HomeMy WebLinkAbout20202004RESOLUTION
RE: APPROVE PETITION FOR ABATEMENT OR REFUND OF TAXES FOR ACCOUNT
NUMBER R3914405 - NAPOCTR, LLC
WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to
Colorado statute and the Weld County Home Rule Charter, is vested with the authority of
administering the affairs of Weld County, Colorado, and
WHEREAS, the Board of County Commissioners of Weld County, State of Colorado, at a
duly and lawfully called regular meeting held on the 8th day of July, 2020, at which meeting there
were present the following members: Chair Mike Freeman, and Commissioners Steve Moreno
and Barbara Kirkmeyer, with Commissioners Scott K. James and Kevin D. Ross not being
present, and
WHEREAS, notice of such meeting and an opportunity to be present has been given to
the taxpayer and the Assessor of said County, with said Assessor, Brenda Dones, being present,
and taxpayer, Napoctr, LLC, being represented by DYCO Diversified, Inc., not being present, and
WHEREAS, the Board of County Commissioners has carefully considered the attached
petition, and is fully advised in relation thereto.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of
Weld County, Colorado, that the Board concurs with the recommendation of the Assessor and
the petition be, and hereby is, approved, and an abatement or refund be allowed as follows:
CORRECTION
TO ASSESSED
VALUATION
ABATEMENT
OR REFUND
TAX
YEAR
$194,300.00
$19,645.93
2019
cc: Gt5RCO/Jtll/ OK(LL),
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2020-2004
AS0105
TAX ABATEMENT PETITION — NAPOCTR, LLC
PAGE 2
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 8th day of July, A.D., 2020.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
ATTEST: didelL x :4
Weld County Clerk to the Board
Date of signature: 01101V90
TclAik
Mike Freeman, Chair
Steve Moreno, Pro -Tern
ara Kirkmeye
Kevin D. Ross
2020-2004
AS0105
- .( to - ( ), ( ) -�
GG
PETITION FOR ABATEMENT OR REFUND OF TAXES
County. Weld Date Received
Section I: Petitioner, please complete Section I only.
Date 03/20/2020
Month Day Y=-:;-
Petitioner s Name Napoctr Lic
Petitioner's Mailing Address 1625 Pelican Lakes Point
(Use Assessors or Commists
MAR 2 0 2020
WELD COUNTY ASSESSOR
G4; LLLY, COLORAJO
t
roft#
Windsor co RECEIVED
City or Town
Sate
Zip Code
SCHEDULE OR PARCEL NUMBER(S1 PROPERTY ADDRESS OR LEGAL DESCRIPTION OF PROPERTY
R3914405 1353 Water Valley Parkway Windsor. CO
JUN26 2020
WELD COUNTY
COMMISSIONERS
Petitioner requests an abatement or refund of the appropriate taxes and states that the assessed against the,
above property for the property tax year 2019 are incorrect for the followin• asons: (Briefly describe
the taxes have been levied erroneously or illegally whether due to erroneous v- •ation, irregularity in levying.
clerical error or overvaluation. Attach additional sheets if necessary.) ,
See attached broker opinion of value (BOV)
Petitioner's estimate of value:
5670.000 2019
Value Year
I declare, under penalty of perjury in the second degree, that this petition, togeth . .th any accom ng
or statements. has been prepared -or examined by me, and to the best of my knowledge, :rma f. is
true, correct, and, cornplejo=
r
•
4es Signature
Daytime Phone Number I Letter ?f agency with BOV
By Daytime Phone Number ( 3038196805
Agent's Signature'
'Letter of agency must be attached when petition is submitted by an agent.
It the Board of County Commissoners pursuant to § 39-10-1 l4(1 ) C.R S.. or the Properly Tax Administrator pursuant to § 39-2-118. G.R.S..
denies the petition for refund or abatement of taxes in whole or in part the Petitioner may appeal to the Board of Assessment Appeals pursuant
to the provisions of § 39-2-125 C R S.. within thirty days of the entry of any such decision. § 39-10-114.5(1) C R S.
Section II:
Original
Corrected
Abate/Refund
Actual
$1,200,000
$670,000
Tax Year
Assessor's Recommendation
(For Assessor's Use Only)
2019
Assessed Tax
$348,000 $44,481.36
$194,300 $24,835.43
rn
$530,000
C')
27.1
a
O
If the request for abatement is based :ipon the grounds of overvaluation no abatement or refund of taxes snail be made if an objection Opoirotest
to such valuation has been filed and a Notice of Determination has been mailed to the taxpayer. § 39.10-114(1)(a)(I)(D). C R S. �7
O
Tax year; 2019 Protest? ® No ❑ Yes (If a protest was filed, please attach a copy of the NOD.)
$153,700 $19,645.93
Assessor recommends approval as outlined above.
Assessor recommends denial for the following reason(s):
•
IS -DPI -AR No 9211.88/11
FOR ASSESSORS AND COUNTY COMMISSIONERS USE ONLY
(Section III pj Section IV must be completed)
Every petition for abatement or refund filed pursuant to § 39-10-114 C.R.S. snail be acted upon pursuant to the provisions of this section by the
Board of County Commissioners or the Assessor as apprepiate within six months of the date of filing such petition. § 39-1-113(1 7) C R.S.
Section III:
Written Mutual Agreement of Assessor and Petitioner
(Only for abatements up to $10,000)
The Commissioners of County authorize the Assessor by Resolution No
to review petitions for abatement or refund and to settle by written mutual agreement any such petition for
abatement or refund in an amount of S10 000 or less per tract parcel. or lot of land or per schedule of personal
property. in accordance with § 39-1-113(1.5), C.R.S.
