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Home My WebLink About20181958.tiffRESOLUTION RE: ACTION OF THE BOARD CONCERNING PETITION FOR ABATEMENT OR REFUND OF TAXES FOR ACCOUNT NUMBERS R1105402, R6784572, R5372708, R6787537, AND R6787604 - PELICAN LAKES, 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 20th day of June, 2018, at which meeting there were present the following members: Chair Steve Moreno, and Commissioners Barbara Kirkmeyer, Sean P. Conway, Julie A. Cozad, and Mike Freeman, 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 represented by Brenda Dones, Assessor's Office, and taxpayer, Pelican Lakes, LLC, being represented by DYCO Diversified, Inc., not being present, 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 $0.00 2016 c-c:GiSRccwi6Q/Alec) ccxc6cic=H), ckePC-,G L REP O-7rvcattg 2018-1958 AS0099 TAX ABATEMENT PETITION - PELICAN LAKES, LLC PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 20th day of June, A.D., 2018. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO ATTEST: y.„, je-6k Weld County Clerk to the Board BY: Deputy Clerk to the Board FORM: County Attorney Date of signature: (C.o(aCnf($r Steye Moreno, Chair Barbara Kirkmeyer,/Pro-Tem Ike Freeman 2018-1958 AS0099 PETITION FOR ABATEMENT OR REFUND OF TAXES County: Weld Date Received FIVED (Use Assessor's or Commissioners ate p Section I: Petitioner, please complete Section I only. Date: 12(29/2017 Month Day Year Petitioner's Name: Pelican Lakes, LLC Petitioner's Mailing Address: 1800 Pelican Lakes Point Windsor CO 80550 DEC 2 9 2017 W .D CCODUNNAS� � �O tai OREELE i r COLORADO RECEIVED City or Town SCHEDULE,9R PARCEL NUMBERS) R1105402, R6784572'R5372708' '" R6787537<R6787604 State Zp Code PROPERTY ADDRESS OR LEGAL DESCRIPTION OF PROPERTY 1600 Pelican Lakes Point, Windsor, CO WELD COUNTY COMMISSIONERS MAY 292018 Petitioner requests an abatement or refund of the appropriate taxes and states that the taxes assessed against the above property for property tax years) 2015 and 2016 are incorrect for the following reasons: (Briefly describe why the taxes have been levied erroneously or illegally, whether due to erroneous valuation, irregularity in levying, clerical error or overvaluation. Attach additional sheets if necessary.) See attached report Petitioner's estimate of value: $ 1,520,000 Value (10_1____.) and $ 1,520,000 {2(31Ei ) Year Value Year 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. Pet y ';er' Signature By Daytime Phone Number (303-81j0-6605 Daytime Phone Number ( ent's Signature` "Letter of . ency must be attached when petition is submitted by an agent If the Board of County Commissioners, pursuant to § 39-1D-114(1), C.R.S., or the Property Tax Administrator, pursuant to § 39-2.118, C,R.S., 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 provislons of § 39-2-125, C.R.S., within Shirty days of the entry of any such decision, 5 39-10-114.5f1), C.R.S. Section II: Actual Original �/ G ii 4, ), Corrected Abate&Refund Assessor's Recommendation (For Assessor's Use Only) TaxYear 22* 1� Assessed ?aai AcWat b(a 2;:cal 43'5; •12 I Tax Year 2O 14;-- ta Assessed O Assessor recommends approval as outlined above. If the.request for abatement is based upon the grounds of overvaluation, no abatement or refund of Saxes shall be made if an objection or protest to such valuation has been filed and a Notice of Determination has been mailed to the taxpayer, § 39-10-114(1)(a)(i)(D), G.R.S. Tax year. "`', protest? Tax year. 2 JJ" protest? glue' tat‘ ❑ Yes (If a protest was filed, please attach a copy of the NOD.) Q Yes (If a protest was flied, please attach a copy of the NOD.) [ Assessor recommends denial for the following reason(s): 5-DPT-AR No. 920-68/11 2018-1958 FOR ASSESSORS AND COUNTY COMMISSIONERS USE ONLY (Section Ig Qj Section IV must be completed) Every petition for abatement or refund Sled pursuant to $ 39.10.114, C.R.S. 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 or tiling such petition, § 39-1-113(1.7), C.R.S, ction Ili; Written Mutual Agreement of Assessor and Petitioner (Only for abatements up to S2,6a6) 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 $2.500 or fess par 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: Tax Year Assessed Original Corrected AbatelRefund Tax Year AktuaI Assessed 7� 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 Date Assessor's or Deputy Assessor's Signature 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 I / , 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 Petitioner 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 )npart—dented) with an abatemenUrefund as follows: Year Assessed Value Taxes Abate/Refund Year Assessed Value Taxes Abate/Refund Chairperson of the Board of County Commissioners' Signature I, 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 then $10.000 per schedule, per year, must be submitted in duplicate to the Property Tax Admin strator for review. Section V: (For all abatements greater than Si 0,000) The action of the Board of County Commissioners, relative to this abatement.petition, is hereby ❑ Approved ❑ Approved in part $ ❑ Denied for the following reason(s): Action of the Property Tax Administrator Secretary's Signature Property Tax Administrator's Signature Date 15 -OPT -AR No, 520.66/11 LETTER Of AGENCY fi•i ?:. ff'whywt.h;1e A 1"' ncf Owl ylo: Itie"k a! 9 f(,Gii : Il hu Ciil I(J G !.'(tide.. .;.)root;ix v_9iu +Ik e f'?r ;`lvter; "it.,4 1410'5 U I.+., ; "t•I tat," m 3 3 itl•f°I.9Oc nil"/.9ifly f(? I41GSCii1 iisW0 Rkrf9Ve to po sic Al() I,;i, $ `,it;y itrli'= fil2lir)!..'l i.s ee t.'Yi(ti +. Iis trig. 3 ,i "t h.: ^.9? SI9I_a cie 79''1u"G3 I,o sFrsl lo ace c•c behAf the rainy, sptyiP:4 rs jyV k3��thtilt igf IK` i}rore'i"y Fi53rir^t�'. r t`i24 `„ ,1m- lof'g's Haul(); t, fi7P;i1t ifris`^It?,y; t A. Mark Dyson, CCIM, MAI, AI-GRS Experience 2007 -Present DYCO Diversified, Inc., Denver, CO; President, responsible for real estate appraisal review and commercial real estate tax abatement and appeal services. 1991-2007 1990-1991 1987-1990 DYCO Real Estate, Inc., Denver, CO; President, Until company sale in 2007, responsible for overseeing all appraisal and feasibility assignments, and real estate investment consultation. Equitable Real Estate Investment Management, Denver, CO; Assistant Director responsible for equity and mortgage portfolio valuation. Van Court and Company, Denver, CO; Associate appraiser involved in the appraisal and/or consulting of existing or proposed properties. Memberships, Designations and Awards Member, Appraisal Institute-MAI since 1992; Al-GRS (general appraisal review) since 2014 Member, Colorado Chapter 22, Appraisal Institute (since 1990) Member, Commercial Investment Real Estate Institute (CCIM since 1998) Certified General Appraiser, State of Arizona 32019 Certified General Appraiser, State of Colorado 1313324 Independent Broker, State of Colorado 1328371 Real Estate Courses Completed All necessary for obtaining CCIM, MAI and broker and appraiser licenses Expert Witness Work Testified or deposed in over 40 cases (trial and deposition log available upon request) Education Masters of Finance, University of Colorado, 1990 Bachelors of Business Administration, University of Oklahoma, 1984 Abatement of 2015 and 2016 Real Estate Taxes For Pelican Lakes Golf and Country Club 1600 Pelican Lakes Point, Windsor, CO 80550-6223 Assessor ID: R1105402, R6784572, R5372708, R6787537, R6787604 Owner: Pelican Lakes, LLC Prepared for Weld County Board of County Commissioners Prepared by DYCO Diversified Inc. 795 McIntyre Street, Suite 205 Golden, CO 80401 Diversified, Inc 795 McIntyre Street, Suite 205 Golden, CO 80401 303.810-6805 Weld County Board of County Commissioners c/o County Assessor 1400 N 17th Ave Greeley, CO 80631 RE: Petition for 2015 & 2016 Real Estate Tax Refund The Pelican Lakes Golf and Country Club property at 1600 Pelican Lakes Point Windsor, CO 80550-6223 R1105402, R6784572, R5372708, R6787537, R6787604 Owned by Pelican Lakes, LLC Dear Board Members: December 29, 2017 The subject property is comprised of two semi -private 18- and 9 -hole golf courses with approximately 31,000 square feet of buildings, 10,000 square feet of which is almost equally divided between the country club and clubhouse that were built in 1999 and 2004, respectively. The property has suffered significant financial losses in recent past years. This in part due to the golf market being in decline and the Front Range golf market saturation. Pelican Lakes Golf Club specific financial difficulties up to the statutory valuation date include, 1. 