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Home My WebLink About20193106.tiffAugust 5, 2019 Petitioner: CAMELOT STORAGE LLC 9220 W 26TH AVE LAKEWOOD, CO 80215-1627 CLERK TO THE BOARD PHONE (970) 400-4226 FAX (970) 336-7233 WEBSITE: www.weldgov.com 1150 O STREET P.O. BOX 758 GREELEY CO 80632 Agent (if applicable): RE: THE BOARD OF EQUALIZATION 2019, WELD COUNTY, COLORADO NOTICE OF DECISION Docket 2019-3106 Appeal 2008224785 Hearing 8/5/2019 10:30 AM 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 R7051998 Adjust - Denied in Part $821.203 $665,173 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 � 19 --310Co 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 Boarc 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 S150.00 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 caL ecAS-tuCe. Esther E. Gesick Clerk to the Board Weld County Board of Commissioners and Board of Equalization cc: Brenda Dones. Weld County Assessor Real Property Valuation Appeal Account #'s R7051998, R7052098 & R7052198 Camelot RV & Boat Storage 4075 Camelot Circle Longmont, CO 80504 Table of Contents SECTION 1: Statement of Valuation SECTIONII: I : Sequence of Events SECTION III: Unimproved Land Prices of Like Facilities SECTION IV: Historical Data SECTION V: Income Approach to Value SECTION VI: Comparison Approach to Value SECTION VII: Summation EXHIBITS: 1) Appraiser's email asking for 2017-18 Income Statements 2) Appraiser's email of 24 July 3) Land prices of like facilities throughout the area 4) Tax records of Camelot RV Storage property 5) Camelot RV Storage financials 2014-2' QTR 2017 6) Tax records of Beacon Storage 7) Tax records on Larimer & Adams County properties 8) 2017 and 2018 Income Statements 9) Aerial photo of 1-25 Business Park 10) ALTA Survey 11) Aerial view of Camelot property 12) Valuation computations 13) Garage building construction receipts Page 1 of 26 VII) as per Title 39 CRS SECTS®N B STATEMENT;OF VALUATION We disagree with the Assessor's valuation of our real property It is our opinion the value of our real property, Account #'s R7051998, R7052098 & R7052198, is One Million Nine Hundred Thousand Dollars ($ 1,900,000.00) and we ask this Board of Review to so enter it's judgement accordingly We arrive at this figure using the Income Approach (Section VI) and the Comparison Approach (Section i I SEMI! ‘41 911: SEQUENCE OF EVENTS May 2019*** Received valuation notices totaling $ 3,848,381 00, a 142% in'icrease from the prior year ($ 1,589,389.00) i Met with Millie Channell of the appraiser's office, when asked how she came to the valuations assigned she replied (paraphrasing) "I took the purchase price of $ 3 5M added the construction loan of $ 400K and spread that amount across the property". I asked, "What about the value of the business, we purchased a very successful business with that'$ 3 9M also?" Her reply "Yes1 It has always been a very successful business though the purchase price is only allocated to the land". We went on to explain her calculations on the amount of asphalt on Lot 2 were incorrect and that the $ 400K, not only built a garage building it was used on numerous repairs & maintenance We informed her the garage building was valued incorrectly at $ 324K, it cost us $ 199.5K to build June 2019*** Millie sent me an email (Exhibit 1) to inform me she could also approach the valuation based on our income if I would send her our 2017 & 2018 Income Statements, which I promptly did However, based on results and subsequent conversations the income approach was not material to their position on the value of the property. Colo Case Law Montrose Properties, LTD v. Colorado Board of Assessment Appeals 738 P.2d 396 (Colo App. 1987), affirms that the assessor must give appropriate consideration to all required approaches to value. July 2019*** We received new notices of valuation as a result of our meeting, she reduced Lot 2 by the amount of the excess asphalt measurement Her and Wade's I I Page 2 of 26 position was/is that the fact there is an RV Storage business on the property makes NO difference as to the value of the property. "The property is worth $ 3.85M even if the RV Storage is not there" My question here is, if that is true then why ask for the Income statements? they clearly show that is not trueI There were a few additional telephonic conversations with the Chief appraiser Wade Melies & Millie Channell throughout the month and then the morning of 24 July I received a call from Millie (she was in Wade's office as was the Deputy Chief). Millie told us they had been reworking the numbers around and they got us down to taxes of $ 86K vs the $ 102K originally stated Exhibit 2 is the breakdown of their calculations. Even though they did reevaluate the valuations and lower them, the valuation still seemed artificially high to us. The tax burden imposed on us by these artificially high valuations presents an extreme economic hardship on our business and even threatens our survivability. Accordingly, we are now appealing at the County Board level. SECTION OH: UNIMPROVED LAND PRICES OF LIKE FACILITIES Attached hereto as Exhibit 3, are the 2019 land valuations of eleven (11) Weld County "like" storage facilities in the vicinity of Camelot Storage and two each from Larimer & Boulder Counties At a brief glance it becomes very apparent, the per acre valuation of Camelot is extremely out of line with like facilities even in the more expensive counties of Larimer & Boulder SECTIO. 4 BV: HISTORICAL DATA Although the appraisers claim the sale price of the business entity is truly ONLY the value of the real property with no consideration given for the business, the risk of investing $ 3.9M, entrepreneurial prowess, etc., in 2010 when Camelot sold to Mr Mark Stonehocker for $ 2 5M the very next tax period, 2011-12, the taxes went down and continued to go down every period to a low of $ 1.419M in 2015-16. In 2017-18 there was an increase, though only to $ 1.589M, still well below the $ 2.5M selling price paid in 2010 In general, in the past 10 years there has been tremendous growth in Northern Colorado and yet the taxes continually went down??? Mark did put approximately 3 acres in agricultural classification (that property to the North which is totally engulfed by easements see Exhibit 10), however, that does not come close to explaining this entire course of valuations Page 3 of 26 Please refer to Exhibits 4A & B for tax history charts on this property The appraiser's stance, "The entire selling price of an RV Storage facility is the value of ONLY the real estate", does not seem to align with the way it has traditionally been done, it does not seem' logical and nor does it seem equitable Exhibit 5, financials from Mr Stonehocker for years 2014 through the first half of 2017, clearly show, by the appraiser's methodology (dividing Income by a 7% CAP rate) the business entity (land & business) was worth significantly more than $ 1 589M (the value assigned to the Camelot property in 2017-18) The incomes shown on Mr Stonehocker's financials Exhibit 5, did not justify the $ 35M sales price at our desired ROI of 10% however we knew we could increase the number of units stored on the property by hands on management, organizing the layout of the property more efficiently, we were able to obtain very favorable long term SBA financing and that Weld County regulations on where RV Storage facilities could be built was changing, becoming more limited, so, we decided over paying the market value somewhat was worth it We were told by Weld,County Planning Dept., during our due diligence phase, "...soon, you won't be able to build an RV Storage facility anywhere except along a state highway, the regulations are changing" and that has come to pass. I have also included the tax history chart for Beacon Storage, a mini warehouse