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Home My WebLink About20182249.tiffAugust 2, 2018 Agent (if applicable): Petitioner: STERLING PROPERTY TAX SPECIALISTS INC 950 S CHERRY ST SUITE 320 DENVER, CO 80246 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 MCR FARNSWORTH LLC C/O REAL STATE PROPERTY TAX PO BOX 1159 DEERFIELD, IL 60015-6002 RE: THE BOARD OF EQUALIZATION 2018, WELD COUNTY, COLORADO NOTICE OF DECISION Docket #: 2018-2249 Appeal #: 2008217937 Hearing Date: 8/2/2018 8:30 AM Dear Petitioner: On the day indicated above, the Board of County Commissioners of Weld County Colorado convened and acting as the Board of Equalization, pursuant to C.R.S. 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 R2569303 Adjust - Denied in Part $2,379,556 $2,322,747 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, 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: MCR FARNSWORTH LLC C/O REAL STATE PROPERTY TAX PO BOX 1159 DEERFIELD, IL 60015-6002 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): STERLING PROPERTY TAX SPECIALISTS INC 950 S CHERRY ST SUITE 320 DENVER, CO 80246 RE: THE BOARD OF EQUALIZATION 2018, WELD COUNTY, COLORADO NOTICE OF DECISION Docket #: 2018-2249 Appeal #: 2008217937 Hearing Date: 8/2/2018 8:30 AM Dear Petitioner: On the day indicated above, the Board of County Commissioners of Weld County Colorado convened and acting as the Board of Equalization, pursuant to C.R.S. 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 R2569303 Adjust - Denied in Part $2,379,556 $2,322,747 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, Esther E. Gesick, Clerk to the Board Weld County Board of County Commissioners and Board of Equalization Cc: Christopher Woodruff, Weld County Assessor Valuation Report Of Commercial Property For County Board of Equalization MCR FARNSWORTH LLC Petitioner vs. Weld County Assessor's Office Respondent Parcel Number: Schedule Number: Appeal Number: Date: Time: 080 717340001 R2569303 2008217662 8/2/2018 8:00 AM Board: OBOE Prepared By Wade Melies Assessor's Office Staff Appraiser Assessor's Indicated Value Land $1,009,784 Improvements $1,312,963 TOTAL: $2,322,747 1 Salient Facts and Conclusions Purpose of Appraisal To determine Market Value as of 1/1/18 based on an appraisal date of 6/30/16. Property Rights Appraised Unencumbered fee simple interest. Location 1480 MAIN ST WINDSOR Land Area 108,836 Property Type Commercial Occ% 100% Occupancy Description Retail Imp No 1.00 Year Built 2003 Quality Average Class Masonry Number of Stories 1.00 Improvement Sq Ft. 14,488 Value Indications: Land Cost Approach Market Approach Income Approach $1,009,784 $2,322,747 or $160.32 per sq. ft. $2,680,280 or $185 per sq. ft. $2,363,669 or $163.15 per sq. ft. Final Value $2,32 2,747 or $160.32 per sq. ft. The Subject The subject property is located at 1480 Main St., Windsor. It is located on the very desirable northeast corner of Main St. and 15th St one of the busiest and fastest growing parts of West Windsor proper. The subject contains 108,836 sq. ft. (2.5 ac.) of land with frontage on both Main St. and 15th St. Included in the 2.5 acres is a storm water detention pond, it contains approximately .57 acres. The improvements contain 14,488 square feet on a single story is of average quality and typical condition retail store. It is of masonry construction, fully sprinklered, built in 2003, and has a 25 foot side wall height. There is 50,200 sq. ft. of asphalt parking, 1,640 sq. ft. of concrete, and a 486 sq. ft. concrete canopy. The Walgreens business model for real estate is different than that of many other businesses because they consider real estate as a risk whereas many businesses consider real estate as an asset. Walgreens typically locate in prime locations on corner lots that have high traffic counts. The