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Home My WebLink About20193134.tiffAugust 6, 2019 Petitioner: 410 PARTNERSHIP LLLP 2262 S QUEEN ST LAKEWOOD, CO 80227-1952 CLERK TO THE BOARD PHONE (970) 400-4226 FAX (970) 336-7233 WEBSITE: www.weldgov.com 1150 O STREET P.O. BOX 758 GREELEY CO 80632 Agent (if applicable): AV PROS LLC 3199 S PEARL ST ENGLEWOOD, CO 80113-2709 RE: THE BOARD OF EQUALIZATION 2019, WELD COUNTY, COLORADO NOTICE OF DECISION Docket 2019-3134 Appeal 2008224940 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 R6775829 Stipulated - Approved $2,565,945 $2,527,931 Stipulated Value A denial of a petition, in whole or in part, by the Board of Equalization must be appealed within thirty (30) days of the date the denial is mailed to you. You must select only one of the following three (3) options for appeal: 1. Appeal to Board of Assessment Appeals: You have the right to appeal the County Board of Equalization's decision to the Colorado Board of Assessment Appeals. A hearing before that Board will be the last time you may present testimony or exhibits or other evidence, or call witnesses in support of your valuation. If the decision of the Board of Assessment Appeals is further appealed to the Court of Appeals pursuant to C.R.S. §39-8-108(2), only the record of proceedings from your hearing before the Board of Assessment Appeals and your legal brief are filed with the appellate court. All appeals to the Board of Assessment Appeals filed after August 10, 2019, MUST comply with the following provisions of C.R.S. §39-8-107(5): (5)(a)(I) On and after August 10, 2019, in addition to any other requirements under law, any petitioner appealing either a valuation of rent -producing commercial real property to the Board of Assessment Appeals pursuant to C.R.S. §39-8-108(1) or a denial of an abatement of taxes pursuant to C.R.S. §39-10-114 shall provide to the County Board of Equalization or to the Board of County Commissioners of the County in the case of an abatement, and not to the Board of Assessment Appeals, the following information, if applicable: (A) Actual annual rental income for two full years including the base year for the relevant property tax year; (B) Tenant reimbursements for two full years including the base year for the relevant property tax year; (C) Itemized expenses for two full years including the base year for the relevant property tax year; and (D) Rent roll data, including the name of any tenants, the address, unit, or suite number of the subject property, lease start and end dates, option terms, base rent, square footage leased, and vacant space for two full years including the base year for the relevant property tax year. (II) The petitioner shall provide the information required by subparagraph (I) of this paragraph (a) within ninety days after the appeal has been filed with the Board of Assessment Appeals. (b)(I) The Assessor, the County Board of Equalization, or the Board of County Commissioners of the County, as applicable, shall, upon request made by the petitioner, provide to a petitioner who has filed an appeal with the Board of Assessment Appeals not more than ninety days after receipt of the petitioner's request, the following information: (A) All of the underlying data used by the county in calculating the value of the subject property that is being appealed, including the capitalization rate for such property; and (B) The names of any commercially available and copyrighted publications used in calculating the value of the subject property. (II) The party providing the information to the petitioner pursuant to subparagraph (I) of this paragraph (b) shall redact all confidential information contained therein. (c) If a petitioner fails to provide the information required by subparagraph (I) of paragraph (a) of this subsection (5) by the deadline specified in subparagraph (II) of said paragraph (a), the County may move the Board of Assessment Appeals to compel disclosure and to issue appropriate sanctions for noncompliance with such order. The motion may be made directly by the County Attorney and shall be accompanied by a certification that the County Assessor or the County Board of Equalization has