storage facility, also located in the I-25 Business Park and it too shows the selling price has not been entirely allocated to the real estate (Exhibit 6) Tax history charts, Exhibit 7A & B, for two RV facilities that solid rather recently in Larimer and Adams County respectively, clearly show that appraisers universally do not feel the entire selling price should be allocated solely to the value of the underlying real estate. SECTION VI- INCOME APPROACH TO VALUE Please note, the income and associated expenses for the management of Mead Garages has been removed from the 2017 & 2018 Income Statements provided as Exhibit 8A & B. The management of Mead Garages is performed by U Storage Holdings LLC (Lief Jensen & David Lee), and has nothing to do with the Camelot property. My partner and I, U; Storage Holdings LLC, brought this income stream to the table and decided to run it through Camelot for the sole purpose of increasing the returns/profits to Camelot's investors We, as U Storage Holdings Page 4 of 26 LLC own 80% of Camelot. This income has nothing to do with Camelot nor the value of Camelot's real estate. Camelot RV Storage was purchased June 9, 2017 so the 2017 Income statement is for six months Adjusting for an annual basis, the income per the Weld County appraiser's office methodology (divide the income by 7%) derives a value of $ 1,931,285.00, see Exhibit 8A. The 2018 Income statement, Exhibit 8B, by the same methodology derives a price of $ 1,869,586 00 S CT9" N VOL COMPARISON APPROACH TO VALUE We feel the Best comparison to our unimproved "land/dirt" we find in our own Business Park Exhibit 9 shows our property highlighted in green and two vacant unimproved lots directly across the street, Weld County acct #'s R7054198 and R7053598. The 2019 valuation assigned to these two unimproved lots is $ 76,666.00 and $ 61,332.00 per acre respectively. The ALTA survey of the Camelot property, Exhibit 10, shows the numerous easements dissecting the property which severely hampers the ability to safely build on these lots and negatively impacts the value. Exhibit 11 shows the measurements of the land on the North portion of the lots which is drastically reduced in value because of the solid easements in that area Additionally, a large portion of the subdivision drainage flows to this area of our property via the utility easement shown in green on the survey It is our opinion this land has marginal worth/value, we have assigned this ground a value of $ 32,670 00 per acre ($ .75 per sq ft.) even though this figure still seems too high Setting this ground aside for now I will address the remainder of Lots 2, 3 & 4. Lot 2, acct # R7051998, sits significantly below street grade, has additional issues with easements and is near two gas valve sets, for these reasons, we feel this ground has significantly less value than the lots across the street. We have assigned an unimproved land value of $ 55,000.00 per acre to the remainder of Lot 2 By the same logic we have compared our property to the lots across the street and have determined a value of $ 60,000 00 an acre to Lot 3 and a value of $ 68,000 00 per acre for Lot 4, after the deduction for the easement ground along the North property line. Now to the valuation of the improvements on the property. I will be working from Exhibit 2, (appraiser's computation sheet), the email from Millie Channell Page 5 of 26 dated 24 July 2019 I have addressed the land value above and will come back to that later showing my calculations in Exhibit 12, so I will skipthe first couple of paragraphs and address only those items of the improvement valuations I take exception with First there is the value placed on the garage building we built, it is listed as $ 324K and we built that building for $ 199 5K. We have provided our bank draw sheets and receipts as Exhibit 13 It is our opinion that our actual construction cost is the True; value of that building and we know that is how the appraiser's office has handled costs in the past. My partner, ;David Lee, built Recreation Storage Solutions I & II (RSS I & II), RV storage facilities, and that is exactly how Mr Wade Melies handled the valuation of the garages & canopies there. Second, also on Lot 4, the correct measurement of the asphalt on this lot is 146,738 sq. ft versus 160,000 sq. ft Finally, the asphalt price per square foot is assigned three different values, different for each lot The asphalt on this property was installed in the;same 12 month timeframe and is uniformly in less than average condition Accordingly, I will use the value assigned to the asphalt on Lot 4 of $ .72 sq. ft ($ 114,714/160,00 sq. ft. = $ .72 per sq. ft.) in my calculations of improvement values We concur with the remainder of the values assigned by the appraisers. Exhibit 12 shows and explains my computations in detail for the comparison approach to value SECTS® VIM: SUMMATION We have shown The Income Approach to value for 2017 and 2018, using the assessor's CAP rate of 7%, which resulted in values of $ 1,931,285 00 and $ 1,869,586.00 respectively When comparing our land values to those of like facilities (Exhibit 3), common sense tells you our land is valued significantly too high. Our analysis of the land and improvements by the Comparison Approach to value resulted in a real property value of $ 2,040,022.00. However, it is our unwavering opinion the true value of our property is $ 1,900,000 00 when everything is considered, and we request a value in that amount be made of record I', Page 6 of 26 Milne Clianneli <mchannell@weldyov.cor' 6!3/2019 8.13 AM 4075 Camelot Circle R7052198 R7052098 R7051998 T f liefd©comcast.net <iefd©corncast.net> Good morning Lief, I forgot to mention in our meeting that another approach to value is the income approach for commercial properties_ When you send the appraisal for the properties, yet can also send the income and expenses for 2017 and 2018 and I can work up the income approach. Thank you for your time. Millie . llctlie C'fiatzttdtl Property Appraiser Commercial Division Weld County Assessor's Office (970) 400-3685 me l : nn lJ .iw' • Confidentiality Notice: This electronic transmission and any attached documents or other writings are intended only for the person cr entity to which it is addressed and may cen:air inforrnat-on that is pnvt eged, confidential cr otherwise protected from disclosure. if you have received this cowmen ccat on :n error, pease rmme&ace.y notofti ;ender by return a-mai' and destroy the communication Any disclosure, copying, distribution or the taking of any action concerning the contents of this communication of any attachments by anyone other than the named recipient is strictly prohibited_ • image001 _lpg (4 KB) Page 7 of 26 Millie Channel! cmchanneligweldgov.com > RE: Millie-- taxes LIEF JENSEN cliefd -dcorncast.net> Good morning Lief, 7125/2019 10:41 AM This was originally platted as industrial, but this is all commercial accounts now. I fixed the account that said industrial. All accounts have land abstract codes of 2130 which is special purpose -land The proposed value for the land would be 52. S4/sf. R7051998 R7O52098 R7052198 2019 proposed 2019 proposed 2019 proposed land 5558,190 5728,911 56C0,677 imps 5106,983 5246,462 5958,777 total 5665,173 5975, 373 51,559,454 53,200,000 On R7051998, this has 40,500 sf of Asphalt at 549.183 and 144,50.0 sf of Crushed Asphalt at 557,803 for a total of imps=5!06,983 On R7052098, this has 221,400 sf of Asphalt at 5246,462 which is the total of the imps on this account. On R7052198, this has 160,000 sf of Asphalt at 5114,714 and 670 sf Concrete at 5723 Total of Asphalt and Concrete is 5115,437_ [Remember this is where it was on as cost override and would increase your va:ue when I removed the cost override, which' didn't dol. The office is valued at 5634,777 ;this includes the 5115,437 asphalt and concrete] and the Mini Whse is valued at 5324,000_ Totaling up the improvements for this account = 5958,777. Let me know if you have any further questions_ Thanks, Millie & E cUL' ()hairnet( Properly Appraiser Commercial Division Weld County Assessor's Office (970) 400-3685 mr_ 1tuune11 ct'.