lot is generally 1.5 - 2 acres in size. Walgreens then contracts for a build -to -suit building that meets their design standards. Where they differ from other businesses is that they will owner -occupy the building only until they are able to find an investor to purchase the property. As part of the purchase, they agree to lease back the property for between 2S and 7S years at a higher than market lease rate. This compensates the new owner for the risk of owning the property. The Walgreens model allows them to vacate the space if the store is not meeting the sales expectations but since they don't own the property they don't have to deal with the vacant real estate. These factors create business interest in both the sale of the property and in the lease of the property. However, the Assessor's role is to value only the real estate, not the business interests. Across Colorado and the nation, Walgreens has been appealing their values and convincing tribunals that any sale or lease involving Walgreens is not representative of typical market rates. As a result, in Colorado, most Assessor's offices now value Walgreens using the cost approach in order to ensure valuation of only the real estate and to maintain equity across the state. In this report, we are presenting all 3 approaches to value using market data but our value reconciliation will focus on the Cost approach. 3 Sub ect Photo Front View Rear View 0 r I r r' Sketch by Apex IVUUfndows" 6 1.3 i153 sr r r' Trash \v/ 5.0%! Enclosure 371.0 Utility Enclosure 14.4' / 70.0 5-0' General Stack 77.0' 112.0' Receiving C a r \ge Retail Blt 2003 Class C Package Air 25' wh 14488.0 1000' 0 r CO RIP RIR 0 4: CD C':nr.Slab 1Ca: ii 126.0' Sketch 48.0' Canopy 4E6.0 Ri0'; 0 Aerial View 4 Cost Approach Land Value Sales utilized to establish the value in the subject neighborhood are 2015 and 2016 market for the 2018 assessment date. The comparative sales approach is the most reliable method of land valuation. Pursuant to 39-104-(10.2) (c) C. R. S., the Assessor may utilize sales from July 2011 through the current market to establish the proper value, if sufficient information is not available in the prior 18 months. Also, comparables outside the subject property area maybe used. The Weld County Assessor has an established ongoing sales confirmation and validation program for property transactions used in developing value. The following land sale were used as comparables for the subject land value; R6783650 660129th St Greeley 55,430 12/16/2015 $600,000 $10.82 Used to develop Christian Brothers auto repair in St. Michaels R8944422 2407 44th Ave Greeley 113,067 2/4/2016 $1,247,500 $11.03 Proposed Holiday Inn Express North of Center Place Dr. R2430403 1570 Main St. Windsor 32,627 11/29/2016 $490,000 $15.02 contract date 2/1/2016 Used to develop Starbuck's drive-Thru Coffee Shop one block west of the subject R2418703 TBD Johnstown 69,891 3/15/2016 $650,000 $930 Next to the convenience store in Gateway Business Park with 1-25 visibility R1654876 4455 N Fairgrounds Rd Windsor 205,603 9/27/2013 $1,648,300 $8.02 Use to develop The Windsor Summit entertainment center on Fairground Road. The land size of the subject is 108,836 square feet or 2.5 acres. It is estimate that .57 acres of the subject land is used as a storm water detention pond and should be valued as non -buildable raw land. The Assessor's office has determined through Multiple Regression Analysis this value is $3,000 per acres. For remaining 84,007 square foot of 1.93 acres, the most weight is given to Comp's 2 and 3. Comparable three is less than a block from the subject, on a corner on the same main arterial road but is smaller so a downward adjustment is applied. Comparable two is slightly larger than the subject, it is located on a corner but not on a main arterial road, so an upward adjustment is applied. These result in an estimated the subjects land valued is $12.00 per square foot. The result of this Land Sale analysis the Weld County Assessor estimating a reduction in the land value set of 2018 from $1,066,593 to $1,009,784. 