in good faith conferred or attempted to confer with such petitioner in an effort to obtain the information without action by the Board of Assessment Appeals. If an order compelling disclosure is issued under this paragraph (c) and the petitioner fails to comply with such order, the Board of Assessment Appeals may make such orders in regard to the noncompliance as are just and reasonable under the circumstances, including an order dismissing the action or the entry of a judgment by default against the petitioner. Interest due the taxpayer shall cease to accrue as of the date the order compelling disclosure is issued, and the accrual of interest shall resume as of the date the contested information has been provided by the taxpayer. Appeals to the Board of Assessment Appeals must be made on forms furnished by that Board, and must be mailed or delivered within thirty (30) days of the date the denial by the Board of Equalization is mailed to you. The address and telephone number of the Board of Assessment Appeals are: Board of Assessment Appeals 1313 Sherman Street, Room 315 Denver, Colorado 80203 Telephone Number: (303) 864-7710 Email: baa@state.co.us 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 L.arccic�L�a. �(G�C, Esther E. Gesick Clerk to the Board Weld County Board of Commissioners and Board of Equalization cc: Brenda Dones, Weld County Assessor August 6, 2019 Agent: AV PROS LLC 3199 S PEARL ST ENGLEWOOD, CO 80113-2709 Petitioner: CLERK TO THE BOARD PHONE (970) 400-4226 FAX (970) 336-7233 WEBS ITE: www.weldgov.com 1150 O STREET P.O. BOX 758 GREELEY CO 80632 410 PARTNERSHIP LLLP 2262 S QUEEN ST LAKEWOOD, CO 80227-1952 RE: THE BOARD OF EQUALIZATION 2019, WELD COUNTY, COLORADO NOTICE OF DECISION Docket 2019-3134 Appeal 2008224940 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 R6775829 Stipulated - Approved Stipulated Value $2,565,945 $2,527,931 A denial of a petition, in whole or in part, by the Board of Equalization must be appealed within thirty (30) days of the date the denial is mailed to you. You must select only one of the following three (3) options for appeal: 1. Appeal to Board of Assessment Appeals: You have the right to appeal the County Board of Equalization's decision to the Colorado Board of Assessment Appeals. A hearing before that Board will be the last time you may present testimony or exhibits or other evidence, or call witnesses in support of your valuation. If the decision of the Board of Assessment Appeals is further appealed to the Court of Appeals pursuant to C.R.S. §39-8-108(2), only the record of proceedings from your hearing before the Board of Assessment Appeals and your legal brief are filed with the appellate court. All appeals to the Board of Assessment Appeals filed after August 10, 2019, MUST comply with the following provisions of C.R.S. §39-8-107(5): (5)(a)(I) On and after August 10, 2019, in addition to any other requirements under law, any petitioner appealing either a valuation of rent -producing commercial real property to the Board of Assessment Appeals pursuant to C.R.S. §39-8-108(1) or a denial of an abatement of taxes pursuant to C.R.S. §39-10-114 shall provide to the county Board of Equalization or to the Board of County Commissioners of the County in the case of an abatement, and not to the Board of Assessment Appeals, the following information, if applicable: (A) Actual annual rental income for two full years including the base year for the relevant property tax year; (B) Tenant reimbursements for two full years including the base year for the relevant property tax year; (C) Itemized expenses for two full years including the base year for the relevant property tax year; and (D) Rent roll data, including the name of any tenants, the address, unit, or suite number of the subject property, lease start and end dates, option terms, base rent, square footage leased, and vacant space for two full years including the base year for the relevant property tax year. (II) The petitioner shall provide the information required by subparagraph (I) of this paragraph (a) within ninety days after the appeal has been filed with the board of assessment appeals. (b)(I) The Assessor, the County Board of Equalization, or