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Home My WebLink About20180210.tiffRESOLUTION RE: ACTION OF THE BOARD CONCERNING PETITION FOR ABATEMENT OR REFUND OF TAXES - VENTURE 6435, LLC WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to Colorado statute and the Weld County Home Rule Charter, is vested with the authority of administering the affairs of Weld County, Colorado, and WHEREAS, the Board of County Commissioners of Weld County, State of Colorado, at a duly and lawfully called regular meeting held on the 22nd day of January, 2018, at which meeting there were present the following members: Chair Steve Moreno, and Commissioners Barbara Kirkmeyer, Julie A. Cozad, and Mike Freeman, with Commissioner Conway being excused, and WHEREAS, notice of such meeting and an opportunity to be present has been given to the taxpayer and the Assessor of said County, with said Assessor, Christopher Woodruff, being present, and taxpayer, Venture 6435, LLC, being represented by Sterling Property Tax Specialists, Inc., and WHEREAS, the Board of County Commissioners has carefully considered the attached petition, and is fully advised in relation thereto. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the Board concurs with the recommendation of the Assessor and the petition be, and hereby is, denied, and an abatement or refund be allowed as follows: CORRECTION TO ASSESSED VALUATION ABATEMENT OR REFUND TAX YEAR $0.00 $0.00 2015 $0.00 $0.00 2016 cxsR(C /d3D/OK) Ca -CFI -4j, Q,PPL 03 -14 -IS 2018-0210 AS0099 TAX ABATEMENT PETITION — VENTURE 6435, LLC PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 22nd day of January, A.D., 2018. BOARD OF COUNTY COMMISSIONERS WELDOUNTY, COLORADO ATTEST: d,dM4,N) jC ogi Weld County Clerk to the Board BY: Depu y Clerk County Attorney Date of signature: D/ —,Iii—/8 Steve Moreno, Chair 2018-0210 AS0099 PETITION FOR ABATEMENT OR REFUND OF TAXES County: Weld Section I: Petitioner, prlease complete Section I only. Date: August 18 2017 Month Day Year Petitioner's Name: Venture 6435, LLC Date Received AUG 2 1 2011 (Use Assessor's or Commissioners' Date Stamp) Petitioner's Mailing Address: c/o Sterling Property Tax Specialists, Inc. 950 S. Cherry Street, Suite 320 Denver CO 80246 City or Town State Zip Code WELD COUNTY ASSESSOF GREELEY, COLORADO RECEIVED DEC 1 2 2017 WELD COUNTY COMMISSIONERS SCHEDULE OR PARCEL NUMBER(S) PROPERTY ADDRESS OR LEGAL DESCRIPTION OF PROPERTY R6783170 2510 47th Avenue 095914303001 Greeley, CO. 80634 Petitioner states that the taxes assessed against the above property for property tax year(s) 2015 and 2016 are incorrect for the following reasons: (Briefly describe the circumstances surrounding the incorrect value or tax. Attach additional sheets if necessary.) See Exhibit 1 attached hereto and made an integral part hereof. Petitioner's estimate of value: $ 1,810,300 Value ( 2015 ) and $ 1.810,300 ( 2016 ) Year Value Year Petitioner requests an abatement or refund of the appropriate taxes. I declare, under penalty of perjury in theecond degree, that this petition, together with any accompanying exhibits or statements, has been prepared or examined by me, and to the best of my knowledge, information and belief. is true, correct, and complete. Peti Daytime Phone Number ( By �'� w 1 , r! d . hone Number ( 303 ) 757-8865 Age s By Kendra Goldstein for 5 rling Property Ta cialists, Inc. *Letter of agency must be . ached when petiti is . ubmitted by an agent. If the board of county commissioners, pursuant to section 39-10-114(1), or the property tax administrator, pursuant to section 39-2-116, denies the petition for refund or abatement of taxes in whole or in part, the petitioner may appeal to the board of assessment appeals pursuant to the provisions of section 39-2-125 within thirty days of the entry of any such decision, § 39-10-114.5(1), C.R.S. Section II: Original Corrected Abate/Refund Tax Year Actual 21 Iteg0.5 Assessor's Recommendation (For Assessor's Use Only) 2C2f Assessed Tax Actual Tax Year7 G / r Assessed Tax (o St7o1 2t z etiV. r ?De 9ti'4o 5-4 ib ❑ Assessor recommends approval as outlined above. No protest was filed for the year(s): _ or (If a protest was filed, please attach a copy of the NOD.) ssessor recommends denial for the following reason(s): A.I 4.47 jt4 e I'? e 15-DPT-AR No. 920-66/06 2018-0210 FOR ASSESSORS AND COUNTY COMMISSIONERS USE ONLY (Section III or Section IV must be completed) Every petition for abatement or refund filed pursuant to section 39-10-114 shall be acted upon pursuant to the provisions of this section by the board of county commissioners or the assessor, as appropriate, within six months of the date of filing such petition, § 39-1-113(1.7), C.R.S. Section III: Written Mutual Agreement of Assessor and Petitioner (Only for abatemerats up to $1,000) The commissioners of County authorize the assessor by Resolution No. to review petitions for abatement or refund and to settle by written mutual agreement any such petition for abatement or refund in an amount of one thousand dollars or less per tract, parcel, or lot of land or per schedule of personal property, in accordance with § 39-1-113(1.5), C.R.S. The assessor and petitioner mutually agree to the values and tax abatement/refund of: Actual Tax Year Assessed Original Corrected Abate/Refund Tax Year Tax Actual Assessed Tax Note: The total tax amount does not include accrued interest, penalties, and fees associated with late and/or delinquent tax payments, if applicable. Please contact the county treasurer for full payment information. Petitioner's Signature Assessor's or Deputy Assessor's Signature Date Date Section IV: Decision of the County Commissioners (Must be completed if Section III does not apply) WHEREAS, The County Commissioners of called regular meeting held on / / , at which meeting there were present the following members: Month Day Year County, State of Colorado, at a duly and lawfully with notice of such meeting and an opportunity to be present having been given to the taxpayer and the Assessor of said County and Assessor Name petitioner (being present --not present), and WHEREAS, The said Name County Commissioners have carefully considered the within petition, and are fully advised in relation thereto, NOW BE IT RESOLVED, That the Board (agrees --does not agree) with the recommendation of the assessor and the petition be (approved --approved in part --denied) with an abatement/refund as follows: (being present --not present) and Year Assessed Value Taxes Abate/Refund Year Assessed Value Taxes Abate/Refund Chairperson of the Board of County Commissioners' Signature County Clerk and Ex -officio Clerk of the Board of County Commissioners in and for the aforementioned county, do hereby certify that the above and foregoing order is truly copied from the record of the proceedings of the Board of County Commissioners. