The URL can be used to link to this page

Browse Search

Home My WebLink About20201979.tiffValuation Report of Commercial Property for County Board of Equalization DAIRY FARMERS OF AMERICA INC Petitioner vs. Weld County Assessor's Office Respondent Docket Number: 2020-1979 Parcel Number: 0803-35-4-01-001 Schedule Number: R6784214 Appeal Number: 2008226209 Date: 8/3/2020 Time: 1:30 PM Board: 1 Prepared By Susan Gundry Assessor's Office Staff Appraiser Assessor's Recommended Value TOTAL: $1,919,285 Or $95 per SF Page 1 Salient Facts and Conclusions Purpose of Appraisal To determine Market Value as of 1/1/20 based on an appraisal date of 6/30/18 Property Rights Appraised Unencumbered fee simple interest Location 22634 UNION COLONY RD GREELEY Land Area 419,483 Property Type Commercial Imp # SF Quality Occupancy Built As Class Year BuiltYr Rem Stories 1 20,203 Average Warehouse Service Garage/Laboratory Metal Frame 2014 N/A 1 Value Indications: Cost Approach $2,632,868 $130 per SF Market Approach $2,323,345 Or $115 per SF Income Approach $2,427,896 $120 per SF Final Value $2,323,345 Or $115 per SF The original 2020 value of $1,919,285 or $95.00 was established through the mass appraisal process. We ask the Board to sustain the assessor original value of $1,919,285. Page 2 Improvement # 1 Quality Average Total SF 20,203 Occupancy Description Occupancy % Warehouse 100% Year # of Blt As Description Class Year Built Remodeled oh, Stories SF Service Garage Metal Frame 2014 N/A 0% 1 13,970 Laboratories Metal Frame 2014 N/A 0% 1 6,233 Ib 4.rsIr4po9wA linvp 7. ',rap i rar I Pr 1 M. .]CEDrrJ ♦lb 11.7 IV Tbul Odp `ns�I J I> - Page 3 Subject Property The subject property is located directly east of the Greeley -Weld County Airport at the intersection of County Road 62 and County Road 47 and consists of 419,483 (9.62 acres) of land. The subject improvement was built in 2014 and is constructed of steel with a gable roof. The improvement contains 13,397 square feet of service garage with in -floor radiant heat and 13 overhead doors with an 18' wall height. Additionally there is 6,233 square feet of office/laboratory space with packaged heat and 12' wall height. The property is owner occupied. Map of Subject l " Page 4 Cost Approach Summary The Assessor is currently using Marshall and Swift cost tables for the cost approach of commercial properties in Weld, which has been approved by the Division of Property Taxation to be utilized by Colorado Assessors The structure has been classified properly utilizing the Marshall and Swift Valuation service and an appropriate value assigned A land value has likewise been established through the utilization of vacant land sales of comparable properties Cost Approach Land Value Sales utilized to establish the value in the subject neighborhood are 2017 and 2018 market for the 2020 assessment date The comparative sales approach is the most reliable method of land valuation Pursuant to 39-104-(10 2) (c) C R S , the Assessor may utilize sales from July 2013 through the current market to establish the proper value, if sufficient information is not available in the prior 18 months Also, comparables outside the subject property area may be used The Weld County Assessor has an established ongoing sales confirmation and validation program for property transactions used in developing value The land size of the subject is 419,483 square feet (9 62 acres) Comparable commercial land in the subject area is valued at $2 00 per square foot If no vacant land sales were available in this area, we utilized the abstraction/allocation method to establish land value A search of land sales was conducted and the following sales were considered most appropriate due to location, size and visibility Comparable Comparable Comparable Comparable 4 Situs 1 3541 E C ST City WELD 2 252 O ST WELD 3 26956 47 CR KERSEY WELD Sale Date Sale Price Net SF 06/27/2018 $1,832,400 779,724 10/18/2017 10/16/2014 05/20/2014 $360,000 $1,200,000 $500,000 Assessor's Indicated Subject Land Value $838,966 or $2 00 per SF 160,083 330,791 239,580 $ Per SF $2 35 $2 25 $3 63 $2 09 Page 5 Land Sales Comparable Map 0 s Comp2 $13 f,, 7 F S t t St t > 8th St e 11th St< 12th St St 14th St 15th St co 1St Q t +M in CO Si tSt nd St St cs V. s H 34 29th St a a z > Q E Comp 4 t z Q E 16th St C E 18th St E 19th St - ca E 20th St U E 20th Stdr > > E 21st St c .c Q E 24th Strd d E 25th St E 26th St E 25th Stln N CD Q CD IC Cr 62 a> c E 24th St 34B I U a Q LL V E8thSt o. E 18th St E 24th St ti Hemlock Av get U ECV: Comp 3 "' ADO( Page 6 Weld Cost Breakdown Sheet Tax Year: 2020 Imp # 1 NBHD Commercial - 7901 - 00 Imp Gross SF 20,203 Imp Net SF 20,203 Quality Average Condition CM -Typical Perimeter 609 Percent Complete 100% BItAs Order # HVAC Type Year Blt UnAdjBase $/sf Perim Mult MH Wall Mult *Fndation $/sf Spnnkler $/sf MH Skirt $ 1 BItAs Desc Service Garage Radiant Exterior/Class Metal Frame 2014 2014 Story Ht 18 47 50 1 0200 Local Mult 0 9700 0 9520 1 0000 Story Ht Mult 1 0860 1 00 0 36 *Floor $/sf 0 00 0 00 0 00 *Energy $/sf 0 00 0 00 0 Sprinkler RCN $0 0 00 0 MH Skirt RCN 0 00 Adj Year Blt Cost Mult # Stories Mult *HVAC $/sf *Roof $/sf Sprinkler sf MH Skirt Inft * These $/sf Adjustments include all Multipliers BItAs SF No of Stones BItAs Units Base $/SF MH Tag Mult *Interior $/sf Adj Base $/sf BItAs RCN Total BItAs RCN 13,970 1 00 0 47 00 1 0000 0 00 48 95 $683,832 $683,832 BItAs Order # HVAC Type Year Blt UnAdjBase $/sf Perim Mult MH Wall Mult *Fndation $/sf Spnnkler $/sf MH Skirt $ 2 BItAs Desc Laboratories Package Unit Exterior/Class 2014 173 00 1 0080 1 00 0 00 0 00 0 00 Adj Year Blt 2014 Cost Mult 1 0200 # Stories Mult 1 0000 *HVAC $/sf -11 25 *Roof $/sf 0 00 Sprinkler sf 0 MH Skirt Inft 0 ' These $/sf Adjustments include all Multipliers Metal Frame Story Ht Local Mult Story Ht Mult *Floor $/sf *Energy $/sf Sprinkler RCN MH Skirt RCN 12 0 9700 0 9600 0 00 0 00 $0 0 00 BItAs SF No of Stories BItAs Units Base $/SF MH Tag Mult *Interior $/sf Adj Base $/sf BItAs RCN Total BItAs RCN 6,233 1 00 0 171 17 1 0000 0 00 154 39 $962,313 $962,313 AddCode Detail Type Detail Description Units $/Unit RCN Ovrde Ovrd $ 1154 Add On Concrete Slab Average 34,065 $5 68 $193,488 ❑ $0 1137 Add On Chain Link Fence 6Ft 1,750 $19 70 $34,475 ❑ $0 Total Detail RCN = RCN + Override RCN $227,963 + $0 Plumbing Adjust $0 Rough -In Adjust $0 Imp Attribute Type Imp Attribute Description Imp Attribute Adj Adjustment Type Replacement Cost New ($) Percent Complete (x) RCN x Perc Complete ($) Amateur Adj Value (-) Design Adj Value (+) Exterior Adj Value (+) Interior Adj Value (+) Functional Obs Value (-) Economic Obs Value (-) Other Obs Value (-) Physical Depr Value (-) Landscaping Cost (+) RCN Less Depr (=) Condo Percent (x) Percent $ Amount $1,912,085 100 00% $0 $1,912,085 0 00% $0 0 00% $0 0 00% 0 00% $0 $0 0 00% $0 0 00% 0 00% $0 $0 6 18% $118,183 $0 100 00% $1,793,902 $0 RCN Less Depr ($) NBHD Adj (x) Market Adjusted Cost (=) Adjustments to RCNLD Factor $ Amount $1,793,902 1 00 $0 $1,793,902 Quality Adjustment (x) 1 00 Property Type Adj (=) 1.00 Adj Cost before Attnb (=) Total Mult Attnb (x) 1 00 Total Additive Attnb (+) Final Adjusted Cost (=) $0 $0 $1,793,902 $0 $0 $1,793,902 Page 7 Summary of Improvement Values for Cost Approach Imp # RCN RCNLD Actual Cost Value 1 $1,912,085 $1,793,902 $1,793,902 Grand Total: $1,912,085 $1,793,902 $1,793,902 Land Value $838,966 or $2 00 per Land SF + Improvement Value $1,793,902 or $89 per Improvement SF Total Value by Cost Approach Final Value $2,632,868 or $130 per Improvement SF Page 8 Market Approach Summary Real Property for the tax year 2020 must be valued utilizing data for the period one and one-half years immediately prior to June 30, 2018 If comparable valuation data is not available from such one and one- half year period to adequately determine the level of value for a class of property, the period of five years immediately prior to June 30, 2018 shall be utilized to determine the level of value The Assessor has appropriately considered the Market Approach to value for