the Board of County Commissioners of the County, as applicable, shall, upon request made by the petitioner, provide to a petitioner who has filed an appeal with the Board of Assessment Appeals not more than ninety days after receipt of the petitioner's request, the following information: (A) All of the underlying data used by the county in calculating the value of the subject property that is being appealed, including the capitalization rate for such property; and (B) The names of any commercially available and copyrighted publications used in calculating the value of the subject property. (II) The party providing the information to the petitioner pursuant to subparagraph (I) of this paragraph (b) shall redact all confidential information contained therein. (c) If a petitioner fails to provide the information required by subparagraph (I) of paragraph (a) of this subsection (5) by the deadline specified in subparagraph (II) of said paragraph (a), the County may move the Board of Assessment Appeals to compel disclosure and to issue appropriate sanctions for noncompliance with such order. The motion may be made directly by the County Attorney and shall be accompanied by a certification that the County Assessor or the County Board of Equalization has in good faith conferred or attempted to confer with such petitioner in an effort to obtain the information without action by the Board of Assessment Appeals. If an order compelling disclosure is issued under this paragraph (c) and the petitioner fails to comply with such order, the Board of Assessment Appeals may make such orders in regard to the noncompliance as are just and reasonable under the circumstances, including an order dismissing the action or the entry of a judgment by default against the petitioner. Interest due the taxpayer shall cease to accrue as of the date the order compelling disclosure is issued, and the accrual of interest shall resume as of the date the contested information has been provided by the taxpayer. Appeals to the Board of Assessment Appeals must be made on forms furnished by that Board, and must be mailed or delivered within thirty (30) days of the date the denial by the Board of Equalization is mailed to you. The address and telephone number of the Board of Assessment Appeals are: Board of Assessment Appeals 1313 Sherman Street, Room 315 Denver, Colorado 80203 Telephone Number: (303) 864-7710 Email: baa@state.co.us OR 2. Appeal to District Court: You have the right to appeal the decision of the Board of Equalization to the District Court of the county wherein your property is located: in this case that is Weld County District Court. A hearing before The District Court will be the last time you may present testimony or exhibits or other evidence, or call witnesses in support of your valuation. If the decision of the District Court is further appealed to the Court of Appeals pursuant to C.R.S. §39-8-108(1), the rules of Colorado appellate review and C.R.S. §24-4-106(9), govern the process. OR 3. Binding Arbitration: You have the right to submit your case to binding arbitration. If you choose this option, the arbitrator's decision is final and you have no further right to appeal your current valuation. C.R.S. §39-8-108.5 governs this process. The arbitration process involves the following: a. Select an Arbitrator: You must notify the Board of Equalization that you will pursue arbitration. You and the Board of Equalization will select an arbitrator from the official list of qualified people. If you cannot agree on an arbitrator, the District Court of the county in which the property is located (i.e. Weld) will select the arbitrator. b. Arbitration Hearing Procedure: Arbitration hearings are held within sixty (60) days from the date the arbitrator is selected, and are set by the arbitrator. Both you and the Board of Equalization are entitled to participate in the hearing. The hearing is informal. The arbitrator has the authority to issue subpoenas for witnesses, books, records documents and other evidence pertaining to the value of the property. The arbitrator also has the authority to administer oaths, and determine all questions of law and fact presented to him. The arbitration hearing may be confidential and closed to the public if you and the Board of Equalization agree. The arbitrator's decision must be delivered personally or by registered mail within ten (10) days of the arbitration hearing. c. