Loading...
HomeMy WebLinkAbout20202195.tiffValuation Report of Commercial Property for County Board of Equalization LONGS PEAK EQUIPMENT PROPERTIES LLC Petitioner vs. Weld County Assessor's Office Respondent Docket Number: 2020-2195 Parcel Number: 1207-26-2-00.023 Schedule Number: 115237408 Appeal Number: 2008226271 Date: 7/30/2020 Time: 1:30 PM Board: 1 Prepared By Millie Channell Assessor's Office Staff Appraiser Assessor's Indicated Value COMMERCIAL $2,642,004 AG LAND $7,996 TOTAL: $2,650,000 Or $56 per SF 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 4322 HIGHWAY 66 MEAD Land Area 580,655 Property Type Commercial Imp # SF Quality Occupancy Built As Class Year Built Yr Rem Stories 1 44,434 Average Retail Showroom Metal Frame 1972 1990 1 2 2,880 Average Warehouse Storage Warehouse Metal Frame 1972 N/A 1 Value Indications: Cost Approach $1,906,752 $40 per SF Market Approach $2,837,637 Or $60 per SF Income Approach $2,650,000 $56 per SF Final Value $2,650,000 Or $56 per SF 2 Improvement # Quality Total SF 1 Average 44,434 Blt As Description Class Retail 67% Warehouse 33% Occupancy Description Warehouse Year Year Built Remodeled Metal Frame 1972 x:_01 Ii3CDi t ,phali 4104132,0 5q, it 1990 Occupancy % 100% # of Stories SF 60% 1 b War S' wild- 20' Linbreaple 20 240f CoviCrille mop 3-0 Nq .. so no o tibia— •ri Sow. HSI Wit ' 1 E' 1040' Seiwe Garage two( o sti ft Get; #2 Ftbdieit Met wog, b'Apia hit I;5 IT Asphan :361900 sq. I S IS Cr Miff Fa Showoom Yew BA 1.9q2 16434.0 %Q t v*c 4 iv Parma ;kiwi fr 41 Or b I kit Concnitt 460 0 sq. 1 100 .Or 043 tcE G Building Si auiisng,lta 14431.0 so. t Mpheit 61 61p3 0 cq q art. Wros 44,434 i i i `IL A LS Improvement # 2 Quality Average Total SF 2,880 Occupancy Description Warehouse Year Blt As Description Class Year Built Remodeled % Storage Warehouse Metal Frame 1972 %MIS b ' 446 hit Viksial Occupancy % 100% # of Stories SF N/A 0% 1 2,880 mu Storage Wera°hnus® 2990.0 Sit t NOW Built 1972 Space Heart WW1' Subject Property The subject property is located at 4322 Highway 66, Mead CO. The subject property contains 580,655 square feet of land located next to Lyons 66 Pacific Commerce Park, the southeast corner of Hwy 66 and I-25. Eight acres of the land is valued as agricultural land since it is being flood irrigated. The remaining 5.33 acres is valued at the commercial land value. The subject has two buildings. The first building is of metal frame construction, average quality, typical condition and is 44,434 square feet It is a showroom, storage warehouse, office and a restaurant It was built in 1972 and remodeled in 1990. The second building is 2,880 square feet of storage warehouse and is of metal frame construction, average quality, built in 1972. A visit to the property was done on June 17, 2 02 0. The second building was not inspected. The owner uses it for storage only. Map of Subject 14 . I iricetssi ... _?'. att S as, r • 'rSARIS s C —ae 1414 A Ws. r P4aptiy awita t - —iJ rant; Mel r M i. F1otc# 6s StEll ▪ —d Atlw F • --1/41 I +$sp tM I ktte. miry poll Wm?, .... �u Ima er aill ft - =u In.r 204 4 `r Ifierf Sv11 i' inert WI 9 r' Wed Zara' I btu WY it __ 1111‘a 4 1I EP 1 .4. w. 1 li Ili '-'.1;. as. i - .G J' 1-.111: �r' o Tom, s '; h s I • 7jt6' il -i-A fa.- _,.. mar -Mix rata; 5 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. Although this subject would normally not be valued using the Cost Approach due to the unreliability of estimating depreciation on older buildings, the uniqueness of the subject makes the Cost Approach another method of valuation. A cost analysis was included in this report, using the depreciation assigned by the Marshall and Swift Valuation service. 