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Home My WebLink About20221575.tiffRESOLUTION RE: ACTION OF THE BOARD CONCERNING PETITION FOR ABATEMENT OR REFUND OF TAXES FOR ACCOUNT NUMBER R3919505 - 2316 INVESTMENTS, LLC WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to Colorado statute and the Weld County Home Rule Charter, is vested with the authority of administering the affairs of Weld County, Colorado, and WHEREAS, the Board of County Commissioners of Weld County, State of Colorado, were presented with a Petition for Abatement or Refund of Taxes for Account Number R3919505 at a duly and lawfully called regular meeting held on the 8th day of June, 2022, at which meeting there were present the following members: Commissioners Mike Freeman, Steve Moreno, and Lori Saine, with Chair Scott K. James and Commissioner Perry L. Buck not being present, and WHEREAS, notice of such meeting and an opportunity to be present has been given to the taxpayer and the Assessor of said County, with said Assessor, Brenda Dones, being present, and taxpayer, 2316 Investments, LLC, being represented by Stevens and Associates Cost Reduction Specialists, Inc., not being present, and WHEREAS, the Board of County Commissioners has carefully considered the attached petition, and is fully advised in relation thereto. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the Board concurs with the recommendation of the Assessor and the petition be, and hereby is, denied, and an abatement or refund be allowed as follows: CORRECTION TO ASSESSED VALUATION ABATEMENT OR REFUND TAX YEAR $772,390.00 $0.00 2019 $772,390.00 $0.00 2020 (off Z11 z -Z M- /4.5 Apm' cK) CA- (K�-+ naIzo ) zz 2022-1575 AS0111 TAX ABATEMENT PETITION - 2316 INVESTMENTS, LLC PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 8th day of June, A.D., 2022. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO ATTEST: J C,1 `�,�,/ •� Weld County Clerk to the Board APP Deputy Clerk to the Boa County Att• ney Date of signature: w EXCUSED Scott K. James, Chair Mike Freeman, Pro-Tem EXCUSED Perry L. Buck Lori Saine 2022-1575 AS0111 PETITION FOR ABATEMENT OR REFUND OF TAXES tEl VED County: weld Dale Received (use Assessor's or Commissioners' Date Stamp) DEC 21 2021 Section I: Petitioner, please complete Section I only. Date: 12/ 3 1/ 20 2 I Month Day Year Petitioner's Name: 2316 INVESTMENTS LLC Petitioners Mailing Address: 270':9 i'aul 5, 200 flcnvcr City or Town C:U State 80206 Zip Code WELL) COUNTY ASSESSOR GALLEY, COLORADO 11n, as ,52 - RECEIVED SCHEDULE OR PARCEL NUMBER(S) PROPERTY ADDRESS OR LEGAL DESCRIPTION OF PROPERTY R3y19505/095912428001 MAY 18 2022 2400 w 1211, S1 WELD COUNTY COMMISSIONERS Petitioner requests an abatement or refun5of the appropriate taxes and slates That the taxes assessed against'the abovepropertyfor property lax year(s) ' 19_and 2020 are incorrect for the lolldwing reasops1 (Briefly describe why the taxes have been levied erroneously or illegally, whether due to erroneous valuation. irregularitytn levying, clerical error or overvaluation. Attach additional sheets if necessary:). The Assessor did not properly conctil: r the cost. market, and incomes approaches to value or other aspects of the property in question. Petitioner's estimate of value: $ 1.000.020 4y__) and $_L, 400 , 00O. Value Year Value 2020 ,1 Year I declare, under penalty of perjury in the second degree, that this petition, together with any accompanying exhibits or statements, has been prepared or examined by me, and to the best of my knowledge, information and belief, is By _ Petitioner's Signature AgoII Signature' Daytime Phone Number Email Daytime Phone Number ( u3 2, 3O)67. Email cassaundrapi,stevensand,issoc.com 'Letter of agency must be attached when petition is submitted by an agent. If the Board of County Commissioners, pursuant to § 39-10.114(1), C.R.S., or the Property Tax Administrator, pursuant to § 39-2-116. C.R.S., denies the petition for relund icr abatement of taxes in whole or in art. the Petitioner may appeal to the Board of Assessment Appeals pursuant to the provisions of ti 39.2-125. C.R.S., within thirty days of the entry of any such decision, § 39.10-114.5(1), C.R.S. Section II:, Assessor's Recommendation (For Assessor's Use Only) Tax Year lg_ Too Year _20211._ Actual 000000 . Tit Actual, ,ssessed• too original $2,663,440 $772,390 $67,506.89 $2,663,440 $772,390 $67,330.01 corrected $2.663.440 $772,390 $67,506.89 $2,663,440 $772,390 $67,330.01 Abate/Refund $0 SO $0 SO 50 5. ❑ Assessor recommends approval as outlined above. If the ret)uest for abaterpent is based upon the grounds of overvaluation, no abatement or refund of taxes shall be made if an objection or protest to such valuation as been riled and a Nonce or Deterrninatien has been mailed to the taxpayer, § 3hal 114(t)(a i(I)(D), C.R.S. Tax year: Protest? bit, ❑ Yes (If a protest was filed, please attach a copy of the NOD.) Tax year: Protest? ❑ No ❑ Yes (If a protest was riled, please attach a copy of the NOD.) Assessor recommends denial for the following reason(s): Value