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Home My WebLink About20221983.tiffChloe White From: Sent: To: Cc: Subject: Good morning, Tim Reddick Monday, August 1, 2022 8:48 AM Chloe White; Esther Gesick Tim Reddick; Sally Paul; Jason Marini; Brenda Dones; Courtney Anaya FW: Weld County Circle K CBOE Appeals I received the email below from the agent representing the owners on our two hearing scheduled for 10:30 AM this morning. She is requesting an administrative denial of the appeals. This is in reference to: Hearing Date Hearing Time APPEAL NO APPEAL TYPE DATE OF APPEAL ACCOUNT NO PRIMARY OWNER NAME 8/1/2022 10:30 AM 2008231019 CBOE 7/12/2022 R4060986 CST METRO LLC 8/1/2022 10:30 AM 2008231021 CBOE 7/12/2022 R6779756 VALERO DIAMOND METRO INC Please let me or the agent (Sally Paul sally deltapropertvtax.com) know if you would like any additional information. All the best, Tim Reddick Property Appraiser Commercial Division Weld County Assessor's Office 1400 N 17th Avenue Greeley, CO 80631 Office: (970) 400-3673 Fax: (970) 304-6433 treddick • weld•ov.com GOVERNMENT WEB /FACEBOOK / TWITTER /YOUTUBE DISCOVER WELD WEB / FACEBOOK / TWITTER / PINTEREST Confidentiality Notice: This electronic transmission and any attached documents or other writings are intended only for the person or entity to which it is addressed and may contain information that is privileged, confidential or otherwise protected from disclosure. If you have received this communication in error, please immediately notify sender by return e-mail and destroy the communication. Any disclosure, copying, distribution or the taking of any action concerning the contents of this communication or any attachments by anyone other than the named recipient is strictly prohibited. From: Sally Paul <sally@deltapropertytax.com> Sent: Monday, August 1, 2022 8:22 AM To: Tim Reddick <treddick@weldgov.com> Subject: RE: Weld County Circle K CBOE Appeals aoaa - 1°Ig3 Asous Caution: This email originated from outside of Weld County Government. Do not click links or open attachments unless you recognize the sender and know the content is safe. Tim, I'd like to request administrative denial for the last two parcels. My client is still unsure of those sales you're using for comps. Please advise procedure. Thank you. Respectfully, Sally Paul (575) 937-0672 M From: Tim Reddick <treddick@weldgov.com> Sent: Monday, August 1, 2022 8:18 AM To: Sally Paul <sally@deltapropertytax.com> Subject: Weld County Circle K CBOE Appeals Good morning, I wanted to follow up with you this morning to confirm you received a copy of our appraisal reports for today's hearing and to verify whether you will be in attendance this morning. Best regards, Tim Reddick Property Appraiser Commercial Division Weld County Assessor's Office 1400 N 17v Avenue Greeley, CO 80631 Office: (970) 400-3673 Fax: (970) 304-6433 treddick• weld•ov.com GOVERNMENT WEB / FACEBOOK / TWITTER / YOUTUBE DISCOVER WELD WEB / FACEBOOK / TWITTER / PINTEREST Confidentiality Notice: This electronic transmission and any attached documents or other writings are intended only for the person or entity to which it is addressed and may contain information that is privileged, confidential or otherwise protected from disclosure. If you have received this communication in error, please immediately notify sender by return e-mail and destroy the communication. Any disclosure, copying, distribution or the taking of any action concerning the contents of this communication or any attachments by anyone other than the named recipient is strictly prohibited. 2 Valuation Re ort of Commercial Property for County Board of Equalization VALERO DIAMOND METRO INC Petitioner vs. Weld County Assessor's Office Respo n den t Docket Number: 2022-1983 Parcel Number: 1471-06-1-32-020 Schedule Number: R6779756 Appeal Number: 2008231021 Date: 8/1/2022 Time: 10:30 AM Board: 1 Prepared By Tim Reddick Assessor's Office Staff Appraiser Assessor's Indicated Value COMMERCIAL $1,029,000 TOTAL: $1,029,000 Or $350 per SF 11 of 20 Salient Facts and Conclusions Purpose of Appraisal To determine Market Value as of 1/1/2022 based on an appraisal date of 6/30/2020. Property Rights Appraised Unencumbered Fee simple interest Location 101 DENVER AVE FORT LUPTON Lan..' Area 21,384 SF Property Type Commercial Imp # SF Quality Occupancy Built As 1 2,940 Average Mini -Mart Mini -Mart Convenience Stores Convenience Stores Class Year Built Yr Rem Stories Wood Frame 1986 2002 1 Value indications: Cost Approach $398,760 $136 per SF Market Approach $1,210,000 Or $412 per SF Income Approach $1,169,704 $398 per SF Final Value $1,029,000 Or $350 per SF 2 o 20 Improvement #1 Quality Average Total SF 2,940 Occupancy Description Occupancy clio Mini -Mart Convenience 100% Stores Year Bit As Description Class Year Built Remodeled o ## of Stories SF Mini -Mart Wood Frame 1986 2002 50% 1 2,940 Convenience Stores ,r liC' laYAGAP' �IP'5i id ter..■Mir 4L ER 4,{r. Po Sac tv P s: v J' r r ✓ x A r Canopy a. 160 0 sq. (. .! L' - Lti r S r rr AP F at ✓ ✓ r r ✓ P P ti 'F P l (3) 10 •\ a 32.0 by h D I I ti nereteSlab gal t9n $ 3of20 IL II ‘I Cost Approach Summary The Assessor is currently using Marshall and Swift cost tables for the cost approach of commercial properties in Weld, which has been approved by the Division of Property Taxation to be utilized by Colorado Assessors. The structure has been classified properly utilizing the Marshall and Swift Valuation service and an appropriate value assigned. A land value has likewise been established through the utilization of vacant land sales of comparable properties. The Cost Approach was considered but was deemed not applicable for the subject due to the difficulty in accurately determining physical depreciation for commercial buildings over ten years old. Therefore, a cost analysis was not included in this report Cost Approach Land Value Sales utilized to establish the value in the subject neighborhood are 2019 and 2020 market for the 202.2 assessment date. The comparative sales approach is the most reliable method of land valuation. Pursuant to 39-104-(10.2) (c) C. R. S., the Assessor may utilize sales from July 2015 through the current market to establish the proper value, if sufficient information is not available in the prior 18 months. Also, comparables outside the subject property area may be used. The Weld County Assessor has an established ongoing sales confirmation and validation program for property transactions used in developing value. The land size of the subject is 21,384 square feet. Comparable commercial land in the subject area is valued at $7.88 per square foot. If no vacant land sales were available in this area, we utilized the abstraction/allocation method to establish land value. A search of land sales was conducted and the following sales were considered most appropriate due to location, size and visibility. Comparable Comparable Comparable 1 2 3 Sit us 105 DALES PL 1400 2ND ST City► FORT LUPTON FORT LUPTON 385 S ELM .AVE EATON Sale Date 08/26/2019 01/27/2020 05/27/2016 Sale Price $500,000 $566,300 $310,000 Assessor's Indicated Subject Land Value $213,840 or $10.00 per SF Net SF 52,273 43,560 49,358 $ Per SF $9.57 $13.00 $6.28 5 o 20 Tip -math Comparable Land Sales Map I Weld Cost Breakdown Sheet Tax Year: 2022 Parcel #: 1471-06-1-32-020 Account R6779756 # of Buildings: 1 Report Date: 01/01/0001 Imp #: 1 NBHD: Commercial - 4905 - 00 Imp Gross SF: 2,940 Imp Net F: 0 .duality: Average Perimeter: 238 Condition: CM -Typical Percent Complete: 100% BItAs Order #: HVAC Type: Year Blt: UnAdjBase $/sf: Perim Mult MH Wall Mult *Fndation $sf: Sprinkler $lsf: MH Skirt $: 1 BItAs Desc: Mini -Mart Conveni Package Unit 1986 150.00 1.1050 1.00 0.00 0.00 0.00 ence Stores Exterior/Class: Wood Frame Adj Year Blt 1994 Cost Mult: 1.0100 #Stories Mult: 1.0000 *HVAC $/sf: 0.00 *Roof $1sf: 0.00 Sprinkler sf: 0 MH Skirt Inft: 0 * These $1sf Adjustments include all Multipliers Story Ht: Local Mult: Story Ht Mult: *Floor $/sf: *Energy $/sf: Sprinkler RCN: MHkirtRCN: 12 1.0000 1.0000 0.00 0.00 $0 0.00 BUM SF: No. of Stories: BItAs Units: Base $/ F: MH Tag Mult: *Interior $/sf: Adj Base $/sf: BItAs RCN: 2,940 1.00 0 151.50 1.0000 0.00 167.41 $492,185 Total BItAs RCN: $492,185 AddCode: Detail Type: Detail Description: Units: $/Unit: RCN: Ovrde: Ovrd $ : 24 Add On Concrete Slab 13,480 $7.66 $103,257 $0 900 Add On Corn Canopies Steel Good 1,600 $37.50 $60,000 $0 Total Detail RCN = RCN + Override RCN: $163,257 Plumbing Adjust: $0 Rough -In Adjust: + $0 $0 Imp Attribute Type: Imp Attribute Description: Imp Attribute Adj: Adjustment Type: Replacement Cost New ($): Percent Complete (x): RCN x Perc Complete ($): Amateur Adj Value (-): Design Adj Value (+): Exterior Adj Value (+): Interior Adj Value (+): Functional Obs Value (-): Economic Obs Value (-): Other Obs Value (-): Physical Depr Value {-}: Landscaping Cost (+): RCN Less Depr (=): Percent $ Amount $655,442 100.00% $0 $655,442 0.00% $0 0.00% $0 0.00% $0 0.00% $0 0.00% $0 0.00% $0 0.00% $0 71.79% $470,522 $0 $184,920 Condo Percent (x): 100.00% $0 RCNLD x Condo Pere ($): $184,920 RCN Less Depr ($): NBHD Adj (x): Market Adjusted Cost (=): Quality Adjustment (x): Property Type Adj (_): Adj Cost before Attrib (=): Total Mult Attrib (x): Total Additive Attrib (+): Final Adjusted Cost (_): Adjustments to LD Factor $ Amount $184,920 1.00 $0 $184,920 1.00 $0 1.00 SIP $184,920 1.00 $0 $0 $184,920 7 of 20 Summary of Improvement Values for Cost Approach Imp # 1 Grand Total: RCN $655,442 $655,442 RCNLD $154,920 $184,920 Actual Cost Value $184,920 $184,92a Land Value $213,840 or $10.00 per Land SF + Improvement Value $184,920 or $63 per Improvement SF Total Value by Cost Approach Final Value $398,760 or $136 per Improvement SF 8 o 20 Market Approach Summary Real Property for the tax year 2022 must be valued utilizing data for the period one and one-half years immediately prior to June 30, 2020. If comparable valuation data is not available from such one and one- half year period to adequately determine the level of value for a class of property, the period of five years immediately prior to June 30, 2020 shall be utilized to determine the level ofvalue. The Assessor has appropriately considered the Market Approach to value for the property on appeal. The Sales Comparison Approach was considered in developing a market value for the Subject Sales used to establish a market value for the tax year 2022 are from January 1, 2019 through June 30, 2020. Pursuant to 39-1-104 (10.2) (c) C. R. S., the Assessor may utilize sales five years prior to June 30, 2020 to establish the proper value. All sales have been confirmed and verified through transfer declarations as well as interviews with buyers, sellers or their representatives to the sale. All sales used are arm's length transactions, and considered to be the most comparable properties sold in relationship to the Subject property. Market Comparables Cornp Parcel Number Situs Acct ## Occupancy # of Bldgs arable 1 0807-21-2-05-021 629 MAIN ST, WINDSOR R1520086 Mini -Mart Convenience Store 1 Comparable 2 0961-17-2-17-021 2201 8TH AVE , GREELEY Comparable 3 R3517486 Mini -Mart Convenience Store 1 1471-31-0-00-009 12345 COUNTY ROAD 2, BRIGHTON R6286786 Mini -Mart Convenience Store 1 Comparable 4 0959-12-2-09-017 1000 35TH AVE, GREELEY R2188186 Mini -Mart Convenience Store 1 Sale Date Sale Nice Imp SF Yr Built 09/17/2018 $3,295,000 3,823 1995 Adj SP Per Imp SF $1,647,500 $431 07/24/2020 $1,017,000 $701,730 1,776 1968 $395 04/30/2018 $1,050,000 $766,500 1,305 1959 $587 09/26/2019 $ 795,000 $779,100 1,581 1984 $493 of 20 Comparable property 1 is a 7 -Eleven convenience store located on the Southeast corner of Main St and 7th St in Windsor, CO. This property was sold with a lease in place. The sale price was adjusted by 50% to account for the lower cap rate, premium tenant and long- term lease. No other adjustments were necessary. Comparable property 2 is a convenience store located on the Southwest corner of 8th Ave and 22nd St in Greeley, CO. The property was purchased without a lease in place intended for occupation by the buyer. Adjustments for age and gross building area (GBA) were applied. Comparable property 3 is a convenience store located at the Northeast corner of Highway 85 and County Road 2 in Brighton, CO. The property was purchased without a lease in place intended for occupation by the buyer. Adjustments for location, age, GBA and land to building ratio CLTB) were applied. Comparable property 4 is a convenience store located at the Southeast corner of 35th Ave and loth St (Hwy 34 Business) in Greeley, CO. The property was purchased without a lease in place intended for occupation by the buyer. An adjustment for GBA was applied. Comparable Property Analysis The sales were adjusted based on a qualitative analysis, accounting for differences between the subject and the comparable sales that are not quantified. The adjustments to the sales were based on characteristic differences between the subject and sales that are inferior, similar, or superior. Below is the key to the qualitative adjustments applied to the grid on the next page. r Key to Qualitative. Adu ri Upward (+)(+)(+) Substantial Upward Adjustment Upward (+)(+} Moderate Upward Adjustment Upward (+) Slight Upward Adjustment Downward (-) Slight Downward Adjustment Downward (-)(-) Moderate Downward Adjustment Downward (-)(-)(-) Substantial Downward Adjustment 10 oft Comparable Grid Adjustment Factor. Subject Comparable. Comparable Comparable Comparable 4 $492.79 R2188186 1000 Ave Jan -00 Feb -17 0% 35th 629 $861.89 R1520086 Main Aug Sep 0% 1. -18 18 St 2 $395.12 R3517486 2201 8th Ave Aug -19 Jul -20 0% 12345 3 $587.88. 86286786. CFA 2 Jun -17 Apr 18 0% Sale SISF. Schedule. Address Dated Contract Date of. Sale # Adjustment -. R6779756 101 Denver Ave Ci noperty Righla. Fee Simple -. Leased Fee 50%. Fee Simple 0%. Fee Simple 0%. Fee Simple 0% 4arA*stn# SF. j -. $430.94 $395,12 $587.36. $492,79 Mini Mart Mini Mart Mini Mart Mini Mark Mini Mart Occupancy Convenience Convenience Convenience Convenience Convenience Store Store Store Store Store Single -Ten / Multi Adjustment -Ten Single - Single 0. Single 0. Single 0 Single 0. Location. Ft Lupton Windsor Greeley Brighton Greeley clustment - O. 0 - -. 0. Yr .si I :'== f Yr. Bit 1995/2005 1968/1988 1959/1981 1984/1996 1986/2002 Typical Typical Condition Typical Typical Typical Aciustment - 0. (+). (+). 0. Quality Good Good Good Good Good I AC& 0. 0 0 0. GBA . 2,94 _�� 3, 823 1, 776 1, 305 1,581 Actistment - 0. (-) (-). (4 LTS Ratio. 7.27 7.45 9.04 15.69 10.44 Adjustment _ 0. 