2014 - $874,893 in non -reoccurring maintenance expenses related to repairing flood damage to the golf course 2. 2014 - $131,000 non -recurring start-up expenses when the property ownership took over management of the restaurant in the Clubhouse, which had previously been leased to an outside operator. The non - reoccurring start-up expenses in January through March of 2014 totaled approximately $131,000 with no corresponding revenue. As this report will show, I believe the market value on the statutory valuation date for the 2015 and 2016 ad valorem valuation was $1,520,000. Indication of Value "As Is'.' One Million Five Hundred and Twenty Thousand Dollars $1,520,000 Pelican Lakes Golf Club 2015 and 2016 Petition for Abatement Page 2 of 10 Golf Industry U.S. Golf Facilities Openings/Closures 18 -Hale Equivilents Ise The latest data in my possession indicates the 154.5 closures in 2012 (down from 2011) represents approximately 1% of all 18 -hole equivalent U.S. facilities. This trend continued through the Colorado statutory valuation date of June 30, 2014. Closures in recent years have increased due to increased competitive pressures, particularly at the lower price point courses like Eagle Trace. As higher quality course drop their fees and change from failing private to semi -private or even public the lower price points must drop their fees. Moreover, as golf demand shrinks with the aging population, and new generations like the Millennials place higher priority on more active recreation like biking, hiking and skiing causing even greater concerns for long term golf demand. The end result is revenues decline or remain flat yet operating expenses grow and squeeze profits. Closures tell the tale of industry conditions. Colorado golf course closures since 2010 include the following 19 courses, but are not limited to these alone. 1. Antelope Hills Golf Course, Bennett Daily Fee, 18 holes 2. Appletree Golf Course, Colorado Springs Daily Fee, 18 holes 3. Brightwater Club, Gypsum Private, non -equity, 18 holes 4. Centre Hills, Aurora Daily Fee, 18 holes 5. Cornerstone Golf Club, Ridgway Private Equity, 18 holes 6. Club at Cordillera Mountain Course, Edwards (Now used as an open space recreation area) Private Equity, 18 holes 7. Club at Cordillera Summit Course, Edwards (Now used as an open space recreation area) Private Equity, 18 holes 8. Cougar Canyon, Trinidad Daily fee, 18 holes 9. Fitzsimons Golf Course, Aurora (Now being redeveloped as mixed use subdivision) Daily fee, 18 holes 10. Friend Ranch Golf Club, Poncha Springs (Partially completed) Daily Fee, 6 holes 11. Gleneagle Golf Club, Colorado Springs Semi -private to daily fee, 18 holes 12. Golf Club at Cordillera, Short Course, Edwards (Now used as an open space recreation area) Private Equity, 9 holes 13. Green Gables Country Club, Denver (Now redeveloped as a residential subdivision) Private Equity, 18 holes 14. Hideout Like, Ridgeway Private Equity, 18 holes 15. King's Deer Golf Club, Monument (Temporary due to bankruptcy) Daily Fee, 18 -hole 16. Monument Hill Country Club, Monument (Temporary; has had five bankruptcies since it was built in 1969) Daily Fee, 18 holes 17. Orvis Shorefox Golf Course, Granby (Partially complete) Resort, 18 holes 18. Park Hill Golf Course, Denver (Will close and be redeveloped when lease expires in 2018) Daily Fee, 18 holes 19. Ravenna Golf Club, Littleton (Temporary, due to Bankruptcy) Private, Non -Equity, 18 holes 20. Shadow Hills Golf Club, Canon City (offered lease to the city for $1 a year, but turned down) Semi -private, 18 holes Closures also seem to be happen when there is limited opportunity to shrink courses and then re -develop surplus golf course land into a "higher and better use". Unlike the pending sale of the City Park golf course in Denver, many of the shuttered courses were built on land that cannot be redeveloped. Their zoning is to preserve open space or there are deed restrictions to protect homeowners who had paid premium to live near a golf course. Also, impacting redevelopment has been a lack of land development financing putting would-be re -developers on the sidelines. Land development financing remains primarily sourced by equity venture and speakers at the Appraisal Institute Land Development event said their group is becoming more conservative as the US economy enters its 10th years of expansion. Not surprisingly, after having been viewed as an amenity for marketing residential subdivisions in the 1960s, 70s and 80s, golf courses are now oversupplied. Combined with participation rates dropping golf courses have lost favor with subdivision developers. Perry Cadman (former VP at Richmond American Homes / MDC Holdings, former President at New Town Builders, former COO for Sanford Homes) who was most recently employed as Vice President of Housing Operations at Brookfield Residential says "golf courses are a noose around a developer's neck". He says they were/are built to create demand for a subdivision in a less desirable or outlying location or to differentiate it by creating a themed community e.g., golf, lake recreation, open space, equestrian, small plane, etc. However, he states "golf course maintenance is now rarely offset by the income from rounds played". He is aware of more failures than successes and knows of no one planning a course for their subdivision. Perry believes the Pelican Lakes Golf Club 2015 and 2016 Petition for Abatement Page 4 of 10 evolution of a golf course as an amenity for real estate development has ended with few choosing to incorporate them. Mark Nickless, partner in the subdivision development company of Oread Capital was previously the manager of planning and entitlement for The Canyons subdivision in Castle Rock. Mark says golf courses built to stimulate real estate development "are losers". "They cost too much to maintain and provide water." "Twenty years ago they made money but they just don't get enough play time today." "Also in Colorado, irrigating big green spaces is bad publicity when trying to entice non -golfers to purchase in your community." The Canyons subdivision was zoned for a golf course and the developers spent $1 million for the design and routing plan by Tom Doak before they scrapped the idea because competitors like Pradera and Colorado Golf were built. The Canyon subdivision opted for more community oriented amenities including a community garden and walking, hiking and biking paths throughout the open space. Mark says these types of draws are much more common and desirable solutions than golf courses. Other subdivisions already developed with golf courses and residential lots not sold out, such as Green Valley Ranch, have the land developer and the homebuilders annually subsidize the golf course operating costs until profitability, which may never occur. At Green Valley, the land developer covers operating revenue shortfalls after Oakwood Homes makes their $2,000 per unsold sold lot annual contribution, In 2015, it was estimated that some 400 lots remain to be sold. Actual 2014 operating statements show a loss of $432,000 for the golf operations, but because they have atypical sources of revenue titled "Enhancement Revenue" and the aforementioned "Lot Share Premium" of $228,000, the golf course was able to show net income of $279,417. With some 400 lots still to sell and houses to build and sell, course closure is not a solution to their financial problems. Following in the trends discussed by Perry Cadman and Mark Nickless, other Front Range land developers have chosen to remove golf courses from their approved plans and others simply did not even include them. In Douglas County those noteworthy subdivision developments include, 1. The Canyons, Castle Rock, CO (deleted approved golf course; chose open space recreation instead) 2. Back Country, Highlands Ranch, CO (deleted approved golf course; chose open space recreation instead) 3. Bell Mountain Ranch, Castle Rock, CO (deleted approved golf course; chose larger lots and lower density) 4. Sterling Ranch, Littleton, CO (never approved; chose open space recreation instead) The golf industry is facing not only declining demand but also oversupply. There does not appear to be a way to change consumer demand and until supply has been reduced the mature golf industry remains challenged. 