is supported by market sales and income. lssessor's ep 0ossees_5fgnalure- 15.OPT-AR- No. 920.66115 .A -3D51 B - & tq 2022-1575 FOR ASSESSORS AND COUNTY COMMISSIONERS USE ONLY (Section III or Section IV must be completed) Every petition for abatement or refund filed pursuant to § 39.10-114, C.R.S shall be acted upon pursuant to the provisions of this section by the Board of County Commissioners or the Assessor, as appropriate, within six months of the date of filing such petition, § 39.1-113(1.7j, C 9.. Section in: Written Mutual Agreement of Assessor and Petitioner (Only for abatements up to $10,000) The Commissioners of County authorize the Assessor by Resolution No. to review petitions for abatement or refund and to settle by written mutual agreement any such petition for abatement or refund in an amount of $10,000 or less per tract, parcel, or lot of land or per schedule of personal property, in accordance with § 39-1-113(1,5), C.R.S. The Assessor and Petitioner mutually agree to the values and tax abatement/refund of: Tax Year Tax Year Actual Assessed Aaggl ICS Original Corrected Abate/Refund Note: The total tax amount does not include accrued interest, penalties. and fees associated with late andtor delinquent tax payments, if applicable. Please contact the County Treasurer for full payment information. Petitioner's Signature Assessor's or Deputy Assessor's Signature Date Date Section IV: Decision of the County Commissioners (Must be completed if Section III does not apply) WHEREAS, the County Commissioners of County, State of Colorado, at a duly and lawfully called regular meeting held on / / , at which meeting there were present the following members: Month Day Year with notice of such meeting and an opportunity to be present having been given to the Petitioner and the Assessor of said County and Assessor (being present --not present) and Name Petitioner (being present --not present), and WHEREAS, the said Name County Commissioners have carefully considered the within petition, and are fully advised in relation thereto, NOW BE IT RESOLVED, that the Board (agrees --does not agree) with the recommendation of the Assessor and the petition be (approved --approved in part --denied) with an abatement/refund as follows: Year Assessed Value Taxes Abate/Refund Year Assessed Value Taxes Abate/Refund Chairperson of the Board of County Commissioners' Signature County Clerk and Ex -officio Clerk of the Board of County Commissioners in and for the aforementioned county, do hereby certify that the above and foregoing order is truly copied from the record of the proceedings of the Board of County Commissioners. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of said County this day of Month Year County Clerk's or Deputy County Clerk's Signature Note: Abatements greater than $10,000 per schedule, per year, must be submitted in duplicate to the Property Tax Administrator for review. Section V: Action of the Property Tax Administrator (For all abatements greater than $10,000) The action of the Board of County Commissioners, relative to this abatement petition, is hereby 0 Approved 0 Approved in part $ O Denied for the following reason(s): Secretary's Signature Property Tax Administrator's Signature Date IS -DPI -AR No. 920-86115 PETITION FOR ABATEMENT OR REFUND OF TAXES County: Weld Date Received (Use Assessor's or Commissioners' Date Stamp) Section I: Petitioner, please complete Section I only. Date: 12/31/2021 Month Day Year Petitioner's Name: 2316 INVESTMENTS LLC Petitioner's Mailing Address: 270 St Paul St 200 Denver CO 80206 City or Town State Zip Code SCHEDULE OR PARCEL NUMBER(S) PROPERTY ADDRESS OR LEGAL DESCRIPTION OF PROPERTY R3919505/095912428001 2400 W 16th St Petitioner requests an abatement or refund of the appropriate taxes and states that the taxes assessed against the above property for property tax year(s) 2019 and 2020 are incorrect for the following reasons: (Briefly describe why the taxes have been levied erroneously or illegally, whether due to erroneous valuation, irregularity in levying, clerical error or overvaluation. Attach additional sheets if necessary.) The Assessor did not properly consider the cost, market, and incomes approaches to value or other aspects of the property in question. Petitioner's estimate of value: $ 1,400,000 Value ( 2019 ) and $ 1,400,000 ( 2020 ) Year Value Year I declare, under penalty of perjury in the second degree, that this petition, together with any accompanying exhibits or statements, has been prepared or examined by me, and to the best of my knowledge, information and belief, is true, correct, and complete. Petitioner's Signature By Agent Signature* Daytime Phone Number ( Email Daytime Phone Number ( 303 ) 347-1878 Email cassaundra@stevensandassoc.com *Letter of agency must be attached when petition is submitted by an agent. If the Board of County Commissioners, pursuant to § 39-10-114(1), C.R.S., or the Property Tax Administrator, pursuant to § 39-2-116, C.R.S., denies the petition for refund or abatement of taxes in whole