0 (-). O. Wall. ' t.. 12.00 14.00 14.00 13.00 10.00 O. Aclustment - _ 0 0 O. • OVERALL ADJUSTMENT $430.94 0 $395.12 0 $587.36. (-)(-)(-) $492.79. (- 11 oft The qualitative adjustments were converted to a quantitative basis, by dividing the price differences of the comparables by the difference in the number of overall, qualitative adjustments. This established a dollar per iteration adjustment that was applied to each comparable. The result was an adjusted s/SF price for each comparable that were used to determine an appropriate $/F for the subject property. The following tables illustrate the process of converting these qualitative adjustments to quantitative adjustments. Conversion of Overall. Qualitative Adjustments to. Quantitative Adjustments. Paired. Sam. Difference. in. Qualitative. Ad'ustments. Difference in. lb/SF (+) or . S/SF. Dill. Per. 1and 1 and 1 and 4 and and 4 and 4 0 3 1 3 1 2 $35.83 ($156.41) ($61.85) ($192.24) ($97.67) $94.57 Mean Median Concluded Difference Per Qualitative Iteration $52.14 $61.85 $64.08 $97.67 $47.28 $64.60 $61.85 $64.00. Sales Comparison.Approach. Conclusion. Sale No.. Adjusted $F. Adjustment Overall Add'ustment $/ F. 0 Adjusted NSF. 1 2 3 4 Mean Median $430.94 $395.12 $587.36 $492.79 $476.55 $461.87 0 0 (-) $0.00 $0.00 0 ($192.00) (3) ($64.00) ( 1) Adjusted Mean Adjusted Median Concluded ISF: Gross Building Area: Fee Simple Market Value: $430.94 $395.12 $395.36 $428.79 $412.55 $412.07 $41200 X 2,940 $1,210,000 Based on the comparable sales analysis the most reasonable and supportable estimate unit value is $412 per square foot for a market value of $1,210,000. 12 oft Comparable Sales Map .i• r•4. 1 ;' '' on ini $3,295,000 629 Windsor, Freestanding Main St CO 80550 Building of 3,825 - Research Complete SF Sold on 10/9/2018 for - iaN '�'3,j f.. .si.i buyer _ -r. Fabdem Inc c/a John Hanks 65 Kortwright Ln Aromas, CA 95004 (831) 726-5120 : _ 4 •Conoco z w 4 _ , � Ru4llnr a,T r.....„- i - c- �, a.2.39i seller � =i �:: a P r 1 :=f 1 ., . � . _ , - .... a _. --• rT-Mc.° •r — .� •a . ; '• �� d , Core Acquisitions 200 S Wacker Chicago,60606 � (224) 470-2210 �' Dr IL - vital data Escrow/Contract: Days Land 1SF Year Parking Parking Lot Sale on Market: Exchange: Conditions: Area Land Built, Spaces: Dimensions: Frontage: Tenancy: Comp Date: Acres: Gross: Ratio: 55 days 10/9/2018 - Building Yes 1031 Exchange Pro Forma SF: 28,314 Actual 0.65 Down $116.37 Age: 1995 Age: 23 10 2.61/1000 SF FAR 0.14 - No - Percent - ID: 4538284 Property Sale Price/SF: Cap Cap Pct Trans Tenants: Improved: Submarket: Map Parcel Price: Status: Rate: Rate: Pmnt: Down: Doc Tax: Corner: Zoning: Page: Type: $3,295,000 SF: $861.44 - - - No: 4433517 $329.50 1 - No: - Confirmed 3,825 5.05% No CBD, Greeley Mapsco Retail SF (County records indicate 3,823 SF) Windsor Ret 85-lE40 income expense data Listing Broker Expenses - Operating - Expenses Taxes $17,982 Quantum Real Estate Advisors, Marcus & Millichap Inc. 12544 I�-Iig h Bluff Dr 200 W Monroe St San Diego, CA 92130 Chicago, IL 60606 (858) 373-3100 (312) 269-9494 Phil Sambazis, Brandon Chad Firsel. Zack Hilaendnrf Hanks Total Expenses $17,982 Buyer Broker Marcus 12544 San Diego, (858) Phil Sambazis, & Millichap High Bluff Dr CA 92130 373-3100 Brandon Hanks financing prior sale Date/Doc No: 9/27/2017 Sale Price: $2,453,800 ComplD: 4035700 2022 Costar Group! - Licensed to Weld County Assessor's Office - 1075219. 7/28/2022 14 of 20 $1,017,000 2201 8th Ave Conoco Greeley, CO 80631 Service Station Building of - Research Complete 2,088 SF Sold on 7/24/2020 for n ti " buyer _ r .. :. 9 t - Rajendra P Bhandari 11440 Burgundy Ave Littleton 80127 (720 ) 323-7080 4 i7 rasie _.nq- I i ,��Illdl�� -- .a •'� aR . � 1 iii _ ___.-iii�i. - ��• seller - _ , - — - a _ �---� J ati nd er Arken 5245 W 9th Street Dr Greeley, CO 80634 (970) 46-7780 _ = , , n , .. vital data Escrow/Contract: Days Land /SF Year Parking Parking Lot Sale on Market: Exchange: Conditions: Area Land Built, Spaces: Dimensions: Frontage: Tenancy: Comp Date: Acres: Gross: Ratio: - 7/24/2020 450 days Building No - Pro Forma SF: 16,117 Actual 0.37 Down $63.10 Age: 1968 Age: 52 - - FAR 0.13 - No - Percent Single ID: 5188660 Property Sale Price/SF: Cap Cap Pct Trans Tenants: Improved: Submarket: Map Parcel Price: Status: Rate: Rate: Pmnt: Down: Doc Tax: Corner: Zoning: Page: Type: $1,017,000 SF: $487.07 - - $62,600 6.2% No: 4612780 - 2 - No: 096117217021 Confirmed 2,088 SF (County records indicate 1,776 SF) No C- I ' 71.2% Greeley Ret Retail income expense data Listing Broker Expenses - Operating - Expenses Taxes $9,877 Legend Partners 2000 Colorado Blvd Denver, CO 80222 (720) 529-2999 Peter Peluso, Will Matthews Total Expenses $9,877 Buyer Broker The Colorado Group, 3434 47th St Boulder, CO 80301 (323) 857-0876 Aaron Baney Inc. financing prior sale 1st Midwest Regional Bank Bal/Pmt: $954,400 Date/Doc No: 10/3/2007 Sale Price: - ComplD: 4978327 2022 CoStar r Group - Licensed to Weld County Assessor's Office - 1075219. 7/28/2022 15 of 20 1 354 Conoco Brighton, Convenience $1,050,000 County CO 80603 Store - Research Road Building Complete of 17400 SF Sold on 5/3/2018 for • ,� M ' 1 f' a r a 1 "V" _ - - i 0 , ;P • a 411.yy a - • _'' —setaitsite buyer Nobel Stare Llc 9801 E Arizona Dr Aurora, CO 80247 - ' is• It seller . Pynergy, LLC 3840 York St Denver, CO 80205(3,r- 03) 292-5005 71ta $ • , 1CPL.47.441...:s. alt 4... 1' .. _ � s vital data Escrow/Contract: Sale Days on Market: Exchange: Conditions: Land Area 1SF Land Year Built, Parking Spaces: Parking Lot Dimensions: Frontage: Tenancy: Comp Date: Acres: Gross: Ratio: - 5/3/2018 - No - SF: 20,473 0.47 $51.29 Age: 1959 Age: 59 10 7.14/1000 SF FAR 0.07 - - Single ID: 4264355 Building Pro Forma Actual Down No Percent Property Sale Trans Improved: Submarket: Map Parcel Price/SF: Cap Cap Pct Tenants: Price: Status: Rate: Rate: Pmnt: Down: Doc Tax: Corner: Zoning: Page: Type: $1,050,000 Confirmed SF: 1,400 SF (County records indicate 1,305 SF) $750.00 - - - - No: 4396094 - No - 1 58.6% Greeley Ret - No: 147131000009 Retail income expense data Listing Broker Expenses - Operating - Expenses Total Expenses Taxes $9,037 No Listing Broker on Deal $9,037 Buyer Broker No Buyer Broker on Deal financing 1st Northeast Bank Bal/Pmt: $961,000 © 2022 Costar Group - Licensed to Weld County Assessor's Office - 1075219. 7/2812022 16 of 2 Income Approach To Value The basic steps in the Income Approach to value for commercial properties in mass appraisal are based on a landlord -tenant situation and not on the income of the actual business. In using this approach, it eliminates the possibility of valuing management as opposed to the potential income of the structure. This is the proper method Assessor's must utilize through the Directives of the Division of Property Taxation. Income Approach Steps 1. Estimate potential gross income to the landlord. 2. Deduct typical vacancy and collection loss. 3. Add additional miscellaneous income. 4. Determine typical landlord operating expenses. 5. Deduct operating expenses to determine the landlord's operating income. 