HomeMy WebLinkAbout20182245.tiffAugust 2, 2018
Agent (if applicable): Petitioner:
COAN, PAYNE & PAYNE LLC
CIO WILLIAM F GARCIA
5586 19TH ST STE 2000
GREELEY, CO 80634-2982
CLERK TO THE BOARD
PHONE (970) 400-4226
FAX (970) 336-7233
WEBSITE: www.co.weld.co.us
1150 O STREET
P.O. BOX 758
GREELEY CO 80632
BANK OF COLORADO
3459 W 20TH ST
GREELEY, CO 80634-6549
RE: THE BOARD OF EQUALIZATION 2018, WELD COUNTY, COLORADO
NOTICE OF DECISION
Docket #: 2018-2245 Appeal #: 2008217942 Hearing Date:
Dear Petitioner:
On the day indicated above, the Board of County Commissioners of Weld County Colorado
convened and acting as the Board of Equalization, pursuant to C.R.S. Section 39-8-101 et seq., considered
petition for appeal of the Weld County Assessor's valuation of your property described above, for the year
2018.
Account # Decision
The Assessment and valuation is set as follows:
Actual Value as Actual Value as Set by
Determined by Assessor Board
R6786060 Stipulated - Approved
Stipulated Value
$3,926,764 $2,876,056
A denial of a petition, in whole or in part, by the Board of Equalization must be appealed within thirty (30)
days of the date the denial is mailed to you. You must select only one of the following three (3)
options for appeal:
1. Appeal to Board of Assessment Appeals: You have the right to appeal the County Board of
Equalization's decision to the Colorado Board of Assessment Appeals. A hearing before that Board will be
the last time you may present testimony or exhibits or other evidence, or call witnesses in support of your
valuation. If the decision of the Board of Assessment Appeals is further appealed to the Court of Appeals
pursuant to C.R.S. Section 39-8-108(2), only the record of proceedings from your hearing before the Board
of Assessment Appeals and your legal brief are filed with the appellate court.
All appeals to the Board of Assessment Appeals filed after August 10, 2016, MUST comply with the
following provisions of C.R.S. Section 39-8-107(5):
(5)(a)(I) On and after August 10, 2011, in addition to any other requirements under law, any petitioner
appealing either a valuation of rent -producing commercial real property to the board of assessment appeals
pursuant to section 39-8-108(1) or a denial of an abatement of taxes pursuant to section 39-10-114 shall
provide to the county board of equalization or to the board of county commissioners of the county in the
case of an abatement, and not to the board of assessment appeals, the following information, if applicable:
(A) Actual annual rental income for two full years including the base year for the relevant property tax year;
(B) Tenant reimbursements for two full years including the base year for the relevant property tax year;
(C) Itemized expenses for two full years including the base year for the relevant property tax year; and
(D) Rent roll data, including the name of any tenants, the address, unit, or suite number of the subject
property, lease start and end dates, option terms, base rent, square footage leased, and vacant space for
two full years including the base year for the relevant property tax year.
(II) The petitioner shall provide the information required by subparagraph (I) of this paragraph (a) within
ninety days after the appeal has been filed with the board of assessment appeals.
(b)(I) The assessor, the county board of equalization, or the board of county commissioners of the county,
as applicable, shall, upon request made by the petitioner, provide to a petitioner who has filed an appeal
with the board of assessment appeals not more than ninety days after receipt of the petitioner's request, the
following information:
(A) All of the underlying data used by the county in calculating the value of the subject property that is being
appealed, including the capitalization rate for such property; and
(B) The names of any commercially available and copyrighted publications used in calculating the value of
the subject property.
(II) The party providing the information to the petitioner pursuant to subparagraph (I) of this paragraph (b)
shall redact all confidential information contained therein.
(c) If a petitioner fails to provide the information required by subparagraph (I) of paragraph (a) of this
subsection (5) by the deadline specified in subparagraph (II) of said paragraph (a), the county may move
the board of assessment appeals to compel disclosure and to issue appropriate sanctions for
noncompliance with such order. The motion may be made directly by the county attorney and shall be
accompanied by a certification that the county assessor or the county board of equalization has in good faith
conferred or attempted to confer with such petitioner in an effort to obtain the information without action by
the board of assessment appeals. If an order compelling disclosure is issued under this paragraph (c) and
the petitioner fails to comply with such order, the board of assessment appeals may make such orders in
regard to the noncompliance as are just and reasonable under the circumstances, including an order
dismissing the action or the entry of a judgment by default against the petitioner. Interest due the taxpayer
shall cease to accrue as of the date the order compelling disclosure is issued, and the accrual of interest
shall resume as of the date the contested information has been provided by the taxpayer.
