The URL can be used to link to this page

Browse Search

Home My WebLink About951529.tiff RESOLUTION RE: THE BOARD OF EQUALIZATION, 1995, WELD COUNTY, COLORADO PETITION OF: KISSINGER BETTY M % FBS PROPERTIES MANAGEMENT (BRUCE MAC GREGOR) 601 SECOND AVENUE SOUTH MINNEAPOLIS, MN 55402 -4302 DESCRIPTION OF PROPERTY: PIN: R 0085388 PARCEL: 095911116023 - GR BSN1-D TRACT D BLK1 BITTERSWEET NORTH EXC ELY 187' %3690 W 10 ST% 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 Deborah Tam, Ross and Associates, 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: 951529 AS0032 pC ) , (a ni) RE: BOE - KISSINGER BETTY M Page 2 ORIGINAL Land $ 471,141 Improvements OR Personal Property 728,859 TOTAL ACTUAL VALUE $ 1,200,000 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 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) 951529 AS0032 RE: BOE - KISSINGER BETTY M 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 arbitrators 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 31st day of July, A.D., 1995. BOARD OF COUNTY COMMISSIONERS / WE OUNTY, COLO' 'O�/ ATTEST , /-Zbi Z �Q, /%/sir MI v a�ip Dale K. Hall, Chairman Weld County Cler.k to the Board i s. . 6 " arbar . Kirkmeyer, ro-Tem BY: beputy Clerk to:i e and /George . Baxter } APPROVED AS `t FORM: Constance L. Harbert dbot.ffity Atto ey ( 1) W. . Webster 951529 AS0032 BOE DECISION SHEET PIN #: R 0085388 PARCEL#: 095911116023 KISSINGER BETTY M % FBS PROPERTIES MANAGEMENT (BRUCE MAC GREGOR) 601 SECOND AVENUE SOUTH MINNEAPOLIS, MN 55402 - 4302 HEARING DATE: July 31, 1995 TIME: 2:15 P.M. HEARING ATTENDED? (Y/N) NAME: -� h" j i°"°'44` r' AGENT NAME: BETTY M KISSINGER/FIRST BANK SYSTEM MICHAEL S ROSS APPRAISER NAME: . — - DECISION: DECREASE IN VALUATION INCREASE IN VALUATION NO CHANGE IN VALUATION ASSESSMENT RATIO ACTUAL VALUATION ORIGINAL SET BY BOARD Land $ 471.141 $ uf#7/ /'/` Improvements OR Personal Property 728,859 /7.„ei g "7 Total Actual Value $ 1,200.000 $ ia COMMENTS: MOTION BY 4, �j TO SECONDED BY J /1/ Baxter-a Hall -pN) Failed to prove appropriate value Harbert--ke,N) No comparables given Kirkmeyer-‘((l/"N) Other: Webster-r ) ca RESOLUTION NO. 0 CLERK TO THE BOARD PHONE (303) 356-4000 EXT.4218 FAX: (303) 10T STREET STREET P.O. BOX 758 GREELEY, COLORADO 80632 Ce COLORADO July 18, 1995 Parcel No.: 095911116023 PIN No.: R 0085388 KISSINGER BETTY M % FBS PROPERTIES MANAGEMENT (BRUCE MAC GREGOR) 601 SECOND AVENUE SOUTH MINNEAPOLIS, MN 55402 -4302 Dear Petitioner(s): The Weld County Board of Equalization has set a date of Monday, July 31, 1995, at or about the hour of 2:15 P.M., to hold a hearing on your valuation for assessment. This hearing will be held at the Weld County Centennial Center, 915 10th Street, Greeley, Colorado, in the First Floor Hearing Room. You have a right to attend this hearing and present evidence in support of your petition. The Weld County Assessor will be present before the Board. The Board will make their decision on the basis of the record made at the aforementioned hearing, as well as your petition, so it would be in your interest to have a representative present. If you plan to be represented by an agent or an attorney at your hearing, prior to the hearing you shall provide, in writing to the Clerk to the Board's Office, an authorization for the agent or attorney to represent you. If you do not choose to attend this hearing, a decision will still be made by the Board by the close of business on August 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. KISSINGER BETTY M - R 0085388 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 LuüM Donald D. Warden, Clerk to the Board BY: Carol A. Harding, Deputy cc: Warren Lasell, Assessor BETTY M KISSINGER/FIRST BANK SYSTEM MICHAEL S ROSS / \ 1EL NORTH,COL COLORADO O806I// 1 GRBBLEy,COLORA AVE. NOTICE O F DENT N I A I. PHONE(970)353-3845.EXT.3656 GR BSN1—D TRACT D 8LK1 BITTERSWEET NORTH EKG ELY 1879 :3540 W 10 ST; COLORADO 3590 W IC ST GREELEY OWNER KISSINGER BETTY M 3 TTY M KI SS INGER/FIRST BANK SYSTEM PARCEL 0Q511-,1116023 1+t CHA`:L S R055 PIN R 0 0:875 349 RCjS £ ASSOCIATES ARAPAHOE RD 1t208 YEAR I395 GLEi WOOO CO 80112 LUG 03NEHS -:;> O5/3O/1 495 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): In ENTIAL PROPE-RTY IS VALUED BY CONSIDERING THE MARKET APPROACH. ='a Gk7 ICULTURAL LAND VALUE IS -DETERMINED SOLELY 8Y THE EARNING OR PRODUCTIVE CAPACITY OF THE LAND, CAP IT AL ZED AT A RATE SET BY LAW. ALL OTHER PROPERTY. INCLUDING VACANT LAND . IS VALUED BY CONSIDERING THE COST. MAKE T. 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 orask your Assessor for a listing of these districts,and plan to attend these budget hearings. The Assessor has carefully studied all available information, giving particular attention to the specifics included on your protest and has deter- mined the valuation(s) assigned to your property.The reasons for this determination of value are: THE ASSESSORS STAFF HAVE REQUESTED INFORMATION WHICH IS PERTINENT AND CRITICAL TO PROPER EVALUATION OF YOUR PROPERTIES VALUE. BECAUSE :4 HAVE NOT RECEIVED THIS INFORMATION WE HAVE NO CHOICE BUT TO DENY ANY ADJUSTMENTS ON THIS PROPERTY UNTIL THE NECESSARY INFORMATION IS %, ECE I VE D. A SSS3SOR' S OFFICE REQUESTS A COMPLETE SIGNED COPY OF THE LEASE IN THE SUBJECT PROPERTY. