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Home My WebLink About20222007.tiffValuation Re ort of Commercial Property for County Board of Equalization METAL CONTAINER CORP Petitioner vs. Weld County Assessor's Office Respondent Docket Number: 2022-2007 Parcel Number: 080 7-23-0-00-046 Schedule Number: R0022389 Appeal Number: 2008231023 Date: 8/3/2022 Time: 1:30 PM Board: 1 Prepared By Susan Gundry Assessor's Office Staff Appraiser Assessor's Indicated Value INDUSTRIAL $13,841,100 TOTAL: $13,841,100 Or $70 per SF Page 1 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 1201 METAL CONTAINER CT WINDSOR Land Area 949,608 Property Type Industrial Imp # SF Quality Occupancy Built As Class Year Built Yr Rem Stories 1 196,110 Average Warehouse Storage Warehouse Metal Frame 1987 N/A 1 2 1.820 Average Warehouse Equipment Storage Masonry 1987 N/A 1 Value Indications: Market Approach $14,235,000 $72 per SF Income Approach $13,864,271 $70 per SF Final Value $13,841,100 Or $70 per SF Page 2 Improvement # Quality Total SF BIt As Description Storage Warehouse Indust Heavy Manufacturing Office Building 1 Average 196,110 Class Occupancy Description Office Building Warehouse Warehouse Year Year Built Remodeled Metal Frame 1987 N/A Metal Frame 1987 N/A Occupancy % 8% 51% 41% # of Stories SF Metal Frame 1987 N/A 0% 1 Ccol rh.s L�!ad!f!g tack -74!' i9 BF W 'b apria !V" Ware hDuse Addiban AutL st? teThi 120 Warhotne 99710.0 SF Mon in a ia!aglr 1;388.0 SF BA MI SR 3$0 8'' Ma lid 4'2.0 SF 38OO Siam co 6 r*r V CON i E!neannn 1eita 0 SF tub n �! AMP 211.E 0 gin M1 f?Y Fit Fido' 196110.0 SF 99,710 80,472 15,928 Page 3 Improvement # 2 Quality Average Total SF 1,620 Occupancy Description Warehouse Year BIt As Description Class Year Built Remodeled Occupancy % 100% # of Stories SF Equipment Storage Masonry 1987 N/A 0% 1 1,620 '.l m*: hi' (_) 1 ti 51 L` U r tl 7 I l i_ C ri Hou n ( �� 1 ro ff �l (51 ri Page 4 Map of Subject a► AIME Page 5 Cost Approach Summary 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. Page 6 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 Parcel Number Sites Sale Date Sale Price Occupancy # of Bldgs Imp SF Yr Built Comparable 1 1313-14-3-08-006 4185 SALAZAR WAY, FREDERICK 04/11/2016 $16,522,200 Storage Warehouse 1 Comparable 2 1313-14-2-00-078 9586 E INTERSTATE 25 FRONTAGE RD , LONGMONT Indust Lght Manufacturing 1 Comparable 3 1573-35-2-03-001+1 12789 EMERSON ST, THORNTON 9/30/2019 30/2019 Heavy Manufacturing Comparable 4 01144-11-005-000 1 128,998 5000 LIMA ST, DENVER Indust Lght Manufacturing 1 200,316 2006 04/25/2017 $9,200,000 130,060 1997 $10,900,000 2003 4/15/2000 $11,600,000 147,676 1973 Adj SP Per Imp SF $16,522,200 $82 $9,200,000 $71 $10,900,000 $84 $11,600,000 $79 Page 7 Description of Market Comps. Comp 1 is located at 4185 Salazar Way in Frederick. This property sold on April 11, 2016 for $16,522,000 or $82.48 per square foot. This property had a new 11 year lease signed in December 2015. Since this was a new lease and the property sold with a 5.5% rate, the sale price was adjusted to reflect a market cap rate. The property is located on a frontage road, east of I25 south of Highway 119. It has no 125 visibility and backs up to vacant land. This building was built in 2006 as a storage warehouse. The building has 38' wall height, is concrete construction and contains approximately 8% office space. This property does have a smaller land to building ratio. Comp 2 is located at 9586 E Interstate 25 Frontage in Longmont. This property sold on April 25, 2017 for $9,200,000 or $70.74 per square foot. This property was originally listed for sale at $11,710,530 or $90.04 per square foot. This property was on the market a reported 1,686 days. The property was previously contaminated and sold at a much lower price per square foot due to deferred maintenance. The property is located on a frontage road, east of I2 5 south of Highway 119. This building does have good visibility from 125. This building is 130,060 square feet and was built in 1997 as a Industrial Light Manufacturing building. It has 19' wall height and contains approximately 20% office space. This building sits on 333,670 square feet of land. This building sold as vacant. This property does have a smaller land to building ratio. Comp 3 is located at 12789 