Appeals to the Board of Assessment Appeals must be made on forms furnished by that Board, and must be
mailed or delivered within thirty (30) days of the date the denial by the Board of Equalization is mailed to
you.
The address and telephone number of the Board of Assessment Appeals are:
Board of Assessment Appeals
1313 Sherman Street, Room 315
Denver, Colorado 80203
Telephone Number: 303-864-7710
Email: baa@state.co.us
Fees for Appeal to the Board of Assessment Appeals: A taxpayer representing himself is not charged for the
first two (2) appeals to the Board of Assessment Appeals. A taxpayer represented by an attorney or agent
must pay a fee of $101.25 per appeal.
OR
2. Appeal to District Court: You have the right to appeal the decision of the Board of Equalization to
the District Court of the /county wherein your property is located: in this case that is Weld County District
Court. A hearing before The District Court will be the last time you may present testimony or exhibits or
other evidence, or call witnesses in support of your valuation. If the decision of the District Court is further
appealed to the Court of Appeals pursuant to C.R.S. Section 39-8-108(1), the rules of Colorado appellate
review and C.R.S. Section 24-4-106(9), govern the process.
OR
3. Binding Arbitration: You have the right to submit your case to binding arbitration. If you choose this
option, the arbitrator's decision is final and you have no further right to appeal your current valuation.
C.R.S. Section 39-8-108.5 governs this process. The arbitration process involves the following:
a. Select an Arbitrator: You must notify the Board of Equalization that you will pursue
arbitration. You and the Board of Equalization will select an arbitrator from the official list of
qualified people. If you cannot agree on an arbitrator, the District Court of the county in which
the property is located (i.e., Weld) will select the arbitrator.
b. Arbitration Hearing Procedure: Arbitration hearings are held within sixty (60) days from the
date the arbitrator is selected, and are set by the arbitrator. Both you and the Board of
Equalization are entitled to participate in the hearing. The hearing is informal. The arbitrator
has the authority to issue subpoenas for witnesses, books, records documents and other
evidence pertaining to the value of the property. The arbitrator also has the authority to
administer oaths, and determine all questions of law and fact presented to him. The
arbitration hearing may be confidential and closed to the public if you and the Board of
Equalization agree. The arbitrator's decision must be delivered personally or by registered
mail within ten (10) days of the arbitration hearing.
c. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by you and the
Board of Equalization. In the case of residential real property, the fess may not exceed
$150.00 per case. For cases other than residential real property, the arbitrator's total fees
and expenses are agreed to by you and Board of Equalization, but are paid by the parties as
ordered by the arbitrator.
If you have questions concerning the above information, please call me at (970) 400-4226.
Very truly yours,
e.zz7Le
Esther E. Gesick, Clerk to the Board
Weld County Board of County Commissioners
and Board of Equalization
Cc: Christopher Woodruff, Weld County Assessor
August 2, 2018
Petitioner:
BANK OF COLORADO
3459 W 20TH ST
GREELEY, CO 80634-6549
CLERK TO THE BOARD
PHONE (970) 400-4226
FAX (970) 336-7233
WEBSITE: www.co.weld.co.us
1150 O STREET
P.O. BOX 758
GREELEY CO 80632
Agent (if applicable):
COAN, PAYNE & PAYNE LLC
C/O WILLIAM F GARCIA
5586 19TH ST STE 2000
GREELEY, CO 80634-2982
RE: THE BOARD OF EQUALIZATION 2018, WELD COUNTY, COLORADO
NOTICE OF DECISION
Docket #: 2018-2245 Appeal #: 2008217942 Hearing Date:
Dear Petitioner:
On the day indicated above, the Board of County Commissioners of Weld County Colorado
convened and acting as the Board of Equalization, pursuant to C.R.S. Section 39-8-101 et seq., considered
petition for appeal of the Weld County Assessor's valuation of your property described above, for the year
2018.