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE ACTUAL VALUE ACTUAL VALUE OF VALUE PRIOR TO REVIEW AFTER REVIEW I AN') 471 . 141 471 . 141 I MRS 724.859 72a.853 TOTALS $ $ 1 .200 .033 $ 1 .200 *Orr If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration, 39-8-106(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal. By: WARREN L. LASELL 05/31/)5 151 WELD COUNTY ASSESSOR DATE Forme PR 207-67/94 ADDITIONAL INFORMATION ON REVERSE SIDE YOU HAVE THE EIGHT fp EIRE At. I HE ASSESSOR'S CLEESSittat The County Board of Equalization will sit to hear as:beast ix:dinning tuift and siononociti th August 2 tot real property (land and U 1uunJ Sc ;Rob— tlasiishiligs. inashiovey. tate! L39-8-104 arid .39 6 107(2), G.A.U. APPEAL PROCEDURES: \four dint rripiDeai itiostots ti ti . tit ..ti ariti ito ott Ifitt . . ctiasittIf ;TRW:1\ND afit Xin :OP iint ripeoi. r, r WELD COON TY HOARD OF EQUALIZATION 915 10th Street. P.O. Box 758 taieelay. tdorado 80632 leloplattiie (070) 356-4000. Ext. 4225 NOTIFICATION OF HEARING' You stai be notified of the tiroe crire re'rerem COUNTY BOARD OF EQUALIZATIONS Ds I The County Board of Equalization moist mar) 11?-`C': ;-:eal and maii you a dotonsinat tor r Oniti rs business days. The County Board must Cerryierlar, H , r:prre;ne,r, luy August 5 TAXPAYER RIGHTS FOR FURTHER APPEALS: you are fejt saint:rhea with the Itostify tido tt, of taicia titritt rreerS:Cier YOU riiiC.ciLfiie wit ido CI mu yard, he County Board ot Equalization's writi on detscv zeal c TR. ti the tong:aim" boatts ats,,af encased Appeais. (BRA): Contact inn HAA at 13 I r Shen:cid Inta: "f . ;rugger. CCUUrsfts ginSg'Ss artar sti„ District Court: Fla Avenue and 9th Street. P.O. Box C Greeley. Colorado 80632 telephone (870) 36E-4000, Ext. 4520 Arbitration: WELD COUNTY HOARD Oft EQUALIZATION 915 10th Strout. PO Box 758 Greeicy, Colorado 80632 Telepi s 0101 atfut 4000. Ext 4225 II you do not receive a determination Man the County Podia: of Equalization, you must file an appeal with the Board of Assessment Appeals by September 18 TO PRESERVE YOUR APPEAL RGHTS.. YOU asitE5th PROVE YOU HAVE FILED A TtMELY APPEAL': THEREFORE. WE RECOMMEND AL _ EVE4RLEEL SILLIDENCE BE MAILED WITH PROOF OE MAO IRO _„ tt PET 0 H @AP,D Cd F E uA L aT lOt N 8-1 OEY C155; YOU tfli . . .t .- : ' tt Q. tit ford it is Cc. ant aidlittUN i„Attaati :sodas:cad sai aid . it BETTY M. KISSINGER/FIRST BANK SYSTEMS The Assessor's valuation is in error since proper consideration was not given to the market and income approaches to value. Based on an appraisal to be submitted to the County Board of Equalization,our opinion of value is$950,000. Deborah A.Tam Colorado Registered Appraiser(#AR01327995) Via/9C - - SiGNAI upE r encivr CLA. �1JO B003E. H.-7ARING DATE: JULY 31, 1995 TIME: 2:15 P.M. SUBJECT: COLORADO NATIONAL BANK ADDRESS: 3690 W. 10th STREET, GREELEY, CO PIN#: 0085388 - �_. . Y AA'VNI 14[TAIAIPR(I.PNUI1•,1 S.11ANK]6009t COLORADO NATIONAL BANK The subject property is known as Colorado National Bank and is located at 3690 W. 10th Street, Greeley. The owner of the property is Betty M. Kissinger. The property sold for$1,500,000 in October 1985 to Richard Heimick, Trustee. Over the years different tax agents have filed protests on this property. Each time a protest was filed, the Assessor's staff requested lease information on the subject. When the tax agents received this request for a signed copy of the lease, the protest would be withdrawn. In short, we believe the subject property is incumbered with a long term lease which establishes the market value of the property. Once again the office has requested a signed copy of the lease for the subject property, and to date we have not received it. Therefore I would request that the County Board of Equalization deny any request for an adjustment. Valuation History of Subject 1995 1993/1994 1995 Reduction Land $ 600,180 $ 471,141 $129,039 Imps 864,050 728,859 135,191 Totals $1,464,230 $1,200,000 $264,230 019911:01• (RINITASS1,Y111R i 1400 NORTH 17th AVE. GREELEY,COLORADO 80631 • NOTICE OF DENIAL PHONE{970)353-3845,EXT.3656 W I o GR BSNI—D TRACT D BLK1 BITTERSWEET NORTH EXC EL 1870 1/43690 W 10 ST% COLORADO 3690 W 10 ST GREELEY OWNER KISSINGER BETTY M BETTY M KISSINGER/FIRST BANK SYSTEM PARCEL 0959111160Gi MI CHAEL 5 ROSS PIN R 0085398 RO SS E. ASSOCIATES 7500 E ARAPAHOE RD R 208 YEAR 1995 EN GLE WOOD CO 80112 LOG 03686 05/30/1995 The appraised value of property is based on the appropriate consideration of the approaches to value required by law.The Assessor has determined that your property should be included in the following category(ies): RESIDENTIAL PROPERTY IS VALUED BY CONSIDERING THE MARKET APPROACH. AGRICULTURAL LAND VALUE IS DETERMINED SOLELY BY THE EARNING OR PRODUCTIVE CAPACITY OF THE LAND, CAPITALIZED AT A RATE SET BY LAW. ALL OTHER PROPERTY, INCLUDING VACANT 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 for a listing of these districts,and plan to attend these-budget hearings. The Assessor has carefully studied all available information, giving particular attention to the specifics included on your