HomeMy WebLinkAbout971607.tiff RESOLUTION
RE: THE BOARD OF EQUALIZATION, 1997, WELD COUNTY, COLORADO - DENY
PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE
PETITION OF:
EASTMAN KODAK CO
CORP TAX DEPT -ATTN DAVE FINNMAN
343 STATE ST
ROCHESTER, NY 14650
DESCRIPTION OF PROPERTY: PIN: R0128087 PARCEL: 080726000039 - 23538 W2 26
6 67 & E2SE4 & E2W2NE4 & E2NE4 27 6 67 & N2NW4 35 6 67 &ALL 34 6 67 EXC N2NW4 &
N2SW4 ALSO EXC REC #1524120 ALSO EXC BEG S4 COR SEC S84D16'W 438.07' N925'
W2683.99' N13D20'W 35.38' N88D12'E 326.96' N75D09'E 90.32' S74D11'E 112.97' S89D47'E
890.75' S89D43'E 1157.23' N65D59'E 77.05' N18D50'E 157.99' N46' E1890.53' S990.49'
S84D16'W 1461.93' TO BEG (8D 14R) %9952 EASTMAN PARK DR%
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 represented by James Butler, Attorney, with Lucille
Mantelli and Larry Conners of Kodak also 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:
971607
AS0038
RE: BOE - EASTMAN KODAK CO
Page 2
ACTUAL VALUE
AS DETERMINED
BY ASSESSOR
Land $ 3,841,267
Improvements OR
Personal Property 95,976,665
TOTAL ACTUAL VALUE $ 99,817,932
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)
971607
AS0038
RE: BOE - EASTMAN KODAK CO
Page 3
Selecting the Arbitrator: In order to pursue arbitration, you must notify the
CBOE of your intent. You and the CBOE select an arbitrator from the official list
of qualified people. If you cannot agree on an arbitrator, the District Court of the
county in which the property is located will make the selection.
Arbitration Hearing Procedure: Arbitration hearings are held within sixty days
from the date the arbitrator is selected. Both you and the CBOE are entitled to
participate. The hearings are informal. The arbitrator has the authority to issue
subpoenas for witnesses, books, records, documents and other evidence. He
also has the power to administer oaths, and all questions of law and fact shall
be determined by him.
The arbitration hearing may be confidential and closed to the public, upon
mutual agreement. The arbitrator's written decision must be delivered to both
parties personally or by registered mail within ten (10) days of the hearing.
Such decision is final and not subject to review.
Fees and Expenses: The arbitrator's fees and expenses are agreed upon by
you and the CBOE. In the case of residential real property, such fees and
expenses cannot exceed$150.00 per case. The arbitrator's fees and expenses,
not including counsel fees, are to be paid as provided in the decision.
The above and foregoing Resolution was, on motion duly made and seconded, adopted by
the following vote on the 5th day of August, A.D., 1997.
BOARD OF COUNTY COMMISSIONERS
WEL COUNTY, CO ORADO
allealA"P':y '�' ,Ap;
i o
�, �� Georg E. Baxter, Chair
1 el 3 ��, le lim.' le Board
ti �i
a\ 9"�;� .r / / " onstance L. Harbert Pro- m
1.�_ Y
r ' rk f� a Board , , .
