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Home My WebLink About20211945.tiffCOUNTY BOARD OF EQUALIZATION WELD COUNTY Single County Schedule Number: R2587603 STIPULATION (As To Tax Year 2021 Actual Value) RE PETITION OF : NAME: GREELEY RETAIL DST C/O KOHL'S DEPARTMENT STORES ADDRESS: PO BOX 2148 MILWAUKEE, WI 53201-2148 Petitioner (s) and the Weld County Assessor hereby enter into this Stipulation regarding the tax year 2021 valuation of the subject property, and jointly move the Board of Equalization to enter its order based on this Stipulation. Petitioner (s) and Assessor agree and stipulate as follows: 1. The property subject to this Stipulation is described as: 4224 CENTERPLACE DR; GR 2CP L1 BLK1 CENTERPLACE 2ND FG 2. The subject property is classified as commercial. 3. The County Assessor originally assigned the following actual value to the subject property for the tax year 2021 : Total: $7,537,545 4. After further review and negotiation, Petitioner (s) and Weld County Assessor agree to the following tax year 2021 actual value for the subject property: Total: $7,197,950 5. The valuation, as established above, shall be binding only with respect to tax year 2021. 6. Brief narrative as to why the reduction was made: After further review, an adjustment was indicated. 7. Both parties agree that: Zile hearing scheduled before the Board of Equalization on 08/03/2021 at 8:30 am be vacated. QA hearing has not yet been scheduled before the Board of Equalization. R2587603 1 &OI-IcH5 ASo l o`t DATED this 14 day of July , 2021 . Richard Hermes Richard Hermes (Jul 15, 2021 11:26 CDT) Petitioner(s) or Agent or Attorney Address: 721 Emerson Rd / Suite 400 St. Louis, MO 63141 Telephone: 314-692-5841 R2587603 (Assistant) County Attorney for Respondent, Weld County Board of Commissioners Address: 1150 "O" Street P.O. Box 758 Greeley, CO 80632 Telephone:(970) 336-7235 County Deputy Assessor Address: 1400 N.17th Avenue Greeley, CO 80631 Telephone: (970) 400-3650 2 R2587603/GREELEY RETAIL DST O/O KOHL'S DEPARTMENT STORES Final Audit Report 2021-07-15 Created: 2021-07-14 By: MILLIE CHANNELL (mchannell@co.weld.co.us) Status: Signed Transaction ID: CBJCHBCAABAAb1fNjwZwVsc0dbklmDieX9YviWtJJOMn "R2587603/GREELEY RETAIL DST C/O KOHL'S DEPARTMEN T STORES" History tl Document created by MILLIE CHANNELL (mchannell@co.weld.co.us) 2021-07-14 - 3:21:46 PM GMT- IP address: 204.133.39.9 Document emailed to MILLIE CHANNELL (mchannell@co.weld.co.us) for approval 2021-07-14 - 3:21:48 PM GMT FS© Document approved by MILLIE CHANNELL (mchannell@co.weld.co.us) Approval Date: 2021-07-14 - 3:25:38 PM GMT - Time Source: server- IP address: 204.133.39.9 R. Document emailed to Jason Marini (jmarini@co.weld.co.us) for approval 2021-07-14 - 3:25:41 PM GMT n Email viewed by Jason Marini (jmarini@co.weld.co.us) 2021-07-14 - 3:29:45 PM GMT- IP address: 204.133.39.9 6© Document approved by Jason Marini (jmarini@co.weld.co.us) Approval Date: 2021-07-14 - 4:04:31 PM GMT - Time Source: server- IP address: 204.133.39.9 , Document emailed to Jason Marini (appeals@weldgov.com) for signature 2021-07-14 - 4:04:33 PM GMT n Email viewed by Jason Marini (appeals@weldgov.com) 2021-07-15 - 3:13:10 PM GMT- IP address: 204.133.39.9 6© Document e -signed by Jason Marini (appeals@weldgov.com) Signature Date: 2021-07-15 - 3:13:31 PM GMT - Time Source: server- IP address: 204.133.39.9 R. Document emailed to Richard Hermes (rhermes@cbiz.com) for signature 2021-07-15 - 3:13:34 PM GMT la, r.r POWERW 6Y Adobe Sign ,5 Email viewed by Richard Hermes (rhermes@cbiz.com) 2021-07-15 - 3:16:53 PM GMT- IP address: 174.234.134.134 dp Document e -signed by Richard Hermes (rhermes@cbiz.com) Signature Date: 2021-07-15 - 4:26:10 PM GMT - Time Source: server- IP address: 71.15.78.162 P. Document emailed to Karin McDougal (weld-cboe@weldgov.com) for signature 2021-07-15 - 4:26:12 PM GMT t Email viewed by Karin McDougal (weld-cboe@weldgov.com) 2021-07-15 - 4:57:33 PM GMT- IP address: 204.133.39.9 6© Document e -signed by Karin McDougal (weld-cboe@weldgov.com) Signature Date: 2021-07-15 - 4:59:58 PM GMT - Time Source: server- IP address: 204.133.39.9 Agreement completed. 