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Home My WebLink About20202151.tiffCOUNTY BOARD OF EQUALIZATION WELD COUNTY Single County Schedule Number R0101588 STIPULATION (As To Tax Year 2020 Actual Value) RE PETITION OF : NAME: J C PENNEYS ADDRESS: J C PENNEYS CO INC NO. 22665 PO BOX 10001 DALLAS TX 75301 Petitioner (s) and the Weld County Assessor hereby enter into this Stipulation regarding the tax year 2020 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: GR 12780-M IMPS ONLY PT N2NW4 19 5 65 (YORK 1ST ANNEX) (GREELEY MALL) 2. The subject property is classified as Commercial property. 3. The County Assessor originally assigned the following actual value to the subject property for the tax year 2020 : Total $1,900,000 4. After further review and negotiation, Petitioner (s) and Weld County Assessor agree to the following tax year 2020 actual value for the subject property: Total $1,700,000 5. The valuation, as established above, shall be binding only with respect to tax year 2020 . 6. Brief narrative as to why the reduction was made: Further review of all approaches to value indicated an adjustment. 7. Both parties agree that: The hearing scheduled before the Board of Equalization on 08/03/2020 at 1:30 PM be vacated. PIA hearing has not yet been scheduled before the Board of Equalization. -am! Aso DATED this 27th day of July , 2020 . Andrew Deecrd Andrew DeBord (Jul 27, 202016:20 EDT) Petitioner(s) or Agent or Attorney Address: Vorys, Sater, Seymour and Pease LLP 301 E. Fourth Street, Suite 3500 Cincinnati, OH 45202 (Assistant) County Attorney for Respondent, Weld County Board of Commissioners Address: 1150 "O" Street P.O. Box 758 Greeley, CO 80632 Telephone: 5132275992 Telephone:(970) 336-7235 Docket Number R0101588 Stip-l.Frm Chief Deputy County Assessor Address: 1400 N.17th Avenue Greeley, CO 80631 Telephone: (970) 400-3650 2 R0101588/J C PENNEYS Final Audit Report 2020-07-28 Created: 2020-07-27 By: TIM REDDICK (treddick@co.weld.co.us) Status: Signed Transaction ID: CBJCHBCAABAAg70WMyZjAu_3tby_sgK7sEz3ObHTRKOO "R0101588/J C PENNEYS" History Document created by TIM REDDICK (treddick@co.weld.co.us) 2020-07-27 - 6:19:00 PM GMT- IP address: 204.133.39.9 Document emailed to TIM REDDICK (treddick@co.weld.co.us) for approval 2020-07-27 - 6:19:02 PM GMT Document approved by TIM REDDICK (treddick@co.weld.co.us) Approval Date: 2020-07-27 - 6:22:18 PM GMT - Time Source: server- IP address: 204.133.39.9 Document emailed to wmelies@weldgov.com for approval 2020-07-27 - 6:22:19 PM GMT Email viewed by wmelies@weldgov.com 2020-07-27 - 6:51:14 PM GMT- IP address: 204.133.39.9 Document approval delegated to Wade Melies (wmelies@co.weld.co.us) by wmelies@weldgov.com 2020-07-27 - 6:51:32 PM GMT- IP address: 204.133.39.9 Document approved by Wade Melies (wmelies@co.weld.co.us) Approval Date: 2020-07-27 - 6:51:47 PM GMT - Time Source: server- IP address: 204.133.39.9 Document emailed to Jason Marini (appeals@weldgov.com) for signature 2020-07-27 - 6:51:48 PM GMT Email viewed by Jason Marini (appeals@weldgov.com) 2020-07-27 - 7:23:14 PM GMT- IP address: 204.133.39.9 Document e -signed by Jason Marini (appeals@weldgov.com) Signature Date: 2020-07-27 - 7:24:34 PM GMT - Time Source: server- IP address: 204.133.39.9 Document emailed to Andrew DeBord (aedebord@vorys.com) for signature 2020-07-27 - 7:24:36 PM GMT Adobe Sign Email viewed by Andrew DeBord (aedebord@vorys.com) 2020-07-27 - 7:43:34 PM GMT- IP address: 71.67.241.157 Document e -signed by Andrew DeBord (aedebord@vorys.com) Signature Date: 2020-07-27 - 8:28:33 PM GMT - Time Source: server- IP address: 71.67.241.157 Document emailed to Karin McDougal (weld-cboe@weldgov.com) for signature 2020-07-27 - 8:28:39 PM GMT Email viewed by Karin McDougal (weld-cboe@weldgov.com) 2020-07-28 - 9:14:42 PM GMT- IP address: 204.133.39.9 &Q. Document e -signed by Karin McDougal (weld-cboe@weldgov.com) Signature Date: 2020-07-28 - 9:14:55 PM GMT - Time Source: server- IP address: 204.133.39.9 Signed document emailed to Jason Marini (appeals@weldgov.com), wmelies@weldgov.com, Karin McDougal (weld-cboe@weldgov.com), TIM REDDICK (treddick@co.weld.co.us), and 3 more 2020.07-28 - 9:14:55 PM GMT Adobe Sign Thank you for submitting an appeal to the Weld County Board of Equalization. We will review the information submitted and you