♦�.►1 Dale K. Hall
APPROV D AS TO FORM: ��
4 44CL (Ji r
arbara J. Kirkmeyet
Ass taut Co ty Attorney EXCUSED
W. H. Webster
971607
AS0038
NOTICEEALOPROPERTYION
This Is Not a Tax Bill
LEGAL DESCRIPTION: Warren L. Lasell
Weld County Assessor
23538 W2 26 6 67 & E2SE4 & E2W2NE4 & E 1400 N. 17th Avenue
Greeley, CO 80631 2NE4 27 6 67 & N2NW4 35 6 67 & ALL 34 6
67 EXC
4120 ALSO NEXC&BEG SS4 CORS SEC XS84D16#W54 Date07/30/97
HEARING DATES:
LOCATION 00 N 17th Avenue
EASTMAN KODAK CO OFFICE HOUR:
CORP TAX DEPT - ATTN DAVE FINNMAN TELEPHONE NO. 353 i8hSOx-3650
343 STATE ST FAX NO: 970)351-0978
ROCHESTER NY 14650
TAX YEAR: 1997
TAX AREA: 0429
PARCEL NO: 080726000039
ACCOUNT NO: R0128087
PROPERTY PRIOR YEAR CURRENT YEAR INCREASE/
CLASSIFICATION ACTUAL VALUE ACTUAL VALUE DECREASE
INDUSTRIAL 99618360 99618360 0
AGRICULTURAL LAN 196364 199572 3208
AGRICULTURAL RES 0 0 0
TOTAL 99814724 99817932 3208
Parcel#
Account# 0807286000039
RO 28
To appeal by mail, list your name,address, and phone # below, dletac9 7
the lower portion of this notice
and mail in accordance with instructions on the reverse side to:
Name:
Weld County Assessor Address:
MOO N. 17th Avenue
Greeley, CO 80631 Phone:
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(1) and (1.5)(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 f 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 1 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:
YOU HAVE THE RIGHT TO APPEAL
YOUR REAL PROPERTY VALUE OR ITS CLASSIFICATION,
APPEAL PROCEDURES
REAL PROPERTY APPEAL PROCEDURES
APPEAL BY MAIL: If you choose to mail a written appeal, you may elect to complete the appeal portion of
this form, detach it, and mail or FAX it to the Assessor at the address listed on this Notice of Valuation. To
preserve your right to appeal,your mailed appeal must be postmarked no later than May 27.
APPEAL IN PERSON: If you choose to present oral or written objections to the Assessor in person, you may
elect to complete the appeal form at the bottom of this page and deliver it to the Assessor at the address listed
on this Notice of Valuation. Appeal in person between May 1 and June 2.
ASSESSOR'S DETERMINATION: The Assessor must make a decision on your appeal and mail a Notice of
Determination to you by the last regular working day in June.
APPEALING THE ASSESSOR'S DECISION: If you are not satisfied with the Assessor's determination, or
if you do not receive a Notice of Determination from the Assessor, you must file a written appeal with the
County Board of Equalization on or before July 15.
REAL PROPERTY APPEAL FORM
YOU MAY ELECT TO COMPLETE
PL VALTHE UATION MO CLASS )O LO WS ONTO APPEAL YOUR
REAL PROPERTY VALUATION APPEALS: If you disagree with the"current year actual value" or the
classification determined for your property, you may appeal by mail or in person with the County Assessor.
Please refer to the Appeal Procedures for the deadline dates for filing appeals.
Completing the Real Property Questionnaire which follows will help you determine an estimate of value for your
property. Which can be compared to the value determined by the Assessor. Colorado law requires consideration
of the market approach to value for residential properties(includes apartments) and the cost, market, and income
approaches to value for vacant land, commercial, and industrial properties.
REAL PROPERTY QUESTIONNAIRE
ATTACH ADDITIONAL DOCUMENTS AS NECESSARY
MARKET APPROACH: This approach to value uses sales from the appropriate time period to determine the
actual value of your property. The following items, if known, will help you estimate the market value of your
property.
If available, attach a copy of any appraisal or written estimate of value.
Have similar properties in your immediate neighborhood sold?
DATE SOLD PROPERTY ADDRESS SELLING PRICE
Note: The Cost and Income Approaches are used on Commercial and Industrial properties only.
COST APPROACH: This approach uses replacement cost new, less depreciation and is best when the
structures are new or less than 5 yrs old. If the structure is less than 5 yrs old pleaseanswer the following:
Type of Structure Cost to construct new
I lave changes been made since construction. Please describe them.
