HomeMy WebLinkAbout20193014.tiffAugust 6, 2019
Petitioner:
EWE WAREHOUSE INVESTMENTS XL LTD
C/O EASTON & ASSOCIATES
10165 NW 19TH ST
MIAMI, FL 33172-2529
CLERK TO THE BOARD
PHONE (970) 400-4226
FAX (970) 336-7233
WEBS ITE: www.weldgov,com
1150 O STREET
P.O. BOX 758
GREELEY CO 80632
Agent (if applicable):
DOWNEY & ASSOCIATES, PC
6855 S HAVANA ST STE 600
CENTENNIAL, CO 80112-3858
RE: THE BOARD OF EQUALIZATION 2019, WELD COUNTY, COLORADO
NOTICE OF DECISION
Docket 2019-3014 Appeal 2008224900 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
R7083798 Deny - Administrative Deny
$7,138,819 $7,138,819
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:
DOWNEY & ASSOCIATES, PC
6855 S HAVANA ST STE 600
CENTENNIAL, CO 80112-3858
Petitioner:
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
EWE WAREHOUSE INVESTMENTS XL LTD
C/O EASTON & ASSOCIATES
10165 NW 19TH ST
MIAMI, FL 33172-2529
RE: THE BOARD OF EQUALIZATION 2019, WELD COUNTY, COLORADO
NOTICE OF DECISION
Docket 2019-3014 Appeal 2008224900 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
R7083798 Deny - Administrative Deny
$7,138,819 $7,138,819
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
From: Tom Downey
To: CTB-County Board of Equalization
Cc: Wade Melies
Subject: ADMINISTRATIVE DENIAL REQUESTS
Date: Friday, July 19, 2019 11:19:02 AM
Attachments: jmaae001.ang
t'aution: 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.
Dear CBOE,
We hereby request that administrative denials be entered by the cboe on the following cboe
petitions:
1. Colorado Bean. Account No. R0166691
2. Zateca Foods Inc. Account Nos. R0166991, R0167091, R0167191, and R0168391
3. EWE Warehouse Investments XL Ltd. Account No. R7083798
Please contact me immediately if there are any questions about this request.
Thank you for your assistance.
Tom
Thomas E. Downey, Jr.
DOWNEY
ASSOCIATES,,
6855 South Havana Street
Suite 600
Centennial, CO 80112
Tele: (303)813-1111
Fax: (303)813-1122
www.downeylawpc.com
www.coloradopropertytaxattorney.com
The preceding e-mail message (including any attachments) contains information that
may be confidential, be protected by attorney -client or other applicable privileges, or
constitute non-public information. It is intended to be conveyed only to the designated
recipient(s). If you are not an intended recipient of this message, please notify the sender
by replying to this message and then delete it from your system. Use, dissemination,
distribution, or reproduction of this message by unintended recipients is strictly
prohibited and may result in legal action against you.
0019-30i9
A S 0 (0 3
NOTICE OF DETERMINATION
RECEIVED
Brenda Dones
Weld County Assessor
1400 N 17th Ave
Greeley, CO 80631
JUL 1 5 2`�;:E
WELD COUNTY
COMM!SSlCNpr
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
R7083798
2019
0683
GR EFTC L C ELECTRONIC FABRICATION TECH
NOLOGY CORPORATION SUB
244 DUNDEE AVE GREELEY
PROPERTY OWNER
EWE WAREHOUSE INVESTMENTS XL LTD
C/O EASTON & ASSOCIATES
10165 NW 19TH ST
MIAMI, FL 33172-2529
PROPERTY CLASSIFICATION
ASSESSOR'S VALUATION
ACTUAL VALUE PRIOR TO
REVIEW
ACTUAL VALUE AFTER
REVIEW
INDUSTRIAL
7,138,819
7,138,819
TOTAL
7,138,819
7,138,819
The Assessor has carefully studied all available information, giving particular attention to the
specifics included on your protest. The Assessor's determination of value after review is based on
the following:
CM05 - The law requires that data from Jan 2017 to June 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 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):
DOWNEY & ASSOCIATES, PC
6855 S HAVANA ST STE 600
CENTENNIAL, CO 80112-3858
15-DPT-AR
PR 207-08/13
R7083798
2019-3014
7\50l03
APPEAL PROCEDURES
County Board of Equalization Hearings will be held from
July 25th through August 5th at 1150 O Street.
To appeal the Assessor's decision, complete the Petition to the County Board of Equalization shown
below, and mail, file online, or deliver a copy of both sides of this form to:
Weld County Board of Equalization
1150 O Street, P.O. Box 758
Greeley, CO 80631
Telephone: (970) 356-4000 ext, 4225
Online: www.co.weld.co.us/appsl/cboe/
To preserve your appeal rights, your Petition to the County Board of Equalization must be
postmarked or delivered on or before July 15 for real property — after such date, your right to
appeal is lost. You may be required to prove that you filed a timely appeal; therefore, we
recommend that all correspondence be mailed with proof of mailing.