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 580,655 square feet. 348,480 square feet of the land is valued as agricultural flood irrigated land, land value of $7,996. The remaining 232,175 square feet is valued as commercial land. This is a corner lot that is accessible from Highway 66. Comparable commercial land in the subject area is valued at $5.00 per square foot. A search of land sales was conducted and the following sales were considered most appropriate due to location, size and visibility. Sit us City Sale Date Sale Price Net SF $ Per SF Comparable 1 13792 & 13798 Pacific Cir, Mead 5/7/2018 $635,000 116,929 $5.43 Comparable 13795 Pacific Circle, Mead 5/14/2018 $330,000 64,021 $5.15 Comparable 3 137971-25 Frontage Rd, Mead 5/24/2018 $380,000 108,854 $3.49 Assessor's Indicated Subject Land Value $7,996 for Flood Irrigated Land $1,160,874 for Commercial land or $5.00 per SF TOTAL LAND -$1 ,168, 870 Map of Subject and Land Comparables 7 Weld Cost Breakdown Sheet Tax Year: 2020 Imp #: 1 NBHD: Commercial - 3923 - 00 Imp Gross SF: 44,434 Imp Net SF: 12,000 Quality: Average Condition: CM -Typical Perimeter: 1,420 Percent Complete: 100% BItAs Order #: HVAC Type: Year Blt: U nAdjBase $Isf: Perim Mult: MH Wall Mult: * Fndation $/sf: Sprinkler $/sf: MH Skirt $: 1 BItAs Desc: Showroom Package Unit 1972 92.50 0.9600 1.00 0.00 0.00 0.00 Adj Year Blt: Cost Mult: # Stories Mult: *HVAC $Isf: *Roof $/sf: Sprinkler sf: MH Skirt Inft:: Exterior/Class: Metal Frame 1983 1.0200 1.0000 0.00 0.00 0 0 * These $/sf Adjustments include all Multipliers 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: 16,434 1.00 0 91.52 1.0000 0.00 84.34 $1,386,044 Total BItAs RCN: $1,386,044 BItAs Order #: HVAC Type: Year BIt: U nAdjBase $/sf: Perim Mult: MH Wall Mult: * Fndation $/sf: Sprinkler $Isf: MH Skirt $: 2 Radiant 1972 47.50 0.9600 1.00 0.00 0.00 0.00 BItAs Desc: Service Garage Exterior/Class: Metal Frame Adj Year BIt: Cost Mult: # Stories Mult: *HVAC $Isf: *Roof $/sf: Sprinkler sf: MH Skirt Inft: 1981 1.0200 1.0000 0.35 0.00 0 0 * These $/sf Adjustments include all Multipliers Story Ht: Local Mult: Story Ht Mult: *Floor $/sf: *Energy $/sf: Sprinkler RCN: MH Skirt RCN: 16 0.9700 1.0410 0.00 0.00 $0 0.00 BItAs SF: 16,000 No. of Stories: 1.00 BItAs Units: Base $/SF: MH Tag Mult: * Interior $/sf: Adj Base $/sf: BItAs RCN: 0 47.00 1.0000 0.00 47.32 $757,120 Total BItAs RCN: $757,120 BItAs Order #: HVAC Type: Year BIt: U nAdjBase $/sf: Perim Mult: MH Wall Mult: * Fndation $Isf: Sprinkler $/sf: MH Skirt $: 3 BItAs Desc: Storage Warehouse Space Heater 1976 Adj Year BIt: 38.50 Cost Mult: 0.9450 # Stories Mult: 1.00 *HVAC $/sf: 0.00 *Roof $/sf: 0.00 Sprinkler sf: 0.00 MH Skirt Inft: BItAs SF: 12,000 Exterior/Class: Metal Frame No. of Stories: 1.00 1976 1.0200 1.0000 0.00 0.00 0 0 * These $/sf Adjustments include all Multipliers Story Ht: Local Mult: Story Ht Mult: *Floor $lsf: *Energy $/sf: Sprinkler RCN: MH Skirt RCN: 20 0.9700 1.1330 0.00 0.00 $0 0.00 BItAs Units: Base $IS F : MH Tag Mult: * Interior $/sf: Adj Base $/sf: BItAs RCN: Total BItAs RCN: 0 38.09 1.0000 0.00 40.78 $489,360 $489,360 AddCode: Detail Type: Detail Description: Units: $!Unit: RCN: Ovrde: Ovid $: 1154 Add On Concrete Slab Average 15,513 $5.68 $88,114 $0 843 Add On Asphalt Average 138,222 $2.53 $349,702 $0 Mezzanine Storage 1,280 $21.51 $27,533 $0 Total Detail RCN = RCN + Override RCN: $465,348 + Plumbing Adjust: $0 Rough -In Adjust: $0 Imp Attribute Type: Imp Attribute Description: Imp Attribute Adj: Adjustment Type: Percent $ Amount Replacement Cost New ($): $3,157,605 Percent Complete (x): 100.00% $0 RCN x Perc Complete ($): $3,157,605 Amateur Adj Value (-): 0.00% $0 Design Adj Value (+): 0.00% $0 RCN Less Depr ($): NBHD Adj (x): Market Adjusted Cost (_): Adjustments to RCNLD Factor $ Amount $711,363 1.00 $0 $711,363 Exterior Ad] Value (+): Interior Al Value (+): Functional Obs Value (-): Economic Obs Value (-): Other Obs Value (-): Physical Depr Value (-): Landscaping Cost (1): RCN Less Depr r (=): Condo Percent (x): RCNLD x Condo Perc ($): 0.00% 0.00% 0.00% 0.00% $0 Quality Adjustment (x): 1.00 $0 $0 Property Type Adj (=): 1.00 $0 $0 Adj Cost before Attrib (=): $711,363 $0 0.00% Total Mult Attrib (x): 1.00 $0 $0 Total Additive Attrib (+): $0 77.47% $2,446,242 $0 $711,363 100.00% $0 $711,363 Final Adjusted Cost (=): $711,363 9 Imp #: 2 NBHD: Commercial - 3923 - 00 Quality: Average Imp Gross SF: 2,880 Imp Net SF: 2,880 Perimeter: 224 Condition: CM -Typical Percent Complete: 100% BItAs Order #: 1 BItAs Desc: Storage Warehouse HVAC Type: Year Bit: UnAdjBase $/sf: Perim Mult: MH Wall Mult: *Fndation $/sf: Sprinkler $/sf: MH Skid $: Space Heater 1972 Adj Year Bit: 1972 38.50 Cost Mult: 1.0200 1.1610 # Stories Mult: 1.0000 1.00 *HVAC $/sf: 0.00 0.00 *Roof $/sf: 0.00 0.00 Sprinkler sf: 0 0.00 MH Skid Inft: 0 * These $/sf Adjustments include all Multipliers Exterior/Class: Metal Frame Story Ht: Local Mult: Story Ht Mult: *Floor $/sf: *Energy $/sf: Sprinkler RCN: MH Skid RCN: 16 0.9700 1.0410 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: 2,880 1.00 0 38.09 1.0000 0.00 46.04 $132,595 Total BItAs RCN: $132,595 AddCode: Detail Type: Detail Description: Units: $/Unit: RCN: Ovrde: Ovrd $: Total Detail RCN = RCN + Override RCN: $0 Plumbing Adjust: $0 Rough -In Adjust: + $0 $0 Imp Attribute Type: Imp Attribute Description: Imp Attribute Adj: Adjustment Type: Replacement Cost New ($): Percent Complete (x): RCN x Perc Complete ($): Amateur Adj Value (-): Design Adj Value (+): Exterior Adj Value (+): Interior Adj Value (+): Functional Obs Value (-): Economic Obs Value (-): Other Obs Value (-): Physical Depr Value (-): Landscaping Cost (+): RCN Less Depr (=): Condo Percent (x): RCNLD x Condo Perc ($): Percent $ Amount $132,595 100.00% $0 $132,595 0.00% 0.00% RCN Less Depr ($): $0 NBHD Adj (x): $0 Market Adjusted Cost (=): 0.00% $0 0.00% $0 0.00% $0 0.00% $0 0.00% $0 80.00% $106,076 $0 $26,519 100.00% $0 $26,519 Quality Adjustment (x): Property Type Adj (=): Adj Cost before Attrib (=): Total Mult Attrib (x): Total Additive Attrib (+): Final Adjusted Cost (_): Adjustments to RCNLD Factor $ Amount $26,519 1.00 $0 $26,519 1.00 $0 1.00 $0 $26,519 1.00 $0 $0 $26,519 Summary of Improvement Values for Cost Approach Imp # 1 2 Grand Total: RCN $3,157,605 $132,595 $3,290,20Q RCNL $711,363 $26,519 $737,882 Land Value $1,16$,870 + Improvement Value Actual Cost Value $711,363 $26,518 $737,882 $737,882 or $16 per Improvement SF Total Value by Cost Approach Final Value $1,906,752 or $40 per Improvement SF 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. 12 Comparative Sales Grid PROPERTY Subject Comp '1 Comp 2 Camp 3 Comp 4 Comments Parcel # Address City Grantor Grantee Sale Price Sale Price PSF VALUE ADJUSTMENTS Sale Date Location Land Size Usable Land Bldg SF Construction Age Condition NET ADJL/ I MEV TS Adjusted Price PSF Showroom/Office/Restattant 1207-26-2-00-023 4322 Highway 66 Mead Light Industrial Shell Bldg/office Distribution Whse Light Comm Manuf Utility Light Industrial Shell Bldg 1309-32-0-00-019 0959-05-1-00.084 1471-03-0-00-068 1207-23-0-01-028 1011 E 14th St 295 71st Ave 15549 Highway 52 4472 Hilltop Rd Ft Lupton Greeley Ft Lupton Mead Bach Composite Colorado Inc Northward LLC STR Riverside Property LLC SNH LLC 1011 Fort LLC B&B Real Estate LLC JRP Property LTD Mack Real Estate LLC $5,900,000 $4,500,000 $2,600,000 $1,350,000 $64.89 $75.09 $99.75 $62.84 DESCRIPTION Adjustment DESCRIPTION Adjustment DESCRIPTIOIS Adjustment DESCRIPTION Adjustment DESCRIPTION Mead 580,655 232,175 47,314 Metal 1972 Remodeled Average Frame 1990 2/5/2018 7/26/2018 DOC 4/2018 12/21/2015 10/11/2016 Ft Lupton Greeley Ft Lupton Mead 703,058 209,236 871,200 87,120 703,058 -15% 209,236 871,200 -15% 87,120 15% 90,922 10% 59,926 26,065 -15% 21,484 -15% Metal Frame Masonry -10% Metal Frame MetalFrame 1973 1989 -5% 1985-2006 -5% 1996 -5% Average Average Average Average -5% -15% -35% -5% $61.65 $63.83 $64.84 $59.70 Comparables Price/SF Range $59.70-$64.84 Comparables Price / SF Median $62.74 Comparables Price / SF Average $62.50 Based on investigation and analysis, that the value of $2,837,637 or market value of the subject property. it is the opinion of the appraiser $60 per SF accurately reflects the Value As Indicated By Market Approach $2,837,637 or $60 per SF Comparable 1 is located at 1011 E 14th St in Ft Lupton. It has an Industrial Light Manufacturing building and is 90,922 square feet built in 1973 on 16.14 acres. Giving an adjustment for land size and building size, the adjusted sales price is $61.65 per square foot. Comparable 2 is located at 295 71st Ave in Greeley. It is a Distribution Warehouse and is 59,926 square feet built in 1989 on 4.8 acres. Giving an adjustment for construction type and age of the building, the adjusted sales price is $63.83 per square foot. Comparable 3 is located at 15549 Highway 52 in Ft Lupton. This has 4 buildings on 20 acres. 