6. Determine a proper capitalization rate. 7. Capitalize the net income into an estimated property value. Research has been done by the Assessor to determine the typical rent by location, type of structure and the property use. The Weld County Assessor's office has also researched the typical landlord expenses, additional income based on the type of business, and vacancy and collection loss. An Income Approach has been completed for the subject. The Weld County Assessor has appropriately considered the Income Approach to value for the Subject property on appeal. The Assessor has gathered income information from local commercial properties for the time frame of January 1, 2019 through June 30, 2020. This information, combined with statewide and industry -wide data, is used to determine typical income and expenses for various property types. 17 of20 2021 Tax Year CAP Rate Summary In June 2020, the following Overall Rate (OAR) survey results were published: • Realty Rates 2020 Qi and Q2 summary: 7.7% • CoStar Submarket summary 6.3% • CoStar Capital Market summary 7.0% • Burbach Summer 2020 Investment Survey 5.9% o Valuation/Consulting Denver 5-7% o Valuation/Consulting Denver 6% o Valuation/Consulting Denver 5-6.5% June 30, 2020 Base Cap Rate: 6.75% Income Analysis A search was conducted for convenience store rental rates in the Northern Colorado market The comparable properties and associated lease rates are listed on the next page. The market vacancy as of the appraisal date was 2.7% (Costar Submarket summary). By using a lease rate of $30 per square foot and the reported vacancy of 2.7% this creates an effective gross income of $85,819. Market expenses for management (3%) and reserves (5i%) are deducted resulting in a Net Operating Income (NOI) of $78,955. Applying the 6.75% cap rate creates an estimated income value of $1,169,704 or $398 per square foot for the subject. 18 oft Property Pro Forma (NNN) Size in SF ° Units Annual 2,940 PSF Revenue (+) Base Rental Income (PGI) -N General Vacancy Effective Gross Income (EGO Expenses (-) Managem ent (-) Reserves 2.7% $ 3% $ 5% Total Expenses 88,200 30.00 2,381 0.81 85,819 29.19 2,574 0.88 4,290 1.46 6,864 2.33 Net Operating Income (NOI Property Value (NOI/CAP Rate Market CAP Rate 6.75% $ 78,955 26.86 1,169,704 398 Comparable Leases Type Location NNN NNN NNN NNN Greeley, CO Frederick, CO Windsor, CO Greeley, CO SF 2,700 3,010 3,823 1,774 Annual Per SF $75,411 $27.93 $107,818 $35.82 $163,395 $42.74 $106,263 $59.90 Average $41.60 Median $39.28 In conclusion, the Assessor has considered national, state, and local CAP rate market data, and has placed greater emphasis on the local information in combination with local lease rates. This information was then applied to the subject property to arrive at an appropriate Income Approach Value. Total Value by Income Approach $1,169,704 or $398 per SF 19 oft Conclusion Real property for tax year 2022 must be valued utilizing the level of value for the period of one and one- half years immediately prior to July 1, 2020. Except that, if comparable valuation data is not available from such one -and one -half -year period to adequately determine the level of value of a class of property. The period of five years immediately prior to June 30, 2020 shall be utilized to determine the level of value. Said level of value shall be adjusted to the final day of the data gathering period. Changes occurring between base years are not to be accounted for until the following level of value is implemented, other than additions, change in use, detrimental acts of nature, damage due to fire, etc., or creation of a condominium, or any new regulations restricting or increasing the use of the land, or a combination thereof. {39-1-104(11)(b)(1) C. R .S.} The subject property has been classified as Commercial Property for assessment purposes. Commercial property value shall be determined by appropriate consideration of the Cost Approach, Market Approach, and Income Approach to value. {39-1-103(5)(a) C. R. S.} The Assessor has considered all three approaches to value for the subject parcel on appeal. Final Reconciliation After consideration of the cost, market and income approaches, it is the Weld County Assessor's opinion that the value of $1,029,000, most accurately reflects the value of the subject property in Weld County for the 2022 tax year. Cost Approach Market Approach Income Approach $398,760 $1,210,000 $1,169,704 $136 per SF $412 per SF $398perSF Assessor's Indicated Value COMMERCIAL $1,029,000 TOTAL: $1,029,000 }r $350 per SF 20 of 20 Thank you for submitting an appeal to the Weld County Board of Equalization. We will review the information submitted and you will receive a date to appear before the board. Contact Information: Contact Name: SALLY PAUL Contact Email: sally@deltapropertytax.com Contact Phone: 575-937-0672 Appeal Submitted: 01:46 PM July 11, 2022 Appeal submitted for: R6779756 - VALERO DIAMOND METRO INC 101 DENVER AVE, FORT LUPTON Legal: L9 THRU L14 BLK21 TWOMBLYS SUB BEG E4 COR SEC TH S45D53 E 42.24 TPOB THE S88D51 W 17.00 N44D06 E 24.15 SOOD37 E 17.00 TO TPOB Reason: Value Too High - MARSHALL & SWIFT COST VALUATION Estimate of Value: $289,676.00 Document(s) Submitted: Account: All Accounts - CO LOA OFFICER SIGNATURE -CIRCLE K.pdf Account: All Accounts - 2022 BOE APPEALS.pdf Account: All Accounts - Circle K 2022 M&S Cost Weld County, CO R40609861.pdf Account: All Accounts - Circle K 2022 M&S Cost Weld County, CO R56100861.pdf Account: All Accounts - Circle K 2022 M&S Cost Weld County, CO R67797561.pdf Account: All Accounts - Circle K 2022 M&S Cost Weld County, CO R89617361.pdf You have selected the following Date Preferences: Monday, August 1, 2022, from 10:30 a.m. - 12:00 p.m. Monday, August 1, 2022, from 1:30 p.m. - 4:00 p.m. Wednesday, August 3, 2022, from 1:30 p.m. - 4:00 p.m. The Appeal process can take several weeks for us to complete. You will receive a written decision on your appeal within five (5) working days of your hearing. We thank you for your submittal. Weld County Board of Equalization 2022-1983 Aso r 5.) Account: All Accounts - 2022 BOE APPEALS.pdf 6.) Account: All Accounts - Circle K 2022 M&S Cost Weld County, CO R40609861.pdf 7.) Account: All Accounts - Circle K 2022 M&S Cost Weld County, CO R56100861.pdf 8.) Account: All Accounts - Circle K 2022 M&S Cost Weld County, CO R67797561.pdf 9.) Account: All Accounts - Circle K 2022 M&S Cost Weld County, CO R89617361.pdf 10.) Account: All Accounts - CO LOA OFFICER SIGNATURE -CIRCLE K.pdf You have selected the following Date Preferences: Monday, August 1, 2022, from 10:30 a.m. - 12:00 p.m. Monday, August 1, 2022, from 1:30 p.m. - 4:00 p.m. Wednesday, August 3, 2022, from 1:30 p.m. - 4:00 p.m. 2 NOTICE OF DETERMINATION Brenda Dories Weld County Assessor 1400 N 17th Ave Greeley, CO80631 Date of Notice: 6/30/2022 Telephone: (970) 400-3650 Fax: (970) 304-6433 Office Hours: 8:00AM - 5:00PM LEGAL DESCRIPTION/ PHYSICAL LOCATION .