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Home My WebLink About20183143.tiff950 S. CHERRY STREET. SUITE 320 DENVER. CO 80246 1't-1: 303-757-8865 FAX: 303-757-7691 December 26, 2018 Weld County Board of County Commissioners 1150 O Street P.O. Box 758 Greeley, CO 80632 Dear Commissioners, RECEIVED 2 F WELD COUNTY COMMISSIONERS Please find enclosed the information required by Colorado Revised Statute 39-8-107 (5)(a)(I) for the Petition filed to the Colorado Board of Assessment Appeals by Goldstein Law Firm, LLC on September 27, 2018. Petitioner does not maintain rent rolls for tenants in Bank occupied properties. Please see attached income and expense information for years 2013 and 2014. The BAA Docket Number for this Petition is 74797. Please contact us with any questions. Sincerely, Nina Langston Assistant to Barry J. Goldstein, Esq. & Kendra L. Goldstein, Esq. C_Jzrnlywoica_isions 01(0-7719 cC=CI.SR(B0(nVpKILV) C0.t: 6C rat7t tg 0018-- 31`13 CAsoo99 D2/:v,' Windsor 1270 Automation Dr. 2013 2014 Revenue Rental Income Total Revenue Expense Depreciation (buildings + equipment) Equipment related Property taxes Utilities Maintenance service related Total Expense 20,950 31,991 20,950 31,991 93,374 93,811 9,100 8,032 49,073 38,027 27,088 28,154 38,012 36,383 216,647 204,407 Earnings Before Taxes -195,697 -172,416 Chloe Rempel From: Sent: To: Cc: Subject: Attachments: Admin <admin@sterlingpts.com> Thursday, September 27, 2018 3:09 PM CTB-County Board of Equalization Chloe Rempel Senate Bill Request Cover Letter ( R2941304; R0840701; R1358002) 2015-16_Senate Bill Request Cover Letter_R2941304;R0840701;R1358002_NBH.pdf Caution: This email originated from outside of Weld County Government. Do not click links or open attachments unless you recognize the sender and know the content is safe. Good afternoon, Please see attached the cover letter for Senate Bill request for the Schedule Numbers listed below: R2941304 R0840701 R1358002 Please do not hesitate to contact me if you have any questions or concerns. Thank you, Liliana Perez , Administrative Assistant j E- ma:: admin@sterlingpts.com I Office: 303-757-8865 Ext. 106 I Fax: 303-757-7691 950 S. Cherry Street, Suite 320 Denver, CO 80246 www.sterlingpts.com 0___arywron;co.-i-i o ns (O (3/ I S cc: R (cw/gb/ Oc) cc.cC3c) `=1/`a-7/ I8- 2018-3143 Cso(00 950 S. CHERRY STREET. SUITE 320 DENVER, CO 80246 ('H: 303-757-8865 FAX: 303-757-7691 September 27, 2018 Weld County Board of County Commissioners 1150 O Street Greeley, CO 80631 RE: Request for Information Pursuant to C.R.S. 39-8-107(5) for the Schedule Numbers listed below: R2941304 R0840701 R1358002 Dear Board: In accordance with Colorado Revised Statues 39-8-107(5), the Petitioner in the above referenced matter hereby requests the following information: 1. All of the underlying data used by the county in calculating the value of the schedule numbers on the attached list, including but not limited to: a. The county -applied rental rate for the subject property and for similar properties; b. Any and all market studies regarding rental rates for comparable properties during the January 1, 2013 to December 31, 2014 timeframe; c. The county -applied vacancy allowance for the subject property and for similar properties; d. Any and all market studies regarding vacancy rates for comparable properties during the January 1, 2013 to December 31, 2014 timeframe; e. The county -applied expense ratio for the subject property and for similar properties; f. Any and all market studies regarding expenses for comparable properties during the January 1, 2013 to December 31, 2014 timeframe; g. The county -applied capitalization rate for the subject property and for similar properties; h. Any and all market studies regarding capitalization rates during the January 1, 2013 to December 31, 2014 timeframe; I. Detail sheets of all comparable sales specifically relied upon by the assessor in valuing the subject property; j. All comparable sales, whether relied upon by the assessor in valuing the subject property or not, of similar properties during the January 1, 2013 to December 31, 2014 timeframe; k. A detailed explanation of any adjustments made to the overall value of the Property due to any special conditions relating to the subject property. 