protest and has deter- mined the valuation(s) assigned to your property.The reasons for this determination of value are: THE ASSESSORS STAFF HAVE REQUESTED INFORMATION WHICH IS PERTINENT AND CRITICAL TO PROPER EVALUATION OF YOUR PROPERTIES VALUE. BECAUSE WE HAVE NOT RECEIVED THIS INFORMATION WE HAVE NO CHOICE BUT TO DENY ANY ADJUSTMENTS ON THIS PROPERTY UNTIL THE NECESSARY INFORMATION IS RECEIVED. . . ASSESSOR' S OFFICE REQUESTS A COMPLETE SIGNED COPY OF THE LEASE • ON THE SUBJECT- PROPERTY. • PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATIONESTIMATE ACTUAL VALUE ACTUAL VALUE _ OF VALUE PRIOR TO REVIEW AFTER REVIEW LAND 471 , 141 471 , 141 IMPS 726 ,659 728, 659 TOTALS $ S 1 ,200 ,000 $ 1 , 200 ,000 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. WARREN L. LASELL o 5/ 31/95 By: WELD COUNTY ASSESSOR DATE15-D 1 61 PFormPR-207-AR ADDITIONAL INFORMATION ON REVERSE SIDE T 4 ra k y - V a t. 1 s . yyy , tp •I I • -T Y 1 ,.. • f v ]r114 4", c• $5 ) c ; ,-% , . T T 'v 1 /�vd� n ., t 5 IY ,i v i(� I I s Yv ,fie vL a !f e, if d rl 1 at ' 1•ep : 4 17 v 1 11 f -Prytd 11 ii r `s. ti� 1 d µ l I( a 1 -It: I f 11 Nf Ik v a�l �,� 1, i v � � �11 * 1 S`, a � 1 t ail (I '� ) "' 1,1 , 1 ': I �� 1 ! 4 rc v 1 r el < lids Y', tl r �, v '' a i 1 11 r" v i { t 1 1 I 1 t I 1 1 f d� V ,i I 1 { "1 ii Iti ' 1 , , , - I I I, .. A ,.. 1 A ` ., ,.. 1 i Y,` I 1 1 � A • ,� 11 , ''•, ,, 1 1 . I1 I f f I j4 482030144 R 1089 REC 02030144 10/20/8!i 16i33 $12.00 •yl 0 ' , .•,' , F 1516 MARY ANN I'F.UERSTEIN CLERK & RECORDER WELD C0/ CU I f MEI 311ANDUM OF LEASE . ThisMORRNDUM OF LEASE is dated this 1�_ day of October, 1985, and is by I and between RICHARD R. ItLMIrK, TRUSTEE, (hereinafter termed the "LANDLORD") and CENTRPL BANCORPORATION, INC. (hereinafter termed the "TENANT"). 4 M I T N E s S E T H: 1. The i.WICLORD has demised and leased to the TENANT and the TENANT has -_.... I '� leased and accepted from the LANDLORD pursuant to the terms, provisions, conditions and limitations of a certain Lease Agreement ("Lease") executed by and between the LAN)LDPD and the TENANT on the 4116ch y of October, 1985, the real estate described as set forth in Exhibit A attached and the Bank Facility and all other inprovements thereon (hereinafter collectively termed the I I" . "Demised Premises"). • 2. The term of the Lease shall be for Twenty-Five (25) years commencing 12:01 I I a.m. on the 1st day of November, 1985 and terminating at the 11:59 p.m. on the 31st day of October, 2010. I , 1 � 1 3. The Lease grants the TENANT the option to renew or extend the term of the +" I Lease for two (2) additional five (5) year renewal periods. . { 4. The Lease provides that the LANDLORD may grant a security interest or a lien in or against the Demised Property provided that the aggregate I ' indebtedness secured thereby shall not exceed seventy-five (15%) of the tfen , + : appraised value, as mutually agreed by the parties, of the demises premium. d t' II ‘I r I' . YID i7 r -r .: k y `Yaf #wa'!, , ) t v F} k 1 l�n FFi "CI Itl' I.I } T ,I ' ,„• "ky f I�.i. . 9) l , • , i.T h'I,,{ P �1 A , 1 is[.4 2:*.it 'f 1 �, df dI• 'A At' 'IFi 4 v k s.% add id41 r a ih*t i rf f q,Y L aI E! • 1N$te N .1 a' I f ' �I , , F ' fc rk fyisr r n ! i �1j 1 , a „ �( 5 ,ei , . `` S t._ ^ +a 1,^,1� ,�� `y • ", • 1 { F r� ' Pf I{ ' , :I ., > k� I Y• )F „� ii: ie � i 4rc3 l'� y,11441 • G • ' In I 1 1 I aa` t 7 � 4 r .� !i or M e �'. � r f .. ��. i I � • { C f it r • F • a{e I f.� l • , t r • I• 01 � I � I � t C Jj � yl1 r'.. • Yg: ."-. it B 1089 DEC 02030144 10/28/85 16:33 $12.00 2/004 ' i ` .. I F 1517 MARY ANN FEUEDSTEIN CLERK 6 RECORDER WELD CO, CO +r' 1, '`, r r i• 5. The Lease grants TENANT the option to purchase Che premises ses at the end of , . � � r � I the lease term or of the renewal term or terms on the terms and conditions set •1'�' �I Iforth in paragraph 23 of the Lease, which terms are incorporated herein by " reference.• I • 6. This FEMORANDUM OF LEASE does not alter, amend, modify or change the terms j of the Lease or the Exhibits thereto. The MEMORAND N is executed by the - --- - I 1 parties for the purpose of recordation in the records of the County of Welt. ,E + Y I . i -and that such recording will give notice of and confirm the Lease and the ^ - , • Exhibits thereto and all of its terms, to the extent as if the provisions or the Lease andExhibits thereto were fully set forth herein. The Lease and 1 Exhibits are herebyincorporated byreference in this 1€DDRMDl1M Cr LEASE and TP° I , { J I, the terms hereby are ratified and confirmed by the parties. In the event any I it conflict shall arise between the provisionsof this NEMCRA JUK DF LEASE and the Lease, the provisions of the Lease shall control. • r• IN WITNESS WHEREOF, this MEMDRANOl1M OF LEASE has been duly executed by the I 4 . parties as of the date and year first above written. r4,44 7o 1 • ;•rn• MICR, Trust .r. STATE OF COLORADO ) ) s s. I r CITY AND COUNTY OF DENVER ) SUBSCRIBED SWORN TO before me this 0/14tlay of Cr itsr 19t by + + ' e '., RICHARD W[1E9 Trustee. i . r MY iseion Ergo s\ ,4,E-„ )31 1181 I 1 'Ath�HING �pp 1 AR PIF� �C a . Ylil an,n 1.