the property on appeal The Sales Comparison Approach was considered in developing a market value for the subject property Sales used to establish a market value for the tax year 2020 are from January 1, 2017 through June 30, 2018 Pursuant to 39-1-104 (10 2) (c) C R S , the Assessor may utilize sales five years prior to June 30, 2018 to establish the proper value All sales have been confirmed and verified through transfer declarations as well as interviews with buyers, sellers or their representatives to the sale All sales used are arm's length transactions, and considered to be the most comparable properties sold in relationship to the subject property Page 9 Market Comparables Parcel Number Situs Acct # Occupancy Sale Date Sale Price Adj SP # of Bldgs Imp SF Yr Built Comparable 1 0961-17-4-02-008 2435 2 AV, GREELEY R3564186 Office/Service Garage 4 Comparable 2 1209-13-0-01-013 804 GRAND AVE , PLATTEVILLE R6777142 Office/Storage Warehouse 1 Comparable 3 0803-31-1-00-051 1299 H ST, GREELEY R1273996 Indust Lght Manufacturing 1 Per Imp SF 09/03/2015 $2,650,000 $2,650,000 23,818 2005 $11126 08/04/2017 $1,950,000 $1,935,000 25,125 2007 $77 01 07/21/2017 $1,400,000 $1,400,000 14,800 1996 $94 59 Comparable 4 1057-23-2-01-004 20672 NIOBRARA BLVD, LASALLE 04/12/2018 $2,586,200 R6785435 Office Binlding/Service Garage 2 18,000 2015 $2,586,200 $143 68 Comparable 5 1471-17-3-01-002 2322 S DENVER AVE, FORT LUPTON 11/16/2016 $2,250,000 $2,250,000 R6780770 Office/Service Garage 1 15,426 Description of Market Comps 2012 $145 86 Comp One is a 217,800 sf parcel with 4 improvements which total 23,818 square feet The improvements consists of 21,318 sf of warehouse and 2,500 sf office space The total square feet of all improvements is larger than the subject These buildings are of varying age all of which are older than the subject Comp Two is a 324,958 sf parcel with a 25,125 sf of improvements consisting of 19,680 sf of office and a 5,445 sf of warehouse The comparable is superior in size of both land and improvement with more office space This building has more office space than the subject Comp Three is a 141,134 sf parcel with a 14,800 sf improvement consisting of a 4,800 sf office/lab and 10,000 sf of warehouse The warehouse has 12' wall height and is inferior to the subject in size and utility Comp Four is a 360,677 sf parcel with 18,000 sf of improvements consisting of 3,000 sf of office and a 15,000 sf of warehouse The service garage has a wall height of 24' Comp Five is a 310,801 sf parcel with 15,426 sf of improvements consisting of 2,400 sf of office and 13,026 sf of service garage The service garage has a wall height of 20' All of the comparables are within close proximity to Highway 85 where the subject is approximately 3 8 miles east of Highway 85 and 3 5 miles north of Highway 34 The location of all the comparables is superior to the subject Page 10 Comparative Sales Grid PROPERTY Subject Comp 1 Comp 2 Comp 3 Corn' 4 Comp 5 Warehouse Warehouse Warehouse Warehouse Comments Parcel 11 Address Cite Grantor Grantee Sale Price Sale Price PSF VALUE ADJUSTME Sale Date Location Land Size LIB Ratio Bldg SF Age Office Wall Height Quality Condition NET ADJUSTMENTS TOTAL ADJUSTMENTS Adjusted Price PSF Warehouse r 080335401001 22634 Union Colony R` Greeley DESCRIPTION CR 47 419,483 20.76 20,203 2014 6.200 12'18' Average Average Warehouse 147117301002.1 080331100051 105723201004 r 096117402008 120913001013 2322 S Denver Ave 1299 H St 20672 Niobrara Blvd 2435 2nd Ave 804 Grand Ave Fort Lupton Greeley LaSalle Greeley Platteville OND Properties LLC Legend Energy RE VI LLC TW'S Land LLC Tforce Energy Services Inc Gerrity Oil & Gas Corp Premier Earthworks & Infrasture Inc SC Group LTD Monornoy Properties LaSalle CO LLC Amy Janssen Serendipity Vineyard LLC $2,586,200 $2,250,000 $2,650,000 $1,950,000 $1,400,000 $145.86 $111.26 $77.01 $94 59 $143.68 DESCRPPTIOP Adjustment DESCRIPTION Adjusrme ESCRIPTIOPhdjustmen DESCRIPTION Adjustment ]ESCRIPTIOh Adjustment '3/9i2015 8/402017 7t21t2017 411212018 11t16t2016 Hwy 85 Frontage road -5> Near Hwy 85 -5t Near Hwy 85 •5% Near Hwy 85 -5% Near Hwy 85 -5% 217.800 10': 324,958 5%. 141,134 15% 360,677 310,801 5> 9.14 12.93 9 54 20.04 20.15 23.818 25,125 5% 14,800 -5% 18,000 15,426 -5% 1991-2010 2007 1996 2015 2,012 2.500 5% 19,680 -20% 4,800 3.000 5% 2,400 5% 12'-18' 10'16' 12' 5% 13'-24' 16' Average Average Average Eood -5% Average Average Average Average Average Average 10% -15'. 10% -5% 0% 20% :35', 30% 15% 20% $122.39 $65.46 -- $104.05 $136.49 1145.86 I I UNADJUSTED ADJUSTED Comparables Price 1 SF Range $77.01 -$145 86 Comparables Price / SF Range it:5 46 -$145.86 Comparables Price 1 SF Median $111 26 Comparables Price / SF Median $122.39 Comparables Price 1 SF Average $114 47 Comparables Price 1 SF Average $114.85 :115.00 Per Square Foot $2.323.345.00 Based upon investigation and analysis, it is the opinion of the appraiser that the value of $2,323,345.00 or $115 per SF accurately reflects the market value of the subject property. Value as Indicated By Market Approach $2,323,345.00 or $115 per SF Page 11 Page 12 2435 Greeley. Class for52,650,000 2nd CO B Service Ave 80631 Building of 23,819 SF Sold on 9/9/2015 - Research Complete ' i t .. .• .1' . buyer Amy Janssen 6600 W 20th St • . ._. = • ..Ilit. " .• r g Greeley, CO 80634 �»-•1I -- • --•• . 970) 506-1100 rest" .. •"•�. -' seller I -, Tforce Energy Services Inc .- :_ =- 300 S Grant Ave Odessa, 79761 ,'` TX (877) 234-1444 vital data Escrow/Contract: - Sale Price: $2,650,000 Sale Date: 9/9/2015 Status: Full Value Days on Market: 28 days Building SF: 23,819 SF Exchange: No Price/SF: S111.26 Conditions: - Pro Forma Cap Rate: - Land Area SF: 261,360 Actual Cap Rate: - Acres: 6 Down Pmnt: - S/SF Land Gross: $10.14 Pct Down: - Year Built, Age: 1999 Age: 16 Doc No: 4140326 Parking Spaces: - Trans Tax: - Parking Ratio: - Corner: No FAR 0.06 Zoning: I -M Lot Dimensions: - No Tenants: 1 Frontage: - Percent Improved: 70.1% Tenancy: Multi Submarket: Weld County Ind Comp ID: 3395201 Map Page: - Parcel No: 096117402008 Property Type: Industrial income expense data Listing Broker Expenses - Taxes $32,854 Mages Group - Operating Expenses 16000 N Dallas Pky Dallas, 75248 TX Total Expenses $32,854 (214) 420-1100 John Jinks Buyer Broker J Kundert Real Estate LLC 1816 Frontier Rd Greeley. CO 80634 (970) 302-4046 John Kundert financing prior sale Date/Doc No: 10/21/2011 Sale Price: $1,500,000 ComplD: 2205930 Copyrighted report licensed to Weld County Assessor's Office - 773079 Page 13 804 Grand Ave Platteville. CO 80651 Class C Warehouse Building of 25,125 SF Sold on 8/1/2017 for $1,950.000 - Research Complete buyer Dirk & Mariann Olsen 14873 Xenia St Thornton, CO 80602 (970) 703-6550 seller Gerrity Oil & Gas Corp 3615 S Huron St Englewood, CO 80110 (303) 761-8260 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: S/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: 8/1/2017 383 days No Expansion 324,958 7.46 S6.00 1986 Age: 31 0.08 Single 3987454 Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: Percent Improved: Submarket: Map Page: Parcel No: Property Type: $1,950.000 Confirmed 25,125 SF $77.61 4324673 S195 No Weld County Ind 120913001013 Industrial income expense data Listing Broker Expenses - Taxes - Operating Expenses Total Expenses $34,574 S34,574 JLL 1225 17th St Denver, CO 80202 (303) 260-6500 Dominic DiOrio, Jason White, Bruce Dodge Buyer Broker No Buyer Broker on Deal financing Copyrighted report licensed to Weld County Assessor's Office - 773079 Page 14 1299 H St Greeley. CO 80631 Class C Warehouse Building of 14,893 SF Sold on 7/25/2017 for $1,400.000 - Research Complete Schilling Graphics 2831 Philadelphia St Ontario, CA 91761 (909) 941-8785 seller Jon Rarick 1299 H St Greeley, CO 80631 (970) 330-7592 vital data Escrow/Contract: - Sale Date: 7/25/2017 Days on Market: - Exchange: No Conditions: - Land Area SF: 141,134 Acres: 3.24 S/SF Land Gross: $9.92 Year Built, Age: 1996 Age: 21 Parking Spaces: 30 Parking Ratio: 2.01/1000 SF FAR 0.11 Lot Dimensions: - Frontage: - Tenancy: Single Comp ID: 3980306 income expense data Expenses financing - Taxes - Operating Expenses Total Expenses 1st Westfield Bank Bal/Pmt: $1.400,000 $24,413 524,413 Copyrighted report licensed to Weld County Assessor's Office - 773079 Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: Listing Broker Buyer Broker S1,400,000 Confirmed 14,893 SF $94.00 4320717 1 61.3% Weld County Ind 080331100051 Industrial Page 15 20672 Niobrara Blvd La Salle, CO 80645 Class C Warehouse Building of 18,000 SF Sold on 4/12/2018 for $2,586,200 - Research Complete buyer Imperial Capital 10100 Santa Monica Blvd Los Angeles, CA 90067 (310) 246-3700 seller Dnd Properties LLC 8357 N Rampart Range Rd Littleton, CO 80125 (720) 239-2899 vital data °h. ►r _ ♦ • iSro ••••••.r- +, + saw- . s� a see • m71 Escrow/Contract: - Sale Date: 4/12/2018 Days on Market: Exchange. No Conditions: - Land Area SF: 360.677 Acres: 8.28 S/SF Land Gross: S7.17 Year Built, Age: 2016 Age: 2 Parking Spaces: 24 Parking Ratio: - FAR 0.05 Lot Dimensions: Frontage: Tenancy: Comp ID: 4255014 Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: $2.586,200 Full Value 18,000 SF S143.68 4390504 No 1 57.6% Weld County Ind 105723201004 Industrial income expense data Listing Broker Expenses - axes - Operating Expenses Total Expenses $33,558 $33,558 No Listing Broker on Deal Buyer Broker No Buyer Broker on Deal financing Copyrighted report licensed to Weld County Assessor's Office - 773079 Page 16 3112 County Road 27 Legend Energy Service Fort Lupton. CO 80621 Class B Warehouse Building of 15,426 SF Sold on 11/23/2016 for $2.250,000 - Research Complete buyer Premier Earthworks & Infrastructure, Inc 7400 E Crestline Cir Greenwood Village, CO 80111 (303) 993-6349 seller Legend Energy Services. LLC 400 E California Ave Oklahoma City, OK 73104 (405) 600-1264 vital data s..•y.p._ .. Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: S/SF Land Gross: Year Built. Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: 11/16/2016 No 360,437 8.27 $6.24 2012 Age: 4 0.04 3775422 Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: $2,250,000 Confirmed 15,426 SF 5145.86 $450,000 20.0% 4256187 No 1 49.0% Weld County Ind 147117301003 [Partial List] Industrial income expense data Listing Broker Expenses - Taxes - Operating Expenses Total Expenses $33,683 $33,683 Buyer Broker financing 1st US Bank Bal/Pmt: $1,800,000 No Buyer Broker on Deal Page 17 Income Approach To Value The basic steps in the Income Approach to value for commercial properties in mass appraisal are based on a landlord -tenant situation and not on the income of the actual business In using this approach, it eliminates the possibility of valuing management as opposed to the potential income of the structure This is the proper method Assessor's must utilize through the Directives of the Division of Property Taxation Income Approach Steps 1 Estimate potential gross income to the landlord 2 Deduct typical vacancy and collection loss 3 Add additional miscellaneous income 4 Determine typical landlord operating expenses 5 Deduct operating expenses to determine the landlord's operating income 6 Determine a proper capitalization rate 7 Capitalize the net income into an estimated property value Research has been done by the Assessor to determine the typical rent by location, type of structure and the property use The Weld County Assessor's office has also researched the typical landlord expenses, additional income based on the type of business, and vacancy and collection loss. An Income Approach has been completed for the subject The Weld County Assessor has appropriately considered the Income Approach to value for the Subject property on appeal The Assessor has gathered income information from local commercial properties for the time frame of January 1, 2017 through June 30, 2018 This information, combined with statewide and industry -wide data, is used to determine typical income and expenses for various property types In conclusion of the Income Approach, the Assessor has considered both groups of data and has put more emphasis on the local factors and data than the state and national data This information was then applied to the subject property to arrive at an appropriate Income Approach Value Total Value by Income Approach $2,427,896 or $120 per SF Page 18 INCOME COMPARABLES: A search for lease comparables was done in the Greeley/Windsor market. The three comparables below are for properties most like the subject. The mean is $11.83, and the median is $12.00. It was determined that $11.00 per square foot was market for the subject. Greeley Windsor Greeley 11,900 11,400 16,000 $12.00 NNN $12.50 NNN $11.00 NNN Mean Median Min Max $11.83 $12.00 $11.00 $12.50 CoStar estimated vacancy for warehouse between 2% and 5%. Burbach and Associates Summer 2018 report show cap rates for warehouse between 5% and 8.5%. It was determined that a 8.0% cap was appropriate for the subject. The appraiser determined the market rent of $11.00 NNN multiplied by the main floor square feet, using a 5% allowance for vacancy, and deducting 5% for management and 3% reserve expenses, the resulting net operating income is $194,232. Applying a capitalization rate of 8% produces an income value for the subject property at $2,427,896 or $120.18 per sf. Vacancy EGI Expenses Management Reserves Total NOI Cap Rate Indicated Value psf $11.00 5% MARKET $222,233.00 $11,111.65 $211,121.35 5% $10,556.07 3% $6,333.64 $16,889.71 $194,231.64 8.00% $2,427,896 20,203 $120.18 Page 19 Conclusion Real property for tax year 2020 must be valued utilizing the level of value for the period of one and one- half years immediately prior to July 1, 2018 Except that, if comparable valuation data is not available from such one -and one -half -year period to adequately determine the level of value of a class of property The period of five years immediately prior to June 30, 2018 shall be utilized to determine the level of value Said level of value shall be adjusted to the final day of the data gathering period Changes occurring between base years are not to be accounted for until the following level of value is implemented, other than additions, change in use, detrimental acts of nature, damage due to fire, etc , or creation of a condominium, or any new regulations restricting or increasing the use of the land, or a combination thereof {39-1-104(11)(b)(1) C R S } The subject property has been classified as Commercial Property for assessment purposes Commercial property value shall be determined by appropriate consideration of the Cost Approach, Market Approach, and Income Approach to value {39-1-103(5)(a) C R S } The Assessor has considered all three approaches to value for the subject parcel on appeal Final Reconciliation After consideration of the cost, market and income approaches, it is the Weld County Assessor's opinion that the value of $2,323,345 most accurately reflects the value of the subject property Cost Approach $2,632,868 $130 per SF Market Approach Income Approach $2,323,345 $2,427,896 $115 per SF $120 per SF Assessor's Indicated Value TOTAL* $2,323,345 Or $115 per SF The original value of $1,919,285 or $95.00 SF was established through the mass appraisal process We ask the Board to sustain the assessor original value of $1,919,285 Page 20 Thank you for submitting an appeal to the Weld County Board of Equalization. We will review the information submitted and you will receive a date to appear before the board. Contact Information: Contact Name: PIVOTAL TAX SOLUTIONS Contact Email: APPEALS@PIVOTALTAX.COM o Contact Phone: 480-634-6169 Appeal Submitted: 02:56 PM July 01, 2020 Appeal submitted for: R6784214 - DAIRY FARMERS OF AMERICA INC 22634 UNION COLONY RIB, GREELEY Legal: Li UNION COLONY INDUSTRIAL PARK PUDF13-0001 Reason: Value Too High - Current market and economic conditions support a lower valuation of the subject property. Estimate of Value: $982,000.00 ocument(s) Submitted: Account: All Accounts - SDIKlemm-ReeseFamilyln estments.2o2o.RP. . OO .pdf Account: All Accounts - R6784214.WLDCO.PivotalPacket.2020.pdf I .Pi otalPac et.2 20.pdf Account: R6784214 - R6784214 NITIAL PROTEST.pdf T.