‘sel i]go-.- cow Page 8 of 25 RV & Boat Storage Facilities Weld County Account # Brighton l ►utdoor Storage R6785426 85426 TYPE ('ODE Description Actual Value Acres Price Per Acre Improvement I � � ..�3U ;, , Special Purpose -Improvements $ 1.19$.518.00 0 Land 2130 Special Purpose -Land $ 132,076.00 $ 8,942.18 14.77 [.and 4127 ` Thy 1=ai m I.and-Agricultural $ 3,554.00 19.37 Lam1 4167 Waste Land $ 7.00 0 84 fowls $ 1,334,155.00 34.98 Weld County Account # Affordable RV.. Storage "IC R5804786 TYPE CODE Description Actual Value Acres Price Per Acre Improvement 1212 Single Family Residential Improvements $ 11,279.00 0 Improvement 2230 A Special Purpose -Improvements $ 606,201.00 0 Land 1135 Manufactured Housing -Land $ 49,984 00 3 [Auld 2130 a Special Purpose -Land $ 449,853.00 27 $ 16,661.22 Totals $ L117,317 00 30 Weld County 11[(11J RV Account # R4913607 TYPE (:ODE Description Price Per Acre Actual Value Acres I mprovement ???0 Offices -Improvements $ 122,081.00 0 Land 2130 Special Purpose -Land $ 35,937.00 $ 359,370.00 10 .an( land Totals 4167 Weld County �RE11.1 \ CHRISTOPHER B Account # R8944385 Darnl Land -Agricultural Waste Land $ 2,961.00 18 843 25.00 $ 484,437.00 3 31 843 TYPE (ODE Description Price Per Acre Actual Value Acres Improvement 2235 Warehouse/Storage-IMPS a $ 118,787.00 0 Improvement 4277 A Farm/Ranch Residence -IMPS _ $ 214,396.00 0 11111)iovc'rllcilt + 4279 Farm/Ranch Support BLDGS $ 49,785.00 r 0 [mproveuiern _ 4280 All Other AG IMPS $ 26.091 00 0 I.ani _ 2I 35 a Warehouse/Storage-Land $ 487,872.00 $ 43,560.00 11.2 Land 4147 Grazing Land -Agricultural _ $ 653.00 35 736 Land a 1.67 _ Waste Land $ 17.00 2.014 'I ulnla $ 897,601 00 48.95 Weld County ' Account # Rest Stop Storage 30 308 R5330308 1 l ICE CODE Description Actual Value Acres Price Per Acre rtm ro��emcr�t P 2235 W arehousc/Storage-IMPS $ 90,429.00 0 Land 2135 Warehouse/Storage-Land $ 978,358.00 22.46 $ 43,560.02 `To:a!s * S 1,068,787 00 22.46 'Weld County FREDERICK WEST RV STORAGE LLC Account # R7734099 TYPE ODE Description Actual Value Acres Price Per Acre Iniprovemciit 2230 Special Purpose -Improvements $ 23,310 00 0 Land 213:1 4Special Purpose -Land a $ 600,710.00 4 056 $ 148,104.04 Totals . $ 624,020.00 , 4.056 Page 9 of 26 Weld County Account # Recreational Storage Solutions l.I .0 R5805686 '11'1'1:: C'OI)L Description �Ofces-Improvements Actual Value Acres Price Per Acre Improvement 2220 $ 226.729.00 0 Improvement 1215 Warehouse/Storage-IMPS $ 660,380 00 _ 0 I.anc1 2135 Warehouse/Storage-Land $ 622,908.00 13 $ 55,438 85 Totals a $ 1,510,017 00 13 Weld County 1 Account # Recreational Storage Solutions2 MI i R56783936 *FIFE. (-ODE Description Actual Value Acres Price Per Acre lin Jrovement 2220 Offices -Improvements $ 1,768.009.00 0 Im )roveulent 2235 Warehouse/Storage-IMPS $ 626,928.00 0 Land 2135 Special Purpose -Land $ 720,705,00 15 041 $ 47,916.03 Totals $ 3,115,642 00 15.041 Weld County Account # Camelot I4V Storage 1.1.C Lot 2 R7052198 TUT I3F CODE Description Actual Value Acres Price Per Acre Improvement .2 2'i) Offices -Improvements $ 637,790 00 0 Improvement 2235 4 Warehouse/Storage-IMPS $ 324,000.00 0 Laud _ 2130) Special Purpose -Land $ 768,583.00 5.429 $ 141,569.90 Totals $ 1,730,3 73 00 5 429 Weld County Middle LOT Account # Camelot RV Storage ITC Lot 3 R7052098 TYPE PF. COI). Description Actual Value Acres Price Per Acre lmprovcnicnt 2230 Special Purpose -Improvements $ 246,462.00 0 Land 2130 I Special Purpose -Land I $ 932,662.00 $ 178,980.57 6 588 Totals $ 1,179,124 (i0 6.588 Weld County Account # West LOT Camelot RV Storage LLC tot 4 87051998 r TYPE ( .O01. Description _ Actual Value Acres Price Per Acre Improvement 3212 Contracting/Service-IMPS $ [06,983 00 0 i.and 211;0 A Special Purpose -Land $ 714,220.00 5.045 $ 141,569.87 Totals $ 821,203.00 5.045 Weld County Lone Shatios‘ RI and Boat Storage West LOT TVPt. ( ODE Description Actual Value Acres Price Per Acre Inip,uvemetu '235 Warehouse/Storage-IMP $ 180,485.00 0 Improvement 4279 Farm Ranch Support Hldgs $ 2,429.00 0 Land 1135 Manufactured Housing -Land $ 6,720.00 0.11 Land 2135 Warehouse/Storage-Land $ 217,713.00 3.57 $ 60,984 03 I .and 4147 Grazing I .and -Agricultural $ 39.00 2.24 Land 4167 A Waste Land $ 23.00 2.75 Totals- $ 407,409.00 8 67 Weld County Account # Long Slradon Itv and Boat Storage R4488206 TN P11 (A)DE Description Actual Value Acres Price Per Acre [nlpruvcrne,rt 2235 Warehouse;Storage-IMP $ 65,707.00 0 Lind indl 2135 Warehouse/Storage-Land $ 80,499.00 1.32 $ 60,984.09 Land 4147 Grazing Land -Agricultural $ 7.00 0.39 A 'Fowls $ i 146,213.00 1.71 Page 10 of 26 Weld County Account ## Attorduble FAN Stora2e R5S041786 (O1W Description Actual Value Acres Price Per Acre TYPE i Single Fanlilk Residential Improvements 121)' Improvement $ 11,279.00 _ Special Purpose Improvements 2230 Improvement $ 606201 00 Manufactured Housing-t.�uid 1135 Land $ 49,984.00 3 $ 16,661.33 , Special Purpose Land 2130 Land $ 449,853.00 ! 27 S 16,661.22 '1 orals $ 1,117,317.00 30 Larimer County Account # Firehouse South Lot R 1 (48580 is * LODE: Description Actual Value Acres Price Per Acre T\'1'I' Iritpioverncnt 2227 Com/Res $ 167,600.00 (1 , i nips ovenient 2224 Warehouse i $ 9.608,700 00 0 I a n d 22211.. Land $ 854,100.00 4 12.25 $ 69,722 45 I aid 2'_271. Land * $ 69,600.00 1 S 69,600 00 Totals $ 10,700,000 00 13.25 Larimer County Account # Firehouse North 1.ot R0506753 CODE Description Actual Value Acres Price Per Acre "IN FL 1 inpro‘ ement 222-1 Warehouse $ 4,651,400.00 0 Lane! 22241, Warehouse _ $ 248,600.00 i 7.22 $ 34,432 13 T °tats $ 4,900,000.00 7.22 Boulder County Account # i Anderson Storage R0514 I 0 3 • Description Actual Value Acres Price Per Acre I VII. (_ODE Single Family Residence- Land 1 1 12 Single Family Residence- Land $ 230,600.00 Single Family Residence- improvements 1212 Warehouse $ 318,500 00 • Warehouse Storage Land 4 2135 Land $ 1,334,400 00 15 094 $ 88,405 9Q Warehouse Storage- improvements 2235 Land $ 1,316,500 00 Totals - $ 3,200,000.00 15.094 Account St Boulder County Sugar ;`till Storage 1 R0503765 T I"i'E I Description Actual Value Acres Price Per Acre COD F. Manufacturing Land 31 15 Land $ 280,000 00 40 $ 7,000.0() Manufacturing improvements 32.15 Warehouse $ 240,000.00 i 4 Fouls $ 520,000.00 40 Page 11 of 26 Camelot RV Storage Weld County (125 Business Park) Property Address: 4075 Camelot Or Yea r 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 Lot 2 R7051998 $938,884.00 $287,199.00 $287,199.00 $253,939.00 $253,939.00 $263,289.00 $303,821.00 $440,778.00 $440,778.00 $475,745.00 $475,745,00 $365,865.00 Lot 3 R7052098 $1,179,124.00 $571,990.00 $571,990.00 $551,661.00 $551,661.00 $599,483.00 $650,594.00 $838,509.00 $838,509.00 $730,697.00 $730,697.00 $587,210.00 Lot 4 R7052198 $1,730,373.00 $730,200.00 $730,200.00 $613,450.00 $613,450.00 $613,449.00 $661,517.00 $776,247.00 $776,247.00 $866,112.00 $866,112.00 $747,869.00 Total Actual Value $3,848,381.00 $1,589,389.00 $1,589,389.00 $1,419,050.00 $1,419,050.00 $1,476,221.00 $1,615,932.00 $2,055,534.00 $2,055,534.00 $2,072,554.00 $2,072,554.00 $1,700,944.00 Male 6-9-2017 Sold for $3,500,000 $389k in improvements, repairs and maintenance over 2017 & 2018 3-10-2010 Sold for $2,500,000 Page 12 of 26 Camelot RV Storage Valuation History Weld County (125 Business Park) Property Address: 4075 Camelot Cir Year 2009 2010 2011 2012 Change in Value 2013 2014 Change in Value 2015 2016 Change in Value 2017 2018 Change in Value 2019 Change in Value S 5 Assessor's re-evall $ 24 -Jul -19 Tax payers position $ Actual Value Lot 