The Assessor and Petitioner mutually agree to the values and tax abatement/refund of:
Tax Year
Actud(
Original
Corrected
Abste&Refund
Assessed Tax
Note The total tax amount noes not include accrued interest penalties and tees associated with late and:or delinquent tax payments if
applicable Please contact the County Treasurer for full payment information
Petitioner's Signature Date
Assessor's or Deputy Assessor's Signature Date
Section IV: Decision of the County Commissioners'
(Must be completed If Section Ill does not apply)
WHEREAS. the County Commissioners of Cohn . State of Colorado. at a duly and lawfully
called regular meeting held on I ! . at which meet) there were present the following members.
Month Day Year
with notice of such meeting and an opportunity to be pre : nt having been given to the Petitioner and the Assessor
of said County and Assessor / (being present —not present) and
ame
Petitioner (being present-notpresent). and WHEREAS, the said
Name
County Commissioners have carefully cons sered the within petition. and are fully advised in relation thereto
NOW BE IT RESOLVED that the Board (agrees --does not agree) with the recommendation of the Assessor.
and that the petition be (approved--a$roved in part --denied) with an abatementirefund as follows
Year Assessed Value /Taxes Abate'Refurd
Chairperson of the Board of County Commissioners' Signature
1, County Clerk and Ex -Officio Clerk of the Board of County Commissioners
in and for the afor entioned county. do hereby certify that the above and foregoing order is truly copied from the
record of the pr eedings of the Board of County Commissioners.
IN WITNE WHEREOF, I have hereunto set my hand and affixed the seal of said County
this day of
Month Year
County Clerk's or Deputy County Clerk's Signature
Note Abatements greater than S10.000 per schedue. per year. must be submitted in duplicate to the Properly Tax Administrator for review.
Section V: Action of the Property Tax Administrator
(For all abatements greater than $10,000)
The aplion of the Board of County Comml sioners, r- ative • this petition, is hereby
pproved ❑ Approved in part $
IS -DPI -AR No. 920-66/11
De ni e e j the folio n • reason(s).
—?eis r
Abatement of
2019 Real Estate Taxes and Appeal of 2020 Ad Valorem Value
For
Hoser Carwash at
1353 Water Valley Parkway
Windsor, CO
Assessor ID: R3914405
Owner: Napoctr Llc
Prepared for
Weld County Board of Board of County Commissioners and Assessor
Prepared by
DYCO Diversified Inc.
795 McIntyre Street, Suite 205
Golden, CO 80401
Diversified, Inc
795 McIntyre Street, Suite 205
Golden, CO 80401
303-810-6805
Weld County Board of County Commissioners
c/o County Assessor
1400 N. 17th Avenue
Greeley, CO 80631
March 19, 2020
RE: Abatement of 2019 Real Estate Taxes and Appeal of 2020 Ad Valorem Valuation for
Hoser Carwash at
1353 Water Valley Parkway
Windsor, CO
R3914405
Owned by Napoctr LIc
Dear Board Members:
This report is a Broker Opinion of Value as defined by the Colorado Division of Real Estate. I am not acting as an
appraiser. I do not and have not undertaken any appraisal assignments since 2007. I am acting as a tax
consultant relying upon skills and knowledge developed during a long and varied real estate career including, but
not limited to real estate sales and leasing brokerage, and real estate redevelopment and repositioning. Much of
the formal education relied upon for this assignment will include, but not be limited to, that required to become a
CCIM and real estate broker. This report contains my broker's price opinion and is not intended to comply with
any USPAP requirements.
The term "Value" is used throughout this report to mean Actual Value for Ad Valorem tax purposes. It is used to
be synonymous with price.
The subject property is a self -serve carwash in the Water Valley Village neighborhood shopping center in
Windsor, CO.
As this report will show, I believe the market value on the statutory valuation date of June 30, 2018, for the 2019
and 2020 ad valorem valuation was $670,000.
Indication of Value "As Is"
Six Hundred Seventy Thousand Dollars
$670,000
1353 WATER VALLEY PARKWAY, WINDSOR, CO
2019 TAX ABATEMENT AND 2020 TAX APPEAL
PAGE 3 OF 14
Property Overview
Physical Description
As descnbed earlier and shown in the following picture, the property is in the Water Valley Village retail center at
the southeast corner of Eastman Park Dnve and US Highway 257, aka CR 19 The subject site is in the rear or
at the south end of the center It fronts Highway 257, but the center and the subject property have no direct
access to/from US 257 Traffic counts in 2018 for Eastman Drive were 9,011 and for US 257 south of Eastman
were similar There is no suburban density type residential development east of US 287 and to the southwest
much of the land is a golf course and related lakes Population within a one mile radius was only 4,915 people
or 1,814 households Multiplying households by two automobiles per household results in potentially only 3,628
vehicles for washes Assuming only one vehicle is washed very week the math for revenue is not good
A..
Woy Wash and Windsor Valley wash
are competitors on the primary
commuting thoroughfare to major
employment and neighborhood
shopping centers
r
Jjs
r-71"--:'`
�qc ����arF'�❑ s.'r�.it��'�; �.a�
Few wash
consumers
1353 WATER VALLEY PARKWAY, WINDSOR, CO
2019 TAX ABATEMENT AND 2020 TAX APPEAL
PAGE 4 OF 14
The subject piroperty (below) is a 5,011 -square foot (per assessor records), six bay, self-service car wash built in
2006 and categorized as good quality and condition
Transaction History
Below is a chart of the ownership transfers during the past decade The property was originally developed by
Water Bucket LLC on leased land owned by Trollco, an entity of the Water Valley development group The sale
in 2008 is reportedly the leasehold improvement owners buying the land's fee simple interest Thereafter the
property reportedly sold as a total fee simple interest
The 2012 transfer from Water Bucket LLC to MC Investments is some sort of a deed -in -lieu of foreclosure to MC
Investments
The reported first arm's length sale of the complete asset's fee simple interest occurs in 2013 when MC
Investments sold to Water Works Investments at $400,000 Water Works Investments is not a car -wash
operating entity and saw an opportunity for a quick profit Terms of the sale are unknown but based on the
amount of leverage given for the first lien I would suspect there is "more to this story", particularly since the deed
was a Grant deed and not Special or General Warranty deed
The second arm's length sale to Rowleys in 2013 was at $500,000 It too shows 100% financing and so must
have some unusual deal terms What is relevant to know is that Kevin Rowley's six years of operating history did
not result in sufficient profit to continue operatings Even offenng detail services plus carwashes he could not
make the property provide a reasonable return to him Consequently, Mr Rowley transferred it back to the prior
owner who took title as NAPOCTR This must have effectively been a deed -in -lieu of foreclosure
Of all the transfers, the two arm's length transactions potentially have atypical deals terms impacting their
reliability None are indication of market value for the entire property, land and improvements
- t.. -. * -'=•err_ ��.- %.'.' •—
' Date -'• `,Buyer's- , ,
, ,.✓..4-4.-..k Y. r,:4.; -L .a•.,:,..4• .. .-.