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 Agency Authorization Property Tax Matters This wi l serve as forma' authorization and notification by S D Klemm and Associates, Inc., Reese Real Estate Investment Inc., Richard N Reese Family LLC and all related entities (Client) that Pivotal Tax Solutions, LLC (Pivotal) and its representatives are hereby granted authority to act on behalf of Client in property tax matters (including valuations, direct assessments, tax surcharges, service charges, fees and additional assessments) for the current and all past years within the applicable statute of limitations for the parcels and accounts listed on the attached Schedule A. Specifically, Pivotal is delegated full authority to represent Client in filing, signing, negotiating,settling or otherwise dealing with all matters relating to real and personal property tax appeals with the assessor's office, treasurer's office and/or any other relevant government offices or agencies. Furthermore, Pivotal is given authority to review, request and obtain copies of any and all information (including appraisal records, tax bills and other pertinent information) held by the Assessor, Treasurer, or any other governmental office or agency. A photographic copy and/or a facsimile copy of this authorization are deemed to be the equivalent of the original authorization and may be used as such. This authorization will remain in effect until revoked by letter and signed by a corporate officer. Pivotal will provide Client with copies of appeals when required. Authorized and Certified by S DKlemm and Associates, Inc.: ti Signature: e.....-Cereec Date: ci /1.14,2,00 Name/Title: Steve Klemm / Authorized Agent Phone: (801) 597-8662 (Corporate Officer) Pivotal Lead Agent: Christopher Glidewell / 480-248-8021 Pivotal Tax Solutions, LLC 202 North Lindsay Read, Suite 201 Mesa, AZ 85213 (480) 634-6169 — Phone (480) 615.0318 - Fax Appeals@Pivotaltax,corn Client: S D Klemm and Associates, Inc. and all related entities Agency Authorization for Calendar Year 2020 and Prior Schedule A These properties are Owned, Occupied, and/or Controlled by "Owner Company" as indicated below who has authorized S D Klemm and Associates, Inc. who has authorized Pivotal Tax Solutions, LLC. State County Parcel Address Owner Property CA Alameda 41-3848-23-2 1055 Seminary Ave Reese Investment Real Estate & 1055 Seminary Ave CA Contra Costa 159.040-039-4 5101 Port Chicago Hwy Richard LLC N Reese Family Standard Supply Plumbing CA El Dorado 329-271-007-000 373 Pleasant Valley Road Reese Investment Real Estate & 373 Pleasant Valley Road CA Fresno 427-081-19 4810 North Blackstone Richard LLC N Reese Family 4810 Blackstone North CA Fresno 427-081-20 4810 North Blackstone Richard LLC N Reese Family 4810 Blackstone North CA Kern 208-362-03-8 21275 Windsong St. Francini Family LLC Windsong St. CA Los Angeles 2538 003 005 11796 Sheldon St. Francini Family LLC Sheldon St. CA Los Angeles 2538 003 026 11788 Sheldon St. Francini Family LLC Sheldon St. CA Los Angeles 3105 001 009 VAC/AVE G/VIC 40th STW Francini Family LLC VAC/AVE G/VIC CA Los Angeles 7001-014-015 14595 Firestone Blvd. Investment Reese Real Estate Company & 14595 Blvd. Firestone CA Los Angeles 7001-014-016 14595 Firestone Blvd Kushner Jennifer 14595 Blvd. Firestone CA Madera 064-070-009-000 Unknown CA Madera 064-142-015-000 40380 Drive Meadow Vista Investment Reese Real Estate & 40380 Vista Meadow Drive CA Riverside 250-070-020-2 3233 Trade Center Dr. Richard LLC N Reese Family 3233 Dr. Trade Center CA Sacramento 058-0280-024-0000 11119 FOLSOM BLVD 11119 BLVD FOLSOM CA Sacramento 061-0171-007-0000 5400 83rd St Richard LLC N Reese Family 5400 83rd St CA San Diego 161-660-44-00 4695 North Ave. Investment Reese Real Estate Company & S D Klemm CA San Diego 204-234-17-04 148 MAPLE AVE i REESE ESTATE&I COMPANY REAL NVESTMENT INC 148 MAPLE AVE CA San Diego 215-813-17-33 7210 BLUE HERON PL 7210 PL BLUE HERON CA San Diego 215-814-11-23 7210 Blue Horn PI 7210 PL BLUE HERON CA San Diego 215-819-15-32 7210 BLUE HERON PL 7210 PL BLUE HERON CA San Diego 215-943-37-14 7210 BLUE HERON PL 7210 PL BLUE HERON CA San Diego 629-020-12-00 2865 Main St. Richard N Reese Family 2865 Main St. Client: S D Klemm and Associates, Inc. and all related entities Agency Authorization for Calendar Year 2020 and Prior LLC T-1 Associates LLC CA San Diego 152-075-01-02 South 1101 #A Pacific Street CA San Diego 152-075-01-01 1101 South #B Pacific Street T-1 Associates LLC A San Diego 152-075-01-03 1101 South #C Pacific Street T-1 Associates LLC CA San Joaquin 216-190-04 105 Northgate Drive Standard Supply Plumbing 105 Drive Northgate CA San Joaquin 250-270-31 1555 MacArthur Drive Richard LLC N Reese Family 1855 Drive MacArthur CA San Mateo 010-421-180 248 Collins Ave. Richard LLC N Reese Family 248 Collins Ave. CA Santa Clara 230-03-063 570 Martin Ave. Reese Investment Real Estate Company & 570 Martin Ave. CA Stanislaus 029-011-071-000 1127 Lone Palm Avenue Reese Investment Real Estate Co., 8c Inc. 1127 Avenue Lone Palm CO Weld R6784214 22634 Union Colony Rd Dairy Inc Farmers of America ID Ada S1007449282 REESE REAL ESTATE & 145 N. Curtis Road ID Bannock RPCPP042202 3333 Hwy 30 vU Investment Reese Real Estate Company & 3333 Hwy 30 W ID Bingham RP0338013 426 w H ,ry 26 REESE PTN RICHARD N FAM 426 W Hwy 26 LTM ID Bingham RP1047800A 306 W Judicial Street Richard Reese Family 306 W Judicial Street ID Blaine RP H0475042005A 4321 Clenbrook Drive Reese Real Estate IDBLN_Hailey. Standard Plumming ID Bonneville RP02N37E259032 ld Faithful Beverage Co Old Faithful ID Bonneville RPA00008088402 2090 N Yellowstone Hwy Investment Reese Real Estate Inc & 2090 Yellowstone N Hwy ID Bonneville RPA00008088588 Investment Reese Real Estate Inc & 2090 Yellowstone N Hwy ID Bonneville RPA16310020030 3070 McNeil Dr. Old Faithful Beverage Co. 3070 McNeil Dr. ID Bonneville RPA16310020040 3010 McNeil Dr. Old Faithful Beverage Co. Old Faithful ID Bonneville RPA17710010020 Vv Sunny Side Road Old Company Faithful of Beverage IDA 714 Road W Sunny Side 714 ID Canyon 04529004 0 2312 E Linden St REESE FAMILY RICHARD LLC N 2312E Linden St ID Canyon 06184517 0 0 Loop St Investment Reese Real Estate Inc 0 Loop St ID Canyon 121811010 1704 E Plaza Loop REESE REAL ESTATE 1764 E Plaza Loop ID Canyon 31030000 0 Norco Way Admirable Corporation Beverage Norco Way ID Canyon 31033010 0 0 Birch Ln Admirable Corporation Beverage 0 Birch Ln ID I Canyon 31033010A0 Norco Way Admiral Beverage Norco Way Client: S D Klemm and Associates, Inc. and all related entities Agency Authorization for Calendar Year 2020 and Prior Corporation ID Canyon 31034000 0 8925 Birch Lane Admirable Beverage 8925 Birch Lane ID Canyon 35815000 0 3807 E Cleveland REESE FAMILY RICHARD LLC N 3807 E Cleveland ID Cassia RP00010002008C 336 Overland Road REESE INVESTMENT REAL ESTATE & 336 Overland Road ID Cassia RP00010002014CA Reese Real Estate Unknown ID Elmore RPA3S06E350070A 725 W 6th St Reese Real Estate Mtn Home ID Franklin RP05412.00 193 East 800 North Reese LLC Richard N Family IDFRA_Preston: Standard Plumbing ID Franklin RP05413.01 193 E 800 N Reese Limited Richard Liabil N Family IDFRA_Preston: Standard Plumbing ID Madison RPRRXB10162950 155 E 2nd N Standard Supply Plumbing 1 155 E 2nd N ID Madison RPRR 810163650 REESE CO INC REAL ESTATE INV 155 E 2nd N ID Twin Falls RPT00107159075A _ 167 Eastland Dr Investment Reese Real Estate & Company 167 Eastland Dr ID Twin Falls RPT00107159130A► 231 Eastland Dr Reese Real Estate 231 Eastland Dr WA Lewis 023982002010 3504 North Park Drive Investment Reese Real Estate Company & North Park WA Lewis 023982002011 3518 North Park Dr. Investment Reese Real Estate Company & North Park WA Lewis 023982002012 3602 North Park Dr. Investment Reese Real Estate Company & North Park WA Lewis 023982002013 3610 North Park Dr. Investment Reese Real Estate Company & North Park WA Lewis 023982002014 3618 North Park Dr. Investment Reese Real Estate Company & North Park WY Sweetwater 1905-26-3-00-018- 00 990 Elk St. , Richard N LTD Reese Family Rock Springs WY Teton 22-40-16-20-1-17- 002 4040 S Pub Place Reese, LLC Richard N. Family, 4040 5 Pub Place WY Teton R0019559 4040 S Pub Place Reese, LLC Richard N. Family, S Pub Place WY Uinta 15201930500800 77 Rail Center Reese, LTD Part Richard N Fam Old Evanston WY Uinta 15202140200300 160 Front St. Investment Reese Real Estate Co & INC New Evanston PIS OTAL TAX SOLUTIONS STATE Sc LOCAL TAX ADVISORS Western Dairymen �,yp� �ypy� ,Ige r r� s PI =CPC r l�. 