
approximately $400,000.00 for sale purposes. As you will note,
Mr. Speaker's market evaluation of the property is, in fact,
lower than the so-called prior year valuation of $440,190.00.
Under the circumstances, it would appear that instead of
increasing the valuation of the building that you should, in
fact, be reducing the actual value of the property from
$440,190.00 to a level of $400,000.00 for taxing purposes.
In addition, I am also enclosing herewith schedules submitted to
me by Scott Realty Company covering current sales occurring in
the downtown Greeley area that further confirm the basis for
reducing the actual value of the property instead of increasing
the actual value of the property in question. As you will note,
I am submitting to you herewith schedule covering the sale of
property located'at 901 -10th Avenue, Greeley, Colorado for a
price of $299,900.00, or in other words, a square foot sale price
of $22.60 per square foot. Based upon the sale of this
particular property, the Dinner Investment Company property would
have a value of $421,919.00. I am also enclosing herewith copy
of schedule submitted to me by Scott Realty Company covering the
property located at 810 -9th Street, Greeley, Colorado at a
listing price of $495,000.00. This listing has now expired and
represented a proposed sale at $24.59 per square foot. As you
June 6, 1997
Page 3
will note, the property was not sold and the listing has expired.
It would seem appropriate under the
than increasing the actual value of
to $468,690.00 that the Weld County
reduce the actual value to $400,000
MD/as
enclosures
MELVIN DINNER
circumstances that rather
the property from $440,190.00
Assessor's Office should
.00.
Very u y ;ours,
C.B.O.E. HEARING
DATE: JULY 18, 1997
TIME: 8:30 AM
OWNER OF RECORD: DINNER INV COMPANY
ADDRESS: 1540 8 AVENUE
GREELEY CO 80631
PIN #: R3266186
PARCEL #: 0961-08-2-25-005
APPRAISAL DATE AS OF: JUNE 30, 1996
SUMMARY OF SALIENT FACTS AND CONCLUSIONS
Purpose of the Appraisal: Estimate market value on June 30,1996
Property Rights Appraised: Unencumbered fee simple interest
Property Address: 1540 8 Avenue, Greeley, Colorado
Improvement: Retail/office bulding
Land Size: 38,000 square feet
Zoning: C-4 Service Business
Assessor's Value: 1997
Land Value: $ 114,000
Imps Value: 354,690
Total Value: $ 468,690
Highest and Best Use: Present use as retail/office building
Size of Improvements: Norwest bank space 1 4,798 square feet
Restaurant space 2 7,231 square feet
Vacant space 3 6,640
Total
Year of Construction: 1950
Effective Age: 35 years
Remaining Economic Life: 10 years
Estimated Land Value: $114,000
Estimate of Values:
Cost Approach:
Land Value:
Improvement Value:
Total Value Rounded:
$ 114,000
561,387
$675,400
Sales Comparison Approach: $ 485,400
Income Approach: $ 535,800
Final Estimate of Value: $468,690
Date of Value: June 30, 1996
18,669
fr
Li
testy I �L
MaWI Et Er
Parcel Number
Property Owner .
Address
City, State, ZIP:
Surveyed by
Date of Survey .