+� "^ � r 3` ,. I{ j/ Address: OAL f , Ib AD �- '4 .1- yr r1T t'^ % lw ll \N ; ( � �% _ 2 _ t , l'.0 du.ru�. i'}r gjer„,,t 3/,M .k v '- 1 • c f" „'f. ,V -1 - Y • ai.. 1 , • .F w>„ h •;;Ii ,- r S a a " t•t .I L}` ttt7 1 t ° / Al<2UiC1g3 R 1089 REC 02030143 30/28/85 16:33 56.00 1/002 ." ,1 1 F 1514 NARY ANN FEUERSTEIN CLERK i RECORDER WELD CO, CO IA•t eJ4Gun Nu. _-_ ..._ . ____ ; I lk t ,! RECORDER'S STAMP i.a • Tn is I)GED. %ta,Ir lw. 24th d.y or (lets ober Ise Stale Doturtenlary bee Ip 85'1•enw.4l; CENTRAL BANCORPORATION, INC., (Data 1Gel.` I 1 r•1 •corpora bun duly organised and existing under and by virtue of the laws 1 4 I ..fth.St.teofeolnrado.or the first part.and { I• I RICIIARD R. IILLMICK, TRUSTLE I' II1 + t 1 .hose legal,osier...'s 3600 5. Yosemite, Suite 860 l I ' r r• j Denver, CO 80237 i ofth, City and t'onnlyof Denver 1 and State of Celora,lu,of the second part. WIT:NESSETH.That the said party of the first part,for and In consideration of the sum of TEN DOLLARS and 14 I S other good and valuable consideration Dagaes, . t iI to the said party of the first part.in hand pail by the acid party of the second part,the receipt la t �,, hereby con( I and acknowledged,has granted.bargained.sold and conveyed and by thew presents dose grant. ^ bargain,sell,convey anti assigns nr.y and confirm unto the said party of the second part, his forever,all the following dewribed lot or parcel of land.situate,lying and being In the County of Weld and State of Colorado,to wit: Tract D, Block 1, BITTERSWEET NORTH, s ter iu,, doe a Subdivision of the CITY OF GREELEY, e 1 EXCEPT the Easterly 187 feet of said Tract. CeI Itif County of Weld, "/SO.c State of Colorado. II 'Exhibit "A" attached hereto and made a part hereof. r` also known as street and number 3690 W. 10th Street, Greeley Together with all and singular the heredttaments and appurtenances thereunto belonging,et In anywise berm , tuning.and the reversion and Ions,remainder and remainders,rents,blues and prang thereof:and all the estate.right,title.interest,claim and demand whatsoever,of the said party of the first part,either la law or eedty. f t I -,� of,in and to the above bargained premises,with the hereditament'and appurtenances;TO HAVE AND TO HOLD, Iake the said premises above bargained and described with the appurtenances.unto . t . I Richard R. Helmick. Trustee, the said pert y of the ascend pen. I' ' it 11 " his heirs and assigns And the said party of the first part,for Itself and its successors covenant.and agrees to and with the said party of the second part, his heirs and assigns. the above bargained premises In the quiet and peaceable possession of the said part y of the amend part• his heirs and assigns against all and every t IR* person or persons lawfully claiming or to claim the whole or any part thereof.by.through or ander the saki party:I set^ II the first part.to WARRANT AND FOREVER DEFEND, subject to those items as contained on• , IN WITNESS WHEREOF.The said party of the Drat part has canoed its cerporate name to be hereuntowtbatrIbed I „� by lte President.and its corporate seal to be hereunto affixed.attested by its Secretary,the day and year flat above written. 1 , 1 Attest: Y [� { 54t {t Ip asistan •' ta'r CENTRAL BANCORPORATION, INC., a `.�jo, Color o c•r 1 "' k t) ,: 1 1 ! _a, 63•J'J. TaY(rtrelsgeo ORADO :� y 1 City 5 (partya Denver._ , � I Tttifettaiictrilitruntent tr as 114 ifilloWifderfoibeforeusethis_ 24th day of—_Q tQbtt .. Iv85 by C.D. McKinley as President an4.,jQhn E._flulh_aa_AEaiatltnt— I I 4- llhr4„ :1 i qgsa'nty of Central 8ancoreorationl_SD4s,A_c41Qrad4_cnraQTati• n March _24. 149b '�y ; 4 tyl "y1 17 ri ite-w,1 / r 1 i l { f..�n tt►kT�};�8 m%haN and ulfuialseal. te4e2( [(T�/Ld�/71` .w.r htu. II 9 p te. 1 Arapahoe Street 029i 1• Sa r° Denver Colorado B P wf ° l �'t_lta,,"l4 �', r 1 Ise I. ralq M y -� �� i � N. It-Iaraiut.a oatsir uann-4....oar.. a,.e••+w.,a., 4,naw .. Ia...,.J.t lion.-two tumor-.su y s!'"'';� .1 I 4t : • g y c "1''' 14 4.iaN .lt 1i'I COST FIGURES ON NEWLY CONSTRUCTED BANKS 1st National Bank 4290 W 10 St, Greeley 1 floor 8,054 Bsmt 8.054 16,108 SF Cost of Bldg $1,180,533 / 16,108 = 73.29 PSF 1st Choice Bank 2164 35 Ave, Greeley 1st floor 11,368 Cost of Bldg $1,111,000/ 11,368 =97.73 PSF COST OF SUBJECT BASED ON 10/85 SALE Sale Price $1,500,000 Land Value - 72$-8'59 9 71,/y/ Bldg Value $ 7�1;1$1 / 16,470 =46.82 PSF ' PsF COST OF SUBJECT BASED ON PETITIONERS APPRAISAL Total Value $950,000 Land Value - 728,859 ` il) /41 Bldg Value 221041 / 16,470 = 1.3,44-PSF I\WPFILES\COMMERCL\PROTESTS\BANK3690.95 EXHIBIT APPRAISAL OF Betty M. Kissinger Bank/Office Building 3690 W. 10th Street Greeley, CO Prepared By Michael S. Ross Assessment Date: January 1, 1995 Base Period Ending: June 30, 1994 Date of Report April 6, 1995 Riss ibs5170.sam ASSOCIATES Ross ASSOCIATES Valuation Specialists , Inc . April 6, 1995 Mr.Norman R. Marsh Vice President and Project Manager FBS Properties Management 601 Second Avenue South Minneapolis, MN 55402-4302 Dear Norm: Per your request we have inspected and appraised your property located at 3690 W. 10th Street in Greeley. As we have discussed, it is our opinion that your property is overassessed based upon the property tax