2 475, 745.00 475,745.00 440, 778.00 440,778.00 ($34,967.00) 303,821.00 263,289.00 ($177,489.00) 253,939.00 253,939.00 ($9,350.00) 287,199.00 287,199.00 $33,260.00 $938,884.00 $651,685.00 665,173.00 S S S Actual Value Lot 3 730,697.00 730, 697.00 838,509.00 838,509.00 $107,812.00 650,594.00 599,483.00 ($239,026.00) 551,661.00 551,661.00 ($47,822.00) 571,990.00 571,990.00 $20,329.00 $1,179,124.00 $607,134.00 975,373.00 S S S S S Actual Value Lot 4 866,112.00 866,112.00 776,247.00 776,247.00 ($89,865.00) 661,517.00 613,449.00 ($062,798.00) 613,450.00 613,450.00 $1.00 730,200.00 730,200.00 $116,750.00 $1,730,373.00 $1,000,173.00 1,559,454.00 Total Valuation Lots 2,3&4 $ 2,072,554.00 $ 2,072,554.00 $ 2,055,534.00 $ 2,055,534.00 ($17,020.00) $ 1,615,932.00 $ 1,476,221.00 ($579,313.00) $ 1,419,050.00 $ 1,419,050.00 ($57,171.00) $ 1,589,389.00 $ 1,589,389.00 $170,339.00 $ 3,848,381.00 $2,258,992.00 $ 3,200,000.00 351,100.00 $ 526,854.00 $ 1,191,753.00 $ 2,069,707.00 Notes Business & Property Sold for $2,500,000 Purchaser: Mark Stonehocker $389k in improvements, repairs and maintenance over 2017 & 2018 142% Increase 100% + Increase Page 13 of 26 Income Jan and Feb 2017 2016 2015 2014 Rental Income Storage Rental (Checks and Cash) $ Storage Rental (Credit Card) Total Storage Rental Office Rent Total Rental Income Fee Income Administrative Fees Other Fees Total Fee Income Credits Issued Total Income Gross Profit Expense 13,30/ 5 /6,3/S S 91,301 S 94,633 $ 49,148 $ 292,109 $ 259,912 5 236.414 $ 63,056 5 369,084 $ 351,213 $ 331,107 $ 2,800 S 29,100 S 41.115 $ 38,680 $ 65,856 S S S $ 398,784 $ 398,988 $ 369,787 $ 2,928 S 3,942 $ 4.081 112 S 429 $ 4/6 • $ 3,100 $ 4,371 $ 4,557 (334) S (2.289) S (3,530) S (2.540) $ 65,522 S 399,595 S 399,829 $ 371,804 S 65.522 $ 399.595 S 399,829 $ 3/1,804 Advertising/ Promotion / Website $ Bank fees & CC Charges S Business Owners Assocra!son Fees S insurance S Management fees s Office Supplies $ Postage and PO Box S Repairs and Maintenance Dump Tank Pump Out Landscaping repair / maintenance Snow Removal Asphalt Repair Repairs and Maintenance other Total Repairs and Maintenance Security Lxpense_•s T axes Property Telephone and Ir;crne: Expense Software su bscr iptoi r=s utilities Water Electricity Gas S S S 1.343 4,519 3,800 202 49 11,0 /29 S $ S $ $ 515 /342 5,0/5 5,109 24, /00 /33 196 S 5,900 S 5,045 S 2,158 $ 3,206 $ S S S S $ S $ $ 25S 6,15/ 3,000 4,826 22,800 523 444 6, 80S /,246 2,198 5 213 4,104 $ S $ S S $ S S S 2,541 5Al14 3,600 4,061 22,800 2.95/ /60 5,925 1,530 931 4,6% 8,862 879 S $ $ S S 130 S 2,612 $ 321 350 331 460 5 16,909 S 6,411 $ 35,350 $ 2,080 S 2,425 $ 2,888 S 11,02/ $ 1,168 $ 26,166 S 13,2/9 S 36,6// S 1,9/2 S 2,3/S $ 2,3/5 S 13,233 S 1.210 $ 21,904 S 14,523 S 40,619 $ 1,814 $ 2,411 S 2,228 S 15,042 S 1,432 Total Utilities $ Total Expenses Net Opt rating Income 3,063 S 15,083 S 16,818 $ 18,703 $ 15,002 5 50,519 $ 122,234 277,361 $ 135,292 $ 264,537 5142,173 $ 229,632 Page 14 of 26 Beacon Storage Weld County Account #: 7052498 (125 Business Park) Property Address: 4075 Camelot Cir Longmont, CO 80504 Tax Year 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2006 Total Actual Value $3,539,725.00 $2,689,400.00 $2,689,400.00 $2,373,000.00 $2,373,000.00 $2,373,000.00 $2,373,000.00 $1,977,501.00 $1,977,501.00 $1,977,500.00 $1,977,500.00 $1,135,041.00 Purchased 1149-2006 for $2,185,000 • Owner added 15,560 sq ft of mini warehouse in 2008. Total Actual Value 2009 $1,977,500 Total Actual Value 2008 $1,135,041 A differance of $842,459 increase from '08 to '09 bringing that number of the costs of the 15,650 sq ft to be $54.00 per sq ft. $2,185,000 '06 Sale Price $842,454 '08 buildings added $3,027,459 Total Valuation as of 2009 Yet the assessor's Valuation is only $1,977,500 Page 15 of 26 Firehouse (Storage facility) Larimer County, Account tt: R1648580 Property Address: 2600 S LINCOLN AVE LOVELAND, CO 80537 Tax Year Total Actual Value 2019 $10,700,000 2018 $7,199,900 2017 $7,199,900 12-15-2017 Sold for $22,250,000 SALE 2016 $6,400,000 2015 $5,662,800 2014 $3,884,000 2013 $3,300,000 2012 $2,500,000 2011 $2,500,000 2010 $2,500,000 2009 $2,000,000 Page 16 of 26 Rockport Storage LLC (Adams County Henderson) Property Address: 11905 E 124TH AVE CO 80640 Year 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 S S S S S Lot 1 R0013731 976,347.00 605,000.00 605, 000.00 424,318.00 424,318.00 423,369.00 423,369.00 Lot 2 R0174860 $ 1,692,286.00 $ 1,367,468.00 $ 1,367,468.00 $ 1,367,468.00 $ 769,201.00 $ 683, 734.00 $ 683, 734.00 S S S Total Actual Value 2,668,633.00 3-15-2019 Sold for $4,700,000 1,972,468.00 1,972,468.00 1,791,786.00 1,193, 519.00 1,107,103.00 1,107,103.00 9-10-2010 Sold for $2,800,000 SALE SALE Page 17 of 26 Purchase Date June 9t", 2017 CAMELOT STORAGE LLC Income Statement 12 Months Ended December 31, 2017 Sales Container Stcxalc Open Storage lockers Second FScar Warsh e y Garage Storage Total Sales Gross Profit Operating Expenses Advert≥ ng l rcrroW1eosre Bank Fees iCredit Card Cha'ces Carol Labor Dues & Subscriptons t tOA Dues MeSs & r"lcrtc rrrent Insurance Interest Ecense • Loan Interest Evens,„ - Otter Leasing Ccmmisycns Lerals4cccunt•rg! Prcfeonal Construction Cleve/opmer: Fee Management Fees - Facility 'point. & Repairs Office Expense Refunds Sccunty Since S8A Loan Servicing Fees Payroll Taxes Taxes, Property 1 elephore Ut:l:ies Veh tie Exp r'.,e Adrift Acctg, Staff "v & Office Total Operating Expenses Operating Income (Loss) Other Income (Expenses) Total Other Income (Expenses) Net Income (loss) Before Taxes Net Income (Loss) 750.00 219,935.04 1,118.33 O. CO O. CO 211,803.31 221,803.37 8OS.Ci 4,033.CO 0.00 1,502 CO 2,540.0O O.C,a 13, 292.00 73,949.00 0.00 0.00 350.00 5/1.00 0.00 10,605.00 2,!13.00 a.ao 1,186.00 UAW 0.00 0.00 649.00 6,984.00 381.00 13,426.00 132,988.00 :32,988.00 0.00 88,81 5.37 88,615.37 Income Approach (2017) There are NO real estate taxes shown, they were accounted for at closing. Factoring in taxes at the 2017-2018 rate (@@$42.44k), the income would be much lower. Half a year's income minus half a year's taxes of $21,220, the true 6 month NOI is $67,595 or $135,190 annually. Divided by a 7% CAP rate results in an entity price of $1,931,285. Page 18 of 26 • CAMELOT STORAGE LLC Income Statement 12 Months Ended December 31, 2018 Sales Container Storage Open Storage Lockers Srcond Floor Wash Bay Garage Sterace Total Sales Gross Profit Operating Expenses Ariveris.ng`,PrcrnolWeGste Bank Fees\Credit Card Charges Casa' t a ixu Dues & SuuscrrQtiord HOA Cues Meals & Entertainment Insurance irtere*,t Experse - Loan Interest Experse Other Leasing Commissars LeyarAccountirig\Prcfessional Cons4'•-u,ticn Cevetoprr, rt Fee Mananent Fees - Facility Ma_it. & Repairs Oftce Expense Refunds Secatty Selo ce SBA loan Serving Fees Payroll Taxes Taxes, Procerty Tegetshone tJ'jt t"ms's Vehicle Expense A*rrrn, Acctg, Staffing & (Mike Total Operating Expenses Operating Income (Loss) Other Income (Expenses) Total Other Income (Expenses) Net Income (Loss) Before Taxes 3,316 66 468,220,91 23,497 07 135.00 28,152.58 523,352.22 523,352.12 10,959.58 11,793.94 3,897 00 5,164 55 4, 500 00 261 10 8,968 20 152,878 15 321.00 2,000.00 1,460.00 14,429.13 56,13 5.56 16,2/2.56 3,914.35 1,018.00 1,836.96 6,669.16 2,723.94 ?2,8/D.62 2,019.96 9.119.67 1,0 9.64 32,135,00 371,261.07 152,091,15 0.00 152,091.15 Net Income (Lon) 152,091.15 /2 Years Taxes Income Approach (2018) At the 2017/2018 tax rate a full year's taxes would be at or about $42,440, reducing the income even further to approximately $130,871. At a 7% cap rate (the assessors stated CAP rate) the value of the total entity would be $1,869,586. Page 19 of 26 125 Business Park '.1 e c Co ./t- zo1e Nearrreo US \\'e:a Court, Page 20 of 26 C 7I ' heft 4•r .. deer N•. •.l •.; .rN< r n r W/N.a' I+1 :volOvi Iry .to • :Irk ff.g'• i p.m ''K Ir • Nos 200' Setback (Non occupied Building zone UM 2, 3 d 4, BOCK fr AAIWA W MAT r)" 11 L U P. T" D . LOCA TV) 1A' THE A•ORTHltr ST QUIRT 1�'0Rr11, RAb�CL 68 Wf '7 Of COUNTY OF WF:1D. STAIR TOTAL AREA - 743.23Z SQ FL OR SHEET A • P QUARTER Y slit, �� a ►-_• .rrr•K N[. 