5 Size Rate Total .57 ac. $3,000 per acre $ 1,700 84,007 sq. ft. (1.93 ac.) $12.00 per sq. ft. $1,008,084 108,836 s.. ft. 2.5 ac. Total $1,009,784 Assessor's Indicated Subject Land Value $1,009,784 Land Sale Map 6 Cost Approach Summary The Assessor is currently using Marshall and Swift cost tables for the cost approach of commercial properties in Weld, which has been approved by the Division of Property Taxation to be utilized by Colorado Assessors. The structure has been classified properly utilizing the Marshall and Swift Valuation service and an appropriate value assigned. A land value has likewise been established through the utilization of vacant land sales of comparable properties. Improvement Value $1,312,963 Total Value by Cost Approach Final Value $2,3 22,747 or $160.32 per sq. ft. Cost Approach Summary PARCEL NUMBER !080717340001 PROPERTY OWNER MC R Farnsworth DBA A Walgreens . ADRESS 1480 Main St. CITY, STATE, ZIP Windsor, Colo DATE OF APPRAISAL 06/30/16 . OCCUPANCY: Retail NUMBER OF STORIES 1 FLOOR AREA (SQ. FT.) 14,488 AVERAGE STORY HEIGHT 25 CLASS: Class C YEAR BUILT 2003 [COST RANK Average .EFFECTIVE AGE 2003 • H EATING AND COOLING Package unit ESTIMATED LIFE 45 UNITS _ COST TOTAL RCN BASIC STRUCTURE COS 14,488 $83.46 $1,209,168 perimeter adjustment 0.89 wall height adjustment 1.255 Current multiplier 0.99 Local multiplier 1.01 ,Adjusted RCN Basic Cost $1,351,083 [EXTRAS: Sq Ft I Cot P S F Concrete estimate 1,640 $ 5.50 9,020 Asphalt estimate 50,200 $2.44 122,488 Concrete Canopy 486 $27.75 13,487 • TOTAL RCN $1,483,4 71 LESS DEPRECIATION PHYSICAL 12% $170,508 [RCN LESS DEPR. $1,312,963 [ADD IN LAND VALUE $1,000,784 TOTAL VALUE $2,322,747 Value PSF $160.32 7 Market Approach Summary Real Property for the tax year 2018 must be valued utilizing data for the period one and one-half years immediately prior to June 30, 2016. If comparable valuation data is not available from such one and one- half year period to adequately determine the level of value for a class of property, the period of five years immediately prior to June 30, 2016 shall be utilized to determine the level of value. The Assessor has appropriately considered the Market Approach to value for the property on appeal. The Sales Comparison Approach was considered in developing a market value for the Subject. Sales used to establish a market value for the tax year 2018 are from January 1, 2015 through June 30, 2016. Pursuant to 39-1-104 (10.2)(c) C. R. S., the Assessor may utilize sales five years prior to June 30, 2016 to establish the proper value. All sales have been confirmed and verified through transfer declarations as well as interviews with buyers, sellers or their representatives to the sale. All sales used are arm's length transactions, and considered to be the most comparable properties sold in relationship to the Subject property. Based upon investigation and analysis, it is the opinion of the appraisers that the value of $185 per square foot accurately reflects the actual value of the subject property on June 30, 2016. Value As Indicated By Market Approach $2,680,280 or $185 per sq. ft. Comparative Sales Grid PROPERTY Subject Comp 1 Comp 2 Comp 3 Comp 4 Comments DBA Parcel # Address City Grantor Grantee Sale Price Sale Price PSF VALUE ADJUSTMENTS Sale Date Location Land Size Bldg SF Tenant Drive Thru Age Condition Retail Walgreens 80717340001 1480 Main St. Windsor 13 Individual Owners MCR Farnsworth Inline Retail Inline Retail Retail Retail 4 tenant 1 Block Away Country Club Multi -tenant Boot Barn Tractor Supply 080717338002 