The URL can be used to link to this page

Browse Search

Home My WebLink About20192776.tiffAugust 6, 2019 Petitioner: TRANSFORM SALECO LLC 3333 BEVERLY RD HOFFMAN ESTATES, IL 60179-0001 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): CBIZ MHM, LLC - ST LOUIS 625 MARYVILLE CENTRE DR STE 200 SAINT LOUIS, MO 63141-5834 RE: THE BOARD OF EQUALIZATION 2019, WELD COUNTY, COLORADO NOTICE OF DECISION Docket 2019-2776 Appeal 2008224508 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 R0067987 Deny - Administrative Deny $3,297,336 $3,297,336 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: CBIZ MHM, LLC - ST LOUIS 625 MARYVILLE CENTRE DR STE 200 SAINT LOUIS, MO 63141-5834 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 Petitioner: TRANSFORM SALECO LLC 3333 BEVERLY RD HOFFMAN ESTATES, IL 60179-0001 RE: THE BOARD OF EQUALIZATION 2019, WELD COUNTY, COLORADO NOTICE OF DECISION Docket 2019-2776 Appeal 2008224508 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 R0067987 Deny - Administrative Deny $3,297,336 $3,297,336 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 Chloe Rempel From: Sent: To: Subject: Hermes, Rich <RHermes@CBIZ.com> Wednesday, July 24, 2019 7:41 AM CTB-County Board of Equalization FW: Account R0067987 Transform Saleco, LLC (Sears, Greeley Mall) Caution This email originated from outside of Weld County Government. Do not click links or open attachments unless you recognize the sender and know the content is safe. Dear CBOE; Per my conversation with Tim Reddick below, please apply the Admin-Deny to the Sears appeal, R0067987. Do not hesitate to contact me with any questions. Thanks, Rich au Rich Hermes Managing Director CBIZ Property Tax (314) 692-5841 mobile (618) 210-0712 cbiz.com From: Tim Reddick [mailto:treddick@weldgov.com] Sent: Tuesday, July 23, 2019 4:47 PM To: Hermes, Rich <RHermes@CBIZ.com> Subject: [ EXT ] RE: Account R0067987 Transform Saleco, LLC (Sears, Greeley Mall) >>> External email sender treddick weldgov.com from United States <<< • Rich, Thank you for confirming. Please email your intent to the following address: weld-cboe(c�weldgov.com Best. Tim Reddick Property Appraiser Commercial Division Weld County Assessor's Office 1400 N 179' Avenue Greeley, CO 80631 Office: (970) 400-3673 Fax: (970) 304-6433 treddick@weldgov.com Confidentiality Notice: This electronic transmission and any attached documents or other writings are intended only for the person or entity to which it is addressed and may contain information that is privileged, confidential or otherwise protected from disclosure. If you have received this communication in error, please immediately notify sender by return e-mail and destroy the communication. Any disclosure, copying. distribution or the taking of any action concerning the contents of this communication or any attachments by anyone other than the named recipient is strictly prohibited 1 Qo tot- --1-7‘ ASo iO3 From: Hermes, Rich <RHermes@CBIZ.com> Sent: Tuesday, July 23, 2019 11:56 AM To: Tim Reddick <treddick@weldgov.com> Subject: RE: Account R0067987 Transform Saleco, LLC (Sears, Greeley Mall) Caution: This email originated from outside of Weld County Government. Do not click links or open attachments unless you recognize the sender and know the content is safe. Sorry Tim, I didn't answer all your questions. In the absence of a stip, I'll go with the admin-deny. Rich Gail Rich Hermes Managing Director CBIZ Property Tax (314) 692-5841 mobile (618) 210-0712 cbiz.com From: Tim Reddick [mailto:treddick@weldgov.com] Sent: Tuesday, July 23, 2019 12:10 PM To: Hermes, Rich <RHermes@CBIZ.com> Subject: [ EXT ] RE: Account R0067987 Transform Saleco, LLC (Sears, Greeley Mall) >>> External email sender treddick@weldgov.com from United States <<< Rich, Thank you for the additional information. I understand what is being asked of you and I wish to be fair and equitable when