HomeMy WebLinkAbout20193109.tiffAugust 6, 2019
Petitioner:
RRRS LLP
10763 TURNER BLVD
LONGMONT, CO 80504-9578
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):
RE: THE BOARD OF EQUALIZATION 2019, WELD COUNTY, COLORADO
NOTICE OF DECISION
Docket 2019-3109 Appeal 2008224791 Hearing 8/5/2019
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 2019.
Account # Decision
The Assessment and valuation is set as follows:
Actual Value as Actual Value as Set by
Determined by Assessor Board
R0086087 Stipulated - Approved
Stipulated Value
$1,468,080 $1,200,000
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, 2019, MUST comply with the
following provisions of C.R.S. §39-8-107(5):
(5)(a)(I) On and after August 10, 2019, in addition to any other requirements under law, any petitioner
appealing either a valuation of rent -producing commercial real property to the Board of Assessment Appeals
pursuant to C.R.S. §39-8-108(1) or a denial of an abatement of taxes pursuant to C.R.S. §39-10-114 shall
provide to the County Board of Equalization or to the Board of County Commissioners of the County in the
case of an abatement, and not to the Board of Assessment Appeals, the following information, if applicable:
(A) Actual annual rental income for two full years including the base year for the relevant property tax year;
(B) Tenant reimbursements for two full years including the base year for the relevant property tax year;
(C) Itemized expenses for two full years including the base year for the relevant property tax year; and
(D) Rent roll data, including the name of any tenants, the address, unit, or suite number of the subject
property, lease start and end dates, option terms, base rent, square footage leased, and vacant space for
two full years including the base year for the relevant property tax year.
(II) The petitioner shall provide the information required by subparagraph (I) of this paragraph (a) within
ninety days after the appeal has been filed with the Board of Assessment Appeals.
(b)(I) The Assessor, the County Board of Equalization, or the Board of County Commissioners of the
County, as applicable, shall, upon request made by the petitioner, provide to a petitioner who has filed an
appeal with the Board of Assessment Appeals not more than ninety days after receipt of the petitioner's
request, the following information:
(A) All of the underlying data used by the county in calculating the value of the subject property that is being
appealed, including the capitalization rate for such property; and
(B) The names of any commercially available and copyrighted publications used in calculating the value of
the subject property.
(II) The party providing the information to the petitioner pursuant to subparagraph (I) of this paragraph (b)
shall redact all confidential information contained therein.
(c) If a petitioner fails to provide the information required by subparagraph (I) of paragraph (a) of this
subsection (5) by the deadline specified in subparagraph (II) of said paragraph (a), the County may move
the Board of Assessment Appeals to compel disclosure and to issue appropriate sanctions for
noncompliance with such order. The motion may be made directly by the County Attorney and shall be
accompanied by a certification that the County Assessor or the County Board of Equalization has in good
faith conferred or attempted to confer with such petitioner in an effort to obtain the information without action
by the Board of Assessment Appeals. If an order compelling disclosure is issued under this paragraph (c)
and the petitioner fails to comply with such order, the Board of Assessment Appeals may make such orders
in regard to the noncompliance as are just and reasonable under the circumstances, including an order
dismissing the action or the entry of a judgment by default against the petitioner. Interest due the taxpayer
shall cease to accrue as of the date the order compelling disclosure is issued, and the accrual of interest
shall resume as of the date the contested information has been provided by the taxpayer.
Appeals to the Board of Assessment Appeals must be made on forms furnished by that Board, and must be
mailed or delivered within thirty (30) days of the date the denial by the Board of Equalization is mailed to
you.
The address and telephone number of the Board of Assessment Appeals are:
Board of Assessment Appeals
1313 Sherman Street, Room 315
Denver, Colorado 80203
Telephone Number: (303) 864-7710
Email: baa@state.co.us
Fees for Appeal to the Board of Assessment Appeals: A taxpayer representing himself is not charged for the
first two (2) appeals to the Board of Assessment Appeals. A taxpayer represented by an attorney or agent
must pay a fee of $101.25 per appeal.
OR
2. Appeal to District Court: You have the right to appeal the decision of the Board of Equalization to the
District Court of the county wherein your property is located: in this case that is Weld County District
Court. A hearing before The District Court will be the last time you may present testimony or exhibits
or other evidence, or call witnesses in support of your valuation. If the decision of the District Court is
further appealed to the Court of Appeals pursuant to C.R.S. §39-8-108(1), the rules of Colorado
appellate review and C.R.S. §24-4-106(9), govern the process.
OR
3. Binding Arbitration: You have the right to submit your case to binding arbitration. If you choose this
option, the arbitrator's decision is final and you have no further right to appeal your current
valuation. C.R.S. §39-8-108.5 governs this process. The arbitration process involves the following:
a. Select an Arbitrator: You must notify the Board of Equalization that you will pursue
arbitration. You and the Board of Equalization will select an arbitrator from the official list of
qualified people. If you cannot agree on an arbitrator, the District Court of the county in which
the property is located (i.e. Weld) will select the arbitrator.
b. Arbitration Hearing Procedure: Arbitration hearings are held within sixty (60) days from the
date the arbitrator is selected, and are set by the arbitrator. Both you and the Board of
Equalization are entitled to participate in the hearing. The hearing is informal. The arbitrator
has the authority to issue subpoenas for witnesses, books, records documents and other
evidence pertaining to the value of the property. The arbitrator also has the authority to
administer oaths, and determine all questions of law and fact presented to him. The
arbitration hearing may be confidential and closed to the public if you and the Board of
Equalization agree. The arbitrator's decision must be delivered personally or by registered
mail within ten (10) days of the arbitration hearing.
c. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by you and the
Board of Equalization. In the case of residential real property, the fess may not exceed
$150.00 per case. For cases other than residential real property, the arbitrator's total fees
and expenses are agreed to by you and Board of Equalization, but are paid by the parties as
ordered by the arbitrator.