Emerson St in Thornton. The property sold on September 30, 2019 for $10,900,000 or $84.50 per square foot. This property is located just off of I25, north of 120th Ave. It is in an area that is comprised of mostly residential with some industrial and commercial use but is close to I25. This building was built in 2003, concrete construction and is 128,998 square feet and was built as a heavy manufacturing building. It has 22' - 24' wall height and contains approximately 31% office. The property is located on 500,365 square feet of land. Per CoStar, the building had upgrades to the office and HVAC in 2014. Comp 4 is located at 5000 N Lima St in Denver. This property sold on April 15, 2020 for $11,600,000 or $78.55 per square foot. The property is located just north 0f170 and west of Pena Blvd in an industrial area. The building was built in 1973 and is 147,676 square feet and was built as a manufacturing building. It has 22' wall height an contains approximately 16% office. Per CoStar, this building has newly renovated office space. This property has a low land to building ratio. Time trending was not done for Comparable 1 and 2 because there were not enough sales of large warehouses in the last 5 years to warrant a time trend. Page 8 Market Grid luetment. Facto r Subject Comparable.1 Comparable.2 Comparable.3 Comparable. le $/SF roal # Address Date of Sale Adjustment $82.48 $7024 $8450 $78.55 0807-23-0-00-046 1313-14.3.08-006 1313-14-2.00.078 1573-35-2.03.001 +1 01144-11-005-000 1201 Metal Container Dr 4185 Salazar Way 9586 E Interstate 25 Frontage 12789 Emerson St 5000 Lima St Apr -16 F Apr -17 Sep -19 Apr -20 0% 0% 0% 0% Adjusted Sic cc:upancyMan Single-Ten/Mufti-Ten L Stment $84.50 $82A8 $70.74 $'8.55 ufadturiWarehouse Manufacturing Manufacturing Manufacturing Single Premium Single Single ( -) 0 0 0 r Location Adjustment Longmont Thornton Denve r Windsor Frede rich 0 0 (-) 4-) ear Built dltlon Adjustment' 1987 2006 1997 2003 1973 Average Average Fair Average Average - ( +) ( - ) 0 qty struddon A tment Class B Class A Class B Class A Class B Concrete Concrete Concrete Steel Concrete 4-X-) (-) 1-) (-)(-) GSA SF 197,730 200,316 130,060 128S98 147,676 0 (-) I 1-) (-) 1 LTB Rath Adjustment Office/Fin % Adjustment 1.83 4.84 2.71 2.57 3.92 (+) (+) 0 { +) 20% 30% 16% 8% 8% 0 (-) (-) 0 Wall it Adjustment 22' 40' - 441' 38' 19' 22' -24' 0 (+) (+) (t) Other Adjustment 3 HD 3 DI 3 ice.. 2 Di 16 Docks 4 HD/ 3 DI 25 docks ( - M 0 N 0 S/SF $82A8 $7034 $34.50 $78.55 OVlcc MIUSTMENT (-)(-)(-)(-M d (-)(-)(-)(-)(-) NH-) Page 9 The sales were adjusted based on a qualitative analysis. The adjustments to the sales were based on characteristic differences between the subject and sales that are inferior, similar, or superior. None of the comparables were located in Windsor, two are located in Weld County and two are located in the Denver Metro region. Adjustments were made to all four comparables. Other differences that required adjustments were land to building ratio, building size, wall height, age, and office finish. The adjustments are converted to a quantitative basis, by dividing the price difference for each comparable by the number of overall, qualitative adjustments. This determines a unit price for the subject property. See the below table that illustrates the process of converting these qualitative adjustments to a quantitative basis. eH IJ!rns lye Adjustments Upward (-+) +ii-1 SubsLarnLIaI UpwardAugustin ent Upward (+) I ModerateUpward ApilUstment Upward (+} Slight Upward Adjustment Downward (.-) Slight Downward A priest i"l'7 enL Downward (-X-) Moderate Downward Adjustment Downward (- (-)(-) Substantial Downward Adjustment In the analysis below, the mean and median for each additional qualitative adjustment equals $2.59 per square foot and $2.38 per square foot. The most reasonable and supportable difference per qualitative adjustment iteration is $2.50 per square foot Conversion of Overall Qualitative Adjustments to Quantitative Adjustments Paired Sales Difference in Qualitative Adjustments mean Concluded Difference Per Qualitative Iteration = $3.91 $1.98 $2.59 $2.38 Page 10 Based on this analysis, the range of final adjusted prices for the comparables is $70.48 per square foot to $73.55 per square foot. The adjusted mean is $72.19 per square