—..—::. ,_ .,.•Y.--`
"' •Seller'
•,;••-• ,•, K;rs' ;;._:..
v't--r--•
•'price,
-- --
„Deed
1
02/11/08
Water Bucket LLC
Trollco Inc
$250,000
Warranty
2
5/22/12
MC Invstmnts
Water Bucket LLC
$0
PTD
3
01/02/13
Water Wks'
MC Invstmnt
$400,000
Grant
4
9/27/13
Rowleys Auto
Detailing
Water Wks*
$500,000
SWD
5
5/09/19
NAPOCTR*
Rowleys
$442,000
Grant
1353 WATER VALLEY PARKWAY, WINDSOR, CO
2019 TAX ABATEMENT AND 2020 TAX APPEAL
PAGE 5 OF 14
Economic History
The number of ownership changes show the property has never been financially feasible. The most recent
owner -operator, Kevin Rowley, changed some equipment including the point of sale devices to allow credit card
purchases. He was able to improve sales but not enough to make a reasonable return. The following table
shows the revenue remained poor. The fact that three owner operators have been unable to make the property
work shows it is not operator specific but poorly sited real estate.
Hoser s
Category
Carwash - Profit and
2018
Loss Summary
2017
2016
Gross Profit/Sales
$195,459
$135,500
$94,450
Expense * (Exl depreciation and
"rent expense")
$119,020
$113,129
$93,385
Net Ordinary Income (EBITDAR)
$76,439
$22,371
$1,065
* Expense detail may be found in attached P&L statements
Valuation
Sales Comparison Approach
This valuation method is the least useful of the two provided because physical and economic differences
between properties cannot realistically be adjusted. EBITDAR amounts ultimately shows the impacts of
competition, household density and incomes, daytime employment, access, visibility, and traffic count but to
compare EBITDAR makes this approach dependent on the Income Approach. This value method does show a
market for self-service car wash property and at what price points. It supports the Income Approach conclusion.
The Unit Method of Comparison, specifically price per wash bay is best suited for carwash valuation. This is the
income generating unit of measure is therefore also the best method of comparison.
The following table is a summary of eight self -serve carwash property sales. They show a wide array of prices
per bay that are neither tied to age nor number of automatic bays. This goes to my earlier comment that
comparison is particularly difficult and knowing which physical elements matter most is impossible. If it were the
summary of sales would not include three OREO sales of mid -2000s constructed facilities in an expanding
economy. Apparently even carwash owner -operators cannot easily determine the critical location characteristics
for maximum feasibility.
The sales show investors will pay between $50,000 and $525,000 per bay, making total investments as little as
$240,000 to as much as $2,626,000. Interestingly enough, the three OREO sales were design and age similar
properties to the subject and show ad valorem actual values from $675,000 ($112k per bay) to $870,000 ($145k
per bay) supporting the following subject value estimate of $670,000 ($112k per bay) from the following Income
Approach. The subject property seems to be in this category of mid -2000, five to six bay, northern Colorado,
self -serve carwashes that did not work. Consequently their worth is far less than their original cost and
subsequent sales based on their economic value (EBITDAR multiplier). Their resulting prices are from $675,000
to $870,000.
1353 WATER VALLEY PARKWAY, WINDSOR, CO
2019 TAX ABATEMENT AND 2020 TAX APPEAL
PAGE 6 Of 14
Address
140 Bunyan Ave,
Berthoud, CO
Descrip.
2,498 SF
4 wand bays; 1
automatic bay
Sale
Date
5/2017
Sale
Price
$238,500
Price
Per Bay
$47,700
Comments
Listed for 1.2 yrs
at $399,900
YOC 1985
505 S Taft Hill Rd,
Ft. Collins, CO
1,936 SF
4 wand bays
2/2017
$390,000
$97,500
YOC 1960
1003 E. Eisenhower
Blvd, Loveland, CO
3,200 SF
3 wand bays; 2
automatic bays
11/2018
$850,000
$170,000
Listed at $1.1M.
YOC 2008
Sold for $905K
12/2014
4221 JFK Pkwy,
Ft. Collins, CO
3,584 SF
4 wand bays; 2
automatic bays
11/2017
$1,400,000
$234,000
OREO sale
YOC 2002
Assessor Actual
Value $750,000
($125k/bay)
3614 Manhattan Ave,
Ft. Collins, CO
4,148 SF
4 wand bays; 2
automatic bays
11/2017
$600,000
$100,000
OREO sale
YOC 2005
Assessor Actual
Value $870,000
($145k/bay)
2102 Midpoint Or,
Ft. Collins, CO
3,887 SF
4 wand bays; 2
automatic bays
8/2016
$675,000
$112,500
OREO sale
YOC 2004
Assessor Actual
Value $675,000
($112k/bay)
6620 W 10th St,
Greeley, CO
3,876 SF
4 wand bays; 2
automatic bays
01/2017
$1,275,000
$212,500
$191,850
EBITDAR
Compared to
subject property
EBITDAR it is
2.4X more
valuable
18690 E Iliff Ave,
Aurora, CO
3,324 SF
3 wand bays; 2
automatic bays
11/2018
$2,626,000
$525,200
$320,897
EBITDAR
Compared to
subject property
EBITDAR it is 4X
more valuable
Income Approach
Capitalization of potential income is a reflection of the how owner -operators value carwash property.