2021-07-15 - 4:59:58 PM GMT r.r POWERED BY Adobe Sign Chloe Rempel From: Sent: To: Subject: Attachments: Auto -Response Monday, July 12, 2021 3:05 PM CTB-County Board of Equalization 2021 Online CBOE Appeal Submitted Rich Hermes- (267) R2587603_INITIAL CBOE PROTEST.pdf CBOE Appeal Submitted: 03:04 PM on Monday July 12, 2021 Contact Information Supplied: • Contact Name: Rich Hermes • Contact Email: rhermes@cbiz.com • Contact Phone: (314) 692 - 5841 Property: R2587603 - GREELEY RETAIL DST 4224 CENTERPLACE DR, GREELEY Legal: GR 2CP L1 BLK1 CENTERPLACE 2ND FG Reason: Value Too High - Market rents and sales of single user big box stores Estimate of Value: $6,750,000.00 Documents 1.) Account: R2587603 - R2587603_INITIAL CBOE PROTEST.pdf 2.) Account: All Accounts - 2021 CBOE Appeal Kohls Greeley.pdf 3.) Account: All Accounts - 2021 Authorization.pdf You have selected the following Date Preferences: Tuesday, August 3, 2021, from 8:30 a.m. - 12:00 p.m. Wednesday, August 4, 2021, from 10:00 a.m. - 11:30 a.m. Wednesday, August 4, 2021, from 1:00 p.m. - 4:30 p.m. Monday, August 2, 2021, from 10:00 a.m. - 12:30 p.m. 2021-1945 1 ASoto9 AUTHORIZATION FORM Real and/or Personal Property —All blanks must be completed legibly and in ink. This is to authorize CBIZ MHM, LLC (company or agent name), to act on my/our behalf as my/ our agent in the appeal of the assessment of the property/properties listed below, which is/ are located in Weld Co. and is/are owned by the undersigned. This agent is given full authority to handle all matters relative to the appeal of the assessment for the tax year 2021-2022 , and to represent me/us, if necessary, before the County Board of Equalization. Owner's Name: Mailing Address: Daytime Phone Number: Email: Owner/Authorized Signature: Title (if Corporation): Agent/Company Name: Mailing Address: Daytime Phone Number: Email: Agent's Signature: Title (if Corporation): Kohl's N56 W17000 Ridgewood Dr Menomonee Falls, WI 53051 262-703-6264 james.mortonson@kohls.com Date: 5/19/2021 Director Income/Property Tax Rich Hermes / CBIZ MHM, LLC (President, CEO, etc.) 721 Emerson Rd., Suite 400 St. Louis, MO 63141 314-692-5841 rhermes@cbiz.com Managing Director Date: 5/19/2021 Property Locator/Account Number (s): R2587603 (Complete additional authorization forms, if needed) (President, CEO, etc.) Property Address (es): 4224 Centerplace Dr., Greeley NOTICE OF DETERMINATION Brenda Dones Weld County Assessor 1400 N 17th Ave Greeley, CO 80631 Date of Notice: 6/30/2021 • Telephone: (970) 400-3650 Fax: (970) 304-6433 Office Hours: 8:00AM — 5:00PM ACCOUNT. I I�_ T E TAXAREALEGAL DEs RIPTION! PHYSICAL.LO!C TIOII R2587603 2021 0083 C R 2CP L1 ELK! CENTERPLACE 2ND FG - cc GREELEY RETAIL DSTIii i 4224 CENTERPLACE R L c E C R EELEY z c/0 PO MILWAUKEE, KOHL'S DEPARTMENT STORES B0)(2148 WI 53201-2148 cc uu a t a. _ • :A AS E OR' :VA,LUATIOII: 1 ' PROPERTY ,CLASSIFI SAT isi . .-1.. r.ACTUAL- , VAL` CAE PRIO T0'± p : r •"'�� CTC , AIL 1 . ' SLUE E� . , .:, 1 '. r , E IE - _ •.]. - 1 • 1 a.• RBI 1 - .. COMMERCIAL 7,5317,545 7,537,545 I • 1 O� 3, h''1 7,537,545 7,53 545 The Assessor has carefully studied all available information, giving particular attention to the specifics included on your protest, The Assessorts determination of value after review is based on the following: The law requires that data from Jan 2019 to June 2020 be used to establish current values. We have considered all three approaches to value and we have denied your appeal based upon this data. If you disagree with the Assessor'sdecision, you have the right to appeal to the County Board of Equalization for further consideration, § 344 06(1)(a4, C.R.S. The deadline for filing real property appeals is July 16. The Assessor establishes property values. The local taxing authorities (county, school district, city, fire protection, and other special districts) set mill levies. The mill levy requested by each taxing authority is based on a projected budget and the property tax revenue required to adequately fund the services it provides to its taxpayers. The local taxing authorities hold budget hearings in the fill. If you are concerned about mill levies, we recommend that you attend these budget hearings. Please refer to last year's tax bill or ask your Assessor for a listing of the local taxing authorities. Please refer to the reverse side of this notice for additional information. Agent (If Applicable): CBIZ MHM LLC 721 EMERSON RCS STTE 400 SAINT LOUIS, MO 63141-6770 15 -OP ■ -AR PR 207-08/13 R2587603 APPEAL PROCEDURES County Board of Equalization Hearings will be held from July 26th through August 5th at 1150 0 Street To appeal the Assessor's decision, complete the Petition to the County Board of Equalization shown below, and mail, file online, or deliver a copy of both sides of this form to: Weld County Board of Equalization 1150 0 Street, P.O. Box 768 Greeley, CO 80631 Telephone: (970) 356-4000 ext, 4225 