regulations as established by the state taxing authorities. The purpose of this appraisal was to estimate the fee simple market value. The fee simple interest, and market value may be defined as follows. Fee Simple: Absolute ownership unencumbered by any other interest or estate; subject only to the limitations of eminent domain, escheat,police power, and taxation. Market Value: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1. buyer and seller are typically motivated; 2. both parties are well informed or well advised, and acting in what they consider their best interests; 3. a reasonable time is allowed for exposure in the open market; 4. payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and tbs5I70.sam 7500 East Arapahoe Road, Suite 208 • Englewood,CO 80112• (303)741-5880•Fax: (303)741-5855 5. the price represents the normal consideration for property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. In accordance with Colorado property tax regulations, the values are based upon the status of the improvements on the assessment date of January 1, 1995. Values were arrived at based on market information through June 30, 1994. Please review the following report. Our conclusions and opinions of value are included for your review. Respectfully Submitted, i ZZ C_e� t11_ 2 JZ9;1a��r Michael S. Ross Appraiser/Tax Consultant Colorado Certified General Appraiser(#CG01313488) State Accredited Affiliate of the Appraisal Institute Ross -., IM1 s5 I 70.sam ASSOCIATES SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS Property Location: 3690 W. 10th Street Greeley, CO Land Size: 85,740 sf Improvement Size: 16,470 sf(10,996 sf above grade) Highest and Best Use: For ad valorem tax purposes in Colorado, the highest and best use of the subject is its current use. Value of Land: NA Cost Approach: NA Market Approach: $1,021,140 Income Approach: $861,029 Reconciliation: $950,000 Assessment Date: January 1, 1995 Base Period Ending: June 30, 1994 tbs5170.sam VACANT LAND DESCRIPTION Page 1 IMPROVEMENT DESCRIPTION Page 1 HIGHEST AND BEST USE Page 3 THE APPRAISAL PROBLEM Page 4 COST APPROACH Page 6 MARKET APPROACH Page 7 INCOME APPROACH Page 11 RECONCILIATION Page 13 ASSUMPTIONS AND LIMITING CONDITIONS Page 14 CERTIFICATION OF APPRAISAL Page 15 QUALIFICATIONS AND GENERAL EXPERIENCE Page 16 VACANT LAND DESCRIPTION The subject is a 85,740 square foot lot located in Greeley. It has frontage 10th Street and 37th Avenue. The topography is relatively level and drainage appears to be normal. Sanitary sewer, storm sewer,water,telephone, gas and electricity are provided to the site. This site is zoned C2 by the City of Greeley. The C2 designation permits a number of uses including banks and office buildings. IMPROVEMENT DESCRIPTION The subject is a 16,470 square foot office/bank building built in 1981. Included in the total square footage figure is 5,474 square feet of basement area. The structure has brick exterior walls. It has a first floor bank area including, carpeted and ceramic tiled floors; painted drywall; and suspended acoustic paneled ceiling. The rest of the building has typical office finish including carpeted, and tiled floors; painted drywall; and, suspended acoustic panel ceilings. It has a hot water heat and a refrigerated air conditioning system. Special note should be made of the subject's space usage. With the emergence of interstate and branch banking, many banks with basement and second story areas do not need the added space. In addition, some banks are also under-utilizing their main floor bank areas. Many operations which use to take place in these areas have been centralized to other locations. The subject's basement is finished and as of the assessment date, it was used as an employee break-room area and for community purposes. The basement area was underutilized as of the assessment date. Since the basement is below grade, it is my opinion that it will be difficult to lease, and if it were leased, it would not be leased at above ground market rates. The second story of the subject is currently leased for general office purposes. A complete description of this property can be furnished upon request. ibs5170.sam Page 1 bA"nlY IWAI c c em �_"' 4'`".F istzfri-StSubject Pictures - �' '1 `� brad t y y r . 'i -,-___ l ti `I % �� -_x �- k it9 # wF 7 =-r -'7 • .. . 'lilt .4 , • I Ib55170saT HIGHEST AND BEST USE Highest and best use is defined in the Tenth Edition of The Appraisal Of Real Estate as: The reasonable probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. Highest and best use of land as if vacant identifies the use that will produce the highest present land value. Within this analysis,uses must be physically possible, legally permissible, and financially feasible. Physical It is physically possible to develop this site. I am not aware of any unusual soil conditions or environmental hazards which might prohibit development. Legal It is legally possible to develop this site. Zoning however allows for commercial relateduse. Financially Feasible and Maximally Productive It is financially feasible and maximally productive to develop this site as a commercial site. With the properties