representing our office and the value we have for the Sears building. My challenge is in looking at the market in Northern Colorado vs. the Denver Metro, Western Slope, Southern CO and other sales outside the state. The commercial real estate market here is doing well. If you had some information for me to consider for comparable properties in Northern Colorado, I'd be happy to look into them further. I have provided lease information for a previously vacant space in the same mall as the Sears building. The lease calculates to $58/SF in value for a 93,000 SF building. If your client is willing to compromise to something more than $25/SF we may be able to reach a compromise. Please keep in mind we did not raise the value from 2017-2019 and in 2015 we had the value set at $32/SF. In the absence of a stipulated value, would you be so kind as to let me know whether you plan to proceed to OBOE hearing, admin-deny or withdraw? Best, Tim Reddick Property Appraiser Commercial Division Weld County Assessor's Office 1400 N 17' Avenue Greeley, CO 80631 Office: (970) 400-3673 Fax: (970) 304-6433 treddick@weldgov.com 2 Confidentiality Notice: This electronic transmission and any attached documents or other writings are intended only for the person or entity to which it is addressed and may contain information that is privileged, confidential or otherwise protected from disclosure. If you have received this communication in error, please immediately notify sender by return e-mail and destroy the communication. Any disclosure, copying, distribution or the taking of any action concerning the contents of this communication or any attachments by anyone other than the named recipient is strictly prohibited From: Hermes, Rich <RHermes@CBIZ.com> Sent: Wednesday, July 17, 2019 3:23 PM To: Tim Reddick <treddick@weldgov.com> Subject: RE: Account R0067987 Transform Saleco, LLC (Sears, Greeley Mall) Caution: This email originated from outside of Weld County Government. Do not click links or open attachments unless you recognize the sender and know the content is safe. Tim, I'm sorry for being such a pain but really do appreciate you looking at the info I have been sending to you. Sears is pounding me for results because of the situation they are in so I'm giving it my all. I have attached one more document with 3 sales. However, 2 are 8/30/18 sales which I believe are just past the cutoff (just barely). The other is a vacant Kmart in Grand Junction which is in the base year (yeah)! The 1St and 3`d sale are vacant Kmart's and the Longmont store used to be a JCP. I really don't want to wear out my welcome with you so I am done with sending you info. If you are still comfortable with your $38/sf ( Grand Junctions is a bit less than that) I understand. Thanks for your help. Rich CBIZ Rich Hermes Managing Director CBIZ Property Tax (314) 692-5841 mobile (618) 210-0712 cbiz.com From: Tim Reddick [mailto:treddick@weldgov.com] Sent: Wednesday, July 17, 2019 2:55 PM To: Hermes, Rich <RHermes@CBIZ.com> Subject: [ EXT ] RE: Account R0067987 Transform Saleco, LLC (Sears, Greeley Mall) >>> External email sender treddick@weldgov.com from United States <<< • Rich, Because there is a marketplace for retail attached to a mall in Greeley. I think we could consider sales of similarly sized retail properties that are not vacant. The lease information I provided is for a building very similar to Sears and has changed tenants with updates completed after the new tenant occupied the space. The lease information is with the new tenant and it is confidential so I cannot supply additional detail. I do believe it supports the lower value we have assessed on Sears. If the Sears building were to be razed and the land sold. we would update the value accordingly. Here are a some comparable properties that were sold in Colorado: • 2325 23rd Ave., Greeley. CO; 41,314 SF. This is a former