will receive a date to appear before the board. Contact Information: Contact Name: Andrew DeBord Contact Email: aedebord@vorys.com Contact Phone: 513-227-5992 Appeal Submitted: 03:19 PM July 15, 2020 Appeal submitted for: R0101588 - J C PENNEYS 2080 GREELEY MALL ST, GREELEY Legal: GR 12780-M IMPS ONLY PT N2NW4 19 5 65 (YORK 1ST ANNEX) (GREELEY MALL) Reason: Value Too High - Property is overvalued based upon comparable sales of similar properties. Estimate of Value: $1,055,000.00 Document(s) Submitted: Account: All Accounts - Weld Authorization.pdf Account: All Accounts - Weld Property Tax Appeal.pdf You have selected the following Date Preferences: Monday, August 3, 2020, from 1:30-5:00 p.m. Thursday, July 30, 2020, from 1:30-4:00 p.m. The Appeal process can take several weeks for us to complete. You will receive a written decision on your appeal within five (5) working days of your hearing. We thank you for your submittal. Weld County Board of Equalization 2020-2151 Asoo ezzbc, LETTER OF AUTHORIZATION FOR PROPERTY TAX MATTERS Weld County - Tax Year 2020 The undersigned, as the owner of the property listed below located in Weld County, delegates the agent listed below full authority to handle all matters relative to assessments and to represent the undersigned in the appeal process for tax year 2020. Agent Name: Vorys, Sater, Seymour and Pease LLP (c/o Andrew E. DeBard) Agent Address: 301 E. Fourth Street, Suite 3500, Cincinnati, OH 45202 Agent Phone: (513) 227-5992 Agent Email: aedbord@vorys.com Property Information: Account R0101588 Parcel" 096119218001 Property Address: 2080 Greely Mall Street, Greely, CO 80631 Property Owner Information: atelaA Signature grnets_ SirAtif)/31e4)6_. Printed Name pacciiiDic Title fa Date JCPenney Department Store 2080 Greeley Hall, Greeley, Co Tax Parcel IR * 096119218001 (Improvements) Account No. R0101588 Property Owner: J. C. Penney Company, Inc.. SUBJECT PROPERTY: The subject property is a JCPenney department store in Greeley, Colorado. The property consists of a 50,232 square foot building built in 1987. In May of 2020, JCPenney declared Chapter 11 bankruptcy and announced it would be closing 242 stores. See Exhibit A. Between 2017 and 2019, JCPenney announced the closing of 173 stores. Numerous department stores have closed over the past several years as a correction to an overbuilt market of regional malls, evolving consumer behavior, and competition from e -commerce. COUNTY ASSESSOR'S 2020 ASSESSMENT: The Weld County Assessor has valued the property at $1,900,000 $37.82/s for the 2020 tax year. See 2020 Real Property Notice of Valuation, attached as Exhibit B. The subject property relates to the improvements only; the related land value has been allocated to a separate parcel which is not at issue in the present protest. COMPARABLE SALES: The taxpayer utilized a sales comparison approach to value the subject property as of 1/1/2020. The taxpayer reviewed the following recent comparable sales of department stores: Property Location Sale Dale Year Built Square Feet Sale Price Sale Price/ SF Former The Citadel Macy's Colorado Springs, CO 3/26/2019 1986 185,314 $3,100,000 $16.74 Former At Home Longmont, Co 8/30/2018 1993 97,829 $1,931,200 $19.64 Former Solarus Dept. Store Square Grand Junction, CO 12/6/2017 1972 85,485 $2,100,000 $24.57 The sale comparables, which are contained in Exhibit C, range from $16.741 sfto $24.57/sf unadjusted. The closest comparable to the Subject Property is the former At Home in Longmont, which sold for 19.64/sf in August 2018. VALUATION CONCLUSION: Based upon the age, location, condition, and size of the subject property, a value of $1,055,000 ($21.00/c) is suggested by the comparable sales. Valuation Conclusion: $1,055,000 ($2 1.00/si) 2 EXHI13IT A J.C. Penney to Close Nearly 30% of Its Stores - WSJ https://www.wsj.cam/a rt icl es/i -€-pe n ney-to-c lose-nea rly-30-of-i ts-stores-11589 824977 BUSINESS J.C. Penney to Close Nearly 30% of Its Stores Store closures are part of retailer's plan to streamline operations after filing for chapter 11 bankruptcy J.C. Penney said it plans to shrink its fleet from 846 locations to 604 by next year. A store in Orlando, Fla., on May 15. PHOTO: PAUL HENNESSY/SOPA IMAGES/ZUMA PRESS By Suzanne Kapner May18,2O2O2:O2 pm ET J.C. Penney Co. plans to permanently