location on 10th Street, its highest and best use as improved would be its current use as a bank/office building. It should be noted that the Highest and Best Use of the subject site is not relevant for ad valorem tax purposes in the State of Colorado. Property tax regulations dictate that an improved property being appraised should be valued based upon its current use. 1bs517o.sam Page 3 THE APPRAISAL PROBLEM The appraisal problem consists of the search for and analysis of relevant data to be processed into an estimate of fair market value of the subject by recognized appraisal approaches -Direct Sales Comparison or Market Data Approach, Cost Approach and Income Approach. Each approach will be analyzed and discussed. The approaches found to be valid and relevant in the estimate of value will be used. Any method found to be lacking in validity or relevance will not be used. However an explanation for the omission of any approach will be carefully set forth. COST APPROACH The Cost Approach is one of the three approaches in the appraisal process. Underlying the theory of the Cost Approach is the Principle of Substitution which suggests that no rational person will pay more for a property than the amount which he can obtain,by purchase of a site and construction of a building without undue delay, a property of equal desirability and utility. Consequently, reproduction costs new, prior to any deduction for accrued depreciation, plus land value, tend to set the upper limit of value. For the cost approach to produce a valid indication of the market value it is necessary to determine accrued depreciation due to all causes, functional and external, as well as physical. The four basic steps of the cost approach are: 1. Estimate the market value of the land, as if vacant, under its highest and best use. 2. Estimate the current replacement cost of the improvements. 3. Estimate and deduct accrued depreciation from the estimated current cost new of the improvements, utilizing the three basic classifications of depreciation. a. Physical Deterioration b. Functional Obsolescence c. Economic Obsolescence 4. The addition of the estimated land value and the depreciated cost of the improvements results in the indicated value of the property by this valuation approach. rn5si7o.58m Page 4 MARKET APPROACH The application of this approach is based on the process of comparing the property with real estate of similar type that has been recently sold or is offered for sale so as to produce an estimate of value. The basis for comparison underlies the principle of substitution from which evidence is derived from the market place's reflection of the reactions to typical users and investors. Since no two properties are ever identical, it is necessary to analyze and determine the degree of comparability to the subject so that proper adjustments relative to the value factors can be made for any existing differences such as financing,time of sale, condition, location, utility, and market appeal. The comparative process is a function of appraisal experience and judgment of data found in the market. INCOME APPROACH In the income approach, the value of the property is estimated by an analysis and capitalization of the income stream. The theory of the income approach is the value of a property is the present worth of the new income produced during its remaining economic life. The procedure for this approach is to estimate the annual economic rent and expenses to arrive at an annual net income. The new income is then capitalized to reflect a value indicator. This approach is an investment analysis of what a purchaser would pay for a property based upon its income producing capabilities. In the absence of documented income data of comparable property it then becomes necessary to rely on the extrapolation of an absolute net income estimate from the sales of comparable property. Page 5 fbs5170.sam LAND VALUE BY COMPARISON COST APPROACH The land value by comparison and cost approaches to value are being omitted from this report. In our opinion,the cost approach for most properties of this type does not offer a reliable indication of value. In weak markets or on appraisals involving older or special use facilities, adjustments for economic depreciation due to weak markets essentially becomes a function of the market or income analysis. We believe that the market and income approaches to value will offer reliable indications of value. Page 6 ibs5170.sam MARKET APPROACH Five improved comparable sales were reviewed for this appraisal. Since the subject is a bank/office building,two bank sales and three office sales were utilized. Adjustments were made for condition of sale, location, size, age, excess land, and physical characteristics. The resulting adjustments are outlined on the grid which follows. Special note should be given to the following. 1. A condition of sale adjustment was made to Sales 1,2, and 3. Sale 1 received its adjustment to adjust for personal property items which were included in the purchase. Sale 2 received its adjustment since the purchase was of the improvements only. The adjustment helped to account for land value. Sale 3 received its negative adjustment since at the time it was purchased, the purchaser was leasing the entire facility. 