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Home My WebLink About20211813.tiff COUNTY BOARD OF EQUALIZATION WELD COUNTY Single County Schedule Number: R3011486 STIPULATION (As To Tax Year 2021 Actual Value) RE PETITION OF : NAME: RICHARD M BORYS ADDRESS: 23433 Weld County PKWY Greeley Co,80631 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: I. The property subject to this Stipulation is described as: GR 2485 L1-2 BLK51 HUNTERS 2. The subject property is classified as residential. 3. The County Assessor originally assigned the following actual value to the subject property for the tax year 2021 : Total: $540,632 4. After further review and negotiation, Petitioner (s) and Weld County Assessor agree to the following tax year2021 actual value for the subject property: Total: $515,000 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: Looked at additional sales which supported an adjustment. Homeowner agreed to stipulated value. 7. Both parties agree that: The hearing scheduled before the Board of Equalization on 07/26/2021 at 1:00 PM be vacated. ❑A hearing has not yet been scheduled before the Board of Equalization. R3011486 l ZotI — v g)3 6501IJq DATED this 19 day of July , 2021 . Richard M Borys , Richard M Borys(Jul 20,2021 08:48 MOT) p tlnti Petitioner(s) or Agent or Attorney (Assistant) County Attorney for Respondent, Weld County Board of Commissioners Address: Address: 23433 Weld County Parkway . 1150 "0" Street P.O. Box 758 80631 Greeley, CO 80632 Telephone: 9705390657 Telephone:(970) 336-7235 • County Deputy Assessor Address: 1400 N.17th Avenue Greeley, CO 80631 Telephone: (970) 400-3650 R3011486 2 R3011486/Borys Stipulation Final Audit Report 2021-07-20 Created: 2021-07-19 - By: LUIS MUNOZ(Imunoz@co.weld.co.us) Status: Signed Transaction ID: CBJCHBCAABAAycDFHOWzxIIrHzHflBXTQSgCvPowmwPk "R3011486/Borys Stipulation" History • ,� Document created by LUIS MUNOZ (Imunoz@co.weld.co.us) 2021-07-19-8:15:48 PM GMT-IP address:204.133.39.9 Pi. Document emailed to LUIS MUNOZ (Imunoz@co.weld.co.us) for approval 2021-07-19-8:15:51 PM GMT 60 Document approved by LUIS MUNOZ (Imunoz@co.weld.co.us) Approval Date:2021-07-19-8:19:18 PM GMT-Time Source:server-IP address:204.133.39.9 Pp Document emailed to Debra Jakino (djakino@co.weld.co.us) for approval 2021-07-19-8:19:20 PM GMT t Email viewed by Debra Jakino (djakino@co.weld.co.us) 2021-07-19-8:33:55 PM GMT-IP address:204.133.39.9 bia Document approved by Debra Jakino (djakino@co.weld.co.us) • Approval Date:2021-07-19-8:34:39 PM GMT-Time Source:server-IP address:204.133.39.9 Cry Document emailed to Jason Marini (appeals@weldgov.com)for signature 2021-07-19-8:34:41 PM GMT f Email viewed by Jason Marini (appeals@weldgov.com) 2021-07-20- 1:25:45 PM GMT-IP address:204.133.39.9 6© Document e-signed by Jason Marini (appeals@weldgov.com) Signature Date:2021-07-20-1:26:10 PM GMT-Time Source:server-IP address:204.133.39.9 jw Document emailed to Richard M Borys (realvalu@frii.com)for signature 2021-07-20-1:26:12 PM GMT • in Email viewed by Richard M Borys (realvalu@frii.com) 2021-07-20-2:29:23 PM GMT-IP address: 184.96.214.205 VDWEREDBY r Adobe Sign b® Document e-signed by Richard M Borys (realvalu@frii.com) Signature Date:2021-07-20-2:48:05 PM GMT-Time Source:server-IP address:208.69.210.8 G, Document emailed to Karin McDougal (weld-cboe@weldgov.com)for signature 2021-07-20-2:48:06 PM GMT t Email viewed by Karin McDougal (weld-cboe@weldgov.com) 2021-07-20-3:10:54 PM GMT-IP address:204.133.39.9 6© Document e-signed by Karin McDougal (weld-cboe@weldgov.com) Signature Date:2021-07-20-3:11:15 PM GMT-Time Source:server-IP address:204.133.39.9 ® Agreement completed. 2021-07-20-3:11:15 PM GMT • DOWEBED BY r • Adobe Sign 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: RECEIVED Weld County Board of Equalization 1150 0 Street, P.O. Box 758 Greeley, CO 80631 JUL 0 6 2021 Telephone: (970) 356-4000 ext, 4225 Online: www.co.weld.co.us/appsl/oboe/ VELD COUNTY mmisiRs To preserve your appeal rights, your Petition to the County Board of Equa izafiann musf b'e 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 5, § 39-8-107(2), C.R.S. If you do not receive a decision from the County Board of Equalization and you wish to continue your appeal, you must file an appeal with the Board of Assessment Appeals by September 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 District Court 1313 Sherman Street, Room 315 Contact the District Court in the County Denver, CO 80203 where the property is located. See your (303) 866-5880 local telephone book for the address and www.dola.colorado.qov/baa telephone number. Binding Arbitration For a list of arbitrators, contact the County Commissioners at the address listed for the County Board of Equalization. If the date for filing any report, schedule, claim, tax return, statement, remittance, or other document falls upon a Saturday, Sunday, or legal holiday, it shall be deemed to have been timely filed if filed on the next business day, § 39-1-120(3), C.R.S. 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.) $ `f6"—io 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 docum ntation, i.e., comparable sales, rent roll, original installed cost, appraisal, etc.) L-4 rt � t ' - /ti 1t-h-c-9) 4- `f 4/1/1 1—S ATTESTATION I, the undersigned owner or agent' of the property identified above, affirm that the statements contained herein a n y attachments hereto are true and complete. S gnature Telephone Number Date Email Address Attach letter of authorization signed by property owner. 