2009 2010 Pelican Lakes Golf Club 2015 and 2016 Petition for Abatement Page 5 of 10 Pelican Lakes Financial Status Rounds played and operating statements are also a reflection of consumer perception and the real estate design and function. The information was provided by the owner for this petition and detail is available upon request. The rounds played and operating statements show an unstable and poorly performing investment. Increased rounds played in 2012 was actually at a lower gross and net profit per round. The increase in rounds was at the expense of the greens fee rate and also caused increased operating expenses. Reduction in greens fees will often impact availability and quality of the golf experience, diminishing returns. Suramary of Rounds Played 2011 2012 2013 2014 Total 37,389 36,318 35,599 46,107 38,854 24,905 Source: Pelican Lakes LLC Time Period (CY) 2013 Rounds Average Gross Played Green Sales Fee 38,854 $16.85 Gross Revenue/Operating Profit $2,137,894 $1,868,580 Net Operating Income* -$14,336 2014 3 -year average 24,905 $17.29 31,879 $17.07 $3,472,398 $2,805,146 $1,029,763 $1,449,171 -$1,478,212 Source: Pelican Lakes LLC `Non -cash expenses such as mortgage interest, depreciation, amortization and reserve for replacement expense were added back to derive the net operating income Although the subject generated a relatively healthy total gross revenue, it has been unable to convert this into a positive net operating income (NOI). One reason is that the club facility operates as an amenity to the larger Water Valley community, meaning that its annual expenses may not necessarily reflect efficient operations of a stand-alone golf facility. Valuation Income Approach Valuation of problem golf courses is rarely possible using a capitalization rate. Frequently there is little or no net income to capitalize and when it does exist determination of a stabilized net income is highly subjective. Marginally performing clubs such as the subject will typically trade on a value derived from a gross revenue/income multiple (GIM or GRM). This is more relevant than direct capitalization. More often than not, a club generating under $3 million in gross revenues will barely break even so there is no net operating income (NOI) to capitalize. Pelican Lakes Golf Club 2015 and 2016 Petition for Abatement Page 6 of 10 GRM by Comparable Sales Sales of problem golf courses with little positive and often negative net operating income are not uncommon and will be shown in the following Sales Comparison Approach. Sales of golf courses with redevelopment potential or surplus vacant residential lots are more uncommon. The subject property has no potential for redevelopment with an alternative use (state statute requires valuation "as improved" and zoning is problematic) and is being valued wihout any residential lots. In Colorado, the following two sold properties cannot be redeveloped to an alternative use and neither transaction includes vacant lots to add value. They are similar to the property valued herein. Each was built as a draw for selling real estate, At the time of construction, Monument, Colorado was an outlying rnmmunity and Pagosa Springs was drawing buyers from New Mexico and Texas. Their GRM data is below. Course Description Sale Date Sale Price GRM`' Comments Pagosa Springs Golf Club, Three 9 -hole courses 7/02/2015 $700,000 Pagosa Springs, CO with 8,421 SF clubhouse 0.58 Gross revenue history was $1,102,891 (2011), $1,270,320 (2012), $1,210,000 (2013 est) & $1,210,691 (2014 budget). Average is $1,198,475. Monument Hill Country Club, Monument, CO 18 hole semi -private course with clubhouse and fitness center 7/15/2015 $1,150,000 (net price with AR and Inventory adjusted out) 0.50 Gross revenue history was $1,818,924 (2013), $2,425,559 (2014), & $2,548,246 (2015 budget). Average is $2,264,243. Using annual average gross revenue for years shown in the Comments column GRM by Third Party Surveys The Society of Golf Appraisers (SGA) publishes an Investor and Lender Survey which provides current information about financing and investment criteria that are beneficial in the evaluation of investing and lending of proposed and existing golf courses, private clubs, resorts, and golf & lifestyle communities. Survey participants include commercial banks, life insurance companies, venture capital groups, management firms, brokers, investors, developers, appraisers, and consultants who are active in the golf industry. The following table summarizQs the results of their survey of investors. SGA 2015 Financing & fm estment Survey Survey Indicator Gross Revenue Multiplier Range 0,50 to 3.50 Average 1.60 As seen, the average GRM is 1.6x; however this does not represent problem golf courses with little to no upside due to stagnant population growth, changing demographics such as groups with little interest in golf, i.e., exceptional millennial growth, or oversupply of golf courses. The low end of the range is indicative of those types of property close to or without positive net income. The subject golf course is one of those properties. Pelican Lakes Golf Club 2015 and 2016 Petition for Abatement Page 7 of 10 Income A oach Conclusion Is Market Value via Gross Revenue Multiplier Average Gross Revenue (2013 & 14) Multiplier Market Value via Gross Revenue Multiplier 0,5 $724,585 $ ,449,171 1.6 $2,318,674 Less: Deduction for deferred maintenance rated as Critical/Immediate Needs $0 $0 "As Is" Market Value Range (rounded) $720,000 $2,320,000 The market derived income analysis shows the value range for the property is from $420,000 to $1,340,000. With seemingly little potential to increase net revenue and tremendous annual net income loss (shown by historic amounts) to carry each year, I believe an investor would at best choose an average of the two values or $1,520,000. In my opinion, the value by GRM is $1,520,000 ($56,296 per hole). Sales Comparison — Golf Courses Adjustment of all physical and economic differences between courses sold is highly subjective and cannot possibly result in a credible result. The only use of comparable sales is to know there is an investor market should they sell and that at their projected sale amount is within the realm of reasonableness. To prove a market exists for problem golf courses 1 have summarized nine golf course sales. Golf course sales come in two types. Those of profitable courses and those that are losing money. Those sales that are losing money are further divided into those that have other assets creating value, i.e., vacant residential lots, and those that are golf courses only. The sales summary chart on the following page shows courses that are financially infeasible. Their sale prices per hole from $33,611 to $127,911 with an average of $84,223. Those sales prices at the high end of the price range typically included vacant residential lots, equestrian facilities, some complete custom houses and also locations in demographically central locations with many surrounding roof -tops. Unlike the subject property, all of the courses had permanent clubhouse structures and course maintenance buildings. The subject property is located on the periphery of the larger market and does not include undeveloped residential land or surplus assets such as equestrian facilities. With these considerations in mind, the subject property's value at the low end of the range is appropriate. In my opinion, the comparable sales support the value estimate by the Income Approach at $56,296 per hole. Pelican Lakes Golf Club 2015 and 2016 Petition for Abatement Page 8 of 10 Golf Course Sales No. ry Name 1 Location" TypeSale Date Sale Price YOC No. Hof OS SP/Hole Notes Gaff Club at Fox Acres Red Feather Lakes, CO 6114 0605,030 1982 18 $33,611 Semi -private. 