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by you and the Board of Equalization. In the case of residential real property, the fess may not exceed $150.00 per case. For cases other than residential real property, the arbitrator's total fees and expenses are agreed to by you and Board of Equalization, but are paid by the parties as ordered by the arbitrator. If you have questions concerning the above information, please call me at (970) 400-4226. Very truly yours, BOARD OF EQUALIZATION Esther E. Gesick Clerk to the Board Weld County Board of Commissioners and Board of Equalization cc: Brenda Dones, Weld County Assessor COUNTY BOARD OF EQUALIZATION WELD COUNTY Single County Schedule Number R6775829 STIPULATION (As To Tax Year 2019 Actual Value) RE PETITION OF : NAME: ADDRESS: 410 Partnership LLLP 2262 S Queen St. Lakewood, CO 80227-1952 Petitioner (s) and the Weld County Assessor hereby enter into this Stipulation regarding the tax year 2019 valuation of the subject property, and jointly move the Board of Equalization to enter its order based on this Stipulation. Petitioner (s) and Assessor agree and stipulate as follows: 1. The property subject to this Stipulation is described as: 1111 South Gate Dr., Windsor LOT 1 BLK1 SOUTH GATE BUSINESS PARK 2ND FG 2. The subject property is classified as commercial property. 3. The County Assessor originally assigned the following actual value to the subject property for the tax year 2019 : Total $2,565,945 4. After further review and negotiation, Petitioner (s) and Weld County Assessor agree to the following tax year 2019 actual value for the subject property: Total $2,527,931 5. The valuation, as established above, shall be binding only with respect to tax year2019 , 6. Brief narrative as to why the reduction was made: After a review of all approaches to value an adjustment was indicated. 7. Both parties agree that: The hearing scheduled before the Board of Equalization on 8/2/19 at 9:00 AM be vacated. nA hearing has not yet been scheduled before the Board of Equalization. 1 0019-3(3`1 ASO t03 DATED this 18th Mills hl Fard agent MIII:; hi Ford, agent (Jul L. 2019) Petitioner(s) or Agent or Attorney day of July , 2019 , Address: 555 E Eastman Ave Englewood CO 80113, Telephone: 3037572570 Docket Number R6775829 Stip-1.Frm (Assistant) County Attorney for Respondent, Weld County Board of Commissioners Address: 1150 "O" Street P.O. Box 758 Greeley, CO 80632 Telephone:(970) 336-7235 County Assessor Address: 1400 N.17th Avenue Greeley, CO 80631 Telephone: (970) 400-3650 2 R6775829 / 410 Partnership LLLP Final Audit Report 2019-07-20 Created: 2019-07-18 By: Wade Melies (wmelies@co.weld.co.us) Status: Signed Transaction ID: CBJCHBCAABAA3AkmahvopfQCVWyppkZbITc0yg9vSt79 "R6775829 / 410 Partnership LLLP" History n Document created by Wade Melies (wmelies@co.weld.co.us) 2019-07-18 - 6:04:47 PM GMT- IP address: 204.133.39.9 E-. D• ocument emailed to Wade Melies (wmelies@co.weld.co.us) for approval 2019-07-18 - 6:04:49 PM GMT O6 Document approved by Wade Melies (wmelies@co.weld.co.us) Approval Date: 2019-07-18 - 6:05:00 PM GMT - Time Source: server- IP address: 204.133.39.9 i1w D• ocument emailed to Wade Melies (wmelies@weldgov.com) for approval 2019-07-18 - 6:05:01 PM GMT n E• mail viewed by Wade Melies (wmelies@weldgov.com) 2019-07-18 - 6:18:33 PM GMT- IP address: 204.133.39.9 c10 Document approved by Wade Melies (wmelies@weldgov.com) Approval Date: 2019-07-18 - 6:21:55 PM GMT - Time Source: server- IP address: 204.133.39.9 E l+ Document emailed to jmarini@weldgov.com for signature 2019-07-18 - 6:21:57 PM GMT t Email viewed by jmarini@weldgov.com 2019-07-18 - 8:34:54 PM GMT- IP address: 204.133.39.9 r Document signing delegated to Jason Marini (jmarini@co.weld.co.us) by jmarini@weldgov.com 2019-07-18 - 8:35:15 PM GMT- IP address: 204.133.39.9 6`70 Document e -signed by Jason Marini (jmarini@co.weld.co.us) Signature Date: 2019-07-18 - 8:35:31 PM GMT - Time Source: server- IP address: 