��AK-0{”torni. ACCOUNT . TAX YEAR TIC_AREA R6779756 2022 5392 L9 TH R SEC IN 17.00' To 101 TPOB DENVER RU U TH L14 r�44ao�s'E BLK2I ��E AVE �' FORT TWOMBLYS 42.24' TPOB 24. � 5' sO0a3�'E LUPTON SU THE = BEG E4 CO S88D51 17.00 -AA- - . VALERO ATTI�I: Po PHOENIX, BOX DIAMOND DC -17 520285 METRO AZ 85072 INC PROPERTY LA sS1FICA`r1oN ASSESSOR'S VALUATION ACTUAL VALUE PRIOR TO ACTUAL VALUE AFTER REVIEW VIEW COMMERCIAL 1,029,000 1,020,000 f 'j gT TOTAL 11029,000 1,029, 000 The Assessor has carefully studied all available information, giving particular attention to the specifics included on your protest. The Assessor's determination of value after review is based on the following: • The law requires that data from Jan 2019 to June 2020 be used to establish current values. We have considered all three approaches to value and we have denied your appeal based upon this data. If you disagree with the Assessor's decision, your havelhe right to appeal to the County Board of Equalization for further consideration, § 39-8-106(1)(a), C.R.S. The deadline for filing real property appeals is July 15. The deadline for filing personalproperty.appeals is July 20. • The Assessor establishes property values. The: local taxing authorities (county, school district, city, fire protection, and other special districts) set mill levies. The mill levy requested by each taxing authority is based on a projected budget and the property tax revenue required to adequately fund the services it provides to its taxpayers. The local taxing authorities hold budget hearings in the fall. If you are concerned about mill levies, we recommend that you attend these budget hearings. Please refer to last year's tax bill or ask your Assessor for a listing of the local taxing authorities. Please refer to the reverse side of this notice for additional information. Agent Of Applicable): DELTA PROPERTY TAX ADVISORS LLC PO BOX 1119 DRIPPING SPRINGS, TX 78620-1119 • I. r 15-aPT-AR PR 207-87/17 R6779756 an aP�L PROCEDURES County Board of Equalization Hearings will be held from July 28th through August asth at 1150 O Street. To appeal the Assessor's decision, complete the Petition to the County Board of Equalization shown below, and mail, file online, or deliver a copy of both sides of this form to: Weld County Board of Equalization 1150 0 Street, P.O. Box 758 Greeley, Co 80631 Telephone: (970) 356-4000 ext, 4225 Online: www.co.weld.co.us/appsl/cboe/ To preserve your appeal rights, your Petition to the County Board of Equalization must be postmarked or delivered on or before July 15 for real property and on or before July 20 for personal property — after such date, your right to appeal is lost. You may be required to prove that you filed a timely appeal; therefore, we recommend that all correspondence be mailed with proof of mailing. You will be notified of the date and time scheduled for your hearing. The County Board of Equalization must mail a written decision to you within five business days following the date of the decision. The County Board of Equalization must conclude hearings and render decisions by August 5, § 39-8-107(2), C.R.S. If you do not receive a decision from the County Board of Equalization and you wish to continue your appeal, you must file an appeal with the Board of Assessment Appeals by September 11, § 39-2-125(1)(e), C. R.S. If you are dissatisfied with the County Board of Equalization's decision and you wish to continue your appeal, you must appeal within 30 days of the date of the County Board's written decision to ONE of the following: Board of Assessment Appeals 1313 Sherman Street, Room y15 Denver, Co 80203 (303) 866-5880 www.dola.coiorado.gov/boa Binding Arbitration For a list of arbitrators, contact the County Commissioners at the address listed for the County Board of Equalization. If the date for filing any report, schedule, claim, tax return, statement, remittance, or other document falls upon a Saturday, Sunday, or legal holiday, it shall be deemed to have been timely filed if filed on the next business day, § 39-1420(4 C.R.S. District.Court Contact the District Court in the County where the property is located. See your local telephone book for the address and telephone number. PETITION TO COUNTY BOARDOF EQUALIZATION What is your estimate of the property's value as of June 30, 2020? (Your opinion of value in terms of a specific dollar mount is required for real property pursuant to § 39-8-106(1.5), C.R. . ) $70 A What is the basis for y your estimate of value or your reason for requesting a review? (Please attach additional sheets as necessary and any supporting documentation, i.e., comparable sales, rent roll, original installed cost, appr;'sal etc. V the undersigned owner or agent' of the property identified above, affirm that the statements contained herein onny attachments hereto are true and complete. ci /944 if Se 7-rezi31 72 Sfffiature Telephone Number Emil1yress ,&ofry 1 Attach letter of authorization signed by property owner. #11/27 --- Date 15 -OPT -AR PR 207-87/17 R6779756 CIRCLE C4 LETTER OF AUTHORIZATION PROPERTY TAX REPRESENTATION Alimentation Couche-Tard Inc. entities of Circle K, Stores Inc., Mac's Convenience Stores, LLC & Holiday Stationstores, LLC, CST Metro, Valero Diamond Metro, CK1 LLC PROPERTY OWNER All locations in the State of Colorado SUBJECT PROPERTY All locations in the State of Colorado JURISDICTION AND STATE 2022 through 2024 YEAR This letter hereby authorizes Delta Property Tax Advisors LLC to represent the above -named property as it property agent in the jurisdiction and state named above. This authorization includes, but is not limited to: filing property returns, signing and filing appeals, examining all property tax records and appearances before the assessor, boards of equalization or review, or other governmental agencies responsible for the assessment of property. If these are questions concerning this authorization, please contact: David DeLeon, CMI - Managing Partner I Delta Property Tax Advisors, LLC P.Q. Box 1119 I Dripping Springs, TX 78620 512,640.0891 I daviddeltapropertytax.com This authorization shall remain effective as long as permitted by law or revoked in writing by the owner. Kathy Cunnington PROPERTY OWNER SIGNATURE PRINTED NAME SVP Global Shared Services 2 TITLE DATE I certify the above signature is a true and correct signature as a duly appointed authorized employee of the above company. State of q'1 q 1 -4 - County of 1C(.titt ' P`t SWORN TO AND SUBSCRIBED before me on the Kathy Cunnington by Notary Public My Commission Expires : 3 I I 1 day of M41 `�r'� .I BROOKE 0'BRIEN Notary Public, Stale of Aritorra Maricop County Cammissiorr # $l osos My Cornrn scion Expires March 31, 2025 (seal) Alimeritalian Couche-Tard Inc. entities of Circle K, Stores Inc , Mac's Convenience Stores, LLC & Holiday Stationslaren, LLC CALCULATOR COST FORM Source: Marshall Valuation Service Calculator Cost Method SQUARE FOOT COSTS 1 2 3 Acct Number: R6779756 State: Colorado County: WELD 4 5 Occupancy 6 Cost Section 7 Building class and quality 8 Average floor area 9 Average perimeter 10 Effective Age 11 Region 12 Climate 13 14 Square foot cost (Bldg Includes Package A/C) 15 Sprinklers 16 Total 17 HEIGHT AND SIZE REFINEMENTS 18 Height Multiplier 19 Floor area/perimeter multiplier 20 Combined height and size multiplier 21 FINAL CALCULATIONS 22 Refined square foot cost (Line 16 x 20) 23 Current cost multiplier (Sect 99, pg 6) 24 Local multiplier (Sect 99, Pg 6 - 10) 25 Final square foot cost (Lines 22 x 23 x 24) 26 Area (square foot) 27 Replacement Cost 28 Life in Years / M&S Source 29 Depreciation % 30 Depreciation amount (Line 27 x Line 29) 31 Depreciated cost (Line 27+ Line 30) 32 Buildings' RCN less Physical Depreciation 33 Yard Improvements 34 Paving Type 35 Paving Sq Ft 36 Paving Cost per Sq Ft 37 Paving RCN (Line 35 x Line 36) 38 Sub -Total Yard Improvements RCN 39 Paving/Yard Impry Life In Years 40 Yard Improvements Depreciation % 41 Yard Improvements RC less Physical Depr 42 Other/Extra Features RCNLD 