18 -hole course on 1611 acres in the Red Feather Lakes area, Club was bank -owned and closed at rinse of sale. Purchased out of foreclosure by an investor clroup comprised of fernier members_ Club reopened in June 2014 under management by Touchstone Golf. Listed at $1,000,000, or $55,555 per hole. RED Sale. 2 Pagosa Springs Golf Club One Pines Club Place, Pagcsa Springs, CO } rut $1,150,000 1976 27 542,093 This property is reported to have rounds of about 21.000 with a positive EBITDA prior to reserves. This is a lender sale. Two of the three 9 hole courses were built in 1976 with a third added in 1985. The clubhouse is an 8,421 SF facility. The subjects prior owner also owned this course as well. River Valley Ranch Golf Club Go Calf Club e, CO Daily Fee 7/12 $1,200,000 19.99 18 $66,667 Ned EBITDA at time of sale and four years prior, condition average at sale; investor to fund cap ex of $2.0 M to improve condition of course and clubhouse. Built by Crown Golf for cost of $12.0 million. 4 Grand =lk Galt Course Granby, CO Daily Fee/Resort 5/13 01,470 p00 2002 18 $81,667 Price included $420,000 in hack taxes: Grand Elk HO.A purchased the failing course to stabilize it in order to sell out remaining lets; 18- hole Greg Stadler Signature course was running neg, EBITDA at sale, 5 Monument Hill C.C. Monument. CO SUBJECT tar $1,500,000 1998 18 $83,333 18 hole semi -private course outside of Colorado Springs, currently under contract for $1,500,000. Collapse of maint. shop likely to create a credit of $50,000 at closing. Listed at $2,400.000, REO Sale, Plum Creek Golf Club Castle Rock, CO 111` r1, 700,000 1984 18 $9d,4A1 Price included 7,4 acres of excess land that could be redeveloped. Seller was in Chapter 11 reorganization and property was under hank mandated outside management, Property had significant deferred maintenance and clubhouse was too large for public play facility. Cornerstone Golf Club Montrose, CO 12/11 52,000,000 2006 19 $111,111 Greg Norman golf course and 6.000 SF clubhouse built in 2006 to offer 412 custom home -sites. Purchase price included the value of custom homes plus equestrian facilities. Distressed debt on the property was due to bond debt and $35 M required to finish the development in a weak. market. 8 Lakota Canyon Golf Club Nev Castle, CO Daily Fee/Resort 9;12 52,100,000 2004 I B $116 6t 7 Went into foreclosure in April 2011 with receiver operating property. Purchased by Alpine bank in 6/2012 for 5E O97 M including 68 lots; buyer was Warrior LLC, Heritage Todd Creek Golf Course Thornton, CO Daily Fee e 12 32,302,400 2007 18 $127,911 18 -hole Arthur Hi Is course with mountain views in north Denver suburb: purchase by the club's management co, , Borders Golf Group; included water rights: seller was Ler,nar Homes. r I Average C I ."53.600 19x5 19 $84,223 Pelican Lakes Golf Club 2015 and 2016 Petition for Abatement Page 9 of 10 Sales Comparison - Open Space Given that the existing structure is likely of little to no contributory value, the worst case scenario for Eagle Trace is to convert the course to open space. The Douglas County Assessor values golf course land limited by zoning or deed restriction to open space at $4,500 per acre. This approximates an open space unit value. The entire golf course is 272 acres. Applying this unit value to the entire golf course lands the resulting value is $1,224.000, This is clearly the low end of the value range. Value Indication - "As Is" The GRM value methods reflects buyer methodology for poorly performing golf courses. This amount is a little more than as open space, and is far likelier to be the future use of the property. Giving each method weight I conclude the value of the subject property, as of June 30, 2014, was, One Millions Five Hundred Twenty Thousand Dollars $1,520,000 Test of Reasonableness for Final Value The failing, 18 -hole, Grand Elk Golf Course at the center of the Grand Elk subdivision in Granby, Colorado was acquired by the Grand Elk Home Owners Association in 2013 for $1,050,000 plus $420,000 in unpaid taxes. This included the clubhouse with restaurant and pool (see picture below), cart barn, maintenance barn and related facilities. The Grand Elk facilities are similar to those of the Pelican Lakes golf club. This sale supports the GRM value for the subject golf course and supports there is a market for poorly performing golf courses. Grand Elk Golf Club House and Pool Pelican Lakes Golf Club 2015 and 2016 Petition for Abatement Page 10 of 10 Please consider this letter as a supplement to the petition for abatement of the 2015 and 2016 taxes. Thanks Sincerely, DYCO Diversified Inc. A. Mark Dyson, CCIM Attachments (tax agency) 5/15/2018 Attn: Chris Woodruff RE: 2015 & 2016 Abatement received 12/29/2017 Five Accounts; R1105402, R6784572, R5372708, R6787537, and R6787604 Pelican Lakes LLC DBA Pelican Lakes Golf Club 1625 Pelican Lakes Pt. Ste 201 Windsor, CO 2015/2016 Assessors Value $3,664,099 ($135,700 per hole) SUBJECT: The subject property is located on six parcels located in the Water Valley Development. The main club house is located at 1600 Pelican Lakes Pt., Windsor, CO. There are two courses operated at this location for a total of 27 -holes. The abatement filed is for five of the six parcels. The parcel not included contains 17.864 acres valued at a total of $8,932. In the overall valuation to the Pelican Lake Golf Club this value is negligible. The five remaining parcels contain approximately 271.6 acres of land and 11 buildings containing 37,575 square feet. The land is mostly located on the banks of the Poudre River and in the 100 -year floodway and 500 -year floodplain. The buildings and some of the 9 -hole course are in approximately 53 acres located out outside these flood zones. The improvements include a club house built in 1999, is wood frame and contains 12,475 square feet. The clubhouse was remodeled in 2014, the permit value was for $496,785. Adjacent to the club house is a banquet hall built in 2004 and contains 4,780, with golf cart storage in the basement. There is a pool, two restroom buildings and seven maintenance buildings. Cost Approach: The Cost Approach was considered but not used. For commercial buildings more than 10 years old it is difficult to accurately estimate the amount of physical depreciation to apply. For this reason, a cost analysis was not developed. gr R. Market Approach: A search for golf course sales in the extended base period 7/1/09 to 6/30/14 resulted in the following; Sales 1 Fox Hill Golf Club, Longmont, CO, 3/9/2011, $3,940,000 or $219,000 per hole, 18 -holes, swimming pool, tennis, and fitness center, 141 ac., built in 1972, GRM 2.1 Sale 2 Heritage Todd Creek Golf Club, Thornton, CO, 6/28/2012, $2,302,400 or $128,000 per hole, 18 - holes, swimming pool, tennis, and banquet hall, 114 ac., built in 2007, GRM 2.3 After adjustments for land size, improvement age, number of holes, and amenities, these sales develop an indicated Market Value, of $4,050,000 or $150,000 per hole Income Approach: The number of rounds play at the subject property for the extend base period was provided. Using an average for 2012, 2013, and 2014 we derive 36,622 rounds played. The