Online: www.co.weidsco.uslappnicl?pfil To preserve your appeal rights, your Petition to the County Board of Equalization must be postmarked or delivered on or before July 15 for real property -- after such date, your right to appeal is lost. You may be required to prove that you filed a timely appeal; therefore, we recommend that all correspondence be mailed with proof of mailing. You will be notified of the date and time scheduled for your hearing. The County Board of Equalization must mail a written decision to you within five business days following the date of the decision. The County Board of Equalization must conclude hearings and render decisions by August , § 39-8-107(2), C.R.S. It you do not receive a decision from the County Board of Equalization and you wish to continue your appeal, you must file an appeal with the Board of Assessment Appeals by September 10, § 39-2-125(1)(e), C.R.S. If you are dissatisfied with the County Board of Equalization's decision and you wish to continue your appeal, you must appeal within 30 days of the date of the County Board's written decision to ONE of the following: Board of Assessment. Appeals 1313 Sherman Street, Room 315 Denver, CO 80203 (303) 866-5880 w w.dola.colorado gov/baa Binding Arbitration For a list of arbitrators, contact the County commissioners at the address listed for the County Board of Equalization. if the date for filing any report, schedule, claim, tax return, statement, remittance, or other document falls upon a Saturday, Sunday, or legal holiday, it shall be deemed to have been timely filed if filed on the next business day, if 39-1-120(3), a R. S. District Court Contact the District Court in the County where the property is located. See your local telephone book for the address and telephone number. PETITION TO COUNTY BOARD OF EQUALIZATION What is your estimate of the property's value as of June 30, 2020? (Your opinion of value in terms of a specific dollar amount is required for real property pursuant to § 39-8-106(1.5), C.R.S.) 75-0, 0 What is the basis for your estimate of value or your reason for requesting a review? (Please attach additional sheets as necessary and any supporting documentation, i.e., comparable sales, rent roll, original installed cost, appraisal, etc.) 'tt t J r _ 6s IN, Angst tl: _ L 1, the undersigned owner or agent' of the property identified above, affirm that the statements contained herein and on any attache nts hereto are true and complete. 3/54 #9a)r cell Signature rill envies 0 Chas ramtrit Email Address ATTETATION. Telephone Number I Attach letter of authorization signed by property owner. si2 t• Date 15-DPT-AID PR 207-08/13 R2587603 WELD COUNTY ASSESSOR BRENDA DOMES 1400 N 17TH AVE GREELEY, CO 80631 DATE: May 1, 2021 2021 REAL PROPERTY NOTICE OF VALUATION Phone: (970) 400-3650, Fax: (970) 304-6433 TAXPAYER COPY Office Hours. 8:00 am. - 5:00 p.m. M -F appeats@ieldgay.com www.weldgov.com ACCOUNT NUMBER R2587603 P' Bpi PN EE T V TAX YEAR 2021 TAX AREA CODE 0683 GREELEY RETAIL DST C/C KOHL'S DEPARTMENT STORES PO BOX 2148 MILWAUKEE WI 53201-2148 CLASSIFICATION COMMERCIAL tivitiPe is 000 ea" lot‘tV cielk PROPERTY DESCRIPTION (MAY NOT BE COMPLETE) 095914309001 4224 CENTERPLACE DR GREELEY OR 2CP L1 BLK1 CENTERPLACE 2ND FG PRIOR YEAR ACTUAL VALUE CURRENT YEAR ACTUAL VALUE 6,916,806 ite 6,916,606 7,637,543 7,537,545 + OR - CHANGE +620,739 +620,739 FOR MOST REAL PROPERTY THE VALUE DIFFERENCE REFLECTS A 2 YEAR CHANGE. THE PRIOR YEAR TAX ESTIMATE IS $175,684. THE CURRENT YEAR TAX ESTIMATE 1B $191,451. THIS RESULTS IN AN INCREASE OF +$15,767, THIS ESTIMATE IS BASED ON 2020 TAX RATES, YOU WILL RECEIVE A TAX BILL IN 2022. The current year tax amount is merely an estimate based upon the best information available. You have the right to protest the adjustment in valuation, but not the estimate of taxes, 39-5-12 1(1.5). C.R.S. PROPERri CHA CTERIS For specific property characteristic details, please see the Building Information and Valuation Information Tabs on your Property Report at the following U RL: +w ', cg, wel� .co. tas a ays'1 /p q ertypc•rtall PLEASE REFER TO THE BACK OF THIS FORM FOR GENERAL INFORMATION CONCERNING YOUR PROPERTY VALUATION AND YOUR APPEAL RIGHTS. 