Account # Decision
The Assessment and valuation is set as follows:
Actual Value as Actual Value as Set by
Determined by Assessor Board
R6786060 Stipulated - Approved
Stipulated Value
$3,926,764 $2,876,056
A denial of a petition, in whole or in part, by the Board of Equalization must be appealed within thirty (30)
days of the date the denial is mailed to you. You must select only one of the following three (3)
options for appeal:
1. Appeal to Board of Assessment Appeals: You have the right to appeal the County Board of
Equalization's decision to the Colorado Board of Assessment Appeals. A hearing before that Board will be
the last time you may present testimony or exhibits or other evidence, or call witnesses in support of your
valuation. If the decision of the Board of Assessment Appeals is further appealed to the Court of Appeals
pursuant to C.R.S. Section 39-8-108(2), only the record of proceedings from your hearing before the Board
of Assessment Appeals and your legal brief are filed with the appellate court.
All appeals to the Board of Assessment Appeals filed after August 10, 2016, MUST comply with the
following provisions of C.R.S. Section 39-8-107(5):
(5)(a)(I) On and after August 10, 2011, in addition to any other requirements under law, any petitioner
appealing either a valuation of rent -producing commercial real property to the board of assessment appeals
pursuant to section 39-8-108(1) or a denial of an abatement of taxes pursuant to section 39-10-114 shall
provide to the county board of equalization or to the board of county commissioners of the county in the
case of an abatement, and not to the board of assessment appeals, the following information, if applicable:
(A) Actual annual rental income for two full years including the base year for the relevant property tax year;
(B) Tenant reimbursements for two full years including the base year for the relevant property tax year;
(C) Itemized expenses for two full years including the base year for the relevant property tax year; and
(D) Rent roll data, including the name of any tenants, the address, unit, or suite number of the subject
property, lease start and end dates, option terms, base rent, square footage leased, and vacant space for
two full years including the base year for the relevant property tax year.
(II) The petitioner shall provide the information required by subparagraph (I) of this paragraph (a) within
ninety days after the appeal has been filed with the board of assessment appeals.
(b)(I) The assessor, the county board of equalization, or the board of county commissioners of the county,
as applicable, shall, upon request made by the petitioner, provide to a petitioner who has filed an appeal
with the board of assessment appeals not more than ninety days after receipt of the petitioner's request, the
following information:
(A) All of the underlying data used by the county in calculating the value of the subject property that is being
appealed, including the capitalization rate for such property; and
(B) The names of any commercially available and copyrighted publications used in calculating the value of
the subject property.
(II) The party providing the information to the petitioner pursuant to subparagraph (I) of this paragraph (b)
shall redact all confidential information contained therein.
(c) If a petitioner fails to provide the information required by subparagraph (I) of paragraph (a) of this
subsection (5) by the deadline specified in subparagraph (II) of said paragraph (a), the county may move
the board of assessment appeals to compel disclosure and to issue appropriate sanctions for
noncompliance with such order. The motion may be made directly by the county attorney and shall be
accompanied by a certification that the county assessor or the county board of equalization has in good faith
conferred or attempted to confer with such petitioner in an effort to obtain the information without action by
the board of assessment appeals. If an order compelling disclosure is issued under this paragraph (c) and
the petitioner fails to comply with such order, the board of assessment appeals may make such orders in
regard to the noncompliance as are just and reasonable under the circumstances, including an order
dismissing the action or the entry of a judgment by default against the petitioner. Interest due the taxpayer
shall cease to accrue as of the date the order compelling disclosure is issued, and the accrual of interest
shall resume as of the date the contested information has been provided by the taxpayer.
Appeals to the Board of Assessment Appeals must be made on forms furnished by that Board, and must be
mailed or delivered within thirty (30) days of the date the denial by the Board of Equalization is mailed to
you.
The address and telephone number of the Board of Assessment Appeals are:
Board of Assessment Appeals
1313 Sherman Street, Room 315
Denver, Colorado 80203
Telephone Number: 303-864-7710
Email: baa@state.co.us
Fees for Appeal to the Board of Assessment Appeals: A taxpayer representing himself is not charged for the
first two (2) appeals to the Board of Assessment Appeals. A taxpayer represented by an attorney or agent
must pay a fee of $101.25 per appeal.
OR
2. Appeal to District Court: You have the right to appeal the decision of the Board of Equalization to
the District Court of the /county wherein your property is located: in this case that is Weld County District
Court. A hearing before The District Court will be the last time you may present testimony or exhibits or
other evidence, or call witnesses in support of your valuation. If the decision of the District Court is further
appealed to the Court of Appeals pursuant to C.R.S. Section 39-8-108(1), the rules of Colorado appellate
review and C.R.S. Section 24-4-106(9), govern the process.