gross revenue for two years was provided for an average green fee of $45.46. The sales presented in the Market Approach indicated a Gross Revenue Multiplier of 2.0 is appropriate. Rounds Played Average Greens Fee Average Gross Revenue 36,633 $45.46 $1,664,755.00 Gross Revenue Multiplier 2.0 Indicated Value $3,329,500 or $123,315 per hole. Reconciliation and Summary: In reconciling the Cost, Market, Income Approach the equal weight was given to the Market and Income Approaches. The Assessor recommends the value for 2015/2016 be sustained at $3,664,099 ($135,700 per hole) Maintenances Buildings 5/29/2018 Property Report Weld County PROPERTY PORTAL Property Information (970) 400-3650 Technical Support (970) 400-4357 Account: R1105402 May 29, 2018 Account Information Account Parcel Space Type Account Tax Year Buildings 4 Actual Value Assessed Value 5 1,546,962 448,620 R1105402 080728309006 Commercial 2018 Legal WIN 9WV TRACT C WATER VALLEY 9TH FG Subdivision Block Lot Land Economic Area WATER FG VALLEY SUB 9TH WATER FILING VALLEY SUB 9TH Property Address Property City Zip Section Township Range 1600 LAKES PELICAN PT WINDSOR 28 06 - 67 Owner(s) Account Owner Name Address R1105402 PELICAN LAKES LLC 1625 WINDSOR, PELICAN CO LAKES 805506236 POINT STE 201 Document History https://propertyreport.co.weld.co.us/?account=R1105402 1/13 5/29/2018 Property Report Reception f Rec Date Type Grantor Grantee Doc Fee Sale Date Sale Price - 2869112 . SUB SUBDIVISION WAT VALLEY FG E #9 R - 0.00 - -� --- 1 0 2893205 10-19-2001 QCN POUDRE METROPOLITAN DIST TECH INC TROLLCO 0.00 --I-- 10-12-2001 0 3737993 12-10-2010 SWD TROLLCO INC PELICAN LAKES LC L 203.56 12-06-2010 2,035,600 4226747 08-10-2016 SURV SURVEY SURVEY 0.00 08-10-2016 I 0 Building Information Building 1 AccountNo Building ID Occupancy R1105402 1 Country Club ID Type NBHD Occupancy % Complete Bedrooms Baths Rooms 1 Commercial 2905 Country Club 100 0 0 0 ID Exterior Roof Cover Interior HVAC Perimeter Units Unit Type Make 1 Gable Complete HVAC 393 0 ID Square Ft Condo SF Total Basement SF Finished Basement SF Garage SF Carport SF Balcony SF Porch SF 4 1 12.475 0 0 t 0 0 0 0 1 0 https.//propertyreport.co.weld.co.us/?account=R1105402 2/13 5/29/2018 Property Report Built As Details for Building 1 ID Built As Square Ft Year Built Stories Length Width 100 Country Club 12,475 1999 2 0 0 Additional Details for Building 1 ID Detail Type Description Units 1 Add On Asphalt Average 46,500 1 Add On Basement Finished 5,508 1 Add On Com Canopies Wood Average 1,236 1 Add On Concrete Slab Average 2,771 1 Add On Shed Frame 143 Building 2 AccountNo Building ID Occupancy R1105402 2 Light Commercial Utility ID Type NBHD Occupancy Complete Bedrooms Baths Rooms 2 Commercial 2905 Light Commercial Utility 100 0 0 0 ID ExteriorRoof Cover Interior HVAC Perimeter Units Unit Make 2 Gable Radiant 132 0 ID Square Ft Condo SF Total Basement SF Finished Basement SF Garage SF Carport SF Balcony SF Porch SF 2 1,080 0 0 0 0 0 0 0 https //propertyreport co weld co us/account=R1105402 3/13 5/29/2018 Property Report Built As Details for Building 2 ID Built As Square Ft Year Built Stones Length Width 2 00 Light Commercial Utility 1,080 1999 1 0 0 No Additional Details for Building 2 Building 3 AccountNo Building ID Occupancy R1105402 3 Light Commercial Utility ID Type NBHD Occupancy Complete Bedrooms Baths Rooms 3 Commercial 2905 Light Commercial Utility 100 0 0 0 ID ExteriorRoof Cover Interior HVAC Perimeter Units Unit Make 3 Gable None 0 ID Square Ft Condo SF Total Basement SF Finished Basement SF Garage SF Carport SF Balcony SF Porch SF 3 1,226 0 0 0 0 0 0 0 Built As Details for Building 3 ID Built As Square Ft Year Built Stones Length Width 3 00 Light Commercial Utility 1,226 2000 2 0 0 No Additional Details for Building 3 https //propertyreport co weld co us/?account=R1105402 4/13 5/29/2018 Property Report Building 4 AccountNo Building ID Occupancy R1105402 4 Swimming Pool *CODE ID Type NBHD Occupancy Complete Bedrooms Baths Rooms 4 Commercial 2905 Swimming Pool *CODE 100 0 0 0 ID Exterior Roof Cover Interior HVAC Perimeter Units Unit Make 4 None 0 0 ID Square Ft Condo SF Total Basement SF Finished Basement SF Garage SF Carport SF Balcony SF Porch SF 4 1 0 0 0 0 0 0 0 Built As Details for Building 4 ID Built As Square Ft Year Built Stories Length Width 4 00 Swimming Pool *CODE 1 2000 0 0 0 Additional Details for Building 4 ID Detail Type Description Units 4 Add On Swimming Pool 3,277 Building 5 AccountNo Building ID Occupancy R1105402 5 Country Club https //propertyreport co weld co us/9account=R1105402 5/13 5/29/2018 Property Report ID Type NBHD Occupancy Complete Bedrooms Baths Rooms 5 Commercial 2905 Country Club 100 0 0 0 ID ExteriorRoof Cover Interior HVAC Perimeter Units Unit Make 5 Gable None 0 ID Square Ft Condo SF Total Basement SF Finished Basement SF Garage SF Carport SF Balcony SF Porch SF 5 4,780 0 0 0 0 0 0 0 Built As Details for Building 5 ID Built As Square Ft Year Built Stories Length Width 5 00 Clubhouse 4,780 2004 1 0 0 Additional Details for Building 5 ID Detail Type Description Units 5 Add On Asphalt Average 4,500 5 Add On Basement Minimal Finish 4,780 5 Add On Concrete Slab Average 5,000 Valuation Information https //propertyreport co weld co us/7account=R1105402 6/13 5/29/2018 Property Report Type Code Description Actual Value Assessed Value Acres Land SqFt Improvement 2225 RECREATION- IMPROVEMENTS 705,113 204,480 0 000 0 Improvement 2235 WAREHOUSE/STORAGE- IMPS 37,414 10,850 0 000 0 Land 2125 RECREATION -LAND 804,435 233,290 5 770 251,386 Totals - - 1,546,962 448,620 5 770 251,386 Tax Authorities Tax Area District ID District Name Current Mill Levy 0451 0700 AIMS JUNIOR COLLEGE 6 317 0451 1051 CLEARVIEW LIBRARY 3 570 0451 0301 NORTHERN COLORADO WATER 1 000 0451 0204 SCHOOL DIST RE4-WINDSOR 49 190 0451 1303 WATER VALLEY METRO 1 39 000 0451 0100 WELD COUNTY 15 800 0451 1200 WEST GREELEY CONSERVATION 0 414 0451 0428 WINDSOR TOWN 12 030 0451 0521 WINDSOR -SEVERANCE FIRE 7 194 0451 0533 WINDSOR -SEVERANCE FIRE (BOND 2023) 0 505 Total - - 135 02 Photo https //propertyreport co weld co us/7account=R1105402 7/13 5/29/2018 Property Report https.//propertyreport.co.weld.co.us/?account=R1105402 8/13 5/29/2018 Property Report https://propertyreport.co.weld.co.us/?account=R1105402 9/13 5/29/2018 Property Report Sketch https://propertyreport.co.weld.co.us/?account=R1105402 10/13 5/29/2018 Property Report A Storage Shed 14 33' x 4.00' Balcony 31 0' Second Floor over First & 8smt 1459.00 sf Resturant areas V\4000 Deck 3ve Concrete 1392 Lw 39 50' Building 1 Page 1 5n G, N CANOPY 840.00 sf First Floor over Basement 40 00 New Coro Deck Area 853 9 sf 40.0' 31.7' First Floor/Storage And Coolers New 2004 7 0, 275.0 0 Pump House First Floor 1080.00 St class L.Cunst Radiant Heat ,VV, H .1 ii' https://propertyreport.co.weld.co.us/?account=R1105402 11/13 5/29/2018 Property Report :.�let( •ri t Ape V: ';Wriljt-ui,_ 114 -,n Building 3 Page 1 Utility Shed First Floor 613.00 sf Second Floor 613.00 sf Built 2000 18' Wall Height Sketch by Apex IV VIAndows'" 19.0' 22 5' Swim Pool Depth 1'-5' 3277.0 SF r'-i 4 24.1' 19.I Building 4 Page 1 https://propertyreport.co.weld.co.us/?account=R1105402 12/13 5/29/2018 Property Report r �13tct line ;it b d'i #1's deck. 31 3 • 4.0' 1 31 .7'/' 4 Conc . Deck Area 756.4 sf 44.0' ; 8.