3923 KOHL'S #569 Greeley, CO Account # R2587603 GBA Rent PGI Vacancy @5% EGI Expenses @8% 88,239 LQ2 $617,673 - AULL4, $586,789 4616,943 43 Nt3! $539,840 Cap Rate 8.00% MV Per S.F. 2021 Value Per Si1 F. $6,74$,07$ $76 $7,537,545 $85 COLORADO !"BIG Box" LEASES Lessee North Acadamy Fitness Burlington Coat Floor & Decor At Home Colorado Casual Furniture Colorado Casual Furniture Vasa Fitness Hobby Lobby Kohl's Kohl's Kohl's Kohl's Kohl's Kohl's Kohl's Kohl's Kohl's Colorado Sprgs Colorado Sprgs Arvada Longmont Westminster Englewood Greeley Greeley SF Leased Built/Reno 43,992 34,047 68,238 97,840 35,000 79,965 36,000 51,544 1996 1996 1986/2014 1993 1995/2001 1996 1990/2016 1986 Most comparable based on size RECENT KOHL'S LEASES Kearney, NE Jasper, IN Elko, NV Twin Falls, ID London, KY Plattsburgh, NY Humble, TX East Windsor, NJ Blue Ash, off Average 47,812 43,695 40,970 64,120 3 5, 000 43,671 45,642 30,487 40,667 Sign Date Dec -20 Nov -20► Jun -20 Oct -18 Apr -18 Oct -16 Apr -16 Jan -16 May -20 May -20 May -19 May -19 Sep -18 Sep -18 Mar -18 Oct -17 Oct -17 Rent $11.00 $9,00 $10,00 55.00 $9,00 $7.50 $7.00 $635 $5.86 $4.21 $8.91 $3.54 $9.14 $5100 $9.99 $8,93 $3.00 $6.51 CAP RATES Burbach & Assoc. , summer 2020 Big Box Retail 6.5%-9.O% Reatly Rates Investor Survey, 2nd quarter 2020 8.67% Market Derived Cap Rates Colorado (single user) 8.10% Market Commentary RealtyRates.com Investor Survey Reports Modest Cap Rate Index Decreases For All Property Types During 1st Quarter 2020 Coincident with a 31 basis point decrease in Treasury rates to which most commercial mortgage interest rates are indexed, together with a six basis point increase in equity dividend rates, the RealtyRates.comrrm investor Survey Weighted Composite (Cap Rate) IndexTM decreased 10 basis points from 9.92 to 8.82 percent during the 1st Quarter of 2020. The greatest quarter -over -quarter cap rate index decrease was recorded by the Self Storage sector, down 17 basis points, followed by the Restaurant sector down 16 basis points, The smallest quarter -over -quarter cap rate index decrease was recorded by the Retail sector, down four basis points, followed by the Industrial sector down six basis points. Mortgage lending standards were relatively unchanged during the 1st Quarter, while spreads increased 16 basis points and average permanent mortgage rates were down 15 basis points, Re.ait4Pates.com INVESTOR SURVEY - 2nd Duane 2020' CURRENT & HISTORICAL CAP RATE INDICES iluIelhe 1--Vvl!6114e4' Prop oft,-!regsarg Indicts Api EP Golf fly' ilk attit c,irt-e Se�rri�w Hiiurrinu i11c1r1! Kri6rl HP ids' Yule tint Chg Pint Mu R41* Cbg FIA1e 10=hfi Hnta Ch9 2020 1st Qtt 2018 4th Q1tr 2015 2017 2018 2015 2014 2013 2012 2011 2010 2048 2008 2007 2006 2005 2004 2003 2002 2001 2000 a 7.571 7'.57 7.92 [ 7,87[ 8.42[ 8.16 8 13 1 8.15! 8 241 8.391 825i 860' 9,893 9..T7- 8,911 8,29i 9141 9..901 ;l, 1811 8,211 9611 8.97'1 • 3E1 11.181 -38 -10 11181 -14 a 11,581 -47 -28 11.321 5 2E'• 12.0211 30 4 11.731 -2 11',751 9 •st 11S9 •14 -15 11.931 -8 14 1192i •14 -354 12.0if •29 i 12.00 -:22 4 12 221 5 0' 12.1? .11 ;12.01 • 45 11,72! 12 11,931 14 11.461 -13' 10.881 28 -2 16 29 -21 47 8os -2 10.381 • 4C 10101 64 ` 10321 9.191 -32* 1Et 133 8281 91.28; 9.5s 037! oil 8.971 8,$21 12' •321 8.441 -121 8.441' .44 ant 6 8.50( 14 0.131 990i 8.1091 9.90i1 8,60i 3.21 9.62; 9471 10.181 10.03; 10.19! 10,68E 9,821 10.311 9.411 .81W41011 rte, b nttP+5 0 € al r4 ol.law�a� 1 0.4111iiii bb.IP O'0et piiittOi 'tat Quart tar 2020 Data -2 €: 9.451 -E; 8,451 -4-r' 9,881 4. 8,1;10! 23 10.531 ass} -12 10.2$11 91.081 15. 10.221 -10 10.22 -4 10.4& -2' 9.O1 -40 9.48 -;1 9,8[11 12: ,81 9.931 - 18.03 I 5 91171. -316, •40i 15 101 5.481 10 •16 9,38! • 85, 9 621 16 8,77} -16; 9.421 - 37' 9 721 84 8.631 • 39' 8,20+ so_ , sail 19.651 110.160 I 1057f -24- 10 911 -24 11,8151 TI 110,980 -4! .4(1 ,6E. MU 1V HP "cif Special Office Paterip Pa stan: ani Slot e,fie Ptit pose !flip BP rr BP dP fiat Chi Hatt 8,76 n -32` 9,18 -36 81,1'$1 -EI 818 .12 9,08 +4211 8.64- 8,1841 3 8,310 5' 30 8.04 10 �2 18 25 9 wryy. 516 ,26 0 9.151 •2ct ass -17 917 _ 't 8.22 a7- 11 8,814 le; ` 318 •1E 8.00 •!k 908 -14 11,05! 5E: -26s 10 49!1 35 , 1077, 2i! •301 10.50! -21 19! 10 71! -9Et 33 11,691 -61p! 11.131 i8 110.7! sant 14 8.28 9.08 .39 8.47 3,48 i -8 9.44 10 8168 22 8.54 10 933 I 8.38 1.''5 8.32! -50 -e1 •22 8,37 9.63r 9 22 9.03 50 . : 3.51 26: 8.62 96+; 10 22 10.90 titafrlimsilesuriert -5 -Z6 41 1.2 -4.8; •ll -sal -88 -19 3 3.09 -16 2,21 .4 7 9.72 26; 3.416 6: 040 -4! 9.44 1 9.43 -35 9.78 -3 10.13 1h1 Rata CI Rat Chg Rate Chg flare Chg 8,87 8.921 871 9.38 518 927 $,16 9128 all 915 2 25:. 8,54 8 L�, +0.02 8102':. 9.86 9.0E1 9,23E -28 -4 -45 3 20 1E' -11 1t!i -4 -1-`4 -b� 2ti -11 "12 345 le -1€i -02' ti 10.87 8.02 , 3i*; 10 87 9 021 1120 3,41 .4 11.03: 6 919E 9 10.