Albertsons that was vacant. The initial purchase of the vacant property was 4/22/16 for $58.09/SF. It is now a VASA Fitness and was sold 3 again 11/17/17 for $178/SF. The first sale could be adjusted for size and I believe would still support $38/SF • 3001 S 23rd Ave.. Greeley, CO; 87166 SF. This is a Tractor Supply Company and a former Hobby Lobby. The Hobby Lobby is being transformed to a fitness center by a new tenant. The property sold for $58.51 /SF 12/5/16, prior to the new tenant initiating renovations. • 14000 E Jewell Ave., Aurora. CO; 91800 SF. This is a former Gander Mountain that was vacant at the time of sale. It was purchased by a church on 6/22/18 for $74.07/SF. I think it is also important to note we did not increase the Sears store value from 2017 to 2019. We have seen an increase in commercial property sale prices in the County and this has been 25-35% over 2017 values. Please let me know your thoughts once you have a moment to review the information I have provided. Best, Tim Reddick Property Appraiser Commercial Division Weld County Assessor's Office 1400 N 17th Avenue Greeley, CO 80631 Office: (970) 400-3673 Fax: (970) 304-6433 treddick@weldgov.com Confidentiality Notice: This electronic transmission and any attached documents or other writings are intended only for the person or entity to which it is addressed and may contain information that is privileged, confidential or otherwise protected from disclosure. If you have received this communication in error, please immediately notify sender by return e-mail and destroy the communication. Any disclosure. copying. distribution or the taking of any action concerning the contents of this communication or any attachments by anyone other than the named recipient is strictly prohibited. From: Hermes, Rich <RHermes@CBIZ.com> Sent: Wednesday, July 17, 2019 11:20 AM To: Tim Reddick <treddick@weldgov.com> Subject: RE: Account ROO67987 Transform Saleco, LLC (Sears, Greeley Mall) Caution This email originated from outside of Weld County Government. Do not click links or open attachments unless you recognize the sender and know the content is safe. Tim, You are exactly correct in that none of my comps were in Colorado. The reason was that I could not find any sales of vacant department stores, attached to the mall, except for one in El Paso County and it was after the base period. I tried to keep as comparable (mall store) as possible because the larger big box stores that are free standing have more potential users than a store connected to the mall. We are really limited as to who the Sears store can be marketed to. That is why, the discussions at Sears are to raze the building in hopes that the land would be easier to sell. Whereas the mall used to be "the retail place", times have changed and malls aren't really the draw that they used to be. I've really got nothing else to give you. Are we inline (should be much lower) than the other anchors at the mall. Maybe some sort of reduction based on quality as the store has had no updates in years. Thanks for taking the time to look at the info I sent you. Rich 4 Rich Hermes Managing Director CBIZ Property Tax (314) 692-5841 mobile (618) 210-0712 cbiz.com From: Tim Reddick [mailto:treddick@weldgov.com} Sent: Wednesday, July 17, 2019 11:25 AM To: Hermes, Rich <RHermes@CBIZ.com> Subject: [ EXT ] Account R0067987 Transform Saleco, LLC (Sears, Greeley Mall) >>> External email sender treddick@weldgov.com from United States <<< Dear Richard Hermes, Thank you for the additional information provided in the CBOE level appeal submitted. I noted the comparable properties you supplied are all located outside the state of CO, and one is in 2019 which is outside the base period. Have you been able to locate any large retail spaces sold in the state? There is a comparable property in proximity leasing for around $4.65/SF in monthly rents. If