or in part, the Petitioner may appeal to the Board of Assessment Appeals pursuant to the provisions of § 39-2-125, C.R.S., within thirty days of the entry of any such decision, § 39-10-114.5(1), C.R.S. Section II: Assessor's Recommendation (For As.essor's Use Only) Tax Year Assessed Original Tax Year Tax Aejpil AeSpS..rt Tax Corrected Abate/Refund ❑ Assessor recommends approval as outlined above. If the request for abatement is based upon the grounds of overvaluation, no abatement or refund of taxes shall be made if an objection or protest to such valuation has been filed and a Notice of Determination has been mailed to the taxpayer, § 39-10-114(1)(a)(IXD), C.R.S. Tax year: Protest? ❑No ❑ Yes (If a protest was filed, please attach a copy of the NOD.) Tax year: Protest? O No ❑ Yes (If a protest was filed, please attach a copy of the NOD.) ❑ Assessor recommends denial for the following reason(s): Assessor's or Deputy Assessor's Signature 15-DPT-AR No. 920-66/15 FOR ASSESSORS AND COUNTY COMMISSIONERS USE ONLY (Section III or Section IV must be completed) Every petition for abatement or refund filed pursuant to § 39-10-114, C.R.S. shall be acted upon pursuant to the provisions of this section by the Board of County Commissioners or the Assessor, as appropriate, within six months of the date of filing such petition, § 39.1-113(1.7), C.R.S. Section III: Written Mutual Agreement of Assessor and Petitioner (Only for abatements up to $10,000) The Commissioners of County authorize the Assessor by Resolution No. to review petitions for abatement or refund and to settle by written mutual agreement any such petition for abatement or refund in an amount of $10,000 or less per tract, parcel, or lot of land or per schedule of personal property, in accordance with § 39-1-113(1.5), C.R.S. The Assessor and Petitioner mutually agree to the values and tax abatement/refund of: Tax Year Tax Year Actual Assessed Tax Actual Assessed Tax Original Corrected Abate/Refund Note: The total tax amount does not include accrued interest, penalties, and fees associated with late and/or delinquent tax payments, if applicable. Please contact the County Treasurer for full payment information. Petitioner's Signature Assessor's or Deputy Assessor's Signature Date Date Section IV: Decision of the County Commissioners (Must be completed if Section III does not apply) WHEREAS, the County Commissioners of County, State of Colorado, at a duly and lawfully called regular meeting held on / / , at which meeting there were present the following members: Month Day Year with notice of such meeting and an opportunity to be present having been given to the Petitioner and the Assessor of said County and Assessor (being present --not present) and Name Petitioner (being present --not present), and WHEREAS, the said Name County Commissioners have carefully considered the within petition, and are fully advised in relation thereto, NOW BE IT RESOLVED, that the Board (agrees —does not agree) with the recommendation of the Assessor and the petition be (approved —approved in part --denied) with an abatement/refund as follows: Year Assessed Value Taxes Abate/Refund Year Assessed Value Taxes Abate/Refund Chairperson of the Board of County Commissioners' Signature County Clerk and Ex -officio Clerk of the Board of County Commissioners in and for the aforementioned county, do hereby certify that the above and foregoing order is truly copied from the record of the proceedings of the Board of County Commissioners. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of said County this day of Month Year County Clerk's or Deputy County Clerk's Signature Note: Abatements greater than $10,000 per schedule, per year, must be submitted in duplicate to the Property Tax Administrator for review. Section V: Action of the Property Tax Administrator (For all abatements greater than $10,000) The action of the Board of County Commissioners, relative to this abatement petition, is hereby El Approved ❑ Approved in part $ O Denied for the following reason(s): Secretary's Signature Property Tax Administrator's Signature Date 15-DPT-AR No. 920-66/15 Jan Warwick From: Sent: To: Subject: Thank you. Jan Warwick Deputy Clerk to the Board Weld County 1150 O Street Greeley, CO 80631 tel: 970-400-4217 Jan Warwick Friday, June 3, 2022 12:06 PM Robyn Seddon RE: Petition for Abatement or Refund of Taxes for Account Number R3919505 - 2316 Investments, LLC 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: Robyn Seddon <RobynD@stevensandassoc.com> Sent: Friday, June 3, 2022 11:55 AM To: Jan Warwick <jwarwick@weldgov.com> Subject: RE: Petition for Abatement or Refund of Taxes for Account Number R3919505 - 2316 Investments, LLC Caution: This email originated from outside of Weld County Government. Do not click links or open attachments unless you recognize the sender and know thecontent, is safe. Good morning, Please find attached my original copy, looks like something happened during transmission. Sincerely, G obpn Qabpn Qbeddan Chief Executive Director i Direct: (720) 