095902324001 095924100090 156906200015 1530 Main St. 4320 & 4318 9th St. 2651 W 29th St. 147 Denver St. Windsor Greeley Greeley Brighton Apache Retail One LLC RUGER INVESTMENT LLC KLAC REXLLC CMI Brighton Wizbon Investments LLC 1616 CHAMPA LLC -HWARZBLATT MULTIGENE Tractor Supply $5,430,900 $374.86 $2,600,000 $3,750,000 $2,075,000 $4,184,117 $191.21 $344,64 $240.74 $160.39 DESCRIPTION 8/28/2012 Corner 108,836 14,488 1 Yes 2003 Average DESCRIPTION Adjustment DESCRIPTION Adjustment DESCRIPTION Adjustment DESCRIPTION Adjustment 11/12/2015 1211512014 9/29/2014 12/20/2013 Average 5% Average 5% Average 10% Hwy 42,043 -5% 76371 -5% 48,000 -5% 163,149 7,544 -15% 15,577 12,937 21,882 5% 4 -5% multiple -10% 1 1 Yes Yes No 5% No 5% 2002 2003 1996 5% 2013 -10% Average Average Average Average -20% -10% 15% 0% NET ADJUSTMENTS Adjusted Sale Price Adjusted Price PSF $2,080,000 $3,375,000 $2,386,250 $4,184,117 $276 $217 $184 $191 Comparables Price / SF Range $184 $276 Comparables Price I SF Median $204 Comparables Price 1 SF Average $217 Comps 3,4 given most weight (single tenant) $185 / sf selected $2,680,280 9 8,5 M03°milie Lyons Alana Boulder O 4 1-Hlytj gene Loveland aai Campion inclsar Johnstown lei BerMMud Mead Longmont tim Erie Lafayette Louisville Address coo Predenck spree ley Orden City Evans La Salle iGi lucent Platteville Aristocrat Ranchettes Fort Lupton 9rPton Locl,buie Hudson Kersey Tampa Keenesburg Roggen 9 rnilec Map data ©.18 Coeie City Property l:rrfo Sale Info 1530 Main St n dlswr 7,544 SF General Retail/Freestanding Sold. 52,600,000 (5344.8418F) 4320 84318'W9th St 2651 W 29th St 147 Denver St Greeley Greeley Brighton 15,577 SF Retail 13,066 SF General Retail/Freestanding 22,722 SF General Retail/Freestanding Sold: $3,750,404 ($240.74/SF) Sold: $2,075,004 ($158.81/SF) Sold: $4,184.11? ($1&1.14/SF) 1480 Main St 4n dsor 14,488 SF General Retail/Drug Store Sold: 55,430,770 4$374.86/SF) Subject C pynghtel raport IK nsoil to Weld County Act scQrs /fir 61100v. 7/188/2018 10 1530 Main St Hollywood Video/Saxbys Coffee - New Windsor Marketplace VAindsor, CO 80550 Freestanding (Neighborhood Center) Building of 7,544 SF Sold on 11/12/2015 for $2,600,000 - Research Complete `- �!�'''.eK a_ r , i buyer, Chris J & Georgia J. Christopher 2480 Chama Ct * : r,_ Loveland CO 80538 (970) 667-8347 �� "*�`' y -- j_R _,ft,. f�_, -- ,,.,•I Fe _ aire - seller _ Apache Retai I One, LLC 1650 Filmore St Denver, CO 60206 vital data Escrow/Contract: - Sale Price: $2,600,000 Sale Date: 11/12/2015 Status: Confirmed Days on Market: - Building SF: 7,544 SF Exchange: No Price/SF: $344.64 Conditions: - Pro Forma Cap Rate: - Land Area SF: 42,035 Actual Cap Rate: - Acres : 0.97 Down P Tint: - $/SFLand Gross: $61.85 Pct Down: - Year Built, Age: 2004 Age: 11 Doc No: 4157634 Parking Spaces: 36 Trans Tax: - Parking Ratio: 4.8/1000 SF Corner: No FAR 0.18 Zoning: GC-PUD Lot Dimensions: - No Tenants: 3 Frontage: 224 feet on Main St Percent Improved: 70.0% Tenancy: Multi Submarket: Greeley Ret Comp ID: 3437770 Map Page: Pierson Graphics Corp 85-KE39 Parcel No: 080718402005 Property Type: Retail income expense data Listing Broker Expenses -Taxes - Operating Expenses $25,157 CBRE 3500 John F Kennedy Pky Total Expenses Fort Collins, CO 80525 (970) 372-3007 $25,157 Jon Rue, Mike Eyer, Julius Tabert Buyer Broker CBRE 3500 John F Kennedy Pky Fort Collins, CO 80525 (970) 372-3007 Jon Rue, Mike Eyer, Julius Tabert financing prior sale 1st Bank of the West Date/Doc No: 4/17/2007 Bal/Pmt: $1,560,000 Sale Price: $2,775,000 Com p lD: 13 0099 6 Copyrighted report licensed to Weld County Assessor's Office - 611800. 