Type of change Cost
Type of change Cost
Type of change Cost
INCOME APPROACH: This approach uses net income from operation of a property which was rented or
leased the previous year and converts the net income into actual market value. Please attach operating statements
showing income and expenses related to operation of the buildings only, These statements should reflect the past
3years of operation if possible. Also show rents of comparable properties if you have that information available.
It you have an appraisal showing the income approach which was done in the past 2 years, please attach also.
Based upon the information shown above please give your estimate of the true market value of your property
as of June 30, 1996 $__
PARCEL, MAURO, HULTIN & SPAANSTRA, P. c,
ATTORNEYS AT LAW
SUITE 3600
1801 CALIFORNIA STREET I ' n: ? I
DENVER,COLORADO 80202-2636
TELEPHONE 1303)292-6400
DIRECT DIAL
JAMES D. BUTLER TELECOPIER 1303)295-3040
(303) 298-3629
July 15, 1997
REGISTERED MAIL
RETURN RECEIPT REQUESTED
Weld County Board of Equalization
do Weld County Board of County Commissioners
P.O. Box 758
Greeley, Colorado 80632
RE: Weld County Parcel No. 080726000039
Weld County Account No. R0128087
Dear Sir or Madam:
The undersigned act as counsel to Eastman Kodak Co. ("Kodak") pursuant to the attached
authorization. Kodak owns and operates the 3.1 million square foot industrial facility included in
the Weld County parcel and account numbers referenced above(the "Subject Property"). On or
about May 22, 1997, Kodak received the Weld County Assessor's notice of valuation for the
1997 tax year with respect to the Subject Property. A copy of that notice of valuation is attached
to this letter. On Friday, May 30, 1997, Mr. David Finnman, Kodak's Manager for Property and
State and Use Taxes, appeared in person before the Assessor to protest the value stated in the
notice of valuation. Kodak has not yet received a response to its protest from the Assessor.
Colorado Revised Statutes section 39-5-122 requires that the Weld County Assessor
make a determination on Kodak's protest no later than the Assessor's last regular working day in
June. Colorado Revised Statutes section 39-8-106(3) provides that if the Assessor does not
comply with section 39-5-122, Kodak"shall not be deprived of[its] right of appeal to the County
Board of Equalization." Kodak understands that, due to a data processing problem, the Assessor
was unable to issue timely notices of valuation this year. To reflect the late mailing of notices of
valuation, the Assessor extended the otherwise applicable deadlines for protesting. The Assessor
may be operating under a similar, unstated extension for issuing determinations to taxpayers.
However, Kodak does not want its right of appeal to the County Board of Equalization to be
jeopardized by the Assessor's inaction within the statutorily-prescribed time periods.
Accordingly, Kodak will for the time being treat the Assessor's failure to issue a notice of
determination as a denial of Kodak's protest. Kodak hereby petitions the Weld County Board of
Equalization for review of that denial.
Weld County Board of Equalization
July 15, 1997
Page 2
As the basis for its protest to the Assessor, Kodak relied primarily on the following
grounds:
• The Assessor has assigned an aggregate value to the Subject Property of
approximately $32 per square foot. Comparable sales data furnished by Kodak to
the Assessor indicates that the actual value of the Subject Property is substantially
less.
• The Assessor's valuation of the Subject Property fails to account adequately(if at
all) for the following factors:
o The Subject Property is located in a flood plain.
o The Subject Property has reached the age at which major repairs to and
replacements of short-lived items will be required.
o Much of the square footage contained within the Subject Property's
improvements is second floor space, which has an extremely limited market
value.
Taking the foregoing into account, Kodak believes the actual value of the Subject Property should
be $48,000,000. Kodak reserves the right to revise its estimate of value after consultation with its
experts.
Please send notice of the date and time at which the County Board of Equalization will
consider Kodak's petition to the undersigned at the above Denver address. Due to the
undersigned's travel plans, we respectfully request that the County Board of Equalization hearing
in this matter not be set for the days of July 18, July 21 through July 25, and July 28.
Thank you for your consideration.