close more than 240 department stores, or nearly 30% of its locations, as the retailer tries to streamline its business under chapter 11 bankruptcy protection. The 118 -year -old company filed for bankruptcy on Friday, becoming the biggest retailer to seek court protection during the coronavirus pandemic. Neiman Marcus Group Inc., J.Crew Group https ://www.wsj .comlarticles/j-c-pe n ney-to-close-n early -30 -of -its -stores -115898249 77 1/3 5/29/2020 J.C. Penney to Close Nearly 30% of Its Stores - WSJ Inc. and Stage Stores Inc. have all filed for bankruptcy this month. Penney said in a securities filing Monday that it plans to shrink its fleet from 846 locations to 604 by next year. It also plans to close two distribution centers, reduce corporate overhead by 25% and cut $ 1 billion in expenses. It is considering splitting the company into an operating entity and real-estate investment trust, which would allow it to sell some stores and lease them back. The company declined to disclose the list of locations that will permanently shut or how many jobs will be lost. Penney had about 90,000 full-time and part-time employees as of Feb. 1, though it has furloughed many after closing its stores in March. It began reopening some locations this month and plans to reopen another 115 on Wednesday. The company said it wants to supercharge its c -commerce operations, which it plans to grow to $2.3 billion in annual sales by 2024, up from $1.5 billion last year. In its business plan, Penney said it has a strong brand but has suffered in recent years from confusing pricing, outdated marketing and a poor e -coma erce experience for customers. It said it has taken steps to address some issues by reducing inventory and improving its digital presentation. The company said those actions helped it to improve sales in certain categories such as activewear and women's work clothes and to expand margins last year. But the pandemic, which forced Penney to temporarily close all of its stores, created "unprecedented disruptions" to its business. "The go -forward business will be a smaller but stronger, more effective, and more profitable enterprise," the company said. Penney's sales, which totaled $10.7 billion in the most recent fiscal year, have fallen every year since 2015, and it hasn't made an annual profit in nearly a decade. Its troubles date to 2011, when it hired former Apple Inc. executive Ron Johnson, who eliminated discounts in favor of everyday low prices and dropped popular in-house brands.. Shoppers bolted. By the end of 2012, sales had fallen to $12.99 billion from $17.26 billion a year earlier. Write to Suzanne Kapner at SuzannesKapner@wsj.com https://www.wsj.com/articles/j-c-Kenney-to-close-nearly-30-of-its-stores-11589824977 2/3 5/29/2020 J.C. Penney to Close Nearly 30% of Its Stores - WSJ Copyright C) 2020 DowJones & Company, Inc. All Rights Reserved This copy is for your personal, non-commercial use only. To order presentation -ready copies for distribution to your colleagues, clients or customers visit https://www.d jreprint.s_com. https://www.wsj.com/articles/j-c-penney-to-case-nearly-30-of-its-stores-11589824977 3/3 EXHIBIT' B WELD COUNTY ASSESSOR BRENDA DONES 1400 N 17TH AVE GREELEY, CO 80631 DATE: May 1, 2020 2020 REAL PROPERTY NOTICE OF VALUATION Phone: (970) 400-3650, Fax: (970) 304-6433 TAXPAYER COPY Office Hours: 8:00 a.m. - 5:00 p.m. M -F appeals@weldgov.m www.weldgov.com ACCOUNT NUMBER TAX YEAR TAX ARE I CORE • •T • �' �, F �. } r , ��. :' F� R0101588 2020 4049 096119218001 2080 N2NW4 PRIOR GREELEY YEAR 19 ACTUAL 1,900,000 5 65 ( VAWE MALL YORK ST GREELEY 1ST ANNEX) ACTUAL 1,900,000 GR 12780-M (GREELEY VALUE IMPS MALL) t OR ONLY - CHARGE PT 0 p R0 0 PN EE RR T Y J C PENNEYS J C PENNEYS CO INC NO. 22665 PO BOX 10001 DALLAS TX 75301-0001 CLASSIFICATION CURRENT YEAR COMMERCIAL 1,900,000 1 29667900 0 TOTALS THE PRIOR YEAR TAX ESTIMATE IS $48,157. THE CURRENT YEAR TAX ESTIMATE IS $48,157. THIS RESULTS IN NO CHANGE IN TAX. THIS ESTIMATE IS BASED ON 2019 TAX RATES. YOU WILL RECEIVE A TAX BILL IN 2021. 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. U) 1 U, PROPERTY CHARACTER For specific property characteristic details, please see the Building Information and Valuation information Tabs on your Property Report at the following URL: www.co.weld.co.uslappsllpropertyportalf. PLEASE REFER TO THE BACK OF THIS FORM FOR GENERAL INFORMATION CONCERNING YOUR PROPERTY VALUATION AND YOUR APPEAL RIGHTS. 