% ZZ 115t 16 $138; 11.6.4 ,t 0 1142 .15 $,f5 11,25 4- 11 57 -10 9_67 112i 1158 .13 3,52 1111 1179 -6 175 11.:4 11.8t1 9 9.96 11;0 I! 1177 6 1019' 11,09 �. Ii. t'0 -14 11162 11.2 =t7 1t 1i 12 10,72 11 10, 0. II ?.? L5 10 50: 37 I 13111. tI a? -28 1013 20 1122 •7 tt.8 61 993 -39 11,29 41- 11,24 in 10 31 27 1153 9 11,1018 5 101,04 13 11.44 .30 1151 k5 9,31 -i3 • 11 74 40 11.16 4? 10.041 -53 12 041 101i. MOO -3 10,571 +12 101,88 -r7 11.11 4 ? 101391 13 12.6 32 10.84 10.58! 12 ,44) -32 •18 -37 tea 12 :r8 1040 -1? 10:,” . 46 11,2.0i 29 ,3t 14 22: . 20' 44 -49 21 4 t 'delighted` Cvt7 ptolktr, Ftt dilc es 6P R at s Chg 8 82' -313. $82 •I0 9151 -4S 8.52 •1i 984: 22 942 -8 9491 9 9,40! - ..,,,n.'11114 3.52' 9,63' : u. rllNa , :a.;1t -7 a 9.80: •21 N.. .. n 91811 is 10100 13' 9971 14 5174: -1! �1. 140311 26 9.77 711 -ES 9.94 _ 12' 182 -41 111.2 t1 21 10.01! Copyright ₹080 RcaltyRatts.tomTH Rea It Rates. comiM 4 Sale Comps Map & List Report Sale Comparables Avg, Cap Rate Avg. Price/SF 6 8.10/0 $ 170 SALE COMPARABLES LOCATIONS =n ke City } Park Ciia ct Provo 'I ITAH Glen Canyon National Recreation Area PaQr 8 .6eogIe Ashley National Forest I. g nefen.. Ri'rrr Vern hilo a C� a S I Grand Junction Springs Cheyenne 0 Fort Collins a White River Bre'ekervidqe National Forest COLORADO M«iorlrase a Uncompahgre National Forest Curler D r Telluride S furl Nati l Forest Gunnison National Forest j1ll F [4 { igosa Spriny,S I �r F �►trti, r► tlein I i P , SALE COMPARABLES SUM MARY STATISTICS Sales Attributes Sale Price Price Per SF Cap Rate Time Since Sale in Months Property Attributes Building SF Floors Typical Floor Vacancy Rate at Sale Year Built Star Rating Low AIai'.nr,a I, Colorado Springs 0 Canon City Taos in Anjel Fire Average Pawnee National Grassland TrI riidafl v fistnn a Avg.Vacancy cy At Sale e I Orolt:i art Median a North FOIE Copy WC C I S;nllnity aagir. City, 9) II 1'101'44 S. Par:06r Map data P2021 600gle High $2,350,000 $69 7.2% 14.8 Low 20,064 SF I 20,004 SF 1993 $7,361,300 $170 8 1% 228 Average 46,691 SF 1 421899 SF 1999 ***** * * * 3.3 6,275,660 $145 7 9% 21.5 Median 45,656 SF 1 34,924 SF 1997 $17,650,000 $388 9.9% 33.2 High 97,829 SF 2 97,829 SF 2010 Copyrighted report licensed to CoStar Group t CoStar 512012021 Page 1 Sale Com • s Ma • & List Re • cart Property Sale Property Name - Address Type Yr Built Size Vacancy Sale Date Price PrIceiSF Cap Rate ilip 13801 E Ivlississippi, , c,.7 Aurora, CO 80012 D D Staples 1411 W Hwy 50 Pueblo, CO81008 Freestanding cv Retail 1994 45,800 SF 1999 24,048 SF Best Buy cet 58Freestanding Eliza eth2007 20,004 SF Pueblo, CO81008 At Home co 955 S Hover St Freestanding1993 07,829 SF Longmont, CO 80501 ° ` ►l bertsen`s co 311 W College Dr Durango, CO 81301 Supermarket 1993 46,965 SF 24 Hour Fitness 6830 E County Une Rd Health flub 2010 45,500 SF Highlands Ranch, CO& 2/26/2020 $5,800,000 $127/SF 9.9% 1/7/2020 $2,350,000 $98/SF 7.9% 12/23/2019 $3,250,000 $162/SF 8.5% 3/18/2019 $6,750,000 $69/SF 7.2% 11/30/2018 $8,367,800 $178/SF 7.5% 8/15/2018 $17,650,000 $388/SF 7.8% Copyrighted report licensed to CoStar Group tw CoStar~ 5/20/2021 Page 2 Sale Corn S Ma & List Re.ort Sale Comparables 8 Avg. Cap Rate SALE COMPARABLES LOCATIONS 7.2°!o Avg. Price/SF $66 Avg. Vacancy At Sale EMI Is Hahns Peak V"ln ge Clark reig Steamboat o Hayden sp�orings 0 0 Paania r Glenwood Springs Oak Creek Gypcfmas S 4 Snowman 0 Aspen Village Crested eutie O Sunnisonc' Walden Vail a Gunnison Nallanal Forest Red Feather Lakes 4 Rocky Mountain National Park Arapaho and Roosevelt National Forests Silverlhorne D Breckenridge Buena Vista Nathtop fl tda o ° Put ilAId Springs • Cs SALE COMPARABLES SUMMARY STATISTICS Fort Collins Boulder I San Isabel National Forest Conon City tey l:.ovd tviO 8 1 nstQwn COI, Spi1n Fort Carson ino Puebla West. e Pi oohle trirp Pawnee National Grassland Fort Morgan c) Nosh lJ Sterling Haxi un Yuma 0 Holyoke kckley - Wray D Lr F fagler seiherl Strallton Burlington t heyerme Wells Kit Carson Lads Map data ®20121 Google Sales Attributes Low Average Median High Sale Price Price Per SF Cap Rate Time Since Sale in Months P rope Ply Attributes $1,050,000 $29 72% 127 Low $4687,375 $66 7.2% 23.6 Average S4,424,501 $67 7.2% 23.2 Median S7200,000 $94 7.2% 004 High Building SF Floors Typical Floor Vacancy Rate at Sale Year Built Star Rating 54)585 SF 1 183'60 SF 1952 71,274 SF 1 62,611 SF 1984 **** *2.5 66,425 SF 1 63,382 SF 1986 ***** * * * 3.0 97,829 SF 3 97,829 SF 1996 Copyrighted report licensed to CoStar Group nit CoStar 5/19/2021 Page 1 Sale Comps Map & List Report Property Sale Property Name - Address Type Yr Built Size Vacancy Sale Date