I use this information with a 10% vacancy allowance, 8% management/expense allowance and a 10% CAP rate, it leads to a value exceeding the current assessed value. As you will see in the data below, the CAP rate for the Greeley Mall is closer to 6.3% for Q2 of 2018 and 6.7% for Greeley in Q2 2018. We have been using a CAP rate of 7% across Weld County derived from Burbach & Associates Real Estate Investment Survey Winter 2017/2018. Here is some additional information about the Greeley market and the Greeley Mall which is different from many other markets in the US. Market Rent P Pr �� Eji Market Rent Growth (YC $28 10% Forecast 526 S24 6% 522 520 2da S1$ 516 '240 S14 •4Q, $121 09 10 > > 12 13 14 15 16 17 18 19 20 21 22 23 • -6% 1 09 V 11 12 13 *" t�'^r..F'i 5 Daily Asking Rent Per SF S1500 S14 50 $1400 S13 50 $1300 S12.5O S1200 511.50 Jul iB Sep 18 Nov 18 Market Cap Rate 90% 8 5% 8 cro 7 5'S0 7 0% 6 5% 6 0% Jan 19 Mai 19 May 19 G Forgreast 5.SC0f I I I I I I I ! I I I ! ! 09 14 1 12 13 14 15 18 17 18 t9 20 21 22 21 +ire&e, ■ Littesay Vacancy Rate 12% 10% 8% 4% 2% t ! ! 11 12 09 10 13 Opelly Please feel free to give me a call or reply to discuss further or with any additional information you would like us to consider. Best regards, Tim Reddick Property Appraiser Commercial Division Weld County Assessor's Office 1400 N 17th Avenue Greeley, CO 80631 Office: (970) 400-3673 Fax: (970) 304-6433 treddick@weldgov.com 6 NOTICE OF DETERMINATION RECEIVED Brenda Dones Weld County Assessor 1400 N 17th Ave Greeley, CO 80631 ACCOUNT NO. IaVMMI51ViYCI'LtuAL TAX YEAR TAX AREA DESCRIPTION/ PHYSICAL LOCATION R0067987 2019 4049 GR 12780-K PT N2NW4 19 5 65 (YORK 1ST ANNX) BEG N4 COR SEC N89D23'W 80.01' SOD 20'E 75.01' TO S LN HWY 34 BY-PASS & W L N 17TH AVE N89D23'W 1304.09' S0D36'W 80. 87' TO TRUE POB S0D38'W 26' S89D21'E 46' S0D38'W 288' N89D21'W 353' N0D38'E 314' 2.800 GREELEY MALL GREELEY PROPERTY OWNER TRANSFORM SALECO LLC 3333 BEVERLY RD HOFFMAN ESTATES, IL 60179-0001 PROPERTY CLASSIFICATION ASSESSOR'S VALUATION ACTUAL VALUE PRIOR TO REVIEW ACTUAL VALUE AFTER REVIEW COMMERCIAL 3,297,336 3,297,336 TOTAL 3,297,336 3,297,336 J U L 1 1 2019 ELD COUNTY Date of Notice: 6/25/2019 Telephone: (970) 400-3650 Fax: (970) 304-6433 Office Hours: 8:00AM - 5:00PM 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): CBIZ MHM, LLC - ST LOUIS 625 MARYVILLE CENTRE DR STE 200 SAINT LOUIS, MO 63141-5834 15-DPT-AR PR 207-08/13 R0067987 2019-2776 ASo 103 i APPEALPROCEDURES County Board of Equalization Hearings will be held from July 25t'' 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, 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 prop rtYY p_ rsuant to § 39-8-106C1.5), C.R.S.) $Z /bW'/a0 i�,7�2 S. r. �+ zsrs,F. hosed oe) Salt) A17 -4O/(. 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.) SAks o t VitcA�rt Qh pc rm edr S.1ncCS Aee ~GA k 1120) , Cemimr U dire. ATTESTATION I, the undersigned owner or agent' of the property identified above, affirm that the statements contained herein and on / any attach ents hereto are true and complete. ?le/L oli 3iy492). ShyI ?Ad/4 9 Telephone Signature Tele hone Number Date rh Pr n eti c ci, z, Co m Email Address 'Attach letter of authorization signed by property owner. 15-DPT-AR PR 207-08/13 R0067987 CBIZ RECEIVED JUL i 201 WELD COUNTY COMMISSIONERS July 10, 2019 Weld County Board of Equalization 1150 O Street. Greeley, CO 80631 Re: Kohl's R2587603 Sears R0067987 Dear BOE, CBIZ MHM, LLC - St. Louis 625 Maryville Centre Drive, Suite 200 St Louis, MO 63141 Ph: 314.692.2249 • F: 314.692.4222 www.cbiz.com Please find attached the protest forms representing the above mentioned properties. If you would like to discuss before the scheduled hearing, please feel free to call me at 314-692-5841. Respectfully submitted, Richard W. Hermes Managing Director - Property Tax Attachments CBIZ MHM, LLC - St. Louis AUTHORIZATION FORM