If you have questions concerning the above information, please call me at (970) 400-4226.
Very truly yours,
BOARD OF EQUALIZATION
Esther E. Gesick
Clerk to the Board
Weld County Board of Commissioners
and Board of Equalization
cc: Brenda Dones, Weld County Assessor
COUNTY BOARD OF EQUALIZATION
WELD COUNTY
Single County Schedule Number R0086087
STIPULATION (As To Tax Year 2019 Actual Value)
RE PETITION OF :
NAME:
ADDRESS:
RRRS LLP
10763 TURNER BLVD
LONGMONT, CO 80504-9578
Petitioner (s) and the Weld County Assessor hereby enter into this Stipulation
regarding the tax year 2019 valuation of the subject property, and jointly move the
Board of Equalization to enter its order based on this Stipulation.
Petitioner (s) and Assessor agree and stipulate as follows:
1. The property subject to this Stipulation is described as:
25107-X1 PT NE4 10 2 68 TRACT 2 REC EXEMPT RE 957
10763 TURNER BLVD
2. The subject property is classified as COMMERCIAL property.
3. The County Assessor originally assigned the following actual value to the
subject property for the tax year 2019 :
Total $1,468,080
4. After further review and negotiation, Petitioner (s) and Weld County Assessor
agree to the following tax year 2019 actual value for the subject property:
Total $1,200,000
5. The valuation, as established above, shall be binding only with respect to tax
year2019
6. Brief narrative as to why the reduction was made:
Further review of all approaches to value indicated an adjustment.
7. Both parties agree that:
IThe hearing scheduled before the Board of Equalization on 8/02/2019
at 1:30 pm be vacated.
nA hearing has not yet been scheduled before the Board of Equalization.
1
00161-3109
AS0103
DATED this 30th day of July , 2019
RicK L htiaf f
Rick L Hiatt (Jul 30, 2019)
Petitioner(s) or Agent or Attorney
Address:
10763 Turner Blvd
Longmont
Telephone: 3036780443
Docket Number R0086087
Stip-1.Frm
(Assistant) County Attorney for
Respondent, Weld County Board of
Commissioners
Address:
1150 "O" Street
P.O. Box 758
Greeley, CO 80632
Telephone:(970) 336-7235
County Assessor
Address:
1400 N.17th Avenue
Greeley, CO 80631
Telephone: (970) 400-3650
2
R0086087/RRRS LLP
Final Audit Report
2019-07-30
Created: 2019-07-30
By: Courtney Maya (canaya@co.weld.co.us)
Status: Signed
Transaction ID: CBJCHBCAABAAdM46ierpl36tsFpvfTivkD7ox5SZr8A0
"R0086087/RRRS LLP" History
In Document created by Courtney Anaya (canaya@co.weld.co.us)
2019-07-30 - 3:50:48 PM GMT- IP address: 204.133.39.9
E',+ Document emailed to Courtney Anaya (canaya@co.weld.co.us) for approval
2019-07-30 - 3:50:49 PM GMT
be Document approved by Courtney Anaya (canaya@co.weld.co.us)
Approval Date: 2019-07-30 - 3:51:06 PM GMT - Time Source: server- IP address: 204.133.39.9
C7-. Document emailed to Millie Channell (mchannell@weldgov.com) for approval
2019-07-30 - 3:51:07 PM GMT
In Email viewed by Millie Channel) (mchannell@weldgov.com)
2019-07-30 - 3:54:39 PM GMT- IP address: 204.133.39.9
de Document approved by Millie Channel) (mchannell@weldgov.com)
Approval Date: 2019-07-30 - 3:59:00 PM GMT - Time Source: server- IP address: 204.133.39.9
C',r Document emailed to Brenda Dones (bdones@co.weld.co.us) for signature
2019-07-30 - 3:59:01 PM GMT
in Email viewed by Brenda Dones (bdones@co.weld.co.us)
2019-07-30 - 5:02:24 PM GMT- IP address: 204.133.39.9
be Document e -signed by Brenda Dones (bdones@co.weld.co.us)
Signature Date: 2019-07-30 - 5:02:39 PM GMT - Time Source: server- IP address: 204.133.39.9
C, Document emailed to Rick L Hiatt (sstewart@lyonsgaddis.com) for signature
2019-07-30 - 5:02:40 PM GMT
in Email viewed by Rick L Hiatt (sstewart@lyonsgaddis.com)
2019-07-30 - 5:05:54 PM GMT- IP address: 209.131.239.18
Adobe Sign
CSp Document e -signed by Rick L Hiatt (sstewart@lyonsgaddis.com)
Signature Date: 2019-07-30 - 5:58:43 PM GMT - Time Source: server- IP address: 71.33.163.68
C".. Document emailed to Karin McDougal (weld-cboe@weldgov.com) for signature
2019-07-30 - 5:58:44 PM GMT
t Email viewed by Karin McDougal (weld-cboe@weldgov.com)
2019-07-30 - 5:59:37 PM GMT- IP address: 204.133.39.9
4 Document e -signed by Karin McDougal (weld-cboe@weldgov.com)
Signature Date: 2019-07-30 - 6:31:30 PM GMT - Time Source: server- IP address: 204.133.39.9
• Signed document emailed to Karin McDougal (weld-cboe@weldgov.com), canaya@weldgov.com, Millie
Channell (mchannell@weldgov.com), Rick L Hiatt (sstewart@lyonsgaddis.com), and 2 more
2019-07-30 - 6:31:30 PM GMT
Adobe Sign
Thank you for submitting an appeal to the Weld County Board of Equalization. We will review the
information submitted and you will receive a date to appear before the board.