5,850 square foot Light Commercial building built in 2004, a 6,400 square foot storage warehouse built in 1996, a 1,440 square foot modular office built in 2001 and a 1,925 square foot modular office built in 2006. Giving an adjustment for the land size, building size and age of the buildings, the adjusted sales price is $64.84 per square foot. Comparable 4 is located at 4472 Hilltop Rd in Mead. It is a Light Industrial Shell building and is 21,484 square feet built in 1996 on 2 acres. Giving an adjustment for the land size, building size and age of the buildings, the adjusted sales price is $59.70 per square foot. Map of Subject and Comparables -' 1 I I I I I I t I I 1 iLon1gmcnI 1 r• I I 1 1 1 I 1 _ I 1 I 1 I 1 f I I a Winn asp fvlillik�:r7 COMPARABLE 4 4472 HILLTOP' RD MEAD SUBJECT 4322 H I G':. P5i,4,u,"" Fires torn e Fria dart do aacono PLdteviil IP1 COM PARABLE 1 10..11 E 14TH ST , FORT LLIPTON CEO R4 PARA B• LE 3 15549 HIGHWAY 52 , FORT LUPTON a Kersey ICaene.sburg 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. 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 $2,650,000 or $56 per SF 15 The property is an income producing property and income for the subject has been received. 4 Rivers is leasing most of improvement 1 and Ranchero Restaurant is leasing part of improvement 1 and an accountant is leasing an office in improvement 1. Burbach and Associates Summer 2018 show cap rates for warehouse between 5% and 8.5%. It was determined that a 7% cap was appropriate for the subject. Market Income Worksheet Actual income for years 2017 and 2018 indicate the following: Income Expenses Net Income 2017 $264,427 $ 30,898 2018 $285,772 $ 28,878 $233,529 Using Effective Cap Rate .1005 Effective Cap Rate=mill levy x assessment rate + cap rate Mill levy (..105223 x 29%)+7% = 10.05 Indicated Property Value for Improvement 1 $2,323,333 $52.29/sq ft $256,894 $2,556,159 $57.52/sq ft Estimated Property Value $2,650,000 or $56 per Si` Per the financial report titled Longs Peak Equipment LLC, Balance Sheet as of December 31, 2018, the fixed asset value of the building as $1,574,467. Adding in the land value of $1,168,870 shows the total valuation of $2,743,337 or $58/square foot. 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 $2,65 0,000 most accurately reflects the value of the subject property in Weld County for the 2020 tax year. This would be a decrease from the original value of $2,837,637. Cost Approach $1,906,752 $40 per SF Market Approach Income Approach $2,837,637 $2,650,000 $ 60 per SF $56 per SF Assessor's Indicated Value COMMERCIAL $2,492,004 AG LAND $7,996 TOTAL: $2,650,000 Or $56 per SF 17 NOTICE OF DETERMINATION RECEIVED Brenda Dones Weld County Assessor 1400 N 17th Ave Greeley, CO 80631 JUL 17 2020 WELD COUNTY COMMISSIONERS Date of Notice: 6/26/2020 Telephone: (970) 400-3650 Fax: (970) 304-6433 Office Hours: 8:00AM — 5:00PM ACCOUNT. . .. UNi;NO: TAX YEAR : TAX:AREA LEGAL DESCRIPTION/ PHYSICAL LOCATION R5237408 2020 5520 PT NW4 26-3-68 PT LOT A REC EXEMPT RE -12 3 EXC BEG N4 COR SEC S89D06'W 1270.76' S 0D05'E 40' TO TPOB TH SD0D05'E 70D.23' T H ALG CURVE TO L (R=331') CHORD=N18D03'E 209.81' N0D05'W 200' N03D06'E 100.32' N 0D05'W 620.22' N44D30'E 49.85' TH N89D06 4322 HIGHWAY 66 MEAD PROPERTY OWNER:. LONGS PEAK EQUIPMENT PROPERTIES LLC 3780 E 15TH ST STE 102 LOVELAND, CO 80538-8768 ..PROPERTY CLASSIFICATION S OR'SA SESS VALUATION. ,:: . ` ACTUAL VALUE PRIOR TO . REVIEW ..: ACTUAL VALUE AFTER 'REVIEW COMMERCIAL AG LAND 2,829,641 7,996 2,829,641 7,996 TOTAL 2,837,637 