41 rya• a a salsas! - �� =1 aleS eanclin smin y 'M 50' Gas Line Easem r .. 20' Utility Easement flat �. Ma WSW %sr J c•Mtt :moo tiaapw rye. • . Panda *seas la it' •mtG: ornan . fir_ see IP 0,____—`4k am. » _ —ne��t O St Gas Line Easement f at, / a MN se:ingrair tiara MS te Sail Mr *afire . 200' Setback (Non occupied Building zone ALTA/NSPS LAND TITL A h'. •R !!L•rti7 'ASS 1'ARK 0� EC77ON 23. a NK H1A 3 1 6r1i PM. COLORADO OQ ACRES WORE OR 1S' •'h SC*e. nta•.r SIM r-„,- ea HP a -a r Baas. r..less *At KA. 1a it r I war - anaaaaleal'i:"...8i-s - s SANS • S I- V a tan reel Ifyt zeta W 1r !. alas • --0111•042,r .se 4' - r OBS moil .IN —a.... Imo Auk •• T • • y __• INFO st- . a e 4. a _- — I - - - 1 —a.„z_y=a.a=-a"s-sly-s^3" - a•. O.. .R3 i - • — NOTE: The construction setbacks from valve sets, gas lines and easements, for the safety of property life & life results in significantly less than maximum use of this property. cc rage 21 of 26 VIcwnity Map m a (1) P1 Ltntaad 7040. .0201 ,401.0.0,1 00 OUlmP= 10.q 0.6.002 11 (306000 1T 10 16 - (ROM 0.10 4-I/2 .0.011.10 C✓ aST m101 146404 SJR. 144E 3145u1SD AT 1uE CF S.01ET Maur FROM 0£000FEn.D AS .TA:wm c00.410. AS CY6/. 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GRAPHIC SCALE ALTA/NSPS LAND TITLE SURVEY LOTS 2 3 & 4 BLOCK 3, AMENDED PLAT OF RADEMACHER BUSINESS PARK P UD LOCATED IN IHE NORTHWEST QUARTER OF SECTION 23 TOWNSHID 3 NORTH RANGE 613 WEST OF TPE 6TH P COUNTY OP WELD STATE OF COLORADO 10TAL AREA = 743 232 SQ FI OR 17 06 ACRES MOPE OR LESS SHEET 2 OF 2 __ _ ___ ____ _ _ I. ,C 1t ..t •u�= '01WA slices 41. 01C. M. vii IOC —.-1« — .. .- `. ,--.n. — .. 7 ":oT -^-7 �)f // 1 l.y _ ...l _ '2 .—..•—.•.aYO.t3 C O 1'44.-- Ow ..a. ....71iJ'ti' 1 AS .i NwwV .acs_!_ _--•..4'• s .1.01«1 - `•.Ti.t W�l.�+i-�(� r� F CA4�,-iST- t .. `<•C'�IZ...a,n • — In+.Jio . _ -- 7., —l. wrsrt hill&i— I--_.-lA.u1P.1.Wl • TT - IAA lr.NlsMia �— / vu Sum / pi''f <tI.e+.'.q .1 • a .PS may/ r LOTS BLOCK 1 01011 coact. I, I ir:V" it AlAAA A.G NO • �) .s��wa ♦w '' --��.-�S.r.. ,yam `.�"l�~�. ��t�d•ICjAY/(.,1ow �-^��rJ: '"_�M_- �wflt� M,y. �Yvn�i Jni.s.c ^" r_',��•0 `OtaO_,y__ �` t ca • r. i p re K 4 ;.ca kf- I .f to .a Il r. m Ors h..—, AiX ti a 1 5410. La.N OBGl0 0r 107E7 2 Cl 2 Page 23 of 26 Camelot RV Storage Lot 2 (5.045 acres) Lot 3 (6.588 acres) Lot 4 (5.429 acres) • The area highlighted is covered with water and gas easements and the gas valve set. Accordingly, it is our opinion this property is worth substantially less than the remainder of the lots. We have used a value of $32,670/acre ($.75 per sq. ft) for this ground Page 24 of 26 Computations Comparison Approach to Value See Section VII for explanation & rationale for computations on all three lots. Lot 2 (Acct. # 7051998) 5.045 acres As shown on Exhibit 11 there are 26,000 sq. ft. of easement ground on the North, this ground we have valued at $ 32,670 per acre ($ .75 per sq. ft.) and the remainder of the Lot at $ 55,000.00 per acre. 26,000 sq. ft. @ $ .75 per sq. ft. = $ 19,500.00 5.045 acres X 43,560 sq. ft. per acre = 219,760 sq. ft. minus 26,000 sq. ft. equals 193,760 sq. ft. which is 4.448 acres (193,760/43,560) residual acreage 4.448 acres X $ 55,000.00/acre equals $ 244,640.00 adding the $ 19,5000. Lot 2 unimproved Land value is $ 264,140.00. RE: Exhibit 2 improvement valuations Lot 2 has 45,000 sq. ft. of asphalt @ $ .72 per sq. ft. = $ 29160.00 and 144,500 sq. ft. of crushed asphalt @ $ .40 per sq. ft. = $ 57,800.00 TOTAL VALUE of Lot 2.........$ 351,100.00 Lot 3 (Acct. # 7052098) 6.588 acres As shown on Exhibit 11 there are 45,600 sq. ft. of easement ground on the North 45,600 sq. ft. @ $ .75 per sq. ft. = $ 34,200.00 6.588 acres X 43,560 sq. ft. per acre is 286,973 sq. ft. minus 45,600 sq. ft. equals 241,373 sq. ft. which is 5.541 acres (241,373/43,560) residual acreage 5.541 acres X $ 60,000.00/acre equals $ 333,246.00 adding the $ 34,200.00 Lot 3 unimproved Land value is $ 367,446.00. Reference Exhibit 2 Lot 3 has 221,400 sq. ft. of asphalt @ $ .72 sq. ft. equals $ 159,408.00 TOTAL VALUE OF Lot 3.........$ 526,854.00 Page 25 of 26 Lot 4 (Acct. # 7052198)_5 429 acres Per Exhibit 11, there are 43,900 sq ft of easement ground on the North 43,900 sq. ft @ $ 75/ sq. ft. = $ 32,925.00 5 429 acres X 43,560 sq ft per acre is 236,487 sq ft minus the 43,900 sq. ft equals 192,587 sq ft. which is 4 421 acres (192,587/43,560) residual acreage 4 421 acres @ $ 68,000.00/acre equals $ 300,628 00 addingethe $ 32,925 00 Lot 4 unimproved Land value is $ 366,478.00. Reference Exhibit 2 Lot 4' has (by our calculations) 146,738 sq ft of asphalt @ $ .72/sq ft. = $105,652.00 Concrete @ $ 723.00. Office building @ $ 519,400 00. The "New" metal garage building (by our costs) is $ 199,500:00. TOTAL VALUE of Lot 4.........$ 1,191,753.00 Lot 4 $ 1,191,753 00 Lot 3 526,854 00 Lot 2 351,100.00 $ 2,069,707.00 Total Land Value Page 26 of 26 Construction Loan Draw Request Certificate for Payment Owner/Borrower; Camelot Storage LLC/David P. Lee)l.ief D. Jensen Construction project address; 4075 Camelot Cr, Longmont, Colorado 80504 Contractor: Owners Draw rY: Loan(s) #: 2 Contractor I Supplier Deacripfion of Materials Budget Item µ Draw / Chl. ec Amount Check # or Work Performed , r Check Lvewell Fencing, :itc Final Invoice 01569 2 — S l S, l Rc.70 1002 Colorado Tree Spade Tree removal on fence line 2 S 1,650,00 1051 ('anAnt Deposit for 10 Foy garage 1 $ 11,100.00 1054 Mountain View Fire rescue Plan Review & Inspection Fee 1 S 1'7.50 1008 TJB Consulting Group. LL(: Doc review for site plan and new 10 bay gaarugc i $ 150.00 1009 Rocky Mountain Parking Lot Senices, lac Parking Lot striping For new parking area 4 $ 663.00 r r TOTAL $29,180.2.0 SPECIAL NOTICE: Attach unapproved change order or cost overrun requests - In consideration of the hank advancing funds against approved hank Ioanis) listed above and to induce the bank to make such loan advances, the undersigned certifies and represents that requested fiends for payment of all labor and materials listed atone have been used itt the construction of the above described project Ad labor and material for stone has roan delivered and/or stored for use in the improvement of the project site listed above. We further certify that hills for labor and materials, in connection with the improvements of the above described project site, which are .The and payable or have been paid, and alt material wherever stored arc fully covered by insurance, Finally, we approve this loan draw request /n -ail-/ Borrower / (hvner: Contractor: For lkwA Il se tk(v .� _—_.-r _ Total prior disbursements Total disbursed to date Available loan Rinds Date: Bank Officer Gc 0' c 11,100.+ 127.5+ 450.+ 32,234.+ 500.+ 8,562.21+ 2,318.89+ 4,130.61+ 24,130•+ 3'079.7+ 22.58+ 31.02+ 56.44+ 1,243.5+ 120.4+ 289.94+ 1,337^+ 2,385.+ 2,843.+ 19,495.+ 689.48+ 908.45+ 9751+ 270.4- 25,367.5+ 384.2+ 482.2+ 5,656675+ 4,124.23+ 642.89+ 28,800.4 90.'+ 450.4+ 2,785.+ 3,126.93 127.5'+ 2,017.5+ 3,325.61+ 9.2+ 2,137.77+ 95.96+ 40.52+ 555.15+ 701.6+ 43.01+ 430.5 + 19.97+ 101.24+ 111.37+ 167.92+ 32.52+ 125.7+ 24.68+ 133.6+ 184.98+ 199,595.72* Valuation Report of Commercial Property for County Board of Equalization CAMELOT STORAGE LLC Petitioner vs. Weld County Assessor's Office Respondent Docket plumber. 