[I 36.0 Sketch by {apex IV Windows TM' Restrooms t _ 711 CLUBHOUSE First Floor 4780.0 sf Pro Shop Area on the Main Level ♦b;-+�_�r1leflt 1 He' .1 ,HI -li. rje .:,4111 4) :7 -;I I I_I' i _ Conc. deck area 908.4 sf 48.0' i[r R'_'-ption area Arid Community room 40.0' O Icc Building 5 Page 1 rN 1b \ Ice 20.0' 20.0' NOTE The basement area is for cart storage 4220.0 sf I Copyright © 2018 Weld County, Colorado. All rights reserved. Privacy Policy & Disclaimer I Accessibility Information https://propertyreport.co.weld.co.us/?account=R1105402 13/13 5/29/2018 Property Report Weld County PROPERTY PORTAL Property Information (970) 400-3650 Technical Support (970) 400-4357 Account: R6784572 May 29, 2018 Account Information Account Parcel S ace P Type Account Tax Year Buildings Actual Value Assessed Value R6784572 080728337010 Commercial - 2018 8 1 1,855,827 538,180 Legal PT TRACT I WATER VALLEY SOUTH EXC BEG S65DE 715'M/L FROM CEN E 1/16 COR SEC 29 TH N04D06'E 490'M/L N36D02'E 660M/L S42D12'E 370'M/L S0D45'W 180'M/L N78D07'W 74.49'M/L TH S42D56'W 839.89'M/L ALSO EXC BEG S55DE 2515' M/L FROM CEN E 1/16 COR TH N81D53'E 470'M/L S47D21'E 325'M/L N79D50'W 600'M/L N72D33'W 110.99' TO BEG ALSO EXC ALSO BEG AT POINT ON TR B S55DE 2515' M/L S72D33E 110.99' S79D50'E 820.28' S16D58'W 150'M/L FROM SD CEN E 1/16 COR TH CONT S16D58'W 258.22'M/L S11 D28'W 284.44' S15D31'E 112.97' S67D22'E 286.88' N72D43'E 234.33' N16D25'E 146.71' N65D18'E 289.11' TH N77D46'W 310'M/L N47D58'W 519.16'M/L TO BEG ALSO EXC BEG N66DW 1600'M/L FROM SE COR SEC 29 TH S37D12'W 81.44' S75D19'W 322.18' N74D17'W 233.49'M/L N48D14'E 370'M/L TH S62D13'E 350'M/L TO BEG ALSO EXC BEG N65DW 960'M/L FROM SE COR SD SEC TH SO4D42'E 190'M/L N30D04'W 109.12' N21D17'E 104.43' N76D23'W 152.95' N20D52'W 54.64' TH S62D13'E 190'M/L TO BEG ALSO EXC PT TRACT I WATER VALLEY SOUTH SUB COMM SE COR L10 BLK 6 WATER VALLEY SUB FG 2 PH 2 RPLT BLK 6 S89D45W 159.50 S23D08W 123.94 SO4D43W 55.50 S26D32E 14.34 S64D57E 25 S89D53E 196.20 N00D06E 193.72 TO POB Subdivision Block 1 Lot Land Economic Area WATER VALLEY SOUTH SUB WATER FILING VALLEY SUB 9TH Property Address Property City Zip I Section Township Range 8459 COUNTY ROAD 64 WINDSOR 28 l 06 67 Owner(s) https://propertyreport.co.weld.co.us/?account=R6784572 1/16 5/29/2018 Property Report Account Owner Name Address R6784572 PELICAN LAKES LLC 1625 WINDSOR, PELICAN CO LAKES 805506236 PT STE201 Document History Reception Rec Date Type Grantor Grantee Doc Fee Sale Date Sale Price 3178243 SUB SUBDIVISION WATER VALLEY SOUTH 0.00 0 4226747 L 08-10-2016 SURV SURVEY SURVEY 0.00 08-10-2016 0 Building Information Building 1 AccountNo Building ID Occupancy R6784572 1 I Golf Course *CODE ID Type NBHD Occupancy yoBedrooms Complete Baths Rooms 1 2905 Golf CODE Course 100 0 0 0 Commercial ID Exterior Roof Cover Interior HVAC Perimeter Units Type Unit Make 1 1 None 0 - ID Square Ft Condo SF Total SF Basement Finished Basement SF Garage SF r Carport SF a I Balcony SF Porch SF 1 1 0 0 0 0 10 1 l 0 0 https://propertyreport.co.weld.co.us/?account=R6784572 2/16 5/29/2018 Property Report Built As Details for Budding 1 ID Built As Square Ft Year Built Stories Length Width 100 Golf Course *CODE 1 1999 0 0 0 No Additional Details for Building 1 L Building 2 AccountNo Building ID Occupancy R6784572 2 Restroom Building/Concessions ID Type NBHD Occupancy Complete Bedrooms Baths Rooms 2 Commercial 2905 Restroom Building/Concessions 100 0 0 0 ID Exterior Roof Cover Interior HVAC Perimeter Units Unit Make 2 Gable Space Heater 0 ID Square Ft Condo SF Total Basement SF Finished Basement SF Garage SF Carport SF Balcony SF Porch SF 2 65 0 0 0 0 0 0 0 Built As Details for Budding 2 ID Built As Square Ft Year Built Stories Length Width 2 00 Restroom Building/Concessions 65 1999 0 0 0 No Additional Details for Building 2 https //propertyreport co weld co usPaccount=R6784572 3/16 5/29/2018 Property Report Building 3 AccountNo Building ID Occupancy R6784572 3 Restroom Building/Concessions ID Type NBHD Occupancy Complete Bedrooms Baths Rooms 3 Commercial 2905 Restroom Building/Concessions 100 0 0 0 ID ExteriorRoof Cover Interior HVAC Perimeter Units Unit Make 3 Gable Space Heater 0 ID Square Ft Condo SF Total Basement SF Finished Basement SF Garage SF Carport SF Balcony SF Porch SF 3 65 0 0 0 0 0 0 0 Built As Details for Building 3 ID Built As Square Ft Year Built Stories Length Width 3 00 Restroom Building/Concessions 65 1999 1 0 0 No Additional Details for Building 3 ending 4 AccountNo Building ID Occupancy R6784572 4 Light Commercial Utility https //propertyreport co weld co usPaccount=R6784572 4/16 5/29/2018 Property Report ID Type NBHD Occupancy Complete Bedrooms Baths Rooms 4 Commercial 2905 Light Commercial Utility 100 0 0 0 ID Exterior Roof Cover Interior HVAC Perimeter Units Unit Make 4 Flat Hot Water Radiant 240 0 ID Square Ft Condo SF Total Basement SF Finished Basement SF Garage SF Carport SF Balcony SF Porch SF 4 4,034 0 0 0 0 0 0 0 Built As Details for Building 4 ID Built As Square Ft Year Built Stories Length Width 4 00 Nursery/Greenhouse 834 2006 1 0 0 4 00 Office Building 864 1999 1 0 0 4 00 Light Commercial Utility 2,336 1999 1 0 0 Additional Details for Building 4 ID Detail Type Description Units 4 Add On Corn Canopies Steel Low 400 4 Add On Concrete Slab Average 11,120 ufl d hig S AccountNo Building ID Occupancy R6784572 5 Light Commercial Utility https //propertyreport co weld co us/'?account=R6784572 5/16 5/29/2018 Property Report ID Type NBHD Occupancy Complete Bedrooms Baths Rooms 5 Commercial 2905 Light Commercial Utility 100 0 0 0 ID Exterior Roof Cover Interior HVAC Perimeter Units Unit Make 5 Gable None 240 0 ID Square Ft Condo SF Total Basement SF Finished Basement SF Garage SF Carport SF Balcony SF Porch SF 5 3,200 0 0 0 0 0 0 0 Built As Details for Building 5 ID Built As Square Ft Year Built Stories Length Width 5 00 Light Commercial Utility 3,200 1999 1 0 0 Additional Details for Building 5 ID Detail Type Description 'Units 5 , Add On Concrete Slab Average 2,360 Building 6 AccountNo Building ID Occupancy R6784572 6 Light Commercial Utility ID Type NBHD Occupancy Complete Bedrooms Baths Rooms 6 Commercial 2905 Light Commercial Utility 100 0 0 0 https //propertyreport co weld co us/?account=R6784572 6/16 5/29/2018 Property Report ID Exterior Roof Cover Interior HVAC Perimeter Units Unit Make 6 Gable None 240 0 ID Square Ft Condo SF Total Basement SF Finished Basement SF Garage SF Carport SF Balcony SF Porch SF 6 3,200 0 0 0 0 0 0 0 Built As Details for Budding 6 ID Built As Square Ft Year Built Stones Length Width 6 00 Light Commercial Utility 3,200 1999 1 0 0 Additional Details for Building 6 ID Detail Type Description Units 6 Add On Concrete Slab Average 3,200 Building 7 AccountNo Building ID Occupancy R6784572 7 Warehouse ID Type NBHD Occupancy Complete Bedrooms Baths Rooms 7 Commercial 2905 Warehouse 100 0 0 0 ID Exterior Roof Cover Interior HVAC Perimeter Units Unit Make 7 Gable Space Heater 308 0 r- https //propertyreport co weld co us/9account=R6784572 7/16 5/29/2018 Property Report ID Square Ft Condo SF Total Basement SF Finished Basement SF Garage SF Carport SF Balcony SF Porch SF 7 5,200 0 0 0 0 0 0 0 Built As Details for Budding 7 ID Built As Square Ft Year Built Stories Length Width 7 00 Storage Warehouse 5,200 2005 1 0 0 r Additional Details for Buddrna 7 ID Detail Type Description Units 7 Add On Corn Canopies Wood Average 550 7 Mezzanine Storage 325 7 Mezzanine Storage 470 Building 8 AccountNo Building ID Occupancy R6784572 8 Shed - Equipment ID Type NBHD Occupancy Complete Bedrooms Baths Rooms 8 Commercial 2905 Shed Equipment 100 0 0 0 ID Exterior Roof Cover Interior HVAC Perimeter Units Unit Make 8 Gable None 210 0 https //propertyreport co weld co usPaccount=R6784572 8/16 5/29/2018 Property Report ID Square Ft Condo SF Total Basement SF Finished Basement SF Garage SF Carport SF Balcony SF Porch SF 8 2,250 0 0 0 0 0 0 0 Built As Details for Building 8 ID Built As Square Ft Year Built Stories Length Width 8 00 Shed - Equipment 2,250 2006 1 0 0 No Additional Details for Building 8 Valuation Information Type Code Description Actual Value Assessed Value Acres Land SqFt Improvement 2225 RECREATION- IMPROVEMENTS 87g 809 254,850 0 000 0 Improvement 2230 SPECIAL PURPOSE- IMPROVEMENTS 8,000 2,320 0 000 0 Improvement 2235 WAREHOUSE/STORAGE- IMPS 146,796 42,570 0 000 0 Land 2125 RECREATION -LAND 822,222 238,440 176 822 7,702,366 Totals - - 1,855,827 538,180 176 822 7,702,366 Tax Authorities https //propertyreport co weld co usPaccount=R6784572 9/16 5/29/2018 Property Report Tax Area District ID District Flame Current Mill Levy 0451 0700 AIMS JUNIOR COLLEGE 6 317 0451 1051 CLEARVIEW LIBRARY 3 570 0451 0301 N ORRT) ERN COLORADO WATER 1 000 0451 0204 SCHOOL DIST RE4-WINDSOR 49 190 0451 1303 WATER VALLEY METRO 1 39 000 0451 0100 WELD COUNTY 15 800 0451 1200 WEST GREELEY CONSERVATION 0 414 0451 0428 WINDSOR TOWN 12 030 0451 0521 WINDSOR -SEVERANCE FIRE 7 194 0451 0533 WINDSOR -SEVERANCE FIRE (BOND 2023) 0 505 Total - - 135 02 Photo https //propertyreport co weld co us/7account=R6784572 10/16 5/29/2018 Property Report https://propertyreport.co.weld.co.us/?account=R6784572 11/16 5/29/2018 Property Report https://propertyreport.co.weld.co.us/?account=R6784572 12/16 5/29/2018 Property Report Sketch https://propertyreport.co.weld.co.us/?account=R6784572 13/16 5/29/2018 Property Report I' Sketch by Apex j1/n.4 80.00' 10.00' C '0 First Floor 3200.0 SF 80 00' 32.00' Men over Office 864.0 SF FA/AC 16.00' 14.00' ....... - 16.00' 26.00' SHOP Built 1999 Radiant Heat Class S Const 14' '►N H Greenhouse 834.2 SF Built 2006 47.0' Concrete Paving 11120.0 SF 139.00' Building 4 Page 1 40 Cu' , , 40.00' Sketch 4s e:. 