OR
3. Binding Arbitration: You have the right to submit your case to binding arbitration. If you choose this
option, the arbitrator's decision is final and you have no further right to appeal your current valuation.
C.R.S. Section 39-8-108.5 governs this process. The arbitration process involves the following:
a. Select an Arbitrator: You must notify the Board of Equalization that you will pursue
arbitration. You and the Board of Equalization will select an arbitrator from the official list of
qualified people. If you cannot agree on an arbitrator, the District Court of the county in which
the property is located (i.e., Weld) will select the arbitrator.
b. Arbitration Hearing Procedure: Arbitration hearings are held within sixty (60) days from the
date the arbitrator is selected, and are set by the arbitrator. Both you and the Board of
Equalization are entitled to participate in the hearing. The hearing is informal. The arbitrator
has the authority to issue subpoenas for witnesses, books, records documents and other
evidence pertaining to the value of the property. The arbitrator also has the authority to
administer oaths, and determine all questions of law and fact presented to him. The
arbitration hearing may be confidential and closed to the public if you and the Board of
Equalization agree. The arbitrator's decision must be delivered personally or by registered
mail within ten (10) days of the arbitration hearing.
c. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by you and the
Board of Equalization. In the case of residential real property, the fess may not exceed
$150.00 per case. For cases other than residential real property, the arbitrator's total fees
and expenses are agreed to by you and Board of Equalization, but are paid by the parties as
ordered by the arbitrator.
If you have questions concerning the above information, please call me at (970) 400-4226.
Very truly yours,
d,z2Le (+A
Esther E. Gesick, Clerk to the Board
Weld County Board of County Commissioners
and Board of Equalization
Cc: Christopher Woodruff, Weld County Assessor
COUNTY BOARD OF EQUALIZATION
WELD COUNTY
Single County Schedule Number R6786060
STIPULATION (As To Tax Year 2018
RE PETITION OF :
NAME:
ADDRESS:
Bank of Colorado
Actual Value)
7017 10th St.
Greeley, CO
Petitioner (s) and the Weld County Assessor hereby enter into this Stipulation
regarding the tax year 2018 valuation of the subject property, and jointly move the
Board of Equalization to enter its order based on this Stipulation.
Petitioner (s) and Assessor agree and stipulate as follows:
1. The property subject to this Stipulation is described as:
L1 BLK1 H -P GREELEY 2ND RPLT
2. The subject property is classified as Commercial property.
3. The County Assessor originally assigned the following actual value to the
subject property for the tax year 2018 :
Total $3,926,764
4. After further review and negotiation, Petitioner (s) and Weld County Assessor
agree to the following tax year 2018 actual value for the subject property:
Total $2,876,056
5. The valuation, as established above, shall be binding only with respect to tax
year2018
6. Brief narrative as to why the reduction was made:
After a review of all approaches to value an adjustment was indicated.
7. Both parties agree that:
The hearing scheduled before the Board of Equalization on 8/2/2018
at 8:30 AM be vacated.
CIA hearing has not yet been scheduled before the Board of Equalization.