2019-3104; 2019-3105; 2019-3106 Parcel Number: 1207-23-2-02-004; 1207-23-2-02-003; 1207-23-2-02-002 Schedule Number: R7052198, R7052098, R7051998 Appeal Number: 2008224783; 2008224784; 2008224785 Date: 8/5/2019 Time: 10:30 AM Board: 1 Prepared By Millie Channel! Assessor's Office Staff Appraiser Assessor's Indicated Value COMMERCIAL $3,730,700 TOTAL: $3,730,700 Or $281 per SF Salient Facts and Conclusions Purpose of Appraisal To determine Market Value as of 1/1/19 based on an appraisal date of 6/30/18. Property Rights Appraised Unencumbered fee simple interest. Location 4075 CAMELOT CIR WELD Land Area 743,220 SF Property Type Commercial Imp 1 2 SF 6,085 7,200 Quality Ave rag e Ave rag e Occupancy Office Building Mini Warehouse Built As Office Building Mini Warehouse Value Indications: Cost Approach Market Approach income Approach Class Masonry Metal Frame $3,666,159 $3,730,700 $3,731,822 Year Built Yr Rem Stories 200O N/A 2 2017 N/A 1 $276 per SF Or $281 per SF $281 per SF Final Value $3,730,700 Or $281 per SF Map of Subject Improvement # 1 Quality Average Total SF 6,085 Occupancy Description Office Building Year Bit As Description Class Year Built Remodeled % Office Building 1?' Occupancy % 1 00 % # of Stories SF Masonry 2000 N/A 0% 2 6,085 a:es:Ir+� 1.1.4t gi Gyta' U13 fl CrAnCE Matt TWO bin OM OP SP Yea; Boa 203: l'kLMJJt I..C Ri J Er n rg SA. PM A&w Hem' YM15-0 at rfri4 trIZ !aka i d f isi� :110g ') if *114 al1G.3al 1611.01 I rt -r H'Y 600,4 ni r ctuTh m ore* Ca. 1 643 Improvement # Quality Total SF Bit As Description Mini Warehouse 2 Average 7,200 Class Metal Frame _•l e...�_ti�.:_ .3' e Occupancy Description Mini Warehouse Year Year Built Remodeled % 2017 raid Fluff a i!tN'i:f1 .t I6" it'll N/A L. Occupancy % 100% # of Stories SF 0% 1 7,200 Cost Approach Summary The Assessor is currently using Marshall and Swift cost tables for the cost approach of commercial properties in Weld, which has been approved by the Division of Property Taxation to be utilized by Colorado Assessors. The structure has been classified properly utilizing the Marshall and Swift Valuation service and an appropriate value assigned. A land value has likewise been established through the utilization of vacant land sales of comparable properties. Cost Approach Land Value Sales utilized to establish the value in the subject neighborhood are 2017 and 2018 market for the 2019 assessment date. The comparative sales approach is the most reliable method of land valuation. Pursuant to 39-104-(10.2) (c) C. R. S., the Assessor may utilize sales from July 2013 through the current market to establish the proper value, if sufficient information is not available in the prior 18 months. Also, comparables outside the subject property area may be used. The Weld County Assessor has an established ongoing sales confirmation and validation program for property transactions used in developing value. The land size of the subject is 743,220 square feet Comparable commercial land in the subject area is valued at $3.25 per square foot. If no vacant land sales were available in this area, we utilized the abstraction/allocation method to establish land value. A search of land sales was conducted and the following sales were considered most appropriate due to location, size and visibility. Situs Comparable 1 120 Laura Ct, Comparable Comparable 2 2704 Main St City Dacono Longmont 3 9170 Rogers Rd Longmont Sale Date 0412712017 9/30/2015 4/2/2018 Sale Price $2,000,000 $1,732,600 $2,074,000 Net SF 418,010 543,629 740,520 Assessor's Indicated Subject Land Value $2,415,465 or $3.25 per SF $ Per SF $4.78 $3.19 $2.80 5 6 Weld Cost Breakdown Sheet Tax Year: 2019 Parcel #: 1207-23-2-02-004 Account R7052198 # of Buildings: 2 Report Date: 0810112019 Imp #: 1 NBHD: Commercial - 3925 - 00 Quality: Average Imp Gross SF: 6,085 Imp Net SF: 0 Perimeter: 230 BItAs Order #: HVAC Type: Year Bit: UnAdj Base $/sf: Perim Mult MH Wa l l Mult: *Fndation $/sf: Sprinkler $/sf: MH Skirt $: 1 BItAs Desc: Office Building Package Unit 2000 Adj Year Blt: 107,00 Cost Mult: 0.9580 # Stories Mutt: 1.0000 1.00 2.99 0.00 0.00 316 6085 0.00 MH Skirt lnft: 0 *HVAC $/sf: *Roof $/sf: Sprinkler sf: * These $/sf Adjustments include all Multipliers Exterior/Class: Masonry 2000 Story Ht: 1.0200 Local Mult: Story Ht Mult: *Floor $/sf; *Energy $/sf: Sprinkler RCN: MH Skirt RCN: Condition: CM -Typical Percent Complete: 100% BItAs SF: 6,085 No. of Stories; 10 BItAs Units: 0.9900 O9530 0.00 0.00 $23,488 0.00 Base $/SF: MH Tag Mult: *Interior $/sf: Adj Base $/sf; BItAs RCN: Total BItAs RCN: 2.00 0 108.05 1.0000 0.00 101.64 $618,479 $641,968 AddCode: Detail Type: Detail Description: Units: $IUnit: RCN: Ovrde: Ovrd $: 1154 Add On Concrete Slab Average 670 $5.68 $3,800 ❑ $0 843 Add On Asphalt Average 160,000 $2.53 $404,800 $114,714 Total Detail RCN = RCN + Override RCN: $3,806 Plumbing Adjust: $0 Rough -In Adjust + $114,714 $0 Imp Attribute Type: Imp Attribute Description: Imp Attribute Adj: Adjustment Type: Replacement Cost New ($); Percent Complete (x): RCN x Perc Complete ($): Amateur Adj Value (-): Design Adj Value (+): Exterior Adj Value a+): Interior Adj Value (+): Functional Obs Value (-): Economic Obs Value (-): Other Obs Value (-): Physical Depr Value (-): Landscaping Cost (+): RCN Less Depr (=): Condo Percent (x): RCNLD x Condo Perc (5): Page 1 of 1 Percent 100.00% 0.00% Amount 17!487 so 1760,487 0.00% Adjustments to RCNLD Factor, RCN Less Depr (5): NBHD AdJ (x): $0 Market Adjusted Cost (=): 0.00% 0.00% $0 0.00% So 0.00% $0 0.00% $0 16.13% $122,697 $0 $6371790 100.00% 0 $637,790 Quality Adjustment (x): Property Type Adj (=): Adj Cost before Attrib (=) : Total M u It Attrib (x) : Total Additive Attrib (+): 7 Final Adjusted Cost (=): jAmount $637190 1.00 $637,790 1.00 $0 1.00 X637,790 1.00 so $0 1137,790 Imp #: 2 NBHD: Commercial - 3925 - 00 Imp Gross SF: 7,200 Imp Net SF: 0 Quality: Average Perimeter: 410 Condition: CM -Typical Percent Complete: 100% BItAs Order #: HVAC Type: Year Bit: UnAdjBase $fsf: Perim Mult: MH Wall Mult: *Fndation $lsf: Sprinkler $/st: MH Skirt $: * These 1 None 2017 33.00 1.0710 1.00 0.00 0.00 0.00 BItAs Desc: Mini Warehouse Exterior/Class: Metal Frame Adj Year Blt: 2017 Cost Mult: 1.0200 # Stories Mult: 1.0000 *HVAC $fsf: 0.00 *Roof $/sf: 0.00 Sprinkler st: 0 MH Skirt Int 410 fsf Adjustments include all Multipliers Story Ht: Local Mult Story Ht Mult: *Floor $fsf: *Energy $Isf: Sprinkler RCN: MH Skirt RCN: 16 0.9700 1.0410 0.00 0.00 $0 0.00 BItAs SF: 7,200 No. of Stories: 1.00 BItAs Units: Base $15F: 0 32.65 MH Tag Mult: 1.0000 *Interior $fsf: 0.00 Adj Base $fsf: 36.40 BItAs RCN: $262,080 Total BItAs RCN: $262,080 AddCode: Detail Type: Detail Description: Units: $/Unit: RCN: Ovrde: Ovrd $: Total Detail RCN = RCN + Override RCN: Plumbing Adjust: $0 Rough -In Adjust: $0 Imp Attribute Type: Imp Attribute Description: Imp Attribute Adj: Adjustment Type: Replacement Cost New ($): Percent Complete (x): RCN x Perc Complete ($): Amateur Adj Value (-): Design Adj Value (+}: Exterior Adj Value (+}: Interior Adj Value (-F): Functional Obs Value (-): Economic Obs Value (-): Other Obs Value (-): Physical Depr Value (-): Landscaping Cost (+): RCN Less Depr (=): Condo Percent (x): RCNLD x Condo Perc ($): Percent $ Amount $262,080 100.00% $0 $262,080 0.00% $0 0.00% $0 0.00% $0 0.00% $0 0.00% $0 0.00% $0 0.00% $0 1.00% $2,621 $0 100.00% $259,459 0 $259,459 Adjustments to RCNLD Factor RCN Less iDepr ($): NBHD Adj (x): Market Adjusted Cost (=): Quality Adjustment (x): Property Type Adj (=) : Adj Cost before Attrib (=): Total Mult Attrib (x): Total Additive Attrib (+): Final Adjusted Cost (=): 1.00 $ Amount $259,459 $0 $259,459 1.00 $0 1.00 $0 $259,459 1.00 $0 $0 $259,459 Weld Cost Breakdown Sheet Tax Year: 2019 Parcel #: 1207-23-2-02-003 Account R7052098 # of Buildings: 1 Report Date: 08/02/2019 Imp #: 1 NBHD: Commercial - 3925 - 00 Imp Gross SF: 1 Imp Net SF: 0 Quality: Average Perimeter: Condition: CM -Typical Percent Complete: 100% BItAs Order #: HVAC Type: Year Blt: UnAdjBase $1sf: Perim Mult: MH Wa l l Mult: *Fndation $lsf: Sprinkler $/sf: MH Skirt $: 1 None 2001 0.00 0.0000 1.00 0.00 0.00 0.00 BItAs Desc: Parking Lot *Code Exterior/Class: None Adj Year Blt: Cost