'IV' I i-u r 80.00' 59.00' Concrete Paving 2360.0 SF • z Utility Shed First Floor 3200.0 SF Class S C on t 14'W H �_litt 1 a1ti:? No Heat Building 5 Page 1 https://propertyreport.co.weld.co.us/?account=R6784572 14/16 5/29/2018 Property Report Concrete Paving 3200.0 SF Utility Shed First Floor 3200.0 SF Class S Const Built 1999 No Heat 10'WH Elect 40 00' Sketch by :c.es: i1,,:T.4 Building 6 Page 1 400' 0 vs - Sketch by Apex Mu Conc Paving 3120.0 SF O v O T r First Floor 52.0 SF Canopy 550.0 SF 50.0' MezzStorage Over Break Room 325.0 SF 25.0` O v r X O TN r I u :1' Mezz Storage on Over Parts Room It _.p.ja :e Heat 8 S. N Q T o xo Nz rQ Pole Frame No Heat 15' 8" V'*i 50.0' O (0 Building 7 Page 1 a It O Conc Paving 5200.0 SF 50.0' O https://propertyreport.co.weld.co.us/?account=R6784572 15/16 5/29/2018 Property Report M i Sketch by ' pex IV'" Open Shed First Floor 2250.0 SF 16' WH No Wall -Open Wall 26 Building 8 Page 1 Copyright © 2018 Weld County, Colorado. All rights reserved. Privacy Policy & Disclaimer I Accessibility Information https://propertyreport.co.weld.co.us/?account=R6784572 16/16 5/29/2018 Property Report 41MSWeld County PROPERTY PORTAL Property Information (970) 400-3650 Technical Support (970) 400-4357 Account: R5372708 May 29, 2018 Account Information Account Parcel Space Type Account Tax Year Buildings Actual Value Assessed Value R5372708 080733257006 Commercial 2018 1 21,936 6,360 Legal TRACT L WATER VALLEY SOUTH 7TH FG Subdivision H .-4- T Block Lot - Land Economic Area WATER 7TH L FG VALLEY SOUTH SUB I WATER 9TH FILING VALLEY SUB Property Address Property City Zip Section Township Range F- 500 LIBERTY NEW RD WINDSOR 33 06 67 Owner(s) Account Owner Name Address R5372708 PELICAN LAKES LLC 1625 WINDSOR, PELICAN CO LAKES 805506236 POINT STE 201 Document History https://propertyreport.co.weld.co.us/?account=R5372708 1/4 5/29/2018 Property Report Reception Rec Date Type Grantor Grantee Doc Fee Sale Date Sale Price 3563935 SUB SUBDIVISION WATER VALLEY SOUTH 7TH FG 0.00 0 3737996 12-10-2010 SWD TROLLCO INC 1 PELICAN LAKES LC L 0.19 12-06-2010 1,900 Building Information Building 1 AccountNo Building ID 1 Occupancy R5372708 1 Golf Course *CODE ID Type NBHD Occupancy %Bedrooms Baths Rooms Complete 1 2907 Golf *CODE Course 100 0 Commercial ID Exterior Roof Cover Interior HVAC I Units Unit Type Make Perimeter 1 0 ID Square Ft Condo SF Total Basement SF Finished Basement SF Garage SF Carport SF Balcony SF Porch SF 1 1 0 0 0 0 0 0 0 Built As Details for Building 1 ID Built As Square Ft - Year Built Stories Length Width — 1.00 Golf CODE Course 1 2002 1 0 0 https://propertyreport.co.weld.co.us/?account=R5372708 2/4 5/29/2018 Property Report No Additional Details for Building 1 Valuation Information Type Code Description Actual Value Assessed Value Acres Land SqFt Improvement 2225 RECREATION- IMPROVEMENTS 0 0 0 000 0 Land 2125 RECREATION- LAND 21,936 6,360 4 717 205,488 Totals - - 21,936 6,360 4 717 205,488 Tax Authorities Tax Area District ID District Namee Current Mill Levy 0452 0700 AIMS JUNIOR COLLEGE 6 317 0452 1051 CLEARVIEW LIBRARY 3 570 0452 0301 NORTHERN COLORADO WATER (NCW0452 1 000 0204 SCHOOL DIST RE4-WINDSOR 49 190 0452 1304 WATER VALLEY METRO 2 39 000 0452 0100 WELD COUNTY 15 800 0452 1200 WEST GREELEY CONSERVATION 0 414 0452 0428 WINDSOR TOWN 12 030 0452 0521 WINDSOR -SEVERANCE FIRE 7 194 0452 0533 WINDSOR -SEVERANCE FIRE (BOND 2023) 0 505 Total - - 135 02 https //propertyreport co weld co usPaccount=R5372708 3/4 5/29/2018 Property Report Photo NO PHOTO Sketch NO SKETCH Copyright © 2018 Weld County, Colorado. 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Privacy Policy & Disclaimer I Accessibility Information https://propertyreport.co.weld.co.us/?account=R5372708 4/4 5/29/2018 Property Report wws Weld County PROPERTY PORTAL Property Information (970) 400-3650 Technical Support (970) 400-4357 Account: R6787537 May 29, 2018 Account Information Account Parcel Space Type Account Tax Year Buildings Actual Value Assessed Value R6787537 080733264042 2018 1 249,146 72,250 Commercial Legal TRACT N WATER VALLEY SOUTH 18TH FG Subdivision Block Lot Land Economic Area 18TH WATER VALLEY FG SOUTH 1 WATER FILING VALLEY SUB 9TH Property Address Property City Zip Section Township Range 33 06 67 Owner(s) Account Owner Name Address R6787537 PELICAN LAKES LLC 1625 WINDSOR, PELICAN CO LAKES 805506236 PT STE201 Document History https://propertyreport.co.weld.co.us/?account=R6787537 1/5 5/29/2018 Property Report Reception Roc Date Type Grantor Grantee Doc Fee Sale Date Sale Price 4033919 SUB N SUBDIVISION WATER VALLEY SOUTH 18TH FG 0.00 0 4033919 07-28-2014 PLT 18TH WATER VALLEY SOUTH FG SUB WATER VALLEY SOUTH SUB 18TH FG 0.00 07-17-2014 0 4035395 08-01-2014 SWDN TROLLCO INC PELICAN LAKES LLC 0.00 07-31-2014 0 4226747 08-10-2016 SURV SURVEY SURVEY 0.00 08-10-2016 0 Building Information Building 1 AccountNo Building ID Occupancy R6787537 1 Golf Course *CODE ID Type NBHD T Occupancy % Complete rooBsdoms Baths . Rooms 1 2907 Golf *CODE Course 100 0 Commercial ID Exterior Roof Cover Interior HVAC Perimeter Units Unit Type Make 1 0 ID Square Ft Condo SF Total Basement SF Finished Basement SF Garage SF Carport SF Balcony SF Porch SF 1 1 0 0 0 0 0 0 0 https://propertyreport.co.weld.co.us/?account=R6787537 2/5 5/29/2018 Property Report Built As Details for Building 1 ID Built As Square Ft Year Built Stories Length Width 100 Golf Course •CODE 1 2002 1 0 0 No Additional Details for Building 1 Valuation Information Type Code Description Actual Value Assessed Value Acres Land SqFt Improvement 2225 RECREATION -0 IMPROVEMENTS 0 0 000 0 Land 2125 RECREATION- LAND 249,146 72,250 53 580 2,333,930 Totals - - 249,146 72,250 53 580 2,333,930 Tax Authorities https //propertyreport co weld co usPaccount=R6787537 3/5 5/29/2018 Property Report Tax Area ID District District Name Current Levy Mill 0452 0700 AIMS JUNIOR COLLEGE 6.317 0452 1051 CLEARVIEW LIBRARY 3.570 0452 0301 NORTHERN (NCW) COLORADO WATER 1.000 0452 0204 SCHOOL DIST RE4-WINDSOR 49.190 0452 1304 WATER VALLEY METRO 2 39.000 0452 0100 WELD COUNTY 15.800 0452 1200 WEST GREELEY CONSERVATION 0.414 0452 0428 WINDSOR TOWN 12.030 0452 0521 WINDSOR -SEVERANCE FIRE 7.194 0452 0533 WINDSOR (BOND 2023) -SEVERANCE FIRE 0.505 Total - - 135.02 Photo NO PHOTO Sketch NO SKETCH https://propertyreport.co.weld.co.us/?account=R6787537 4/5 5/29/2018 Property Report Weld County PROPERTY PORTAL Property Information (970) 400-3650 Technical Support (970) 400-4357 Account: R6787604 May 29, 2018 Account Information Account Parcel Space Type Account Tax Year Buildings Actual Value Assessed Value R6787604 080733266047 Commercial 2018 1 143,048 41,480 Legal TRACT M WATER VALLEY SOUTH 18TH FG Subdivision Block Lot Land Economic Area 18TH WATER VALLEY FG SOUTH 3 WATER FILING VALLEY SUB 9TH Property Address Property City Zip Section Township Range 33 06 67 Owner(s) Account Owner Name Address