2,837,637 The Assessor has carefully studied all available information, giving particular attention to the specifics included on your protest. The Assessor's determination of value after review is based on the following: CM05 - The law requires that data from Jan 2017 to June 2016 be used to establish current values. We have considered all three approaches to value and we have denied your appeal based upon this data. If you disagree with the Assessor's decision, you have the right to appeal to the County Board of Equalization -for further -consideration, § 39-8-106(1)(a), C.R.S. The deadline for filing real property appeals is July 15. The Assessor establishes property values. The local taxing authorities (county, school district, city, fire protection, and other special districts) set mill levies. The mill levy requested by each taxing authority is based on a projected budget and the property tax revenue required to adequately fund the services it provides to its taxpayers. The local taxing authorities hold budget hearings in the fall. If you are concerned about mill levies, we recommend that you attend these budget hearings. Please refer to last year's tax bill or ask your Assessor for a listing of the local taxing authorities. Please refer to the reverse side of this notice for additional information. Agent (If Applicable): STEVENS & ASSOCIATES INC 10303 E DRY CREEK RD STE 240 ENGLEWOOD, CO 80112-1662 15-DPT-AR PR 207-08/13 R5237408 2020-2195 ASO\OCo APPEAL PROCEDURES County Board of Equalization Hearings will be held from July 27th through August 3rd at 1150 0 Street. To appeal the Assessor's decision, complete the Petition to the County Board of Equalization shown below, and mail, file online, or deliver a copy of both sides of this form to: Weld County Board of Equalization 1150 O Street, P.O. Box 758 Greeley, CO 80631 Telephone: (970) 356-4000 ext, 4225 Online: www.co.weld.co.us/apps1/cboe/ To preserve your appeal rights, your Petition to the County Board of Equalization must be postmarked or delivered on or before July 15 for real property — after such date, your right to appeal is lost. You may be required to prove that you filed a timely appeal; therefore, we recommend that all correspondence be mailed with proof of mailing. You will be notified of the date and time scheduled for your hearing. The County Board of Equalization must mail a written decision to you within five business days following the date of the decision. The County Board of Equalization must conclude hearings and render decisions by August 5, § 39-8-107(2), C.R.S. If you do not receive a decision from the County Board of Equalization and you wish to continue your appeal, you must file an appeal with the Board of Assessment Appeals by September 10, § 39-2-125(1)(e), C.R.S. If you are dissatisfied with the County Board of Equalization's decision and you wish to continue your appeal, you must appeal within 30 days of the date of the County Board's written decision to ONE of the following: Board of Assessment Appeals District Court 1313 Sherman Street, Room 315 Contact the District Court in the County Denver, CO 80203 where the property is located. See your (303) 866-5880 local telephone book for the address and www.dola.colorado.gov/baa telephone number. Binding Arbitration For a list of arbitrators, contact the County Commissioners at the address listed for the County Board of Equalization. If the date for filing any report, schedule, claim, tax return, statement, remittance, or other document falls upon a Saturday, Sunday, or legal holiday, it shall be deemed to have been timely filed if filed on the next business day, § 39-1-120(3), C.R.S. PETITION TO COUNTY BOARD OF EQUALIZATION What is your estimate of the property's value as of June 30, 2018? (Your opinion of value in terms of a specific dollar amount is required for real property pursuant to § 39-8-106(1.5), C.R.S.) $..,210,000 What is the basis for your estimate of value or your reason for requesting a review? (Please attach additional sheets as necessary and any supporting documentation, i.e., comparable sales, rent roll, original installed cost, appraisal, etc.) The Assessor did not properly consider the Market, Cost and/or Income approach to value, or aspects of the property. [ ATTESTATION I, the undersigned owner or agent' of the property identified above, affirm that the statements contained herein and on any attachments hereto are true and complete. /vim 303-347-1878 071.01O020 Signature Telephone Number Date RobynD@StevensandAssoc.com Email Address ' Attach letter of authorization signed by property owner. 