15-DPT-AR PR 207-08/13 R3011486 _ 2021-1813 ASOl09 5/8/2021 1 Per Page-Listing Report IRES MLS#: 885750 PRICE: $485,000 709 37th Ave, Greeley 80634 INCOME PROPERTY SOLD Locale: Greeley County:Weld Area/SubArea: 10/2 Subdivision: Edwards Homes 6th Legal:GR 6E18-8 S54'L8&N22'L9 BLK18 6TH ADD EDWARDS HOMES Total#Units: Total SqFt:3998 Bedrooms 1 2 3 Parking Spaces: #Units Built: 1971 SqFt Source:Assessor records Elementary: Madison New Const: No Middle/Jr.: Franklin Builder: Model: High School: Greeley West New Const Notes: School District: Greeley 6 Lot SqFt:9,500 Approx.Acres: 0.22 Listing Comments: Sold before List! Elec: Water: Greeley Sold Date: 06/19/2019 Sold Price:$485,000 Gas: Taxes: Terms: CONV FIX DOM:44 DTO: 1 DTS:44 PIN: Zoning: Multi Down Pmt Assist: N Waterfront: No Water Meter Inst:Yes Concession Type: CA HOA: No Total Concession Amt: $1,600 Metro Tax District: No SA: Erin Brady 970-978-8698 SO: Realty One Group Fourpoints 970-573-5880 Total#Units: Bedrooms 1 2 3 Property Features Total SqFt: 3998 #Units Style:2 Story Construction:Wood/Frame Roof: Composition Roof Parking Spaces: Basement/Foundation: No Basement Heating: Baseboard Heat Potential Rental Income: $48,000 Inclusions: Electric Range/Oven Utilities: Electric Water/Sewer: City Water Ownership: Licensed Owner Occupied By:Tenant Occupied Less Vacancy Rate: 0% Possession: Delivery of Deed Tenant Pays: Electric Effective Rental Income: $48,000 Property Disclosures:Seller's Property Disclosure Flood Plain: Minimal Gross Operating Income: $48,000 Risk Property Taxes: Tax Year: Total Operating Expense: Net Operating Income: $48,000 Cap Rate: 9.9 Gross Rent Mult.: 10.1 Units Beds Baths Bsmnt SqFt Rent Parking. LA:Jennifer George Phone:970-449-7100 Email:jennifergeorge@kw.com Fax: 970-692-2644 LO: Keller Williams Realty NoCo Broker Phone:970-449-7100 TB:3.00 BA: 3.00 Buyer Excl: No Contract: R For Showings: Min EM:$4,800 EM Recip: North American Title Lim Service: N Prepared By:Richard Borys-May 8,2021 2:17:50 PM Information deemed reliable but not guaranteed.MLS content and images copyright 1995-2021,IRES LLC.All rights reserved. https://www.iresis.com/MLS/Search/index.cfm?Action=LaunchReports 1/1 5/8/2021 1 Per Page-Listing Report IRES MLS#: 866738 PRICE: $360,000 921 13th St, Greeley 80631 ------------ INCOME PROPERTY SOLD Locale:Greeley County:Weld p Area/SubArea: 10/7 Subdivision:Currier =-P"ei ;`' Legal:GR 5447 L5 BIk96 Currier Sub 1 a r" Total#Units:4 1:1,41%* Bedrooms 1 2 TotaIS Ft.3149 #Units 3 1 — ,,, Parking Spaces: 10 Built: 1916 SqFt Source:Assessor records New Const: No Elementary: Maplewood Builder: Model: Middle/Jr,: Heath New Const Notes: High School: Greeley Central School District: Greeley 6 Listing Comments:The Bliss House built in 1916 features a Craftsman style house that includes the full width porch,triangular braces in the gable Lot SqFt:9,500 Approx.Acres:0.22 ends and front gabled dormer.Listed on the Greeley Historic Register the Elec:Xcel Energy Water:City of Greeley house is being used as a rental.4 units with separate elec meters,tenants Gas:Atmos Energy Taxes:$1,526/2017 on month to month,each unit has a private entrance,plenty of parking, PIN: R3243286 Zoning: C-H new roof.AC only on main floor.Showings require a day in advance Waterfront:No Water Meter Inst:Yes notice.Potential rent income based on estimated rents.No weekend HOA: No showings.Broker Remarks:All showings require a day in advance notice. No showings on the weekends.Listing agent is required to be at all Metro Tax District:- showings.Room for rent improvement. Potential rent income based on Total U# nits:4 estimated rents.It is the intention of the Seller to effect a tax deferred 1031 Total# ni 3149 Bedrooms 1 2 3 exchange. SParking Spaces: 10 #Units 3 1 Sold Date:01/11/2019 Sold Price:$355,000 Potential Rental Income: $33,600 Terms:CONV FIX DOM:60 DTO: 18 DTS:60 Less Vacancy Rate: 2% Down Pmt Assist: N Effective Rental Income: $32,928 Concession Type:None Other Income: SA: Felicia DiGiallonardo 970-988-6997 Gross Operating Income: $32,928 SO:HomeSmart Cherry Creek-FTC 970-534-6210 Property Taxes: $1,526 Property Features Style: 1 1/2 Story Construction:Wood/Frame Roof:Composition Roof Tax Year: 2017 Outdoor Features: Lawn Sprinkler System Views:City View Utilities: $1,695 Lot Improvements:Street Paved,Curbs,Gutters,Sidewalks,Street Light, Common Area Maintenance: $1,410 Alley,Fire Hydrant within 500 Feet Road Access:City Street Other:Water/Trash $2,220 Road Surface At Property Line: Blacktop Road Parking Per Unit:2 Other:Boiler repair $965 Spaces/Unit Basement/Foundation: Full Basement,90%+Finished Other:Miscellaneous $589 Basement Heating: Hot Water, Baseboard Heat Cooling:Central Air Total Operating Expense: $8,405 Conditioning Inclusions:Electric Range/Oven, Refrigerator,Clothes Washer,Clothes Dryer Utilities: Natural Gas, Electric Water/Sewer:City Net Operating Income: $24,523 Water,City Sewer Mineral/Water Rights: Mineral Rights Excluded Cap Rate:6.81 Gross Rent Mult.: 10.93 Ownership: Private Owner Occupied By:Tenant Occupied Possession: Delivery of Deed Tenant Pays: Deposit, Electric Property Disclosures: Units Beds Baths Bsmnt SqFt Rent Parking Seller's Property Disclosure, Lead Paint Disclosure Flood Plain:Minimal 1 2 1 N 1389$725 4/0 Risk Existing Lease: Month-to-Month Possible