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of said County this day of Month Year County Clerk's or Deputy County Clerk's Signature Note: Abatements greater than $1,000 per schedule, per year, must be submitted in duplicate to the Property Tax Administrator for review. Section V: Action of the Property Tax Administrator (For all abatements greater than $1,000) The action of the Board of County Commissioners, relative to the within petition, is hereby ❑ Approved ❑ Approved in part $ ❑ Denied for the following reason(s): Secretary's Signature Property Tax Administrators Signature Date 15-DPT-AR No. 920-66/06 LETTER OF AUTHORIZATION September 8, 2014 Sterling Property Tax Specialists, Inc. 950 South Cherry Street, Suite 320 Denver, Colorado 80246 RE: 2015 and 2016 Property Tax Assessment Matters Gentlemen: The undersigned, as owner(s) of property located in Weld County, Colorado, at SEE ATTACHED, and more particularly described on Assessor's Notice of Valuation, Schedule No(s). SEE ATTACHED hereby authorizes Sterling Property Tax Specialists, Inc. and Goldstein Law Firm, LLC, to act as agent on my behalf regarding all 2015 and 2016 property tax assessment matters, and obtain any and all documents relating thereto and file any protests necessary. This Authorization shall be effective as of the date set forth above. VENTURE 6435, LLC By: Charles P. Woods, Manager Telephone: 303-864-0444 12/11/2017 Attn: Chris Woodruff RE: 2015 & 2016 Abatement received 8/21/2017 R6783170/ 0959-14-3-03-001 Venture 6435 LLC DBA Goodwill Retail Store 2510 47th Avenue Greeley, CO 2015/2015 Assessors Value $2,443,905 ($135 / sf) SUBJECT: The subject property is located at 2510 47th Avenue, Greeley, CO. The subject property contains 112,270 square feet of land located in Greeley's fastest growing retail area known as Centerplace. The subject is a single tenant building and used as a Goodwill retail store. The subject was built in 2013 and completed in 2014, contains 18,103 square feet, is of masonry construction of fair quality in typical condition. There is a 2,158 square foot canopy, 43,560 square foot asphalt parking lot, and 2,000 square foot of concrete sidewalk. The subject property's land was purchased on 02/12/13 for $898,160 or $8.00 per square foot. A permit was issued 3/4/13 for $1,518,289 by the City of Greeley. Cost Approach: The subjects land has 112,270 sq. ft. and is valued at $ cost to build the subject property was requested but reconstruction costs as follows; Base rate of $67.78 after adjustments for HVAC, story The base rate is $75.26 * 18,103 RCN Depr 1% RCNLD Addons Imps Land Total 8.00 per sq. ft. for not given. Marshal height, perimeter, $1,362,432 $ 13,624 $1,348,808 $ 196,937 $1,545,745 $ 898,160 $2,443,905 a total of $898,160. The actual & Swifts estimate of multiplier, and local multiplier. Market Approach: An extensive search for sales of properties similar to the subject during the extended data collection period of 7/01/2009 — 06/30/2014 none were found. The sales one and two the petitioner presented were found, however they were built in 2006 and 1999, are multi -tenant buildings, on south 23rd Avenue in Evans. The amount of adjustments required to make these comparable to the subject seems u nreasonable. Sale three was changed from retail to brewery after the sale. Sale four was core and shell at the time of sale. Sale 5 is a two-story office building in St. Michaels. Income Approach: It is believe the subject property is leased. The actual lease information was requested but not given. Three comparable leases were found to develop an income analysis; 2651 W 29th St, Greeley, 12,937 sq. ft., single tenant, $14.00 NNN per sq. ft. 4751 47th Ave., Greeley, 15,340 sq. ft., single tenant, $13.25 NNN per sq. ft. 4508 Centerplace Dr., Greeley, 10,172 sq. ft., multi -tenant, $14.50 NNN per sq. ft. Applying a lease rate of $13.00 to the subject, with 10% vacancy, 8% expenses, and a 8.5% cap rate e quates to a tctal value for the subject of $2,491,824 or $137.65 / sf. Reconciliation and Summary: In reconciling the Cost, Market, Income Approach the most weight is given to the Cost Approach based o n the subject being completed during the base period. With the income approach lending support. The Assessor recommends the value for 2015/2016 be sustained at $2,443,905 ($135 / sf) Photos & Sketch Front view Rear view 151.7' Canopy 2,158 sf by Pipet Mama Built 2013 WH 23' First Floor 18102.8 sf 116' Sketch O 0 N rl Receiving 36 I PROPERTY TAX SPECIALISTS. INC. August 18, 2017 Weld County Board of County Commissioners c/o Ms. Beverly Breakstone Weld County Assessor P.O. Box 758 Greeley, CO 80632 Re: 2510 47th Avenue (Schedule No. R6783170) (the "Property") Dear Commissioners: 95o S. Cherry Street Suite 320 Denver, CO 80246 303.757.8865 fax 303.757.7691 www.sterlingpts.com AUG 21 2017 WELD CO .0 °,, IY ASSESSOR GREELEY. COLORADO Enclosed please find the 2015 and 2016 Petition for Abatement or Refund of Taxes for the above -referenced schedule number. Please sign and either fax or email a copy of this letter to acknowledge the receipt and filing of this abatement. Our fax number is 303-757-7691 and my email address is linda@sterlingpts.com. Sincerely, STERLING PROPERTY TAX SPECIALISTS, INC. Linda Azar Assistant to Barry J. Goldstein, Esq. & Kendra L. Goldstein, Esq. Above -referenced Petition received and filed: Date:___„De €-mbc r Signed: Weld County August 18, 2017 Weld County Board of County Commissioners c/o Ms. Beverly Breakstone Weld County Assessor P.O. Box 758 Greeley, CO 80632 PROPERTY TAX SPECIALISTS, INC. Re: 2510 47th Avenue (Schedule No. R6783170) (the "Property") Dear Commissioners: 950 S. Cherry Street Suite 320 Denver, CO 80246 303.757.8865 fax 303.757.7691 www.sterlingpts.com exhihifindezes.mm #479 Petitioner's Exhibit 1 l The undersigned, Sterling Property Tax Specialists, Inc., represents the owner of the Property for the purpose of filing an abatement of the 2015 and 2016 Valuation. A copy of the Letter of Authorization is attached hereto and made an integral part hereof. The Property is a9-18,10. ft. retail store occupied by Goodwill. For calendar years 2015 and 2016, the Assessor a alued the Property at $2,443,905, or $135 per sq. ft. In analyzing the Property, Petitioner has considered the sales comparison approach to determine the market value. During the relevant data collection period, five sales of retail properties similarly situated occurred, and are summarized as follows: 1. On January 28, 2014, a 17,460 sq. ft. retail pro1erty, located at 3215 23`d Avenue sold for $107.60 per sq. ft. it 44, iy' -v' 2. Adjacent to Sale Comparable 1, but in a separate and unrelated transaction, a 17,433 sq. / ,7 J a8 ft. retail property, located at 3230 23rd Avenue sold for $105.55 per sqft. on March 18, f,. 2014. -9/ i yy,, G' 1d/i O7 ,, 3. On December 18, 2013, a 6,312 sq. ft. retail property located at 2961 West 29t" Street sold for $109.32 per sq. ft. 4. Also in December of 2013, a 10,797 sq. ft. general retail property located at 2903 37th Avenue sold for $54.72 per sq. ft. ,-.0,NI 5 ,- /err,'; I ,•,, t '79'5 The final sale comparable is located at 3050 67'' Avenue. This 20,27 sq. ft. retail property sold on September 11, 2013 for $78.95 per sq. ft. Petitioner notes that Sales 2 and 5 are REO sales. However, as explicitly stated within the Division of Property Taxation's Assessor Reference Library, REO sales are to be considered valid sales. Both sales are well in -line with market, non-REO sales, and all were adequately exposed to' the open marketplace. Furthermore, given the state of the real estate market during the 2013 and 2014 base period, REO sales occurred frequently and were commonplace in the marketplace. As such, Petitioner has placed equal weight upon these two sales for their market representation as the other three, non-REO sales. 