1
cxso L 7 O
DATED this 19th
day of July 2018
Petitioner(s) or Agent or Attorney
Address:
5586 W. 19th St., STE 2000
Greeley, CO 80634
Telephone: 970-339-3500
Docket Number R6786060
Stip-1.Frm
(Assistant) County Attorney for
Respondent, Weld County Board of
Commissioners
Address:
1150 "O" Street
P.O. Box 758
Greeley, CO 80632
Telephone:(970) 336-7235
County Assessor
Address:
1400 N.17th Avenue
Greeley, CO 80631
Telephone: (970) 400-3650
2
n
Adobe Sign Document History
07/20/2018
0
Created: 07/19/2018
By: Wade Melies (wmelies@co.weld.co.us)
Status: Signed
Transaction ID: CBJCHBCAABAAKMCgNvfZPkttd0hZICe2ThLS-HJ3KstP
"R6786060 Bank of Colorado" History
Document created by Wade Melies (wmelies@co.weld.co.us)
07/19/2018 - 4:01:28 PM MDT- IP address: 204.133.39.9
Document emailed to Wade Melies (wmelies@co.weld.co.us) for approval
07/19/2018 - 4:01:30 PM MDT
Document approved by Wade Melies (wmelies@co.weld.co.us)
Approval Date: 07/19/2018 - 4:01:48 PM MDT - Time Source: server- IP address: 204.133.39.9
Document emailed to Wade Melies (wmelies@weldgov.com) for approval
07/19/2018 - 4:01:48 PM MDT
Document viewed by Wade Melies (wmelies@weldgov.com)
07/19/2018 - 4:02:07 PM MDT- IP address: 204.133.39.9
Document approved by Wade Melies (wmelies@weldgov.com)
Approval Date: 07/19/2018 - 4:05:22 PM MDT - Time Source: server- IP address: 204.133.39.9
Document emailed to Brenda Dones (bdones@weldgov.com) for signature
07/19/2018 - 4:05:22 PM MDT
Document viewed by Brenda Dones (bdones@weldgov.com)
07/19/2018 - 4:05:38 PM MDT- IP address: 204.133.39.9
Document e -signed by Brenda Dones (bdones@weldgov.com)
Signature Date: 07/19/2018 - 4:10:58 PM MDT - Time Source: server- IP address: 204.133.39.9
Document emailed to William F. Garcia (wgarcia@cp2law.com) for signature
07/19/2018 - 4:10:58 PM MDT
Adobe Sign
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Document e -signed by William F. Garcia (wgarcia@cp2law.com)
Signature Date: 07/19/2018 - 5:35:52 PM MDT - Time Source: server- IP address: 38.97.201.18
Document emailed to Bob Choate (weld-cboe@weldgov.com) for signature
07/19/2018 - 5:35:52 PM MDT
Document viewed by Bob Choate (weld-cboe@weldgov.com)
07/19/2018 - 6:45:02 PM MDT- IP address: 204.133.39.9
Document e -signed by Bob Choate (weld-cboe@weldgov.com)
Signature Date: 07/20/2018 - 8:16:16 AM MDT - Time Source: server- IP address: 204.133.39.9
Signed document emailed to Wade Melies (wmelies@weldgov.com), Bob Choate (weld-cboe@weldgov.com),
William F. Garcia (wgarcia@cp2law.com), canaya@weldgov.com, and 2 more
07/20/2018 - 8:16:16 AM MDT
Adobe Sign
From:
To:
Subject:
Date:
Attachments:
weld-cboe@weldgov.com
CTB-County Board of Equalization
Board of Equalization Appeal Submitted
Friday, July 13, 2018 3:10:56 PM
2018.05.30 valuation letter (00252647-6).pdf
20160337Bank of Colorado Layout2R (00253220-2).PDF
2018.05.23 BOC assessor spreadsheet (00252655).pdf
Real property questionnaire (00252648).PDF
20180713145552115.pdf
201807131455 521151. pdf
Appeal Submitted: 03:10 PM on Friday July 13, 2018
Contact Information Supplied:
• Contact Name: Bank of Colorado
• Contact Email: wgarcia@cp2law.com
• Contact Phone: (970) 339 - 3500
• Email Preference: Contact through email
Property:
R6786060 - 7017 10TH ST , GREELEY
Legal: L 1 BLI .1 H -P GREELEY 2ND RPLT
Estimated Value: $ 1,767,102
Reason: 1. Estimate supported by market valuation. 2. Property 42% finished. Please see letter
dated May 31, 2018 and attachments.
Documents
l.) 2018.05.30 valuation letter (00252647-6).pdf
2.) photo 1 (00253171).JPG
3.) photo #2 (00253175).JPG
4.) photo#3 (00253176).JPG
5.) Photo -11-1 (00253181).JPG
6.) Photo #5 (00253 180).JPG
7.) 20160337Bank of Colorado Layout2R (00253220-2).PDF
8.) 2018.05.23 BOC assessor spreadsheet (00252655).pdf
9.) Real property questionnaire (00252648).PDF
10.) 20180713145552115.pdf
You have selected the following Date Preferences:
Agent letter: 20180713145 5521151. pdf
NOTICE OF DETERMINATION
Christopher M. Woodruff
Weld County Assessor
1400 N 17th Ave
Greeley, CO 80831
Date of Notice: 6/27/2018
Telephone: (970) 353-3845
Fax: (970) 304-fi433
Office Hours: 8:00AM — 5:QQPM
.
ACC.OUNT NO.
TAX
YEAR
TAX AREA .
LEGAL
LOCATION
86786060
2018
4066
Li
7017
GREELEY
AL(1
�T�
H
-P
,
GREELEY
ST
GC)
2ND
-
RFLT
BANK
OF COLORADO
345 20TH
ST
•
• :
'SE rlia, Sam le, Ear ; sow NC
GREELEY.