15 -OPT -AR PR 207-08/13 R5237408 ' STEVENS &ASSOCIATES SPECIALISTS IN: PROPERTY, SALES S USE TAX REDUCTIONS 10303 East Dry Creek Road, Suite 240, Englewood, Colorado 80112 July 15, 2020 Weld County Board of Equalization 1150 O Street, PO Box 758 Greeley, CO 80631 Dear County Board: Please find enclosed our 2020 Real Property Tax Appeals for the following properties: Owner of Record Name Property Address Parcel ID Account/Schedule ID LONGS PEAK EQUIPMENT PROPERTIES LLC 4322 HWY 66 120726200023 R5237408 Please call Robyn to schedule the hearings at: (303) 347-1878. Any date works for the hearings but if possible, please schedule after 9 A.M. If you should have any questions regarding these appeals, please feel free to call our office. Sincerely, Todd J. Stevens President TEVFNS , ASS CIATES SPECIALISTS IN PROPERTY. SALES 6 USE TAX REDUCTIONS Property Tax Consultant - Agency Agreement Owner Address: 3780 E 15th St #102, Loveland, CO 80538 Property Address/Legal Description/Schedule #: See Attached Exhibit A Consultant/Agent: Stevens & Associates Cost Reduction Specialists, Inc. INVe EELL LLC, LONGS PEAK EQUIPMENT PROPERTIES LLC, MCKEE OFFICE SUITES, RX PLUS PROPERTIES LLC, SPRING CREEK BUILDING D LLC, LAMB DAVID P, NANCY W, subsidiaries, parent companies and all affiliated companies agree with Stevens & Associates Cost Reduction Specialists, Inc. that for the property tax/sales and use tax assessment years 2019, 2020 and prior years, in Colorado as the property referred to above, that Stevens & Associates Cost Reduction Specialists, Inc. is hereby engaged and authorized to act as agent and consultant before either the Board of review as well as the State Tax Review Board or for any hearing pertinent to the property for the property tax/sales and use tax assessment years 2019, 2020 and prior years. Please direct all correspondence and refunds to Stevens & Associates Cost Reduction Specialists, Inc. The undersigned further authorizes Stevens & Associates Cost Reduction Specialists, Inc. as agent of the undersigned, in the name of the undersigned, to execute and cause to be filed on behalf of the undersigned, in the name of the undersigned, any and all documents relating to an appeal of the said assessments, for the assessment years in question and prior years, before either the Board of review as well as the State Tax Review Board or any hearings pertinent to the property. Thus, done and executed on this 30 day of September 2018. Agreed By: EELL LLC, LONGS PEAK EQUIPMENT PROPERTIES LLC, MCKEE OFFICE SUITES, RX PLUS PROPERTIES LLC, SPRING CREEK BUILDING D LLC, LAMB DAVID P, NANCY W By: Title: Manager & Member Please direct all correspondence/refunds to: Stevens & Associates / Inc. 10303 East Dry Creek Road, Ste 240 Englewood, Colorado 80112 NICOLE NOE Notary Public State of Colorado Notary ID 4 20174039573 My Commission Expires 09-21-2021 (Notary column needs to be complete) STATE OF Cl)I (waC) O The foregoing instrument was acknowledged before me This 3 3 day of tw-, By: David Lamb Witness my hand and official seal. my commission expires: C1q 12-! 