Contact Information:
Contact Name: Cameron Grant
Contact Email: cgrant@lyonsgaddis.com
Contact Phone: 303-776-9900
Appeal Submitted: 02:44 PM July 15, 2019
Appeal submitted for:
R0086087 - RRRS LLP
10763 TURNER BLVD, WELD
Legal: 25107-X1 PT NE4 10 2 68 1RACT 2 REC EXEMPT RE 957
Reason: Value Too High - See attached narrative and supporting information.
Estimate of Value: $986,567.00
Document(s) Submitted:
Account: All Accounts - Autorization Letter.pdf
Account: All Accounts - 20190523 L Weld County Assessor re Property Tax Protest.pdf
Account: R0086087 - R0086087_INITIAL PROTEST.pdf
Account: R0086087 - 20180715 L Weld County BOE Appeal on NOD 1.pdf
You have selected the following Date Preferences:
The Appeal process can take several weeks for us to complete. You will receive a written decision
on your appeal within five (5) working days of your hearing.
We thank you for your submittal.
Weld County Board of Equalization
2019-3109
^50103
Thank you for submitting an appeal to the Weld County Assessor's Office. We will review the
information submitted and if we have questions we will contact you at one of the following:
Contact Information:
Contact Name: Cameron Grant
Contact Email: cgrant@lyonsgaddis.com
Contact Phone: 303-776-9900
Appeal Submitted: 01:01 PM May 24, 2019
Appeal submitted for:
80086087 - RRRS LLP
10763 TURNER BLVD, WELD
Legal: 25107 -Xi PT NE4 10 2 68 TRACT 2 REC EXEMPT RE 957
Reason: Value Too High - See attached narrative and supporting information.
Estimate of Value: $986,567.00
Document(s) Submitted:
Account: All Accounts -Autorization Letter.pdf
Account: All Accounts - 20190523 L Weld County Assessor re Property Tax Protest.pdf
The Appeal process can take several weeks for us to complete. We will mail a decision on your
appeal by June 30th for real property and by July 10th for business personal property and/or oil and
gas.
We thank you for your submittal.
Weld County Assessor's Office
(970) 400-3650
NOTICE OP DETERMINATION
Brenda Dones
Weld County Assessor
1400 N 17'h Ave
Greeley, CO 80631
Date of Notice: 6/25/2019
Telephone: (970) 400-3850
Fax: (970) 3046433
Office Hours: 8:00AM — 5:00PM
A T NO.
TAX YEAR
TAX AREA
LEGAL DESCRIPTION!
PHYSICAL LOCATION
R00860137
2019
-
2341
-
25107-X1
PT
10763
RE 957
TURNER
PT
NE4
10
BLVD
2
88 TRACT
WELDLO
2 REC EXEM
Ei
RRRS
10M
GMONT,
LLP
TURNER
BLED
CO
80504-957
u
PROPERTY CLASSIFICATION
ASSESSOR'S
VALUATION
ACTUAL VALUE
REVIEW
PRIOR
TO
ACTUAL VALUE
REVIEW
AFTER
COMMERCIAL
1,709,931
1,468,080
TOTAL
1.799;931
1.46%080
The Assessor has carefully studied all available information, giving particular attention to the
specifics included on your protest. The Assessors determination of value after review is based on
the following:
- After review of your property, we have made adjustments. This was done because of
additional information obtained, or provided through the appeal process.
If you disagree with the Assessors decision, you have the right to appeal to the County
Board of Equalization for further consideration, § 3941•106(1)(a), CURS.
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):
LYONS CADDIS
ATTN CAMERON GRANT
PO BOX 978
L NG MONT, CO 80502-0978
15-DPT-AR
PR207 13
R0066087
APPEAL PROCEDURES
County Board of Equalization Hearings will be held from
July 25ti' through August 5th at 1150 O Street.
To appeal the Assessors 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 0 Street, P.O. Box 758
Greeley, CO 80631
Telephone: (970) 3564000 ext1 4225
Online: www.co.we1d,co.us/aoos1/cboe
To preserve your appeal rights, your Petition to the County Board of Equalization must be
postmarked or delivered on or before July 16 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, TheCounty 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
57 § 394-107(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), . 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:
ftwdVicistAtAsesement Aiaeals
Sherman Street, Room 315
Denver, CO 80203
(303) 866-5880
www.dola C01.9102121baa
Kenginthani. ion
or a HSI nbitratOrs, 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.
t Court
orntact the District Court in the County
where the property is located, See your
local telephone book for the address and
telephone number.
� ION TO COUNTY F E UA if�N
What is your estimate of the property's value as of June 30, 2018? (Your opinion of value in terms of a
specific ollar amount is required for real roepursuant to 394-1060,5), .R.S.
p �P R �Y �)
983 666
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,)
See attached correspondence from Lyons Caddis, by Sean M. Stewart.