22634 Union Colony Rd Greeley, CO Parcel #s R6784214, 1 Value Summary To Whom it May Concern: The following is a history of the assessor's values over the past three years: Year Total Value $/SF 2020 S 1,919,285 S 95s00 Based on our analysis, we are requesting the following value for this property: Method Value $/SF Sales Comparison Cost $ 1,365,232 / $ 67.63 5 982/843 / $ 48.65 Requested Value S 982,843 / $ 48.65 2 Property Summary Location: 22634 Union Colony Rd in Greeley Major Cross Streets: Rd 62 & Rd 47 Owner: Dairy Farmers of America Inc Effective Year: 2014 Building Square Feet: 20,203 Land Square Feet: 419/483 Acres: 9.63 Land/Build/Ratio: 20.76 2020 Breakdown Value /SF 2O2O Land Value: 231,120 0.55 2O20 Ip Value: Leasable 1,688,165 83.56 2020 Total Value: 1,919,285 95.00 Executive Summary 3 z F SL Aa St O' ES 541 a. 4 -:a °(tIn St 35 ri 6.1 C .Aa.I z WC;St 37 41 ken I.. ' S9 AA St 0 r • L• Island Grove Regional Pork 2nd St W'eIJVv'irks Brewing CD 9 G reel ey North Colorado th, Medical Center ir vi Ustcl MIS W ...i At 2 sir 13121 Si lc' la re- 161hSt University _of Northern Colorado 9 111th St 41 7 —1 `�jx l nth St 0 { Garden City I1 C. at F 200-1.5A 3 be E 272nd S'r. E 24th Si nab St Ep hull#03 pap Weid CbwrTty Rd 4 JI E.1.U:h.St 3 ft' 62 E 18th SA BUS 45] 0 t„ 47 Greeley -Weld County Airport 9 45 45 Enth Oth Ate 49 49 923015 County Road 62 47 62 county F-i.d 49 49 51 Alden 5T 51 County Rd 640, 1/2 SI t�riR� m t f-�,�.."! "ar re River ti121th St it ° :h St Waim:art Supercenter t 47 49 " r Regrinsts moinwit Pit tip tal nrp ."F 3659 ,441 eir ar Sales Comparables Property Address 22634 Union Colony Rd Parcel # R6784214 Value ($) 1,919,285 L/B Ratio 20.76 Bldg SF 20,203 $/SF 95,00 Acres 9.63 Year Built 2014 Parcel Sale Price Sale Date Address Year Built Bldg SF $/S F Land Size (Acres) L/B Ratio Sale #1 096106327012 410,000 11/30/17 1822 9th St 1961 5,742 71.40 0.93 7.06 Sale #2 096108202004 600,000 4/18/19 1130 8th Ave 1948 10,200 58.82 031 1.32 Sale #3 095924201O41 168,000 6/26/18 2820 S 31st Ave 1981 5,076 33.10 0.77 6.61 Adjustments Bldg Size Adj Age Adj Total Adjustments -2.90 26.5% 23.6% -2.0% 33.0% 31.0% -3.0% 16.5% 13.5% Adjusted $/SF 88.26 77.06 37.56 Adjusted Sales Average ($) 67.63 Adjusted Average Sale Value ($) 1,366,232 7 e Rd uo 9) 3 66 1 Island Grove Regional Park 41 Garden Gay 3941 Evans La Salle Address 1130 8th Ave 7 51 City Greeley 66 45' 4 Greeley -Weld � County Airport 54 0 E lith51/4 45 Auburn 47. a A 164 , 62 4; 49 eat 64:3 Property Info 1822 9th St Greeley 10,200 SF General Retail/Auto Repair 5,742 SF General Retail/Auto Repair Alden County Rd 60 it: 58 Si 23 z rril e .r J G/S Map data @2020 * 23015 Co Rd 62, Greeley, CO 80631 Sale Info Sold: $600:000 ($68.8215 F) Sold: $410,000 ($71.40/SF) 2820 S 31st Ave Greeley 5,076 SF General Retail/Auto Repair Sold: $168,000 ($33.10/SF) PIVOTAL TAX SOLUTIONS Copyrighted report licensed to Pivotal Tax Solutions - 1028959. 5/21/2020 ILTATC Z LOCAL TAX ADVIUDIIIlk 1 1130 Greeley, Sale 10,200 8th on 4/18/2019 SF CO Ave 80631 for Retail Auto $600,000 Repair ($58.82/SF) Building - Research Complete Built in 1948 SOLD a 9th St 34 ...&�c , 44,01.4 ymA _ c et .b 10th 5t 4 i 11111'IS1 v IVit 121h St _, . • • _ _ . — w in p li 13th st .. . '-..tspiipt4th st ,� a 04 G000le ro Map data @2120 Buyer & Seller Contact Info Recorded Buyer Buyer: Type: Individual Five 52001 Greeley, R on 20th CO 8th, St 80634 LLC Recorded Listing Broker: Seller: Inc. (303) AF-GHBM 2521 Dallas, David, Zander Fairmount 577-9979 TX Hicks Rodriguez LLC 75201 & St Lampert Brokerage Transaction Details ID: 4736614 Escrow Asking Price/AC Percent Transfer No. Tenants at Document Sale Land of time Sale Sale Price/SF: Tenancy: Tenants: Parcel Length: Leased: of History: Date: Price: Price: Gross: Tax: sale: No: No: 04/18/2019 - $600,000 - $58.82 $1,935,483.87 - Single $60 1 Firestone 096108202004 4480473 Sold Sold Sold Sold on 1/24/2020 for for for (443 -Confirmed Complete $600,000 $900,000 $900,000 days ($58.82/SF) ($88.24/SF) ($88.24/SF) Non on Auto -Arms market) Care Length on 4/18/2019 on 12/27/2017 on 12/27/2017 Improved Total Land Land Percent Value Value Value Year Assessed/AC: Sale Bldg Land Improved: Assessed: Assessed: Built/Age: Assessed Type: Type: GLA: Area: Owner Retail Built 10,200 0.31 86.8% $116,460 $101,030 $15,430 $49,774 - in AC User Auto 1948 SF (13,504 in Repair Age: 2018 71 SF) Copyrighted report licensed to Pivotal Tax Solutions - 1028959. 5/21/2020 TAX SOLUTIONS %TATC a LOCAL TAX.. AQvlSOH 11 1130 10,200 8th SF Ave Retail Auto Repair Building Built in 1948 (con't) SOLD Income Expense Data Expenses - Operating Total - Expenses Expenses Taxes $23,759 $23,759 Current Retail Information ID: 5006428 Property Owner Owner Street Bldg Occupied: Rent/SF`r: Expenses: Frontage: Features: Center: Status: Zoning: Parking: Type: Type: CAM: Retail - Built Developer/Owner-RGNL Commercial No Withheld - 132 155 2019 6 Bus free feet feet - in Tax Surface Line, Auto 1948 on on @$2.33/sf Pylon 12th 8th Repair High Ave Spaces St Sign, Intensity are available Signage Location Information Lot Buildi No. Bldg Dimensions: Total Land % of Leased: Vacant: ng Stores: GLA: Avail: Area: FAR: 10,200 10,200 100.0% 0 SF 0.31 - 0.76 - SF SF AC Metro Submarket: Market: County: CBSA: CSA: DMA: Denver Greeley Ret/Greeley Weld Greeley, CO Denver -Aurora, Denver, CO -WY -NE CO Ret IVOTAL Copyrighted report licensed to Pivotal Tax Solutions - 1028959. 5/21/2020 TAX SOLUTIONS %TATC a LOCAL TAX.. AQvlSOH 11 10 2 1822 Greeley, Sale 5,742 9th on 11/30/2017 SF CO Retail St 80631 Auto for $410,000 Repair ($71.40/SF) Building SOLD - Public Record Built in 1961 61h 51 6th Si 7th S1 r Ya - a j.• r „ Al " E T: .I ,� M1i _ c EUS t la ryr .3 .-- i 134 I 30 il \ iii - !I . Greeley , t nT -2 _, Luther Park --7-. c., :A i .12: - - e,, ' - i PC le It: -i Its A �■ C 111 C C 500 .jr& } 1:I Googie 12th St Map data 2 Buyer & Seller Contact Info Recorded True Buyer: Buyer: Mountain Properties, 13146 Palm (2 - 76) City, 755-4139 NW View Gilson FL LLC 34990 Commercial Rd Recorded True Seller Listing Seller: Seller: Type: Broker: Individual Aaja Aaja Jason 170 Fort Realtec Services Gage (970) Lane Lupton, Holdings Holdings 396-5166 Adams Osthoff Commercial Ct CO LLC L L C 80621 Real Estate Transaction Details ID: 4068325 Price/AC Tenants Percent Escrow No. Asking at Sale Land of time Sale Sale Price/SF: Tenancy: Tenants: Length: Leased: of History: Date: Price: Price: Gross: sale: 11/30/2017 - $410,000 $425,000 $71.40 $440,860.22 - Single 1 Totally Sold Sold Sold Naked for for for $410,000 $350,000 $320,000 (63 days Auto on ($71.40/SF) ($60.95/SF) ($55.73/SF) market) on 11/30/2017 on 3/7/2013 on 2/14/2007 Year Sale Bldg Land Built/Age: Type: Type: GLA: Area: Investment Retail Built 5,742 0.93 - Auto in 1961 SF AC (40,511 Or Repair Age: Owner User 56 SF) PIVOTAL Copyrighted report licensed to Pivotal Tax Solutions - 1028959. 5/21/2020 TAX SOLUTIONS !STATC Z LOCAL TAX A°VIU0ntk 11 1822 9th 5,742 SF Retail St Auto Repair Building Built in 1961 (can't) SOLD Income Expense Data Expenses - - Operating Expenses Total Expenses Taxes $8,597 $8,597 Current Retail Information ID: 5688948 Property Owner Owner Bldg Occupied: Renti Expenses: Center: Status: Zoning: Parking: Type: Type: F AM: 'r: Retail - Built Individual - No - - 2019 17 Surface in Tax - Auto 1961 @ Spaces Repair $1.77fsf are available Location Information Lot Building No. Bldg Dimensions: Total Land % of Leased: Vacant Stores: GLA: Avail: Area: FAR: 5,742 0 SF 100.0% 0 SF 0.93 - 0.14 - SF AC Metro Submarket: Market: County: CBSA: CSA: DMA: Denver Greeley Weld Greeley, Denver Denver, Ret/Greeley CO -Aurora, CO -WY -NE CO Ret IVOTAL Copyrighted report licensed to Pivotal Tax Solutions - 1028959. 