204.133.39.9 Document emailed to Mills H Ford, agent (fordidit@att.net) for signature 2019-07-18 - 8:35:31 PM GMT 440) Adobe Sign n Email viewed by Mills H Ford, agent (fordidit@att.net) 2019-07-19 - 5:25:08 PM GMT- IP address: 209.73.183.24 cx0 Document e -signed by Mills H Ford, agent (fordidit@att.net) Signature Date: 2019-07-19 - 5:30:17 PM GMT - Time Source: server- IP address: 73.229.64.206 Document emailed to Karin McDougal (weld-cboe@weldgov.com) for signature 2019-07-19 - 5:30:19 PM GMT • Email viewed by Karin McDougal (weld-cboe@weldgov.com) 2019-07-19 - 6:01:49 PM GMT- IP address: 204.133.39.9 tfo Document e -signed by Karin McDougal (weld-cboe@weldgov.com) Signature Date: 2019-07-20 - 0:09:06 AM GMT - Time Source: server- IP address: 204.133.39.9 ® Signed document emailed to Mills H Ford, agent (fordidit@att.net), jmarini@weldgov.com, canaya@weldgov.com, Wade Melies (wmelies@co.weld.co.us), and 3 more 2019-07-20 - 0:09:06 AM GMT Adobe Sign NOTICE OF DETERMINATION RECEIVED Brenda Dones Weld County Assessor 1400 N 17th Ave Greeley, CO 80631 JUL 1 7 WELD COUNTY C0MMISSiON ER S Date of Notice: 6/25/2019 Telephone: (970) 400-3650 Fax: (970) 304-6433 Office Hours: 8:00AM — 5:00PM 00 P M —I LEGAL DESCRIPTION! PHYSICAL LOCATION o cc UNT I TAX YEAR rt AREA R6775629 2019 3694 LOT FG 1111 1 SLK1 SOUTH SOUTH GATE GATE DR BUSINESS WINDSOR PARK 2ND - s-_ ce Z C a. re 6. I 410 PARTNERSHIP LLLP 2262 S QUEEN ST LAKEWO0D, C 802 -1X52 ' ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ACTUAL VALUE REVIEW PRIOR TO ACTUAL VALUE REVIEW AFTER COMMERCIAL 2,565 945 2,565,945 TOTAL 2,565,945 2,565,945 The Assessor has carefully studied all available information, giving particular attention to the specifics included on your protest. The Assessor's determination of value after review is based on the following: C 05 - The law requires that data from Jan 2017 to June 2018 be used to establish current values. We have considered all three approaches to value and we have denied your appeal based upon this data. If you disagree with the Assessor's decision, you have the right to appeal to the County Board of Equalization for further consideration, § 39-8-106(1)(a), C.R.S. The deadline for filing real property appeals is July 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 Of Applicable): AV PROS LLO 3199 S PEARL ST ENGLEWOOD, CO 80113-2709 2019-3134 15 -DPI -AR PR 207-08/13 R6775829 APPEAL PROCEDURES County Board of Equalization Hearings will be held from July 25th through August 5th at 1150 0 Street To appeal the Assessor's decision, complete the Petition to the County Board of Equalization shown below, and mail, file online, or deliver a copy of both sides of this form to: Weld County Board of Equalization 1150 0 Street, P.O. Box 758 Greeley, Co 80631 Telephone: (970) 356-4000 ext, 4225 Online: www.co.welilic_piusjappslithoei 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 flied 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 Trust 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, § 3g -2-125(1)(e), C.R.B. 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 Boards written decision to ONE of the following: Board of Assessment Appeals 1313 Sherman Street, Room 315 Denver, CO 80203. (303) 866-5880 wr.doIa. colorado.gov/baa 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, § 9-1-120(3), C.R.S. PETITION TO COUNTY BOARD OF EQUALIZATION What is your estimate of the property's value as of June 30, 2018? (Your opinion of value in terms of a specific dollar amount is required for real property pursuant to § 39-8-106(1.5), C.R.S.) $ t 7C, Clan) 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.) Pe O is I 4\ 7:Rill-fis Ass e SS or 19 7 assise AW2Crtat . - LEP4 s o Grail Lc 1 ATTESTATION I, the undersigned owner or agent' of the property identified above, affirm that the statements contained herein an d on any aLtachmer s here . are true and complete. il iv ._k,,_ 1+' 203 . 