7 - ••. ? 7 - -
71
ATTESTATION
dersigned owner or agent of the property identified above, affirrphat the statements contained herein
n attac gip: ent . ereto re true and complete,
Sign
Email Address
flcDrre4j9
Telephone Number
r
I Attach letter of authorization signed by property owner,
IS -DPI -AR
PR 207-08/13
R0086087
RRRS, LLP
10763 Turner Boulevard
Longmont, Colorado 80504
vvrww.thetruckwash.com
May 21, 2019
Weld County Assessor
Brenda Dones
1400 North 17th Avenue
Greeley, Colorado 80631
Re: Agent Authorization
Real Property + l ation Appeal
Account No. R0086087
To Whom it May Concern:
This letter is to notify the Weld County Assessor that the law firm of Lyons Gaddis, and
specifically, Attorney Cameron Grant, are authorized to file a real property valuation appeal in
relation to the above -referenced account number on behalf of R1., LLP.
If you have any questions or need any further information or authorization, please do not hesitate
to contact me directly.
Sincerely,
RRRS, LIT
tic Hiatt, General ' artner
cc: Lyons Gaddis
LYONSpCADDIS
Sean M. Stewart
sstewart@lyousgaddis.com
July 15, 2019
Weld County Board of Equalization
1150 0 Street, P.O. Box 758
Greeley, CO 80631
VIA CERTIFIED MAIL
ALSO SUBIVIITTED AT www+co.weld.ca.ors/apps1 cboe
Re: PETITION TO COUNTY BOARD OF EQUALIZATION, ACCOUNT NO. R0086087 - RHR , LLP
Dear Board of Equalization:
On behalf of RRRS, R3, LLP, our office previously submitted a written appeal (the "Original Appeal") of
the 2019 Real Property Notice of Valuation (the "Notice of Valuation") for the above -referenced account,
relating to real property located at 10763 Turner Boulevard, Longmont, CO 80504 (the "Property).
Following the Appeal, our office received the Weld County Assessor's Notice of Determination (the "NOD").
This letter and its attachments shall serve as the Petition to the Weld County Board of Equalization (the
"Board") to appeal the assessor's after -review valuation in the NOD of $1,468,080 (the "NOD Value"). For
the reasons argued in this Petition, the NOD Value represents a significant overestimation of the value of
the property, which we believe should be valued at $983,666.
We have included the following documents with this Petition:
1. COMPARABLE SALES IN REGION. A list of comparable sales near the Property of
properties with similar uses as the Property, showing an average price per acre of
$ 543,462, indicating a value for the Property in the $933,666.
2. SCHEDULE OF LEASES. A summary of current leases related to the Property, and
breakdown of net lease income for the Property, showing that the anticipated income
for the Property as consistent with a property valued in the $950,000 - $1,000,000
range.
3. HISTORICAL TAX VALUATION. A history of the increases in the tax valuations for the
Property over the last six years, showing the proposed value in Paragraph 3 above as
consistent with the historical increase in value for the Property.
4. PROPOSED VALUATION, A specific breakdown of our proposed valuation.
The NOD Value, while a decrease from the original assessor's valuation proposed in the Notice of
Valuation, still represents a 35% increase in value from the actual value from the years prior, $956,176
LYONS GADDIS KAHN HALL JEFFERS DWORAK & GRANT, PC
515 Kimbark Street 2nd Floor PO Box 978 Longmont, CO 80502-0976
Longmont 303 776 9900 I Louisville 720 726 3670 I www.lyonsgaddis.com
LYONS GADDIS
ATTORNEYS & COUNSELORS
July 15, 2019
Page 2
(the "Prior Value"). Such an increase is not supportable by recent sales of comparable properties or
applicable business financials for the entity owning the Property.
In our Comparable Sales in Region document, we have summarized, by tax account, the four most
comparable nearby sales in the region to analyze the approximate cost per acre of properties similar to the
Property. All four properties are between US -66 and Highway 119 on or just off l-25, and all have similar
uses to the Property. Three of the properties were previously submitted with the Original Appeal. However,
a fourth, R8943100, was not included in the Original Appeal, and involves a property directly neighboring
the Property to the east, also showing a cost per acre in line with our prior analysis. As our table shows,
averaging the sales, all of which occurred from 2017 to 2018, suggests a cost per acre in the region for
similar properties of $ 543,462, and indicates a valuation of the Property of $983,666. It is worth noting,
however, that if we exclude 2017 sales and only include 2018 sales, the indicated value of the Property,
$1,052,245, is still over $400,000 below the current assessor's value, $1,488,080.
Moreover, as is clear from the income attributable to the Property over the last few years, which
would indicate a value between $950,000 - $1,000,000 using a capitalization rate of 8%, which is
generous for a property of this type, if the Property were to be sold today, our client could not expect to sell
for anything near the NOD Value.
Our proposed value of $ 983,666 is in line with the historic increases in tax valuation for the
Property. While properties in the area have generally increased over the last two years, the increase has
been in line with historic figures.
For the reasons stated above, we respectfully appeal and request reconsideration of the value of
the Property.
Sincerely,
LYONS CADDIS KAHN HALL
JEFFERS DWORAK & GRANT, PC
By: .