Real and/or Personal Property —All blanks must be completed legibly and in ink. This is to authorize CBIZ MHM, LLC (company or agent name), to act on my/our behalf as my/ our agent in the appeal of the assessment of the property/properties listed below, which is/ are located in Colorado and is/are owned by the undersigned. This agent is given full authority to handle all matters relative to the appeal of the assessment for the tax year 2019-2020 , and to represent me/us, if necessary, before the County Board of Equalization. Owner's Name: Mailing Address: Daytime Phone Number: Email: Owner/Authorized Signature: Title (if Corporation): Agent/Company Name: Mailing Address: Daytime Phone Number: Email: Agent's Signature: Title (if Corporation): Transform Saleco, LLC 3333 Beverly Rd, BC -169A Hoffman Estates, IL 60179 847-286-2822 Lees, Kendall; Kendall.Lees@searshc.com> Date: 6/4/19 lAit. tier, P` 1)7 Taw (President, CEO, etc.) Rich Hermes / CBIZ St. Louis 625 Maryville Centre Dr., Suite 200 St. Louis, MO 63141 314-692-5841 rhermes@cbiz.com Managing Director Date: 6/4/19 Property Locator/Account Number (s): R0067987 (Complete additional authorization forms, if needed) (President, CEO, etc.) Property Address (es): 2800 GREELEY MALL 1421 Coral Ridge Ave SOLD ',oralville, IA Recorded Buyer: 8•0Aksil 52241 Coralville 140 E Hinks Sioux Falls. Johnson Shrs LIc Recorded Seller: Bonstores Ln 2801 SD 57104 York, (302) True Seller: Bonstores County Realty Two LIc E Market St PA 17402 737-7070 Realty Two LIc 0 .: paste-- asb 7 P r 14- map "--w • -e.. Sale Sale Price/SF: -Frma Cap Parcel Financing: Comp Date: Price: Rate: No: ID: 01/18/2019 Bldg $2,000,000 - Confirmed Year $20.31 Land - 0636453001 - 4673657 — Research Status: Confirmed Type: RetailDepartment Store Built/Age: Built 1998 Age: 21 GLA: 98,458 SF Area: - Zoning: PUD 5700 Gordon Dr SOLD Soux City, IA 51106 Recorded Buyer: Amerco Real 2727 N Central Phoenix. AZ 85004 (602) 263-6555 Woodbury County Estate Co Recorded Seller: Woodbury Realty Associates Lp Ave True Seller: Woodbury Realty Associates Iarcge Corning Soon Sale Sale Price/SF: Parcel Financing: Comp Date: 01/10/2018 Bldg Type: RetailDepartment Store Price: $2,925,000 - Full Value Year Built/Age: - $26.67 GLA: 109,686 SF Land Area: 12 75 AC (555,390 SF) No: 884705227003 - ID: 4119490 — Research Status: Full Value 5244 Hickory Hollow Pky SOLD Antioch, TN 37013 Davidson Recorded Buyer: CV Hickory Hollow LLC Recorded Seller: Sears 500 Wilson Pike Cir 3333 Brentwood. TN 37027 Hcffman (847) True Seller: Sears atZS County Holding Corporation Beverly Rd Estates. IL 60192 286-2500 Ho ding Corporation r R ;' +. `, ( r I =. zed Sale Date: 03/30/2016 (1 Sale Price: $5,000,000 - Price/SF: $27.78 :Frma Cap Rate: - Parcel No: 163-00-0-221 Financing: Down payment Comp ID: 3554562 — days on mkt) Bldg Confirmed Year Land of $5,000,000 (100.0%) Research Status: Confirmed Built/Age: Zoning: Type: RetailDepartment Store Built 1978 Age: 38 GLA: 180,000 SF Area: 17.69 AC (770,576 SF) SCR Copyrighted report licensed to CBiz Valuation Group - 611807 6/18/2019 Page 1 i 1555 W Mason St - Green Bay Plaza SOLD 3reen Bay, WI 54304 Buyer: Military Ave Partners, LLC Brown County Recorded Seller: Green Bay Mason Company LRecorded - r 0._.--- was: ^as1 610 Newport Center Dr 254 Riverfield Ct Newport Beach. CA 92660 Simi Valley , CA 93065 (31D) 82C-4581 True Seller: Green Bay Mason Company cows Sale Date: 12/07/2017 Bldg Type: RetailDepartment Store Sale Price: $2,400,000 - Confirmed Year Built/Age: Built 1966 Age: 51 Price/SF: $23.29 GLA: 103,028 SF Land Area: 7.67 AC (334,105 SF) -Frma Cap Rate: - Zoning: Commerc'al Parcel No: - Financing: - Comp ID: 4105722 - Research Status: Confirmed II 9700 N Metro Pky E - Macy's SOLD 'hoenix, AZ 85051 Maricopa County Recorded Buyer: Amerco Real Estate Company Recorded Seller: Macy's West Stores, Inc. .e 2727 N Central