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Home My WebLink About20193135.tiffAugust 6, 2019 Petitioner: 410 PARTNERSHIP LLLP 2262 S QUEEN ST LAKEWOOD, CO 80227-1952 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): AV PROS LLC 3199 S PEARL ST ENGLEWOOD, CO 80113-2709 RE: THE BOARD OF EQUALIZATION 2019, WELD COUNTY, COLORADO NOTICE OF DECISION Docket 2019-3135 Appeal 2008224942 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 R6775830 Stipulated - Approved Stipulated Value $2,755,215 $2,714,397 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 August 6, 2019 Agent: AV PROS LLC 3199 S PEARL ST ENGLEWOOD, CO 80113-2709 CLERK TO THE BOARD PHONE (970) 400-4226 FAX (970) 336-7233 WEBS ITE: www.weldgov.com 1150 O STREET P.O. BOX 758 GREELEY CO 80632 Petitioner: 410 PARTNERSHIP LLLP 2262 S QUEEN ST LAKEWOOD, CO 80227-1952 RE: THE BOARD OF EQUALIZATION 2019, WELD COUNTY, COLORADO NOTICE OF DECISION Docket 2019-3135 Appeal 2008224942 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. §39-8-101et 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 R6775830 Stipulated - Approved $2,755,215 $2,714,397 Stipulated Value 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 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 R6775830 STIPULATION (As To Tax Year 2019 Actual Value) RE PETITION OF : NAME: ADDRESS: 410 Partnership LLLP 2262 S Queen St. Lakewood, CO 80227-1952 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: 1115 South Gate Dr., Windsor LOT 2 BLK1 SOUTH GATE BUSINESS PARK 2ND FG 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 $2,755,215 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 $2,714,397 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: After a review of all approaches to value an adjustment was indicated. 7. Both parties agree that: [The hearing scheduled before the Board of Equalization on 8/2/19 at 9:00 AM be vacated. TIA hearing has not yet been scheduled before the Board of Equalization. 1 00(9-3135 A So i o 3 DATED this 18th day of July , 2019 Mills Fort agent HUH H, Ford, agent (Jul 14;2019) Petitioner(s) or Agent or Attorney Address: 555 E Eastman Ave Englewood, CO 80113 (Assistant) County Attorney for Respondent, Weld County Board of Commissioners Address: 1150 "O" Street P.O. Box 758 Greeley, CO 80632 Telephone: 3037572570 Telephone:(970) 336-7235 Docket Number R6775830 Stip-1.Frm County Assessor Address: 1400 N.17th Avenue Greeley, CO 80631 Telephone: (970) 400-3650 2 R6775830 / 410 Partnership LLLP Final Audit Report 2019-07-20 Created: 2019-07-18 By: Wade Melies (wmelies@co.weld.co.us) Status: Signed Transaction ID: CBJCHBCAABAAW6WbhKWZF1FxKU5j7CZPeJNIwJ_xjxRE "R6775830 / 410 Partnership LLLP" History t Document created by Wade Melies (wmelies@co.weld.co.us) 2019-07-18 - 6:07:28 PM GMT- IP address: 204.133.39.9 E_. D• ocument emailed to Wade Melies (wmelies@co.weld.co.us) for approval 2019-07-18 - 6:07:29 PM GMT • Document approved by Wade Melies (wmelies@co.weld.co.us) Approval Date: 2019-07-18 - 6:07:40 PM GMT - Time Source: server- IP address: 204.133.39.9 Cs. D• ocument emailed to Wade J Melies (wmelies@weldgov.com) for approval 2019-07-18 - 6:07:42 PM GMT t Email viewed by Wade J Melies (wmelies@weldgov.com) 2019-07-18 - 6:10:54 PM GMT- IP address: 204.133.39.9 A0 Document approved by Wade J Melies (wmelies@weldgov.com) Approval Date: 2019-07-18 - 6:17:58 PM GMT - Time Source: server- IP address: 204.133.39.9 El,. D• ocument emailed to jmarini@weldgov.com for signature 2019-07-18 - 6:17:59 PM GMT `l Email viewed byjmarini@weldgov.com 2019-07-18 - 8:33:42 PM GMT- IP address: 204.133.39.9 Document signing delegated to Jason Marini Qmarini@co.weld.co.us) by jmarini@weldgov.com 2019-07-18 - 8:34:07 PM GMT- IP address: 204.133.39.9 C6 Document e -signed by Jason Marini (jmarini@co.weld.co.us) Signature Date: 2019-07-18 - 8:34:37 PM GMT - Time Source: server- IP address: 204.133.39.9 Document emailed to Mills H. Ford, agent (fordidit@att.net) for signature 2019-07-18 - 8:34:38 PM GMT WittS • Adobe Sign Email viewed by Mills H. Ford, agent (fordidit@att.net) 2019-07-19 - 5:20:37 PM GMT- IP address: 98.138.219.28 C:56 Document e -signed by Mills H. Ford, agent (fordidit@att.net) Signature Date: 2019-07-19 - 5:32:20 PM GMT - Time Source: server- IP address: 73.229.64.206 Document emailed to Karin McDougal (weld-cboe@weldgov.com) for signature 2019-07-19 - 5:32:21 PM GMT Email viewed by Karin McDougal (weld-cboe@weldgov.com) 2019-07-19 - 6:01:50 PM GMT- IP address: 204.133.39.9 G3o Document e -signed by Karin McDougal (weld-cboe@weldgov.com) Signature Date: 2019-07-20 - 0:08:36 AM GMT - Time Source: server- IP address: 204.133.39.9 Signed document emailed to jmarini@weldgov.com, Wade J Melies (wmelies@weldgov.com), Mills H. Ford, agent (fordidit@att.net), Wade Melies (wmelies@co.weld.co.us), and 3 more 2019-07-20 - 0:08:36 AM GMT Adobe Sign NOTICE OF DETERMINATION RECEIVED Brenda Dories Weld County Assessor 1400 N 17th Ave Greeley, CO 80631 JUL ! 7 WELD COUNTY COMMISSIONERS Date of Notice: 6/25/2019 Telephone: (970) 400-3650 Fax: (970) 304-6433 Office Hours: 8:00AM — 5:00PM ACCOUNT NO. TAX YEAR TAX AREA LEGAL DESCRIPTION! PHYSICAL LOCATION LOT PG 1115 2 BLK1 SOUTH SOUTH GATE GATE DR BUSINESS WINDSOR PARK 2ND R6775830 2019 3694 w z g r re w 0 ce a. 410 PARTNERSHIP 2262 S QUEEN LAKEWOOD, LLLP ST CO 60227-1952 ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ACTUAL VALUE REVIEW PRIOR TO ACTUAL VALUE REVIEW AFTER COMMERCIAL 2,755,215 2,755,215 TOTAL 2,755,215 2,755,215 The Assessor has carefully studied all available information, giving particular attention to the specifics included on your protest. The Assessor's determination of value after review is based on the following: C 05 - The law requires that data from Jan 2017 to June 2018 be used to establish current values. We have considered all three approaches to value and we have denied your appeal based upon this data. If you disagree with the Assessor's decision, you have the right to appeal to the County Board of Equalization for further consideration, § 39-8-106(1)(a), C.R.S. The deadline for filing real property appeals is July 16. 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 t.aing 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) : AV PROS LLC 3199 S PEARL ST ENGLElvOOD, CO 80113-2709 2019-3135 15 -DPI -AR PR 207-08/13 R6775830 /\30f03 APPEAL PROCEDURES County Board of Equalization Hearings will be held from July 25th through August 5th at 1150 0 street. To appeal the Assessor's decision, complete the Petition to the County Board of Equalization shown below, and mail, file online, or deliver a copy of both sides of this form to: 1' Weld County Board of Equalization 1150 0 Street, P.O. Box 758 Greeley, Co 80631 Telephone: (970) 3564000 ext, 4225 Online: www.co.weld coms a sl. oboe To preserve your appeal rights, your. Petition to the County Board of Equalization must be postmarked or delivered on or before July 15 for real property -- after such date, your right to