Usage:Single Family, 1 1 1 N 500 $500 2/0 Multi Family,Business,Commercial or Industrial New Financing/Lending: 1 1 1 Y 435 $500 2/0 Cash, Conventional, 1031 Exchange Exclusions-Seller reserves all oil, 1 1 1 Y 420 $500 2/0 gas and mineral rights LA: Dale Souther Phone:970-381-8544 Email: Dale@Austin-Austin.com Fax:970-353-0799 LO:Austin&Austin Real Estate Broker Phone:970-353-0790 TB:3.00 BA:3.00 Buyer Excl: No Contract: R For Showings: LO:(970)353-0790 Min EM:$4,000 EM Recip:Austin&Austin Real Estate Lim Service:N Prepared By:Richard Borys-May 8,2021 2:20:57 PM Information deemed reliable but not guaranteed.MLS content and images copyright 1995-2021,IRES LLC.All rights reserved. https://www.i resis.com/MLS/Search/index.cfm?Action=LaunchReports 1/1 5/8/2021 1 Per Page-Listing Report IRES MLS#: 875854 PRICE: $349,900 915 13th St, Greeley 80631 �, ,, INCOME PROPERTY SOLD ' Locale: Greeley County:Weld . - ti . - Area/SubArea: 10/7 € Subdivision: Currier Sub . ;t ," Legal: GR 5449 L7 BLK96 CURRIER SUB Total#Units:4 Bedrooms 1 2 3 . Total SqFt:2650 #Units 4 Parking Spaces: IFk � Built: 1900 SqFt Source:Assessor records . New Const: No Elementary: Maplewood Builder: Model: Middle/Jr.: Heath New Const Notes: High School: Greeley Central School District: Greeley 6 Listing Comments: Nicely maintained 4-plex near downtown Greeley. Tthe units have been updated with newer separated HVAC units.Two units Lot SqFt:9,500 Approx.Acres: 0.22 upstairs are large 1 BD units,with the front unit having an additional room Elec:Xcel Water: City of Greeley for an office or another small BD.There is one studio in the basement,and Gas:Atmos Taxes:$1,218/2018 a larger 1 BD in the basement.Separate entrance in the back for 3 units. PIN: Zoning: C-H Large private back parking lot.Small shop and storage shed.The exterior Waterfront: No Water Meter Inst:Yes was painted in 2018.Coin-op laundry Buyer to verify measurements,and HOA: No schools Broker Remarks:Showings start April 1st,2019.Showings allowed Monday-Thursday 10AM-4PM,with 24 hour notice required. Metro Tax District:- Listing agent is part owner. Seller is a licensed real estate agent in the Total#Units:4 state of Colorado.Seller is participating in a 1031 exchange,with no Total SqFt:2650 Bedrooms 1 2 3 additional cost to the buyer. Please use 1031 verbiage and agent owned Parking Spaces: #Units 4 verbiage in additional provisions.All offers must be accompanied with POF or Pre Qual,and a signed LBP disclosure.Call today for more information. Potential Rental Income: $36,792 Sold Date:05/09/2019 Sold Price: $350,000 Less Vacancy Rate: 3% Terms:CONV FIX DOM:44 DTO:9 DTS:44 Effective Rental Income: $35,688.24 Down Pmt Assist: N Other Income: $120 Concession Type:CA Gross Operating Income: $35,808.24 Total Concession Amt:$3,500 Property Taxes: $1,218 SA:Julia Udick 970-219-3920 Tax Year: 2018 SO: Hub Real Estate 970-682-2251 Building Insurance: $2,058 Property Features Utilities: $2,688 Style: 1 Story/Ranch Construction:Wood/Frame Roof:Composition Roof Common Area Maintenance: $659 Outdoor Features:Storage Buildings Fences: Partially Fenced Views: Other: Garbage $420 City View Lot Improvements:Street Paved,Curbs,Gutters, Sidewalks Other: General Main $350 Road Access: City Street Road Surface At Property Line: Blacktop Road Total Operating Expense: $7,393 Parking Per Unit: 1 Space/Unit Basement/Foundation: Full Basement Net Operating Income: $28,415.24 Heating: Forced Air Inclusions: No Units Furnished,Window Coverings, p g Electric Range/Oven,Refrigerator,Clothes Washer,Clothes Dryer,Smoke Cap Rate:8.12 Gross Rent Mult.:9.77 Alarm(s)Design Features: Eat-in Kitchen Disabled Accessibility: Level Units Beds Baths Bsmnt S Ft Rent ParkingLot Utilities: Natural Gas, Electric Water/Sewer: City Water G— Mineral/Water Rights: Mineral Rights Excluded Ownership: Licensed 1 1 1 N - $841 1 /O Owner Occupied By:Tenant Occupied Possession: Delivery of Deed 1 1 1 N - $825 1 /0 Tenant Pays: Nothing Gross Scheduled Income Includes: Lease/Rents, 1 1 1 - - $775 1 /0 Laundry Property Disclosures: No Property Disclosure, Lead Paint 1 1 1 - - $625 1 /O Disclosure Flood Plain: Minimal Risk Existing Lease: Month-to-Month, Fixed Term Possible Usage: Multi Family New Financing/Lending:Cash, Conventional Exclusions-Mineral Rights,tenants personal property. LA: Seth Bunting Phone:970-518-6197 Email: seth.bunting505@gmail.com Fax:- LO: Oneway.realty Broker Phone:970-515-5004 TB:2.80 BA:2.80 Buyer Excl: No Contract: R For Showings: LA: (970)518-6197 Min EM:$3,000 EM Recip: Stewart Title Lim Service: N Prepared By:Richard Borys-May 8,2021 2:21:31 PM Information deemed reliable but not guaranteed.MLS content and images copyright 1995-2021,IRES LLC.All rights reserved. https://www.iresis.com/MLS/Search/index.cfm?Action=LaunchReports 1/1 5/8/2021 1 Per Page-Listing Report IRES MLS#: 880766 PRICE: $320,000 ' 1744 7th Ave, Greeley 80631 INCOME PROPERTY SOLD ' '`�='. Locale: Greeley County:Weld ;,=- .' Area/SubArea: 10/7 : Subdivision:Arlington Heights , = Legal:GR 833 L25-26 BLK6 ARLINGTON HEIGHTS 4 Total#Units:4 Bedrooms 7 2 3 Total SqFt:2750 #Units Parking Spaces: Built: 1916 SqFt Source:Assessor records _=.! New Const: No Elementary: Jackson Builder: Model: Middle/Jr.: Brentwood New Const Notes: High School: Greeley Central School District: Greeley 6 Listing Comments: Nice 4-plex on 2 lots.There is 1 two bedroom, 1 bathroom unit,and 3 one bedroom, 1 bath units. New roof,and