HomeMy WebLinkAbout600101.tiffTHOS. M. WELSH, PRES.
JOE W. MURPHY, VICE PRES.
J. LYLE ROBERTSON. SEC.-TREAS.
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ASSOCIATES
EALTORS\
TELEPHONE ELGIN 2-9833
P. O. BOX 439
GREELEY, COLORADO
Board of Co. Commissioners
Weld County Courthouse
Greeley, Colorado
Gentlemen:
APPRAISALS
CITY PROPERTY
FARMS -RANCHES
MANAGEMENT -LOANS
February 9, 1960
Acting according to your instructions, we have considered
carefully, the problem of estimating the value of certain mineral
interests now owned by the County of Weld, State of Colorado.
These interests consist of all the minerals under various
parcels of land, located in towns within the County and numerous
rural lands scattered throughout Weld County, as well as partial
interests in the minerals underlying other lands also widely
scattered.
The lands which are involved in the County ownership of mineral
rights, were for the most part, acquired by the County by virtue of
non-payment of taxes. The surface rights to these lands were sub-
sequently sold to private individuals and the mineral rights reserved
to the County.
As to location of these mineral rights, it was previously men-
tioned that they are generally scrattered throughout all of Weld
County. The only concentration occurs in an area approximately 20
miles square, lying between Purcell on the west and Briggsdale on
the east and from Barnesville north. There is no production in
this area although some of the land is under lease at the present
time. With the exception of this concentrated area, all parcels of
which the County reserved the minerals, consist of acreages less than
one section in size down to lots having a total area of some 2500
sq.ft.
Some royalties are presently being received by the County on
small parcels which are in actual producing fields, such as in
Pierce and in the Buckingham and New Raymer area.
It is our opinion that the value of the rights, which the
County owns in these producing fields, might be estimated by use of
the income approach, but the market value, even on these rights,
would be difficult to estimate with any reasonable degree of accuracy
because of the non-existence of similar sales in the open market.
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In our investigation of sales data in the County records and
our interviews with real estate personnel, oil company representa-
tives, oil lease brokers and individual speculators, we have reached
the conclusion that there is no practical method of estimating the
value of these scattered mineral rights owned by the County and that
no true pattern of value can be established as a basis of such
valuation.
Giving due consideration to all the factors which affect the
value of any divided interests in real estate, it is our opinion that
any valuation estimate given on these County owned mineral rights
would be purely speculative and without benefit of a sound basis on
which to estimate the market value.
Enclosed with this report is a County map showing the location
of the larger parcels of County owned minerals, together with your
appraisers qualifications. Details of this map does not permit the
identification of town lots and other small parcels involved in the
County mineral ownership.
Due to the conditions heretofore mentioned, we are unable to
arrive at a definite conclusion as to the market value of these
mineral rights. Therefore, we are unable to complete this appraisal
assignment in further detail than as reported herein.
Thank you for the opportunity to serve in this capacity.
Respectfully submitted,
Thos. M. Welsh, ' M. A. I.
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JT Lyle Ober son, M. A. I.
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Encl: County Map
Qualification Sheets
QUALIFICATIONS OF THOS. M. WELSH
Real Estate Appraiser
Greeley, Colorado
1. Has been engaged in general Real Estate practice, buying, selling and operating farms and ranch-
es in Colorado for over fifty years.
2. Has built, and supervised the building of, many city homes and all kinds of farm and ranch im-
provements.
3. Has had twenty-five years experience managing farms and ranches.
4. Specialized in Real Estate appraising since 1940.
5. Has made appraisals for:
City of Greeley
County of Weld
Colorado Department of Highways
U.S. Bureau of Public Roads
U.S. Bureau of Reclamation
U.S. Veterans' Bureau
U.S. National Park Service
U.S. Department of Justice
U.S. Army Engineers
First National Bank of Greeley
Greeley National Bank
Weld County Bank
Colorado National Bank of Denver
International Trust Co. of Denver
Great Western Sugar Company
Public Service Co. of Colorado
United Benefit Life Insurance Co.
Equitable Life Assurance Society
Kansas City Life Insurance Co.
Union National Life Insurance Co.
Colorado State College
Colorado State University
Many individual clients.
For 12 years served as appraiser for the Northern Colorado Water Conservancy District
in connection with the acquisition of lands for the Colorado Big Thompson Trans -mountain Wa-
ter Diversion Project.
6. Has qualified as an expert on valuation of Real Estate in many courts.
7. A member of The Greeley Board of Realtors, The Colorado Association of Real Estate Boards,
and The National Association of Real Estate Boards.
8. Served as a Director of The National Association of Real Estate Boards.
9. Member of The American Institute of Real Estate Appraisers.
10. Past President of the Colorado Chapter of The American Institute of Real Estate Appraisers.
11. Member of The International Society of Residential Appraisers.
12. Member of the National Institute of Farm Brokers.
QUALIFICATIONS OF J. LYLE ROBERTSON
REAL ESTATE APPRAISER
G RE EL EY. COLORADO
1. B. S. Degree in Agronomy, Colorado State University, 1941.
2. Farm Manager for City of Alliance, Nebraska, developing and operating
irrigation demonstration farm in Box Butte County, Nebraska.
3. Two years Assistant Extension Agronomist in charge of seed certifica-
tion for the State of Colorado.
4. Nine years Farm Manager and Superintendent for Farr Farms Company,
Greeley, Colorado. Experience in surveying, land leveling, irriga-
tion, crop growing and marketing, cattle and sheep raising, feeding,
buying and selling, building construction and maintenance.
5. Operated sprinkler irrigated pasture, cow and calf unit for Monfort
Feed Lots, Inc.
6. Since 1953 and presently associated with Welsh and Associates, Inc.,
Realtors, Greeley, Colorado. Secretary -Treasurer and Co-owner
specializing in Real Estate Appraising, farm and ranch sales and
management.
7. Has assisted and made appraisals for:
Attorneys
Individual Clients
Court Appraisals
Church Groups
Estates and Trusts
City of Greeley
City of Fort Lupton
Board of Weld County Commissioners
Colorado Department of Highways
First National Bank of Denver
First National Bank of Greeley
Greeley National Bank
Rocky Mountain National Park
Bureau of Reclamation
U. S. Department of Justice
U.S Army Corps of Engineers
Colorado State College
Colorado State University
Public Service Co. of Colorado
Colorado Motorways, Inc.
Federal Housing Administration
Kansas -Nebraska Natural Gas Co.
Carter Oil Company
American Machine & Foundry Co.
Guaranty Trust Company
Fox Inter -Mountain Theatres, Inc.
Union National Life Ins. Co.
8. Has qualified as an expert witness in District Courts of Weld and
Arapahoe Counties.
9. Member of American Institute of Real Estate Appraisers.
10. Member and past President of The Greeley Board of Realtors, Member
of The Colorado Association of Real Estate Boards, and Member of The
National Association of Real Estate Boards.
11. Member of American Right of Way Association.
12. Instructor for Colorado University Extension Real Estate Courses in
Appraising.
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