147765 VALUATION INFORMATION Your property was valued as it existed on January 1 of the current year. The tax notice you receive next January will be based on this value. - All property in Colorado is revalued every odd numbered year. 39-1-104(10.2)(a), C.R.S. - The appraisal data used to establish real property value was from the 18 -month period ending June 30, 2018. 30-1-104(10.2)(a), C.R.S. If data is insufficient during this time period, the Assessor may also use data from the 5 -year period ending June 30, 2018. State statute prohibits the use of appraisal data after June 30, 2018; that data will be considered in the 2021 reappraisal. 30-1-104(10.2)(d), C.R.S. - An assessment percentage will be applied to the actual value of your property before property taxes are calculated. - The assessment rate for residences is 7.15%. Generally, all other property, including vacant land, is assessed at 29%. 39- 1-104.2(3) and 39-1-104(1), C.R.Q. - A change in the projected residential assessment percentage is NOT grounds for objection or abatement of taxes. 30-5-121(1), C.R.S. APPEALING BY MAIL OR IN PERSON If you choose to object to your valuation or its classification, please complete the appeal form and return it to the Assessor at the address listed. To preserve your right to object, your appeal must be postmarked, emailed, faxed or delivered in person on or before June 1, 2020. 39-5-122(2), C.R.S. Your right to appeal the properly valuation and/or the classification to the Assessor expires on June 1, 2020 If the date for filing any document falls upon a Saturday, Sunday, or legal holiday, it shall be deemed timely filed if postmarked or delivered on the next business day. 39-1-120(3), C.R.S. ASSESSOR'S DETERMINATION The Assessor must make a decision on your protest and mail a Notice of Determination to you by the last regular working day in June. APPEALING THE ASSESSOR'S DECISION If you disagree with the Assessor's determination, or if you do not receive a Notice of Determination from the Assessor, you must file a written appeal with the County Board of Equalization on or before July 15th. 30-8-106(1)(a), C.R.S. TO PRESERVE YOUR APPEAL RIGHTS, YOU MAY BE REQUIRED TO PROVE THAT YOU HAVE FILED TIMELY; THEREFORE, WE RECOMMEND ALL CORRESPONDENCE BE MAILED WITH PROOF OF MAILING. 2020 PROPERTY TAX HOMESTEAD EXEMPTION INFORMATION FOR SENIOR CITIZENS AND DISABLED VETERANS Notice: As of the date this document was executed, the Colorado General Assembly has not ruled on the funding for the Senior Property Tax Exemption for tax year 2020; taxes payable in 2021. The Disabled Veteran Exemption is still an active program. The property tax exemption for those who qualify is 50 percent of the first 200,000 in actual value of their primary residence. The state pays the exempted portion of the property tax. Those who have previously applied and have been granted the exemption do not need to apply again. SENIOR CITIZEN ELIGIBILITY REQUIREMENTS The exemption is available to any senior who is at least 65 years old, and who has owned and occupied the home as his or her primary residence for at least 10 years, prior to January 1 of the year the application is filed. The exemption is also available to the surviving spouse of a senior who previously met these requirements prior to his or her death. The application and instructions are available from, and should be submitted to, the county assessor listed on the front of this notice. The application deadline is July 15. DISABLED VETERANS The exemption is available to any veteran who sustained a service -connected disability while serving on active duty in the Armed Forces of the United States, was rated by the United States Department of Veterans Affairs as "100% permanent disability rating," and was honorably discharged. The veteran must have owned and occupied the home as his or her primary residence prior to January 1 of the year the application is filed. The application deadline is July 1. The application is available from the Division of Veterans Affairs at the address and telephone number provided below and from the Colorado Division of Property Taxation website at www.dola.colorado.govldpt. Completed