paint on Lot SqFt:2,750 Approx.Acres:0.06 the exterior.Buyer to verify schools and sq ft.Call for more details. Elec: Water:City of Greeley Broker Remarks: Showings start May 13th.24 HOUR notice for Gas: Taxes:$1,449/2018 showings. Listing agent is owner.Owner is a licensed real estate agent in PIN: Zoning: RES Colorado.Seller is participating in a 1031 exchange.When writing an offer Waterfront: No Water Meter Inst: No please add proper 1031 language,and that agent is owner of the property, HOA: No and a licensed agent.Also submit with lead based paint disclosure. Rents can easily be increased. Metro Tax District: No Sold Date:07/08/2019 Sold Price:$342,500 Total#Units:4 Bedrooms 1 2 3 Terms:CONV FIX DOM: 60 DTO:7 DTS:60 Total SqFt:2750 — ——#Units Down Pmt Assist: N Parking Spaces: Concession Type:CA Potential Rental Income: $33,600 Total Concession Amt: $5,000 Less Vacancy Rate: 2% SA: Braxton Thomas 970-215-1478 Effective Rental Income: $32,928 SO: RE/MAX Alliance-FTC Dwtn 970-482-1781 Gross Operating Income: $32,928 Property Features Property Taxes: $1,449 Style: 1 Story/Ranch Construction:Wood/Frame Roof:Composition Roof Tax Year: 2018 Outdoor Features: Lawn Sprinkler System, Deck Location Description: Building Insurance: $2,058 Corner Lot Views: City View Lot Improvements: Street Paved,Curbs, Gutters,Sidewalks,Street Light Road Access: City Street Utilities: $5,760 Road Surface At Property Line: Blacktop Road Basement/Foundation: Common Area Maintenance: $756 90%+Finished Basement Heating: Forced Air Inclusions: Electric Other:Trash removal $600 Range/Oven, Refrigerator Design Features: Eat-in Kitchen Utilities: Total Operating Expense: $10,623 Natural Gas, Electric Water/Sewer: City Water Mineral/Water Rights: Net Operating Income: $22,305 Mineral Rights Excluded Ownership: Private Owner Occupied By:Tenant Occupied Possession: Delivery of Deed Tenant Pays: Nothing Cap Rate: 6.97 Gross Rent Mult.:9.72 Gross Scheduled Income Includes: Lease/Rents Property Disclosures: Units Beds Baths Bsmnt SqFt Rent Parking Lead Paint Disclosure Flood Plain: Minimal Risk Existing Lease: Fixed - 2 1 - - $750 0 Term Possible Usage: Multi Family New Financing/Lending: Cash, 1 1 $600 O Conventional Exclusions-Mineral Rights, and Tenants personal property - 1 1 - - $550 O - 1 1 - - $500 O LA:Seth Bunting Phone:970-518-6197 Email:seth.bunting505@gmail.com Fax:- LO: Oneway.realty Broker Phone:970-515-5004 TB:2.80 BA:2.80 Buyer Excl: No Contract: R For Showings: LA: (970)518-6197 Min EM: $3,500 EM Recip: Stewart Title Lim Service: N Prepared By:Richard Borys-May 8,2021 2:21:45 PM Information deemed reliable but not guaranteed.MLS content and images copyright 1995-2021,IRES LLC.All rights reserved. https://www.iresis.com/MLS/Search/index.cfm?Action=LaunchReports 1/1 Internal Real Estate Evaluation r • d p S 11 Subject Property Address 805 & 807 14th Ave and 801 14th Ave &1402 8th St. Greeley, CO 80631 Preparer Wayne Cole Borrower Richard Borys Effective Date of Evaluation 3/27/2019 Date of Report 4/4/2019 This evaluation is for internal use only. This evaluation is not to be used by any individual outside of FNBO, for any reason. 1 Introduction Property Location and Description The subject property is a 4-unit rental property in Greeley, CO in Weld County. The subject consists of two duplex buildings with a total gross leasable area of 5,560 sf spread in 4 units. The first duplex, which is addressed 803-805 14th Ave, was built in 1926 and contains 1,400 sf above grade and has 1,400 sf of finished basement for a GLA of 2,800 sf. The second duplex, which is addressed 801 14th Ave & 1402 8th St, was built in 1927 and contains 1,380 sf above grade and has 1,380 sf of finished basement for a GLA of 2,760 sf. Per information provided by the lender, the expected monthly rent for all the units is $4,275. Greeley is about 60 miles north of the Denver metro area and about 55 miles south of Cheyenne, WY. Surrounding properties are of commercial and residential uses. The subject is in average condition per inspection report, and is assumed to be typical of competing properties. Overall, the facility is functional by market standards and should experience average market acceptance. Evaluation Assumptions This evaluation is contingent upon the following assumptions: • It is assumed that there are no environmental issues that would adversely affect the value of the subject property. • A member of FNBO-inspected the subject property. A photo and statement of condition was supplied. It is assumed this information is accurate. • The comparable sales were obtained from sources including the MLS, Costar, county websites, and the preparer's files. It is assumed that this information is accurate. Intended User The intended user of this evaluation is FNNI. This evaluation is for internal credit decision- making purposes only. Further it should not be construed as an appraisal, and shall not be used by any individual outside FNNI. This report is prepared for the sole use and benefit of First National of Nebraska, Inc. (FNNI) and is based, in part, upon documents, writings, and information owned and possessed by FNNI. Neither this report nor any of the information contained herein shall be used or relied upon for any purpose by any person or entity other than FNNI except as specifically allowed by FNNI in writing. This evaluation is for internal credit decision-making purposes only. Further, it