5/21/2020 TAX SOLUTIONS %TATC a LOCAL TAX.. AQvlSOH 11 12 3 2820 S 31St Greeley, CO Sale on 6/26/2018 5,076 SF Retail 80631 Ave for Auto $168,000 Repair ($33.10/SF) Building SOLD - Public Record Built in 1981 rb, � W27thSt it 44 ��1yl� IN lL�1 ��g9 W ri tit S• a ■ .,r,are�h 56 l aI SI 4 I r ?h I�. . I- 29th St 1616 Google.Vile'p data O2020 Buyer & Seller Contact Info Recorded True Buyer Buyer: Buyer: Type: Full Full David 830 Golden, (303) Individual Throttle Throttle Pine 225-0854 Call CO Ridge Holdings Holdings 80403 Rd Greeley Conifer Recorded True Seller: C & S Rain Gutters Seller: - LIc Transaction Details ID: 4370851 Price/AC Percent Tenants Escrow No. at Document Sale Asking Land of time Sale Sale Parcel Price/SF: Tenancy: Tenants: Length: Leased: of History: Gross: Date: Price: Price: sale: N No: o 06/26/2018 - $168,000 - $33.10 $218,181.82 100.0% 3 Gerber : 095924201041 4410192 Sold Sold Multi for for Collision $168,000 $656,300 & Glass; ($33.10/SF) ($129.29/SF) Glass America; on 6/26/2018 on 8/25/2009 Total Improved Land Pearl Percent Land Auto Value Value Value Year Assessed/AC: Body Sale Bldg Land Improved: Assessed: Assessed: Built/Age: Assessed Type: Type: and GLA: Area: Glass - Retail Built 5,076 0.77 76.8% $125,280 $96,180 $29,100 $37,792 - Auto in 1981 SF AC (33,541 in Repair Age: 2017 37 SF) IVOTAL Copyrighted report licensed to Pivotal Tax Solutions - 1028959. 5/21/2020 TAX SOLUTIONS USTATC a LOCAL TAX.. AQv19Ofl1 13 2820 S 31st Ave 5,070 SF Retail Auto Repair Building Built in 1981 (can't) SOLD Income Expense Data Expenses - - Operating Expenses Total Expenses Taxes $10,376 $10,376 Current Retail Information ID: 5075391 Property Owner Owner Street Bldg Occupied: RentiSF Expenses: Frontage: Center: Status: Zoning: Parking: Type: Type: CAM: 'r: Retail - Built Individual C No - - 231 2019 15 -H free feet in Tax - Auto 1981 Surface on @$4.391sf Repair S. 31st Ave Spaces are available Location Information Lot Building No. Bldg Dimensions: Total Land % of Leased: Vacant Stores: GLA: Avail: Area: FAR: 5,076 g SF 100.0% 0 SF 0.77 - 0.15 - SF AC Metro Market: Submarket: County: CBSA: CSA: DMA: Denver Greeley Weld Greeley, Denver Denver, Ret/Greeley CO -Aurora, CO CO -WY -NE Ret IVOTAL Copyrighted report licensed to Pivotal Tax Solutions - 1028959. 5/21/2020 TAX SOLUTIONS %TATC a LOCAL TAX.. AQvlSOH 11 14 2820 S 31st Ave 5,076 SF Retail Auto Repair Building Built in 1981 (can't) Parcel N urn be r: 09 5924201041 Legal Description: - County: Weld Plat Map: 2820 S 31st Ave IVOTAL Copyrighted report licensed to Pivotal Tax Solutions - 1028959. 5/21/2020 TAX SOLUTIONS I$TATC a LOCAL TAX.. AQv1SOH �l1 15 Cost Analysis Description SF Year Built Eff Year Exp Life Eff Age Class Type 8/SF Adjusted Items: RCN - Service Garage 20,203 2014 2014 30 6 S Low Cost $ 697,004 34.50 Depreciation Adjusted RCNLD 11% $ 620,333 Regional Multiplier 0.97 Total RCNLD of Adjusted Items: $ 601,723 Non Adjusted hems: Extra Features $ 150,000 Total of Non Adjusted Items: $ 150,000 Total Square Feet 20,203 Tota I RCN LD Assessors Land Value 751,723 231,120 Indicated Cost Value ($) Value /SF ($) 982,843 48.65 16 SECTION 14 PAGE 32 February 2018 CALCULATOR METHOD SERVICE (REPAIR) GARAGES (528) CLASS TYPE EXTERIOR WALLS INTERIOR FINISH LIGHTING, AND MECHANICAL PLUMBING HEAT Sq. M. COST Cu. Ft. Sq. Ft. -B Average Brick, reinforced concrete, good Some plaster and glazed surfaces, fenestration offices, masonry partitions *Good level of lighting, adequate Space heaters plumbing 904.17 6.00 84.00 c '" Excellent Steel or concrete frame, brick, Some good offices and supply decorative block or concrete panels rooms, good fleet -municipal type Good electrical, lighting and Forced air service outlets, good restrooms 1216.32 8.07 113.00 Good Steel, concrete or glulam lam frame, Finished office, painted walls, some masonry curtain or bearing walls partitions Adequate lighting outlets, adequate and service Space heaters restrooms 855.73 5.68 79.8(? Average Masonr bearin walls with Unfinished, small finished office pilasters, light trusses area, some supply area Adequate lighting and service g outlets, small restroom Space heaters 618.92 4.11 57.50 Low cost Light masonry bearing walls, light Unfinished, small partitioned office rafters area, concrete floor Minimum electrical and plumbing Space heaters 449.39 2.98 41.75 D Good Wood frame, good siding, brick Partially finished, finished office veneer or stucco and fenestration area, some partitions Adequate lighting and service Space heaters outlets, adequate restrooms 748.09 4.96 69.50 Average Unfinished, small finished office Light wood frame, siding or stucco area, some supply area Adequate lighting and service Space heaters outlets, small restroom 548.96 3.64 51.00 Low cost Cheap frame, stucco or siding Unfinished, small office area, concrete floor Minimum lighting and plumbing Space heaters 403.65 2.68 37.50 D POLE Average Pole frame, metal siding, lined and Small finished office area, some insulated supply area Adequate lighting and service Space heaters outlets, small restroom 470.92 3.12 43.75 Low cost Small partitioned office area, Pole frame and truss, metal siding concrete floor, utility type Minimum lighting and plumbing Space heaters 344.44 2.28 32.00 S Good Sandwich panels or metal with Partially finished, finished office interior finish area, some partitions Adequate lighting and service pace heaters outlets, adequate restrooms 710.42 4.71 66.00 Average Single wall with some interior finish Unfinished, small finished office area, some supply area Adequate lighting and service Space heaters outlets, small restroom 511.29 3.39 47.50 Low cost Light, pre-engineered, utility -type Unfinished, small office area, building concrete floor Minimum lighting and plumbing Space heaters 371.35 2.46 34.50 *For elevator costs, see bottom of Page 34. SPRINKLERS — Sprinkler systems are not included. Costs should be added from Page 37. SERVICE GARAGE SHEDS (526) C Good Open front, block or low-cost brick, good roof Unfinished, concrete floor, shop Good lighting and outlets, Space heaters area and cabinets adequate plumbing 384.81 2.55 35.75 Average Open front, tilt -up, block, steel or wood truss, average cover Unfinished, concrete or asphalt Adequate electrical and water None floor, some cabinets, work area service and outlets 274.48 1.82 25.50 Low cost End walls only, concrete block, shed or flat roof Unfinished, concrete or asphalt Adequate electrical and water None floor service and outlets 206.67 1.37 19.20 D PO LE Good Open front, good metal siding on pole frame Unfinished, concrete floor, shop Good lighting and outlets, area and cabinets adequate plumbing Space heaters 34� 1.39 2.00 28.00 Average Open front, metal or board on light pole frame Unfinished, concrete or asphalt Adequate electrical and water floor, some cabinets, work area service and outlets None 214.20 1.42 19.90 Low cost End walls only, low-cost siding on wood pole frame Unfinished, concrete or asphalt Adequate electrical and water None floor service and outlets 164.69 1.09 15.30 S Good Open front, good metal and steel Unfinished, concrete floor, shop frame area and cabinets Good lighting and outlets, adequate plumbing Space heaters 328.30 2.18 30.50 Average Open front, enameled siding on Unfinished, concrete or asphalt light frame floor, some cabinets, work area Adequate electrical and water service and outlets None 233.58 1.55 21.70 Low cost End walls only, low-cost siding on Unfinished, concrete or asphalt steel frame floor Adequate electrical and water service and outlets None 179.22 1.19 16.65 NOTE: Use total length of walled sides as the perimeter in the floor area -perimeter table. For service stations, see prefabricated building costs, Section 64. HOISTS Automotive and truck hoist costs can be found in Section 64, Page 3. MARSHALL VALUATION scERin The data included on this page becomes obsolete after update delivery, scheduled fir Februa;y 2020. © 2018 core?Logic, Inc. and its licensors, all rights reserved. Any reprinting, distribution, creation of derivative works', and/or public displays is strictly prohibited. 