Very truly yours,
PARCEL, MAURO, HULTIN& SPAANSTRA, P.C.
ames D. Butler
JDB:pm
cc: Mr. David Finnman
0131342.01
ACKNOWLEDGMENT COPY
Weld County Board of Equalization
do Weld County Board of County Commissioners
Re: Weld County Parcel No. 080726000039
Weld County Account No. R0128087
Please acknowledge receipt of this document by signing and date stamping the enclosed
Acknowledgment Copy attached hereto. A self addressed, stamped envelope is provided for your
convenience in returning this document to our office. Thank you. 1,
NOTICE OF VALUATION
REAL PROPERTY
This Is Not a Tax Bill
LEGAL DESCRIPTION: Warren L. Lasell
23538 W2 26 6 67 & E2SE4 & E2W2NE4 & E Weld County Assessor
2NE4 27 6 67 & N2NW4 35 6 67 & ALL 34 6 1400 N. 17th Avenue
67 EXC N2NW4 & N2SW4 ALSO EXC REC #152 Greeley, CO 80631
4120 ALSO EXC BEG S4 COR SEC S84D16 W 4 Date: 05/22/97
HEARING DATES: MAY 22 - JUNE 20 1997
LOCATION: 1400 N 17th Avenue
`�"`"' "' """ "" ' 5-DIGITOFFICE HOURS: 8:30 - 4:00
..* ..,. 14650 TELEPHONE NO: (970) 353-3845 x-3650
EASTMAN KODAK CO FAX NO: (970) 351-0978
CORP TAX DEPT - ATTN DAVE FINNMAN
343 STATE ST
ROCHESTER, NY 14650-0001
TAX YEAR: 1997
TAX AREA: 0429
PARCEL NO: 080726000039
ACCOUNT NO: R0128087
PROPERTY PRIOR YEAR CURRENT YEAR INCREASE/
CLASSIFICATION ACTUAL VALUE ACTUAL VALUE DECREASE
AGRICULTURAL LAN 196364 199572 3208
INDUSTRIAL 99618360 • 99618360 0
TOTAL, 99814724 99817932 3208
Parcel# 080726000039
Account # R0128087
To appeal by mail, list your name, address, and phone # below, detach the lower portion of this notice
and mail in accordance with instructions on the reverse side to:
Name:
Weld County Assessor Address:
1400 N. 17th Avenue
Greeley, CO 80631 Phone:
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(1) and (l.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:
YOU HAVE THE RIGHT TO APPEAL
YOUR REAL PROPERTY VALUE OR ITS CLASSIFICATION,
APPEAL PROCEDURES
REAL PROPERTY APPEAL PROCEDURES
APPEAL BY MAIL: If you choose to mail a written appeal, you may elect to complete the appeal portion of
this form, detach it, and mail or FAX it to the Assessor at the address listed on this Notice of Valuation. To
preserve your right to appeal,your mailed appeal must be postmarked no later than May 27.
APPEAL IN PERSON: If you choose to present oral or written objections to the Assessor in person, you may
elect to complete the appeal form at the bottom of this page and deliver it to the Assessor at the address listed
on this Notice of Valuation. Appeal in person between May 1 and June 2.
ASSESSOR'S DETERMINATION: The Assessor must make a decision on your appeal and mail a Notice of
Determination to you by the last regular working day in June.
APPEALING THE ASSESSOR'S DECISION: If you are not satisfied with the Assessor's determination, or
if you do not receive a Notice of Determination from the Assessor, you must file a written appeal with the
County Board of Equalization on or before July 15.
REAL PROPERTY APPEAL FORM
YOU MAY ELECT TO COMPLETE THE FORM WHICH FOLLOWS TO APPEAL YOUR
PROPERTY VALUATION OR CLASSIFICATION.
REAL PROPERTY VALUATION APPEALS: If you disagree with the "current year actual value" or the
classification determined for your property, you may appeal by mail or in person with the County Assessor.