Price Price/SF Cap Rate ippIVlulti-Property Sale I 2685 W Eisenhower& Loveland, Co 80537 0 Freestanding 8281 S University Blvdo Freestanding Centennial, CO 80122 9 3555 Citadel Dr uFreestanding Colorado Springs, CO& Itt N At Home 955 S Hover St Longmont, CO 80501 Afrikmall 10180 E Colfax Aire Aurora, CO 80010 1980 91,191 SF MEM 4/28/2020 64,949,00' Part of Portfolio $54/SF 1982 57,495 SF - 1/7/2020 $5,400,000 $94/SF 1981 63,580 SF 9/9/2019 $1,850,000 $29/SF Freestanding 1993 yt * * * IMP atm 97,829 SF - 3/18/2019 $6,750,000 $69/SF 7.2% Storefront Retail/Office 1952 55.281 SF - 2/1/2019 $8,700,000 $66/SF Westminster Village .70 5650 W 88th Ave Freestanding 1990 54,585 SF Westminster, CO 80031 Colorado Casual Fur...L 12/20/2018 $3,750,000 Part of Portfolio $69/SF 9697 E County Line RdRetail 1996 79$65 SF - 2/7/2018 $7,200,000 $90/SF Englewood, CO 80112u°1-80Chtitlail I y 4441". N *Ott rim gzererip Copyrighted report licensed to CoStar Group te; CoStarm 7/12/2021 Page 2 1 2665 W Eisenhower Blvd - Multi -Property Sale (Part of Multi -Property) SOLD Loveland, CO 80537 = ;—_ _ _ -- Larimer Recorded Buyer: JAX Loveland West, LLC Recorded Seller: 4629 N Overland Tr! 10982 AKMS, Roebling County LP s Ave r. Laporte, CO 80535 Los Angeles, CA 90024 ° R� ,r }, a , 4 - "a - 1 `I ia (310) 209-5555 4-- it'__: True Buyer: JAX Mercantile Co. True Seller: AKMS, LP Sale Date: Sale Price: Price/SF: PrFrma Cap Rate: Actual Cap Rate: Parcel Financing: Camp 04/28/2020 $4,949,001 - Allocated $54.27 - No: - ID: 5120851 — Research Status: Year Sale Allocated Bldg Built/Age: Land Zoning: Conditions; Type: RetailFreestandina Built 1980 Age: 40 GLA: 91,191 SF Area: 7.85 AC (341, 946 SF) B Excess Land 2 8281 S University Blvd SOLD Centennial, CO 80122 Arapahoe County Recorded Buyer: Woodley Brothers, LLP Recorded Seller American Furniture Warehouse 320 S Sunset St 5281 Longmont, CO 8€ 501 Centennial, S University Blvd CO 80122 � - , ' w11 _ f (303) 443-5692 (303) 795-0928 True Buyer Woodley Brothers, LLP True Seller American Furniture Warehouse �' - _--a- Map Page: Pierson - Graphics Sale Date: 01107/2020 Bldg Type: Reta ilF reesta nd i nn Corp 375-N Sale Price: $ 5,400,000 - Full Value Year Eau iltlAge: Built 1982 Age: 38 Price/SF: $93.92 GLA: 57',495 SF Land Area: 4.48 AC (195,149 SF) PrFrrna Cap Rate: - Zoning: PUO, Centennial Parcel No: 207'7-35-4-08-003 Financing: $9,800,000 from Great Western Bank Comp ID: 5033475 — Research Status: Full Value 3 3555 Citadel Dr SOLD Colorado Springs, CO 80909 El Paso County Recorded Buyer: MJC Investment Property IV, Recorded Seller: TRU 2005 RE I LLC LLC 1 23421 S Pointe Dr Geoffrey Way Wayne, NJ 07470 Laguna Hills, CA 92637 True Buyer: Heslin i n Holdings, Inc, True Seller: (973) 617-350O Raider Hill Advisors y s w � , ' ` _ - ti 144 Map Page: Pierson Graphics Sale Date: Sale Price: Price/SF: PrFrma Cap Rate: Actual Cap Rate: Parcel Financing: Comp 09/09/2019 $1,850,000 $29,10 - - No: 64104-05-013 - ID: 5004981 (68 days on mkt} Bldg Type: Retail F reesta ndinci - Confirmed Year Built/Age: Built 1981 Age: 38 GLA: 63,580 SF Land Area: 3.53 AC (153, 767 SF) Zoning: PBC AO Sale Conditions: High Vacancy Property — Research Status: Confirmed Corp 53- 152 Copyrighted report licensed to CDIZ Valuation Group - 6118Q7- 7/12/2021 Page 1 955 S Hover Sit - At Home SOLD Longmont, Recorded CO 80501 Buyer: SFLP Llc Recorded Seller: Boulder ACV Watkins County Portfolio II LLC 9595 Wilshire Blvd Beverly Hills,. CA 90212 (310) 273-0864 - True Buyer: AVG Partners True Seller: A & C Ventures, Inc. '=A• .in Map Page: Pierson Graphics Sale Date: 03118/2019 (159 days on mkt) Bldg Sale Price: $6,750,000 - Confirmed Year Price/SF: $69.00 Land PrFrma Cap Rate: - Actual Cap Rate: 7.24% Sale Conditions: Parcel No: 1315080-09-001 Financing: - Comp I D : 4719543 — Research Status: Confirmed Built/Age: Zoning: Type: RetailFreestandirm Built 1993 Renov 2019 Age: 26 GLA: 97,829 SF Area: 8.76 AC (381, 586 SF} C-2, Longmont - Corp 41-J 5 10180 E Colfax Ave - Afrikmall SOLD Aurora, CO 80010 Recorded Buyer; Mango House, LLC Recorded 1532 Galena St Aurora, CO 80010 Seller: Highland 1707 Longmont, Arapahoe County Properties 1918, LLC Main $t CO 80501 Ai r e = ,ter .. , ;.. �,. -- (720) 204-5534 s — True Buyer: Mango House, LLC True Seller: 1031 Corporation Exchange Professionals Sale Date: 0210112019 Sale Price:$3,700,000 Price/SF: $65.74 PrFrma Cap Rate. - Parcel No: 1973-03-1-04-012 Financing: - Comp ID: 4662306 - — Bldg Type: Full Value Year Built/Age: GLA: Land Area: Zoning: Research Status: Full Value Retail Storefront Retail/Office Built 1952 Renov 2005 Age: 67 56,281 SF 1.03 AC (44,867 SF) 8-2 6 5650 W 88th Ave - Westminster Village (Part of Portfolio) SOLD Westminster, CO 80031 True Buyer: Benderson Development Recorded Company, Inc. Jefferson County Seller: TR#J Trust 2016, LLC 301 S Tryon St Ji 7978 Cooper Creek Blvd Charlotte, NC 28282 University Park, FL 34201 (704) 383-3919 I c-_ � ,. ..