should not be construed as an appraisal, and shall not be used by any individual outside of FNNI. 2 This evaluation is for internal use only — it is not to be used for anything other than lending purposes. Uses which this document is NOT intended for include the following: estimation of Market Value for outside purposes (i.e. purchase price negotiation), insurable value, and/or flood insurable value. This evaluation is not to be used by any individual outside of FNNI, for any reason. Evaluation Purpose The purpose of this evaluation is to determine an estimate of market value based on comparable sales approach. According to the credit analyst; the transaction value is less than $500,000 and meets the qualifications for appraisal business exemption. Therefore, this transaction does not require an appraisal per 12 CFR 34.43. Evaluation Process and Development To arrive at an estimate of value, the evaluator has taken the following steps: • Gather comparable sales data. • Visually observe the subject property and the comparable sales through electronic means. • Develop a sales and an income capitalization approach. Subject Property Information Ownership According to the County Assessor's office the current owner of record is: Richard M. Borys. The mailing address is 23433 Weld County Pkwy, Greeley, CO 80631 Zoning The specific zoning classification of the subject is R-M per the City zoning map. It is assumed the existing use is a legal use of the site as improved. Assessor's Data/Site Description Property: 801-807 14th Ave & 1402 8th St, Greeley Parcel: #96106421011 Year Built: — 1926 & 1927 Building Area: 5,560 GLA Construction: The buildings are Class D frame construction, and the building's interiors are assumed to be typical of competing properties. Overall, the building appears to be in average condition. 3 Site Area: 7,590 sf or—0.17 acres ° Assessed Value: $296,874 History: No transfers found in the past 5 years. Valuation Introduction Typically there are three approaches used by appraisers to arrive at an estimate of market value: Cost, Sales Comparison, and Income. The evaluator will incorporate the sales and income approach in this report. The subject has accrued depreciation, so a cost approach will not result in an accurate value. The cost approach is particularly applicable when the property being value involves relatively new improvements, which represent the highest and best use of the land, or when relatively unique or specialized improvements are located on the site and for which there exists no comparable properties in the marketplace. The sales comparison approach is based upon the proposition that an informed purchaser would pay no more for a property than the cost of them acquiring an existing property with the same utility. This approach is applicable when an active market provides sufficient quantities of reliable data, which can be verified from authoritative sources. The income approach is a procedure in the valuation process which converts the anticipated benefits (dollar income or amenities) to be derived from the ownership of property into a value estimate. The income approach is widely applied in valuing income-producing properties. Anticipated future income and/or reversions are discounted to a present worth figure through the capitalization process. Sales Comparison Approach The evaluator researched County records and the preparer's personal files for recent sales of similar properties in the subject's market area. The search revealed no identical sales but several comparables were selected as they will provide a reliable estimate of value for the subject property. The comparables sales are summarized briefly in the following table. Comparables sales Sale No. Address Use Sale Date Sale Price SF Above Grade SP/UNIT 1 18048th St,Greeley Multi Family 5/17 $220,000 1348 $163 2 70115th Ave Ct,Greeley Multi Family 4/17 $170,000 1680 $101 3 182413th Ave,Greeley Multi Family 6/18 $560,000 3666 $153 4 121114th St,Greeley Multi Family 4/16 $160,000 1186 $135 801-80714th Ave&1402 8th SUBJECT St,Greeley Multi Family 2780 4 • • The sales selected are considered the best available. They are used for the same general business purpose as the subject. The sale price per square foot of above grade was used due to the rentable space present in the non-grade levels. The sale write-ups are retained in the work file. The comparables are compared to the subject property in the brief paragraphs which follow: Conditions of Sale — All of the sales analyzed are considered arm's length transactions and involved no unusual circumstances. Therefore, no adjustments are required for conditions of sale. Property Rights Conveyed — All sales are assumed to transfer fee simple ownership, no adjustments are necessary. Financing—All sales are assumed to be sold on a cash-to-seller basis, therefore, no adjustments are required for financing. Date of Sale—The market is increasing, so an annual increase of approximately 2%was given to all sales. Location — The subject and all comparables are in the same or equivalent locations so no adjustments were needed. Access —The subject is accessible from a paved street. All comparable sales are similar to the subject for paved access, no adjustments are applicable. Visibility —The subject is considered to similar visibility to comparable sales and therefore no adjustment was made. Number of Units (SF) #of Units(SF) Sale 1 1348 Sale 2 1680 • Sale 3 3666 Sale 4 1186 SUBJECT 2780 In the local market an inverse relationship typically exists between the number of units and the price paid for it. Fewer units will typically sell for a higher price per unit than a parcel with more units. Appropriate adjustments were made to reflect the size differences between the subject and the comparable sales if warranted. 