500-1081 Main: (303) 347-1878 Fax: (303) 347-9242 Email: RobynD@stevensandassoc.com IlSTEVENS &ASSOCIATES SPECIALISTS M+k PROPERTY. SALES 8 USE TAX REDUCTIONS 10303 Ext Dry Creel. Ra-ad Sprite 240 f nh3lewood, C.Ilor ado BO 1 Visit our website at stevensandassoc.com The information contained in this electronic email and any accompanying attachment(s) is intended only for the use of the intended recipient and may be confidential and/or privileged. If you have received this communication in error, please immediately notify the sender by return email, and delete the original message and all copies from your system. Please consider the environment before printing this email. From: Jan Warwick <jwarwick@weldgov.com> Sent: Friday, May 27, 2022 2:18 PM To: info@stevensandassoc.com Subject: FW: Petition for Abatement or Refund of Taxes for Account Number R3919505 - 2316 Investments, LLC Robyn, Thank you for your call back. Please see the Petition mentioned in our conversation. Enjoy the long weekend, Jan Warwick Deputy Clerk to the Board Weld County 1150 O Street Greeley, CO 80631 tel: 970-400-4217 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 From: Jan Warwick Sent: Friday, May 27, 2022 10:26 AM To: cassandra@stevensandassoc.com Cc: Chloe White <cwhite@weldgov.com>; Brenda Dones <bdones@weldgov.com> Subject: Petition for Abatement or Refund of Taxes for Account Number R3919505 - 2316 Investments, LLC Ms. Gibb, Please see the attached copy of the Petition received by your office. In preparation of our documentation for the Board of County Commissioner's hearing, we noticed a zero (0) appears to be missing on your petition, mid -page, Petitioner's estimate of value, third printed number (2020 value). Please provide a corrected copy if this is a typographical error. The hearing will be scheduled for June 8, 2022 at 9:00 a.m. Thank you for your prompt attention to this request. Jan Warwick Deputy Clerk to the Board Weld County 1150 O Street Greeley, CO 80631 tel: 970-400-4217 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. 3 .......,,, IIST1v1NS & ASSOCIATES Property Tax Consultant - Agency Agreement Owner Address: 270 St Paul St 200. Denver, CO 80206 Property Address/Legal Description/Schedule #: See Attached Exhibit A Consultant/Agent: Stevens & Associates Cost Reduction Specialists, Inc. IIWe 2316 INVESTMENTS LLC, 1556 INVESTMENTS LLC, subsidiaries, parent companies and all affiliated companies agree with Stevens & Associates Cost Reduction Specialists, Inc. that for the property tax/sales and use tax assessment years 2021, 2022 and prior years. in Colorado as the property referred to above, that Stevens & Associates Cost Reduction Specialists, Inc. is hereby engaged and authorized to act as agent and consultant before either the Board of Review as well as the State Tax Review Board or for any hearing pertinent to the property for the property tax/sales and use tax assessment years 2021, 2022 and prior years. Please direct all correspondence and refunds to Stevens & Associates Cost Reduction Specialists, Inc. The undersigned further authorizes Stevens & Associates Cost Reduction Specialists. Inc. as agent of the undersigned, in the name of the undersigned. to execute and cause to be filed on behalf of the undersigned, in the name of the undersigned, any and all documents relating to an appeal of the said assessments. for the assessment years in question and prior years, before either the Board of Review as well as the State Tax Review Board or any hearings pertinent to the property. Thus, done and executed on this 11th day of March 2021. Agreed By: 2316 INVESTMENTS LLC, 1556 INVESTMENTS LLC By. Rick Campbell Title: Managing Member Please direct all correspondence/refunds to: Stevens & Associates / Inc. 10303 East Dry Creek Road, Ste 240 Englewood, Colorado 80112 (Notary column needs to be complete) STATE OF of,o rQ.d u The foregoing ins rumenl was acknowledged before me This I I el-- day of g(477 , „2OS 1 By Rick Camobell Witness my hand and official seal my commission expires Notary Public Notary Signature CASSAUNORA NATHALIE ANNE GIBE i fo NOTARY PUBLIC • STATE OF COLORADO i ' _ NOTARY ID 20204021600 ` MY COMMISSION EXPIRES JUNE 22, 2024 Owner: Property Type: Property Address: STEVENS &ASSOCIATES SPECIALISTS IN. PROPERTY, SALES & USE TAX REDUCTIONS 11);O1[,,,t 1'ti v (`, F 42r)•id Kurt,- I, ( liOli11I Limited Summary Consulting Assignment Weld County Board 2316 INVESTMENTS LLC Medical Office 2400 W 16th St Greeley, Colorado Schedule/Account #: R3919505 Parcel ID: 095912428001 Tax Year: 2019 & 2020 Prepared By Stevens & Associates Date of Value: January 1, 2019 & 2020 Base Period Ending: June 30, 2018 Date of Report: October 2021 Summary of Important Facts and Conclusions Property Location: Parcel Number: Schedule Number: Land: Improvement Size: Year of Construction: Highest and Best Use: 2400 W 16th St 095912428001 R3919505 142,344 Square Feet 3.27 Acres 33,293 Gross Square Feet 1976 For ad valorem tax purposes in Colorado the highest and best use of the subject is its current