Sean M. Stejwart
Parcel ROO86087
Comparable Sales in Region
Account
Number
Sale
Late
Sale
Price
Acres
Cost
Improvements
per acre with
Area
Business
Type
R89431OO
11/21/2017
$3,095,700
5.71
$542,154 '
119 /
1-25
Warehouse
R683O597
4/3O/2O18
1,100,000.00
1,87
$588,235
Hwy 66 /1-25
Auto
Repair/Sales
Hwy 66 /1-25
Warehouse
R0233194
1/10/2018
$ 540,000.00
0.94
$574,468
!
R6830597
3/21/2O17
$ 900,000.00
1,85
$486,486
Hwy 66 /1-25
Auto
Repair/Sales
AVERAGE
$ 5,635,700.00
10.37
$543,462
APPLIED
TO 80086087
$543,462
1.81
$983,666.22
LIMITED
TO 2O18
SALES
i
$581,351
1.81
$1,O5Z245.31
Parcel R0086087
H istore Tax Valuation
Year
2013
2015
2017
2019 NOD Value
2019 PROPOSED
Original Value New Value
789,949.00 $ 893,449.00 $
893,449.00 $ 924, 812.00 $
924,812.00 $ 956,176.00 $
956,176.00 1,468,080.00 $
$956476 $983,666 $
Value Change % Change
108,800.00
31, 363.00
31,364.00
511,904.00
27,490.00
11.58
3139
3.28
34.87
2.79
Parcel R0086087
Schedule of Leases
Current Leases
Del Camino Service Plaza
JJJ Entertainment
American Tower
Calvary Freight
Spa
S&S Trucking
Total Annual Lease Income
Annual Operating Expenses
Net Lease income
Cap Rate/Property Value
Monthly
6,000
3,600
1,600
3,800
2018
72,000
43,200
14,400
19,200
45,608
9,600
204,008
114,465
89,543
8% $1,119,288
2017
72,000
43,200
14,400
19,200
45,608
9,600
204,008
124,322
79,686
$ 996,075
2018 3 yr Average
72,000
43,200
14,400
19,200
45,600
7,200
201,600
144,654
56,946
72,000.00
43,200.00
14,400.00
19,200.00
45,605.33
8,800.00
203,205433
127,813.67
75,392
$711,825 $ 942 , 396
Parcel 80086087
Proposed Valuation
Acres
2017-18
Valuation
Proposed
Valuation
2019
Increase
Percentage
Increase
Merchandising
-Improvement
485,737
499,702
13,965
3%
Special
Purpose
Improvements
H
H 22 2,7 89
229,194
6,405
3%
Warehouse/Storeage
- Improvements
10,518
10,820
302
3%
Special
Purpose
Land
225,658
'
232,146
6,488
3%
Land
1.8
11,474
,
11,804
330
3%
; Totals,
956,176
983, 666
20, 700
2%
gt LYONS GA
ATTORNEYS & COUNSELORS
Cameron A. Grant
cgrant@lyonsgaddis.com
303-776-9900
May 24, 2019
VIA ELECTRONIC SUBMITTAL
Weld County Assessor
1400 North 17th Avenue
Greeley, Colorado 80631
Re: Real Property Notice of Valuation — Protest
Account No. R0086087 RRRS, LLP
To Whom It May Concern:
Our office has been retained on behalf of RRRS, LLP to submit to you a protest of the 2019 Real
Property Notice of Valuation for the above -referenced account. Enclosed with this letter are the
following:
1. Valuation Analysis of 10763 Turner Boulevard.
2. List of Comparable Sales.
3. Historic Tax Valuation.
4. Schedule of Leases and Net Lease Income.
5. Three year of income reports for the property.
6. Agent Authorization Letter.
The current year actual value as set forth in the Weld County Assessor 2019 Real Property Notice
of Valuation grossly overvalues the real estate located at 10763 Turner Boulevard. As you can
see from the comparable sales, as well as the lease analysis, the property is more appropriately
valued at somewhere between $042,000 and $086,000. The property owner is proposing a 2019
valuation of $986,667. This is based upon the comparable sale information provided with this
protest.
As you consider this letter and the enclosed information, please note the following. The property
is a specialty use building with limited access. The attached comparable sales report identifies
seven properties in the region that have sold since February of 2017. One of those properties, a
cement plant, is excluded from the calculation as non -comparable. Three of those properties, a
greenhouse, warehouse and convenience store are excluded as they are more retail -oriented
LYONS GADDIS KAHN HALL JEFFERS DWORAK & GRANT, PC
515 Kimbark Street 2nd Floor PO Box 978 Longmont, CO 80502-0978
363 Centennial Parkway Suite 110 Louisville CO 80027
303 776 9900 I 303 776 9100
720 726 3670 www.Ivonsgaddis.com
gt LYONS GA
ATTORNEYS & COUNSELORS
Weld County Assessor
May 24, 2019
Page 2
operations with superior access to transportation and to 1-25. The remaining three comparable
sales are similar to this parcel and have been used to calculate the comp sale value of $986,566.
Looking at this property from the rental perspective, the lease schedule demonstrates a three-
year average annual income from rentals of $208,205 and annual operating expenses of
$127,814. This leaves net lease income of $75,892. Using a cap rate of 8%, fairly generous for
a property of this type, the value based upon the income approach is $942,896.
Although property values in the region may have generally increased, this particular parcel was
grossly overvalued in the 2019 process and on behalf of the property owner, we are hereby
protesting that value and proposing instead that the 2019 valuation be set at $986,567.
We look forward to your response.