CC 80634.5549
PROPERTY
CLASSIFICATION
ASSESSOR'S
VAIWATION
_ n,..
ACTUAL
VALUE
REVIEW
PRIQR.TO
ACTUAL
", 'REVIEW
VALUE
AFTER'
COMMERCIAL
4x271,467
3,026364
_ TOTALS- 4,271,467
3,926,764
The Assessor has carefully studied all available information, giving particular attention to the
specifics included on your protest. The Assessor s determination of value after review is based on
the following:
CM03 - After review of your property, we have made adjustments. This was done because of.
additional information obtained, or provided through the appeal process.
If you disagree with the Assessor's decision, you have the right to appeal to the County
Board of Equalization for further consideration, § 39-8-106(1)(a), CA .&
.
The deadline for filing real property appeals is July 15-.
The Assessor establishes property values. The local taxing authorities (county, school district, city,
fire protection, and other special districts) set mill levies. The mill levy requested by each taxing
authority is based on a projected budget and the property tax revenue required to adequately fund
the services it provides to its taxpayers, The local taxing authorities hold budget hearings in the fall.
If you are concerned about mill levies, we recommend that you attend these budget hearings.
Please refer to last year's tax bill or ask your Assessor for a listing of the local taxing authorities.
Please refer to the reverse side of this notice for additional information.
Agent Of Applicable}.
LOAN PAYNE & PAYNE LLC
0/0 WILLIAM F GARCIA
5586 19TH ST STE 2000
GREELEY, CO E 634-2992
15-0PT-AR
PR 207-08/13
R6786060
r� o
I
District Court
Contact the District Court in the County
where the property is located. See your
local telephone book for the address and
telephone number.
APPEAL PROCEDURES
County Board of Equalization Hearings will be held from
July 30th through August 3th at 1150 0 Street.
To appeal the Assessor's decision, complete the Petition to the County Board of Equalization shown
below, and mail, file online, or deliver a copy of both sides of this form toy
Weld County Board of Equalization
1150 O Street, P.O. Box 758
Greeley, Co 80631
Telephone: (970) 356-4000 ext, 4225
lin www.co.‘ASasict7oe/
i.co.us_sp � oe
To preserve your appeal rights, your Petition to the County Board of Equalization must be
postmarked or delivered on or before July 15 for real property — after such date, your right to
appeal is lost You may be required to prove that you filed a timely appeal; therefore, we
recommend that all correspondence be mailed with proof of mailing.
'You will be notified of the date and time scheduled for your hearing. The County Board of
Equalization must mail a written decision to you within five business days following the date of the
decision. The County Board of Equalization must conclude hearings and render decisions by August
5, I;$ 39-8-107(2), C.R.S. If you do not receive a decision from the County Board of Equalization and
youwish to continue your appeal, you must file an appeal with the Board of Assessment Appeals by
September 10, § 39-2-125(1)(e), CRS.
If you are dissatisfied with the County Board of Equalization's decision and you wish to continue your
appeal, you must appeal within 30 days of the date of the County Board's written decision to ONE of
the following:
Board of Assessment Appeals
1313 herman Street, Room 315
Denver, CO 80203
(303) 866-5880
vuwrdoltroolorado.govibaa
Binding Arbitration
For a list of arbitrators, contact the County Commissioners at the address listed for the County Board
of Equalization
if (he date for filthy any report, schedule, claim, tax return, statement, remittance, or other document
falls upon a Saturday, Sunday, or legal holiday, it shall be deemed to have been timely filed if filed
on the net business day, 4F 394420(3), + . I . S.
PETITION TO COUNTY BOARD OF EQUALIZATION
What is your estimate of the property's value as of June 30, 2016? (Your opinion of valve in terms of a
specific dollar amount is required for real property pursuant to § -8-106(145). C,R. )
1,167,102
What is the basis for your estimate of value or your reason for requesting a review? (Please attach
additional sheets as necessary and any supporting documentation, i.e., comparable sales, rent roll, original
installed cost, appraisal, etc.)
1 Estimate supported by market valuation_ 2 Property 42% finished. Please see letter dated May 31, 2018 and attachments.
ATTESTATION
ndersigned owner or agent' of the property identified above, affirm that the statements contained herein
achrpents hereto are true and complete.