2. The names of any commercially available and copyrighted publications used in calculating the value of the subject property. Dated this 27th day of September, 2018. By `_ Barry J. Goldstein, Esq. #2218 950 S. Cherry St., Ste. 320 Denver, Colorado 80246 (303) 757-8865 bgoldstein@goldsteinlf.com Attorney for Petitioner By: Kendra L. Goldstein,'>'sq. #40136 950 S. Cherry St., Ste. 320 Denver, Colorado 80246 (303) 757-8865 kendra@goldsteinlf.com Attorney for Petitioner PETITION TO STATE BOARD OF ASSESSMENT APPEALS 1313 Sherman Street, Room 315 Phone: 303-864-7710 Denver, Colorado 80203 Fax: 303-864-7719 Submitted to BAA online: 9/27/2018 Date: 09/26/2018 Property Owner: Bank Midwest, N.A. For Office Use Only Docket No. Fee: Y Check/Credit Card #1 Payment Trans #: Subject Property: 1270 Automation Drive, Windsor Schedule Number(s): R0840701 Appeals the decision of the Weld County Board of County Commissioners This appeal is: Abatement Appeal Dated: 08/29/2018 Tax Year(s): 15-16 The subject property is currently classified as: Commercial Actual Value assigned to the subject property$1,346,895 Petitioner's estimate of value: $964,000 Estimated time for Petitioner to present the appeal: 4 hours. Not less than 30 minutes. Board will allow equal time to County or Property Tax Administrator. Appearance: Petitioner will be represented by an attorney Attorney would like to appear in person If the property owner is an entity, it must appear under the representation of an attorney licensed in Colorado except as follows. A closely held entity may be represented by an officer of the entity as long as the amount in controversy does not exceed $15,000, exclusive of costs, interest or statutory penalties. A closely held entity can have no more than three owners. See Section 13-1-127, C.R.S. A closely held entity that will be represented by an officer of the entity must provide a letter to the Board with this petition stating that it has no more than three owners and that the tax amount at issue does not exceed $15,000. A trust filing a petition may be represented by a trustee, an attorney or an agent. Filling Fee: $101.25 Petitioner will be represented by an agent or by an attorney. In the space below, please explain why you disagree with the value assigned to the subject property Please see uploaded documents. Documents attached to this petition: Additional Documentation Additional Optional Information Related to your Appeal Certificate of Service I certify that a true and correct copy of the foregoing Petition to the State Board of Assessment Appeals and attachments were mailed, faxed or hand delivered to the County Board of Equalization, the Board of County Commisioners or the State Property Tax Administrator who made the decision relating to this appeal and to all co -owners or parties directly interested in the subject property on the date I submitted the Petition to the State Board of Assesment Appeals. ATTESTATION I understand that in accordance with Sections 18-8-503 and 18-8-501(2)(a)(I), C.R.S., false statements made herein are punishable by law. I state under penalty of perjury in the second degree, as defined in Section 18-8-503, C.R.S. that: I am the owner of the property that is the subject of this appeal, or I am the authorized agent or attorney for the owner of the property that is the subject of this appeal; and The information in this Petition to the State Board of Assessment Appeals (including all attachments) is true and correct to the best of my knowledge and belief. I understand that, upon acceptance by the Board of Assessment Appeals, I will need to pay the required filing fee associated with this Petition, if any. I understand that no further changes can be made to the Petition or attachments, unless corrections are required by the Board of Assessment Appeals. I understand my obligation to mail, fax or hand deliver a true and correct copy of the Petition (including all attachments) to the County Board of Equalization, the Board of County Commissioners or the State Property Tax Administration who made the decision relating to this appeal and to all co -owners or parties directly interested in the subject property. I will mail, fax or hand deliver the Petition (including all attachments) on the date I