402( Nick_ N tl' Notary Public Note Signature j a1 i STEVENS &ASSOCIATES SPECIALISTS IN PROPERTY. SALES & USE TAX REDUCTIONS Exhibit A Owner Name Address Assessor Parcel ID Account R327117117040 RX PLUS PROPERTIES LLC 403 S Hwy 24 Chaffee 327117117040 EELL LLC 3780 E 15th St #102 Larimer 85084-11-102 R1617453 EELL LLC 4775 Larimer Pkwy 1 Larimer 85141-z2-001 R1652858 MCKEE OFFICE SUITES 2033 N Boise Ave Larimer 85073-56-003 R1197037 SPRING CREEK BUILDING D LLC 2001 S Shields St D2 Larimer 97221-67-002 R1629740 LONGS PEAK EQUIPMENT PROPERTIES LLC 4322 HWY 66 Weld 120726200023 R5237408 Lamb David P/Nancy W 500 Waterdance Dr (Residence) Summit 6500876 Lamb David P/Nancy W 1130 N County Road 21 (Ag land) Larimer 9416206702 R1611616 Lamb David P/Nancy W 1101 N County Road 19 (Ag land & residence) Larimer 9416000001 R0490687 Wyoming commercial parcels: Nebraska commercial parcels: Z32 S. ma , q-5\ 2cD'-t (no. l 21 CeAcz r 1.19 s Chpsf n c S�} . \O'o Marl )r0v5Ne, VA 1(D NI0%GtrC1 G7 C.45 5ec\ dvgiCK. 11b0,i( Lar, ()At lkA E thy Rd food, We CCO Soma 11 i II i i 7017 0660 0000 5639 566? CPU III O. S1y'W' -Po'�X ass U.S. POSTAGE $8.00 FCMF 0023 Orig: 80112 z 07/14/20 2000052008 ¢ o STEVENS &ASSOCIATES SPECIALISTS IN: PROPERTY, SALES 6 USE TAX REDUCTIONS July 15, 2020 Weld County Board of Equalization Office 1150O St Greeley, CO 80631 RE: SB 11-119 - 2020 Real Property Tax Appeal Dear County Board: Enclosed you will find: • 2017-2018 Income & Expense Reports RECEIVED JUL 2 o 2020 WELD COUNTY COMMISSIONERS Owner: Address: LONGS PEAK EQUIPMENT PROPERTIES LLC Parcel: Account: 4322 HIGHWAY 66 120726200023 R5237408 This information is being submitted, satisfying the requirements of SENATE BILL 11-119. Feel free to contact me with any questions or concerns. Sincerely, Joyce Lee Accounting Manager Direct (720) 500-1084 Main (303) 347-1878 Fax (303) 347-9242 Email JoyceL@stevensandassoc.com Stevens & Associates Cost Reduction Specialists, Inc. 10303 E Dry Creek Rd, Suite 240 Englewood, CO 80112 T: (303) 347-18781F: (303) 347-9242 aoa3-a'c%S "\SOI0Cc 4- 317 PM 01/27/18 Cash Basis Longs Peak Equipment Properties, LLC Profit & Loss January through December 2017 Ordinary Income/Expense Income Oil and Gas Royalties Other Income Rent Income Total Income Expense Insurance Property Taxes Utilities Professional Fees Repairs and Maintenance Miscellaneous Legal & Accounting Interest Expense Bank Service Charge Total Expense Net Ordinary Income J Net Income Jan - Dec 17 5,336 87 14,743 49 249,684 44 269,764 80 504 68 63,212 04 6,636 71 666 40 11,698 00 5,912 90 16,203 33 36,000 00 24 00 140,858 06 128,906 74 128,906 74 ciq,,o6"vi bepX-CiA J 0 Ai Page 1 .1238PM 02/04/20 Accrual Basis Longs Peak Equipment Properties, LLC Balance Sheet As of December 31, 2018 ASSETS Current Assets Checking/Savings Checking -Chase Total Checking/Savings Total Current Assets Fixed Assets Accumulated Amortization -Loan Accumulated Depreciation -Bldg Building Deferred Casualty - Building Loan Costs Dec 31, 18 199,968 01 199,968 01 199,968 01 -3,617 01 -540,01854 1,574,466 59 -117,308 05 3,617 01 Total Fixed Assets 917 140 00 TOTAL ASSETS 1,117,108 01 LIABILITIES & EQUITY Equity Capital-Einhellig Capital-Einhellig Contributed Capital - Einhellig Distributions-Einhellig 4,706 07 60,976 88 -4,961 83 Total Capital-Einhellig 60,721 12 Capital -Knutson Capital -Knutson 34,121 03 Contributed Capital - Knutson 347,568 21 Distnbutions-Knutson -28,284 43 Total Capital -Knutson Capital -Lamb Capital -Lamb Contributed Capital - Lamb Distributions -Lamb Total Capital -Lamb Capital -Snider Capital -Snider Contributed Capital - Snider Distributions -Snider Total Capital -Snider Net Income Total Equity TOTAL LIABILITIES & EQUITY 39,627 37 487,815 03 -39,696 73 4,706 31 60,976 88 -4,961 83 353,404 81 487,745 67 60,721 36 154,515 05 1,117,108 01 1,117,108 01 Page 1 '1 1239 PM 02/04/20 Accrual Basis Longs Peak Equipment Properties, LLC Profit & Loss January through December 2018 Ordinary Income/Expense Income Other Income Rent Income Royalty Income -Oil & Gas Severance Tax Refund Jan - Dec 18 0 00 285,772 19 16,756 77 77 00 Total income 302,605 96 Expense Amortization Expense 301 43 Depreciation Expense 29,253 33 Insurance Expense 4,585 00 Interest Expense 30,321 23 Legal & Accounting 1,145 00 Management Fees 7,500 00 Production Taxes 3,273 10 Property Taxes i 56,063 76 Utilities UtdttiesOffset-90 