2510 47th Avenue Page 2 The average sales price of the five comparables listed hereinabove ':s $91.23 per sq. ft. However, in its analysis, Petitioner has placed the greatest smoun: of weigh; on sale comparables 1, 2 and 5, given the size, location, and condition of those pr_:perties. The average sales price of those three sale comparables is $97.37 per sq. ft. Appying a slight upward adjustment for time -trending to bring those three sale comparables in line with the rnarketplace as of June 30, 2014, Petitioner contends the appropriate value on a ne: sq. basis for the subject Property is $100 per sq, ft., or $1,810,300. Based upon the foregoing, Petitioner hereby requests the 33oarh acw sst the value he Property for calendar years 2015 and 201E to $1,810,300. All information contained herein should be considered conficientia aria not available to any third parties. Sincerely, STERLING PROPERTY TAX SPECIALISTS, INC. By: Kendra L. Gol•.tein, Vice Pr • s'•ent Venture 6435, LLC Weld County 2015 / 2016 2510 47th Avenue R6783170 Property Report Page 1 of 5 Weld County PROPERTY PORTAL Account Information Account Parcel R6783170 ! 095914303001 Legal L1A SUFFOLK 4TH FG Subdivision SUFFOLK 4TH FG Property Information (970) 400-3650 Technical Support (970) 400-4357 Account: R6783170 December 21, 2017 Space Block Property Address Property City 2510 47TH AVE GREELEY Account Type Commercial Lot Tax Year 2017 Buildings Land Economic Area Actual Assessed Value Value 2,593,905 752,240 1A SUFFOLK SUB 2ND FILING Zip Section Township Range 14 05 66 Owner(s) Account Owner Name Address R6783170 VENTURE 6435 LLC 90 MADISON ST STE 400 DENVER, CO 802065413 Document History https://propertyreport.co.weld.co.us/?account=R6783170 12/21/2017 Property Report Page 2 of 5 Reception Rec Date Type Grantor 3905145 SUB SUBDIVISION 3905145 01-24-2013 PLT SUFFOLK SUB 4TH FG DEXTER 3912621 02-25-2013 SWD DEVELOPMENT INC Grantee SUFFOLK 4TH FG Doc Fee 0.00 Sale Date Sale Price 0.00 01-01-1900 0 VENTURE 89.82 02-12-2013 898,160 6435 LLC Building Information AccountNo Building 1 Building ID Occupancy R6783170 1 Retail Store ID Type NBHD Occupancy Complete Commercial 2901 Retail Store 100 ID Exterior ID Roof Cover Flat Square Condo Ft SF 18,103 Bedrooms Baths 0 0 Interior HVAC Perimeter Units Complete HVAC Total Finished Basement Basement SF SF 0 0 Built As Details for Building 1 593 0 Unit Type Rooms Make Garage Carport Balcony Porch SF SF SF SF 0 0 0 https://propertyreport.co.weld.co.us/?account=R6783170 12/21/2017 Property Report Page 3 of 5 ID Built As Square Ft Year Built 1.00 Retail Store 18,103 2013 ID 1 Add On Add On Add On Additional Details for Building 1 Detail Type Description Stories Length Width 1 Corn Canopies Steel Average Asphalt Average Concrete Slab Average Units 2,158 43,560 2,000 Valuation Information Type Improvement Land Totals Code Description 2212 491,770 MERCHANDISING - IMPROVEMENT 2112 MERCHANDISING - LAND Actual Assessed Value Value 0.000 1,695,745 898,160 2,593,905 Acres Land SqFt 260,470 2.577 112,270 752,240 2.577 112,270 Tax Authorities https://propertyreport.co.weld.co.us/?account=R6783170 12/21/2017 Property Report Page 4 of 5 Tax A 'ea District ID District Name Current Mill Levy 0603 0700 AIMS JUNIOR COLLEGE 6.317 0603 0411 I GREELEY CITY 11.274 0603 1050 HIGH PLAINS LIBRARY 3.256 0603 0301 NORTHERN COLORADO WATER (NCW) 1.000 0603 0206 h SCHOOL DIST #6-GREELEY 45.628 0603 0100 WELD COUNTY 15.800 Total - - 83.275 Photo Sketch https://propertyreport.co.weld.co.us/?account=R6783170 12/21/2017 Property Report Page 5 of 5 Sketch by Cpex Medina"' 151.7' Canopy 2,158 sf Built 2013 WH 23' First Floor 18102.8 sf 116' Building 1 Page 1 Receiving 366' Copyright © 2017 Weld County, Colorado. All rights reserved. Privacy Policy & Disclaimer 1 Accessibility Information https://propertyreport.co.weld.co.us/?account=R6783170 12/21/2017 From: Wade Melies To: Kendra Goldstein (kendraOsterlingots.com) Subject: R6783170 2510 47th Ave., Greeley Date: Wednesday, August 23, 2017 9:17:00 AM Kendra 1 received the petition for abatement for the subject property. I am formally requesting the actual cost to build and a copy of the lease. The building was completed in 2014 and would hold considerable weight for the 2015/2016 valuation. We have a permit issued 3/4/2013 for $1,518,289 and the subject land sale 2/25/2013 for $898,160. If you have any questions, please contact me. Wade Wade J. Melees Commercial Appraiser Weld County Assessor's Office 970-400-3672 wmelies@weldgov.com wmelies@co.weld.co.us Confidentiality Notice: This electronic transmission and any attached documents or other writings are intended only for the person or entity to which it is addressed and may contain information that is privileged, confidential or otherwise protected from disclosure. If you have received this communication in error, please immediately notify sender by return e-mail and destroy the communication. Any disclosure, copying, distribution or the taking of any action concerning the contents of this communication or any attachments by anyone other than the named recipient is strictly prohibited. January 22, 2018 CLERK TO THE BOARD PHONE: (970) 400-4226 FAX: (970) 336-7233 1150 0 STREET P.O. BOX 758 GREELEY, COLORADO 80632 Venture 6435, LLC 950 S. Cherry Street, Suite 320 Denver, Colorado 80246 RE: SCHEDULE NUMBER R6783170 Dear Property Owner: On January 22, 2018, the Board of Weld County Commissioners considered your petition for abatement or refund of taxes and denied same. Pursuant to Section 39-2-125(f), C.R.S., you have the right to appeal this decision to the State Board of Assessment Appeals within thirty days. You may obtain the appropriate forms and instructions from: Board of Assessment Appeals, Department of Local Affairs, 1313 Sherman Street, Room 315 Denver, CO 80203 Phone: (303) 864-7710 Email: dola_baa@state.co.us. In preparation for appealing to the State Board of Assessment Appeals you may also go to the. following state link to obtain any further information you may need to proceed, http://www.dola.state. ca. us/baa/index. htm Very truly yours, Esther E. Gesick Clerk to the Board cc: Assessor Sterling Property Tax Specialists, Inc. m m lr N O 0 u-) N O rq N U.S. Postal Service' CERTIFIED MAIL° RECEIPT Domestic Mail Only For delivery information, visit our website at www.usps.com°. OF C1AL Certified Mail Fee $ Postmark Here Extra Services & Fees (check box, add fee as appropriate) ❑ Return Receipt (hardcopy) $ ❑ Return Receipt (electronic) $ ❑ Certified Mall Restricted Delivery $ ❑ Adult Signature Required $ ❑Adult Signature Restricted Delivery $ Postage $ Total Postage and Fees Sent To ►4 MA' 45. Qv 1 C11117.6. '3512 S.. s.rAl Si =k 5=1-t, C State ZI .r4� V :VgIt _ PS Form 3800, April 2015 PSN 7530-02-000-9047 See Reverse for Instructions Chloe Rempel From: Sent: To: Subject: Chloe, Lieth Khatib <Lieth@sterlingpts.com> Wednesday, January 17, 2018 3:08 PM Chloe Rempel RE: Withdrawal of abatement I confirm the date and time and waive the notice of hearing. Lieth Khatib Assistant to Barry J. Goldstein and Kendra