submit the Petition to the Board of Assessment Appeals. Petitioner's mailing address is required even if Petitioner is represented by an agent or attorney. Filed Online with Certification Filed Online with Certification Signature of Attorney Goldstein Law Firm, LIc Company Name Goldstein Law Firm, LIc - Kendra Printed Name 950 S. Cherry Street, Suite #320 Mailing Address Denier, CO 80246 City, State, Zip Code Telephone: 303-757-8865 Email: kendra@goldsteinlf.com Signature of Petitioner Bank Midwest, N.A. Property Owner L. Goldstein Esq. Joe Schwecke Printed Name 7800 E. Orchard Road, Suite 300 Mailing Address Greenwood Village, CO 80111 City, State, Zip Code Telephone: 720-529-3336 Daytime number Email: It is the Petitioner's responsibility to notify the BAA of any change of address. Petitioners are strongly encouraged to read the Instructions and Rules of the Board of Assessment Appeals prior to completing this Petition Form. The Instructions and Rules are available on the Web at www.dola.Colorado.gov/baa or may be requested by phone at 303-864-7710. County: Weld PETITION FOR ABATEMENT OR REFUND OF TAXES Date Received (Use Assessors or Commiss,cners' Date Stamp) Section I: Petitioner, please complete Section I only. Date' November 15 2017 mono Day Year Petitioner's Name: Bank Midwest, N.A. Petitioners Mailing Address: c,+o Sterling Property Tar Specalists, Inc. S50 S. Cherry Street, Suite 320 Denver CO 80246 City or Town State LP Code SCHEDULE OR PARCEL NUMBER(S) PROPERTY ADDRESS OR LEGAL DESCRIPTION OF PROPERTY R0840701 1270 Automation Drive t3 Petitioner states that the taxes assessed against the above property for property lax year(s) 2015 and 2016 are incorrect for the following reasons: (Briefly describe the circumstances surrounding the incorrect value or tax. Attach additional sheets if necessary.) Please see attached. Petitioner's estimate of value: 5 964,000 Value 12015 ) and $ 964,000 ( 2016 ) Year Value Year Petitioner requests an abatement or refund of the appropriate taxes. I declare, under penalty of perjury in the second degree, that this petition, together with any accompanying exhibits or statements. has been prepared or examinee by me, and to the best of my knowledge, information and belief, is true, correct, and complete. By By Darla 'Letter of Petitioner's S 6t5tture Daytime Phone Number ( 1 Daytime Phone Number ( 303 ) 757-8365 Agent's Signature' . Jaramitlo for Sterling Property lax Specialists, Inc. gency must be attached whoa petition is submitted Sy an agent. If the board of county commissioners, pursuant to section 39.10-114(1), or the property tax administrator, pursuant to section 39.2.115, 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 section 39-2.125 within thirty days of the entry of any such decision, § 39-10-114.5(1), C.R.S. Section II; Original Corrected AbateiRefund Assessor's Recommendation (For Assessor's Use Only) Tax Year Assessed Tax Tax Year Ate. Sol tlsses;ed Ti ❑ Assessor recommends approval as outlined above. No protest was filed for the year(s): or it a protest was filed, please attach a copy of the NOO.) ❑ Assessor recommends denial for the following reason(s): Assessor's or Deputy Assessors Signature 15-DPI•AR NQ. 920-86t06 FO., .ASSESSORS AND COUNTY COMMISSIONERS USE (Section III or Section IV must be completed) Every petition for abatement or refund fled pursuant to section 39-10-114 shall be acted upon pursuant to the provisions of this section by the board of county commissioners or the assessor, as appropriate, within six months of the date of riling such petition, § 39-1-113(1.7), C.R.S. Section III: Written Mutual Agreement of Assessor and Petitioner (Only for abatements up to 51,000) 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 one thousand dollars 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: Actual Tax Year Assessed Original Corrected Abate/Refund Tax Year Tax Ac ual Assessed Tax Note: The total lax amount does not include accrued interest, penalties, and fees associated with late and/or delinquent tax payments, if applicable. Please contact the county treasurer for full payment information. Petitioner's Signature Assessor's or Deputy Assessor's Signature Date Date Section IV: Decision of the County Commissioners (Must be completed