use. County Value: $2,663,440 $80.00 PSF Cost Approach: N/A PSF Sales Comparison Approach: N/A PSF Income Approach: $1,417,727 $42.58 PSF Reconciliation: $1,400,000 $42.05 PSF Date of Value: January 1, 2019 & 2020 4/6/2022 Attn: Brenda Dones RE: 2019 & 2020 Abatement received 12/21/2021 R3919505 2316 Investments LLC 2400 W 16 St Greeley, CO 2019/2020 Assessors Value $2,663,440 ($80.00 / sf) SUBJECT: The subject property is a 33,293 square foot multi -tenant retail building located in Cottonwood Shopping Center at the corner of 16th St and 23rd Ave. The building was built in 1976 and remodeled in 2007 and is of average quality. The subject sits on a 142,344 sf of land. The subject last sold on 5/10/2013 for $2,500,000 or $75.00 per square foot. Abatement Request: The subject is being appealed by Stevens & Associates. The agent is requesting the value be lowered to $1,400,000 or $42.05 per square foot based on the income approach to value. Description and analysis of what was provided: The agent supplied lease information for this property and another property to determine an income analysis as well as provided 2017 and 2018 Profit and Loss Statements. The income analysis provided used a lower than market rental rate, higher vacancy rate, higher expense rate and higher cap rate. Cost Approach: The subject is a multi -tenant retail building built in 1976. The subject was built as a market and in 2007 the building was remodeled into a multi -tenant building. It is average quality and has had regular maintenance and tenant improvements taking place throughout the years. The subject's land totals 142,344 sq. ft. and is valued at $3.30 per sq. ft. for a total of $469,735. Marshall & Swifts estimate of reconstruction costs as follows: Imp 1 RCNLD $3,007,259 Depr 35% -$2,255,444 TOTAL $ 751,815 LAND $ 469,735 $1,221,550 The estimated cost value of the subject less depreciation is $1,221,550 or $36.69 per square foot. 1 Income Approach - Lease Comps Bose Period: 1/1/17-6/30/18 Property Information: Lease Information: Conclusion: Lease Number Property Type Address City YOC Building SF Lease SF Lease Date Base Rent ($/SF) Basis Indicated Lease Rate Notes: Fee Simple Income Proforma Gross Building Area Net Rentable Area Indicated Lease Rate (NNN) Potential Gross Income Vacancy Allowance (of annual gross) Effective Gross Income (EGI) Operating Expenses (CAM, Management, Etc.) Reserves NOI (Net Operating Income) Indicated Capitalization Rate Capitalized Value of Property Price Per SF ' STEVENS & ASSOCIATES SPECIALISTS IN PROPERTY. SALES u USE TAX REDUCTIONS Exhibit A Owner Name Address Assessor Parcel ID Account 1556 INVESTMENTS LLC 15540 E 6th Ave Arapahoe 1975-08-2-39-002 035067785 2316 INVESTMENTS LLC 2400 W 16th St Weld 095912428001 R3919505 9:05 AM 2316 Investments, LLC Profit & Loss January through December 2017 05/08/18 Cash Basis Ordinary Income/Expense Income 40000 • Rental Income 42000 • CAM Income 43000 • RE Taxes Income 45000 Other Tenant Charges Jan - Dec 17 Page 1 11:13 AM 2316 Investments, LLC Profit & Loss January through December 2018 03/08/19 Cash Basis Ordinary Income/Expense Income 40000 • Rental Income 42000 • CAM Income 43000 • RE Taxes Income Jan - Dec 18 Page 1 Market Approach: Four comparable sales were found in Greeley that were used in this analysis. Comp 1 is located at 2325 23rd Ave. This building is 41,383 square feet and sold November 16, 2017 for $ or $ per square foot. This property was built in 1989 and remodeled in 2016. Comp 2 is located at 3483-3489 W 10th St and is 37,301 square feet. This sold on October 19, 2017 for $ or $ per square foot. This property was built in 1979/2002 and remodeled in 2017. Comp 3 is located at 2904 W 10th St and is 41,367 square feet. This sold on April 22, 2016 for $ or $ per square foot. This property was built in 1963 and remodeled in 2016. Comp 4 is located at 2800-2908 W 10th St and is 43,052 square feet. This sold on March 19, 2015 for $ or $ per square foot. Sales of similar retail buildings in Greeley during the base period range between $ to $ per square foot. With the average being $ per square foot and the median price per square foot being $ After adjusting for the differences, the range of adjusted values are between $ - $ with the average price per square foot being $ and the median being $ The market value of the subject is estimated to be $ or $ per square foot. Income Approach: Income, expenses, and a rent roll were requested from the agent. A Profit and Loss Statement was provided for tax years 2017 and 2018. In 2017 the building was leased but in 2018 it has some vacancy. I spoke with 16th Street Fitness, they told me there was a business name change in 2018 and the fitness center never closed during this process. Apria was a tenant but left at some point in 2018. By using the actual income and real estate expenses for 2017 and by using an 8% cap rate, the estimated value of the subject is $ or $ per square foot. By using the actual income and real estate expenses for 2018 and by using an 8% cap rate, the