Sincerely,
Cameron A. Grant
CAG:mcs
Enclosures
cc: RRRS, LLP (via email)
RRRS Parcel - 10763 Turner Blvd VALUATION ANALYSIS
Property Valuation Appeal
Assessor's Account No. R0086087
Acres
2017 Valuation
Proposed 2019
Valuation
Increase
Percentage
Increase
Merchandising
-Improvement
I
485,737
501,176
15,438 I
3%
Special
Purpose Improvements
I
222,789
229,870
7,081
I
3%
Warehouse/Storeage
-
Improvements'
10,518
10,852
334 I
3%
Special
Purpose
Land
I
225,658
232,830
7,172
I
3%
Land
1.8
11,474
11,839
365
3%
956,176
986,567
22,884
2%
Totals:
Comparable Sales Analysis
Account Number
Sale Date
Sale Price
Acres
Cost Per Acre
With
Improvements
R4395396
R4368060
R4287584
Lease Analysis
4/30/2018
1/10/2018
3/21/2017
Average:
$1,100,000
$540,000
$900,000
$2,540,000
1.87
0.94
1.85
4.66
Current Leases
Tenant
Monthly
Rent
3 Yr Average
Rent Income
Tenant in Good
Standing
Del Camino Service Plaza
JJJ Entertainment
American Tower
Calvary Freight
Spa
Total Annual Lease Income
Averate Annual Operating Expenses
Net Lease Income
Cap Rate/Property Value
6,000
3,600
1,600
3,800
72,000 yes
43,200 In default, note in place
14,400 yes
19,200 In default, eviction started
45,605 yes
8,800
0
203,205
8%
127,814
75,392
$942,396
$588,235
$574,468
$486,486
$545,064.38
Parcel R0086087
Comparable Sales in Region
Account
Number
Sale
Date
Sale
Price
Acres
Cost
Improvements
per acre with
Area
Business
Type
R4340159
9/28/2017
$ 387,000.00
0.43
$900,000
in
Firestone
Green
house
R4285204
3/10/2017
$ 837,500.00
3.54
$236,582
in
Firestone
Warehouse
R4283857
3/6/2017
$ 3,910,000.00
3.52
$1,110,795
Del
Camino
Convenience store
R4279738
2/17/2017
$ 1,300,000.00
27.55
$47,187
Del
Camino
Cement
Plant
R4395396
4/30/2018
$ 1,100,000.00
1.87
$588,235
Hwy
66
Auto
Repair/Sales
R4368060
1/10/2018
$ 540,000.00
0.94
$574,468
Hwy
66
Warehouse
R4287584
3/21/2017
$ 900,000.00
1.85
$486,486
Hwy
66
Auto
Repair/Sales
Average
$ 7, 674, 500.00
12.15
$631,646
Comparable
Uses
R4395396
4/30/2018
$ 1,100,000.00
1.87
$588,235
R4368060
1/10/2018
$ 540,000.00
0.94
$574,468
R4287584
3/21/2017
$ 900,000.00
1.85
$486,486
Average
$ 2,540, 000.00
4.66
$545,064
Average applied
to
RRR&S
$545,064
1.81
$986,566.52
Excluded
Parcel R0086087
Historc Tax Valuation
Year
Original Value
New Value
Value Change
Change
2013
2015
2017
2019 Proposed
S
S
S
789, 949.0 0
893,449.00
924,812.00
956,176.00
893,449.00
924,812.00
956,176.00
1,709,931.00
103,500.00
31,36 3.00
31,364.00
753,755.00
11.58
3.39
3.28
44.08
Parcel R0086087
Lease Analysis
Current Leases
Monthly 2016 Rev/Exp
2017 Rev/Exp 2018 Rev/Exp 3 yr Average
Current
Del Camino Service Plaza
JJJ Entertainment
American Tower
Calvary Freight
Spa
S&S Trucking
Total Annual Lease Income
Annual Operating Expenses
Net Lease Income
6,000
3,600
1,600
3,800
Cap Rate/Property Value 8%
72/000
43,200
14,400
19,200
45,608
9,600
204,008
114,465
89,543
$1,119,288
72,000
43,200
14,400
19,200
45,608
9,600
204,008
124,322
79,686
$996,075
72,000
43,200
14,400
19,200
45,600
7,200
201,600
144,654
56,946
$711,825
72,000.00
43,200.00
14,400.00
19,200.00
45,605.33
8,800.00
203,205.33
127,813.67
75,392
$942,396
yes
In default, note in place
yes
fn default, eviction started
RRRS LLP
Statment of Income
for Period Ending Monday, December 31 p 2018 and
and 12 Periods of Year Ending Monday, December 31, 2018
Page 1
Net Income (Loss)
Operating Income (Loss)
Gross Profit (Loss)
Income
Rental Income - Truck Wash
Rental Income - Spa
Rental Income - El Centena rio
Rental Income - S&S Trucking
Rental Income - Calvary
Rental Income - American Tower
Oil Lease - Encana
Miscellaneous Income
Interest Income
Total Income~
Cost of Sales
Total Gross Profit (Loss):
Operating and Non -Cash Expenses
Operating Expenses
Postage
Utilities
Repairs & Maintenance
Insurance
Property Taxes
Licenses & Permits
Vehicle Expense
Management Fees
Legal & Accounting
Office Expense
Depreciation
Total Operating Expenses:
Non -Cash Expenses
Total Operating and Non -Cash Expenses:
Total Operating Income (Loss):
Other Income
Other Expenses
Income Taxes
Distribution of Income
Total Other Expenses:
Total Net Income (Loss):
Period Ending Monday,
December 31, 2018
6,000.00
3,800.77
3,600.00
0.00
2,400,00
0.00
0.00
0.00
0,00
15,800.77
0.00
15,800.77
0.00
983.29
31,448.85
1,814.01
2,697.96
0.00
120.32
0.00
0.00
1,515,00
10,115.00
48,694.43
0.00
48,894.43
(32,893.66)
000
0.00
0.00
0.00
(32,893.68)
Percentage for 12 Periods of Year
Ending Monday,
December 31, 2018
37.97
24.05
22.78
0.00
15.19
0.00
0.00
0.00
0.00
100.00
0100
100.00
0.00
6.22
199,03
11.48
17.07
0.00
0.76
0,00
0.00
9.89
64.02
308.18
0.00
30818
(208.18)
0.00
0.00
0.