Signature
evil*
Email ddre:
-7
70 5s'ia'ni
Telephone Number Date
��.yy _r f
ice` �._ � !oc:tt*
F. •
Arc
Attach letter of authorization signed by property owner_
4444. t? iu 4� 4 a � �� � it‘•
. L
Vila 334 ' ,1 351:).
15 OPTAAR
PR 207-08/13
R6786060
COAN, PAYTON P YNE
May 31, 2018
Christopher Woodruff, Weld County Assessor
P.G. Box 758
Greeley, CO 80632
**sent by email only to appeals@weldgov.com
William F. Garcia, Esq.
5586 W. 19th Street, Suite 2000
Greeley, Co) 80634
970-339-3500
wgarcia _ cp2law. c ain
www. cp2law. corn
Re: Real Property valuation appeal, R6786060-7017 10th st., Greeley
Dear Honorable Assessor woodruff:
Please be advised that this office represents Bank of Colorado in the protest and appeal of
valuation for the above -cited account number. Enclosed with this letter is the Real Property
Questionnaire, a spreadsheet of comparables to consider and several photos depicting the
unfinished condition of the property. Bank of Colorado presents several points for your
consideration regarding the valuation of this property.
First, the property data search information on this property indicates that it is considered
85% complete. Enclosed please find for your review pictures of the property indicating the
unfinished nature of portions of the interior. The 2" floor of the building is largely unfinished,
with 2 large open areas that comprise the great majority of the upstairs. Please see Photo 1. The
stairs, central hallway and restrooms oms are the only completed area on the second floor. On the
first floor, approximately '/2 of the floor is similarly unfinished, comparable to Photo 1. One half
of the main floor is finished and occupied by Bank of Colorado and a central hallway. The
basement likewise is largely unfinished, with only the central hallway being finished. The
basement rooms are not occupant ready as the walls, floor andlar ceilings are not finished, as
shown in Photos 2, 3, 4 and 5. Bank of Colorado asserts that the building is 42% finished
including the basement, or 46% finished considering the first and second floor with a 22%
completed basement. Please see the attached survey map.
Second, a review of comparable sales indicates a reduction in value is appropriate. While
there are no buildings in Greeley sold in the appropriate window in time that have a comparable
use and are as new as the subject property, there are four properties used for banking or offices
sold in west Greeley in the window in time that should be considered. Please see the attached
spreadsheet.
Property #1, 5586 W. 19th Street sold on May 1, 2015 for $1,350,000. Compared to the
subject property, this building is smaller (9080 sq. ft. vs. 13 931 sq. ft.), the land square footage is
smaller (38,392 sq. ft. vs. 56,356 sq. ft.) and the building was built in. 1999. This property was
completely finished and by knowledge and belief, at full occupancy in the window in time. The
DENVER I FORT COLLINS
GPEELEY
2Page
property faces 20th Street to provide for good visibility to the traveling public, similar to the
subject property on 10th Street. Please note that the total sale price for Property #1 is close to the
subject property's land valuation, not counting the improvements.
Property #2, 2700 47th Avenue sold on March 6, 2015 for $2,650,000. Compared to the
subject property, this building is smaller (9124 sq. ft. vs. 13,931 sq. ft.) but the land square
footage is larger (92,217 sq. ft. vs. 56,356 sq. ft.) and the building was built in 1996. This
property was completely finished and presumably at full occupancy in the window in time.
Property #2 faces Highway 34 and provides superior visibility to the traveling public than the
subject property's location. Furthermore, this property appears to be adjacent to, but separate
from the Centerplace Subdivision, according to the Plat Map recorded at Document No. 3015394
and may have future development value, whereas the land in the subject property does not have
an unused buildable area.
Property #3, 7251 20th Street, J and K sold on June 15, 2015 for $1,140,000. Compared
to the subject property, this building is smaller (8154 sq. ft. vs. 13,931 sq. ft.) but the land square
footage is comparable (54,144 sq. ft. vs. 56,356 sq. ft.) and the building was built in 2002. This
property was completely finished and presumably at full occupancy in the window in time. The
property has is part of an office park with easy access to 20th Street and 72nd Avenue, similar to
the subject property on 10th Street. Again, please note that that the total sale price for Property
#3 is close to the subject property's land valuation, not counting the improvements.
Property #1, 1275 58th Avenue sold on January 28, 2016 for $2,500,000. Compared to
the subject property, this building is comparably sized (13,323 sq. ft. vs. 13,931 sq. ft.), the land
square footage is comparable (57,499 sq. ft. vs. 56,356 sq. ft.) and the building was built in 1998.