L. Goldstein OPIRrY TA 950 S. Cherry Street, Suite 320 Denver, CO 80246 P: 303.757.8865 ext. 108 F: 303.757.7691 www.sterlingpts.com From: Chloe Rempel [mailto:crempel@weldgov.com] Sent: Wednesday, January 17, 2018 10:59 AM To: Lieth Khatib Cc: Esther Gesick; Stephanie Frederick; Frank Haug; Lori Lovato; Brenda Dones; Chris Woodruff Subject: RE: Withdrawal of abatement Lieth, As we discussed over the phone, the Tax Abatement Petition for Venture 6435, LLC, do Sterling Property Tax Specialists, Inc., Account No. R6783170, will be heard by phone hearing before the Board of County Commissioners on Monday, January 22, 2018, at approximately 9:00 a.m. Ms. Brenda Fern will be called directly at (303) 757-8865, per your request. Please respond to this email and confirm acceptance of the hearing date, as well as your desire to waive notice requirements given that adequate notice had previously been provided. The Tax Abatement Petition for Account No. R2296503 is currently being processed by the Assessor's Office. Please contact the Assessor's Office directly to fulfill any requirements they may have to withdraw the petition. If you have any questions or concerns, please do not hesitate to contact me. Sincere regards, 1 Chloe A. Rempel Deputy Clerk to the Board Weld County 1150 0 Street Greeley, CO 80631 tel: 970-400-4213 Confidentiality Notice: This electronic transmission and any attached documents or other writings are intended only for the person or entity to which it is addressed and may contain information that is privileged, confidential or otherwise protected from disclosure. If you have received this communication in error, please immediately notify sender by return e-mail and destroy the communication. Any disclosure, copying, distribution or the taking of any action concerning the contents of this communication or any attachments by anyone other than the named recipient is strictly prohibited. From: Stephanie Frederick Sent: Wednesday, January 17, 2018 10:05 AM To: Chloe Rempel <crempel@weldgov.com> Subject: FW: Withdrawal of abatement Stephanie Frederick Deputy Clerk to the Board Clerk to the Board 1150 "O" Street, Greeley, Colorado 80631 970-400-4219 Confidentiality Notice: This electronic transmission and any attached documents or other writings are intended only for the person or entity to which it is addressed and may contain information that is privileged, confidential or otherwise protected from disclosure. If you have received this communication in error, please immediately notify sender by return e-mail and destroy the communication. Any disclosure, copying, distribution or the taking of any action concerning the contents of this communication or any attachments by anyone other than the named recipient is strictly prohibited. From: Lieth Khatib [mailto:Lieth@sterlingpts.com] Sent: Wednesday, January 17, 2018 10:03 AM To: Stephanie Frederick <sfrederick@weldgov.com> Cc: Brenda Fearn <BFearn@sterlingpts.com> Subject: FW: Withdrawal of abatement Hello, 2 Apparently the incorrect schedule number was withdrawn. What had been withdrawn was not the protest for R2296503 but rather R6783170(a hearing that was scheduled for today. Please confirm that the hearing for R6783170 will take place since it was incorrectly withdrawn (as a phone hearing this time) as well as confirming that R2296503 has been withdrawn. Lieth Khatib Assistant to Barry]. Goldstein and Kendra L. Goldstein rRt}PFI I' T,}X rtC :LIST , IN 950 S. Cherry Street, Suite 320 Denver, CO 80246 P: 303.757.8865 ext. 108 F: 303.757.7691 www.steriingpts.com From: Lieth Khatib Sent: Tuesday, January 16, 2018 12:20 PM To: Sfrederick@welddov.com Cc: Brenda Fearn Subject: Withdrawal of abatement Hello, We would like to with draw the petition for abatement on schedule number R2296503 for tax years 2015 and 2016. Please email back a confirmation that it has been withdrawn. Thank you, Lieth Khatib Assistant to Barry I. Goldstein and Kendra L. Goldstein OP TA TA 5PLCIAt1_ 950 S. Cherry Street, Suite 320 Denver, CO 80246 P: 303.757.8865 ext. 108 F: 303.757.7691 www.sterlingpts.com 3 CLERK TO THE BOARD PHONE: (970) 400-4219 FAX: (970) 336-7233 1150 O STREET P.O. BOX 758 GREELEY, COLORADO 80632 December 22, 2017 Attn: Kendra Goldstein Sterling Property Tax Specialists, Inc. I 950 S. Cherry Street, Suite 320 Denver, CO 80246 RE: SCHEDULE NUMBER R6783170 Dear Property Owner: This is to advise you that the Weld County Board of Commissioners will hear your petition for abatement or refund of taxes on the property described as: 2510 47th Avenue, Greeley, Colorado 80634. The meeting is scheduled for January 17, 2018, at 9:00 a.m., in the Chambers of the Board of County Commissioners of Weld County, Colorado, Weld County Administration Building, 1150 O Street, Assembly Room, Greeley, Colorado 80631. The Assessor is recommending that the Board deny your petition. You are not required to be present at this hearing; however, this is your opportunity to have your position heard, particularly if your position is opposed to the Assessor's recommendation. If you intend to submit any documentation in support of your position for this hearing, all such documentation must be submitted to the Office of the Clerk to the Board and to the Weld County Assessor's Office at least seven calendar days prior to the meeting date in order for it to be considered at the scheduled hearing. If you have any questions concerning this matter, please do not hesitate to contact me at (970) 400-4219. Sincerely, Stephanie Frederick Deputy Clerk to the Board cc: Assessor WELD COUNTY PETITION FOR ABATEMENT OR REFUND OF TAXES CERTIFICATE OF MAILING FIRST NAME LAST NAME COMPANY ADDRESS 1 CITY "' STATE POSTAL CODE Kendra Goldstein Sterling Property Tax Specialists, Inc. 950 S. Cherry St., Suite 320, Denver CO 80246 I hereby certify that I have sent a notification of hearing date letter in accordance with the notification requirements of Weld County in the United States Mail, postage prepaid st Class Mail by letter as addressed on the attached list this 22nday . D=c -tuber, 2017. Stephanie Frederick Deputy Clerk to the Board to rn EN - Gri CI Lin N 1-9 N U.S. Postal Service"' CERTIFIED MAIL° RECEIPT Domestic Mail Only For delivery information, visit our website at www.usps.com®. Mtm %v Certified Mail Fee $f1lA Extra Services & Fees (check box, add fee as appropriate) Return Receipt (hardcopy) $ ❑ Return Receipt (electronic) ❑ Certified Mail Restricted Delivery O Adult Signature Required ❑ Adult Signature Restricted Delivery $ $ $ Postage $n I Total Postage and Fees fl(A Sent To CAi-4-n• ' i enn rte+ el gkarn Ste r t d rya '� Omni c:Deei®•.l;SiS t 3rnC. Street and t. I1 or PO Box 1Vo. -' Postmark Here a1I'7 A P 95® S • C.ke,-er . s4 -.a.54 -e- 3as City, State, ZIP+4® - . c. O 0 CO PS Form 3800, April 2015 PSN 7530-02-000-9047 See Reverse for Instructions rate. - - •'...; .. . r- .. Complete items 1, 2, and 3. II Print your name and address on the reverse so that we can return the card to you. ® Attach this card to the back of the mailpiece, or on the front if space permits. Article Addressed to: %4cM&Q4S co1cF4Mn nax� 6-44-ZSI II(`LC�� aav URX'Ylr�.)pyv.1SX bglin-vcr6 9590 9402 171 q 6053 4706 GO 2. Article Number (Transfer from service label) A. Signature Ximp ent O