096108225005
DINNER INV COMPANY
1540 8 AVENUE
GREELEY, CO, 80631
DWS
07/14/97
Occupancy: 26% Bank, 74% Retail Store
Floor Area: 18,669 square feet
Class: Masonry
Cost rank: Average
Cost as of: 4/96
Number of stories: 1.0
Average story height: 14.0 feet
Effective age: 35 years
Heating and Cooling:
Package Unit
Other features:
100%
Units Cost
Total
Basic structure cost
18,669
52.66 983,109
Basement:
Unfinished Basement
Building Cost New
9,225 14.44
18,669 59.80
133,209
1,116,318
Extras:
PAVING
CANOPY
Subtotal
Replacement Cost New
33,436
39,626
73,062
1,189,380
Less Depreciation:
Physical and Functional
Depreciated Cost
<52.8%>
<627,992>
561,387
Miscellaneous:
Land
Total
114,000
675,387
Cost data by MARSHALL and SWIFT
PIN: 3266186 COMPARATIVE SALES APPROACH
NAME: DINNER INV COMPANY
COMP SALE NUMBER SUBJECT 1 2 3 4
ADDRESS 1540 8 AV 1605 8 AV 1010 11 ST 825 9 ST 1706 9 ST
GREELEY GREELEY GREELEY GREELEY GREELEY
USE RETAIL RETAIL RETAIL RETAIL RETAIL
SALE DATE 03/01/96 04/01/96 05/15/95 12/01/94
SALE PRICE 320,575 227,500 400,000 240,000
ADJ. SALE PRICE 275,000 227,500 400,000 240,000
LAND VALUE 114,000 _ 67,200 30,272 57,500 53,616
BLDG. VALUE 354,690 207,800 197,228 342,500 186,384
SIZE SF 18,669 10,225 7,804 14,375 6,830
BLDG PRICE/SQ. FT. 20.32 25.27 23.83 27.29
YEAR BUILT 1950 1946 1964 1957 1955
EFFECTIVE YEAR 1965 1965 1965 1965 1980
ADJUSTMENTS:
BLDG.SIZE@20.00 168880 217300 85880 236780
BUILDING AGE 0 0 0 -30000
BSMT 0 -28750
NET ADJ TO ADJ SALE PRICE 168880 217300 57130 206780
ADD BLDG VALUE 207800 197228 342500 186384
NET ADJ TO SALE PRICE 376680 414528 399630 393164
ADD SUBJECT LAND 114000 114000 114000 114000
INDICATED VALUE 490680 528528 513630 507164
INDICATED VALUE PSF 26.28 28.31 27.51 27.17
INDICATED MARKET VALUE 18669 X $26.00= 485,400
COMPARABLE SALE
417
PIN: 3282786 PARCEL #:
PRIMARY OCCUPANCY:
OFFICE SPACE % :
2nd OCCUPANCY:
ADDRESS: 1605 8 AV
PROJECT:
SALE DATE: 03/01/96
SALE PRICE: $320,575
ADJ SALE PRICE:
GRANTOR:
GRANTEE:
YEAR BLT:
EFFECTIVE AGE:
BLDG SIZE:
CLASS:
CONSTRUCTION-QUAL:
WALL HEIGHT:
STORIES:
BSMT SIZE:
LAND SIZE: 22,400
LAND VALUE: 89,600
CHADWICK HAROLD A
SCHU-3 LLC
1946
1968
10,225
C
AVG
16
I
96108303016
RETAIL
GREELEY
BOOK #:
RECEPTION #:
1535
2478919
LAND/BLDG RATIO: 2.19
IMPS PRICE/PSF 822.59
SALE PRICE/PSF: 831.35
CASH DOWN: $320,575
LOAN:
INTEREST RATE:
LOAN TERM (YRS):
POINTS PAID:
• REMARKS: LEASE GROSS $72,660 OR 7.11 NET $44867 OR 4.39
OAR 14.0%. BLDG IS AVG CONDITION HVAC IS PACKAGE
AIR. BUYER SPENT $4,000 AFTER SALE TO REPAIR
ROOF. PREVIOUS SALE 5/4/82 295,000
COMPARABLE SALE
354
96108205005
RETAIL
PIN: 3240286 PARCEL #:
PRIMARY OCCUPANCY:
OFFICE SPACE % :
2nd OCCUPANCY:
ADDRESS: 1010 - 1012 11 STREET
PROJECT:
SALE DATE: 04/01/96
SALE PRICE: $227,500
ADJ SALE PRICE:
GRANTOR: HAFFELI, JOSEPFI L.
GRANTEE: GOODWILL INDUSTRIES
YEAR BLT: 1964
EFFECTIVE AGE:
BLDG SIZE: 7,804
CLASS: C
CONSTRUCTION-QUAL: AVG
WALL HEIGHT: 14
STORIES: I
BSMT SIZE:
LAND SIZE: 12,109
LAND VALUE: 30,272
GREELEY
BOOK #:
RECEPTION #:
1540
2483566
LAND/BLDG RATIO: 1.55
IMPS PRICE/PSF $25.27
SALE PRICE/PSF: $29.15
CASH DOWN: $227,500
LOAN: N/A
INTEREST RATE: N/A
LOAN TERM (YRS): N/A
POINTS PAID: N/A
REMARKS: BUILDING HAS 2 UNITS - 1010 2,498 SF & 1012 5,306 SF.