applications must be submitted to the Colorado Division of Veterans Affairs at: Colorado Department of Military and Veterans Affairs Division of Veterans Affairs 1355 S. Colorado Blvd., Bldg C, Suite 113 Denver, CO 80222 Telephone: 303-284-6077 https://www.colorado.go \divots This Notice of Valuation does not reflect any information concerning the status of an application or reflect a reduction in actual value due to an approved exemption. REAL PROPERTY APPEAL FORM If you disagree with the "current year actual value" and/or the classification determined for your property, you may file an appeal by mail or in with County Assessor Completing the Real Property Questionnaire will help you determinean estimate of value foryour property, person the sses p � pe � t � p y, which can be compared to the value determined by the Assessor. Colorado law requires application of the market approach to value for residential properties (includes apartments) and consideration of the cost, market, and income approaches to value for vacant land, commercial, and industrial properties. REASON FOR REQUESTING A REVIEW: REAL PROPERTY QUESTIONNAIRE ATTACH ADDITIONAL DOCUMENTS AS NECESSARY (Do not send original documents, they will not be returned.) MARKET APPROACH (ALL PROPERTY TYPES): This approach to value uses sales from the 18 -month period ending June 3O, 2O18. If data is insufficient during this time period, the Assessor may also consider data from the 5 -year period ending June 3O, 2O18. Statute prohibits the Assessor from using appraisal data after June 3O, 2O18; that data will be considered in the 2O21 reappraisal. 39-1-104(10.2)(4), C.R.S. To help estimate the market value of your property, please list sales of similar properties that have sold in your neighbprhp appraisal prepared prior to June 3O, 2O18 may be helpful in estimating the market value of your property. DATE SOLD SCHEDULE/ACCOUNT NUMBER or PROPERTY DESCRIPTION or ADDRESS A copy of an SELLING PRICE Based on the information provided and accounting for differences between sold properties and your property, state the value of your property as of June 3O, 2O18. COST AND INCOME APPROACH: For vacant land, commercial and industrial properties the Assessor must also consider the cost and income approaches to value. If your commercial or industrial property was not leased from January 2017 through June 2018, please comiplete the market approach section above. To assist the Assessor in evaluating your appeal, and if your property was leased during January 2017 through June 2018, please attach an operating statement indicating your income and expense amounts. Attach a rent schedule indicating the square footage and rental rate for each tenant occupied space. If known, attach a list of rent comparables for competing properties. Estimate of value based on cost approach: $ Estimate of value based on income approach: $ AGENT ASSIGNMENT ASSIGNMENT: I authorize the below -named agent to act on my behalf regarding the property tax valuation of the property described herein for the year Agent's Name (please print): Owner's Signature: Please mail all correspondence regarding _ this protest _ to the above -named agent at the following address: _ Daytime Tel ephone#: Date: OWNER/AGENT VERIFICATION I, the undersigned owner or agent of this property, state that the information and facts contained herein and on any attachments constitute true and complete statements concerning the described property. SCHEDULE/ACCOUNT NUMBER: (Found above your name on the other side of this form.) Signature: Date: Daytime Telephone#: Indicate the name, telephone number and email address for a person the Assessor may contact with questions. Name Telephone Email Your right to appeal the property valuation and/or the classification to the Assessor expires on June 1, 2020 If the date for filing any document falls upon a Saturday, Sunday, or legal holiday, it shall be deemed timely filed if postmarked or delivered on the next business day. 39-1-120(3), C.R.S. EXHIBIT' C 755 The Colorado Department Sold Citadel Dr WI Unit Second floor Citadel Springs, CO 80909 Store (Super Regional Mall) Condo of 193,270 SF on 3/2612019 for $3,100,000 - Research Complete t- • .y buyer , __ _ Charter Schools Development Corporation 6731 Columbia Gateway Dr