Addressee D. Is delivery address different from item 1? ❑ Yes If YES, enter delivery address below: No 3. Service Type 0 Adult Signature ❑ ,adult Signature Restricted Delivery Certified Mail® ❑ Certified Mail Restricted Delivery ❑ Collect on Delivery ❑ Collect on Delivery Restricted Delivery 17 In 7016 0750 0000 7938 3460 "'omnTail /rail Restricted Delivery July 2015 PSN 7530-02-Q00-9053 ❑ Priority Mail Express® ❑ Registered Mai1TM ❑ Registered Mail Restricted Delivery 0 Return Receipt for Merchandise ❑ Signature ConfirmationrM ❑ Signature Confirmation Restricted Delivery Domestic Return Receipt i • Stephanie Frederick From: Sent: To: Cc: Subject: Stephanie Frederick Wednesday, December 27, 2017 10:54 AM Frank Haug; Dee Kayl; Brenda Dones; Chris Woodruff Esther Gesick; Chloe Rempel FW: Request for BOCC Packet for Tax Abatement - Venture 6435, LLC Please see request below from Lieth Khatib, Assistant to Barry J. Goldstein and Kendra L. Goldstein. Thank you, Stephanie Frederick Deputy Clerk to the Board Clerk to the Board 1150 "O" Street, Greeley, Colorado 80631 970-400-4219 Confidentiality Notice: This electronic transmission and any attached documents or other writings are intended only for the person or entity to which it is addressed and may contain information that is privileged, confidential or otherwise protected from disclosure. If you have received this communication in error, please immediately notify sender by return e-mail and destroy the communication. Any disclosure, copying, distribution or the taking of any action concerning the contents of this communication or any attachments by anyone other than the named recipient is strictly prohibited. From: Lieth Khatib [mailto:Lieth@sterlingpts.com] Sent: Wednesday, December 27, 2017 10:49 AM To: Stephanie Frederick <sfrederick@weldgov.com> Subject: Request for BOCC Packet Hello, I would like to request the BOCC Packet for the hearing scheduled on 1/17/2018 for schedule number R6783170. Thank you, Lieth Khatb Assistant to Barry J. Goldstein and Kendra 1_ Goldstein 1 Chloe Rempel From: Sent: To: Subject: Attachments: Stephanie Frederick Tuesday, January 9, 2018 2:55 PM Brenda Dones; Chloe Rempel; Esther Gesick; Dee Kayl; Chris Woodruff Tax Abatement or Refund for Venture 6435, LLC Supplemental information CHD 2510 15-16.pdf Please see supplemental information submitted from Lieth Khatib, Assistant to Barry J. Goldstein and Kendra L. Goldstein. Thank you, Stephanie Frederick Deputy Clerk to the Board Clerk to the Board 1150 "O" Street, Greeley, Colorado 80631 970-400-4219 Confidentiality Notice: This electronic transmission and any attached documents or other writings are intended only for the person or entity to which it is addressed and may contain information that is privileged, confidential or otherwise protected from disclosure. If you have received this communication in error, please immediately notify sender by return e-mail and destroy the communication. Any disclosure, copying, distribution or the taking of any action concerning the contents of this communication or any attachments by anyone other than the named recipient is strictly prohibited. From: Lieth Khatib [mailto:Lieth@sterlingpts.com] Sent: Tuesday, January 09, 2018 12:33 PM To: Stephanie Frederick <sfrederick@weldgov.com> Cc: Brenda Fearn <BFearn@sterlingpts.com> Subject: Supplemental information for Hearing on 1/17/2018 Hello, Please find attached the supplemental information for the hearing on R6783170 taking place on 1/17/2018. Please let us know if we should bring extra copies or anything along those lines. Thank you, Lieth Khatib Assistant to Barry J. Goldstein and Kendra L. Goldstein 1 PETITION FOR ABATEMENT OR REFUND OF TAXES . County. Weld Section I: Petitioner, please complete Section I only. Date. August 18 2017 Month Day Year Petitioner's Name: Venture 6435, LLC Petitioner's Mailing Address: do Sterling Property Tax Specialists, Inc. 950 S Cherry Street, Suite 320 Denver CO Date Received (Use Assessor's or Coo,rnissioners [ate Stamp) 80246 City or Town State Zip Code SCHEDULE OR PARCEL NUMBER(S) PROPERTY ADDRESS OR LEGAL DESCRIPTION OF PROPERTY R6783170 2510 47th Avenue Petitioner states that tine taxes assessed against the above property for property tax year(s) 2015 and 2015 are incorrect for the following reasons: (Briefly describe the circumstances surrounding the incorrect value or tax Attach additional sheets if necessary.) See Exhibit 1 attached hereto and made an integral part hereof. Petitioner's estimate of value: $ 1,810,300 ( 2015 ) and $ 1,810,300 Value Year Value ( 2015 ) `ear Petitioner requests an abatement or refund of the appropriate taxes. I declare, under penalty of perjury in the second degree, that this petition, together with any accompanying exhibits or statements, has been prepared or examined by me, and to the best of my knowledge. information and belief, is true, correct, and complete. Petiti s ure .e�.— By Age ' s S�, By Kendra Goldstein forS rling Property Ta `Letter of agency must be at ached when petti Daytime Phone Number a, lr a cialists, Inc. ,,ubmitted by an agent. hone Number,( 303 i 757-8865 If the board of county commissioners, pursuant to section 39-10-114(1), or the property tax administrator, pursuant to section 39-2-116, denies the petition for refund or abatement of taxes in whole or in part, the petitioner may appeal to the board of assessment appeals pursuant to the provisions of section 39-2-125 within thirty days of the entry of any such decision, § 39-10-114.5(1), C.R.S. Section It: Original Corrected Abate/Refund Actual Assessor's Recommendation Tax Year Assessed (For Assessor's Use Only) Tax Tax Year Actual Assessed ❑ Assessor recommends approval as outlined above. No protest was filed for the year(s): or (If a protest was filed, please attach a cop/ of the NOD.) EJ Assessor recommends denial for the following reason(s): 15-DPT-AR No. 920-66/06 Aaxess?Ls Lr Deputy assesscr_s Signature FOR ASSESSORS AND COUNTY COMMISSIONERS USE ONLY (Section III or Section IV must be completed) Every petition for abatement or refund filed pursuant to section 39-10-114 shall be acted upon pursuant to the provisions of this section by the board of county commissioners or the assessor, as appropriate, within six months of the date of filing such petition. § 39-1-113(1 7), C.R.S. Section III: Written Mutual Agreement of Assessor and Petitioner (Only for abatements up to $1,000) The commissioners of County authorize the assessor by Resolution No. to review petitions for abatement or refund and to settle by written mutual agreement any such petition for abatement or refund in an amount of one thousand dollars or less per tract, parcel, or lot of land or per schedule of personal property, in accordance with § 39-1-113(1.5), C.R.S. The assessor and petitioner mutually agree to the values and tax abatementrefund of: Tax Year Tax Year Actual Assessed Tax Actual Assessed Tax Original Corrected Abate/Refund Note. The total tax amount does not include accrued interest, penalties, and fees associated with late and/or delinquent tax payments, if applr_able Please contact the county treasurer for full payment information. Petitioner's Signature Assessor's or Deputy Assessor's Signature Date Date Section IV: Decision of the