appeal is lost. You may be required to prove that you filed a timely appeal; therefore, we recommend that all correspondence be mailed with proof of mailing. You will be notified of the date and time scheduled for your hearing. The County Board of Equalization must mail a written decision to you within five business days following the date of the decision. The County Board of Equalization must conclude hearings and render decisions by August 5, § 39-8-107(2), C.R.S. . If you do not receive a decision fromthe County Board of Equalization and you wish to continue your appeal, you must file an appeal with the Board of Assessment Appeals eals by September 10, 39-2-125(1)(e), C.R.S, pp � if you are dissatisfied with the County Board of Equalization's decision and you wish to continue your appeal, you must appeal within 30 days of the date of the County Board's written decision to ONE of the following: Board of Asses rent Aa eals 1313 herman Street., Room 315 Denver, CO 80203 (303) 866-5880 www dola‘coiorado..gov/baa Bindinrbitration For a list of arbitrators, contact the County Commissioners at the address listed for the County Board of Equalization. If the date for filingeany 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, § 394-120(3)1 C.R.S. District Court Contact the District Courtin the County where the property is located. See your local telephone book for the address and telephone number. PETITION TO COUNTY BOARD OF EQUALIZATION _ What is your estimate of the property's value as of June 30, 2018? (Your opinion of value in terms of a specific dollar amount is required for real property pursuant to § 39-8-106(1.5), C.R.S.) LI a, 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, Le., comparable sales, rent roll, original installed cost, appraisal, etc.) 0 S 0 1 Ct -TAX loco -teat to ina, t IV T '1- n 0 A PPRASISAn.C -net 7H _ATTESTATION I I, the undersigned owner or agent' of the property identified above, affirm that the statements contained herein and on prey tachm nts h-reto are true and complete. Signature aft;:i3 757 nic`2O ris..) 6-1 a01 Telephone Number Date 4 ici)Hzet--.).._ 0:14- nee Email Address 1 Attach letter of authorization signed by property owner, 15 -COPT -AR PR 207-08/13 R6775830 May 7, 2019 Mills Ford AVPros, s, LL `. 3199 South Pearl Street Englewood, Colorado 80113 RE: Filing a protest and/or appeal with regard to the 2019 assessed value with the County Assessor ssor in the county where my property is located for mg) property sknown as: Ii. 15 Southgate Dr, rindsor, legally titled in the mane of 410 PARTNERSHIP LLLP with Parcel IdentificationNumber: PI R6775830. Dear Mr, Ford„. I/we hereby appoint AVPros, LIE to act as my/our agent to present appraisal data and make arguments to the Courity Assessor's office in the county where fl ti' -property is located in an effort to reduce the 2019 valuation for assessment purposes on my property described above, and further, if necessary,to act on ny./Our behalf with regard to filing a prouest/appeal to the second round venue. the County Board of Equalization. Thanks for your efforts m this matter_ Yours truly_ � Si no w e ate (Print) /NOTE: if Owner r is an LW, corporation, or other entity, then REPLACE the Owner's signature Mock above with the following signatureNock/ raa a a a Name 410 P. i ti p, h i k-. I --) a te Fro, ity Name,er' re f er 1 f By. Name: Title, t1e .: railleavt iktgairt, ard 4402-14 Date SALES COMPARISON GRID I INCOME APPROACH ANALYSIS 1115 Southgate Drive PIN