You will be notified of the date and time scheduled for your hearing. The County Board of
Equalization must mail a written decision to you within five business days following the date of the
decision. The County Board of Equalization must conclude hearings and render decisions by August
5, § 39-8-107(2), C.R.S. If you do not receive a decision from the County Board of Equalization and
you wish to continue your appeal, you must file an appeal with the Board of Assessment Appeals by
September 10, § 39-2-125(1)(e), C.R.S.
If you are dissatisfied with the County Board of Equalization's decision and you wish to continue your
appeal, you must appeal within 30 days of the date of the County Board's written decision to ONE of
the following:
Board of Assessment Appeals District Court
1313 Sherman Street, Room 315 Contact the District Court in the County
Denver, CO 80203 where the property is located. See your
(303) 866-5880 local telephone book for the address and
www.dola.colorado.qov/baa telephone number.
Binding Arbitration
For a list of arbitrators, contact the County Commissioners at the address listed for the County Board
of Equalization.
If the date for filing any report, schedule, claim, tax return, statement, remittance, or other document
falls upon a Saturday, Sunday, or legal holiday, it shall be deemed to have been timely filed if filed
on the next business day, § 39-1-120(3), C.R.S.
PETITION TO COUNTY BOARD OF EQUALIZATION
What is your estimate of the property's value as of June 30, 2018? (Your opinion of value in terms of a
specific dollar amount is required for real property pursuant to § 39-8-106(1.5), C.R.S.)
$ 3;2141,006
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
ATTESTATION
I, the undersigned owner or agent' of the property identified above, affirm that the statements contained herein
and pn any at a ments hereto are true and complete.
ignature
Email Address
7/I„)/9
Telephone Number Date
Thomas E. Downey, Jr., #9686
Attorney for Petitioner
tomPdowneylawpc.com 303-813-1111
'Attach letter of authorization signed by property owner.
15-DPT-AR
PR 207-08/13
R7083798
DOWNEY & ASSOCIATES, Pc
A PROFESSIONAL CORPORATION
July 11, 2019
VIA USPS PRIORITY MAIL
Weld County Board of Equalization
1150 O Street
P.O. Box 758
Greeley, CO 80631
Re: 2019 Property Tax Protests
Dear Clerk to the Board,
303 813-1111
We represent the owners of the properties listed below, and are tendering formal
written Petitions to the Board of Equalization on their behalf appealing the Weld County
Assessor decisions for each of the following.
Property Owner
GREELEY MULTIFAMILY
DST
Property Address
1001 50th Ave, Greeley
Account Number
R2007186
METAL SALES
MANUFACTURING CORP
7990 E I-25 Frontage Road,
Frederick
R4573406
MISSION VILLAGE
GREELEY LLC
320 23rd Avenue, Greeley
R8943721
COLORADO BEAN INC
14574 County Road 64,
Greeley
R0166691
ZATECA FOODS INC
4574 County Road 64 ,
Greeley
R0166991, R0167091,
R0167191, and R0168391
EWE WAREHOUSE
INVESTMENTS XL LTD
244 Dundee Ave, Greeley
R7083798
enclosed.
The Petitions and supporting documentation for each of these properties are
We respectfully request that a hearing time before the Board be set for the same
day to review all of these Petitions, and that the Notice of Hearing for each be directed to the
undersigned. I will not be available for hearing on the following dates: July 17 and July 19,
2019.
6855 South Havana Street n Suite 600 ❑ Centennial, Colorado 80112 ❑ fax 303 813-1122
www.downeylawpc.com ❑ www.coloradopropertytaxattorney.com
Weld County Board of Equalization
July 11, 2019
Page 2
Thank you for your consideration, and feel free to contact my office if you have
any questions.
TED/js
Enclosures
QA,
Very truly yours,
Thomas E. Downey, Jr.
6855 South Havana Street r! Suite 600 Centennial, Colorado 80112 �7, fax 303 813-1122
www.downeylawpc.com ❑ www.coloradopropertytaxattorney.com
DOWNEY & ASSOCIATES, Pc
A PROFESSIONAL CORPORATION 303 813-1111
July 11, 2019
VIA USPS PRIORITY MAIL
Weld County Board of Equalization
1150 O Street
P.O. Box 758
Greeley, CO 80631
Re: EWE WAREHOUSE INVESTMENTS XL LTD
244 Dundee Ave, Greeley
Account Number: R7083798
Dear Clerk to the Board,
We represent the owner(s) of the above -referenced real property ("Subject
Property") in Arapahoe County. Enclosed is the Petition to the Board of Equalization protesting
the denial, or inadequate adjustment, by the Arapahoe County Assessor.