33% Utilities - Other Total Utilities Total Expense Net Ordinary Income Net Income r -32,527 87 48 175 93 15,648 06 148,090 91 154,515 05 154,515 05 Page 1 i Stevens o Associates, Inc. 10303 E Dry Creek Rd Suite 24O Englewood, CO Bola i i i i i 7019 2280 0001 9181 1312 CPU Ian U.S. POSTAGE $8.00 Fc 0023 07 / ig: 8O1 12 g 5/20 to 2000052008 a wad 9-yvtiof "46.10.60 Mt 0 ihneel qreetteri ti° go3/ !:!;I1Ig/1J1JI1iJ;JgJJ;111lJJt;:1ijc;jji;i/iirijI,!;!;Jt ► July 17, 2020 Petitioner: LONGS PEAK EQUIPMENT PROPERTIES LLC 3780 E 15TH ST STE 102 LOVELAND, CO 80538-8768 CLERK TO THE BOARD PHONE (970) 400-4226 FAX (970) 336-7233 WEBS ITE: www.weldgov.com 1150 O STREET P.O. BOX 758 GREELEY CO 80632 Agent (if applicable): STEVENS & ASSOCIATES INC 10303 E DRY CREEK RD STE 240 ENGLEWOOD, CO 80112-1662 RE: THE BOARD OF EQUALIZATION 2020, WELD COUNTY, COLORADO NOTIFICATION OF HEARING SCHEDULED Docket 2020-2195, AS0106 Appeal 2008226271 Hearing 7/30/2020 1:30 PM Account(s) Appealed: R5237408 Dear Petitioner(s): The Weld County Board of Equalization has set a date of July 30, 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 17, 2020 Agent: Petitioner: STEVENS & ASSOCIATES INC 10303 E DRY CREEK RD STE 240 ENGLEWOOD, CO 80112-1662 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 LONGS PEAK EQUIPMENT PROPERTIES LLC 3780 E 15TH ST STE 102 LOVELAND, CO 80538-8768 RE: THE BOARD OF EQUALIZATION 2020, WELD COUNTY, COLORADO NOTIFICATION OF HEARING SCHEDULED Docket 2020-2195, AS0106 Appeal 2008226271 Hearing 7/30/2020 1:30 PM Account(s) Appealed: R5237408 Dear Petitioner(s): The Weld County Board of Equalization has set a date of July 30, 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 July 30, 2020 Petitioner: LONGS PEAK EQUIPMENT PROPERTIES LLC 3780 E 15TH ST STE 102 LOVELAND, CO 80538-8768 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): STEVENS & ASSOCIATES INC 10303 E DRY CREEK RD STE 240 ENGLEWOOD, CO 80112-1662 RE: THE BOARD OF EQUALIZATION 2020, WELD COUNTY, COLORADO NOTICE OF DECISION Docket 2020-2195 Appeal 2008226271 Hearing 7/30/2020 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 R5237408 Adjust - Denied in Part $2,837,637 $2,475,000 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 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 July 30, 2020 Agent: STEVENS & ASSOCIATES INC 10303 E DRY CREEK RD STE 240 ENGLEWOOD, CO 80112-1662 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 LONGS PEAK EQUIPMENT PROPERTIES LLC 3780 E 15TH ST STE 102 LOVELAND, CO 80538-8768 RE: THE BOARD OF EQUALIZATION 2020, WELD COUNTY, COLORADO NOTICE OF DECISION Docket 2020-2195 Appeal 2008226271 Hearing 7/30/2020 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 R5237408 Adjust - Denied in Part $2,837,637 $2,475,000 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 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 July 30, 2020 Petitioner: LONGS PEAK EQUIPMENT PROPERTIES LLC 3780 E 15TH ST STE 102 LOVELAND, CO 80538-8768 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): STEVENS & ASSOCIATES INC 10303 E DRY CREEK RD STE 240 ENGLEWOOD, CO 80112-1662 RE: THE BOARD OF EQUALIZATION 2020, WELD COUNTY, COLORADO NOTICE OF DECISION Docket 2020-2195 Appeal 2008226271 Hearing 7/30/2020 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 R5237408 Adjust - Denied in Part $2,837,637 $2,475,000 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 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 July 30, 2020 Agent: STEVENS & ASSOCIATES INC 10303 E DRY CREEK RD STE 240 ENGLEWOOD, CO 80112-1662 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 LONGS PEAK EQUIPMENT PROPERTIES LLC 3780 E 15TH ST STE 102 LOVELAND, CO 80538-8768 RE: THE BOARD OF EQUALIZATION 2020, WELD COUNTY, COLORADO NOTICE OF DECISION Docket 2020-2195 Appeal 2008226271 Hearing 7/30/2020 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 R5237408 Adjust - Denied in Part $2,837,637 $2,475,000 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 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