Mult: # Stories Mult: *HVAC $lsf: *Roof $/sf: Sprinkler sf: MH Skirt Inft: 2001 1.0000 0.0000 0.00 0.00 0 0 * These $lsf Adjustments include all Multipliers Story Ht: Local Mult: Story Ht Mult: `Floor $lsf: `Energy $lsf: Sprinkler RCN: MH Skirt RCN: 8 1.0000 0.0000 0.00 0.00 $0 0.00 BItAs SF: 1 No. of Stories: 1.00 BItAs Units: 0 Base $ISF: 0.00 MH Tag Mult: 1.0000 *Interior $/sf: 0.00 Adj Base $lsf: 0.00 BItAs RCN: $0 Total BItAs RCN: $0 AddCode: Detail Type: Detail Description: Units: $/Unit: RCN: Ovrde: Ovrd $: 843 Add On Asphalt Average 221,400 $2.53 $560,142 $156,750 Total Detail RCN = RCN + Override RCN: $560,142 Plumbing Adjust: $0 Rough -In Adjust: $0 Imp Attribute Type: Imp Attribute Description: Imp Attribute Adj: Adjustment Type: Replacement Cost New ($): Percent Complete (x): RCN x Perc Complete ($): Amateur Adj Value (-): Design Adj Value (+): Exterior Adj Value (+): Interior Adj Value (+): Functional Obs Value (-): Economic Obs Value (-): Other Obs Value (-): Physical Depr Value (-): Landscaping Cost (+): RCN Less Depr (=): Condo Percent (x): RCNLD x Condo Perc ($): Percent $ Amount $560,142 100.00% $0 $560,142 0.00% $0 0.00% $0 0.00% $0 0.00% 0.00% $0 $0 0.00% $0 0.00% $0 56.00% $313,680 $0 $246,462 100.00% $0 $246,462 RCN Less Depr ($): NBHD Adj (x): Market Adjusted Cost (_): Quality Adjustment (x): Property Type Adj (_): Adj Cost before Attrib (_): Total Mult Attrib (x): Total Additive Attrib (+): Final Adjusted Cost (_): Adjustments to RCNLD Factor $ Amount $246,462 1.00 $0 1.00 $246,462 $0 1.00 $0 $246,462 1.00 $0 $0 $246,462 Page 1of1 9 Weld Cost Breakdown Sheet Tax Year: 2019 Parcel #: 1207-23-2-02-002 Account R7051998 # of Buildings: 1 Report Date: 08/02/2019 Imp #: 1 N BH D: Commercial - 3925 - 00 Imp Gross SF: 1 Imp Net SF: 0 Quality: Average Perimeter: Condition: CM -Typical Percent Complete: 100% BItAs Order #: HVAC Type: Year Blt: UnAdjBase $1sf: Perim Mult: MH Wa l l Mult: *Fndation $lsf: Sprinkler $/sf: MH Skirt $: 1 None 2002 0.00 0.0000 1.00 0.00 0.00 0.00 BItAs Desc: Parking Lot *Code Exterior/Class: None Adj Year Blt: Cost Mult: # Stories Mult: *HVAC $lsf: *Roof $/sf: Sprinkler sf: MH Skirt Inft: 2002 1.0000 0.0000 0.00 0.00 0 0 * These $lsf Adjustments include all Multipliers Story Ht: Local Mult: Story Ht Mult: `Floor $lsf: `Energy $lsf: Sprinkler RCN: MH Skirt RCN: 8 1.0000 0.0000 0.00 0.00 $0 0.00 BItAs SF: 1 No. of Stories: 1.00 BItAs Units: 0 Base $/SF: 0.00 MH Tag Mult: 1.0000 *Interior $/sf: 0.00 Adj Base $lsf: 0.00 BItAs RCN: $0 Total BItAs RCN: $0 AddCode: Detail Type: Detail Description: Units: $f U n it: RCN: Ovrd e: Ovrd $: 843 Add On Asphalt Average 4Q500 $2.53 $102,465 $30,225 10676 Add On Crushed Asphalt/Gravel 144,500 $1.00 $144,500 $0 Total Detail RCN = RCN + Override RCN: $246,965 Plumbing Adjust: $0 Rough -In Adjust: $0 Imp Attribute Type: Imp Attribute Description: Imp Attribute Adj: Adjustment Type: Replacement Cost New ($): Percent Complete (x): RCN x Perc Complete ($): Amateur Adj Value (-): Design Adj Value (+): Exterior Adj Value (+): Interior Adj Value (+): Functional Obs Value (-): Economic Obs Value (-): Other Obs Value (-): Physical Depr Value (-): Landscaping Cost (+): RCN Less Depr (=): Condo Percent (x): RCNLD x Condo Perc ($): Percent $ Amount $246,965 100.00% $0 $246,965 0.00% RCN Less Depr ($): $0 NBHD Adj (x): 0.00% $0 Market Adjusted Cost (_): 0.00% $0 0.00% 0.00% $0 $0 0.00% $0 0.00% $0 56.68% $139,982 $0 $106,983 100.00% $0 $106,983 Quality Adjustment (x): Property Type Adj (_): Adj Cost before Attrib (_): Total Mult Attrib (x): Total Additive Attrib (+): Final Adjusted Cost (_): Adjustments to RCNLD Factor $ Amount $106,983 1.00 $0 1.00 $106:983 $0 1.00 $0 $106,983 1.00 $0 $0 $106,983 Page 1of1 10 Summary of Improvement Values for Cost Approach R7052198 Imp # 1 2 Grand Total: R7052 098 Imp # 1 Grand Total: R7051998Im# 1 Grand Total: RCN $760,487 $262,080 $1,022,567 RCN $560,142 $560,142 RCN $246,965 $246,965 RCNLD $637,790 $259,459 $897,249 RCNLD $246,462 $246,462 RCNLD $106,983 $106,983 ActualCost Value $637,790 $259,459 $897,249 ActualCost Value $246,4b2 $246,462 ActualCost Value $106,983 X106,983 Land Value $2,415,465 or $3.25 per Land SF + Improvement Value X1,250,694 Total Value by Cost Approach Final Value $3,666,159 or $276 per improvement SF 11 Market Approach Summary Real Property for the tax year 2019 must be valued utilizing data for the period one and one-half years immediately prior to June 30, 2018. If comparable valuation data is not available from such one and one- half year period to adequately determine the level of value for a class of property, the period of five years immediately prior to June 30, 2018 shall be utilized to determine the level of value. The Assessor has appropriately considered the Market Approach to value for the property on appeal. The Sales Comparison Approach was considered in developing a market value for the Subject. Sales used to establish a market value for the tax year 2019 are from January 1, 2017 through June 30, 2018. Pursuant to 39-1-104 (10.2)(c) C. R. S., the Assessor may utilize sales five years prior to June 30, 2018 to establish the proper value. All sales have been confirmed and verified through transfer declarations as well as interviews with buyers, sellers or their representatives to the sale. All sales used are arm's length transactions, and considered to be the most comparable properties sold in relationship to the Subject property. 12 Market Comparables Parcel Number Situs Sale Date Sale Price Adj SP Acct # Occupancy # of Bldgs Imp SF Yr Built Per Imp SF Subject 1207-23-2-02-004 4075 CAMELOT CIR, WELD 06/09/2017 $3,500,000 $3,500,000 R7052198 Office Building, Mini Whse 2 13,285 2000 Comparable 1 1207-23-2-02-004 4075 CAMELOT CIR , WELD 06/09/2017 $3,500,000 $3,500,000 87052198 Office Building 1 6,085 2000 $575.18 Comparable 2 1313-10-1-00-048 10633 W1-25 FRONTAGE RD , WELD 11/21/2017 $3,095,700 $3,095,700 R8943100 Equipment Building, 5 18,699 1967 $165.55 Service Garage, Util Bldg Comparable 3 1313-11-3-13-002 10200 E I-25 FRONTAGE RD,FIRESTONE 09/10/2014 $2,000,000 $1,999,000 R6786628 Indust Lght Manufacturing 1 9,718 1980 $205.80 Comparable 4 0182132101001 2550 LAREDO ST, AURORA, CO 03/27/2018 $3,900,000 $3,900,000 80164249 Paved lot N/A Comparable 1 is the subject itself at 4075 Camelot Circle. This is made up of 3 parcels totaling 17.06 acres or 743,220 sf. On R7052198, it had one building when purchased on 6/9/2017. Comparable 2 is Lazy Days RV at 10633 W1-25 Frontage Rd and is approximately 7 miles south of the Subject and is west of I-25. It has a total of 5 buildings and is 5.71 acres in size. Comparable 3 is 10200 E1-25 Frontage Rd and is approximately 7 miles south of the Subject and is east of I-2 5. It had one building that was in poor condition at the time of purchase and 21.66 acres in size. Comparable 4 is 2550 Laredo St in Aurora south of I-70 near Denver International Airport that is an asphalt paved lot used for Boat and RV Storage. This is 12.80 acres in size and has no buildings. Based upon investigation and analysis, it is the opinion of the appraisers that the value of $3,730,700 or $281 per SF accurately reflects the market value of the subject property. Value As Indicated By Market Approach $3,730,700 or $281 per SF Income Approach To Value The basic steps in the Income Approach to value for commercial properties in mass appraisal are based on a landlord -tenant situation and not on the income of the actual business. In using this approach, it eliminates the possibility of valuing management as opposed to the potential income of the structure. This is the proper method Assessor's must utilize through the Directives of the Division of Property Taxation. Income Approach Steps 1. Estimate potential gross income to the landlord. 2. Deduct typical vacancy and collection loss. 3. Add additional miscellaneous income. 