43 Total Yard Improvements RCN less Physical Depr 44 Less Functional/External Obsl (Imprvmnts Only) 45 Total RCNLD Improvements 46 Land 47 Total Improvements + Land Market Value Valuation date: 1/1/2022 CAD Value $ 1,029,000 PSF $ 350 Section I Section II Section III C -Store (419) Canopy Car Wash Sect. 13, Pg 22 Sect. 64 Pg 2 (435, 185), Sec 64 Pg 5 C I Average C I Average C I Average 2,940 1,600 217 36 36 Central Central Central Moderate Moderate Moderate Section I Section II Section III $94.50 $29.25 $4.46 $98.96 $29.25 $101.00 1.00 1.00 1.00 1.01 1.00 1.00 1.01 1.00 1.00 Section I Section II Section III $100.04 $29.25 $101.00 1.19 1.19 1.19 1.00 1.00 1.11 $125.35 $34.81 $117.56 2,940 1,600 $368,529 $55,696 40 I Sect. 97, PG 11 20 I Sect. 97, PG 19 I Sec. 64, Pg. 5 70% 80% (257,970) (44, 557) #VALUE! $110,559 $11,139 $121,698 I CONCRETE 13,480 $6.09 $82,093 $82,093 13 80% $16,419 $0 $16,419 0% I $138,117 $151,559 --> Source: M&S Sect 97, PG 19 $289,676 $99 PSF July 18, 2022 Petitioner: VALERO DIAMOND METRO INC ATTN: DC -17 PO BOX 520285 PHOENIX, AZ 85072 CLERK TO THE BOARD PHONE (970) 400-4226 FAX (970) 336-7233 WEBSITE: www.weldgov.com 1150OSTREET P.O. BOX 758 GREELEY CO 80632 Agent (if applicable): DELTA PROPERTY TAX ADVISORS LLC SALLY PAUL PO BOX 1119 DRIPPING SPRINGS, TX 78620-1119 RE: THE BOARD OF EQUALIZATION 2022, WELD COUNTY, COLORADO NOTIFICATION OF HEARING SCHEDULED Docket 2022-1983, AS0109 Appeal 2008231021 Hearing 8/1/2022 10:30 AM Account(s) Appealed: R6779756 Dear Petitioner(s): The Weld County Board of Equalization has set a date of August 1, 2022, at or about the hour of 10:30 AM, to hold a hearing on your valuation for assessment. This hearing will be held at the Weld County Administration Building, Assembly Room, 1150 O Street, Greeley, Colorado. You have a right to attend this hearing and present evidence in support of your petition. The Weld County Assessor or his designee will be present. The Board will make its 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 5, 2022, and mailed to you within five (5) business days. Because of the volume of cases before the Board of Equalization, most cases shall be limited to 10 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. If you wish to discuss your value with the Assessor's Office, please call them at (970) 400-3650. If you wish to obtain the data supporting the Assessor's valuation of your property, please submit a written request directly to the Assessor's Office by emailing assessor@weldgov.com or sending a fax to (970) 304-6433. Upon receipt of your written request, the Assessor will notify you of the estimated cost of providing such information. Payment must be made prior to the Assessor providing such information, at which time the Assessor will make the data available within three (3) working days, subject to any confidentiality requirements. 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 Esther E. Gesick Clerk to the Board Weld County Board of Commissioners and Board of Equalization cc: Brenda Dones, Assessor July 18, 2022 Agent: DELTA PROPERTY TAX ADVISORS LLC SALLY PAUL PO BOX 1119 DRIPPING SPRINGS, TX 78620-1119 CLERK TO THE BOARD PHONE (970) 400-4226 FAX (970) 336-7233 WEBSITE: www.weldgov.com 1150O STREET P.O. BOX 758 GREELEY CO 80632 Petitioner: VALERO DIAMOND METRO INC ATTN: DC -17 PO BOX 520285 PHOENIX, AZ 85072 RE: THE BOARD OF EQUALIZATION 2022, WELD COUNTY, COLORADO NOTIFICATION OF HEARING SCHEDULED Docket 2022-1983, AS0109 Appeal 2008231021 Hearing 8/1/2022 10:30 AM Account(s) Appealed: R6779756 Dear Petitioner(s): The Weld County Board of Equalization has set a date of August 1, 2022, at or about the hour of 10:30 AM, to hold a hearing on your valuation for assessment. This hearing will be held at the Weld County Administration Building, Assembly Room, 1150 O Street, Greeley, Colorado. You have a right to attend this hearing and present evidence in support of your petition. The Weld County Assessor or his designee will be present. The Board will make its 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 5, 2022, and mailed to you within five (5) business days. Because of the volume of cases before the Board of Equalization, most cases shall be limited to 10 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. If you wish to discuss your value with the Assessor's Office, please call them at (970) 400-3650. If you wish to obtain the data supporting the Assessor's valuation of your property, please submit a written request to assessor@weldgov.com. Upon receipt ofyour written request, the Assessor will notify you of the estimated cost of providing such information. Payment must be made prior to the Assessor providing such information, at which time the Assessor will make the data available within three (3) working days, subject to any confidentiality requirements. 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 4Lls. �IG"l. Esther E. Gesick Clerk to the Board Weld County Board of Commissioners and Board of Equalization cc: Brenda Dones, Assessor August 4, 2022 Petitioner: VALERO DIAMOND METRO INC ATTN: DC -17 PO BOX 520285 PHOENIX, AZ 85072 CLERK TO THE BOARD PHONE (970) 400-4226 FAX (970) 336-7233 WEBSITE: www.weldgov.com 1150 O STREET P.O. BOX 758 GREELEY CO 80632 Agent (if applicable): DELTA PROPERTY TAX ADVISORS LLC SALLY PAUL PO BOX 1119 DRIPPING SPRINGS, TX 78620-1119 RE: THE BOARD OF EQUALIZATION 2022, WELD COUNTY, COLORADO NOTICE OF DECISION Docket 2022-1983 Appeal 2008231021 Hearing 8/3/2022 2:00 PM Dear Petitioner: On the day indicated above, the Board of County Commissioners of Weld County Colorado convened and acting as the Board of Equalization, pursuant to C.R.S. §39-8-101 et seq., considered petition for appeal of the Weld County Assessor's valuation of your property described above, for the year 2022. Account # Decision The Assessment and valuation is set as follows: Actual Value as Actual Value as Set by Determined by Assessor Board R6779756 Deny - Administrative Deny $1,029,000 $1,029,000 A denial of a petition, in whole or in part, by the Board of Equalization must be appealed within thirty (30) days of the date the denial is mailed to you. You must select only one of the following three (3) options for appeal: 1. Appeal to Board of Assessment Appeals: You have the right to appeal the County Board of Equalization's decision to the Colorado Board of Assessment Appeals. A hearing before that Board will be the last time you may present testimony or exhibits or other evidence, or call witnesses in support of your valuation. If the decision of the Board of Assessment Appeals is further appealed to the Court of Appeals pursuant to C.R.S. §39-8-108(2), only the record of proceedings from your hearing before the Board of Assessment Appeals and your legal brief are filed with the appellate court. All appeals to the Board of Assessment Appeals filed after August 10, 2022, MUST comply with the following provisions of C.R.S. §39-8-107(5): (5)(a)(I) On and after August 10, 2022, in addition to any other requirements under law, any petitioner appealing either a valuation of rent -producing commercial real property to the Board of Assessment Appeals pursuant to C.R.S. §39-8-108(1) or a denial of an abatement of taxes pursuant to C.R.S. §39-10-114 shall provide to the County Board of Equalization or to the Board of