County Commissioners (Must be completed if Section III does not apply) WHEREAS, The County Commissioners of called regular meeting held on / / , at which meeting there were present the following members: Month Day Year County, State of Colorado, at a duly and lawfully with notice of such meeting and an opportunity to be present having been given to the taxpayer and the Assessor of said County and Assessor (being present --not present) and Name petitioner (being present --not present), and WHEREAS, The said Name County Commissioners have carefully considered the within petition, and are fully advised in relation thereto, NOW BE IT RESOLVED. That the Board (agrees --does not agree) with the recommendation of the assessor and the petition be (approved --approved in part --denied) with an abatement/refund as follows: Year Assessed Value Taxes Abate/Refund Year Assessed Value Taxes Abate/Refund Chairperson of the Board of County Commissioners' Signature County Clerk and Ex -officio Clerk of the Board of County Commissioners in and for the aforementioned county, do hereby certify that the above and foregoing order is truly copied from the record of the proceedings of the Board of County Commissioners. IN WITNESS WHEREOF, ! have hereunto set my hand and affixed the seal of said County this day of Month Year County Clerk's or Deputy County Clerk's Signature Note. Abatements greater than 51,000 per schedule. per year, must be submitted in duplicate to the Property Tax Administrator for review -1 Section V: Action of the Property Tax Administrator (For all abatements greater than $1,000) The action of the Board of County Commissioners, relative to the within petition, is hereby ❑ Approved ❑ Approved in part S ❑ Denied for the following reason(s): Secretary's Signature Property Tax Administrator's Signature Cate 15 -CPT -AN No 920-66/04 a August 18, 2017 Weld County Board of County Commissioners c/o Ms. Beverly Breakstone Weld County Assessor P.O. Box 758 Greeley, CO 80632 PROPERTY TAX SPECIALISTS, INC. Re: • 2510 47`h Avenue (Schedule No. R6783170) (the "Property") Dear Commissioners: 950 5. Cherry Street Suite 320 Denver, CO 80246 303.757.8865 fax 303.757.7691 www.sterlingpts.com Petitioner's g Exhibit 1 The undersigned, Sterling Property Tax Specialists, Inc., represents the owner of the Property for the purpose of filing an abatement of the 2015 and 2016 Valuation. A copy of the Letter of Authorization is attached hereto and made an integral part hereof. The Property is an 18,103 sq. ft. retail store occupied by Goodwill. For calendar years 2015 and 2016, the Assessor has valued the Property at $2,443,905, or $135 per sq. ft. In analyzing the Property, Petitioner has considered the sales comparison approach to determine the market value. During the relevant data collection period, five sales of retail properties similarly situated occurred, and are summarized as follows: 1. On January 28, 2014, a 17,460 sq. ft. retail property, located at 3215 23`'' Avenue sold for $107.60 per sq. ft. 2. Adjacent to Sale Comparable 1, but in a separate and unrelated transaction, a 17,433 sq. ft. retail property, located at 3230 23`' Avenue sold for $105.55 per sq. ft. on March 18, 2014. 3. On December 18, 2013, a 6,312 sq. ft. retail property located at 2961 West 29th Street sold for $109.32 per sq. ft. 4. Also in December of 2013, a 10,797 sq. ft. general retail property located at 2903 37th Avenue sold for $54.72 per sq. ft. 5. The final sale comparable is located at 3050 67`h Avenue. This 20,267 sq. ft. retail property sold on September 11, 2013 for $78.95 per sq. ft. Petitioner notes that Sales 2 and 5 are REO sales. However, as explicitly stated within the Division of Property Taxation's Assessor Reference Library, REO sales are to be considered valid sales. Both sales are well in -line with market, non-REO sales, and all were adequately exposed to the open marketplace. Furthermore, given the state of the real estate market during the 2013 and 2014 base period, REO sales occurred frequently and were commonplace in the marketplace. As such, Petitioner has placed equal weight upon these two sales for their market representation as the other three, non-REO sales. 2510 47th Avenue Page 2 The average sales price of the five comparables listed hereinabove is $91.23 per sq. ft. However, in its analysis, Petitioner has placed the greatest amount of weight on sale comparables 1, 2 and 5, given the size, location, and condition of those properties. The average sales price of those three sale comparables is $97.37 per sq. ft. Applying a slight upward adjustment for time -trending to bring those three sale comparables in line with the marketplace as of June 30, 2014, Petitioner contends the appropriate value on a per sq. ft. basis for the subject Property is $100 per sq. ft., or $1,810,300. Based upon the foregoing, Petitioner hereby requests the Board adjust the value of the Property for calendar years 2015 and 2016 to $1,810,300. All information contained herein should be considered confidential and not available to any third parties. Sincerely, STERLING PROPERTY TAX SPECIALISTS, INC. By: Kendra L. Gol•:tein, Vice Pr'•ent LETTER OF AUTHORIZATION September 8, 2014 Sterling Property Tax Specialists, Inc. 950 South Cherry Street, Suite 320 Denver, Colorado 80246 RE: 2015 and 2016 Property Tax Assessment Matters Gentlemen: The undersigned, as owner(s) of property located in Weld County, Colorado, at SEE ATTACHED, and more particularly described on Assessor's Notice of Valuation, Schedule No(s). SEE ATTACHED hereby authorizes Sterling Property Tax Specialists, Inc. and Goldstein Law Firm. LLC, to act as agent on my behalf regarding all 2015 and 2016 property tax assessment matters, and obtain any and all documents relating thereto and file any protests necessary. This Authorization shall be effective as of the date set forth above. VENTURE 6435, LLC By: Charles P. Woods, Manager Telephone: 303-864-0444 5 Venture 6435, LLC Weld County 2015 / 2016 2510 47t) Avenue R6783170 W 22nd st nterp1ace ©raw Gateway Lakes Nat Area ; W29thSt 31st St Address City 1 2 3 4 3215 23rd Ave 3230-3250 23rd Ave 2961 W 29th St 2903-2913 37th St Evans Greeley Evans 2510 47th Ave, Greeley, CO wchor Or 34th St 37th S► 1000 ids 0 se Hawk rr 3 Property Info 17,460 SF General Retail/Storefront 17,433 SF General Retail/Storefront 6,312 SF General Retail/Freestanding 10,797 SF General Retail/Storefront Retail/Office Sold: $690,000 ($109.32/SF) Ma data ID2017 Goole Sale Info apes Sold: $1,878,625 ($107.60/SF) Copyrighted report licensed to Sterling Property Tax Specialists, Inc. - 70913. 12/29/2017 Copyrighted report licensed to Sterling Property Tax Specialists, Inc. - 70913. 12/28/2017 3215 23rd Ave - Evans Commons t7 .W tr �,y ] r fl ��i aEvans, CO 80620a' s',��. Er �. � ' v Sale on 1/28/2014 for $1,878,625 ($107.60/SF) - Research Complete 17,460 SF Retain Storefront (Strip Center) Building Built in 2006 kusitay David L. Edwards Christopher E Owens Christopher E Owens Christopher Owens 3775 Iris St Boulder, CO 80301 (303) 442-2824 Irdividual Pinnacle Real Estate Advisors Jamie Mitchell (303) 962-9571 Jake Gannon (303) 407-4500 Sale Date: Escrow Length: Sale Price: Asking Price: Price/SF: Price/AC Land Gross: Actual Cap Rate: Sale Conditions: Transfer Tax: 1:.,,„4„,.