0.00
(208.18)
7,000.00
45,609,24
39, 600.00
7,200,00
16, 800,00
14,400.00
394,36
.
96
10,089.56
206,162.12
0400
206,1662.12
27.30
9,125,87
48,632.20
23,981.79
25,632.96
10.00
6,880.41
10,000.00
2,463.89
3,880.00
14,020.00
144,654.42
0,00
144,654,42
61,497.70
0.00
10,000.00
150,000.00
1601000.00.
(98,502.30)
Percentage
34,93
22.12
19.21
3.49
8.15
6.99
0.19
DrQ3
4.89
100.00
0.00
100.00
0.01
4.43
23.59
11.63
12,43
0.00
3.34
4.85
1.20
1.88
6.80
rr�.r.r.rr
70.17
0.00
lob17
29.83
0 400
4.85
72,75
77.61
(47.78)
inted by Meagan Biemiller
3/1/2018
12:52:58 PM
RRRS LLP
Statment of Income
for Period Ending Sundays December 31, 2017 and
and 12 Periods of Year Ending Sunday, December 31, 2017
Net Income (Loss)
Operating Income (Loss)
Gross Profit (Loss)
Income
Rental Income - Truck Wash
Rental Income - Spa
Rental Income - El Corporal
Rental Income - S&S Trucking
Rental Income - Calvary
Rental Income -American Tower
Oil Lease - Entana
interest Income
Total Income:
Cost of Sales
Total Gross Profit (Loss):
Operating and Non -Cash Expenses
Operating Expenses
Utilities
Repairs & Maintenance
Insurance
Property Taxes
Vehicle Expense
Management Fees
Legal & Accounting
Bank Charges
Office Expense
Depreciation
Total Operating Expenses:
Non -Cash Expenses
Total Operating and Non -Cash Expenses!
Total Operating Income (Loss):
Other Income
Other Expenses
Distribution of Income
Total Other Expenses:
Total Net Income (Loss):
Period Ending Sunday,
December 31, 2017
6 000 00
3 800 77
350000
800 CO
1&CQ00
0 CO
23132
7 817 37
23,849.46
0.00
23,849.48
773 20
8 281 83
51986
2 654 52
167 90
0 00
4 000 00
0 CO
1 825 00
272 00
18,494.31
0.00
18,494.31
5,355.15
0.00
0 00
0,00
5,355.15
Percentage for 12 Periods of Year
Ending Sunday.
December 31, 2017
25 16
15 94
15 09
3 35
6 71
0 00
0 97
32 78
100.00
0.00
100.00
3 24
34 73
218
11 13
0 70
0 00
16 rt
0 00
765
1 14
77.68
0400
77.55
22,45
0.00
0 00
0.00
22.45
72 030 00
45 608 47
43.200 CO
9.600 00
1920000
14.400 00
1.012 29
9.358 20
214,378.98
0.00
214p376.96
g 049 26
42 119 70
18 637 22
24 599 52
4 889 93
10 000 00
6 410 00
( 250 00)
4 195 29
4.672 00
124,322,92
0.00
124,322.92
90,0 4.04
0100
40.000 CO
40,000.00
60,054.04
Page 1
Percentage
33 59
21 27
20 15
4 48
8 96
6 72
0 47
4 36
100.00
0,00
100.00
4 22
19 65
8 59
11 47
2 28
466
2 99
(0 12)
1 96
2 18
57,99
0.00
57499
42.01
0.00
18 66
18,66
23.35
Printed by Meagan Bierniiier
RRRS LLP
Statment of Income
for Period Ending Saturday, December 31, 2016 and
and 12 Periods of Year Ending Saturday, December 31, 2016
rage i
Income (Loss)
Operating Income (Loss)
Gross Profit (Loss)
Income
Rental Income - Truck Wash
Rental Income - Spa
Rental Income - El Corporal
Rental Income - S&S Trucking
Rental Income - Calvary
Rental Income -American Tower
Oil Lease - Encana
Interest Income
Total income:
Cost of Sales
Total Gross Profit (Loss):
Operating and Non -Cash Expenses
Operating Expenses
Utilities
Repairs & Maintenance
Insurance
Property Taxes
Licenses & Permits
Interest Expense
Vehicle Expense
Management Fees
Legal & Accounting
Bank Charges
Office Expense
Depreciation
Total Operating Expenses:
Non -Cash Expenses
Total Operating and Non -Cash Expenses:
Total Operating Income (Loss):
Other Income
Other Expenses
Distribution of Income
Total Other Expenses:
Total Net Income (Loss):
Period Ending
Saturday, December 31,
2016
5,000,00
3,x.77
3,600.00
800.00
1,500.00
0.00
135.90
6,725.99
22,662.68
0.00
22,662.66
924.89
3,553.51
400.00
2,714.54
0.00
0.00
36,72
0.00
0.00
250.00
1,954.27
411.00
10,244.93
0.00
101244.93
12,417.73
0,00
0,00
0.00
12,417.73
Percentage for 12 Periods of Year
Ending Saturday
December 31, 2016
25.48
16.77
15.89
3.53
7.06