R6787604 PELICAN LAKES LLC 1625 WINDSOR, PELICAN CO LAKES 805506236 PT STE201 Document History https://propertyreport.co.weld.co.us/?account=R6787604 1/5 5/29/2018 Property Report rRece ReceptionGrantor P�IPe Roc Date Grantee Doc Fee Sale Date Sale Price 4033919 SUB SUBDIVISION WATER VALLEY SOUTH 18TH FG 0.00 0 4033919 07-28-2014 PLT WATER VALLEY SOUTH 18TH FG SUB WATER VALLEY SOUTH SUB 18TH FG 0.00 07-17-2014 0 4035395 08-01-2014 SWDN TROLLCO INC PELICAN LAKES LLC 0.00 07-31-2014 0 4226747 08-10-2016 SURV SURVEY SURVEY 0.00 08-10-2016 0 Building Information Building 1 AccountNo Building ID Occupancy R6787604 1 Golf Course *CODE ID Type NBHD Occupancy % Complete Bedrooms Baths Rooms 1 Commercial 2907 Golf *CODE Course 100 0 ID Exterior Roof Cover 1 Interior I HVAC Perimeter Units Unit Type Make 1 0 ID Square Ft Condo SF Total Basement SF Finished Basement SF Garage SF Carport SF Balcony SF Porch SF 1 1 0 0 0 0 0 0 0 https://propertyreport.co.weld.co.us/?account=R6787604 2/5 5/29/2018 Property Report Built As Details for Building 1 ID Built As Square Ft Year Built Stories Length Width 100 Golf Course *CODE 1 2002 1 0 0 No Additional Details for Building 1 Valuation Information Type Code Description Actual Value Assessed Value Acres Land SqFt Improvement 2225 RECREATION -0 IMPROVEMENTS 0 0 000 0 Land 9149 EXEMPT - POLITICAL NON RESIDENTIAL LAND 143,048 41,480 30 763 1,340,037 Totals - - 143,048 41,480 30 763 1,340,037 Tax Authorities N https //propertyreport co weld co usPaccount=R6787604 3/5 5/29/2018 Property Report Tax Area ID District District Name Current Levy Mill 0452 0700 AIMS JUNIOR COLLEGE 6.317 0452 1051 CLEARVIEW LIBRARY 3.570 0452 _ 0301 1 NORTHERN (NCW) COLORADO WATER 1.000 , 0452 0204 SCHOOL DIST RE4-WINDSOR 49.190 0452 1304 WATER VALLEY METRO 2 39.000 0452 0100 WELD COUNTY 15.800 0452 1200 WEST GREELEY CONSERVATION 0.414 0452 0428 WINDSOR TOWN 12.030 0452 0521 WINDSOR -SEVERANCE FIRE 7.194 0452 0533 WINDSOR (BOND 2023) -SEVERANCE FIRE 0.505 Total I - - 135.02 J Photo NO PHOTO Sketch NO SKETCH https://propertyreport.co.weld.co.us/?account=R6787604 4/5 CLERK TO THE BOARD PHONE: (970) 400-4225 FAX: (970) 336-7233 1150 O STREET P.O. BOX 758 GREELEY, COLORADO 80632 May 30, 2018 PELICAN LAKES, LLC 1600 PELICAN LAKES POINT WINDSOR, CO 80550 RE: SCHEDULE NUMBERS R1105402, R6784572, R5372708, R6787537, R67887604 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: 1600 Pelican Lakes Point, Windsor, CO 80550. The meeting is scheduled for June 20, 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) 400-4226. Sincerely, Zxte4Y,Z,,,L Esther Geisick Clerk to the Board cc: Assessor DYCO Diversified, Inc. Kimberly Dewey From - Sent: To Subject: Attachments Good Morning, Kimberly Dewey Wednesday, May 30, 2018 2 15 PM 'mark dyson@comcast net' Petition for Abatement or Refund of Taxes 2187_001 pdf 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 1600 Pelican Lakes Point, Windsor, CO 80550 The meeting is scheduled for June 20, 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 Please see attached letter for further information If you have further questions or concerns, please do not hesitate to contact me Kim Dewey Deputy Clerk to the Board Weld County 1150 O Street Greeley, CO 80631 tel 970-400-4225 Confidentiality Notice This electronic transmission and any attached documents or other writings are intended only for the person or entity to which it is addressed and may contain information that is privileged, confidential or otherwise protected from disclosure If you have received this communication in error, please immediately notify sender by return e-mail and destroy the communication Any disclosure, copying, distribution or the taking of any action concerning the contents of this communication or any attachments by anyone other than the named recipient is strictly prohibited 1 WELD COUNTY PETITION FOR ABATEMENT OR REFUND OF TAXES CERTIFICATE OF MAILING COMPANY CITY POSTAL CODE STATE ADDRESS 1 LAST NAME FIRST NAME Gary Kerr Pelican Lakes, LLC 1600 Point Pelican Lakes Windsor CO 80550 Mark Dyson DYCO Inc. Diversified, mark.dyson@comca st.net 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 First Class Mail by letter as addressed on the attached list this 30th day of May, 2018. rk--) Ccatir rn O m co in N O 0 a P- 1` - Certified Mail Fee Extra Services & Fees (check box, add fee as appropriate) Return Receipt (hardcopy) $ $ El Return Receipt (electronic) Ei Certified Mail Restricted Delivery O Adult Signature Required $ Adult Signature Restricted Delivery $ Postage Total Postage and Fees Sent To Street and Apt. No., or PO;D.,- 00 ft0 leek mai& City, State, ZIP+4t v‘AiSOY co c 0 s so a `O a See Reverse for Instructions Kim Dewey Kim Dewey Deputy Clerk to the Board s 30 Postmark Here PS Form 3800, April 2015 PSN 7530-02-000-9047 f SENDER: COMPLETE THIS SECTIO►V Itu U E§ a� o E1) o cs' C-0 ccS @ O -o -O p C a) O n. c c -a a)000 scp jsm� as�� O C3) 01= eO. 1- CC N a) a) a) a) a) .2).2) a) 0 0 0 0 0 •z m V 4- a) cc 0 a) a) (-2 'CO CA Ttfs CD a cc > > . O .O oa'� O O -- (1) 13<12( 0 0 0= ai❑❑5❑❑❑❑ c a) a a) .2 cc O O ✓ as y .Q 2 as L >1 O � c O p O w l - T3 O w o4-0 r O E 4) 4) O O • o C E C 0 C w V U rn U U a co a) O Se 0 Article Addressed to: T cn os P-- .9 t OJ O V• Q ca • to es. Q al) 9590 9402 1714 6053 4713 17 II JO Q^ m U " cO rrs cr co i Z U Q N a a "n Domestic Return Receipt CLERK TO THE BOARD PHONE: (970) 400-4225 FAX: (970) 336-7233 1150 O STREET P.O. BOX 758 GREELEY, COLORADO 80632 July 2, 2018 PELICAN LAKES, LLC 1600 PELICAN LAKES POINT WINDSOR, CO 80550 RE: SCHEDULE NUMBERS R1105402, R6784572, R5372708, R6787537, AND R6787604 Dear Property Owner: On June 20, 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.co.us/baa/index.htm Very truly yours, ReAvv,,f2 Chloe A. Rempel Deputy Clerk to the Board crempel@weldgov.com cc: Weld County Assessor DYCO Diversified, Inc. Chloe Rempel From: Sent: To: Subject: Attachments: Good morning, Chloe Rempel Monday, July 2, 2018 10:39 AM 'mark.dyson@comcast.net' Tax Abatement Determination - Pelican Lakes, LLC Tax Abatement Determination Letter.pdf One June 20, 2018, the Board of Weld County Commissioners considered your client's abatement or refund of taxes and denied same. Please see the attached letter for further information. A copy of the signed resolution is also attached. Sincere regards, Chloe A. Rempel Deputy Clerk to the Board Weld County 1150 O 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. 1 WELD COUNTY PETITION FOR ABATEMENT OR REFUND OF TAXES CERTIFICATE OF MAILING LAST NAME COMPANY CITY POSTAL STATE ADDRESS 1 FIRST NAME CODE Gary Kerr Pelican Lakes, LLC 1600 Point Pelican Lakes Windsor CO 80550 Mark Dyson DYCO Diversified, mark.dyson@comcast.net I hereby certify that I have sent a Tax Abatement Petition denial letter in accordance with the notification requirements of Weld County in the United States Mail, postage prepaid First Class Mail by letter as addressed on the attached list this 2nd day of July, 2018. 0 -n m U IIIM U) 0 -n r1 a N (9Qerc J Cam... Chloe A. Rempel Deputy Clerk to the Board U.S. Postal Service CERTIFIED MAIL° RECEIPT Domestic Mail Only For delivery information. visit our website at www.usps.com®. C 444 S Certified Mail Fee $ Extra Services & Fees (check box, add fee as appropriate) ❑ Return Receipt (hardcopy) $ ❑ Return Receipt (electronic) ❑ Certified Mail Restricted Delivery ❑ Adult Signature Required $ ❑ Adult Signature Restricted Delivery $ $ Postage Total Postage and Fees $ sums Postmark Here nt To Feet and p� t. No., o Pun O Box No j 1�sL'. City, State, ZIP+4 r 40 S PS Form 3800, April 2015 PSN 7530-02-000-9047 See Reverse for Instructions SENDER: COMPLETE THIS SECTION cps (1) C L - Q) D Q ❑ ❑ t 4) ro ec m 0 • E 0 o 2 c 2 T� V CD a) 00 2 ro 0 0 a� >' CI • U CO CO CD D W a •❑ C 0 E c 0 i) Cu c <0000 ❑N.❑❑❑ cri -o Co (-•1 T E C) a O U ■ ai a) E O 0 cll V 4-0 0 ■ a) a a) co a N -- 4J O 4- 4-0 O . 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