With a history of struggling to be feasible, gross sales projections using location demographics and/or drive -by
traffic capture rate analyses seems to have failed for all prior owner operators. They obviously had projections of
much better numbers than were achieved. Frequently operators are not particularly savvy and rely on
projections from equipment and supplies sellers, or simply cannot identify the key location criteria.
1353 WATER VALLEY PARKWAY, WINDSOR, CO
2019 TAX ABATEMENT AND 2020 TAX APPEAL
PAGE 7 OF 14
Were the property to be sold on the statutory valuation date, a prospective purchaser would consider the historic
operating information summarized in the Economic History section and attached to the end of this report. Using
that information I provide the following projection.
Category
Projection
Rationale
Gross Profit/Sales
$200,000
Use highest amount generated and round up
Expense
(Excl depreciation)
$120,000
Use highest amount and round up. Operating costs have risen each year, but
stabilizing for the past two years.
Net Ordinary Income
(EBITDAR)
$80,000
Consistent with the 2018 actual NOI of $76,439
Capitalization rate data that follows shows an 11% rate is reasonable for the subject property. I note that the
data below is a combination of information from a 2014 carwash appraisal, several more recent sales, and
EBITDAR multiples from a recent carwash appraisal.
Below is a sale from a 2014 appraisal of the carwash at 2941 Garfield Avenue, Loveland, CO. It is dated, but
carwash capitalization rates have not changed dramatically since then. Although self -serve wand and automatic
bays wash rates should have declined as the economic expansion matured, they are becoming less desirable as
express washes replace them for convenience and price. Consequently, wand wash capitalization rates are not
declining. The buyer pool is shrinking.
Address
1050 S. Cherry St.,
Glendale, CO
Sale
Date
12/2013
Size Capitalization Comments
Rate
2,600 SF
6 wand bays
13.6%
Built 1978 in
densely
populated
apartment neigh.
List price
$699,000
Self -serve car -wash sales with capitalization rates and within or near the base period are below.
Address
6620 W 10th St,
Greeley, CO
Sale
Date
01/2017
Size
3,876 SF
4 wand bays; 2
automatic bays
Capitalization
Rate
15.3%
Comments
Built 2007 in neigh
shop ctr. List price
reduction $2.2M to
$1.5M-12.79% cap
on $191,850
EBITDAR
389 E.
Wolfensberger Rd,
Castle Rock, CO
5/2018
3,360 SF
8 wand bays
10.6%
Built 1984 adj. to
neigh commercial
$116,160
EBITDAR
18690 E Iliff Ave,
Aurora, CO
11/2018
3,324 SF
3 wand bays; 2
automatic bays
12.22%
Built 2006 in neigh
ctr., adj to apts
$320,897
EBITDAR
Listed May 2018;
In contract 8/2018
1353 WATER VALLEY PARKWAY, WINDSOR, CO
2019 TAX ABATEMENT AND 2020 TAX APPEAL
PAGE 8 OF 14
A recent carwash appraisal by Hopkins Appraisal Services, a national carwash and C-store/gas station appraisal
company shows the following chart of EBITDAR Multiples. Inverting an EBITDAR multiplier converts it to a
capitalization rate. The EBITDAR range of 6.85 to 15.74 is equivalent to capitalization rates of 6.4 to 14.6%.
The median multiplier is 9.94 or equivalent to a 10.1 capitalization rate. The subject property is inferior to an
average property and so a capitalization rate greater than 10.1% would be expected.
Comp Comp
No. ID #
Improved Comparables - EBITDAR Multiples
Year Year Sale
Built Reno. Date EBITDAR Sale Price
EBITDAR
Mutt.
Sub. 103199
2020
N/A
N/A
$769,600 N/A
N/A
1 12411.1
2010
N/A
Dec -19
$300,047 $2,600,000
8.67
2
4563.2
2010
N/A
Dec -16
$377,563
$3,950,000
10,46
3
11773.1
2013
N/A
Oct -19
$576,393
$5,300,000
9.20
4
5322.1
2007
Sep -18
$293,150
$2,600,000
8.87
5
7270.1
2006
N/A
Nov -18
$205,853
$2,100,000
10.20
6
4566.2
2007
N/A
Jan -18
$462,694
$4,600,000
9.94
7
10860.1
2016
Unknown
Jul -19
$649,467
$5,800,000
8.93
8
10230.1
2013
N/A
Jul -19
$421,698
$4,400,000
10.43
9
4489.2
2008
N/A
Nov -18
$518,099
$3,550,000
6.85
10
11831.1
2018
N/A
Oct -19
$325,987
$3,500,000
10.74
11
12393.1
2003
2019
Dec -19
$264,380
$3,000,000
11.35
12
7021.1
2013
Unknown
Dec -18
$764,422
$6,750,000
8.83
13
4596.2
2005
Unknown
Aug -16
$443,669
$4,350,000
9.80
14
4558.2
1985
2009
Oct -17
$398,817
$4,000,000
10.03
15
12413.1
2017
N/A
Dec -19
$203,258
$3,200,000
15.74
Historic and base period carwash sales previously shown, as well as the investor comments combined with the
subject property's evidence of operating challenges indicates a capitalization rate of 12% is reasonable.