5 • Age& Condition In comparing the age and condition of the subject to the comparables, the adjustments will vary based on the specific comparison of the subject to the comparable. For this evaluation, the subject and all sales were built in the same early 1900's era and had the same overall condition, thus no adjustments were made. Construction Quality—The subject is frame construction similar to all the sales; no adjustment was warranted. Functional Utility The following table shows some of the utilitarian differences between the subject and the sales: Finished Basement Garage Style Sale 1 0 1 Car 1 Story Sale 2 0 None 1 Story Sale 3 2356 2 Car 1.5 Story Sale 4 0 None 1 Story SUBJECT 2780 None 1 Story Adjustments were made on an individual basis as an overall net calculation. Site Coverage—All properties were similar overall, and no adjustments were made. Other—There are no other factors which warrant adjustments. SALES GRID Sale 1 Sale 2 Sale 3 Sale 4 Unit Price $163 $101 $153 $135 Conditions of Sale 0% 0% 0% 0% Property Rights Conveyed 0% 0% 0% 0% Financing 0% 0% 0% 0% Date of Sale 4% 4% 2% 6% ADJUSTED UNIT VALUE $170 $105 $156 $143 Location 0% 0% 0% 0% Access 0% 0% 0% 0% Visibility 0% 0% 0% 0% Unit Size(SF) -5% -5% 0% -5% Age&Condition 0% 0% 0% 0•%0 Construction Quality 0% 0% 0% 0% Functional Utility 8% 10% 1% 10% Site Coverage 0% 0% 0% 0% Other 0% 0% 0% 0% NET ADJUSTMENTS 3% 5% 1% 5% ADJUSTED UNIT VALUE $175 $111 $157 $150 6 • The sales provided are considered the best available and provide good support for the subject's concluded unit value. After considering the above analysis, a value of$155 per square foot was selected, and is deemed appropriate for the subject property. 2,780 units x$155 psf=430,900 Called Sales Value: $430,000 INCOME APPROACH As noted above, PGI is taken from the financial information provided by the lender which indicates the borrower is expecting monthly rent of about $4,275 for all units together. Expenses are taken from the borrower's tax returns, and a 7% cap rate is taken from the market, and is considered typical of multi-family properties of this type. See the following table: 801-807 14th Ave&1402 8th St,Greeley INCOME APPROACH Annual Potential Gross Income (PGI) $51,300 • Less Vacancy and Collection Loss 5% $2,565 Add Misc Income (Laundry etc) $0 Effective Gross Income (EGI) $48,735 Expenses Admin/General Expense 11.4% $5,556 Taxes 3.6% $1,754 Insurance 3.6% $1,754 Utilities 8.9% $4,337 Maintenance 12.1% $5,897 Total Expense (rounded) 40% $19,299 Net Operating Income (N01) $29,436 Capitalization Rate (No load) 7% INCOME APPROACH VALUE(ROUNDED) $420,513 CALLED $420,000 7 Reconciliation and Conclusion: Sales Approach $430,000 Income Approach $420,000 Both the sales comparison and the income approach were considered in the final determination of value, and they supported each other. This property is an income producing property giving the income approach validity in this report. All the comparable sales were income producing properties similar to the subject, giving the sales approach validity. Weight was given to the income approach. Concluded Market Value: Called $420,000 This report is prepared sole use of and benefit of First National Bank of Omaha, and is based in part upon documents, writings,and information obtained by First National Bank of Omaha. Neither this report nor any of the information contained herein shall be used or relied upon for any purpose by any person or entity other than First National Bank of Omaha except as specifically allowed by FNBO in writing. This opinion of value may not meet minimum standards contained in the Uniform Standards of Professional Appraisal Practice and is not governed by the Real Property Appraiser Act. It/re L, &A 0/2019 Value Estimated By: Date 8 • Statement of Condition- Inspection Report for Internal Evaluations Date Report Prepared 3/27/2019 Date of Inspection 1 3/27/2019 Individual Who Performed Inspection Jeremy Ehardt Signature I iarnmy Fharrit THE INDIVIDUAL WHO PERFORMS THE INSPECTION CERTIFIES THAT INFORMATION ON THIS FORM IS ACCURATE AND FACTUAL. Loan Officer Jeremy Ehardt Phone# 1 970-227-1732 Borrower Richard Borys Transaction Details (do not provide exact loan amounts,questions should be answered in yes/no format) Is loan amount s $250,000? Yes Is loan utilizing Business Exemption(loan between$250,000 s$1,000,000) To be completed if Business Exemption(loan is between$250,000 s$1,000,000)is being used: Is this a business loan and made to a business entity? No Is subject owner-occupied? No Is there a lease on the property(even to a related entity)? Yes What is source of repayment? 