11 7/18/2018 4320 Country Greeley, 2 & 4318 W 9th Club Plaza CO 80634 Freestanding (Community St Center) Buildingsaf buyer Creekside Companies 1600 Champs St Denver, CO 80202-- (303) 722-7747 L_nI miwk -- �,L.1.4 tonui lia,- - i ;- •'',. . t- i _ y •-___-= �ri Pi seller George & Ruzena Nesvadba 329 Parkviev Ave Golden, CO 80401 (303) 526-0451 vital data Escrow/Contract: 90 days Sale Sale Date: 12/15/2014 Days on Market: - Building Exchange: No Conditions: - Pro Forma Land Area SF: 78,408 Actual Acres : 1.8 Down $/SFLand Gross: $12.77 Year Built, Age: 2003 Age: 11 Parking Spaces: 85 Trans Parking Ratio: 5.67/1000 SF FAR 0.07 Lot Dimensions: - Percent Frontage: - Submarket: Tenancy: Multi Map Comp ID: 3193740 Property Price: $3,750,000 Status: 2 Bldgs SF: 15,577 SF Price/SF: $240.74 Cap Rate: - Cap Rate: - Print: - Pct Down: - Dec No: - Tax: - Corner: No Zoning: - Improved: - Greeley Pet Page: - Parcel No: - Type: Retail income expense data Listing Broker Net Income Net Operating Income $258,750 - Debt Service - Capital Expenditure Comm ercial West Real Estate 14143 Denver West Pky Lakewood, CO 80401 (303) 423-4669 Cash Flow Ross Fellenstein Buyer Broker Richardson & Co. 2614SCook St Denver, CO 80210 (303) 946-7273 John Richardson financing Copyrighted report licensed to Weld County Assessor's Office - 611800. 12 7/18/2018 Page 1 2651 W29th St Boot Barn Greeley, CO 80631 Freestanding Building of 13,066 SF Sold on 10/3/2014 for $2,075,000- Research Complete ,if IF buyer Schwarzblatt & Sirebrenik Partnership LP 9454 Wilshire Blvd . -it Beverly Hills, CA 90212 (310) 276-0718 „ .. • _ e seller Klaff Realty, LP 35 E Wacker Dr Chicago, IL 60601 (312) 360-1234 vital data Escrow/Contract: - Sale Price: $2,075,000 Sale Date: 10/3/2014 Status: Confirmed Days on Market: 340 days Building SF: 13,066 SF Exchange: No Price/SF: $158.81 Conditions: Investment Triple Net Pro Forma Cap Rate: - Land Area SF: 43,560 Actual Cap Rate: 6.96% Acres: 1 Down Print: - $/SF Land Gross: $47.64 Pot Down: - Year Built, Age: 1996 Age: 18 Doc No: 4051062 Parking Spaces: 52 Trans Tax: - Parking Ratio: 4/1000 SF Corner: No FAR 0.30 Zoning: C-4, City of Greeley Lot Dimensions: - No Tenants: 2 Frontage: 192 feet on 29th St (with 1 ... Percent Improved: 62.9% Tenancy: Single Submarket: Greeley Ret Comp ID: 3141443 Map Page: - Parcel No: 095924100090 Property Type: Retail income expense data Listing Broker Expenses -Taxes $14,251 DePaul Real Estate Advisors - Operating Expenses 4500 S Cherry Creek Dr Denver, CO 80246 (303) 333-9799 Total Expenses $14,251 Paul DeCrescentis, nti s , Jarod Pate Buyer Broker Sands Investment Group 2701 Ocean Park Blvd Santa Monica, CA 90405 (310) 774-3771 financing prior sale Date/Doc No: 4/30/200 7 Sale Price: $955,000 Com pia 1313283 Copyrighted report licensed to Weld County Assessor's Office - 611800. 13 7/18/2018 147 Denver St Tractor Supply Brighton, CO 80601 Freestanding Building of 22,722 SF Sold on 12!20/2013 for $4,1841117- Research Complete • buyer Tractor Supply Co 200 Powell Brentwood, TN 37027 (615)440-4000 z j .',er I d r — .,.,. .;Pl°,t I! l l d_ � .vra -� �' t l Llt. 7 ,'. ii- i• r -L,�r �' 3 .-a• 4: a.: �-.�_�- -- - Msr�_ :L...___,.,..___,...,... -- seller_` Centres Inc. 9130 S Dadeland Blvd Miami , FL 33156 (305) 670-1997 Co,Srl vital data Escrow/Contract: - Sale Date: 12/20/2013 Days on Market: - Exchange: No Conditions: - Land Area SF: 163,'150 Acres: 3.75 $/SFLand Gross: $25.65 Year Built, Age: 2013 Parking Spaces: - Parking Ratio: 3.52/1000 FAR 0.14 Lot Dimensions: - Frontage: 371 Tenancy: Single Comp ID: 2928598 Sale Building Pro Forma Actual Down Trans SF No feet on Denver St 593 feet ... Percent Submarl<et: Map Property Price: $4,184,117 Status: Full Value SF: 22,722 SF Price/SF: $184.14 Cap Rate: - Cap Rate: - Print: - Pct Down: - Doc No: 0106484 Tax: - Corner: No Zoning: I-3 Tenants: 1 Improved: - Northeast Ret Page: - Parcel No: 1569-06-2-00-015 Type: Retail income expense data Listing Broker Buyer Broker fin and n.g Copyrighted report licensed to Weld County Assessor's Office - 611800. 