Using a 12% capitalization rate the property value is $666,667 ($80,000 EBITDAR or NOI + 12% cap); rounded
to $670,000.
Highest and best use is not yet to demolish the property, but the improvements clearly have significant external
and likely functional obsolescence. The improvements are not well located and on the date of value many
consumers were switching to express washes.
1353 WATER VALLEY PARKWAY, WINDSOR, CO
2019 TAX ABATEMENT AND 2020 TAX APPEAL
PAGE 9 OF 14
In my opinion, the value of the subject property, as indicated by the Sales and Income, as of June 30, 2018, was
$670,000.
Indication of Value 'As Is"
Six Hundred Seventy Thousand Dollars
$670,000
Sincerely,
DYCO Diversified Inc.
A. Mark Dyson, CCIM
Licensed real estate broker
1353 WATER VALLEY PARKWAY, WINDSOR, CO
2019 TAX ABATEMENT AND 2020 TAX APPEAL
PAGE 10 OF 14
LETTER OF AGENCY
Date 08/22/19
Name of Party with Standing: Napoctr Lic
Address of Property Owner: 1625 Pelican Lakes Point, Windsor, CO
Telephone Number of Owner: 970.686.5828
Email Address of Owner: CLind@watervallev.com
Name of agent authorized to pursue
property tax valuations for Owner:_ Mark Dyson
Address of Agent: 795 McIntyre Street, Suite 205, Golden, CO 80401
Telephone Number of Agent 303-810-6805
Email Address of Agent: mark.dvsone,comcast.net
Party with Standing hereby gives authority to person or entity listed above to pursue property tax
abatements. If Party with Standing is an entity, the person whose signature appears below hereby verif
that he/she has the authority to act on behalf of the entity.
This agency is for the specific tax year(s): 2019 & 2020
This agency is for the specific property: Property at
1353 Water Valley Parkway, Windsor, CO
Signature of Party. wrrilF�tanding
1353 WATER VALLEY PARKWAY, WINDSOR, CO
2019 TAX ABATEMENT AND 2020 TAX APPEAL
PAGE 11 OF 14
A. Mark Dyson, CCIM, MAI, AI-GRS, AI-RRS
Experience
2007 -Present DYCO Diversified, Inc., Denver, CO; President, responsible
for real estate appraisal review and commercial real estate tax
abatement and appeal services.
1991-2007
DYCO Real Estate, Inc., Denver, CO; President, Until
company sale in 2007, responsible for overseeing all appraisal
and feasibility assignments, and real estate investment
consultation.
1990-1991 Equitable Real Estate Investment Management, Denver,
CO; Assistant Director responsible for equity and mortgage
portfolio valuation.
1987-1990 Van Court and Company, Denver, CO; Associate appraiser
involved in the appraisal and/or consulting of existing or
proposed properties.
Memberships, Designations and Awards
Member, Appraisal Institute-MAI since 1992; Al-GRS (general appraisal review) since 2014
Member, Colorado Chapter 22, Appraisal Institute (since 1990)
Member, Commercial Investment Real Estate Institute (CCIM since 1998)
Certified General Appraiser, State of Arizona 32019
Certified General Appraiser, State of Colorado 1313324
Independent Broker, State of Colorado 1328371
Real Estate Courses Completed
All necessary for obtaining CCIM, MAI and broker and appraiser licenses
Expert Witness Work
Testified or deposed in over 40 cases (trial and deposition log available upon request)
Education
Masters of Finance, University of Colorado, 1990
Bachelors of Business Administration, University of Oklahoma, 1984
1353 WATER VALLEY PARKWAY, WINDSOR, CO
2019 TAX ABATEMENT AND 2020 TAX APPEAL
PAGE 12 OF 14
10:49 AM
07128,19
Accrual Basis
Hoser's CarWash
Profit & Loss
January through December 2018
Page 1
1353 WATER VALLEY PARKWAY, WINDSOR, CO
2019 TAX ABATEMENT AND 2020 TAX APPEAL
PAGE 13 OF 14
9:24 AM
011/23/19
Accrual Basle
Hosmr's CarWash
Profit & Loss
January through December 2017
P.9.1
1353 WATER VALLEY PARKWAY, WINDSOR, CO
2019 TAX ABATEMENT AND 2020 TAX APPEAL
PAGE 14 OF 14
9:24 AM
05123Ma
Accrual Basis
Hoses CarWash
Profit 8 Loss
January through Dscambar 2016
6/17/2020
Attn: Brenda Dones
RE: 2019 Abatement received 3/20/2020
R3914405
Napoctr LLC
1353 Water Valley Pkwy
Windsor, CO
2019 Assessors Value $1,200,000.00 or $200,000 per bay
SUBJECT:
The subject property is located near the intersection of Highway 257 and Eastman Parkway with visibility
from 257 in Windsor. The property contains 32,843 square feet or .754 acres of land. The subject is
improved with a 5,011 square foot car wash. The improvements were built in 2006, 4 self-service and 1
automatic car bay, 1 detail bay, a waiting room and heated equipment room. There is approximately
16,000 square feet of asphalt drive and parking.
This property was valued as a 6 bay car wash, but after discussions with the tax agent, it has come to our
attention that the subject has one non-functioning automatic bay and the building needs a commercial
water tap to replace the existing residential tap currently in place. The Assessor's office was told the
cost to cure the water tap would be $135,000.
Cost Approach: The subject's land has 32,854 sq. ft. and is valued at $3.75 per sq. ft. for a total of
$123,308. Marshall & Swifts estimate of reconstruction costs as follows:
RCN $654,748
Depr 26% -$170,235
RCNLD $484,513
LAND $123,308
TOTAL $607,821 or $101,303 per bay (built as 6 bays)
Market Approach:
Comp 1— 2101 Midpoint Dr., Fort Collins, 4,125 sq. ft., 6 bay car wash that sold 8/22/2016 for $659,800
or $109,967 per bay. Less cost to cure of $135,000 creates an adjusted sale price of $524,800 or
$87,467 per bay.