Ave 7 VJ Seventh St _CA 4 Phoenix. AZ 85004 Circinnati. OH (602) 263-6555 (513) 579-7000 45202 ` III 1 True Seller: Macy's, Inc. --.i- { . • U ' . - r- P) A c,y S Map Page: Wide World of Maps, age d Sale Date: 06/13/2018 Bldg Type: RetailDepartment Store Inc. 103-161 LL Sale Price: $3,400,000 Year Built/Age: Built 1973 Age: 45 Price/SF: $32.08 GLA: 106,000 SF Land Area: 6.08 AC (264,845 SF) rFrma Cap Rate: - Zoning: RSC Parcel No: 149-16-001A Financing: - Comp ID: 4292896 - Research Status: • 2400 Romig Rd - Former Dillards SOLD 4kron, OH 44320 Summit County Recorded Buyer: Akron Romig Road LLC Recorded Seller: Old Main One LLC 1345 Avenue of the Americas 90 16th St SW New York, NY 10105 Barberton OH 44203 (302) 658-7581 (330) 825-5010 True Seller: Old Main One LLC ._.___.,,._.__.a..... i 11) 1 I CW S Sale Date: 11/12/2018 Bldg Type: RetailDepartment Store Sale Price: $2,600,000 - Confirmed Year Built/Age: Built 1977 Age: 41 Price/SF: $20.66 GLA: 125,821 SF Land Area: 5.52 AC (240,451 SF) rFrma Cap Rate: - Zoning: Comm Parcel No: 68-60069 Financing: - Comp ID: 4615001 - Research Status: Confirmed Copyrighted report licensed to CBiz Valuation Group - 611807 6/18/2019 Page 2 3311 Secor Rd - Elder-Beerman SOLD 'oledo, Recorded OH Buyer: 43606 Niki Toledo I LIc Recorded Seller- 11260 El Camino Real San Diego, CA 92130 True Seller: - g eerTh A4 Lucas County J & K Secor Property LIc J&K Lockbourne Property, LLC ' ._- ELCIEW Sale Date: 12/09/2016 Bldg Type: RetailDepartment Store Sale Price: $4,400,000 - Full Value Year Built/Age: Built 1961 Age: 55 Price/SF: $28.57 GLA: 154,000 SF Land Area: 11.38 AC (495,713 SF) •Frma Cap Rate: - Zoning: CR \ctual Cap Rate: 7.24% Sale Conditions: - Parcel No: 22-16648 Financing: - Comp ID: 3818649 - Research Status: Full Value 2405 S Stemmons Fwy - Sears (Part of Multi -Property) SOLD _ewisville, TX 75067 Recorded Buyer: 2401 South 7655 Claremont San Diego. ea Es Stemmons Mesa Blvd CA 92111 Denton County LLC Recorded Seller: SRC Real Estate TX 3333 Beverly Rd Hoffman Estates. IL (832) 326-2456 True Seller: Sears Holding Corporation - ' _ Sale Date: Sale Price: Price/SF: -Frma Cap Rate: \ctual Cap Rate: Parcel Financing: Comp 07/30/2018 Bldg $4,434,632 - Allocated Year Built/Age: $29.13 Land - Zoning: - Sale Conditions: No: - ID: 4596421 - Research Status: Allocated Type: GLA: Area: RetailDepartment Store Built 1988 Age: 30 152,219 SF 10.65 AC (463,914 SF) - Bulk/Portfolio Sale, Distress Sale 750 Sunland Park Dr - Starr Western Wear SOLD El Paso, Recorded M TX 79912 Buyer: MCY Sunland Properties LLC Recorded Seller: 320 Texas Ave El Paso. TX 79901 (915) 858-3100 True Seller: Aqi El Paso County Macy's West Stores, Inc. 71/V SevenTh St Cincinnati. OH 45202 (513) 579-7000 Macy's, Inc. ♦ • , = „fir -. Sale Date: 04/25/2017 (75 days on mkt) Bldg Type: RetailDepartment Store Sale Price: $2,750,000 - Confirmed Year Built/Age: Built 1990 Age: 27 Price/SF: $26.19 GLA: 105,000 SF Land Area: 5.74 AC (250,034 SF) rFrma Cap Rate: - Zoning: C3 Parcel No: P395-999-0040-3000 Financing: Down payment of $550,000 (20.0%); $2,200,000 from Bank of Texas Comp ID: 3898581 - Research Status: Confirmed Copyrighted report licensed to CBiz Valuation Group - 611807 6/18/2019 Page 3 Y ci 3900 WI 16, E - Valley View Mall SOLD Onalaska, WI 54650 Recorded Buyer Sale Date Sale Price Price/SF PrFrma Cap Rate PR Valley View Anchor -M LP 200 S Broad St Philadelphia, PA 19102 (215) 875-0700 Recorded Seller True Seller La Crosse County Macys Retail Holdings, Inc 7 W 7th St Cincinnati, OH 45202 (513) 579-7000 Macys, Inc 04/10/2017 $2,500,000 - Full Value $25 00 Bldg Type Year Built/Age GLA Land Area Zoning Parcel No 017-010315-200 Financing - Comp ID 3938856 — Research Status Full Value RetailDepartment Store Built 1980 Age 37 100,000 SF 9 86 AC (429,502 SF) MZA Copynghted report licensed to CBiz Valuation Group - 611807 6/18/20) 9 Page 4 Hello