„. „w �.'.• •CS •��} ^` i kr ^r �y�.,., �M ^:Y`y+�.r 9{,y� � ,,,..3,,...„,. ^ ... n d`}, i<' ^ in...:::.:::::;;::::.,2;.:::::ti:;..:j1\1;:i-4"a' � Wi � f -f' • -.TA ptt.7 S ��^, f�"tfliJ ��. r � �?±i�rn•k aAt . ` •" -t ^ r`e Zv.!1:;:. ^ a.•^tt4i Xa• k;:i�i-4"a'Yrrrt.c•r •q�;,xr.r.." ., •7 . 4_;:t^f41: BLS''`r�7^'^3L,•!m?41 • 4L�` 7-,y,i• "• 3° [•rr• gs.5' s�.•.,77.`lv?$ •"it' La,ra0.,.., 'AC ai•g.atr ay``•�'fF �'+ ,.e ;!' . 'tr�� !:'J' r �i •.dp.C'++.y�`e"r�bRon r , �. 7'.i wrL tt•�� ,V�nrl.�'. .. an '5 ' *3Sh ;, � S�.r. u, J r•� t �e35. �y , •,, 3.� JF'�F : �r ^a31 :1. Y 35 �At''"LNY'S''M'.^S,y,,��h +'A...�yy�,�r ` ` •!?, AP . {y 'J�'J' ll�.,:•.r£�t',�',�,�.`t��^i��'�.,..- .,k—e44ial..l'•'>'1?l t_..l l!V� . . 7>.iv r�'.rn i2�2. �. R1.'i 3'j,^'�, )k-•,ryrtigt Iviap data ©2017 Google Recorded Seller: Viking Partners Evans Lic Sale Type: Bldg Type: Year Built/Age: GLA: Land Area: Viking Partners, LLC 4901 Hunt Rd Cincinnati, OH 45242 (513) 793-9919 Equity Funds Capital Pacific David Lucas (415) 274-7390 Joseph Caccamo (415) 274-7394 Chris Kostanecki (415) 274-2701 Zeb Ripple (415) 274-2702 r yA.`�.7i�wgrAi.,M1. Investment Retail - Storefront (Strip Center) Built in 2006 Age: 8 17,460 SF 1.61 AC (70,132 SF) 8 3215 23rd Ave - Evans Commons 17,460 SF Retail Storefront (Strip Center) Building Built in 2006 (con t) SOLD No. of Tenants: 4 Tenants at time of sale: Dollar Tree; EZMONEY Payday Loans; Ornelas Tamale Shop; T Mobile Financing: Down payment of $563,488.00 (30.0%) $1,315,137.00 from Sunflower Bank, NA Legal Desc: Lot 1 Town Centre at The Landings Document No: 3992547 Sale History: Sold for $1,878,625 ($107.60/SF) on 1/28/2014 Sold on 6/30/2011 Non -Arms Length Transaction Notes On January 28, 2014 the 17,460 SF retail property sold for $1,878,625, or $107.60 per square foot. The property had an initial asking price at $2,058,000. The multi -tenant retail property was 81% occupied with a cap rate at just under 8% based on as is income, as reported by the buyer broker. This was a 1031 Exchange for the buyer. The buyer broker also reported that there were no special buyer/seller motivations, credits or discounts, that had an impact on the sale. The buyer Christopher Owens also confirmed sale price at $1,878,625 and reported a cap rate at time of sale at 8%, with 2 units vacant. David L Edwards (50%), Christopher E. Owens (45%), Brian Bair (5%) Property Type: Center: Bldg Status: Owner Type: Zoning: Owner Occupied: Rent/SF/Yr: CAM: Street Frontage: Expenses: Parking: Features: Income Expense Da Income Gross Scheduled Income + Other Income - Vacancy Allowance Effective Gross Income Expenses Net Income - Taxes - Operating Expenses Total Expenses $177,480 $77,014 $38,637 $39,507 $78,144 Net Operating Income - Debt Service - Capital Expenditure Cash Flow Current Retail Information Retail - Storefront (Strip Center) Evans Commons Built in 2006 Individual No $159,414 GLA: Total Avail: Leased: Bldg Vacant: Land Area: Lot Dimensions: Building FAR: No. of Stores: 17,460 SF 0 SF 100.0% 0 SF 1.61 AC 0.25 230 feet on 23rd Ave 2016 Tax @ $2.32/sf, 2012 Est Tax @ $3.19/sf; 2014 Ops @ $2.26/sf, 2012 Est Ops @ $3.30/sf 88 free Surface Spaces are available Pylon Sign Location Information Second Address: Park Name: Metro Market: Submarket: 3215 23rd Ave Evans Commons Denver Greeley Ret/Greeley Ret ID: 7318896 Copyrighted report licensed to Sterling Property Tax Specialists, Inc. - 70913. 12/28/2017 3215 23rd Ave - Evans Commons 17,460 SF Retail torefrr it`(Strip Center) uilding;Built in 2006 (con County: Weld CBSA: Greeley, CO CSA: Denver -Aurora, CO DMA: Denver, CO -WY -NE Copyrighted report licensed to Sterling Property Tax Specialists, Inc. - 70913. 12/28/2017 2 3230-3250 Evans, Sale 17,433 23rd CO 80620 on 3/18/2014 for S= Retail Storefront Ave - Chappelow $1,840,000 (Strip ($105.55/SF) Center) Square - Research Building Built SOLD Complete in 1999 Dr 31st 3 d a. St St MCNItt St N c s0 0 Id; i #. Sf.y rs li •cwo 4, . v `, — ._ r ,.a }„ a n Lilt a x, St c O Nochor - ro 34th •artC,< ,w. Map data 02017 Google Goog l e Buyer & Seller Contact Info "p." Recorded Buyer: True Buyer: Buyer Type: Buyer Broker: (303) Individual J&H Management tic Recorded Seller: Hyung & Jin Lee True Seller: Hyung Lee 1265 W 148th Ave Westminster, CO 80023 457-2645 Seller Type: No Buyer Broker on Deal Listing Broker: Wells Fargo Bk Western Skies Richard Marcus 5690 DTC Blvd Greenwood Village, (303) 689-7000 Developer/Owner-RGNL SVN I Denver Randy Marshall (970) 221-1965 Jerry Chilson (970) 488-3179 Na CO 80111 Commercial Transaction Details ID: 2986991 Escrow Asking Price/AC Land Percent Actual Sale No. Tenants at time Sale Date: Length: Sale Price: Price: Price/SF: Gross: Leased: Tenancy: Cap Rate: Conditions: of Tenants: of sale: Financing: 03/18/2014 (102 days on market) - $1,840,000 -Confirmed $1,990,000 $105.55 $1,130,221.13 84.3% Multi 8.70% REO Sale 6 Boost Mobile; Kwal Paint; Little Recruiting Down payment of $620,000.00 (33.7%) $1,220,000.00 from Community Caesars Bank Total Improved Land Sale Type: Investment Bldg Type: Retail - Storefront (Strip Center) Year Built/Age: Built in 1999 Age: 15 GLA: 17,433 SF Land Area: 1.63 AC (70,916 SF) Percent Improved: 78.8% Value Assessed: $620,170 in 2012 Value Assessed $488,520 Value Assessed: $131,650 Land Assessed/AC: $80,866 Los Tacos Y Salsas; The Last Load, LLC; US Army Pizza; of Colorado Copyrighted report licensed to Sterling Properly Tax Specialists, Inc. - 70913 12/28/2017 1\ M,3230-3250-23rd'Ave�, ;ChappelowSquare' � � X17,433 SF Retail Storefront,(Strip Center) =Building Built in 1999 (Can't) Parcel No 096119327002 Document No 4003002 Sale History Sold for $1,840,000 ($105 55/SF) on 3/18/2014 Sold on 8/22/2012 Non -Arms Length Transaction Notes' '4E ^ On March 18, 2014, this 17,433 square foot retail property sold for $1,840,000 The listing broker confirmed the detafls of the transaction including the parties involved, sale date, price, financing and no special conditions were reported ,t'<<> x'Incom4 Expense Data Income Gross Scheduled Income + Other Income - Vacancy Allowance Effective Gross Income Expenses Net Income - Taxes - Operating Expenses Total Expenses Net Operating Income - Debt Service - Capital Expenditure Cash Flow $269,455 $38,659 $38,659 $160,080 Property Type Center Bldg Status Owner Type Zoning Owner Occupied ,'"Current Retail Information Retail - Storefront (Strip Center) Chappelow Square Built in 1999 Individual No Rent/SF/Yr - CAM - Expenses Parking Features 2016 Tax @ $2 09/sf, 2013 Ops @ $3 26/sf 83 Surface Spaces are available Signage GLA 17,433 SF Total Avail 0 SF % Leased 100 0% Bldg Vacant 0 SF Land Area 1 63 AC Lot Dimensions Building FAR 0 25 No of Stores Location Information ;1550B53` Park Name Metro Market Submarket County CBSA CSA DMA Chappelow Square Denver Greeley Ret/Greeley Ret Weld Greeley, CO Denver -Aurora, CO Denver, CO -WY -NE Copynghted report licensed to Sterling Property Tax Specialists Inc - 70913 12/28/2017 3 2961 Greeley, Sale on 6,312 W 12/18/2013 SF 29th CO 80631 Retail St SOLD for $690,000 ($109.32/SF) - Research Complete Freestanding Building Built in 1984 va to, alite `'1th St lfif ?8th St L L. IL ail 4 Ihie 29th St _► or .00 yd; 1►Y 29th' J Googie Map data O2017 Google