Comp 2 -1005 39th Ave., Greeley, 4,125 sq. ft., 8 bay car wash that sold 9/25/2017 for $1,640,000 or
$205,000 per bay. Less cost to cure of $135,000 creates an adjusted sale price of $1,505,000 or
$188,125 per bay.
Comp 3 —1003 E Eisenhower Blvd, Loveland. 3,136 sq. ft., 5 bay car wash that sold 2/11/2018 for
$850,000 or $170,000 per bay. Less cost to cure of $135,000 creates an adjusted sale price of $715,000
or $143,000 per bay.
By adjusting the sales price with the cost to cure, the median price per bay is $143,000, the mean is
$139,530.
Income Approach:
The Assessor's office was supplied with 3 years of actual income. The average of the three years
revenue was $141,803.00 and the average of 3 years of expenses was 45%, along with 3% percent for
management and 5% for reserves this creates a NOI of $66,647.41. By using and effective cap rate of
0.137 this creates an income value of $486,237 or $97,247 per 5 functional bays.
Reconciliation and Summary:
After considering all three approaches and discussions with the owners Tax Appeal representative, an
agreed reduction in valuation to $670,000 or $134,000 per bay (based on 5 functioning bays) was
considered reasonable with the current functional obsolescence.
Photos & Sketch
Front view
Sketch
EJ.__Vacuum Island
31.7
!D
172
Automatic
Bay
Radian
1711
Detail Bay
I Heat
Weilbsreite
2252 sr
EGu -cra
Spec* H e:4
b
i3
Vacuum Island u
632
Troth
Faxlcome
343
Ia
lien
103
N41wna
Ares
152
167
Self Service Bays
160
Herd FAAAC
6.7 `J
172
633
Car Wash
First FloorEOl1 1 SF
Built 2005
4.7'
6/29/2020 Property Report
wno Weld County
PROPERTY PORTAL
Property Information (970) 400-3650
Technical Support (970) 400-4357
Account: R3914405
June 29, 2020
Account Information
Account
Parcel
Space
Type
Account
Tax
Year
Buildings
�
Actual
Value
Assessed
Value
R3914405
080728152003
Commercial
2020
1
670.000
194.300
Legal
WIN 13WV L3 WATER VALLEY 13TH FG
Subdivision
Block
Lot
r
Land
Economic
Area
WATER
FG
VALLEY
SUB
13TH
WATER
FILING
VALLEY
SUB
13TH
Property
Address
Property
City
Zip
Section
Township
Range
1353
VALLEY
WATER
PKWY
WINDSOR
28
06
67
Owner(s)
Account
Owner
Name
Address
R3914405
NAPOCTR
LLC
1625
805506236
PELICAN
LAKES
PT
WINDSOR.
CO
Document History
https://propertyreport.co.weld.co.us/?account=R3914405 1/6
6/29/2020 Property Report
Reception
Rec
Date
Type
Grantor
Grantee
Doc Fee
Sale
Date
Sale
Price
3316426
SUB
SUBDIVISION
WAT
VALLEY
FG
E R
13TH
0.00
0
3332264
10-17-2005
QCN
SIGNATURE
BANK
&
TROLLCO
INC
I
0.00
09-12-2005
0
3534395
02-11-2008
SWD
TROLLCO
INC
WATER
BUCKET
LLC
25.00
02-07-2008
250.000
3847537
05-22-2012
PTD
THE
BUCKET
WATER
LLC
INVESTMENTS
MC
LLC
0.00
05-21-2012
0
3899923
01-02-2013
WD
INVESTMENTS
M
LLC
C
INVESTMENTS
WATER
WORKS
LLC
40.00
12-31-2012
400,000
3966782
09-27-2013
SWD
INVESTMENTS
WATER
WORKS
LLC
ROWLEYS
AUTO
DETAILING
LLC
50.00
09-25-2013
500,000
4488085
05-09-2019
WD
ROWLEYS
AUTO
DETAILING
LLC
NAPOCTR
LLC
44.20
05-08-2019
442.000
Building Information
Building 1
AccountNo
Building
ID
Occupancy
R3914405
1
Car Wash
ID
Type
yp
NBHD
Occupancy
p y
0/0
Bedrooms
I
Baths
Rooms
Complete
1
Commercial
2905
Car Wash
100
0
0
0
ID
Exterior
Roof
Cover
Interior
HVAC
Perimeter
Units
Type
Unit
Make
1
Hip
Radiant
375
2
https://propertyreport.co.weld.co.us/?account=R3914405 2/6
6/29/2020 Property Report
ID
Square
Ft
Condo
SF
Total
Basement
SF
Finished
Basement
SF
Garage
SF
Carport
SF
Balcony
SF
Porch
SF
1
5,011
0
0
0
0
0
0
0
Built As Details for Building 1
ID
Built
As
Square
Ft
Year
Built
Stories
Length
Width
1.00
Car
Self
Wash
Service
-
1.689
2006
1
0
0
1.00
Car
Automatic
Wash
-
3.322
2006
1
0
0
Additional Details for Buildin
ID
Detail
Type
Description
Units
1
Add
On
Asphalt
Average
16,000
1
Add
On
Concrete Slab
Average
1,496
1
Add
On
Wood
Balcony
Good
225
Valuation Information
Type
Code
Description
Actual
Value
I
Assessed
Value
Acres
Land SqFt
Improvement
2230
IMPROVEMENTS
SPECIAL
PURPOSE-
546.692
158.540
0.000
0
Land
2130
SPECIAL
PURPOSE
-LAND
123.308
35.760
0.754
32.843
Totals
-
-
670,000
194,300
0.754
32,843
Comparable sales for your Residential property
may be found using our SALES SEARCH TOOL
https://propertyreport.co.weld.co.us/?account=R3914405 3/6
6/29/2020 Property Report
Tax Authorities
Tax
Area
District
ID
District Name
Current Mill
Levy
0451
0700
AIMS JUNIOR COLLEGE
6 354
0451
1051
CLEARVIEW LIBRARY
3 546
0451
0301
ANC NORTHERN COLORADO WATER
1 000
0451
0204
SCHOOL DIST RE4-WINDSOR
39 434
0451
1303
WATER VALLEY METRO 1
41 943
0451
0100
WELD COUNTY
15 038
0451
1200
WEST GREELEY CONSERVATION
0 414
0451
0428
WINDSOR TOWN
12 030
0451
0521
WINDSOR -SEVERANCE FIRE
7 750
0451
0533
WINDSOR -SEVERANCE FIRE
(BOND 2023)
0 311
Total
-
-
127 82
1
Photo
https //propertyreport co weld co us/account=R3914405 4/6
6/29/2020 Property Report
Sketch
Vacuum Island
0
co
17.3'
Automatic
Bay
Radizs
17 Cr
Detail Bay
,t at
Mezzanine
o Storage
"2 225.3 SF
Equipment
Space Heat
G
M
N
Vacuum Island
63.3'
I . _t
En:-.i,_Lure
,A!