I am not available for hearing on July 17, 2019.
Please direct the Notice of Hearing on this matter to the undersigned.
Petitioner, pursuant to C.R.S. §39-8-107(3), respectfully requests that the Assessor
provide all data supporting the assessor's determination of actual value on these parcels to the
undersigned no later than two working days prior to the CBOE hearing.
Thank you for your cooperation in this regard. Should you have questions, please
call.
TED/js
Enclosures
cc: K. Conrad
Very truly yours,
Thomas E. Downey, Jr.
6855 South Havana Street ❑ Suite 600 ❑ Centennial, Colorado 80112 Li fax 303 813-1122
www.downeylawpc.com a www.coloradopropertytaxattorney.com
•
DOWNEY & ASSOCIATES, Pc
A PROFESSIONAL CORPORATION
May 27, 2019
VIA USPS PRIORITY MAIL
Ms. Brenda Dones
Weld CountyAssessor
1400 N17th Avenue
Greeley, CO 80631
Thomas E. Downey, Jr.
303 813-1111
tom@downcylawpc.com
Re: 244 Dundee Ave, Greeley
Schedule Numbers: 095905104005
Dear Ms. Dones,
We represent, EWE WAREHOUSE INVESTMENTS XL LTD, the owner of the
above -captioned property, and are tendering this correspondence on its behalf.
This letter shall serve as a formal written protest of the real property notice of
valuation for the above -captioned properties for the 2019 tax year.
We believe the current year actual value assigned to the above -captioned schedule
numbers is excessive and should be reduced.
The property was the subject of a 2018 protest which was recently settled by
stipulation at a value of $6,949,275. The assigned 2019 value is $7,138,819/$80.48 SF, which
represents an increase of $189,544/2.73% over the stipulated 2018 value. Petitioner submits that
the 2019 value should not have increased at all, and needs further reduction to account for the
vacancy which has existed at the subject since May, 2017. The subject was 100% vacant on June
30, 2018. The subject was 100% vacant on January 1, 2019. Attached is our excess vacancy
adjustment calculation assuming an absorption period of 2 to 4 years. Since the subject property
has already been vacant two years, the likely absorption is probably more like 3 to 4 years.
Excess vacancy/lease up costs for three-year absorption are $3,845,000. Petitioner respectfully
request the value the subject property be reduced to $3,294,000 to acknowledge the
significantly lease- up costs for this property that was 100% vacant on the relevant
valuation dates.
Pursuant to C.R.S. §39-5-121.5, the taxpayer respectfully requests that the
Assessor provide its undersigned legal representative with the data utilized by the Assessor
to establish the 2019 value for the Subject Property within seven working days after receipt
of this request.
I would like to meet with you in June to discuss this matter.
6855 South Havana Street c Suite 600 r: Centennial, Colorado 80112 fax 303 813-1122
www.downeylawpc.com www.coloradopropertytaxattorney.com
Ms. Brenda Dones
Weld CountyAssessor
May 27, 2019
Page 2
Please contact me if you have any questions concerning this Protest.
Thank you for your consideration.
Very truly yours,
14444 AktP)47
Thomas E. Downey, Jr.
TEDIj s
Enclosure
cc: K. Conrad
6855 South Havana Street Suite 600 =.'::= Centennial, Colorado 80112 _! fax 303 813-1122
www.downeylawpc.com i': www.coloradopropertytaxattorney.com
Building
Area (sf)
Vacancy (Rent Loss)
Area
Vacant
Actual Vacancy 100.0% 88,706
Area vacant at stabilization
Excess vacancy on date of value
Effective Net Rate per square foot
Annual net income loss
Ordinary Level Annuity (Annual Compounding)
Present value factor
Present value of the rent loss
Present value factor
Present value of the rent loss
88,706 sf
4.435 sf 5%
84,271 sf Excess Vacancy
$12.50 / sf
$1,053,384
Rate Years
1.735537 10% 2
$1,828,187
3.169865 10% 4
$3,339,085
Leasing Commissions 84,271 sf Excess Vacancy
$1.00 / sf / year
$421,354 $5 psf
Tenant Improvements / Retrofit Charges 84,271 sf Excess Vacancy
Non -amortized landlord expense
$842,707 $10 psf
Range of Adjustments for Lease -Up Costs to Stabilization
Absorption Period (years) 2 to 4
Rent Loss $1,828,187 $3,339,085
Lease Commissions $421,354 $421,354
Tenant Improvements $842,707 $842,707
$3,092,247 $4,603,145
Net Loss Due to Excess Vacancy
Rounded $3,090,000 to $4,600,000
$3,845,000
Concluded adjustment equates to
$43.35 / sf of net rentable area
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