R6775830 2019 Assessed Value Crnp. 1 701 2 2625 3 5900 4 3803 5 7250 8 871 SUB 1115 Address SOLD Automation Dr 35th Av S CollegeAv#A W 10th St Greenridge Rd Champion Dr Southgate Dr Land Adj. SF Location Windsor Greeley Ft Collins Greeley Windsor Windsor Sch, No, R1227597 80028093 R1589700 87811599 R1603415 R4278106 R6775830 Sale Price $2,175,0€O $5,450,000 $1,165,000 $1,000,000 $2,200,000 $3,600,000 Finance Legal Motivation ° Terms % Type °74 $4.00 SF Market Market Market Market Market Market 2018 AV Total 2018 AV Land 2018 AV Irnpr. Assessment Information $2,244,990 2019 AV Total $613,779 2019 AV Land $1,631,211 2019 AV Impr $2,755,215 $1,002,506 $1,752,709 STATISTICS Adi. Data MEAN STD DEV 1 STD DEV 2 MAX RANGE MIN RANGE MEAN MAX/MIN MEAN MCD # MEDIAN MODE Liu LL '1/41 • SOLD P/SF $129.42 $27,08 $24.72 $155.14 $86 55 $120.85 $133.70 $137.09 #N/A Mills H. Ford Date Certified General Appraiser ##1316568 A'f'ros, LL Indic. Value Subject $2,641,268 $552,681 $504,527 $3,166,248 $1,766,431 $2,466,340 $2,728,732 $2,797,918 #N/A 7/15/19 Sale Date daily% 0.0 CVICA 0.0 Corn Ind 0.0 12/8/16 0.0 CVICA 0.0 AutoSales 0.0 2/9/15 0.0 CV/CA 0.0 AutoSales 0.0 2/2/18 0.0 CVICA 0.0 AutoSales 0:0 2/18)15 0.0 CVICA 0.0 Auto Care 0.0 3131#15 0.0 CV/CA 0.0 Corn Ind 0,0 9/23)14 Auto Dealership 6I30/18 Appr. Date 1.3% Bldg. Site Site Sq.Ft. �y Size Size Ac. Cover Adj, % 0.004% $4.00 2.03% 26,750 2.1832 0.2813 $4.00 31.8 4.41% 43,821 3.9952 0.2518 $4.00 19.5 0.53% 8,600 1.2387 0.1594 $4.00 11.1 4.37% 8,190 1.0347 0.1817 $4.00 14.8 4.23% 16,623 4/480 0.0804 $4,00 -7.3 4.90% 39,607 11.020 00825 $4.00 -92 20,409 4.6968 0.0996 Comparable Sates Atwood INDICATED UNIT VALUE FOR SUBJECT $129.40 P/SF INDICATED VALUE FOR SUBJECT $2,640,925 As of 6130118 ADOPT $2,640,000 'Contract Re $11.25 NNN P/SF Less: Vacancy/Credit Factor Other: LT Expenses NOI Cap Rate Age/ Cond. a Zone 2005 1992 1990 1987 1987 2006 0.0 COM 0.0 COM 0.0 COI1/4/1 0.0 COM 0.0 COM 00 COM 2014 COM Unadj, Price °la Loc. % Sq.Ft. 0,0 SIM 0,0 SIM 0.0 SIM 0.0 SIM 0.0 SIM 0.0 SIM INCOME APPROACH $20,409 2.0e/0 3,8% $229,601 -$4,592 -$8,725 $216.284 8.30% MV $2,605,836 Adopt $2,600,000 I estimate the subject's value for tax assessment purposes as of June 30, 2018 to be: $2,640,000 0.0 $81.31 0.0 $124,37 00 $135.47 0.0 $122.10 0.0 $132.35 OD $90.89 $114.41 Tot. Adj. 34.5 241 11.7 19.8 -3.4 -4.8 Adj. Price Sq. Ft. $101.36 $155.14 $151.26 $146.33 $127.86 $86.55 $129.42 STATISTICS Un diusted MEAN $114.41 STD DEV 1 $22.68 STD DEV 2 $20.70 MAX RANGE $135.47 MIN RANGE $81.31 MEAN MAXIM $108,39 MEAN MID # $11743 MEDIAN $123.23 MODE #N/A REMARKS: The subject is a 20,409 square foot one-story masonry and glass constructed auto dealership with showroom built in 2014 on a 4.6968 -acre site located on the north side of Highway 34 in Windsaor, Colorado. The building includes car showroom and various auto dealership related offices and service areas. It is my unsderstanding that the subject property is owned and operated by the owner operator of the KIA Dealership. Because of this situation any leases involved were not thought to be arms -length, and therefore not reliable for use ion the Income Approach. Finding comparable sales automotive sales and service properties in the Windsor area proved difficult, so the property search was expanded to include sales from Greely to Fort Collins. Ultimately, I settled on 6 sales, trying specifically to include commercial sales in the actual Windsor area. All 6 of the comps used were helpful in defining