2/2018 SECTION 97 PAGE 12 December 2018 LIFE EXPECTANCY GUIDELINES OCCUPANCY CLASS TYPICAL BUILDING LIVES A BCD S SECTIONS 14 & 44, GARAGES, INDUSTRIALS AND WAREHOUSES Armories, good and excellent average .. Automotive service centers, good . average .. low cost Broadcasting facilities, good and excellent average .. low cost Cold storage facilities, excellent . average and good .. low cost and fair .. Complete auto dealerships, good and excellent .. average .. low cost Computer centers, good and excellent ... low cost and average Creameries, good .. average low cost Garages, municipal service, excellent average and good Service and repair garages, good and excellent low cost and average .. Service garage sheds, good .. low cost and average .. Storage, average Hangars, maintenance, excellent good average low cost Storage, excellent .. good average low cost cheap T -hangars, average low cost Industrial flex -mall buildings, average and good .. low cost .. ?Industrials, engineering, good and excellent average low cost .. 55 50 50 40 40 45 40 40 40 35 35 35 30 30 55 55 50 45 45 50 50 45 40 40 45 45 40 35 35 50 45 50 50 45 40 40 40 35 35 50 50 45 40 40 45 45 40 35 35 35 30 30 50 50 45 40 40 45 45 40 35 35 45 45 45 45 45 35 30 30 25 20 20 45 40 40 35 35 40 35 35 40 40 35 30 30 35 30 30 30 25 25 45 45 40 35 35 45 40 40 40 40 35 35 35 30 30 40 40 40 35 35 30 30 30 30 30 20 20 30 30 20 20 50 40 40 40 35 35 55 55 50 45 45 50 50 45 40 40 50 50 40 35 35 OCCUPANCY CLASS A BCD S SECTIONS 14 & 44, GARAGES, INDUSTRIALS AND WAREHOUSES (Continued) Industrials, manufacturing, heavy, good and excellent 60 60 55 50 low cost and average 55 55 50 45 45 light, good 50 50 45 40 40 average 50 50 40 35 35 low cost .45 45 40 35 35 Laboratory buildings, good and excellent 55 55 50 45 45 low cost and average 50 50 45 40 40 Lofts, excellent 60 60 average and good 55 55 50 40 40 low cost 50 50 40 35 Mini -lute garages, good and excellent .40 35 35 low cost and average 35 30 30 Mini -warehouses, low and high rise, good 45 40 40 average 45 45 40 35 35 low cost 35 30 30 Parking structureslparkad es, good 45 45 low cost and average 40 40 35 cheap 30 Passenger terminals, very good and excellent .45 45 40 40 average and good 40 40 35 35 35 low cost and fair 35 35 30 30 30 control towers, good 35 35 average 30 30 low cost .25 25 Post offices, main and branch, good and excellent 60 60 55 50 50 low cost and average 55 55 50 45 45 mail processing facilities, good 50 45 average 50 50 45 40 Showrooms, good and excellent 50 50 45 40 40 average 45 45 40 35 35 low cost 35 30 30 Transit warehouses, average and good 45 40 40 Underground parking garages, average 45 45 Warehouses, distribution, good and excellent 55 55 50 45 45 average 50 50 45 40 40 low cost .40 35 36 Storage and mega storage, excellent .50 45 average and good 50 50 45 40 40 cheap and low cost 45 45 40 35 35 Miscellaneous buildings, excellent 60 60 55 45 45 average and good 55 55 50 40 40 low cost 50 50 40 35 35 Misc. structures, shipping docks 40 40 loading docks, excellent 35 35 average and good 30 30 low cost 25 25 MARSHALL VA L (L4T'ION SERVICE © 2018 Cnrelio Tic(Q Inc:_ and tt licensors, call rights reserved_ Any reprinting. distribution, creation of derivative works, andl r public displays is strictly prohibited_ 12/2018 LOCAL MULTIPLIERS SECTION 99PAGE 7 Jammu)? 2(19 CLASS A BCD S COLORADO Aspen Boulder Colorado Springs Coslilla a County Denver Durango Eagle Co. (x/resort areas) Fort Collins Grand Junction Greeley Gunnison County Kit Carson County Logan County Longmont Loveland Moffat County Montrose County Prowers County Pueblo Steamboat Springs Vail CONNECTICUT Bridgeport Bristol Danbury Fairfield Greenwich Hartford Meriden Middletown Milford New Britain New Haven New London Norwich Stamford Waterbury Windsor Locks DELAWARE Dover Wilmington 1.00 1.01 1.01 0.99 1.00 1.12 1.14 1.12 1.11 1.12 0.95 0.97 0.96 0.95 0.95 0.96 0.98 0.95 0.96 0.96 0.86 0.87 0.86 0.86 0.87 0.95 0.96 0.96 0.96 0.97 0.92 0.92 0.92 0.90 0.92 0.94 0.94 0.94 0.93 0.94 0.97 0.99 1.01 0.98 0.98 0.97 0.96 0.97 0.96 0.98 0.97 0.99 1.00 0.98 0.97 0.96 0.99 0.97 0.97 0.97 0.87 0.88 0.89 0.89 0.88 0.90 0.91 0.90 0.89 0.90 0.94 0.96 0.98 0.96 0.96 0.95 0.97 1.01 0.98 0.96 0.90 0.92 0.90 0.90 0.91 0.91 0.91 0.92 0.89 0.91 0.91 0.90 0.90 0.90 0.91 0.94 0.94 0.94 0.93 0.93 1.16 1.17 1.15 1.14 1.13 1.14 1.15 1.13 1.12 1.13 1.14 1.16 1.15 1.15 1.15 1.16 1.19 1.19 1.19 1.19 1.12 1.14 1.13 1.11 1.13 1.16 1.19 1.19 1.20 1.19 1.14 1.16 1.18 1.18 1.16 1.31 1.28 1.25 1.27 1.33 1.14 1.18 1.17 1.16 1.15 1.11 1.14 1.12 1.12 1.11 1.11 1.14 1.14 1.13 1.10 1.10 1.11 1.09 1.10 1.11 1.12 1.15 1.13 1.13 1.10 1.14 1.15 1.14 1.11 1.13 1.07 1.10 1.08 1.12 1.07 1.08 1.10 1.08 1.11 1.07 1.28 1.28 1.24 1.27 1.31 1.12 1.12 1.08 1.08 1.11 1.12 1.16 1.13 1.13 1.13 1.11 1.09 1.09 1.10 1.10 1.07 1.07 1.06 1.07 1.07 1.14 1.11 1.11 1.13 1.13 DIST. OF COLUMBIA 1.05 1.08 1.05 1.04 1.04 FLORIDA Bradenton Brevard County Broward County Dade County Daytona Beach Fort Myers Fort Pierce Gainesville Jacksonville Key West Lakeland Marathon 0.96 0.95 0.95 0.95 0.96 0.98 0.98 0.96 0.97 0.98 0.97 0.95 0.93 0.93 0.94 0.97 0.97 0.97 0.97 0.99 0.95 0.95 0.97 0.97 0.99 0.94 0.93 0.93 0.92 0.94 0.94 0.93 0.94 0.94 0.96 0.97 0.94 0.93 0.93 0.97 0.94 0.94 0.95 0.92 0.93 0.94 0.94 0.94 0.94 0.94 1.14 1.12 1.15 1.12 1.12 0.95 0.95 0.97 0.96 0.96 1.09 1.06 1.09 1.06 1.10 Apply to costs brought up-to-date from preceding pages. Do not apply to Section 98 or any other indexes. UNITED STATES A BCDS CLASS FLORIDA (Continued) Miami Naples Ocala Orlando Palm Beach Panama City Pensacola Pinellas County Sarasota Tallahassee Tampa Vero Beach GEORGIA Albany Athens Atlanta Augusta Cafumbus Macon Rome Savannah Valdosta HAWAII Hilo Kauai Maui Oahu IDAHO Boise Caldwell Coeur d' Aisne Idaho Falls Lewiston Moscow Pocatello Twin Falls ILLINOIS Alton Aurora Belleville Bloomington Carbondale Centralia Champaign Chicago Danville De Kalb Decatur East St. Louis Elgin Evanston Galesburg Joliet Kankakee Marion Moline 0.95 0.95 0.97 0.97 0.99 0.94 0.95 0.94 0.94 0.96 0.94 0.93 0.94 0.92 0.94 0.98 0.97 0.98 0.97 0.96 1.00 0.98 0.96 0.98 1.01 0.80 0.81 0.80 0.82 0.81 0.84 0.83 0.83 0.86 0.85 0.99 0.99 0.98 0.98 0.99 0.98 0.99 0.96 0.99 0.98 0.94 0.93 0.92 0.92 0.94 0.99 0.99 0.98 0.98 0.98 0.98 0.95 0.93 0.91 0.96 0.89 0.89 0.86 0.85 0.86 0.88 0.87 0.82 0.82 0.84 0.92 0.92 0.87 0.84 0.88 0.95 0.94 0.92 0.92 0.93 0.88 0.89 0.83 0.81 0.83 0.88 0.88 0.84 0.83 0.84 0.89 0.88 0.86 0.85 0.87 0.92 0.91 0.89 0.87 0.88 0.87 0.87 0.87 0.87 0.87 0.83 0.83 0.81 0.82 0.81 159 1.65 1.63 1.63 1.60 1.62 1.68 1.67 1.68 1.66 1/4 1.81 1.79 1.80 1.76 1.50 1.56 1.55 1.55 1.51 1.48 153 150 150 1.48 1.00 1.00 1.00 0.98 1.01 0.98 0.99 1.02 1.00 1.00 0.96 0.97 1.01 0.99 0.98 1.04 1.04 1.02 1.00 1.04 1.01 1.00 1.02 1.00 1.02 1.00 1.01 0.97 0.96 1.01 1.01 1.02 0.97 0.97 1.02 0.97 0.98 0.96 0.95 0.99 0.99 0.99 1.01 1.00 1.00 1.13 1.14 1.14 1.14 1.13 1.03 1.05 1.07 1.06 1.03 1.22 1.23 1.24 1.23 1.21 1.09 1.10 1.12 1.10 1.06 1.07 1.10 1.10 1.11 1.11 1.10 1.09 1.08 1.08 1.07 1.07 1.06 1.08 1.07 1.07 1.09 1.09 1.10 1.11 1.10 1.27 1.26 1.26 1.26 1.25 1.10 1.10 1.10 1.11 1.11 1.21 1.22 1.22 1.21 1.20 1.06 1.08 1.09 1.10 1.08 1.08 1.08 1.10 1.10 1.08 1.23 1.23 1.22 1.23 1.22 1.24 1.24 1.24 1.23 1.23 1.10 1.09 1.08 1.09 1.10 1.22 1.23 1.23 1.23 1.21 1.24 1.25 1.24 1.27 1.25 1.10 1.09 1.08 1.08 1.08 1.06 1.05 1.04 1.04 1.05 CLASS ILLINOIS (Continued) Normal Peoria Quincy Rock Island Rockford Skokie Springfield Urbana Waukegan INDIANA Anderson Bloomington Columbus Elkhart Evansville Fort Wayne Gary Hammond Indianapolis Kokomo Lafayette Logansport Marion Michigan City Muncie Richmond South Bend Terre Haute IOWA Burlington Cedar Rapids Council Bluffs Davenport Des Moines Dubuque Fort Dodge