County Commissioners of the County in the case of an abatement, and not to the Board of Assessment Appeals, the following information, if applicable: (A) Actual annual rental income for two full years including the base year for the relevant property tax year; (B) Tenant reimbursements for two full years including the base year for the relevant property tax year; (C) Itemized expenses for two full years including the base year for the relevant property tax year; and (D) Rent roll data, including the name of any tenants, the address, unit, or suite number of the subject property, lease start and end dates, option terms, base rent, square footage leased, and vacant space for two full years including the base year for the relevant property tax year. (II) The petitioner shall provide the information required by subsection (5)(a)(I) of this paragraph (a) within ninety days after the appeal has been filed with the Board of Assessment Appeals. (b)(I) The Assessor, the County Board of Equalization, or the Board of County Commissioners of the County, as applicable, shall, upon request made by the petitioner, provide to a petitioner who has filed an appeal with the Board of Assessment Appeals not more than ninety days after receipt of the petitioner's request, the following information: (A) The primary method used by the county to determine the value of the subject property; and (B) The rates used by the county to determine the value of the subject property under the method identified in accordance with subsection (5)(b)(l)(A) of this section. (II) The party providing the information to the petitioner pursuant to subparagraph (I) of this paragraph (b) shall redact all confidential information contained therein. (c) If a petitioner fails to provide the information required by subparagraph (I) of paragraph (a) of this subsection (5) by the deadline specified in subparagraph (II) of said paragraph (a), the County may move the Board of Assessment Appeals to compel disclosure and to issue appropriate sanctions for noncompliance with such order. The motion may be made directly by the County Attorney and shall be accompanied by a certification that the County Assessor or the County Board of Equalization has in good faith conferred or attempted to confer with such petitioner in an effort to obtain the information without action by the Board of Assessment Appeals. If an order compelling disclosure is issued under this paragraph (c) and the petitioner fails to comply with such order, the Board of Assessment Appeals may make such orders in regard to the noncompliance as are just and reasonable under the circumstances, including an order dismissing the action or the entry of a judgment by default against the petitioner. Interest due the taxpayer shall cease to accrue as of the date the order compelling disclosure is issued, and the accrual of interest shall resume as of the date the contested information has been provided by the taxpayer. Appeals to the Board of Assessment Appeals must be made on forms furnished by that Board, and must be mailed or delivered within thirty (30) days of the date the denial by the Board of Equalization is mailed to you The address and telephone number of the Board of Assessment Appeals are: Board of Assessment Appeals 1313 Sherman Street, Room 315 Denver, Colorado 80203 Telephone Number: (303) 864-7710 Email: baa@state.co.us Fees for Appeal to the Board of Assessment Appeals: A taxpayer representing himself is not charged for the first two (2) appeals to the Board of Assessment Appeals. A taxpayer represented by an attorney or agent must pay a fee of $101.25 per appeal. OR 2. Appeal to District Court: You have the right to appeal the decision of the Board of Equalization to the District Court of the county wherein your property is located: in this case that is Weld County District Court. A hearing before The District Court will be the last time you may present testimony or exhibits or other evidence, or call witnesses in support of your valuation. If the decision of the District Court is further appealed to the Court of Appeals pursuant to C.R.S. §39-8-108(1), the rules of Colorado appellate review and C.R.S. §24-4-106(9), govern the process. OR 3. Binding Arbitration: You have the right to submit your case to binding arbitration. If you choose this option, the arbitrator's decision is final and you have no further right to appeal your current valuation. C.R.S. §39-8-108.5 governs this process. The arbitration process involves the following: a. Select an Arbitrator: You must notify the Board of Equalization within 30 days that you will pursue arbitration. You and the Board of Equalization will 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 (i.e. Weld) will select the arbitrator. b. Arbitration Hearing Procedure: Arbitration hearings are held within sixty (60) days from the date the arbitrator is selected, and are set by the arbitrator. Both you and the Board of Equalization are entitled to participate in the hearing. The hearing is informal. The arbitrator has the authority to issue subpoenas for witnesses, books, records documents and other evidence pertaining to the value of the property. The arbitrator also has the authority to administer oaths, and determine all questions of law and fact presented to him. The arbitration hearing may be confidential and closed to the public if you and the Board of Equalization agree. The arbitrator's decision must be delivered personally or by registered mail within ten (10) days of the arbitration hearing. c. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by you and the Board of Equalization. In the case of residential real property, the fees may not exceed $150.00 per case. For cases other than residential real property, the arbitrator's total fees and expenses are agreed to by you and Board of Equalization, but are paid by the parties as ordered by the arbitrator. If you have questions concerning the above information, please call me at (970) 400-4226. Very truly yours, BOARD OF EQUALIZATION Le L i!"Jv:y f j Esther E. Gesick Clerk to the Board Weld County Board of Commissioners and Board of Equalization cc: Brenda Dones, Weld County Assessor August 4, 2022 Agent: DELTA PROPERTY TAX ADVISORS LLC SALLY PAUL PO BOX 1119 DRIPPING SPRINGS, TX 78620-1119 Petitioner: CLERK TO THE BOARD PHONE (970) 400-4226 FAX (970) 336-7233 WEBSITE: www.weldgov.com 1150 O STREET P.O. BOX 758 GREELEY CO 80632 VALERO DIAMOND METRO INC ATTN: DC -17 PO BOX 520285 PHOENIX, AZ 85072 RE: THE BOARD OF EQUALIZATION 2022, WELD COUNTY, COLORADO NOTICE OF DECISION Docket 2022-1983 Appeal 2008231021 Hearing 8/3/2022 2 00 PM Dear Petitioner: On the day indicated above, the Board of County Commissioners of Weld County Colorado convened and acting as the Board of Equalization, pursuant to C.R.S. §39-8-101et seq., considered petition for appeal of the Weld County Assessor's valuation of your property described above, for the year 2022. Account # Decision The Assessment and valuation is set as follows: Actual Value as Actual Value as Set by Determined by Assessor Board R6779756 Deny - Administrative Deny $1,029,000 $1,029,000 A denial of a petition, in whole or in part, by the Board of Equalization must be appealed within thirty (30) days of the date the denial is mailed to you. You must select only one of the