if Section III does not apply) WHEREAS, The County Commissioners of called regular meeting held on / I , at which meeting there were present the following members: Month Day Year County, State of Colorado, at a duly and lawfully with notice of such meeting and an opportunity to be present having been given to the taxpayer and the Assessor of said County and Assessor (being present --not present) and Name petitioner (being present --not present), and WHEREAS, The said Name County Commissioners have carefully considered 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 the petition be (approved --approved in part --denied) with an abatement/refund as follows: Year Assessed Value Taxes Abate/Refund Year Assessed Value Taxes Abate/Refund Chairperson of the Board of County Commissioners' Signature County Clerk and Ex -officio Clerk of the Board of County Commissioners in and for the aforementioned county, do hereby certify that the above and foregoing order is truly copied from the record of the proceedings of the Board of County Commissioners. IN WITNESS 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 51,000 per schedule, per year, must be submitted in duplicate to the Property Tax Administrator for review. Section V: Action of the Property Tax Administrator (For all abatements greater than $1,000) The action of the Board of County Commissioners, relative to the within petition, is hereby ❑ Approved E Approved in part S ❑ Denied for the following reason(s): Secretary's Signature Property Tax Administrator's Signature Date 15 -DPI -AR No. 920-66106 PROPERTY TAX SPECIALISTS. INC. November 15, 2017 Weld County Board of County Commissioners c/o Mr. Christopher Woodruff Weld County Assessor 1400 N. 17th Avenue Greeley, CO 80631 RE: 1270 Automation Drive (Schedule No. R0840701) (the "Property") Dear Commissioners: 950 S. Cherry Street Suite 320 Denver, CO 80246 303.757.8865 fax 303.757.7691 www.sterlingpts.com The undersigned, Sterling Property Tax Specialists, Inc., represents the owner of the Property for the purpose of filing an abatement for tax years 2015 and 2016. A copy of the Letter of Authorization is attached hereto and made an integral part hereof. Only the schedule number referenced hereinabove is protested hereunder. The Property consists of a 9,977 square foot bank building. The Property was 100% owner occupied until the owner vacated 4,886 square feet, or 49% of the Property, and began actively advertising space for lease. A lease was executed March 12, 2014 for 941 square feet at $12 per square foot gross. A second lease was executed June 1, 2014 for 1,318 square feet at $14 per square foot gross. As of the Date of Value, the Property was 26% vacant. A post -base lease was executed August 11, 2014 for the vacant square footage of 2,627 at $6.98 per square foot gross. For tax years 2015 and 2016, the Assessor has valued the Property at $1,646,205. In valuing the Property, Petitioner has conducted an income approach utilizing market rental information available. Petitioner contends the income approach is the most reliable basis for valuing this Property. Petitioner reviewed the income achieved by the Property in addition to similarly situated bank properties leased to third parties and small office rental rates, as banks are most similar to low-rise office properties in regard to function, finish and design. Below is a compilation of the leased bank space in similarly situated bank properties located in Weld County which commenced within four years prior to the Date of Value, June 30, 2014, including space within the Property. Address Tenant 4532 Boardwalk Dr. #200 Brown and Brown 3766 W. 10th St. #B Honey Baked Hams 1269 Automation Dr. #500 Scryptnoia Inc. 3780 W. 10th St. #200 Baessler Homes 1270 Automation Dr. #2000 The Center FRPWD 1270 Automation Dr. #500 Weifeld Group Sq. feet Annual Rent Rale / SF Lease Start Lease End Term 3,525 544,545 2,332 520,904 941 $11,292 5,966 $49,992 1,318 $18,452 2,627 518,326 Mean Median Notes 512.64 4/20/2011 11/30/2016 Gross 58.96 8/19/2011 10/31/2016 Gross 512.00 3/12/2014 3/12/2015 Gross Tenant vacated at end of term $8.38 6/1/2014 5/31/2018 Gross 514.00 6/1/2014 8/31/2017 Gross Tenant vacated January, 2017 $6.98 8/11/2014 7/31/2017 Gross $10.49 510.48 1270 