Columbia, MD 21046 (443) 561-1280 ' '` r F• ,�T _ -- _ '- rl f � ,. J _ r _ 4 1� . ■■] ',. - - - ` -a en- 4 .. j _ _ - - - seller u - -- _ Y ICA Properties Inc. 700 N Grant Ave Odessa, TX 79761 (432) 334-8881 _ , r ,, -y --_ ___�_ F s. _---- �- vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: - 3/26/2019 - No - 482,645 11.08 $6.42 1986 811 8.4/1000 0.34 - 395 - 4726679 Sale Price: Status: Condo Type: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Age: 33 Pct Down: Doc No: SF Trans Tax: Corner: Zoning: feet on Citadel Dr W Percent Improved: Submarket: Map Page: Parcel No: Property Type: $3,100,000 Confirmed 193,270 SF Retail 163,638 SF $16.04 - - - - 0030884 - No PBC 17.9% East Ret - 64104-04-026 Retail Condo income expense data Listing Broker Expenses - Taxes $27,321 - Operating Expenses Total Expenses $27,321 Buyer Broker Fountain 105 Colorado (719) Colony, LLC E Moreno St Springs, CO 80903 389-1234 Gary Feffer financing prior sale Date/Doc No: 7/27/2010 Sale Price: $3,000,000 ComplD: 1962007 Copyrighted report licensed to Vorys - 913654. 5/28/2020 955 At Home Longmont, Freestanding Sold Portfolio) S Hover St - St. Vrain Centre CO 80501 (Neighborhood Center) Building of 97,829 SF on 8/3012018 for $1,921,300 - Research Complete (Part of buyer A & C Ventures, Inc. 465 1st St W Sonoma, CA 95476 (707) 935-3700 - i r r . seller . - _ _ _ - ate pp ' .- •a ri— , n G Watkins Family 1985 Revocable Trust 751 Champagne Rd Incline Village, NV 89451 775 831-2950 `' ...-- `- - �- $ , . f � _ 1�.�.:�_ �._ _ . -, .-,F vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: - Sale Price: 8/30/2018 Status: - Building SF: No Price/SF: Investment Triple Net, ... Pro Forma Cap Rate: 381,586 Actual Cap Rate: 8.76 Down Pmnt: $5.04 Pct Down: 1993 Age: 25 Doc No: 492 Trans Tax: 5.03/1000 SF Corner: 0.26 Zoning: - No Tenants: 531 feet on Dry Creek Dr 485 ... Percent Improved: Multi Submarket: 4535873 Map Page: Parcel No: Property Type: $1,921,300 Full Value 97,829 SF $19.64 - - - - 2747-6911 - No C-2, Longmont 1 - Longmont Pierson Graphics - Retail Ret Corp 41-J income expense data Listing Broker Expenses - Taxes $337,981 - Operating Expenses Total Expenses $337,981 Buyer Broker financing Copyrighted report licensed to Vorys - 913654. 5/28/2020 2809 North Ave Salarus Square Grand Junction, CO 81501 Department Store (Strip Center) Building of 85,485 SF Sold on 12/6/2017 for $2,100,000 - Research Complete er- - f. buyertit, AMERCO c/o Carla WaltmanL° 5555 S Kl etzke Ln Reno, NV 89511 (602) 263-6011 — : �. - -- - -' _- a _ - fltlt seller Sheldon J. Mandell 2441 N Leavitt St Chicago, IL 60647 (773) 384-2800 vital data Escrow/Contract: - Sale Date: 12/6/2017 Days on Market: 135 days Exchange: No Conditions: - Land Area SF: 450,410 Acres: 10.34 $/SF Land Gross: $4.66 Year Built, Age: 1972 Age: 45 Parking Spaces: - Parking Ratio: - FAR 0.19 Lot Dimensions: - Frontage: - Tenancy: - Comp ID: 4074147 Sale Price: $2,100,000 Status: Confirmed Building SF: 85,485 SF Price/SF: $24.57 Pro Forma Cap Rate: - Actual Cap Rate: - Down Pmnt: - Pct Down: - Doc No: - Trans Tax: - Corner: No Zoning: C-1 Percent Improved: 38.5% Submarket: - Map Page: - Parcel No: 2943-182-00-060 Property Type: Retail income expense data Listing Broker Expenses - Taxes - Operating Expenses Total Expenses $35,041 JLL 1125 17th St Denver, CO 80202 (303) 515-8000 Chad Murray, Mark Williford, Jules Sherwood $35,041 Buyer Broker financing Copyrighted report licensed to Vorys - 913654. 5/28/2020 July 16, 2020 Petitioner: J C PENNEYS J C PENNEYS CO INC NO. 22665 PO BOX 10001 DALLAS, TX 75301-0001 CLERK TO THE BOARD PHONE (970) 400-4226 FAX (970) 336-7233 WEBSITE: www.weldgov.com 1150 O STREET P.O. BOX 758 GREELEY CO 80632 Agent (if applicable): VORYS SATER SEYMOUR AND PEASE LLP 301 E 4TH ST STE 3500 CINCINNATI, OH 45202-4257 RE: THE BOARD OF EQUALIZATION 2020, WELD COUNTY, COLORADO NOTIFICATION OF HEARING SCHEDULED Docket 2020-2151, AS0106 Appeal 2008226256 Hearing 8/3/2020 1:30 PM Account(s) Appealed: R0101588 Dear Petitioner(s): The Weld County Board of Equalization has set a date of August 3, 2020, at or about the hour of 1:30 PM, to hold a hearing on your valuation for assessment. This hearing will be held at the Weld County Administration Building, Assembly Room, 1150 O Street, Greeley, Colorado. You have a right to