following three (3) options for appeal: 1. Appeal to Board of Assessment Appeals: You have the right to appeal the County Board of Equalization's decision to the Colorado Board of Assessment Appeals. A hearing before that Board will be the last time you may present testimony or exhibits or other evidence, or call witnesses in support of your valuation. If the decision of the Board of Assessment Appeals is further appealed to the Court of Appeals pursuant to C.R.S. §39-8-108(2), only the record of proceedings from your hearing before the Board of Assessment Appeals and your legal brief are filed with the appellate court. All appeals to the Board of Assessment Appeals filed after August 10, 2022, MUST comply with the following provisions of C.R.S. §39-8-107(5): (5)(a)(I) On and after August 10, 2022, in addition to any other requirements under law, any petitioner appealing either a valuation of rent -producing commercial real property to the Board of Assessment Appeals pursuant to C.R.S. §39-8-108(1) or a denial of an abatement of taxes pursuant to C.R.S. §39-10-114 shall provide to the county Board of Equalization or to the Board of County Commissioners of the County in the case of an abatement, and not to the Board of Assessment Appeals, the following information, if applicable: (A) Actual annual rental income for two full years including the base year for the relevant property tax year; (B) Tenant reimbursements for two full years including the base year for the relevant property tax year; (C) Itemized expenses for two full years including the base year for the relevant property tax year; and (D) Rent roll data, including the name of any tenants, the address, unit, or suite number of the subject property, lease start and end dates, option terms, base rent, square footage leased, and vacant space for two full years including the base year for the relevant property tax year. (II) The petitioner shall provide the information required by subsection (5)(a)(I) of this paragraph (a) within ninety days after the appeal has been filed with the board of assessment appeals. (b)(I) The Assessor, the County Board of Equalization, or the Board of County Commissioners of the County, as applicable, shall, upon request made by the petitioner, provide to a petitioner who has filed an appeal with the Board of Assessment Appeals not more than ninety days after receipt of the petitioner's request, the following information: (A) The primary method used by the county to determine the value of the subject property; and (B) The rates used by the county to determine the value of the subject property under the method identified in accordance with subsection (5)(b)(l)(A) of this section. (II) The party providing the information to the petitioner pursuant to subparagraph (I) of this paragraph (b) shall redact all confidential information contained therein. (c) If a petitioner fails to provide the information required by subparagraph (I) of paragraph (a) of this subsection (5) by the deadline specified in subparagraph (II) of said paragraph (a), the County may move the Board of Assessment Appeals to compel disclosure and to issue appropriate sanctions for noncompliance with such order. The motion may be made directly by the County Attorney and shall be accompanied by a certification that the County Assessor or the County Board of Equalization has in good faith conferred or attempted to confer with such petitioner in an effort to obtain the information without action by the Board of Assessment Appeals. If an order compelling disclosure is issued under this paragraph (c) and the petitioner fails to comply with such order, the Board of Assessment Appeals may make such orders in regard to the noncompliance as are just and reasonable under the circumstances, including an order dismissing the action or the entry of a judgment by default against the petitioner. Interest due the taxpayer shall cease to accrue as of the date the order compelling disclosure is issued, and the accrual of interest shall resume as of the date the contested information has been provided by the taxpayer. Appeals to the Board of Assessment Appeals must be made on forms furnished by that Board, and must be mailed or delivered within thirty (30) days of the date the denial by the Board of Equalization is mailed to you The address and telephone number of the Board of Assessment Appeals are: Board of Assessment Appeals 1313 Sherman Street, Room 315 Denver, Colorado 80203 Telephone Number: (303) 864-7710 Email: baa@state.co.us Fees for Appeal to the Board of Assessment Appeals: A taxpayer representing himself is not charged for the first two (2) appeals to the Board of Assessment Appeals. A taxpayer represented by an attorney or agent must pay a fee of $101.25 per appeal. OR 2. Appeal to District Court: You have the right to appeal the decision of the Board of Equalization to the District Court of the county wherein your property is located: in this case that is Weld County District Court. A hearing before The District Court will be the last time you may present testimony or exhibits or other evidence, or call witnesses in support of your valuation. If the decision of the District Court is further appealed to the Court of Appeals pursuant to C.R.S. §39-8-108(1), the rules of Colorado appellate review and C.R.S. §24-4-106(9), govern the process. OR 3. Binding Arbitration: You have the right to submit your case to binding arbitration. If you choose this option, the arbitrator's decision is final and you have no further right to appeal your current valuation. C.R.S. §39-8-108.5 governs this process. The arbitration process involves the following: a. Select an Arbitrator: You must notify the Board of Equalization within 30 days that you will pursue arbitration. You and the Board of Equalization will 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 (i.e. Weld) will select the arbitrator. b. Arbitration Hearing Procedure: Arbitration hearings are held within sixty (60) days from the date the arbitrator is selected, and are set by the arbitrator. Both you and the Board of Equalization are entitled to participate in the hearing. The hearing is informal. The arbitrator has the authority to issue subpoenas for witnesses, books, records documents and other evidence pertaining to the value of the property. The arbitrator also has the authority to administer oaths, and determine all questions of law and fact presented to him. The arbitration hearing may be confidential and closed to the public if you and the Board of Equalization agree. The arbitrator's decision must be delivered personally or by registered mail within ten (10) days of the arbitration hearing. c. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by you and the Board of Equalization. In the case of residential real property, the fees may not exceed $150.00 per case. For cases other than residential real property, the arbitrator's total fees and expenses are agreed to by you and Board of Equalization, but are paid by the parties as ordered by the arbitrator. If you have questions concerning the above information, please call me at (970) 400-4226. Very truly yours, BOARD OF EQUALIZATION Le L i!"lv:y f j Esther E. Gesick Clerk to the Board Weld County Board of Commissioners and Board of Equalization cc: Brenda Dones, Weld County Assessor Hello