�.. 359-8303 .�; (941) True Seller: Wells Fargo & Company Sale Date: 12/20/2018 Bldg Sale Price: $3,750,000 - Full Value Year Built/Age: Price/SF: $68.70 Land PrFrma Cap Rate: - Zoning: Actual Cap Rate: - Sale Conditions: Parcel No: Financing: - Comp ID: 4613646 — Research Status: Full Value Type: R.efailFreestandirm Built 1990 Age: 28 GLA: 54,585 SF Area: 3.82 AC (166,399 SF) - Bulk/Portfolio Sale, High Vacancy Property Copyrighted report licensed to CBIZ Valuation Group - 611807 7/12/2021 Page 2 E County Line Rd - Colorado Casual Furniture SOLD Englewood, CO 80112 Recorded Buyer: C.C.F. Holdings LLC 57979 E Costilla Ave Strasburg, CO 80136 (3 03) 522-6944 Arapahoe County Recorded Seller: DT Partnerships, LLC True Seller: David A Dolan Sale Date: Sale Price: Price/SF: PrFrma Cap Rate: Actual Cap Rate: Parcel No: Financing: Comp ID: 02107/20/8 $7,200'000 - Confirmed $90.04 • Bldg Type: Retail Year Built/Age: Built 1996 Age: 22 GLA: 793965 SF Land Area: 5.36 AC (234,353 SF) Zoning: - Sale Conditions: Purchase By Tenant 2075-34-4-24-005 $3,500,000 from JP Morgan Chase Bank 4141386 — Research Status: Confirmed Map Page: Pierson Graphics Corp 89-M Copyrighted report licensed to CBIZ Valuation Group - 511807 711212021 Page 3 AUTHORIZATION FORM Real and/or Personal Property --All blanks must be completed legibly and in ink. This is to authorize CBIZ 1M, LLC (company or agent name), to act on my/our behalf as my/ our agent in the appeal of the assessment of the property/properties listed below, which is/ are located in Weld Co. and is/are owned by the undersigned. This agent is given full authority to handle all matters relative to the appeal of the assessment for the tax year 2021-2022 _sr and to represent me/us, if necessary, before the County Board of Equalization Owner's Name: Mailing Address: Daytime Phone Number: Email: Owner/Authorized Signature: Title (if Corporation): Agent/Company Name: Mailing Address: Daytime Phone Number: Email: Agent's Signature: Title (if Corporation): Kohl's 11 N56 W17000 Ridgewood Dr IML Menomonee Falls, WI 262-703-6264 jam .m smmortonson@k0h1s4cOrn Date. 5/19/2021 Director Income/Property Tax Rich Hermes / BIZ H , LLC (President, CEO, etc.) 721 Emerson Rd., Suite 400 St. Louis, MO 63141 314%692-5841 rhermes@cbiz.com cbiz.com Date: 5/19/2021 Managing Director (President, CEO, etc.) Property Locator/Account Number (s): R2587603 (Complete additional authorization forms, if needed) Property Address (es): 4224 Centerplace Dr,, Greeley From: Millie Channell To: Hermes, Rich Subject: Realty Rates 2020 2nd Qtr data Date: Tuesday, July 13, 2021 12:08:00 PM Attachments: 2020 2nd Qtr Data Realty Rates.PNG Hi Rich, Thank you for speaking with me today. Please see the attachment for a copy of Realty Rates. Please let me know what Kohl's says about using $7/sf/NNN, 5% vacancy, 8% expenses, and using a 7.5% cap rate showing a value of $7,230,000. Just reminding you I will be out of town Thursday and Friday of this week. Thank you. Millie Streeie Channeee Property Appraiser Commercial Division Weld County Assessor's Office (970) 400-3685 mchannell@weldgov.com INEW 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. July 15, 2021 Petitioner: GREELEY RETAIL DST C/O KOHL'S DEPARTMENT STORES PO BOX 2148 MILWAUKEE, WI 53201-2148 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): CBIZ MHM LLC RICH HERMES 721 EMERSON RD STE 400 SAINT LOUIS, MO 63141-6770 RE: THE BOARD OF EQUALIZATION 2021, WELD COUNTY, COLORADO NOTIFICATION OF HEARING SCHEDULED Docket 2021-1945, AS0109 Appeal 2008230143 Hearing 8/3/2021 8:30 AM Account(s) Appealed: R2587603 Dear Petitioner(s): The Weld County Board of Equalization has set a date of August 3, 2021, at or about the hour of 8:30 AM, to hold a hearing on your valuation for assessment. This hearing will be held at the Weld County Administration Building, Assembly Room, 1150 O Street, Greeley, Colorado. You have a right to attend this hearing and present evidence in support of your petition. The Weld County Assessor or his designee will be present. The Board will make its decision on the basis of the record made at the aforementioned