Please refer to the Appeal Procedures for the deadline dates for filing appeals.
Completing the� Real Property Questionnaire which follows will help you determine an estimate of value for your
property. Which can be compared to the value determined by the Assessor. Colorado law requires consideration
of tiie market approach to value for residential properties includes apartments) and the cost, market, and income
approaches to value for vacant land, commercial, and industrial properties.
REAL PROPERTY QUESTIONNAIRE
ATTACH ADDITIONAL DOCUMENTS AS NECESSARY
MARKET APPROACH: This approach to value uses sales from the appropriate time period to determine the
actual value of your property. The following items, if known, will help you estimate the market value of your
property.
If available, attach a copy of any appraisal or written estimate of value.
Have similar properties in your immediate neighborhood sold?
DATE SOLD PROPERTY ADDRESS SELLING PRICE
•
Note: The Cost and Income Approaches are used on Commercial and Industrial properties only.
COST APPROACH: This approach uses replacement cost new, less depreciation and is best when the
structures are new or less than 5 yrs old. If the structure is less than 5 yrs old please answer the following:
Type of Structure Cost to construct new
Have changes been made since construction. Please describe them.
Type of change Cost
Type of change Cost
Type of change Cost
INCOME APPROACH: This approach uses net income from operation of a property which was rented or
leased the previous year and converts the net income into actual market value. Please attach operating statements
showing income and expenses related to operation of the buildings only, These statements should reflect the past
3years of operation if possible. Also show rents of comparable properties if you have that information available.
If youhave an appraisal showing the income approach which was done in the past 2 years, please attach also.
Based upon the information shown above please give your estimate of the true market value of your property
as of June 30, 1996 $
K(\ br . . :: _.. .:,
July 15, 1997
•
To Whom It May Concert •
Eastman Kodak Company Nodule')hereby authorizes Parcel,Mauro,Ibsitin&
Spaanetta,P.C., acting through any of its attorneys,to prepare,execute,file and prosecute Oil
!Coda/tie behalf any cad all protects and petitions with respect to the value assigned to any of its
property,real and personal,in Weld County,Colorado,fbr property tax year 1997.
EASTMAN K;OD• At COMPANY
By; ?_._� IN �`. ✓D
David P mrman,Manage=
Property and Sales&Use Tart
State ofNew York )•
County of Moffat.. )
The foregoing huWmmt was acknowledged before me thla ith day of July, 199'7,by
David Fineman,as Manager,Property and Sales&Use Taxes Eastman Kodak Company.
(SEAL) Natty Public in and fbr the State of
New York
GA11,R JOHNSON �� f�f
Nome in
in MaStele OF 1050 I York My COiraia a ! f r /
Filed in Moncce Co.KOI1b5p l b!0 I
Cortaic,ipn E>alke,Sept.2Q 19co
mamma
tra 5 5 HWd WdV01LB 28. Oi lit
The Change In The Appeals Period
Weld County
Appeals of property values in Weld County will begin May 22, 1997, instead of May 1,because
of difficulties in software development. Slow development and system failures contributed to
delays in the review and analysis of values. The date to send the notices was delayed to allow for
more review of data and analyses.
New Dates:
May 22 - first day for appeals
June 17 - final day to postmark mailed appeals
June 20 - final day for appeals
All other dates on the notices of value (NOV's) are correct as listed.
Method of Appeal :
Call (970) 353-3845 extension 3650 for an appointment or complete the lower portion of the
NOV and mail it to:
Weld Assessors Office
1400 N 17th Avenue
Greeley CO 80631
The office will accept appointments only - no walkins.
•
U.S. POSTAGE
/ OENVER
80202
Aso Es 11111111 JUL 15.'87
POSTAL
SERVICE AMOUNT
0000 $5.73
80632 000261922.03
FIRST CLASS MAIL s�,�
s
PARCEL, MAURO, HULTIN&SPAANSTRA, P.C.