This property was completely finished and presumably at full occupancy in the window in time.
The property faces 58th Avenue near 10th Street to provide for good visibility to the traveling
public, similar to the subject property and is, in fact, the closest comparable sale by location to
the subject property.
Third, the subject property is classified as special purpose, however, less than a quarter of
the interior of the property is used as a bank. The property owner anticipates that the potential
uses of the unfinished are will likely be office space by classification. The unfinished and
unused nature of the improvements limit the ability to classify the property as special purpose.
Based on the above information, the property owner asserts that the final estimate of the
property's value is $1,767,102, considering the value of the land and finished portion of the
improvements, in comparison to the four presented comparable sales.
Please feel free to contact me if you have any questions or wish to discuss this matter further.
3IPage
Sincerely,
Coan, Payton & Payne, LLC
William F. Garcia
Account Number R6786060 Parcel Number 095904303001
Owner Name Bank of Co bradl_o io Walla ntF_G a rc ia_ Esq
q
Phone Number 970-339-3500 e -ma i 1 w_garcia@c_p2law.com
REAL PROPERTY QUESTIONNAIRE
Attach additional documents as necessary.
MARKET APPROACH
This approach to value uses comparable sales from the appropriate time period to determine the actual value of
your property. The following items, if known, will help you estimate the market value of your property. If
available, attach a copy of any appraisal or written estimate of value.
Have similar properties in your immediate neighborhood sold within the 18 -month data gathering period?
DATE SOLD PROPERTY ADDRESS SELLING PRICE
PLEASE SEE ATTACHED DOCUMENTATION
Based on these sales and accounting for differences between sold properties and your property, state the value
of your property.. $ 1 767,102
COST APPROACH
(For Non -Residential Properties Only)
This approach to value uses replacement construction costs from the appropriate time period to determine the
value of your property. The following items, if known, will help you estimate the replacement cost of your
property.
YEAR BUILT
BUILDER
ORIGINAL
CONSTRUCTION COST
List all changes made to your property prior to January 1 of the current year, i.e., remodeling of storefront;
expansion of storage area; addition to parking, service or manufacturing area.
DATE DESCRIPTION OF CHANGE COST
Is your structure in typical condition for its age? If not, why?
Based on the replacement cost of construction and of any changes, including depreciation, state the total value
of your property. $
INCOME APPROACH
(For Non -Residential Properties Only)
This approach to value converts economic net income from the appropriate time period into present worth.
If the property was rented or leased, attach operating statements showing rental and expense amounts for this
property.
Indicate square foot rental rate for all tenants. (Attach rent and lease schedule)
If known, list rents of comparable properties.
If available, attach operating statements showing rental and expense amounts for comparable properties.
If an appraisal using the income approach was conducted, please attach.
FINAL ESTIMATE OF VALUE
State your final estimate of the property's value. $ 1,767,102
15 -AR -DPI
ARL VOL 2
1-84 Rev 10-09
Reception 44 Address Sale date Yr. built land sq. ft, bldg sq. ft. purchase
1 R2015186 5586 W. 19th St. 5/1/2015
2 R0150794 2700 47th Ave. 3/6/2015
3 R1357202 7251 20th St. 6/15/2015
4 R7370798 1275 58th Ave. 1/28/2016
Assessed value information, 2018
address
subject R6786060 7017 10th St.
1 R2015186 5585 W. 19th St,
2 R0150794 2700 47th Ave.
3 R1357202 7251 20th St_
4 R7370798 1275 58th Ave.
1999
199E
2002
1998
38392
92217
54014
57499
9080 1,350,000
9124 2,650,000
8154 1,140,000
13323 2,500,000
Occupancy /o completE land sq. ft. bld sq. ft. Actual valuE yr. built basement
Bank
Office bldg
Bank
Med. Office
office bldg
85 56356 13931
100 38,392 9080
100 9124
100 54,144 8154
100 13,323
4271467
1362001
2,687,250
2015 finished
1999 finished
1996 no
1,117,195 2002/07 finished
2,432,280 1998 finished
bsmnt sqft imp. Val land val
3224 3,189,432 1,082,035
4540 1,118, 211 243 790
1,571,424 1,115,826
1617 849,182 268,013
3034 2,116,092 316,188
DAIS:
07-2O-2018
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