4. Determine typical landlord operating expenses. 5. Deduct operating expenses to determine the landlord's operating income. 6. Determine a proper capitalization rate. 7. Capitalize the net income into an estimated property value. Research has been done by the Assessor to determine the typical rent by location, type of structure and the property use. The Weld County Assessor's office has also researched the typical landlord expenses, additional income based on the type of business, and vacancy and collection loss. An Income Approach has been completed for the subject. The Weld County Assessor has appropriately considered the Income Approach to value for the Subject property on appeal. The Assessor has gathered income information from local commercial properties for the time frame of January 1, 2017 through June 30, 2018. This information, combined with statewide and industry -wide data, is used to determine typical income and expenses for various property types. In conclusion of the Income Approach, the Assessor has considered both groups of data and has put more emphasis on the local factors and data than the state and national data. This information was then applied to the subject property to arrive at an appropriate Income Approach Value. Total Value by Income Approach $3,731,822 or $281 per SF 15 Outdoor RV Storage Office Office Mini Warehouse 5% $23,847.50 Vacancy Expenses Management Reserves 5% Total 3% N0I Eff Cap Rate Indicated Value $22,655 $13,593 $36,248 0.112 $370,000 $55,950 $51,000 $476,950 $453,103 $416,854 $3,731,822 The rental income was given to the Assessor's office from the owners. Conclusion Real property for tax year 2019 must be valued utilizing the level of value for the period of one and one- half years immediately prior to July 1, 2018. Except that, if comparable valuation data is not available from such one -and one -half -year period to adequately determine the level of value of a class of property. The period of five years immediately prior to June 30, 2018 shall be utilized to determine the level of value. Said level of value shall be adjusted to the final day of the data gathering period. Changes occurring between base years are not to be accounted for until the following level of value is implemented, other than additions, change in use, detrimental acts of nature, damage due to fire, etc., or creation of a condominium, or any new regulations restricting or increasing the use of the land, or a combination thereof. {39-1-104(11)(b)(1) C. R .S.} The subject property has been classified as Commercial Property for assessment purposes. Commercial property value shall be determined by appropriate consideration of the Cost Approach, Market Approach, and Income Approach to value. {39-1-103(5)(a) C. R. S.} The Assessor has considered all three approaches to value for the subject parcel on appeal. Final Reconciliation After consideration of the cost, market and income approaches, it is the Weld County Assessor's opinion that the value of $3,730,700, most accurately reflects the value of the subject property in Weld County for the 2019 tax year. Cost Approach $3,666,159 $276 per SF Market Approach $3,730,700 $281 per SF Assessor's Indicated Value COMMERCIAL 3,730,700 TOTAL: $3,730,700 IncomeApproach $3,731,822 $281 per SF $281 per SF 17 The subject is Camelot Storage located in Rademacher Business Park north of Highway 66 and east of 1-25 near Mead. This is comprised of three parcels that were valued as one economic unit. As they are valued as one economic unit, this page will have all approaches to value and each parcel's valuation. R7051998 MARKET $821,203 22% ALLOCATED INCOME $821,450 COST $821,203 R7052098 $1,179,124 32% $1,179,479 $1,179,124 87052198 $1,730,373 46% $1,730,893 $1,555,832 TOTAL. $3,730,700 $3,731,822 $3,666,159 18 Thank you for submitting an appeal to the Weld County Board of Equalization. We will review the information submitted and you will receive a date to appear before the board. Contact Information: Contact Name: David Lee Contact Email: DPLEE67@GMAIL.COM Contact Phone: 720-319-3489 Appeal Submitted: 01:12 PM July 15, 2019 Appeal submitted for: R7051998 - CAMELOT STORAGE LLC , WELD Legal: RAD L2 BLK1 RADEMACHER BUSINESS PARK PUD AMD PLAT Reason: Value Too High - We are currently working on our documentation for this property. Estimate of Value: $7,359.00 You have selected the following Date Preferences: Monday, August 5, 2019, from 10:30 a.m. to 12:00 p.m. Friday, August 2, 2019, from 1:30 p.m. to 4:30 p.m. Friday, August 2, 2019, from 9:00 a.m. to 12:00 p.m. Thursday, August 1, 2019, from 1:30 p.m. to 3:30 p.m. Thursday, August 1, 2019, from 9:00 a.m. to 12:00 p.m. The Appeal process can take several weeks for us to complete. You will receive a written decision on your appeal within five (5) working days of your hearing. We thank you for your submittal. Weld County Board of Equalization 2019-3106 "SOt03 July 26, 2019 Petitioner: CAMELOT STORAGE LLC 9220 W 26TH AVE LAKEWOOD, CO 80215-1627 CLERK TO THE BOARD PHONE (970) 400-4226 FAX (970) 336-7233 WEBSITE: www.weldgov.com 1150 O STREET P.O. BOX 758 GREELEY CO 80632 Agent (if applicable): RE: THE BOARD OF EQUALIZATION 2019, WELD COUNTY, COLORADO NOTIFICATION OF HEARING SCHEDULED Docket 2019-3106, AS0103 Appeal 2008224785 Hearing 8/5/2019 10:30 AM Account(s) Appealed: R7051998 Dear Petitioner(s): The Weld County Board of Equalization has set a date of August 5, 2019, at or about the hour of 10:30 AM, to hold a hearing on your valuation for assessment. This hearing will be held at the Weld County Administration Building, Assembly Room, 1150 O Street, Greeley, Colorado. You have a right to attend this hearing and present evidence in support of your petition. The Weld County Assessor or his designee will be present. The Board will make its decision on the basis of the record made at the aforementioned hearing, as well as your petition, so it would be in your interest to have a representative present. If you plan to be represented by an agent or an attorney at your hearing, prior to the hearing you shall provide, in writing to the Clerk to the Board's Office, an authorization for the agent or attorney to represent you. If you do not choose to attend this hearing, a decision will still be made by the Board by the close of business on August 5, 2019, and mailed to you within five (5) business days. Because of the volume of cases before the Board of Equalization, most cases shall be limited to 10 minutes. Also due to volume, cases cannot be rescheduled. It is imperative that you provide evidence to support your position. This may include evidence that similar homes in your area are valued less than yours or you are being assessed on improvements you do not have. Please note: The fact that your valuation has increased cannot be your sole basis of appeal. Without documented evidence as indicated above, the Board will have no choice but to deny your appeal. If you wish to discuss your value with the Assessor's Office, please call them at (970) 400-3650. If you wish to obtain the data supporting the Assessor's valuation of your property, please submit a written request to assessor@weldgov.com. Upon receipt ofyourwritten request, the Assessor will notify you of the estimated cost of providing such information. Payment must be made prior to the Assessor providing such information, at which time the Assessor will make the data available within three (3) working days, subject to any confidentiality requirements. Please advise me if you decide not to keep your appointment as scheduled. If you need any additional information, please call me at your convenience. Very truly yours, BOARD OF EQUALIZATION Esther E. Gesick Clerk to the Board Weld County Board of Commissioners and Board of Equalization cc: Brenda Danes, Assessor Hello