H .c,... i'., m,
Bath
1
'/' i yltli ICl
u. rea
Heat FA/AC
8.0'
15.3'
16'.0
Self Se
16.0'
rvice Bays
16'.0
17.3'
Computer
Room
Building 1
Page 1
63.3
Car Wash
First Floor,011.1 SF
Built 2006
https://propertyreport.co.weld.co.us/?account=R3914405 https://propertyreport.co.weld.co.us/?account=R3914405 5/6
v
Frill WELD
iiiiiirt. ONLINE
COUNTY
MAPPING
_ Tax Abatement Petition
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Notes
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558.6 0 279.28 558.6 Feet
This map is a user generated static output from an
Internet mapping site and is foc
R3914405
reference only. Data layers that appear on this map may or may not be accurate,
WGS_1984_Web_Mercator_Auxiliary_Sphere current, or otherwise reliable.
c) Weld County Colorado THIS MAP IS NOT TO BE USED FOR NAVIGATION
CLERK TO THE BOARD
PHONE: (970) 400-4225
FAX: (970) 336-7233
1150 O STREET
P.O. BOX 758
GREELEY, COLORADO 80632
www.weldgov.com
June 30, 2020
NAPOCTR, LLC
1625 PELICAN LAKES POINT
WINDSOR, CO 80550-6236
RE: SCHEDULE NUMBER R3914405
Dear Property Owner:
This is to advise you that the Weld County Board of Commissioners will hear your petition for
abatement or refund of taxes on the property described as: 1353 Water Valley Parkway, Windsor,
Colorado 80550. The meeting is scheduled for Wednesday, July 8, 2020, at 9:00 a.m., in the
Chambers of the Board of County Commissioners of Weld County, Colorado, Weld County
Administration Building, 1150 O Street, Assembly Room, Greeley, Colorado 80631.
The Assessor is recommending that the Board approve your petition. You are not required to be
present at this hearing; however, this is your opportunity to have your position heard, particularly
if your position is opposed to the Assessor's recommendation. If you intend to submit any
documentation in support of your position for this hearing, all such documentation must be
submitted to the Office of the Clerk to the Board and to the Weld County Assessor's Office at least
seven calendar days prior to the meeting date in order for it to be considered at the scheduled
hearing.
If you have any questions concerning this matter, please do not hesitate to contact me at
(970) 400-4213.
Sincerely,
&t129<,a
Chloe A. Rempel
Deputy Clerk to the Board Supervisor
crempel@weldgov.com
cc: Weld County Assessor
DYCO Diversified, Inc.
Chloe Rempel
From:
Sent:
To:
Subject:
Attachments:
Good afternoon,
Chloe Rempel
Tuesday, June 30, 2020 3:20 PM
clind@watervalley.com; mark.dyson@comcast.net
NOTICE OF HEARING - Tax Abatement Petition - R3914405
Notice of Hearing - R3914405.pdf
This is to advise you that the Weld County Board of Commissioners will hear your petition for abatement or
refund of taxes on the property described as: 1353 Water Valley Parkway, Windsor, Colorado 80550. The
meeting is scheduled for Wednesday, July 8, 2020, at 9:00 a.m. Please see the attached letter and copy of the
petition form for further information (hard -copies to follow).
Sincere regards,
Chloe A. Rempel
Deputy Clerk to the Board Supervisor
Clerk to the Board's Office
Weld County
1150 O Street
Greeley, CO 80631
Tel: (970) 400-4213
Email: crempel@weldgov.com
Confidentiality Notice: This electronic transmission and any attached documents or other writings are intended
only for the person or entity to which it is addressed and may contain information that is privileged, confidential
or otherwise protected from disclosure. If you have received this communication in error, please immediately
notify sender by return e-mail and destroy the communication. Any disclosure, copying, distribution or the
taking of any action concerning the contents of this communication or any attachments by anyone other than
the named recipient is strictly prohibited.
1
WELD COUNTY PETITION FOR ABATEMENT OR REFUND OF
TAXES
CERTIFICATE OF MAILING
COMPANY
FIRST
NAME
LAST
NAME
ADDRESS
1
CITY
STATEPOSTAL
CODE
'1625
LAKES
PELICAN
POINT
WINDSOR
CO
80550 -
6236
NAPOCTR.
LLC
clind@watervalley.com
MARK
DYSON
INC.