7ant) - Teleohone Nu be:r Date 4. _2O3 �f c7c c-t.DrCl) Signature District Court contact the District Court in the county where the property is located. See your local telephone book for the address and telephone number, Email Address ' Attach letter of authorization signed by property owner, 15 -DPI -AR PR 207-08113 R6775829 May 7.2 19 Mills Ford ..Pros, LL--' 4 3199 South Pearl Street Englewood, Colorado 80113 RE: Filing a protestand/orappoal with reLtard to the 2019 assessed value with the County Assessor in the county where my property is located for my property known as: MI I Southgate Or, Windsor, legally titled in the name of 410 PARTNERSHP LLLP with Parcel Identification Number PIN: 7'75829* Dear Mr, Ford. lAve hereby appoint AY Pros, LLAC to act as my lour agent to present appraisal data and make arguments to the • 1i • the i my i 14 l ' 1 r an effort County Assessor's office in court where my property is located in an ef! ort to reduce the O1 valuation for assessment purposes on my property described above, avid further, if necessary, to act ork my/our behalf with regard to filing a protest/appeal to the second round venue, the County Board of &ran ntion. Thanks for your efforts in this matter. Yours . tr�.�ly 1 . Sigunti'1re Dale Name: (Plant) s-. /NOTE: 11 Own er is an tic corporation, or other entity, then .i E L GE the a vner 's s iii n atuur e block orb ov e with the fsi,cfnature block/ 410 PARTNERSHIP NERo HIP 1 ■ rl' .P T'_,11Z1! Name 1e �' x',1'1 By: Name ♦ 40 Title: etc 44,J/deft Title:, -/r/ it 97 Date SALES COMPARISON GRID I INCOME APPROACH ANALYSIS 1111 Southgate Drive PIN R6775829 2019 Assessed Value Cmp # Address Location SOLD 1 701 Automation Dr Windsor 2 2625 35th Av Greeley 3 5900 S College Av #A Ft Collins 4 3803 W 10th St Greeley 5 7250 Greenridge Rd Windsor 6 871 Champion Dr Windsor SUB 1111 Southgate Dr Land Adj. SF Sch. No. R1227597 R0028093 R1589700 R7811599 R1603415 R4278106 R6775829 Sale Price $2,175,000 $5,450,000 $1,165,000 $1,000,000 $2,200,000 $3,600,000 Finance Motivation % Terms $4.00 SF Market Market Market Market Market Market 2018 AV Total 2018 AV Land 2018 AV lrnpr. Assessment Information $2,090,770 2019 AV Total $811,680 2019 AV Land $1,279,090 2019 AV Impr, i $2,585,945 $1,325,744 $1,240,201 STATISTICS Ad i. Data MEAN STD [REV 1 STD DEV 2 MAX RANGE MIN RANGE MEAN MAX/MIN MEAN MID # MEDIAN MODE ,LLt:tifitcHa mdcticil) SOLD P/SF $146.84 $27.01 $24.66 $172::73 $104.23 $138.48 $151.02 $154.66 #N/A Mills H, Ford Date Certified General Appraiser #1316568 AVPros, LLC Indic. Value Subject $2,790,942 $513,346 $468,619 $3,283,079 $1,981,024 $2,632,052 $2,870,388 $2,939,711 #N/A 7/15/19 0.0 0,0 0.0 0,0 0.0 0.0 CV/CA CV/CA CV/CA CV/CA CV/CA CV/GA Legal Sale 1.3% Bldg. Site Site Sq. Ft. Type % Date °_, . Size Size Ac, Cover $ Adj. % daily% 0.004% $4.00 0.0 Corn Ind 0.0 12/8116 2,03% 26,750 2.1832 0.2813 $4,00 0,0 AutoSales 0.0 2/9/15 4.41% 43,821 3.9952 0 2518 $4.00 0.0 AutcSales 0.0 2/2/18 0,53% 8,600 1 2387 0.1594 $4.00 0.0 AuteSa.les 0.0 2/18/15 4.37% 8,190 10347 0.1817 $4.00 0.0 Auto Care 0.0 3/31/15 4.23% 16,623 4.7480 0,0804 $4.00 0.0 Corn Ind 0.0 9/23/14 4,90% 39,607 11.020 0.0825 $4.00 Auto Dealership 19,007 6.2112 0.0703 6130118 Appr. Date Comparable Sales Approach INDICATED UNIT VALUE FOR SUBJECT $130.00 P/SF INDICATED VALUE FOR SUBJECT $2,470,910 As of 6/30/18 ADOPT $2,470,000 52.5 33.0 23.5 28.6 5.4 9.3 Age/ Cond. 2005 1992 1990 1987 1987 2006 2009 % Zone 0.0 COM 0.0 COM 0,0 COM 0.0 COM O10 COM 0.0 COM COM U nadj, Price % Loc. % 0_c SIM 00 SIM 0.0 SIM 0.0 SIM 0 0 SIM 0.0 SIM INCOME APPROACH Contract Re $11.25 NNN P/SF Less: Vacancy/Credit Factor Other: LT Expenses NCI Cap Rate $19,007 2.0% 3.8% $213,829 -X4,27/ -$8,125 $201,427 8.30% MV $2,426,228 Adopt $2,425,000 I estimate the subject's value for tax assessment purposes as of June 30, 2018 to be: $2,470,000 0.0 $81.31 0,0 $124,37 00 $135,47 0.0 $122.10 0,0 $132.35 0.0 $90.89 $114,41 Tot. Adj.. °Ja 55.6 38.9 24.2 34.2 9.9 14.7 Adj. Price Sq. Ft. $126.55 $172/3 $168.19 $163-.91 $145.42 $10423 $146.84 STATISTICS Unadjusted Data MEAN $114.41 STD DEV 1 $22.68 STD DEV 2 $20.70 MAX RANGE $135,47 MIN RANGE $81.31 MEAN MAX/IV $108.39 MEAN MID # $117.43 MEDIAN $123.23 MODE #N/A: REMARKS: The subject is a 20,409 square foot one-story masonry and glass constructed auto dealership with showroom built in 2014 on a 4.6968 -acre site located on the north side of Highway 34 in Windsaor, Colorado. The building includes car showroom and