foot with the adjusted median at $72.24 per square foot. _i ari_,';_in :Jch Conclusion Sale ,F Overa I I Adjustment Adjustment %/ SF (4) Adjusted 3/SF 1 2 3 4 $82.48 $70.74 $8450 $78.55 Mean = $79.07 Median _ $80.52 - 1-)1- ) C - ) 0 -)'C-> C- C- } C- ) (-)C-) ($10.00) $0.00 ($12..50) ($5.00) *Adjusted teen Adjusted Median. Concluded /SF Gross Budding Area: Fee simple Market 'Value_ 0 (.5) (2) $72.48 $70.74 $72.00 $73.55 $72.19 $72.24 $720O I 0 7 S1(235,000 Based upon investigation and analysis, it is the opinion of the appraisers that the value of $14,235,000 or $72 per SF accurately reflects the market value of the subject property. Value As Indicated By Market Approach $14,235,000 or $72 per SF Page 11 Lowe Dint cpmp� . Brig h on fete() rp 4185 Salazar Way Frederick, CO 80504 Class A Warehouse Building of 200,420 SF Sold on 4/15/2016 for $16,522,200 - Research Complete - - _ - 3;, ,.• �.� r , _ `a L la buyer Christopher Bond c/o Chris Bond 1600 A St Anchorage, AK 99501 (907) 360-2318 - • seller Founders Properties LLC c/o Dave Watson 10350 W Bren Rd Minnetonka, MN 55343 (952) 656-4607 vital data Escrow/Contract: - Sale Date: 4/15/2016 Days on Market: - Exchange: No Conditions: Investment Triple Net Land Area SF: 542,758 *542,969 Acres: 12.46 $/SF Land Gross: $30.44 Year Built, Age: 2006 Age: 10 Parking Spaces: 100 Parking Ratio: 0.49/1000 SF FAR 0.37 Lot Dimensions: - Frontage: - Tenancy: Multi Comp ID: 3581153 Sale Price: $16,522;200 Status: Full Value Building SF: 200,420 SF *200,316 Price/SF: $82.44 Pct Office: 7.5% Pro Forma Cap Rate: - Actual Cap Rate: - Down Pmnt: - Pct Down: - Doc No: 4195829 Trans Tax: $1,652.22 Corner: No Zoning: Industrial PUD No Tenants: 1 Percent Improved: 86.6% Submarket: Weld County Ind Map Page: - Parcel No: 131314308006 Property Type: Industrial income expense data Listing Broker Expenses - Taxes - Operating Expenses Total Expenses $3621463 CBRE CBRE 5455 Landmark PI 1225 17th St Greenwood Village, CO 80111 Denver, CO 80202 (720) 528-6300 (303) 628-1700 James Bolt Jeremy Ballenger, Tyler Carner $362,463 Buyer Broker No Buyer Broker on Deal financing 1st North rim Bank Bal/Pmt: $11,350,000 Page 13 9586 E I-25 Frontage Rd Front 25 Longmont, CO 80504 Class B Manufacturing Building of 130,117 SF Sold on 4/26/2017 for $9,200,000 - Research Complete ° IC 1 =.� -. -11 iP . ; 1• I all.__1�` W I , 9 :.. x *1 buyer United Power Inc c/o United Power 500 Cooperative Way Brighton, CO 80603 (303) 642-7921 I 1�is FF '`s' "�` I�1 seller The W.W. Reynolds Companies, Inc. 1375 Walnut St Boulder, CO 80305 (303) 442-8687 vital data Escrow/Contract: - Sale Date: 4/26/2017 Days on Market: 1,686 days Exchange: No `Deferred Maintenance Conditions: - Land Area SF: 333,582 *333,670 Acres: 7.66 $/SF Land Gross: $27.58 Year Built, Age: 1997 Age: 20 Parking Spaces: 252 Parking Ratio: 2/1000 SF FAR 0.39 Lot Dimensions: - Frontage: - Tenancy: Single Comp ID: 3890140 Sale Price: $9,200,000 Status: Confirmed Building SF: 130,117 SF *130,060 Price/SF: $70.71 Pct Office: 7.7% Pro Forma Cap Rate: - Actual Cap Rate: - Down Pmnt: $9,200,000 Pct Down: 100.0% Doc No: 4297235 Trans Tax: $920 Corner: No Zoning: PUD Percent Improved: - Submarket: Weld County Ind Map Page: Mapsco 262-KD63 Parcel No: 131314200078 Property Type: Industrial income expense data Listing Broker Expenses - Taxes - Operating Expenses $107,199 Cushman & Wakefield Cushman & Wakefield 1401 Lawrence St 772 Whalers Way Denver, CO 80202 Fort Collins, CO 80525 (303) 292-3700 (970) 776-3900 Aaron Valdez, Chris Ball Jason Ells Total Expenses $107,199 Buyer Broker Hepp Realty LLC - Metro Brokers 12365 Huron St Westminster, CO 80234 (303) 654-1900 Janet Hepp-Struck financing prior sale Date/Doc No: 12/23/2009 Sale Price: $10,037,500 ComplD: 1847654 Page 14 12789 Emerson St The Northern Business Center Thornton, CO 80241 Class A Manufacturing Building of 128,998 SF Sold on 9/30/2019 for $10,900,000 - Research Complete - 4 - .r r s* - °! -- r •. e. buyer Murphy Company 4riZt 4630 Forge Rd Colorado Springs, CO 80907 '» - , is ._ , (314) 997-6600 ;r it I19 i I I __, ' Si . _ 77Ii! ' seller 4r,,, t Northern Electric, Inc. _ - _ 9056 Marshall Ct�`` ,f i -t air 7_ v Westminster, CO 80030ISIS, (303) 428-6969 . i =a'ti „,,A7 - 4A ritilitibt vital data Escrow/Contract: - Sale Price: $10,900,000 Sale Date: 9/30/2019 Status: Confirmed Days on Market: 116 days Building SF: 128,998 SF Exchange: No Price/SF: $84.50 Conditions: - Pct Office: 31.0% Land Area SF: 505,296 Pro Forma Cap Rate: - Acres: 11.6 Actual Cap Rate: - $/SF Land Gross: $21.57 Down Pmnt: $2,400,000 Year Built, Age: 2003 Age: 16 Pct Down: 22.0% Parking Spaces: 200 Doc No: 0082836 Parking Ratio: 1.55/1000 SF Trans Tax: $1,090 FAR 0.26 Corner: No Lot Dimensions: - Zoning: PUD, Thornton Frontage: - No Tenants: 3 Tenancy: Multi Percent Improved: - Comp ID: 4902339 Submarket: North Denver Ind Map Page: - Parcel No: 1573-35-2-03-001 [Partial List] Property Type: Industrial income expense data Listing Broker Expenses - Taxes $262„621 No Listing Broker on Deal - Operating Expenses Total Expenses $262,621 Buyer Broker No Buyer Broker on Deal financing prior sale 1st UMB Bank Date/Doc No: 10/24/2014 Bal/Pmt: $8,500,000 Sale Price: $7,150,000 ComplD: 3157775 Page 15 5000 Lima St Holden Bldg - Montbello Industrial Park Denver, CO 80239 Class B Manufacturing Building of 151,929 SF Sold on 4/15/2020 for $11,600,000 - Research Complete _`_-�. _ buyer Black Creek Group 1200 17th St Denver, CO 80202 (303) 869-4600 - _ - -_ i ` ': i klt seller EXDO Properties 3535 Lari mer St Denver, CO 80205 (303) 297-8151 - _ i-_- �`" ;__ vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: - 4/15/2020 127 days No - 270,508 *270,568 6.21 $42.88 1973 Age: 47 174 1.14/1000 SF 0.56 435x630 630 feet on Lima Single 5110794 Sale Price: $11,600,000 Status: Confirmed Building SF: 151,929 SF *1477676 Price/SF: $76.35 *78.55 Pct Office: 16.5% Pro Forma Cap Rate: - Actual Cap Rate: - Down Pmnt: $11,600,000 Pct Down: 100.0% Doc No: 0052126 Trans Tax: $1,225 Corner: No Zoning: I -B No Tenants: 1 Percent Improved: 701% Submarket: Cent E I-70/Montbello Ind Map Page: Pierson Graphics Corp 57-A Parcel No: 1144-11-005 *01144-11-005-000 Property Type: Industrial income expense data Listing Broker Expenses - Taxes - Operating Expenses Total Expenses $178,529 Cushman & Wakefield 1401 Lawrence St Denver, CO 80202 (303) 292-3700 Drew McManus $178,529 Buyer Broker No Buyer Broker on Deal financing prior sale Date/Doc No: 3116/2015 Sale Price: $6,900,000 ComplD: 3258467 Page 16 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. In conclusion of the Income Approach, the Assessor has considered both groups of data and has put more emphasis on the local factors and data than the state and national data. This information was then applied to the subject property to arrive at an appropriate Income Approach Value. Page 17 Weld County Warehouse Burbach Survey Warehouse CBRE First Half 2020 Cap Rate Survey Costar CoStar Weld County Industrial Based on Warehouse building sales from January 1, 2O19 -June 3O, 2O2O Cap rate from CoStar Sales 2022 Tax Year Cap Rate Summary In June 2020 the following Overall Rate (OAR) survey results were published: 7.50% 7.00% 9.00% 6.10% 8.02% 7.17% Parcel Number Property Address Year Built Bldg SF Sale Date Sale Price Cep ate 08O7 -22 -O -O9 -O0'7 698 Technology Cir 201.7 11.,400 3/1/2O18 2,200,000.00 7.15% 0095744-2-07-'0`0'1 11407 W 24th St 201. 1., 7 / 1: ! , 0.0 '. !{a O8O7-22-01-2OO5 655 Academy 2001 14,'x'33 6/18/2O19 21200,Uoo.00 7.00% O961 -21 -2 -01 -O22 112 E 30th St 1995-2015 :1:1,9fl4 11/21/2O18 1.,900,000.00 7.00% Burbach Summer 2020 Real Estate Investment Survey Weld County Warehouse 1 Valuation/Consulting Denver, CO 2 Regional Commercial Bank Denver, CO 3 Val uations/Co ns u Iti ng Northern CO 4 ValValuation/Consulting Denver CO 5 Valuation/Consulting Denver, Co 6 East West Econometrics 6-7% 6-8% 6-7% 6,6-7% 6.25-7% 6-5% June 30, 2020 Base Cap Rate 7.00% Page 18 Income Analysis A search was conducted for industrial rental rates in the Greeley/Windsor market. The best lease comparables found were used in this income analysis. Per Costar, the market vacancy as of the appraisal date was 3%. By using a lease rate of $5.50 per square foot NNN and the reported vacancy of 3% this creates an effective gross income of $1,054,890 By then applying market expenses for management and reserves at 8% this creates a NOI of $970,498. The cap rate of 7% was determined to be market for Weld County. By using the 7% cap rate, this creates an estimated income value of $13,864,263 or $70.12 per square foot for the subject. Lease Comparables L� Frederick !Greeley Johnstown Loveland Denver Market Income Vacancy Effective Gross Income Expenses Management Reserves Rent NNN $5.45 $6.50 $4.16 $1Q.91 $7.03 Occupancy 'istli a re f i 0 o Use s e rivii l nufac:uring ro a n ufa c i.0 ri ng NI tit riufaC.huring Ma nutad:d:uring .