the value parameters of the subject property, with sale 6 considered the best comparable sale, despite its 9123/14 sale date, because of its location and direct similarity to the subject property. Sales 2 and 3 were considered the next best, but because locational differences, were afforded less credibility. The other saleswere helpful in establishing the range of value for the subject. Adjustments were made to the comparable sale properties for time of sale based on an annual time adjustment of +1.3% which was derived from linear regression analysis and sales trend data from the commercial economic trend services. It appears that price increases for this type of commercial property has stalled duringt he last several years. Adjustments were made for building -to -land ratio as compared to the subject based on a $4,00 Der smmare foot land value adiustrnent. The Sales Comparison Approach provided an indicated value for the subject oroDerty. as Data. $2,335,072 $462,897 $422,565 $2,764,708 $1,659,423 $2,212,065 $2,396,575 $2,515,100 #N/A SALES COMPARISON GRID / INCOME APPROACH ANALYSIS 1115 Southgate Drive PIN R6775830 2019 Assessed Value SUBJECT AND SALES 701 Automation Dr Windsor Bldg Size SF: Land Size SF: YOC Sale Price: Sale Date: 2 2625 35th Av Greeley Bldg Size SF: Land Size SF: 'oG Sale Price: Sale Date: 3 5900 S College Av #A Ft Collins Bldg Size SF: Land Size SF; YOG Sale Price: Sale Date: 4 3803 W 10th St Greeley Bldg Size SF: Land Size SF: Yoc Sale Price: Sale Date: 26,750 95,100 2005 $2,175,000 1218/18 43,821 174,031 1992 $5,450,000 2/9/15 8,600 53,958 1990 $1,165,000 212/18 8,190 ' Ir i t 45,072 1987 $1,000,000 2/18/15 6••Y •r are as) ..or va w•• w Y •••ry fv• •••�r%a•.•.r • S e• • Y• •Y •Y4Y V V VI We. L.• I• V1 •V• • ••Y VV•YY Y Y• •• rya•• u a. • • • •fa�•r•I•Y•• �-• •�1M1VY Y•• •••Y•YYtYY • Y•YY •V• 7• •••••1 vu wailla•• of June 30, 2018, of $2,640,000, For the Income Approach I used an estimated market rent of $11.25 per square NNN. I factored in a long-term vacancy/credit loss of 2.0%, a long-term depreciation expense of 3.8% and an 8.30% cap rate based on the subject's specific utility design status in a period of rising local cap rates. Using these factors, the indicated value for the subject, using the Income Approach, as of June 30, 2018, is $2,600,000. Due to the nature of the assignment, effectively an owner occupied commercial property, I determined the Sales Comparison Approach to be the most reliable approach to value the subject for 2019 tax assessment purposes. Based on my analysis, and the indicated values from the Sales Comparison Approach and Income Approach, I adopted an estimated value for tax assessment purposes, as of June 30, 2018, of $2,640,000. r..• 4rv• if • MAY SUBJECT 1115 Southgate Dr Bldg Size SF: 20,409 Land Size SF: 204,593 YOC 2014 �t* , it . 4 • 1771;"VS SI tae SALES COMPARISON GRID I INCOME APPROACH ANALYSIS 1115 Southgate Drive PIN R6775830 2019 Assessed Value 5 7250 Greenridge Rd Bldg Size SF: Land Size SF: Yoc Sale Price: Sale Date: 6 871 Champion Dr Bldg Size SF: Laud Size SF: YOC Sale Price: Sale Date: Windsor 16,623 206,823 12V S2,200,000 3/31/16' Windsor 39,607 4800031 2006 ho 'if It 53.600,000 9/23114 641 572 AVPros, , LLC 3199 South Pearl Street Englewood, O 80113-2709 44.1„1.45, 192<diell rR. f rol tie 7[}17 2400 000], 1398 2203 nCeSItYin PGSF L'SflnWtm 1000 80831 F��'�POv�"�'�TAG'E PAID A�,��a o. OO Cup £&cvry &t4Z0 E-PuAynieiv 1750 0 s-riecan p pax GbecELey, co g0631 • R2$7 60 9U3E12h$22-D1 Hello