various auto dealership related offices and service areas. It is my unsderstanding ng that the subject property is owned and operated by the owner operator of the ILIA Dealership. Because of this situation any leases involved were not thought to be arms -length, and therefore not reliable for use ion the Income Approach. Finding comparable sales automotive sales and service properties in the Windsor ndsor area proved difficult, so the property search was expanded to include sales from Greely y to Fort Collins, Ultimately, I settled on 6 sales, trying specifically to include commercial sales in the actual Windsor area. All 6 of the comps used were helpful in defining the value parameters of the subject property, with sale 6 considered the best comparable sale, despite its 9/23/14 sale date, because of its location and direct similarity to the subject property. Sales 2 and 3 were considered the next best, but because locati onal differences, were afforded less credibility. The other sales were helpful in establishing the range of value for the subject. Adjustments were made to the comparable sale properties for time of sale based on an annual time adjustment of +1.3% which was derived from linear regression analysis and sales trend data from the commercial economic trend services. It appears that price increases for this type of commercial property has stalled duringt he last several years. Adjustments were made for building -to -land ratio as compared to the su bi ect based on a $4.00 per sc uare foot land value adiustment. The Sales Comparison Approach provided an indicated value for the su bi ect property. as $2,174,664 $431,098 $393,537 $2,574,785 $1,545,429 $2,080,107 $2231,942 942 $2,342,325 #N/A SALES COMPARISON GRID / INCOME AP'P'ROACH ANALYSIS 1111 Southgate Drive PIN R6775829 2019 Assessed Value SUBJECT AND SALES 1 701 Automation Dr Windsor Bldg Size SF: Land Size SF: Yoc Sale Price: Sale Date: 2 2625 35th Av Bldg Size SF: Land Size SF; YOc Sale Price: Sale Date: Greeley 3 5900 S College Av #A Ft Collins Bldg Size SF: Land Size SF: Yoc Sale Price; Sale Date: 4 3803 W 10th St Greeley Bldg Size SF: Land Size SF Yoc Sale Price; Sale Date: 26,750 95,100 2005 42,175,000 diSt r• 12/8/16 _ 43,521 174,031 1992 $5,450,000 2/9/15 Isis 8,600 53,958 1990 $1,165,000 2/2/18 1987 $1;000,000. 2/18/15 al• po•w aIY Poo -p re, Tw :• • P T ••Y r r7• of June 30, 2018, of $2,470,000. For the Income Approach I used an estimated market rent of $11.25 per square NMI. I factored in a Fong -term vacancy/credit loss of 2.0%, a long-term depreciation expense of 3.8% and an 8.30% cap rate based on the subject's specific utility design status in a period of rising local cap rates. Using these factors, the indicated value for the subject, using the Income Approach, as of June 30, 2018, is $2,425,000. Due to the nature of the assignment, effectively an owner occupied commercial property, I determined the Sales Comparison Approach to be the most reliable approach to value the subject for 2019 tax assessment purposes. Based on my analysis, and the indicated values from the Sales Comparison Approach and Income Approach, I adopted an estimated value for tax assessment purposes, as of June 30, 2018, of $2070,000. L OP olitoOPw is .r`r• a nom,. A r .rm.P. 41rgiy Y r v •• OW• • S+ I . a a sa am, at _ —. • •r....seals .�. r. — sm. :—. a r. ,r ...,. — ar rot I, ./ i'ift4Y►e"sV tor 1YI�'YlF1t 't.Y' i' • V ',r r P'J 9r r.t r - 4� , r- •• .a t SUBJECT 1111 Southgate Dr Bldg Size SF: 19,007 Land Size SF: 270,560 YOC 2009 4 SALES COMPARISON GRID I INCOME APPROACH ANALYSIS 1111 Southgate Drive PIN 86775829 2019 Assessed Value 5 7250 Greenridge Rd Bldg Size SF: Land Size SF: 'ICED Sale Price: Sale Dale: 6 871 Champion Dr Bldg Size SF: Land Size SF: YOG Sale Price: Sale Date: Windsor 16,623 206823 1987 $2,200,000 3/31/15 Windsor 39,607 480,031 2006 $3,800,000 9/23/14 .y, e i5' .7110I 564' 46E- $34' 124' 1.00 "Nods AVPros, LLC 3199 South Pearl Street Englewood, CO 80113-2709 ill 1 701�'i' 2400 0001 1398 2223 taleartliera 1000 80631 ON E LID atoms le &Aoz ID EneguAl.taiNTE 01V 1 750 0 5ThEali p U AnAr 75-g' GeeEELEY, cc $631 L,Latta $TIV ��CO PA IQ k9i9 :,MOUNT9 $7y60 R23Q5E124922-81 Hello