$5.50 $1,087,515 a% $321625 5% 3% .$1,0541830 $521744 $311647 Total Expenses ,391 NOI Cap Rate Indicated Value psf $970,499 7% $131864,271 Total Value by Income Approach $13,864,271 or $70.12 per SF 197,730 $70.12 Page 19 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 $13,841,100, most accurately reflects the value of the subject property in Weld County for the 20.2.2 tax year. Market Approach $14,235,000 $72 per SF Income Approach $13,864,271 per SF $70 per SF Assessor's Indicated Value $13,841,100 $70 per SF Page 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: Charlie Young Contact Email: charyoung@deloitte.com Contact Phone: 720-206-4312 Appeal Submitted: 02:44 PM July 12, 2022 Appeal submitted for: R0022389 - METAL CONTAINER CORP 1201 METAL CONTAINER CT, WINDSOR Legal: WIN MCC1-1 L1 BLK1 METAL CONTAINER CORP SUB EXC BEG W 1/16 COR SEC 23 & 26 E519.61 N1320 TO THE NW COR OF METAL CONTAINER CT BEING THE TRUE POB THENCE NOD18 W 481.46 S70D59 E 84.60 CONCAVE CURVE W143.58 RADIUS 60 CHORD S02D26 E 111.69 REVERSE CURVE TH CONCAVE CURVE SE 46.37 RADIUS 40 CHORD S35D53 W 43.82 SOD18 E 305.19 S89D41 W 60 TO TRUE POB 1201 METAL CONTAINER CT WINDSOR 80550 Reason: Value Too High - The county assessor has seemingly valued the subject based on sales of modern distribution spaces, yet does not even apply the indicated value to the modern distribution space next door at 900 Metal Container. The subject is an aged manufacturing facility. This asset type has been in decline for years with sales indicating a value near our estimate of value. Estimate of Value: $10,500,000.00 Document(s) Submitted: Account: All Accounts - AB CO LOA_Signed.pdf Account: All Accounts - AB Weld Co Workup.pdf You have selected the following Date Preferences: Wednesday, August 3, 2022, from 1:30 p.m. - 4:00 p.m. 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. 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 2022-2007 July 18, 2022 Petitioner: METAL CONTAINER CORP C/O CORPORATE TAX DEPT 1 BUSCH PLACE ST LOUIS, MO 63118-1849 CLERK TO THE BOARD PHONE (970) 400-4226 FAX (970) 336-7233 WEBSITE: www.weldqov.com 1150 O STREET P.O. BOX 758 GREELEY CO 80632 Agent (if applicable): DELOITTE & TOUCHE LLP 555 SEVENTEENTH STREET SUITE 3600 DENVER , CO 80202-3942 RE: THE BOARD OF EQUALIZATION 2022, WELD COUNTY, COLORADO NOTIFICATION OF HEARING SCHEDULED Docket 2022-2007, AS0109 Appeal 2008231023 Hearing 8/3/2022 1:30 PM Account(s) Appealed: R0022389 Dear Petitioner(s): The Weld County Board of Equalization has set a date of August 3, 2022, at or about the hour of 1:30 PM, 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 az,Le Esther E. Gesick Clerk to the Board Weld County Board of Commissioners and Board of Equalization cc: Brenda Dones, Assessor July 18, 2022 Agent: DELOITTE & TOUCHE LLP 555 SEVENTEENTH STREET SUITE 3600 DENVER , CO 80202-3942 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 Petitioner: METAL CONTAINER CORP C/O CORPORATE TAX DEPT 1 BUSCH PLACE ST LOUIS, MO 63118-1849 RE: THE BOARD OF EQUALIZATION 2022, WELD COUNTY, COLORADO NOTIFICATION OF HEARING SCHEDULED Docket 2022-2007, AS0109 Appeal 2008231023 Hearing 8/3/2022 1:30 PM Account(s) Appealed: R0022389 Dear Petitioner(s): The Weld County Board of Equalization has set a date of August 3, 2022, at or about the hour of 1:30 PM, 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 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: DELOITTE & TOUCHE LLP 555 SEVENTEENTH STREET SUITE 3600 DENVER , CO 80202-3942 RE: THE BOARD OF EQUALIZATION 2022, V NOTIFICATION OF HEARING SCHEDUL; Docket 2022-2007, AS0109 Appeal 2 Account(s) Appealed: R0022389 Dear Petitioner(s): The Weld County Board of Equalization has set 1:30 PM, to hold a hearing on your valuation for E County Administration Building, Assembly Roi You have a right to attend this hearing and prese County Assessor or his designee will be present. the record made at the aforementioned hearing, interest to have