DYCO
DIVERSIFIED,
795
STREET,
I
ICINTYRE
SUITE
205
GOLDEN
CO
80401
mark.dyson@comcast.net
I hereby certify that I have sent a notification of hearing date letter in accordance with the notification requirements
of Weld County in the United States Mail, postage prepaid First Class Mail by letter as addressed on the attached
list this 30th day of June, 2020.
a
a
0
0
Chloe A. Rempel
Deputy Clerk to the Board Supervisor
U.S. Postal ServiceTM
CERTIFIED MAIL° RECEIPT
Domestic Mail Only
For delivery information, visit our website at www.usps.com``).
Certified Mail Fee
MicAtg
Extra Services & Fees (check box, add fee as appropriate)
❑ Return Receipt (hardcopy) $
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❑ Adult Signature Required
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$
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Postage
Total Postage and Fees
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PS Form 3800, April 2015 PSN 7530-02-000-9047
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See Reverse for Instructions
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CERTIFIED MAIL° RECEIPT
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PS Form 3800, April 2015 PSN 7530-02-000-9047 See Reverse for Instructions
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SENDER: COMPLETE THIS SECTION
• Complete items 1, 2, and 3.
• Print your name and address on the reverse
so that we can return the card to you.
• Attach this card to the back of the mailpiece,
or on the front if space permits.
1. Article Addressed to:
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w indsor, co 80650-c0a3C0
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D. Is delivery address different from item 1? 0 Yes
If YES, enter delivery address below: O No
2. Article Number ()Transfer from service label)
7017 1450 0000 9675 4051
PS Form 3811, July 2015 PSN 7530-02-000-9053
SENDER: COMPLETI . HIS SECTION
• Complete jtatI 1, 2, and 3.
■ Print your flame and address on the reverse
so that we can return the card to you.
■ Attach this card to the back of the mailpiece,
or on the front if space permits.
1. Article Addressed to:
£X++n : mar. c QcA40n
OLCO O;vQcs;fle& tre.
M c z n -t-j re S A-c'e e, t -
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3. Service Type
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❑ Adult Signature Restricted Delivery
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7017 1450 0000 9675 4044
3. Service Type
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PS Form 3811, July 2015 PSN 7530-02-000-9053
Domestic Return Receipt
CLERK TO THE BOARD
PHONE: (970) 400-4225
FAX: (970) 336-7233
1150 O STREET
P.O. BOX 758
GREELEY, COLORADO 80632
www.weldgov.com
August 18, 2020
STATE OF COLORADO
DIVISION OF PROPERTY TAXATION
1313 SHERMAN STREET, ROOM 419
DENVER, CO 80203
RE: PETITION FOR ABATEMENT OR REFUND OF TAXES — R3914405
To Whom It May Concern:
Please review the attached documents, which include the original petition, a copy of the petition,
two (2) copies of the resolution approved by the Weld County Board of Commissioners, and a
copy of the back-up documentation supporting the petition.
Tax Year(s): 2019
Parcel Number: 080728152003
Account Number: R3914405
If you have any questions concerning this matter, please do not hesitate to contact me at
(970) 400-4213.
Sincerely, r
Chloe A. Rempel
Deputy Clerk to the Board Supervisor
crempel@weldgov.com
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Service Guide apply. Your right to recover from FedEx for any loss, including intrinsic value of the package, loss of sales, income interest, profit,
attorney's fees, costs, and other forms of damage whether direct, incidental,consequential, or special is limited to the greater of $100 or the
authorized declared value. Recovery cannot exceed actual documented loss.Maximum for items of extraordinary value is $1,000, e.g. jewelry,
precious metals, negotiable instruments and other items listed in our ServiceGuide. Written claims must be filed within strict time limits, see current
FedEx Service Guide.
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8/18/2020
FedEx Ship Manager - Print Your Label(s)
Shipment Receipt
Address Information
Ship to:
DIVISION OF PROPERTY
TAXATION
STATE OF COLORADO
1313 SHERMAN STREET
ROOM 419
DENVER, CO
80203
US
3038647777
Ship from:
CHLOE REMPEL
WELD COUNTY
1150 O STREET RM 166
GREELEY, CO
80631
US
9704004225
Shipment Information:
Tracking no.: 771287776780
Ship date: 08/18/2020
Estimated shipping charges: 7.12 USD
Package Information
Pricing option: FedEx Standard Rate
Service type: Priority Overnight
Package type: FedEx Envelope
Number of packages: 1
Total weight: 1 LBS
Declared Value: 0.00 USD
Special Services:
Pickup/Drop-off: Drop off package at FedEx location
Billing Information:
Bill transportation to: COUNTYOFWELD-483
DEPARTMENT NAME: CLERK TO THE BOARD
SENDER NAME: CHLOE A. REMPEL
ADDITIONAL INFO: CTB
DEPARTMENT ORGANIZATION CODE: 10400
Thank you for shipping online with FedEx ShipManager at fedex.com.
Please Note
FedEx will not be responsible for any claim in excess of $100 per package, whether the result of loss, damage, delay, non -delivery, misdelivery, or misinformation, unless you declare a higher value,
pay an additional charge, document your actual loss and file a timely claim. Limitations found in the current FedEx Service Guide apply. Your right to recover from FedEx for any loss, including
intrinsic value of the package, loss of sales, income interest, profit, attorney's fees, costs, and other forms of damage whether direct, Incidental, consequential, or special is limited to the greater of
$100 or the authorized declared value. Recovery cannot exceed actual documented loss. Maximum for items of extraordinary value is $1000, e.g., jewelry, precious metals, negotiable instruments
and other items listed in our Service Guide. Written claims must be filed within strict time limits; Consult the applicable FedEx Service Guide for details.
The estimated shipping charge may be different than the actual charges for your shipment. Differences may occur based on actual weight, dimensions, and other factors. Consult the applicable
FedEx Service Guide or the FedEx Rate Sheets for details on how shipping charges are calculated.
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