'Rental Income Property Details Property Description: 4-Unit Building:801 14th Ave,Greeley,CO 80631 Property Address: 801 14th Ave,Greeley,CO 80631 • What type of property is this? Residential What is current use of property? Residential Is property a duplex? No If Yes,is second unit legally conforming? Yes or No is property single family? No #Bath 1 #Garage Basement Finish Additional Comments: 4Plex If industrial,what percentage is office space? ( jSprinklered Yes or No Parcel Number 96106421011 Assessed Value(year) $296,874 Building Sq.Ft.OR#of Units 4 Units Site Size 17590 Sq Ft Zoning 'Residential Is this property income producing? Yes Upload Rent Roll-Rent Roll or Income/Expense Statement IS required Are there previous appraisals available? No If not in FileNet/Filebound,upload a copy Is this is a purchase? No Upload a purchase agreement What condition is the building(s) in? Please circle condition of the subject property Property features some deferred maintenance and in need of repairs;the functional utility is Fair somewhat dimished due to condition but property remains useable and functional. Property is in typical condition for neighborhood,property has received adequate maintenance Average throughout its life,maintained condition Property is in above average condition for neighborhood,has received above average maintenance Good throughout its life,condition exceeds overall neighborhood. IF GOOD IS SELECTED INTERIOR PHOTOS MUST BE INCLUDED UNLESS APPROVED OTHERWISE List any repairs required to bring property to average condition(i.e.deferred maintenance),examples include broken windows, peeling paint,broken concrete,etc. None List any updates/repairs/modifications within the last 5 years to the property. None Location-Please describe what is located adjacent to the subject East Commercial West Residential South Commercial North Residential Is there a'For Sale'I'For Rent'or'Realtor'sign visible? No Is the property style typical for the neighborhood? Average Is the building/dwelling size small,typical,or large as compared to neighborhood? Average Is the site size,small,typical,or large as compared to the neighborhood? Average Relative to the neighborhood,the subject property's actual condition is: Average Are the following located in proximity to the subject? No 'Overhead Power Lines Highway 1 No 1 Airport 1 No Boarded/Vacated Homes 1 No Agricultural How many acres? Where is water source located? What is the productivity index of the land if known? What crops are grown? How much of the land is tillable? How much is roads,waste,trees,site? Is there an irrigation pivot(this is not so important in Illinois)? Mineral or Water rights? Is the land level-indicate topography? Vacant/Development Land /Residential Lot Size of Site(square feet or acres) What is the proximity to utilities? What are the zoning and rezoning and annexation issues? . How does the subject fit into local development plans? Is the subject platted? Is the subject planned for well and septic or municipal sewer and water hookup? What level of current infrastructure is in place? Are there any other planned amenities for development? Exterior Photo Requirements and Additional Comments **AN EXTERIOR PHOTO OF THE SUBJECT AND STREET SCENE MUST BE ATTACHED TO THIS WORKSHEET(INTERIOR PHOTO IS REQUIRED IF PROPERTY IS STATED TO BE IN GOOD CONDITION),THE PHOTO MUST PORTRAY AN ACCURATE DESCRIPTION OF THE SUBJECT PROPERTY AS OF THE DATE OF THIS REPORT** Additional Comments iLt a v r „,r re •E ..4•14 aAg.z„ n0.0....„,,.... e M 1-;11). .„":":11 kl, `a 4 • t 044j t .f k 1> - gyp.. y t t s yy g.� h I • r_ ....m • • , 7�:ice �,,tr k� iki ., " , ,, i T I — - '..,..., • ---'-',.'tV4:4Z7.S",„;.:`-•- ... , •• .,. • . • ; *4', :;:-.*:.;flirne 1. ,______.......... „..........------, I •.",-; ' •--,"'", • ..,,,,...g•. or Ti..?•.':V•- . ;;;T::-;i I .. ..1/4:-..;1•••?,,,,,I.1..i••*;;T • L.. ri .... .., . 1 1 I I I '.. ''''P a.:• $ . • .....; '7•?..: "— _ ' . . ; • • ••• •. ' ... •.— .. . '• '_. .• . . • . . '. ' _ ..'.• a .: •• _.'. - . . • :- . • . . . . .. " • • . - . ' • . . 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M � r �S,I . . . . . . .le CLERK TO THE BOARD PHONE (970) 400-4226 (�— " - FAX (970) 336-7233 1 1Ir', ! • .% = WEBSITE:www.weldgov.com �ri-- r- ,r,1 1150 0 STREET }- ' "TM P.O. BOX 758 GREELEY CO 80632 July 7, 2021 Petitioner: Agent (if applicable): BORYS RICHARD M 23433 WELD COUNTY PKWY GREELEY, CO 80631 RE: THE BOARD OF EQUALIZATION 2021, WELD COUNTY, COLORADO NOTIFICATION OF HEARING SCHEDULED Docket 2021-1813, AS0109 Appeal 2008230083 Hearing 7/26/2021 1:00:00 PM Account(s)Appealed: R3011486 Dear Petitioner(s): The Weld County Board of Equalization has set a date of July 26, 2021, at or about the hour of 1:00:00 PM, to hold a hearing on your valuation for assessment. This hearing will be held at the Weld County Administration Building, Assembly Room, 1150 O Street, Greeley, Colorado. You have a right to attend this hearing and present evidence in support of your petition. The Weld County Assessor or his designee will be present. The Board will make its decision on the basis of the record made at the aforementioned hearing, as well as your petition, so it would be in your interest to have a representative present. If you plan to be represented by an agent or an attorney at your hearing, prior to the hearing you shall provide, in writing to the Clerk to the Board's Office, an authorization for the agent or attorney to represent you. If you do not choose to attend this hearing, a decision will still be made by the Board by the close of business on August 5, 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 Esther E. Gesick Clerk to the Board Weld County Board of Commissioners and Board of Equalization cc: Brenda Dones, Assessor CLERK TO THE BOARD ig�� PHONE (970) 400-4226 FAX (970) 336-7233 \--cIxr.11,,� i��' -!