Iowa City Mason City Sioux City Waterloo KANSAS Dodge City Fort Scott Garden City Goodland Hays Kansas City Lawrence Liberal Manhattan Olathe Overland Park Pittsburg Salina Topeka Wichita A BCDS 1.08 1.10 1.11 1.12 1.12 1.09 1.10 1.10 1.11 1.09 1.11 1.14 1.14 1.13 1.12 1.08 1.06 1.06 1.08 1.07 1.13 1.18 1.16 1.16 1.14 1.25 1.25 1.26 1.27 1.25 1.08 1.09 1.10 1.10 1.09 1.09 1.09 1.10 1.11 1.10 1.23 1.23 1.23 1.22 1.23 1.03 1.03 1.02 1.02 1.04 0.97 0.95 0.95 0.96 0.97 1.02 1.00 0.99 1.00 1.03 1.00 1.00 0.98 0.98 0.99 1.06 1.03 1.02 1.03 1.05 0.99 1.02 1.00 1.00 1.02 0.97 0.99 0.98 0.97 0.98 1.24 1.22 1.23 1.23 1.23 1.24 1.22 1.23 1.23 1.23 1.03 1.02 1.01 1.02 1.03 1.00 1.00 0.97 0.99 0.99 0.99 1.00 0.98 0.98 1.00 0.97 0.95 0.92 0.93 0.96 0.95 0.96 0.93 0.93 0.96 1.24 1.22 1.22 1.22 1.22 0.95 0.95 0.96 0.97 0.96 0.94 0.94 0.93 0.95 0.96 1.04 1.01 1.02 1.02 1.03 1.02 1.00 1.00 1.01 1.02 0.99 1.00 0.98 0.99 0.99 1.00 1.00 0.97 0.98 0.99 0.98 0.99 0.97 0.98 0.97 0.94 0.96 0.93 0.92 0.94 1.07 1.06 1.06 1.07 1.06 1.01 0.97 0.99 0.99 1.00 1.04 1.05 1.01 1.04 1.03 0.98 0.99 0.99 0.98 0.99 0.99 1.00 0.98 1.00 0.98 1.00 1.03 1.02 1.04 1.02 0.92 0.94 0.92 0.93 0.93 1.00 1.01 0.99 1.00 1.01 0.95 0.95 0.95 0.95 0.96 0.93 0.90 0.93 0.91 0.92 0.93 0.94 0.93 0.95 0.94 0.89 0.86 0.88 0.87 0.88 0.92 0.89 0.91 0.90 0.90 0.88 0.86 0.85 0.83 0.87 1.06 1.08 1.08 1.08 1.07 1.02 1.03 1.04 1.05 1.03 0.87 0.85 0.87 0.85 0.87 0.92 0.93 0.95 0.96 0.93 1.06 1.09 1.09 1.08 1.08 1.05 1.08 1.08 1.08 1.07 0.91 0.91 0.90 0.90 0.91 0.91 0.91 0.91 0.91 0.93 0.99 1.00 0.97 0.95 1.02 0.93 0.90 0.90 0.87 0.92 MARSHALL VAL UA THIN SERVICE The data included on this page becomes obsolete after update de11"e y. scheduled for April 2019. C 201.9 CareLo, c€ Inc.. and its licensors, aft rights reserved_ Any repr 'tin4. distribution, creation of derivative tit'orks. curd `n' public dis'plctvs is str ietly prohibited. 1/2019 SECTION 97 PAGE 24 December 2018 DEPRECIATION - COMMERCIAL PROPERTIES EFFECTIVE AGE IN YEARS 70 TYPICAL LIFE EXPECTANCY IN YEARS 60 55 50 45 40 35 30 25 20 DEPRECIATION — PERCENTAGE 1 0 0 0 0 1 1 1 2 2 3 2 0 1 1 1 1 2 2 3 5 7 3 0 1 1 1 2 3 4 5 7 10 4 1 1 1 2 3 4 5 7 10 14 5 1 1 2 3 4 5 6 9 13 18 6 1 2 2 3 4 6 8 11 16 22 7 1 2 3 4 5 7 10 14 19 26 8 1 2 3 5 6 8 11 16 22 30 9 2 3 4 5 7 10 13 18 25 35 10 2 3 4 6 8 11 15 21 29 40 11 2 4 5 7 9 13 17 24 32 45 12 2 4 6 8 10 14 19 26 36 50 13 2 5 6 9 12 16 22 29 40 55 14 3 5 7 10 13 18 24 32 44 60 15 3 6 8 11 14 20 26 35 48 65 16 3 7 9 12 16 22 28 39 52 69 17 4 7 10 13 18 24 31 42 56 73 18 4 8 11 14 19 26 34 46 60 76 19 4 9 12 16 21 28 36 49 64 78 20 5 9 13 17 23 30 39 53 68 79 21 5 10 14 18 25 32 42 57 71 80 22 6 11 15 20 27 35 45 60 73 23 6 12 16 21 29 37 48 63 75 24 7 13 17 23 31 40 52 66 77 25 7 14 19 25 33 43 55 69 79 26 8 15 20 27 35 46 58 72 80 27 9 16 21 28 37 49 61 75 28 9 17 23 30 40 52 64 77 29 10 18 24 32 42 54 68 78 30 11 20 26 34 45 57 72 79 32 13 22 30 38 50 62 75 80 34 15 25 34 43 55 68 77 36 17 28 38 48 61 73 79 38 19 32 42 53 67 77 80 40 21 35 46 59 72 79 42 25 39 51 65 75 80 PROPERTIES INCLU 44 28 43 56 70 77 Section 11 All apartments, hotels, reso 46 31 48 60 74 78 Section 12 Motels, lodges, large multip 48 34 53 64 77 79 Section 13 Section 14 All All 50 38 58 68 79 80 Section 15 All except libraries 55 48 67 75 80 Section 16 All except churches and fra 60 57 74 78 Section 17 All commercial and industri 65 65 78 80 Section 18 None Section 64 All commercial and industrk 70 71 80 For lives less than 20 years, see Page 2 75 75 80 78 LIED rts les & res ternal bid l uses l uses 6. EFFECTIVE AGE IN YEARS TYPICAL LIFE EXPECTANCY IN YEARS 70 60 55 50 45 40 35 30 REMAINING LIFE EXPECTANCY — YEARS 25 20 1 69 59 54 49 44 39 34 29 24 19 2 68 58 53 48 43 38 33 28 23 18 3 67 57 52 47 42 37 32 27 22 17 4 66 56 51 46 41 36 31 26 21 16 5 65 55 50 45 40 35 30 25 20 15 6 64 54 49 44 39 34 29 24 19 14 7 63 53 48 43 38 33 28 23 18 13 8 62 52 47 42 37 32 27 22 17 12 9 61 51 46 41 36 31 26 21 16 11 10 60 50 45 40 35 30 25 20 15 10 11 59 49 44 39 34 29 24 19 14 9 12 58 48 43 38 33 28 23 18 13 8 13 57 47 42 37 32 27 22 17 12 7 14 56 46 41 36 31 26 21 16 11 6 15 55 45 40 35 30 25 20 15 10 5 16 54 44 39 34 29 24 19 14 9 4 17 53 43 38 33 28 23 18 13 8 4 18 52 42 37 32 27 22 17 12 7 3 19 51 41 36 31 26 21 16 11 6 2 20 50 40 35 30 25 20 15 10 5 2 21 49 39 34 29 24 19 14 9 5 2 22 48 38 33 28 23 18 13 8 4 23 47 37 32 27 22 17 12 7 3 24 46 36 31 26 21 16 11 6 3 25 45 35 30 25 20 15 10 6 2 26 44 34 29 24 19 14 9 5 2 27 43 33 28 23 18 13 8 4 28 42 32 27 22 17 12 7 4 29 41 31 26 21 16 11 7 3 30 40 30 25 20 15 10 6 3 32 38 28 23 18 13 8 5 2 34 36 26 21 16 11 7 4 36 34 24 19 14 10 6 3 38 32 22 17 12 8 5 2 40 30 20 15 10 7 4 42 28 18 13 9 6 3 44 26 16 12 8 5 )rts 46 24 14 10 7 4 48 22 13 9 6 3 50 20 11 8 5 3 js. 55 16 8 6 3 60 12 6 4 65 9 4 3 70 7 3 75 5 80 4 ih MARSHALL VALUATION SERVICE 20/8 C,`roreLogleg, inc. and its iu.:ensors, all rights reserved_ .Any reprinting, distribution, creation of derivative works, aiutlor drsplayss is strictly prohibited. 12/2018 PIVOTAL TAX SOLUTIONS STATE & LOCAL TAX ADVISORS Packet Summary In conclusion, based on our analysis, we are requesting the following value for this property Method Value $/SF Sales Comparison Cost $ 1,366,232 / $ 982,843 / $ 67.63 48.65 IRequested Value S 982,843 / $ 48.65 1 21 July 6, 2020 Petitioner: DAIRY FARMERS OF AMERICA INC 1613 PELICAN LAKES STE 201 WINDSOR, CO 80550-6171 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): PIVOTAL TAX SOLUTIONS 202 NORTH LINDSAY ROAD SUITE 201 MESA, AZ 85213 RE: THE BOARD OF EQUALIZATION 2020, WELD COUNTY, COLORADO NOTIFICATION OF HEARING SCHEDULED Docket 2020-1979, AS0106 Appeal 2008226209 Hearing 8/3/2020 1:30 PM Account(s) Appealed: R6784214 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 6, 2020 Agent: PIVOTAL TAX SOLUTIONS 202 NORTH LINDSAY ROAD SUITE 201 MESA, AZ 85213 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: DAIRY FARMERS OF AMERICA INC 1613 PELICAN LAKES STE 201 WINDSOR, CO 80550-6171 RE: THE BOARD OF EQUALIZATION 2020, WELD COUNTY, COLORADO NOTIFICATION OF HEARING SCHEDULED Docket 2020-1979, AS0106 Appeal 2008226209 Hearing 8/3/2020 1:30 PM Account(s) Appealed: R6784214 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: DAIRY FARMERS OF AMERICA INC 1613 PELICAN LAKES STE 201 WINDSOR, CO 80550-6171 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): PIVOTAL TAX SOLUTIONS 202 NORTH LINDSAY ROAD SUITE 201 MESA, AZ 85213 RE: THE BOARD OF EQUALIZATION 2020, WELD COUNTY, COLORADO NOTICE OF DECISION Docket 2020-1979 Appeal 2008226209 Hearing 8/3/2020 1:30 PM Dear Petitioner: On the day indicated above, the Board of County Commissioners of Weld County Colorado convened and acting as the Board of Equalization, pursuant to C.R.S. §39-8-101 et seq., considered petition for appeal of the Weld County Assessor's valuation of your property described above, for the year 2020. Account # Decision The Assessment and valuation is set as follows: Actual Value as Actual Value as Set by Determined by Assessor Board R6784214 Deny - Denied in Full $1,919,285 $1,919,285 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 LeL� i!"lv:yfG C. 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: PIVOTAL TAX SOLUTIONS 202 NORTH LINDSAY ROAD SUITE 201 MESA, AZ 85213 Petitioner: 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 DAIRY FARMERS OF AMERICA INC 1613 PELICAN LAKES STE 201 WINDSOR, CO 80550-6171 RE: THE BOARD OF EQUALIZATION 2020, WELD COUNTY, COLORADO NOTICE OF DECISION Docket 2020-1979 Appeal 2008226209 Hearing 8/3/2020 1:30 PM Dear Petitioner: On the day indicated above, the Board of County Commissioners of Weld County Colorado convened and acting as the Board of Equalization, pursuant to C.R.S. §39-8-101et 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 R6784214 Deny - Denied in Full $1,919,285 $1,919,285 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 LeL� i!"lv:yfG C. Esther E. Gesick Clerk to the Board Weld County Board of Commissioners and Board of Equalization cc: Brenda Dones, Weld County Assessor Hello