estimated value of the subject is $ or $ per square foot. By blending the value of 2017 and 2018 the estimated value of the subject is $ or $ per square foot. Market income was determined to be $ per square foot. By using this number calculated by the building square feet and using a market vacancy of 5% and market expenses of 8%, this creates a NOI of $ A cap of 8% was determined to be reasonable for the subject, so this creates a market income value of $ or $ per square feet. 2 Reconciliation and Summary: The three approaches to value were developed but consideration was only given to the income and market approaches. That creates a range of value between $4,471,458 and $5,225,000. If consideration is given for the actual income blended over 2017/2018, the estimated income value is $2,966,384 or $89.10 per square foot, which also supports the subjects current value of $2,663,440. It is my recommendation that the value be held at $2,663,440 or $80.00 per square foot. Market Sales $5,225,000.00 $157.00 p/sf Market Income $4,471,458 .00 $134.00 p/sf 2019/2020 Value $2,663,440.00 $80.00 p.sf 3 Actual Income $2,966,384.00 $89.00 p/sf Photos & Sketch Front view Rear view Sketch r--- .t1a S �nCll iJ'6t0�� aac Butt 1976 tae a First Floor 33292 9 sf 5 2,046 sf Unit wa J°P 5/18/22, 2:48 PM Property Repel 11' / ff.��T-� E1I I Weld County PROPERTY PORTAL Property Information (970) 400-3650 Technical Support (970) 400-4357 Account: R3919505 May 18, 2022 Account Information Account Parcel Space Type Account Year Tax Buildings Actual Assessed Value I Value I R3919505 'I 095912428001 I I Commercial I 2022 I 1 3,162,835 917,220 � J Legal GR CS L1 BLK1 COTTONWOOD SQUARE Subdivision Block Lot Land Economic Area COTTONWOOD SQUARE 1 1 ; W 16 ST (23 AV TO 35 AV) 7 Property Property Address City Zip I Section Township Range 2400 W 16TH ST GREELEY 12 05 66 Owner(s) Account Owner Name Address 2316 R3919505 INVESTMENTS LLC 270 SAINT PAUL ST STE 200 DENVER, I CO 802065133 Document History https://propertyreport.co.weld.co.us/?account=R3919505 1/6 5/18/22, 2:48 PM Property Report j Reception Rec Date Type Grantor Grantee I Doc Fee ( Sale Date Sale Price 3322236 SUB SUBDIVISION COTTONWOOD SQUARE 0.00 0 3820581 01-26-2012 SWD WALGREEN CO GREELEY RETAIL PARTNERS LLC 80.00 01-24-2012 800,000 , 3932185 05-14-2013 SWD GREELEY RETAIL PARTNERS LLC 2316 INVESTMENTS LLC 250.00 05-10-2013 2,500,000 *If the hyperlink for the reception number does not work, try a manual search in the Clerk and Recorder records. Use the Grantor or Grantee in your search. Building Information Building 1 AccountNo Building ID Occupancy R3919505 Medical Offices ID Type NBHD Occupancy % Complete i Bedrooms Baths Rooms Commercial 6905 Medical Offices I_ 100 L 0 0 --I- 0 L ID Exterior L Roof i I Unit Cover ! Interior HVAC I Perimeter I Units Type Make Package 986 0 Unit Square Condo I - Total Finished ,I Garage j Carport Balcony Porch I ID Ft SF Basement Basement SF SF SF SF SF SF ; 1 33,293 I 0 - ! - 0 0 0 0 0 0 https://propertyreport.co.weld.co.us/?account=R3919505 2/6 5/18/22, 2:48 PM Property Report Built As Details for Building 1 ID 1.00 Built As Retail Store Square Ft 33,293 Year Built 1976 Additional Details for Building 1 ID Detail Type Add On Add On Stories 1 Description Asphalt Average Length 0 Width 0 Corn Canopies Wood Good 1 Add On Units 90,000 3,081 Loading Docks Filled Conc Walls & Floor 952 Type Improvement -r Improvement Land Totals Code 2212 2220 Valuation Information Description MERCHANDISING - IMPROVEMENT OFFICES - IMPROVEMENTS MERCHANDISING - LAND 1,068,699 Actual Value 1,603,049 491,087 3,162,835 Assessed Value 309,920 464,880 142,420 917,220 Acres i Land SqFt 0.000 0 142,344 3.268 142,344 Comparable sales for your Residential or Commercial property may be found using our SALES SEARCH TOOL Tax Authorities https://propertyreport.co.weld.co.us/?account=R3919505 3/6 5/18/22, 2:48 PM Property Report Tax Area ID District District Name Current Levy Mill 0600 0700 AIMS JUNIOR COLLEGE 6.342 0600 0411 GREELEY CITY 11.274 0600 1050 HIGH PLAINS LIBRARY 3.197 0600 0301 NORTHERN (NCW) COLORADO WATER 1.000 0600 0206 SCHOOL DIST 6-GREELEY 50.596 0600 0100 WELD COUNTY 15.038 Total - - 87.447 Photo Sketch https://propertyreport.co.weld.co.us/?account=R3919505 4/6 5/18/22, 2:48 PM Property Report 58.8' b N 30 0' Deck of 30 0' ;cnc Ramp : 313 Dental Office 833^ . sf 13.7' M But 1992 tr 15.7 ..a Dock b §0i 3575st a : 20 0' b But 193 830' Built 1976 144.0' First Floor 33292.9 sf Canopy 3081.0 st Building 1 Page 1 2,096 sf Unit ID 400' 300' But 1983 300' O 0) R/R R/R Lounge Exam 105.5' Unfinished Exam Lab Exam Exam Exam Exam Office Exam Exam Hygiene Office Office Office Xray Xray Xray Exam Exam Dental Office Eel 8820.1 S.F. M M 43.5' Office r- R/R R/R Lobby 149.0' Building 1 Page 2 �r U) M https://propertyreport.co.weld.co.us/?account=R3919505 5/6 5/18/22, 2:48 PM Property Report Map Maxar, Microsoft Weld County Government Powered by Esri Get additional detail with the Map Search. Copyright © 2022 Weld County, Colorado. All rights reserved. Privacy