� ; WEBSITE:www.weldgov.com _l�`1 to' r 'f�, 1150 O STREET L• �- P.O. BOX 758 GdUN rYi GREELEY CO 80632 August 5, 2021 Petitioner: Agent(if applicable): BORYS RICHARD M 23433 WELD COUNTY PKWY GREELEY, CO 80631 RE: THE BOARD OF EQUALIZATION 2021, WELD COUNTY, COLORADO NOTICE OF DECISION Docket 2021-1813 Appeal 2008230083 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. The Assessment and valuation is set as follows: Actual Value as Actual Value as Set by Account# Decision Determined by Assessor Board R3011486 Stipulated-Approved $540,632 $515,000 Stipulated Value 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)(I)(A) of this section. (II) The party providing the information to the petitioner pursuant to subparagraph (I) of this paragraph (b) shall redact all confidential information contained therein. (c) If a petitioner fails to provide the information required by subparagraph (I) of paragraph (a) of this subsection (5) by the deadline specified in subparagraph (II) of said paragraph (a), the County may move the Board of Assessment Appeals to compel disclosure and to issue appropriate sanctions for noncompliance with such order. The motion may be made directly by the County Attorney and shall be accompanied by a certification that the County Assessor or the County Board of Equalization has in good faith conferred or attempted to confer with such petitioner in an effort to obtain the information without action by the Board of Assessment Appeals. If an order compelling disclosure is issued under this paragraph (c) and the petitioner fails to comply with such order, the Board of Assessment Appeals may make such orders in regard to the noncompliance as are just and reasonable under the circumstances, including an order dismissing the action or the entry of a judgment by default against the petitioner. Interest due the taxpayer shall cease to accrue as of the date the order compelling disclosure is issued, and the accrual of interest shall resume as of the date the contested information has been provided by the taxpayer. Appeals to the Board of Assessment Appeals must be made on forms furnished by that Board, and must be mailed or delivered within thirty (30) days of the date the denial by the Board of Equalization is mailed to you. The address and telephone number of the Board of Assessment Appeals are: Board of Assessment Appeals 1313 Sherman Street, Room 315 Denver, Colorado 80203 Telephone Number: (303) 864-7710 Email: baa@state.co.us Fees for Appeal to the Board of Assessment Appeals: A taxpayer representing himself is not charged for the first two (2) appeals to the Board of Assessment Appeals. A taxpayer represented by an attorney or agent must pay a fee of$101.25 per appeal. OR 2. Appeal to District Court: You have the right to appeal the decision of the Board of Equalization to the District Court of the county wherein your property is located: in this case that is Weld County District Court. A hearing before The District Court will be the last time you may present testimony or exhibits or other evidence, or call witnesses in support of your valuation. If the decision of the District Court is further appealed to the Court of Appeals pursuant to C.R.S. §39-8-108(1), the rules of Colorado appellate review and C.R.S. §24-4-106(9), govern the process. OR 3. Binding Arbitration: You have the right to submit your case to binding arbitration. If you choose this option, the arbitrator's decision is final and you have no further right to appeal your current valuation. C.R.S. §39-8-108.5 governs this process. The arbitration process involves the following: a. Select an Arbitrator: You must notify the Board of Equalization within 30 days that you will pursue arbitration. You and the Board of Equalization will select an arbitrator from the official list of qualified people. If you cannot agree on an arbitrator, the District Court of the county in which the property is located (i.e. Weld) will select the arbitrator. b. Arbitration Hearing Procedure: Arbitration hearings are held within sixty (60) days from the date the arbitrator is selected, and are set by the arbitrator. Both you and the Board of Equalization are entitled to participate in the hearing. The hearing is informal. The arbitrator has the authority to issue subpoenas for witnesses, books, records documents and other evidence pertaining to the value of the property. The arbitrator also has the authority to administer oaths, and determine all questions of law and fact presented to him. The arbitration hearing may be confidential and closed to the public if you and the Board of Equalization agree. The arbitrator's decision must be delivered personally or by registered mail within ten (10) days of the arbitration hearing. c. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by you and the Board of Equalization. In the case of residential real property, the fees may not exceed $150.00 per case. For cases other than residential real property, the arbitrator's total fees and expenses are agreed to by you and Board of Equalization, but are paid by the parties as ordered by the arbitrator. If you have questions concerning the above information, please call me at (970) 400-4226. Very truly yours, BOARD OF EQUALIZATION az76,vd 'GLe�rc� Esther E. Gesick Clerk to the Board Weld County Board of Commissioners and Board of Equalization cc: Brenda Dones, Weld County Assessor Hello