ATTORNEYS AT LAW
SUITE 3600 .°
1801 CALIFORNIA STREET 147
DEN V ER,COLORADO 80202-2636
-f
f
Weld County Board of Equalization
c/o Weld County Board of County Commissioners
P.O. Box 758
Greeley, Colorado 80632
yy
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vs
EXHIBIT
A
EASTMAN KODAK COMPANY CrriC fr4,0c
WELD COUNTY PARCEL NUMBER 080726000039
PROPERTY TAX YEAR 1997
PRESENTATION TO WELD COUNTY BOARD OF EQUALIZATION
AUGUST 5, 1997
3:30 PM
• Subject property: Eastman Kodak Company's ("Kodak's") 3.2-million square foot
manufacturing facility and associated land located in Windsor, Colorado.
• Question to be decided. What is the actual value of the subject property as of the July 1,
1996 level-of-value date?
• Value assigned by assessor $99,618,360 (exclusive of agricultural land), or approximately
$31.13 per square foot of improvements (including associated land).
• Factors affecting value.
• The sales described in the attached pages indicate selling prices for large
manufacturing and office/R&D/manufacturing facilities range from $10.40 to
$22.69 per square foot(before adjustments for items such as location, occupancy
types, configuration and excess land).
• The following factors tend to reduce the market value of the subject property:
o Approximately 10% of the space within the subject property is second floor
space in manufacturing buildings. Second floor space in manufacturing
facililities has little value in the market.
o Most of the subject property is 22 to 26 years old. Many shorter-lived
items, including refrigeration systems and fire protection systems, will
require replacement or substantial overhaul over the next five years.
o According to a study prepared by consulting water engineers in 1986,
portions of the subject property are located in a 100-year flood plain.
• Recommended value: $48 million ($15 per square foot). As stated in Kodak's petition to
the Weld County Board of Equalization, Kodak reserves the right to revise its estimate of
value after consultation with its experts.
.LAMES D. BUTLER
0135215.01 8/5/97
PARCEL, MAURO, HULTR9&SPAANSTRA, P.C.
ATTORNEYS AT LAW
SUITE 3600 DIRECT DIAL(303)298-3629
1801 CALIFORNIA STREET TELEPHONE(303)292-6400
DENVER,COLORADO 80202 TELECOPIER(303)295-3040
Kodak Colorado Division
Comparable Sales Data
Property Type: Industrial
Location: 700 W. Mineral Avenue, Littleton, Arapahoe County,
State of Colorado.
Grantor: Martin Marietta Corporation
Grantee: US West Communications Incorporated
Sale Date: June 1994
Sale Price: $6,550,500
Land Area: 50.00 Acres
Improvements: 629,844 square feet built in 1971 allocated as follows:
Manufacturing/Warehouse 466,084 S.F. (74%);
Office/Hi-tech 163,760 S.F. (26%). All office areas
are air conditioned. Contiguous building complex of
one, two and three-story steel frame, tilt-up concrete
panels,concrete block and masonry office,research&
development structure.
Sale Price / Sq. Ft.: $10.40 per square foot
Comments: This property is located adjacent to residential area
southwest of the City of Denver. The building have
a cafeteria, computer center, conference and training
area. The land to building ratio is 3.46 to 1. The
construction quality is excellent and the condition at
the time of the sale was above average. At the time of
the sale the property was being used as aerospace
manufacturing and R&D, after the sale the property
will be used for communications manufacturing and
R&D.
Kodak Colorado Division
Comparable Sales Data
Property Type: Industrial
Location: 24500 Highway 290, Town of Cypress Creek, Harris
County, State of Texas.
Grantor: Texas Instruments, Inc.
Grantee: R.E.D. Cypress Creek, Ltd.
Sale Date: December 1994
Sale Price: $12,000,000
Land Area: 255.97 Acres
Improvements: 694,000 square feet built 1979 - 1981, allocated as
follows: Manufacturing/ Warehouse 631,045 S.F.