a representative present. If you I at your hearing, prior to the hearing you shall prov authorization for the agent or attorney to represer a decision will still be made by the Board by the c you within five (5) business days. Because of the volume of cases before the Boarc minutes. Also due to volume, cases cannot b, evidence to support your position. This may inci valued less than yours or you are being assessec The fact that your valuation has increased c documented evidence as indicated above, the Bo; If you wish to discuss your value with the Assesu you wish to obtain the data supporting the Asse written request to assessor@weldgov.com. Upoi notify you of the estimated cost of providing such Assessor providing such information, at which tim three (3) working days, subject to any confidential Please advise me if you decide not to keep y, additional information, please call me at your con, CLERK TO THE BOARD N L ui X 0 3 1,100 ri '+ 0 au f. 4 :ruj a>am � �• � Boa Very truly yours, BOARD OF EQUALIZATION az, LIO. Esther E. Gesick Clerk to the Board Weld County Board of Commissioners and Board of Equalization cc: Brenda Dones, Assessor 1201 Metal Container Ct Weld County Pa rcel(s): 080723000046 Property Summary Type: Square Feet: Office %: Tenancy: Land Acreage: Manufacturing 196,110 Assessor 8.12% Assessor Single 21.8 Assessor 2022 FMV $13,841,100 $70.58 Per SF Income Approach Conclusion of Value Sales Approach Conclusion of Value $7,349,862 $10,786,050 Property Owner's Estimate of FMV: $10,500,000 $53.54 Per SF • Market I&E Proforma Potential Revenue - NNN PSF Rate $3.00 Vacancy Expenses 3.8% 10.0% 588,330 22,357 58,833 NOI 507,140 Cap Rate 6.9% Indicated FMV $ 7,349,862 Costar Lease Comps Costar Market Report Costar Market Report $37.48 Per SF Sales Comparison Approach 1 Address 2 Transaction Type 3 Transaction Date 4 Proposed Use 5 Actual Sale Price 6 Rentable Building Area 7 Year Built / Renovated 8 Quality of Construction 9 Ceiling Clear Height 10 Office % 11 Size (Acres) 11 Size (SF) 12 LBR 13 Gross Price/SF 14 Time Adjustment @ 10%/yr Subject 1201 Metal Container Ct Manufacturing 196,110 1987 Class B 30 8.1% 21.80 949,608 4.84 Comparable 1 380 W 37th St Fee 11/1/2018 Manufacturing $6,850,000 169,816 1986 / 1990 Class B 30 24.7% 14.92 649,915 3.83 $40.34 16.63% Comparable 2 12789 Emerson St Fee 9/30/2019 Manufacturing $10,900,000 128,998 2003 / 2015 Class A 24 31.0% 11.60 505,296 3.92 $84.50 7.51% Comparable 3 2555 W Midway Blvd Fee 6/20/2019 Manufacturing $18,750,000 442,986 1974 Class B N/A 0.0% 20.68 900,821 2.03 $42.33 10.30% 15 Time Adjusted $/SF 15 Property Rights Conveyed 16 Financing Terms 17 Conditions of Sale 18 Market Conditions 19 Market Adjusted $/SF 20 Location 21 Size 22 Age/Condition 23 Quality of Construction 24 Office % 25 Land: Bldg Ratio 26 Total Other Adjustments 27 Indicated $/SF 28 Selected Market Value/SF 29 $55.00 Est. Market Value $10,786,050 $47.05 0.0% 0.0% 0.0% 0.0% $47.05 0.0% - 2.5% 0.0% 0.0% - 5.0% 5.0% -2.50% $45.87 Average PSF: $90.84 0.0% 0.0% 0.0% 0.0% $90.84 -5.0% - 5.0% - 15.0% - 10.0% - 5.0% 5.0% -35.00% $59.05 $54.42 $46.69 0.0% 0.0% 0.0% 0.0% $46.69 -5.0% 10.0% 10.0% 0.0% 5.0% 5.0% 25.00% $58.36 ANH [UER BUJCH 11Fir p :1 T.'Ie Authorization of Representative One Busch Place St. Louis, lli_ s iri 63118-1852 "['el.. (314) 577-2000 Anheuser-Busch LLC and its subsidiaries and/or affiliates ("Taxpayer" or "I") hereby authorizes Deloitte Tax, LLP ("Representative") to act on Taxpayer's behalf for the property in question as it pertains to Property Taxes ("Taxes") for tax years 2021 and 2022. I authorize the Representative to, with respect to the Taxes: receive and inspect confidential tax information, examine records, obtain tax statements and assessment notices, obtain personal and real property tax renditions, discuss tax assessments, discuss potential settlement options, communicate with the authorities in the Jurisdiction(s) and to perform acts that I can perform with respect to the Taxes and the Properties, subject to the following limitations: Anheuser-Busch LLC certifies under penalty of perjury that it owns, possesses, controls, or manages the properties in question and Anheuser-Busch LLC has the authority to designate a representative to act on behalf of Anheuser-Busch LLC, and its