attend this hearing and present evidence in support of your petition. The Weld County Assessor or his designee will be present. The Board will make its decision on the basis of the record made at the aforementioned hearing, as well as your petition, so it would be in your interest to have a representative present. If you plan to be represented by an agent or an attorney at your hearing, prior to the hearing you shall provide, in writing to the Clerk to the Board's Office, an authorization for the agent or attorney to represent you. If you do not choose to attend this hearing, a decision will still be made by the Board by the close of business on August 5, 2020, 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 LPLIs./o:yf G'i. Esther E. Gesick Clerk to the Board Weld County Board of Commissioners and Board of Equalization cc: Brenda Dones, Assessor July 16, 2020 Agent: VORYS SATER SEYMOUR AND PEASE LLP 301 E 4TH ST STE 3500 CINCINNATI, OH 45202-4257 CLERK TO THE BOARD PHONE (970) 400-4226 FAX (970) 336-7233 WEBSITE: www.weldgov.com 1150 O STREET P.O. BOX 758 GREELEY CO 80632 Petitioner: J C PENNEYS J C PENNEYS CO INC NO. 22665 PO BOX 10001 DALLAS, TX 75301-0001 RE: THE BOARD OF EQUALIZATION 2020, WELD COUNTY, COLORADO NOTIFICATION OF HEARING SCHEDULED Docket 2020-2151, AS0106 Appeal 2008226256 Hearing 8/3/2020 1:30 PM Account(s) Appealed: R0101588 Dear Petitioner(s): The Weld County Board of Equalization has set a date of August 3, 2020, at or about the hour of 1:30 PM, to hold a hearing on your valuation for assessment. This hearing will be held at the Weld County Administration Building, Assembly Room, 1150 O Street, Greeley, Colorado. You have a right to attend this hearing and present evidence in support of your petition. The Weld County Assessor or his designee will be present. The Board will make its decision on the basis of the record made at the aforementioned hearing, as well as your petition, so it would be in your interest to have a representative present. If you plan to be represented by an agent or an attorney at your hearing, prior to the hearing you shall provide, in writing to the Clerk to the Board's Office, an authorization for the agent or attorney to represent you. If you do not choose to attend this hearing, a decision will still be made by the Board by the close of business on August 5, 2020, and mailed to you within five (5) business days. Because of the volume of cases before the Board of Equalization, most cases shall be limited to 10 minutes. Also due to volume, cases cannot be rescheduled. It is imperative that you provide evidence to support your position. This may include evidence that similar homes in your area are valued less than yours or you are being assessed on improvements you do not have. Please note: The fact that your valuation has increased cannot be your sole basis of appeal. Without documented evidence as indicated above, the Board will have no choice but to deny your appeal. If you wish to discuss your value with the Assessor's Office, please call them at (970) 400-3650. If you wish to obtain the data supporting the Assessor's valuation of your property, please submit a written request to assessor@weldgov.com. Upon receipt of your written request, the Assessor will notify you of the estimated cost of providing such information. Payment must be made prior to the Assessor providing such information, at which time the Assessor will make the data available within three (3) working days, subject to any confidentiality requirements. Please advise me if you decide not to keep your appointment as scheduled. If you need any additional information, please call me at your convenience. Very truly yours, BOARD OF EQUALIZATION Esther E. Gesick Clerk to the Board Weld County Board of Commissioners and Board of Equalization cc: Brenda Dones, Assessor August 3, 2020 Petitioner: J C PENNEYS J C PENNEYS CO INC NO. 22665 PO BOX 10001 DALLAS, TX 75301-0001 CLERK TO THE BOARD PHONE (970) 400-4226 FAX (970) 336-7233 WEBSITE: www.weldgov.com 1150 O STREET P.O. BOX 758 GREELEY CO 80632 Agent (if applicable): VORYS SATER SEYMOUR AND PEASE LLP 301 E 4TH ST STE 3500 CINCINNATI, OH 45202-4257 RE: THE BOARD OF EQUALIZATION 2020, WELD COUNTY, COLORADO NOTICE OF DECISION Docket 2020-2151 Appeal 2008226256 Hearing 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 