Policy & Disclaimer Accessibility Information https://propertyreport.co.weld.co.us/?account=R3919505 6/6 i►iiirr;tr I his map is a user generated static output from an Internet mapping site and is for reference only. Data layers that appear on this map may or may not be accurate, current, or otherwise reliable. THIS MAP IS NOT TO BE USED FOR NAVIGATION CLERK TO THE BOARD May 31, 2022 2316 INVESTMENTS, LLC 270 SAINT PAUL STREET SUITE 200 DENVER, CO 80206-5133 RE: SCHEDULE NUMBER R3919505 Dear Property Owner: PHONE: (970) 400-4225 FAX: (970) 336-7233 1150 O STREET P.O. BOX 758 GREELEY, COLORADO 80632 www.weldgov.com STEVENS AND ASSOCIATES COST REDUCTION SPECIALISTS, INC. 10303 EAST DRY CREEK ROAD SUITE 240 ENGLEWOOD, CO 80112 This is to advise you that the Weld County Board of Commissioners will hear your petition for abatement or refund of taxes on the property described as: 2400 West 16th Street, Greeley, Colorado 80634-6067. The meeting is scheduled for Wednesday, June 8, 2022, at 9:00 a.m., in the Chambers of the Board of County Commissioners of Weld County, Colorado, Weld County Administration Building, 1150 O Street, Assembly Room, Greeley, Colorado 80631. The Assessor is recommending that the Board deny your petition. You are not required to be present at this hearing; however, this is your opportunity to have your position heard, particularly if your position is opposed to the Assessor's recommendation. If you intend to submit any documentation in support of your position for this hearing, all such documentation must be submitted to the Office of the Clerk to the Board and to the Weld County Assessor's Office at least seven calendar days prior to the meeting date in order for it to be considered at the scheduled hearing. If you have any questions concerning this matter, please do not hesitate to contact me at (970) 400-4225. Sincerely, (Jn eit)a.,(u)-icL Janet M. Warwick Deputy Clerk to the Board jwarwick@weldgov.com Enclosures: Copy of Petition for Abatement of Refund of Taxes cc: Weld County Assessor WELD COUNTY PETITION FOR ABATEMENT OR REFUND OF TAXES CERTIFICATE OF MAILING FIRST NAME LAST NAME COMPANY POSTAL ADDRESS 1 CITY STATE CODE 2316 INVESTMENTS, LLC 270 STREET SAINT SUITE PAUL 200 DENVER CO 80206 5133 - STEVENS ASSOCIATES AND COST 10303 SUITE CREEK EAST 240 ROAD, DRY ENGLEWOOD CO 80112 REDUCTION SPECIALISTS, INC. ca.ssandra_ _stevensarndasscc.com I hereby certify that I have sent a notification of hearing date letter in accordance with the notification requirements of Weld County in the United States Mail postage prepaid First Class Mail by letter as addressed on the attached list this 1st day 31st of May, 2022. Janet M. Warwick Deputy Clerk to the Board rr ru r=1 Q'" a C O O HR O U.S. Postal ServiceTM CERTIFIED MAIL° RECEIPT Domestic Mail Only For delivery information, visit our website at www.usps.com trio Fos Certified Mail Fee Extra Services & Fees (check box, add fee as appropriate) ❑ Return Receipt (hardcopy) $ ❑ Return Receipt (electronic) ❑ Certified Mail Restricted Delivery • Adult Signature Required $ El Adult Signature Restricted Delivery $ Postage Total Postage and Fees , $ e3 1Q nUe-Mt 'JO $a11tt+ Sent To z Street and Apt. No., or PO Box No. 5i31 Postmark Here LLB. (mu Si- • 5kfl0b City, State, ZIP+43 Ask PS Form 3800, April 2015 PSN 7530-02-000-9047 Utp 5133 See Reverse for Instructions ru ru r -R U, or a� D 0 D 0 rR rR N U.S. Postal ServiceTM CERTIFIED MAIL° RECEIPT Domestic Mail Only For delivery information, visit our website at www.usps.com`'. Certified Mail Fee Extra Services & Fees (check box, add fee as appropriate) ❑ Return Receipt (hardcopy) $ ❑ Return Receipt (electronic) ❑ Certified Mail Restricted Delivery $ El Adult Signature Required $ Adult Signature Restricted Delivery $ Postage Total Pos a and Fees Sent Str5 cite 1a CAt5 CLk 3D PS Form X800, April 2015 PSN 7530-02-000-9047 Postmark Here et atc5 C00:51.- ir,ciP ;9'5 `& &Oiit 9/16/22, 8:33 AM USPS Tracking® USPS.com® - USPS Tracking® Results Track Another Package + Tracking Number: 70171450000096751296 FAQs > Remove X Your package is moving within the USPS network and is on track to be delivered to its final destination. It is currently in transit to the next facility. USPS Tracking Plus® Available u In Transit to Next Facility June 6, 2022 Text & Email Updates Tracking History n June 6, 2022 In Transit to Next Facility Your package is moving within the USPS network and is on track to be delivered to its final destination. It is currently in transit to the next facility. June 2, 2022, 4:17 am Departed USPS Regional Facility DENVER CO DISTRIBUTION CENTER May 31, 2022, 9:47 pm Arrived at USPS Regional Facility DENVER CO DISTRIBUTION CENTER https://tools.usps.cox/golfrackConfirmAction?gtc_tLabels1=70171450000096751296 1/2 9/16/22, 8:33 AM USPS.com® - USPS Tracking® Results USPS Tracking Plus® Product Information u See Less " Can't find what you''re looking for? Go to our FAQs section to find answers to your tracking questions. FAQs https://tools.usps.com/go/TrackConfirmAction?gtc_tLabels1=70171450000096751296 