(91%); Office/Hi-tech 62,955 S.F. (09%). All office
areas are air conditioned. This multi-building
complex features seven 60,000 square feet steel
frame, masonry, brick and concrete block building
modules interconnected to a central warehouse
building. The office, research & development,
manufacturing and warehouse structures containing
Sale Price / Sq. Ft.: $17.29 per square foot
Comments: This property is located approximately 18 miles
northwest of Houston along Interstate 290. The
property includes a 500-seat cafeteria and courtyard
commons. The land to building ratio is 16.07. The
construction quality was good and the condition at the
time of the sale was average. At the time of the sale
the property was utilized as Semi Conductor, R&D/
manufacturing, after the sale Computer R&D/Manuf.
Kodak Colorado Division
Comparable Sales Data
Property Type: Industrial
Location: Route 17C, Town of Owego, Tioga County, State of
New York.
Grantor: Loral Federal Systems Corporation
Grantee: Lockhead Martin Corporation
Sale Date: April 1996
Sale Price: $30,275,000
Land Area: 801.50 Acres
Improvements: 1,464,500 square feet hi-tech manufacturing complex
built 1950-1990,allocated as follows: Manufacturing/
Warehouse 825,100 S.F. (56%); Office/Hi-tech
639,400 S.F. (44%). This 22 building complex
consists of one and multi-story steel frame, masonry
and brick office, manufacturing and aerospace
research & development. All office areas are air
conditioned.
Sale Price/ Sq. Ft.: $20.67 per square foot
Comments: The land to building ratio is 23.84. The construction
quality and the condition at the time of the sale was
good. At the time of the sale the property was being
used as areospace research and development and
manufacturing. The new owner will continue the
same use.
Kodak Colorado Division
Comparable Sales Data
Property Type: Industrial
Location: Westborough Technology Park, 2400-4400 Computer
Drive, Town of Westborough, Worchester County,
State of Massachusetts.
Grantor: Datagen, Inc. & Data General Corporation
Grantee: 2400 LP/4400LP & Carruth Capital Corporation
Sale Date: September 1994
Sale Price: $17,265,000
Land Area: 118.70 Acres
Improvements: 760,786 square feet built from 1979 and 1982,
allocated as follows: Manufacturing/Warehouse
645,086 S.F. (85%); Office/Hi-tech 115,700 S.F.
(15%). Multi-building campus complex of two and
three-story steel frame and masonry computer, office,
manufacturing, research & development buildings.
All office areas are air conditioned. Land to building
ratio is 6.87 to 1.
Sale Price/ Sq. Ft.: $22.69 per square foot
Comments: This industrial campus complex is located in the
Westborough Technology Park located about 2 miles
north of exit 1 IA of the Massachusetts Turnpike (I-
90). The sale was with a partial leaseback of 368,400
S.F. (48%) of the total sale area. The balance was
offered for rent. The quality of construction and the
condition at the time of the sale was good. At the
time of the sale the property was being used for
computer, office, research and development and
manufacturing. The new owner will continue that
usage.
Kitsp CLERK TO THE BOARD
PHONE (970) 356-4000 EXT.4225
FAX: (970) 352-0242
915 10TH STREET
P.O. BOX 758
GREELEY, COLORADO 80632
COLORADO
July 23, 1997
Parcel No.: 080726000039 PIN No: R0128087
EASTMAN KODAK COMPANY
CORP TAX DEPT
ATTENTION DAVE FINNMAN
343 STATE STREET
ROCHESTER, NY 14650-0001
Dear Petitioner(s):
The Weld County Board of Equalization has set a date of Tuesday, August 5, 1997, at or about the
hour of 3:30 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. 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.
EASTMAN KODAK COMPANY - R0128087
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,
BO RD OF E UALIJN
Donald D. Warden,
Clerk to the
nn Board
BY: t/`Q.t c0S/A �f �o
Carol A. Harding
Deputy Clerk to the Board
cc: Warren Lasell, Assessor
James Butler, Parcel, Mauro, Hultin, & Spaanstra
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