2020. Account # Decision The Assessment and valuation is set as follows: Actual Value as Actual Value as Set by Determined by Assessor Board R0101588 Stipulated - Approved Stipulated Value $1,900,000 $1,700,000 A denial of a petition, in whole or in part, by the Board of Equalization must be appealed within thirty (30) days of the date the denial is mailed to you. You must select only one of the following three (3) options for appeal: 1. Appeal to Board of Assessment Appeals: You have the right to appeal the County Board of Equalization's decision to the Colorado Board of Assessment Appeals. A hearing before that Board will be the last time you may present testimony or exhibits or other evidence, or call witnesses in support of your valuation. If the decision of the Board of Assessment Appeals is further appealed to the Court of Appeals pursuant to C.R.S. §39-8-108(2), only the record of proceedings from your hearing before the Board of Assessment Appeals and your legal brief are filed with the appellate court. All appeals to the Board of Assessment Appeals filed after August 10, 2020, MUST comply with the following provisions of C.R.S. §39-8-107(5): (5)(a)(I) On and after August 10, 2020, 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 subparagraph (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) All of the underlying data used by the county in calculating the value of the subject property that is being appealed, including the capitalization rate for such property; and (B) The names of any commercially available and copyrighted publications used in calculating the value of the subject property. (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 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 Esther E. Gesick Clerk to the Board Weld County Board of Commissioners and Board of Equalization cc: Brenda Dones, Weld County Assessor August 3, 2020 Agent: Petitioner: VORYS SATER SEYMOUR AND PEASE LLP 301 E 4TH ST STE 3500 CINCINNATI, OH 45202-4257 CLERK TO THE BOARD PHONE (970) 400-4226 FAX (970) 336-7233 WEBSITE: www.weldgov.com 1150 O STREET P.O. BOX 758 GREELEY CO 80632 J C PENNEYS J C PENNEYS CO INC NO. 22665 PO BOX 10001 DALLAS, TX 75301-0001 RE: THE BOARD OF EQUALIZATION 2020, WELD COUNTY, COLORADO NOTICE OF DECISION Docket 2020-2151 Appeal 2008226256 Hearing 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 2020. Account # Decision The Assessment and valuation is set as follows: Actual Value as Actual Value as Set by Determined by Assessor Board R0101588 Stipulated - Approved Stipulated Value $1,900,000 $1,700,000 A denial of a petition, in whole or in part, by the Board of Equalization must be appealed within thirty (30) days of the date the denial is mailed to you. You must select only one of the following three (3) options for appeal: 1. Appeal to Board of Assessment Appeals: You have the right to appeal the County Board of Equalization's decision to the Colorado Board of Assessment Appeals. A hearing before that Board will be the last time you may present testimony or exhibits or other evidence, or call witnesses in support of your valuation. If the decision of the Board of Assessment Appeals is further appealed to the Court of Appeals pursuant to C.R.S. §39-8-108(2), only the record of proceedings from your hearing before the Board of Assessment Appeals and your legal brief are filed with the appellate court. All appeals to the Board of Assessment Appeals filed after August 10, 2020, MUST comply with the following provisions of C.R.S. §39-8-107(5): (5)(a)(I) On and after August 10, 2020, 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 subparagraph (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) All of the underlying data used by the county in calculating the value of the subject property that is being appealed, including the capitalization rate for such property; and (B) The names of any commercially available and copyrighted publications used in calculating the value of the subject property. (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 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 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 Esther E. Gesick Clerk to the Board Weld County Board of Commissioners and Board of Equalization cc: Brenda Dones, Weld County Assessor Hello