0,00
0.80
29.68
100.00
0.00
100.00
4.08
15.68
1.77
11.98
0.00
0.00
0.10
0.00
0.00
1.10
8.62
1.81
45.21
0.00
45.21
54.79
0.00
0.00
0.00
54.79
72,000.00
45,609.24
43,200.00
9,600,00
10,200,00
14,400.00
1}502,45
10,377.47
215,989.17
0.00
215,989.17
10,.28
27,156.94
22,448.06
23,944,54
110.00
1,306.78
5,052.%
101000.00
3,186.00
250.00
4,409.31
5,0111.00
114,465.87
0.00
114,485.87
101,523.30
0,00
36,370,80
,370.80
65p152.50
Percentage
33.34
21.12
20.00
4.44
8.89
6.67
0.74
4.80
100.00
0.00
100,00
4.95
12.57
10.39
11.09
0.05
0.61
2.34
4.63
1.48
0.12
2.04
2.74
53.00
0.00
53.00
47.00
0.00
16.84
18,84
30.10
.inted by Meagan Biemiller
RRRS, LLP
10763 Turner Boulevard
Longmont, Colorado 80504
vvrww.thetruckwash.com
May 21, 2019
Weld County Assessor
Brenda Dones
1400 North 17th Avenue
Greeley, Colorado 80631
Re: Agent Authorization
Real Property + l ation Appeal
Account No. R0086087
To Whom it May Concern:
This letter is to notify the Weld County Assessor that the law firm of Lyons Gaddis, and
specifically, Attorney Cameron Grant, are authorized to file a real property valuation appeal in
relation to the above -referenced account number on behalf of R1., LLP.
If you have any questions or need any further information or authorization, please do not hesitate
to contact me directly.
Sincerely,
RRRS, LIT
tic Hiatt, General ' artner
cc: Lyons Gaddis
Parcel R0086087
Comparable Sales in Region
Account Number
Sale Date
Sale Price
Acres
Cost per acre with
Improvements
Area
Business Type
R8943100
11/21/2017
$3,095,700
5.71
$542,154
119 /1-25
Warehouse
R6830597
4/30/2018
$ 1,100,000.00
1.87
$588,235
Hwy 66 / 1-25
Auto Repair/Sales
R0233194
1/10/2018
$ 540,000.00
0.94
$574,468
Hwy 66 /1-25
Warehouse
R6830597
3/21/2017
$ 900,000.00
1.85
$486,486
Hwy 66/ 1-25
Auto Repair/Sales
AVERAGE
$ 5,635,700.00
10.37
$543,462
APPLIED TO R0086087
$543,462
1.81
$983,666.22
II
LIMITED TO 2018 SALES
$581,351
1.81
$1,052,245.31
V
O
0
Parcel R0086087
Historc Tax Valuation
Year
Original Value New Value Value Change % Change
2013 $ 789,949.00 $ 893,449.00 $
2015 $ 893,449.00 $ 924,812.00 $
2017 $ 924,812.00 $ 956,176.00 $
2019 NOD Va $ : 956,176.00 $ 1,468,080.00 $
2019 PROPOSED $956,176 $983,666 $
103,500.00 11.58
31,363.00 3.39
31,364.00 3.28
511,904.00 34.87,;
27,490.00 2.79
Parcel R0086087
Proposed Valuation
Acres
2017-18
Valuation
Proposed 2019
Valuation
Increase
Percentage
Increase
Merchandising -Improvement
485,737
499,702
13,965
3%
Special Purpose Improvements
222,789
229,194
6,405
3%
Warehouse/Storeage - Improvements
10,518
10,820
302
3%
Special Purpose Land
225,658
232,146
6,488
3%
Land
1.8
11,474
11,804
330
3%
Totals: 956,176 983,666 20,700
2%
M. Stewart
Is Gaddis Kahn Hall Jeffers Dworak & Grant, PC
. Box 978
rmont, CO 80502-0978
�iillllilinlii7ii��'ll��n�
9314 8699 0430 0061 2179 77
RETURN RECEIPT (ELECTRONIC)
I'IIIIIIII1111111lllulIIIII'11111111111ll'IIl"111111111111111.1
WELD COUNTY BOARD OF EQUALIZATION
PO BOX 758
1 150 O STREET
GREELEY, CO 80632-0758
NEOPOST
07/15/2019
US POSTAGE
$0060,
ZIP 80
0411\4112
July 26, 2019
Petitioner:
RRRS LLP
10763 TURNER BLVD
LONGMONT, CO 80504-9578
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):
RE: THE BOARD OF EQUALIZATION 2019, WELD COUNTY, COLORADO
NOTIFICATION OF HEARING SCHEDULED
Docket 2019-3109, AS0103 Appeal 2008224791 Hearing 8/2/2019 1:30 PM
Account(s) Appealed:
R0086087
Dear Petitioner(s):
The Weld County Board of Equalization has set a date of August 2, 2019, 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, 2019, 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 ofyourwritten 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 Danes, Assessor
Hello