2/2 9/16/22, 8:36 AM USPS.com® - USPS Tracking® Results USPS Tracking® Track Another Package + Tracking Number: 70171450000096751272 FAQs > Remove X Your item was delivered to the front desk, reception area, or mail room at 10:49 am on June 2, 2022 in ENGLEWOOD, CO 80112. USPS Tracking Plus® Available \/ C✓ Delivered, Front Desk/Reception/Mail Room June 2, 2022 at 10:49 am ENGLEWOOD, CO 80112 Get Updates \/ m E Text & Email Updates u Tracking History u USPS Tracking Plus® Product Information See Less ^ https://tools. usps.corn/go/TrackConfirmAction?tRef=fullpage&tLc=2&text28777=&tLabels=70171450000096751272%2C 1/2 June 28, 2022 2316 INVESTMENTS, LLC 270 SAINT PAUL STREET SUITE 200 DENVER, CO 80206-5133 RE: SCHEDULE NUMBER R3919505 Dear Property Owner: CLERK TO THE BOARD PHONE: (970) 400-4225 FAX: (970) 336-7233 1150 O STREET P.O. BOX 758 GREELEY, COLORADO 80632 www.weldgov.corn ATTN: ROBYN SEDDON STEVENS AND ASSOCIATES COST REDUCTION SPECIALISTS, INC. 10303 EAST DRY CREEK ROAD SUITE 240 ENGLEWOOD, CO 80112 On June 8, 2022, the Board of Weld County Commissioners considered your petition for abatement or refund of taxes and denied same. Pursuant to C.R.S. §39-2-125(f), you have the right to appeal this decision to the State Board of Assessment Appeals within thirty days. You may obtain the appropriate forms and instructions from: Board of Assessment Appeals — Department of Local Affairs 1313 Sherman Street, Room 315 Denver, CO 80203 Phone: (303) 864-7710 Email: dola_baa@state.co.us. In preparation for appealing to the State Board of Assessment Appeals you may also go to the following state link to obtain any further information you may need to proceed, http://www.dola.state.co.us/baa/index. htm Very truly yours, n& . 0aA, -4- Janet M. Warwick Deputy Clerk to the Board jwarwick@weldgov.com Enclosures: Resolution 2022-1575, Copy of Petition for Abatement of Refund of Taxes cc: Weld County Assessor From: )an Warwick To: "infofstevensandassoc,com" Cc: Chloe White Subject: North Forrest Office Space Denver, LLC - 63252804, IRE 2580, LLC - R5834686, 2316 Investments, LLC - R3919505 Date: Wednesday, June 29, 2022 8:10:00 AM Attachments: Decision Letter - R3252804.odf Decision Letter - R5834686.odf Decision Letter - R919505.odf Good morning, On June 8, 2022, the Board of Weld County Commissioners considered your petitions for abatement or refund of taxes and denied same. Please see the attached documents regarding your options to appeal the decisions to the State Board of Assessment Appeals within thirty days. A hard -copy has been sent. If you have any questions or concerns, please do not hesitate to contact me. Sincere regards, Jan Warwick Deputy Clerk to the Board Weld County 1150 O Street Greeley, CO 80631 tel: 970-400-4217 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. WELD COUNTY PETITION FOR ABATEMENT OR REFUND OF TAXES CERTIFICATE OF MAILING LAST COMPANY POSTAL FIRST ADDRESS 1 CITY STATE CODE NAME NAME 2316 270 SAINT PAUL DENVER CO 80206 - STREET, SUITE 200 5133 INVESTMENTS, LLC STEVENS AND 10303 EAST DRY ENGLEWOOD CO 80112 ASSOCIATES COST CREEK ROAD, SUITE 240 REDUCTION SPECIALISTS, INC. info@stevensandassoc.com I hereby certify that I have sent a Tax Abatement Petition decision letter in accordance with the notification requirements of Weld County in the United States Mail, postage prepaid First Class Mail by letter as addressed on the attached list this 28th day of June, 2022. P - Certified Mail Fee ism Lan ri rI N v) " t1L,ic CL Janet M. Warwick Deputy Clerk to the Board U.S. Postal Service' CERTIFIED MAIL° RECEIPT Domestic Mail Only For delivery information, visit our website at www.usps.com®. Extra Services & Fees (check box, add fee as appropriate) O Return Receipt (hardcopy) $ • Return Receipt (electronic) ❑ Certified Mail Restricted Delivery Adult Signature Required $ 0 Adult Signature Restricted Delivery $ $ Postage Total Postage and Fees IP+4® _ .A Form 3800, April 2015 PSN 7530-02-000-9047 Livizc-73 CO �dZ0Ce-5 Postmark Here See Reverse for Instructions r SENDER: COMPLETE THIS SECTION M a Ca v - E a) 43 a 0 O ® -a co I - cis a 13 0 tic L a)" E � U > co c �u) a) c c c a) E a - U cs 0 D U U) a- 9 1 H W 2 z LD 0 0 LU U) w cC D Q z m c--i O Lis CC 0 w z 0 Co I - O • o0 c� °C/) o o irEs ag 12 € E W2 00 �.a-� UU u'1 ?_ O 8.1&-- C C in t a) a) a) o) a) a. cccccacocncc DOD a va a) co m c� if) a) •D t C)) cc '^ rag cNi ❑❑ C) 1 Q a) a) a) oua)a) CCi) cC≥.? a) a) _f o a) m 0 Q) u7 .. a`) ❑❑E R-9 fl P C3 Lrl Domestic Return Receipt PS U.S. Postal ServiceT'" CERTIFIED MAIL° RECEIPT Domestic Mail Only Certified Mail Fee Extra Services & Fees (check box, add fee as appropriate) ❑ Return Receipt (hardcopy) $ Return Receipt (electronic) Certified Mail Restricted Delivery $ Adult Signature Required $ Adult Signature Restricted Delivery $ l 0+A ecip itt Postmark Here Track your package Data provided by USPS Tracking number 70171450000096751593 Delivered Q June 30, 11:23AM Englewood, CO View details on USPS Call 1-800-275-8777 cl Track another package Hello