Automation Dr. Page 2 As shown, the Property's leases range from $6.98 to $14 gross per square foot while the mean rental rate of all leases in similar properties is $10.49 per square foot gross with a median of $10.48 per square foot gross. As the leases shown above are secondary spaces with primary space typically leasing at a higher rental rate, Petitioner determined an overall rental rate, including both primary and secondary space, of $12 per square foot triple net is appropriate. Petitioner found vacancy ranged from 13% to 18%, Petitioner applied a 15% vacancy adjustment and an expense allowance of 10% to cover reserves for capital replacements; management fees; legal and accounting; and similar landlord non -reimbursable expenses. Petitioner reviewed the Summer 2014 Burbach and Associates, Inc. Real Estate Investment Survey and found capitalization rates ranged from 7% to 9.5% for Suburban/Low Rise Office, The Property is larger in size than the typical market standard bank property and, as such, would present a higher risk in the market place. Based upon market conditions as of June 30, 2014, we have capitalized our Net Operating Income at 9.5%. Our income approach is as follows: Potential Gross Income ($12 x 9,977 SF) Vacancy (15%) Effective Gross Income Expenses (10%) Net Operating Income Capitalized at 9,5% $ 119,724 17,959 $ 101,765 10,177 $ ®98� .. _ .964,0,QQ (rounded) Based upon the foregoing, Petitioner hereby requests the Board adjust the value of the Property for calendar years 2015 and 2016 to $964,000. All irformation contained herein should he considered confidential and not available to any third parties. Sincerely, STERLING PROPERTY TAX SPECIALISTS, INC. /(-(1,f4 By: Darla aramillo, Property Tax Consultant LETTER OF AUTHORIZATION April 24, 2015 Sterling Property Tax Specialists, Inc. 950 South Cherry Street, Suite 320 Denver, Colorado 80246 RE: 2015 and 2016 Property Tax Assessment Matters Gentlemen: The undersigned, as owner(s) of property located in Weld County, Colorado, at SEE ATTACHED, and more particularly described on Assessor's Notice of Valuation, Schedule No(s). SEE ATTACHED hereby authorizes Sterling Property Tax Specialists, Inc. and GoldStein Law Finn, LLC, to act as agent on my behalf regarding all 2015 and 201,6 property tax assessrhent matters, and obtain any and all doetirnea is relating thereto and file any }arotcsts necessary. This Autlio iza tion shall be effective as of the date set forth above, BANK MIDWEST, N.A. By Community Banks of Colorado, A Division ofNBH Bank, N.A. Micha 1 innett, .Dfte for of Facilities WELD COUNTY BANK By: Community Banks of Colorado, A Division ofNBH,Bank, N,A, lvIichael Sinnott„Diirec(oi of Facilities Telephone: 720-529-2755 NBH Banks 2015/2016 Comity WELD Bank Midwest, N.A. Weld County Bank Address Parcel Number 3635 23`d Avenue R7455295 2395 37th Street 83388705 365 Justin Avenue R3575405 7251 W. 20th St. Bldg. A 81358002 1270 Automation Dr. R0840701 3766 W. 10th Street R2941304 RESOLUTION RE: APPROVE PETITION FOR ABATEMENT OR REFUND OF TAXES FOR ACCOUNT NUMBER R0840701 - BANK MIDWEST, N.A., COMMUNITY BANKS OF COLORADO, A DIVISION OF NBH BANK, N.A. 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 14th day of May, 2018, continued said matter to the 18th day of June, 2018, at which meeting there were present the following members: Chair Steve Moreno, and Commissioners Barbara Kirkmeyer, Sean P. Conway, Julie A. Cozad, and Mike Freeman, 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, Christopher Woodruff, being represented by Brenda Dones, Assessor's Office, and taxpayer, Bank Midwest, N.A., Community Banks of Colorado, A Division of NBH Bank, N.A., being represented by Sterling Property Tax Specialists, Inc., 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 $390,600.00 $7,679.00 2015 $390,600.00 $8,253.22 2016 2018-1883 AS0099 TAX ABATEMENT PETITION - BANK MIDWEST, N.A., COMMUNITY BANKS OF COLORADO, A DIVISION OF NBH BANK, N.A. PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 18th day of June, A.D., 2018. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO ATTEST: d„�,/ f .•Y..,Eif); c1 Steve Moreno, Chain Weld County Clerk to the Board rbara Kirkmey Ike Freeman Date of signature: (:)Sa.LQ4/Ir. 2018-1883 AS0099 Hello