subsidiaries and/or affiliates. All settlement offers or decisions must be authorized in writing by Taxpayer. This Authorization of Representative does not authorize the Representative to perform any management functions including extending a statute of limitations, receiving funds or paying liabilities. Signature of Taxpayer:—Docusigned by: E4744% TN,Z044 SIGNATURE: PRINT NAME: TITLE: PHONE: '-292A4C1007F74B3.,. Bryan Dixon Vice President, State Tax _ (314) 765-6587 1201 Metal Container Ct Weld County Parcel(s): 080723000046 Property Summary Type: Square Feet: Office %: Tenancy: Land Acreage: 2022 FMV Income Approach Conclusion of Value Sales Approach Conclusion of Value Property Owner's Estimate of FMV: Manufacturing 196,110 Assessor 8.12% Assessor Single 21.8 Assessor $13,841,100 $70.58 Per SF $7,349,862 $10,786,050 $10,500,000 $53.54 Per SF Market I&E Proforma Potential Revenue - NNN PSF Rate $3.00 Vacancy Expenses 588,330 3.8% 22,357 10.0% 58,833 NOI Cap Rate Indicated FMV 507,140 6.9% $ 7,349,862 Costar Lease Comps Costar Market Report Costar Market Report $37.48 Per SF Sales Comparison Approach Subject Comparable 1 Comparable 2 Comparable 3 1 Address 1201 Metal 380 W 37th St 12789 Emerson 2555 W Midway Container Ct St Blvd 2 Transaction Type Fee Fee Fee 3 Transaction Date 11/1/2018 9/30/2019 6/20/2019 4 Proposed Use Manufacturing Manufacturing Manufacturing Manufacturing 5 Actual Sale Price $6,850,000 $10,900,000 $18,750,000 6 Rentable Building Area 196,110 169,816 128,998 442,986 7 Year Built / Renovated 1987 1986 / 1990 2003 / 2015 1974 8 Quality of Construction Class B Class B Class A Class B 9 Ceiling Clear Height 30 30 24 N/A 10 Office % 8.1% 24.7% 31.0% 0.0% 11 Size (Acres) 21.80 14.92 11.60 20.68 11 Size (SF) 949,608 649,915 505,296 900,821 12 LBR 4.84 3.83 3.92 2.03 13 Gross Price/SF $40.34 $84.50 $42.33 14 Time Adjustment @ 10%/yr 16.63% 7.51% 10.30% 15 Time Adjusted $/SF $47.05 $90.84 $46.69 15 Property Rights Conveyed 0.0% 0.0% 0.0% 16 Financing Terms 0.0% 0.0% 0.0% 17 Conditions of Sale 0.0% 0.0% 0.0% 18 Market Conditions 0.0% 0.0% 0.0% 19 Market Adjusted $/SF $47.05 $90.84 $46.69 20 Location 0.0% -5.0% -5.0% 21 Size -2.5% -5.0% 10.0% 22 Age/Condition 0.0% -15.0% 10.0% 23 Quality of Construction 0.0% -10.0% 0.0% 24 Office % -5.0% -5.0% 5.0% 25 Land: Bldg Ratio 5.0% 5.0% 5.0% 26 Total Other Adjustments -2.50% -35.00% 25.00% 27 Indicated 5/SF $45.87 $59.05 $58.36 28 Selected Market Value/SF $55.00 Average PSF: $54.42 29 Est. Market Value $10,786,050 July 18, 2022 Petitioner: METAL CONTAINER CORP CIO CORPORATE TAX DEPT 1 BUSCH PLACE ST LOUIS, MO 63118-1849 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 Agent (if applicable): DELOITTE & TOUCHE LLP 555 SEVENTEENTH STREET SUITE 3600 DENVER , CO 80202-3942 RE: THE BOARD OF EQUALIZATION 2022, WELD COUNTY, COLORADO NOTIFICATION OF HEARING SCHEDULED Docket 2022-2007, AS0109 Appeal 2008231023 Hearing 8/3/2022 1:30 PM Account(s) Appealed: R0022389 Dear Petitioner(s): The Weld County Board of Equalization has set a date of August 3, 2022, at or about the hour of 1:30 PM, 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: DELOITTE & TOUCHE LLP 555 SEVENTEENTH STREET SUITE 3600 DENVER , CO 80202-3942 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: METAL CONTAINER CORP C/O CORPORATE TAX DEPT 1 BUSCH PLACE ST LOUIS, MO 63118-1849 RE: THE BOARD OF EQUALIZATION 2022, WELD COUNTY, COLORADO NOTIFICATION OF HEARING SCHEDULED Docket 2022-2007, AS0109 Appeal 2008231023 Hearing 8/3/2022 1:30 PM Account(s) Appealed: R0022389 Dear Petitioner(s): The Weld County Board of Equalization has set a date of August 3, 2022, at or about the hour of 1:30 PM, 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 Esther E. Gesick Clerk to the Board Weld County Board of Commissioners and Board of Equalization cc: Brenda Dones, Assessor July 18, 2022 Agent: DELOITTE & TOUCHE LLP 555 SEVENTEENTH STREET SUITE 3600 DENVER , CO 80202-3942 RE: THE BOARD OF EQUALIZATION 2022, U` NOTIFICATION OF HEARING SCHEDUL, Docket 2022-2007, AS0109 Appeal 2 Account(s) Appealed: R0022389 Dear Petitioner(s): The Weld County Board of Equalization has set 1:30 PM, to hold a hearing on your valuation for County Administration Building, Assembly Rot You have a right to attend this hearing and prese County Assessor or