hearing, as well as your petition, so it would be in your interest to have a representative present. If you plan to be represented by an agent or an attorney at your hearing, prior to the hearing you shall provide, in writing to the Clerk to the Board's Office, an authorization for the agent or attorney to represent you. If you do not choose to attend this hearing, a decision will still be made by the Board by the close of business on August 5, 2021, 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 Gee Esther E. Gesick Clerk to the Board Weld County Board of Commissioners and Board of Equalization cc: Brenda Dones, Assessor July 15, 2021 Agent: CBIZ MHM LLC RICH HERMES 721 EMERSON RD STE 400 SAINT LOUIS, MO 63141-6770 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 Petitioner: GREELEY RETAIL DST C/O KOHL'S DEPARTMENT STORES PO BOX 2148 MILWAUKEE, WI 53201-2148 RE: THE BOARD OF EQUALIZATION 2021, WELD COUNTY, COLORADO NOTIFICATION OF HEARING SCHEDULED Docket 2021-1945, AS0109 Appeal 2008230143 Hearing 8/3/2021 8:30 AM Account(s) Appealed: R2587603 Dear Petitioner(s): The Weld County Board of Equalization has set a date of August 3, 2021, at or about the hour of 8:30 AM, to hold a hearing on your valuation for assessment. This hearing will be held at the Weld County Administration Building, Assembly Room, 1150 O Street, Greeley, Colorado. You have a right to attend this hearing and present evidence in support of your petition. The Weld County Assessor or his designee will be present. The Board will make its decision on the basis of the record made at the aforementioned hearing, as well as your petition, so it would be in your interest to have a representative present. If you plan to be represented by an agent or an attorney at your hearing, prior to the hearing you shall provide, in writing to the Clerk to the Board's Office, an authorization for the agent or attorney to represent you. If you do not choose to attend this hearing, a decision will still be made by the Board by the close of business on August 5, 2021, 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 Gee Esther E. Gesick Clerk to the Board Weld County Board of Commissioners and Board of Equalization cc: Brenda Dones, Assessor August 5, 2021 Petitioner: GREELEY RETAIL DST C/O KOHL'S DEPARTMENT STORES PO BOX 2148 MILWAUKEE, WI 53201-2148 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): CBIZ MHM LLC RICH HERMES 721 EMERSON RD STE 400 SAINT LOUIS, MO 63141-6770 RE: THE BOARD OF EQUALIZATION 2021, WELD COUNTY, COLORADO NOTICE OF DECISION Docket 2021-1945 Appeal 2008230143 Hearing 8/5/2021 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 2021. Account # Decision The Assessment and valuation is set as follows: Actual Value as Actual Value as Set by Determined by Assessor Board R2587603 Stipulated - Approved Stipulated Value $7,537,545 $7,197,950 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, 2021, MUST comply with the following provisions of C.R.S. §39-8-107(5): (5)(a)(I) On and after August 10, 2021, 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 Esther E. Gesick Clerk to the Board Weld County Board of Commissioners and Board of Equalization cc: Brenda Dones, Weld County Assessor August 5, 2021 Agent: CBIZ MHM LLC RICH HERMES 721 EMERSON RD STE 400 SAINT LOUIS, MO 63141-6770 Petitioner: 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 GREELEY RETAIL DST C/O KOHL'S DEPARTMENT STORES PO BOX 2148 MILWAUKEE, WI 53201-2148 RE: THE BOARD OF EQUALIZATION 2021, WELD COUNTY, COLORADO NOTICE OF DECISION Docket 2021-1945 Appeal 2008230143 Hearing 8/5/2021 Dear Petitioner: On the day indicated above, the Board of County Commissioners of Weld County Colorado convened and acting as the Board of Equalization, pursuant to C.R.S. §39-8-101et seq., considered petition for appeal of the Weld County Assessor's valuation of your property described above, for the year 2021. Account # Decision The Assessment and valuation is set as follows: Actual Value as Actual Value as Set by Determined by Assessor Board R2587603 Stipulated - Approved Stipulated Value $7,537,545 $7,197,950 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, 2021, MUST comply with the following provisions of C.R.S. §39-8-107(5): (5)(a)(I) On and after August 10, 2021, 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 fess 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 C. z, 6,e Esther E. Gesick Clerk to the Board Weld County Board of Commissioners and Board of Equalization cc: Brenda Dones, Weld County Assessor Hello