Buyer & Seller Contact Info Recorded Buyer: Crabtree Land True Buyer: Crabtree Brewery Jeffrey Crabtree 2961 W 29th Greeley, CO (970) 356-0516 Buyer Type: Individual Buyer Broker: Wheeler Management Troy Armstrong (970) 352-5860 Co Ltd Recorded Seller: Tnt Invest True Seller: The Wes Wesley St 5412 Vardon 80631 Fort Collins, (970) 204-4837 Seller Type: Individual Group, Inc. Listing Broker: RE/MAX Blaine (970) 330-5000 Sargent Alliance Herdman Sargent Company Way CO 80528 Transaction Details ID: 2924899 Sale Date: 12/18/2013 Escrow Length: 30 days Sale Price: $690,000 Asking Price: - Price/SF: S109.32 Price/AC Land Gross: $460,000.00 Percent Leased: 100.0% Tenancy: Multi No. of Tenants: 1 Tenants at time of sale: Crabtree Financing: Down $679,384.00 Parcel No. 095924201021 Document No: 3986328 (761 days on market) -Confirmed Year Percent Total Value Improved Value Land Value Land Brewery payment of $10,616.00 (1.5%) from Seller Sale Bldg Land Improved: Assessed: Assessed/AC: Type: Owner/User Type: Retail - Freestanding Built/Age: Built in 1984 Age: 29 GLA: 6.312 SF Area: 1.50 AC (65,340 SF) 64.0% Assessed: $159,510 in 2012 Assessed $102,100 $57,410 $38,273 Copyrighted report licensed to Sterling Property Tax Specialists, Inc. - 70913 12/28/2017 i3 x 2961.W� 29thSt's a��r 7111, 312-SFRetailFreesta'nding;Building Built 1n1984 (can't), Sale History Sold for $690,000 ($109 32/SF) on 12/18/2013 Sold for $650,000 ($102 98/SF) on 7/29/2011 Sold on 2/15/2011 Non -Arms Length s�r< ransaction�Notes -1�4 4?" �t t,. As per the buyer, the buyer purchased 2961 W 29th St , Greeley, CO 80631 from the seller for $690,000 on Dec 18, 2013 It was an owner/user purchase The 6,312 square -foot building was on the market for a year, then the buyer approached the seller and agreed to lease the building for 3 years with an option to be the first to make an offer to buy The buyer was so pleased with the location that they purchased after a year It was under contract for 30 days There were brokers on both sides of the transaction Ther were no sale conditions The seller sold because they were divesting some of their properties because it was becoming hard to manage them ''g,c�v { :+ , Income Expense Datar�}s, Expenses - Taxes - Operating Expenses Total Expenses $14,300 $14,300 ; t'S Property Type Retail - Freestanding Center - Bldg Status Built in 1984 Owner Type Individual Zoning C -H Owner Occupied No Rent/SF/Yr - CAM - Curr"entRetail Informatioti`hy ' Street Frontage 135 feet on 29th St (with 1 curb cut) Expenses 2016 Tax @ $2 28/sf Parking 20 free Surface Spaces are available GLA 6,312 SF Total Avail 0 SF % Leased 100 0% Bldg Vacant 0 SF Land Area 1 50 AC Lot Dimensions - Building FAR 0 10 No of Stores Location Information �`�ID 685648��' Metro Market Denver Submarket Greeley Ret/Greeley Ret County Weld CBSA Greeley, CO CSA Denver -Aurora, CO DMA Denver, CO -WY -NE Copynghted report licensed to Sterling Property Tax Specialists Inc 70913 12/28/2017 4 2903-2913 37th Evans, CD 80620 Sale on 12/27/2013 for 10,797 SF Retail Storefront St - $590,800 Retail/Office Northpoint ($54.72/SF) (Strip Center - Research Center) Complete Building Built in 2007 SOLD Monterey G� '` il 34th Ave '° Ii52" ; O to t bsts1/4406_, Coronad otriftwool I S. • J o quail St 37th St te Dock Dr ,;;� - 1 ,- � rlik r s A , m FS Haven Ct e ID A m IS' 4 5 ia c Manna St 500 It: � r o o p�rx view Or Map data 02017Goou-- Goo le 9 Buyer & Seller Contact Info Recorded Buyer: 2903 Investments LIc Recorded Seller: Mgd Land Lic 270 Saint Paul St Denver, CO 80206 Listing Broker: RE/MAX Alliance Mary Jo Brockshus (970) 590-0955 SVN I Denver Commercial Steve Kawulok (303) 632-8784 Transaction Details ID: 2930021 Sale Date: 12/27/2013 (155 days on market) Sale Type: Investment Escrow Length: - Bldg Type: Retail - Storefront Retail/Office (Strip Center) Sale Price: S590,800 -Confirmed Year Built/Age: Built in 2007 Age: 6 Asking Price: 5599,000 GLA: 10,797 SF Price/SF: $54.72 Land Area: 1.07 AC (46,609 SF) Price/AC Land Gross: S552,149.53 Percent Leased: - Tenancy: Multi Percent Improved: 63.1% Total Value Assessed. $219,170 in 2012 Improved Value Assessed $138,390 Land Value Assessed: $80,780 Land Assessed/AC: $75,495 Financing: S600,000.00 from Private Lender Parcel No: 095924337002 Document No: 3986881 Copyrighted report licensed to Sterling Property Tax Specialists, Inc. - 70913. 12/28/2017 15 , t-_fi �la,�»t34;F� U '!'{n6'c ,14,4-p7z ,2903-2913 37th .St- Northpoint,Center 1O,79ZSF Retail Storefront RetaIVOffice (Stnp Center) -Building Built in 2007 (con't)_ ' *mt,11 "NFU ,ti F ,247^ =57 ,5ti- ,h� �, d ti -,r ,Jf�r� 14 -, J- '`tT�ansactlon Notes'`` The subject property sold on December 27, 2013 for $590,800 The buyer obtained financing through Freund Invs LLC for $600,000 It was on the market for approximately 180 days i 1 Tlnconie;Expense Data - Expenses - Taxes - Operating Expenses Total Expenses $17,214 $17,214 Property Type Center Bldg Status Owner Type Zoning Owner Occupied Currerit,itetail information;" Retail - Storefront Retail/Office (Strip Center) Northpoint Center Built In 2007 No Rent/SF/Yr $11 97 CAM - Expenses Parking 2016 Tax @ $1 42/sf, 2010 Ops @ $0 92/sf 50 Surface Spaces are available GLA 10,797 SF Total Avail % Leased Bldg Vacant Land Area Lot Dimensions Building FAR 0 23 No of Stores Location Information 2,955 SF 72 6% 2,955 SF 1 07 AC ID '5891229t 4 Park Name Metro Market Submarket County CBSA CSA DMA Northpoint Center Denver Greeley Ret/Greeley Ret Weld Greeley, CO Denver -Aurora, CO Denver, CO -WY -NE Copyrighted report licensed to Sterling Property Tax Specialists, Inc - 70913 12/28/2017 1CO Assessor's 2015/ 2016 Land Value Comparison 2510 47th Ave Weld County Map # Address Schedule # Description Subject 2510 47th Ave `2015/16 2015/16 2015/1,6 YOC Land 5F Acreage Imps SF Land Value Total Value Land/If Comments R6783170 Retail 2014 112,270 2 58 18,103 $875,706 $2,503,305 $7 80 Inferior site location, Interior lot, no frontage on arterial Vacant Land 1 L2A SUFFOLK 4TH FG R4997708 Vacant Land 2 L2A SUFFOLK 4TH FG R6783171 Vacant Land Improved Parcels 46,489 107 N/A $423,980 $423,980 $9 12 Visibility Hwy 34, Potentially valued with PW discount applied 93,890 2 16 N/A $443,161 $443,161 $4 72 Adjacent to subject, street frontage, Potentially valued with PW discount applied 3 2520 47th Ave R4631507 Fast Food 2007 91,451 2 10 3,855 $731,608 $1,462,142 $8 00 Fronts 47th Ave Superior location and slightly smaller SF 4 2700 47th Ave R0150794 Bank 1996 92,217 2 12 9,124 $622,465 $1,497,375 $6 75 Viability and access 47th Ave 5 4750 W 25th St R3848305 Assisted Living 1998 131,934 3 03 50,769 $197,901 $3,100,000 $1 50 Fronts 47th Ave 6 2555 47th Ave R8951369 Bank 1987 149,846 3 44 8,196 Unk Unk Unk Fronts 47th Ave (Assr valued land at $6 95 / SF for 2017) 7 4800 W 25th St R3848205 Assisted Living 1988 165,808 3 81 57,459 $248,712 $6,000,000 $1 50 Similar site placement/access/visibility 8 4732 W 26th St R2465503 Auto Dealer 2015 258,049 5 92 27,534 $1,548,294 $2,224,620 $6 00 Fronts 47th Ave 9 2510 46th Ave R8941979 Hotel 2014 266,442 6 12 69,920 $752,113 $3,241,986 $2 82 Hotel site, change in imp value likely due to new construction, previously a partlal(?) Petitioner's Requesed Land Value $729,755 $6 50 1/1 1/9/2018 Hello