his designee will be present. the record made at the aforementioned hearing. interest to have a representative present. If you I at your hearing, prior to the hearing you shall prov authorization for the agent or attorney to represer a decision will still be made by the Board by the c you within five (5) business days. Because of the volume of cases before the Boarc minutes. Also due to volume, cases cannot bi evidence to support your position. This may inci valued less than yours or you are being assessed The fact that your valuation has increased c documented evidence as indicated above, the Bo; If you wish to discuss your value with the AssesE you wish to obtain the data supporting the Asse writtenrequesttoassessor@weldgov.com. Upor notify you of the estimated cost of providing such Assessor providing such information, at which tirr three (3) working days, subject to any confidential Please advise me if you decide not to keep yc additional information, please call me at your cony CLERK TO THE BOARD aaaa W 2 i i o N II%' o N ■ o° a 8:1 ell . a, a r7 ( l n U, � 1 000 d. CO 't O O R O O co O CC a o co m o WE-- cc �wcO U O Lo � w � �oow u.Iomw O CC O T cL CD .a....... _: N NJ 0 e r4 it' 0 to tL! y.. On Ca..%P.— a• —.—s r� . 0c Cl 3; ��- : �w u10,0 Z u. 0 00 7) f�S. c.. et, cif Ess" P-- 4. U) c- 0) 0c) C) C) C) (O ) $ 1 01 Let l� M C) ra n► U) C) 0) a a It 0) w.. • r•. • NNW •. •. 1•• .. • a YO .M M_ . a.- - •. • - -- --- _.w —.. •.ter r .• S 41 .. —•. _1.. /. .._ Ma — •..— w • - e•.• — a a _. .. • w — a-.. M _-.. r•. In .a —•. . r — . a •. •r •5 •• ... a S_• August 4, 2022 Petitioner: METAL CONTAINER CORP C/O CORPORATE TAX DEPT 1 BUSCH PLACE ST LOUIS, MO 63118-1849 CLERK TO THE BOARD PHONE (970) 400-4226 FAX (970) 336-7233 WEBSITE: www.weldqov.com 1150 O STREET P.O. BOX 758 GREELEY CO 80632 Agent (if applicable): DELOITTE & TOUCHE LLP 555 SEVENTEENTH STREET SUITE 3600 DENVER , CO 80202-3942 RE: THE BOARD OF EQUALIZATION 2022, WELD COUNTY, COLORADO NOTICE OF DECISION Docket 2022-2007 Appeal 2008231023 Hearing 8/3/2022 1:30 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 R0022389 Deny- Denied in Full $13,841,100 $13,841,100 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 zW 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: DELOITTE & TOUCHE LLP 555 SEVENTEENTH STREET SUITE 3600 DENVER , CO 80202-3942 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 Petitioner: METAL CONTAINER CORP C/O CORPORATE TAX DEPT 1 BUSCH PLACE ST LOUIS, MO 63118-1849 RE: THE BOARD OF EQUALIZATION 2022, WELD COUNTY, COLORADO NOTICE OF DECISION Docket 2022-2007 Appeal 2008231023 Hearing 8/3/2022 1:30 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 R0022389 Deny- Denied in Full $13,841,100 $13,841,100 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)(I)(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 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: DELOITTE & TOUCHE LLP 555 SEVENTEENTH STREET SUITE 3, DENVER , CO 80202-3942 RE: THE BOARD OF EQUALIZATION 2022, NOTICE OF DECISION Docket 2022-2007 Appeal Dear Petitioner: On the day indicated above, the Board of Ci acting as the Board of Equalization. pursuer the Weld County Assessor's valuation of yo The Assessrr Account # Decision Del R0022389 Deny - Denied in Full A denial of a petition, in whole or in part, by days of the date the denial is mailed tc options for appeal: 1. Appeal to Board of Assessment Apt Equalization's decision to the Colon will be the last time you may pres€ support of your valuation. If the dec the Court of Appeals pursuant to ( hearing before the Board of Asses court. All appeals to the Board of Assessment following provisions of C.R.S. §39-8-107 (5)(a)(I) On and after August 10, 2022, it appealing either a valuation of rent-producir pursuant to C.R.S. §39-8-108(1) or a denia N acitZ at ql S9 0 I I a 4cf, ;LC 01 (7) Lr, L1.jCoto 0 �` (LINO O cc Q 0 CO i— x wco �� OO CCco Ln PTO T a GREELEY CO 80632-0758 RECEIVE:, fh. CLERK TO THE BOARD PHONE (970) 400-4226 -• m few Zz DO U� U) o af LLJ 2 0 / / A 1 A. A A • • • Saflea • IIIPHIPAMMIltli ;AO. FialM.A432 WPM SC to i!i CD lit A tiltC4( it "iv Ci Z WWI O O tl 1) in CO nri tilt i" z t ELI -� , a. '"4 OCIft its ar fililiannoal M real atilea••• lea ill „e i0 I OOP rig mg yo▪ b ASP ~I-- faMaileaSe flaw... Hello