2. An excess land adjustment adjusted for the differences in the subject's land to building ratio versus the comparable sales. 3. A physical feature adjustment accounted for the subject's bank features and basement office area. Sales 1, 3, and 4 received positive adjustments since they were office buildings without bank features. The remaining sales received negative adjustments since they were 100%bank facilities. Since the subject is a combination of bank and office building, the indicated value should account for both bank and office features. Based on the adjustments on the following grid, the value indicated by the market approach should be $1,021,140. Page 7 @s5170.sam Sale Number Subjed Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 1 Building Type BanWOfice BLOFBD BANK OFBD OFBD BANK 3690 W.10th 4687 W 2300 16TH 3545 W 3700 W 822 14TH Address Street 18TH ST ST. 12T1-I ST 10TH ST ST 4993 5025 4991 4985 5005 City Greeley GREELEY GREELEY GREELEY GREELEY GREELEY County Weld WELD WELD WELD WELD WELD Sales Price $1,340,000 $422,500 $585,000 $356,000 $625,000 Sales Date 03/31/94 1029F93 07(30/93 0429/91 01/02/91 Building Size 16,470 27,000 7,977 7,035 3,132 6,180 Y.O.C. 1981 1982 1977 1986 1980 1973 Land 85,740 91,026 57,064 20,762 43,580 70,785 Landto Bldg. 521 3.37 7.15 2.95 13.91 11.45 Confirmed By BUYER BUYER BUYER SELLER PPSF $49.63 $52.96 $83.16 $113.67 $101.13 Adiustments Finandng Total $0.00 $49.63 $52.96 $83.16 $113.67 $101.13 Time Total $0.00 $49.63 $52.96 $83.16 $113.67 $101.13 Cond.of Sale -8% 40% -10% Total $0.00 $45.66 $74.15 $74.84 $113.67 $101.13 Location Size -5% -5% -10% -5% 5% -5% 8% Age Excess Land 5% -5% 5% -25% -20% EeonorricChar. Physical 25% -25% 15% 15% -25% Net A . 0% 30% -30% 10% -20% -42% Acl. PPSF $59.36 $51.91 $82.32 $90.93 $58.66 PPSF $62.00 Value $1,021,140 Page 8 fbs5170.sam G! Q 4R Las _- So , ' Comparison Pictures Sale 1 f ��.. w � Olt! „� ! I r 4 'iiiI 1 J a ' \ • ‘ /, / 5 H / "14H j gj ;2i : �tr *; Sale 2 x I - a„ utr k. .y _ P Y.^ x ,g^ • Sale 3 / R L a C i` r- Page 9 1bs5170.sam _ _ i — i .--4. . rt , " i's d" S Comparison `:. :-'� Pictures ' - �,4, "' ' �y H. 7 - - R , . :ale4 a 1. ! pr-c ,.A4 Ci;E"C�'tir ` Sale 5 -ea; . oLs. 4 T a. I 4'raja ` k 1.-7 " F Sale 6 Page 10 ibs5I70.sam INCOME APPROACH Six office lease comparables and one bank lease comparable were reviewed. Based on this review a market rate of $6.00 per square foot was used for the basement area. This lower rate was used since the rates we verified were for above ground office areas. A market rate of $17.00 per square foot was used for bank space. A market rate of$12.00 per square foot was used for second floor office area. It should be noted that some of the second floor office area is currently being leased for $9.29 per square foot on a gross basis. All rates in our analysis were used on a gross basis. Leases Property Type Rent Basis Expenses Occupancy 1.170123rd Ave. Bank 11.15 NNN 100% 2.353512th Street Office 12.25-12.75 Mod Gross 1.70-2.00 100% 3.354512th Street Office 12.00 Gross 80% 4.100937th Avenue Office 9.50-10.00 - Mod Gross 2.50 100% 5.United Plaza Office 11.50 Gross 5.3270% 6.10259thAve Office 9.50 Gross 7.800 8th Avenue Office 7.50-12.50 NNN In addition to the above, a vacancy rate of 5%was applied to bank space while a vacancy rate of 10%was used for office area. A 5% management fee was applied for various marketing, leasing, and accounting functions. Finally, $3.50 per square foot was used for typical expenses not including property taxes. This adjustment is supported by actual expense statements provided by the client. A capitalization rate was developed based on the following. Typical financing terms for commercial properties at the end of June, 1994 were based on a 15 to 30 year amortization period with a 70% loan to value ratio. Rates were at 9.0%. In addition,the following safe rates were present for investors. T-bonds 10 years 7.10% T-bonds 30 years 7.40% Corporate Bonds Aaa 7.97% Corporate Bonds Baa 8.65% Since safe investments were yielding 7.10%to 8.65%, it is my opinion that a typical investor's safe rate would be 7.9%. Thus since real estate tends to be less liquid and a riskier investment than indicated by the above rates, a typical investor would hope to gain a return of 10% on his equity investment. Page 11 tbs51-70.sam Based on the above,the band of investment technique suggests that the capitalization rate for this property should be Equity .30 X .1000=3.0% Mortgage .70 X .1080=7.5% Capitalization Rate 10.5% The above capitalization rate will be modified to 10.0% and then the tax load of 2.5%will be added to arrive at a rate of 12.50%. The income and expense analysis included in this report suggests that the market value of the subject is $861,029. 