BUILDING HAS PACKAGE AIR, FLAT ROOF, IN GOOD
CONDITION. GROSS $4.00; NET $3.00 PSF; CAP 10.29%
COMPARABLE SALE
239
PIN: 2813586 PARCEL #:
96105322002
ADDRESS:
PROJECT:
SALE DATE:
SALE PRICE:
ADJ SALE PRICE:
GRANTOR:
GRANTEE:
YEAR BLT:
BLDG SIZE:
CLASS:
CONSTRUCTION-QUAL:
WALL HEIGHT:
STORIES:
BSMT SIZE:
LAND SIZE:
LAND VALUE:
REMARKS:
C
AVG
OCCUPANCY:
825 9 ST
0
05/15/95
$400,000
RETAIL
GREELEY
BOOK #:
1492
RECEPTION #: 2438631
GILBERT ROBERT
RIO TRIO PARTNERSHIP
1957 LAND/BLDG RATIO:
14,375 IMPS PRICE/PSF:
SALE PRICE/PSF:
CASH DOWN:
16 LOAN: NEW
1 INTEREST RATE:
LOAN TERM (YRS):
POINTS PAID:
14375
14,375
57,500
BUYERS CONVERTING BLDG INTO RESTAURANT
BLDG HAS UNIT HEAT, EVAP COOLING, FINISHED
BSMT, AVG CONDITION. SELLER CARRY $350,000,
9, 10 YRS.
1.00
$23.83
$27.83
$50,000
9.0°96
10
0
COMPARABLE SALE
167
PIN: 2974186
PARCEL #: 96106328022
ADDRESS:
PROJECT:
SALE DATE:
SALE PRICE:
ADJ SALE PRICE:
GRANTOR:
GRANTEE:
YEAR BLT:
BLDG SIZE:
CLASS:
CONSTRUCTION-QUAL:
WALL HEIGHT:
STORIES:
BSMT SIZE:
LAND SIZE:
LAND VALUE:
C
LOW
OCCUPANCY: RETAIL
1706 9 ST
0
12/01/94
$240,000
GREELEY
BOOK #:
RECEPTION #:
DALE & DIANNA BOEHNER
FRANK H & SANDRA L BENGFORD
1955 LAND/BLDG RATIO:
6,830 IMPS PRICE/PSF:
SALE PRICE/PSF:
CASH DOWN:
14 LOAN:
1 INTEREST RATE:
0 LOAN TERM (YRS):
30,482 POINTS PAID:
53,616
1470
2417683
4.46
$27.29
$35.14
$70,000
NEW
TYPICAL
TYPICAL
REMARKS: WOL'S.#2974186 RETAIL; 14' WH; 5750 SF; BLT 1955
#2973486 RETAIL; 14' WH 1080 SF; BLT 1955
#2974286 VACANT LOT
0
07/15/97
Parcel :
Name:
Prop Address: 1540 8 Av Greeley, Co
PROFORMA INCOME WORKSHEET
0961-08-2-25-005
Dinner Investments
Bldg sq ft
4798
7231
6640
Tax rate
Fractional rent
bank
restrnt
vacant
Avg rent psf
Subject rents
1 flr rate psf
Less vacancy
vacancy
expenses
Net income
Use
bank
restrnt
vacant
mill rate
0.095786
units
1
1
1
18669
& expense
10%
8%
No of Units
1
1
1
Effective
assm't rate tax rate
0.29 0.0278
rent/month
$1,787.68
$1,975.00
$0.00
3762.68
Annual
rent psf
3.5
2.87
Net Income/overall cap rate=Property value
Cap rate + eff tax rate
Owner expenses: exterior maintenance
Comparable
rentals
Lincare
Goodwilll inc
Garrettson's
Salvat'n army
Use
retail
retail
retail
retail
Address
1605 8 av
1010 11 st
804 8 av
1215 8 av
0.10
0.11
size/bay
4798
7231
6640
0.0000
0.0000
Bldg
size
10,225
7,804
8,625
11,610
Annual
rent psf
$4.47
$3.28
$0.00
3.75
Annual gross
Income
65342
6,534
5,227
53,580
Property
value
0.100 $535,800
0.110 $487,091
Value
per sq ft
28.70
26.09
Gross Net
Year income income
const'd per sq ft per sq ft
1946 $5.96 $4.10
1964 $4.00 $3.00
1924 $4.17 $3.13
1956 $4.60 $3.22
Hello