16.470 Gross Square Footage 0 Rentable Square Footage 5,16.4377 Basement Office Area 0 Bank Area 5,4,9200 General Office Area Annual Gross Revenue 29,400 Basement Gross Revenue $6.00 88,400 Bank Gross Revenue $17.00 62,605 Office Gross Revenue $12.00 180,405 Total Gross Revenue Vacancy Allowance(Of Annual Gross) 5 4,420 Bank 10% 6,261 Office 169,725 Annual Effective Gross Revenue Management Fee(of Effective Gross) 5% $8,486 Total Annual Expense $3.50 53,610 107,629 Annual Net Income 12.50% Total Capitalization Rate $861,029 Capitalized Value Of Property Page 12 Ibs5170.sam RECONCILIATION The three approaches to value have been considered and are as follows: Cost Approach: NA Market Approach: $1,021,140 Income Approach: $861,029 S After considering the income and market approaches, it is my opinion that the value of the subject on January 1, 1995 for a base period ending June 30, 1994 was $950,000 This conclusion is subject to the Standard Conditions and Certification that follow. Page 13 ASSUMPTIONS AND LIMITING CONDITIONS 1. Legal descriptions are presumed correct. 2. We have not examined into and do not pass upon title to the property valued. 3. The subject property has a marketable title. 4. There are neither hidden nor unapparent conditions relating to the real estate, soil,subsoil, or structures located on the real estate which would affect our analysis, opinions, and conclusions with respect to the real estate. 5. The property is appraised fee simple title and as though free and clear of all leases, mortgages, liens, or other encumbrances, except as may be discussed in this report. 6. No survey of the property has been made for this report and we assume no responsibility in connection with such matters. 7. We believe the information in this report that was furnished by others to be reliable but assume no responsibility for its accuracy. 8. There is no hazardous material on or in the property that would cause a loss in value unless otherwise stated in this report. The existence of hazardous material, which may or may not be present in the property,was not observed by the appraiser or acknowledged by the owner/manager when asked. The appraiser,however, is not qualified to detect such substances. The presence of substances such as asbestos,ureaformaldehyde foam insulation, or other potentially hazardous material may affect the value of-the property. No responsibility is assumed for any such condition, or for any expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field if desired. 9. The property is under responsible ownership and competent management. 10. Possession of this report,or copy thereof, does not carry with it the right of publication and may not be used for any purpose by anyone but the recipient without consent of the appraiser. Page 14 mss»o.:� CERTIFICATION OF APPRAISAL I certify that,to the best of our knowledge and belief: • the statements of fact contained in this report are true and correct. • the reported analysis, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal,unbiased professional analysis,opinions, and conclusions. • I have no present for prospective interest in the property that is the subject of this report, and we have no personal interest or bias with respect to the parties involved. • our compensation is contingent on an action or event resulting from the analysis, opinions, or conclusions in, or the use of, this report. Ross and Associates Valuation Specialists Inc.'s compensation is based upon 30%of the first year tax savings. • My analysis, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. • I have made a personal inspection of the property that is the subject of this report. • no one provided significant professional assistance to the person signing this report. Michael S. Ross Ross& Associates Valuation Specialists Inc. Colorado Certified General Appraiser(#CG01313488) State Accredited Affiliate of the Appraisal Institute Page 15 fbs5170.sam Michael S. Ross QUALIFICATIONS AND GENERAL EXPERIENCE Seven years of appraisal experience with Chambers,Galligan and Associates in Ft. Wayne,Indiana,and Denver, Colorado. Assignments have included multifamily,shopping centers,office buildings,medical clinics,nursing homes,research and development centers,and industrial complexes. Assignments have been completed in the following states: Arizona Colorado Indiana Nebraska North Carolina Ohio Oregon Pennsylvania Testified as an expert witness in the following states: Arizona Colorado Indiana North Carolina Ohio Pennsylvania Professional Appraisal Affiliations: Appraisal Institute • State Accredited Affiliate of the Appraisal Institute Appraisal Institute • Candidate for MAI designation Professional Appraisal License: State of Colorado • Certified General Appraiser#CG01313488 Education Bachelor of Science in Business, Indiana University,December, 1985. Graduated with Highest Distinction. Appraisal education obtained through the American Institute of Real Estate Appraisers now doing business as the Appraisal Institute. Have successfully completed the following courses. Real Estate Appraisal Principles Basic Valuation Procedures Capitalization Theory and Techniques Part A Capitalization Theory and Techniques Part B Industrial Valuation Case Studies in Real Estate Valuation Valuation Analysis and Report Writing Computer Assisted Investment Analysis Standards of Professional Practice Total Classroom Hours of Appraisal Education: 337 Page 16 tbssl7o.sea, Hello