14 7/18/2018 1480 Main St 1ndsor, CO 80550 Drug Store Building of 14.488 SF Sold on 8/28/2012 for $5,430,770- Research Complete -r b ' a buyer I r _ �; Yn.:,��1K,� '�,,oil. F, .. ,� ; = _ T �e _. , �r�:,. �3-r. ,. , ;� a McRoskey 1808 Aston Ave Carlsbad CA 92008 X760) 9295020 `'--�` -r - - __ ,,- _;. r • b b - seller - ' - 4 VEREIT Services, LLC 2325E Camel back Rd Phoenix, AZ 85016 (602) 778-8700 , ,t,IC: vital data Escrow/Contract: - Sale Sale Date: 8/28/2012 Days on Market: 13 days Building Exchange: No Conditions: Investment Triple Net Pro Forma Lend Area SF: 87,120 Actual Acres: 2 Down $/SFLand Gross: $62.34 Year Built, Age: 2003 Age: 0 Parking Spaces: 50 Trans Parking Ratio: 3.45/1000 SF FAR 0.17 Lot Dimensions: - No Frontage: 260 feet on 15th St 265 feet on ... Percent Tenancy: Single Submarket: Comp ID: 2551106 Map Property Price: $5,430,770 Status: Confirmed SF: 14,488 SF Price/SF: $374.85 Cap Rate: - Cap Rate: 6.50% Print: - Pct Down: - Doc No: 3869572 Tax: - Corner: No Zoning: - Tenants: 1 Improved: 49.9% Greeley Ret Page: - Parcel No: 080717340001 Type: Retail income expense data Listing Broker Expenses -Taxes $60,547 - Operating Expenses Marcus & Mil lichap Inc 260 Madison Ave New York, NY 10016 Total Expenses Net Income Net Operating Income $353,125 Debt Service $60,547 (212) 430-5100 Glen Kunofsky - - Capital Expenditure Buyer Broker Cash Flow Marcus & Mil I i cha p 19800 MacArthur Blvd Irvine, CA 92612 (949) 419-3200 Dennis Weisberg, Tram Church financing Copyrighted report licensed to Weld County Assessor's Office - 611800. 15 7/18/2018 Income Approach To Value The basic steps in the Income Approach to value for commercial properties in mass appraisal are based on a landlord -tenant situation and not on the income of the actual business. In using this approach, it eliminates the possibility of valuing management as opposed to the potential income of the structure. This is the proper method Assessor's must utilize through the Directives of the Division of Property Taxation. The Weld County Assessor has appropriately considered the Income Approach to value for the subject property on appeal. The Assessor has gathered income information from local commercial properties for the time frame of January 1, 2015 through June 30, 2016 and if needed five years prior to June 30, 2016. This information, combined with statewide and industry -wide data, is used to determine typical income and expenses for various property types. Costar estimated vacancy for retail in the base period to be 0 to percent. Burbach and Associates show cap rates for retail ranging between 5.25% and 8%. It was determined that a cap rate of 7.5% appropriate for the subject In conclusion of the Income Approach, the Assessor has considered both groups of data and has put more emphasis on the local factors and data than the state and national data. This information was then applied to the subject property to arrive at an appropriate Income Approach Value. Total Value by Income Approach $2,363,669 or $163.15 per sq. ft. 16 MARKET INCOME WORKSHEET Account: R2569303 Name: MCR Farnsworth LLC DBA: Walgreens Address: 1480 Main St. Windsor Bldg Sq Ft Use 14,488 Retail Market Rent Annual Rent per Annual Gross Area Rent PSF Month Income Main Fir PSF 14,488 $14.00 $16,903 $202,832 LessVacancy & Expenses Vacancy 5% $10,142 EGI 192,690 Expenses mgmt 3% $5,781 R/R 5% $9,635 Net Income $12.24 $177,275 Net Income/Overall Cap Rate = Property Value Property Value Cap Rate 0.075 $2,363,669 stimated Property p � Value Value psf $163.'15 Comparable Net Retail Bldg Income Rentals DBA Address City Size Per Sq Ft Boot Barn 2651 W 29th Greeley 12,937 $14.00 Walgreens 1480 Main St. Windsor 14,488 $24.36 2904 W 10th St Greeley 16,462 $11.83 Dollar Tree E 1-25 FrontagE Mead 22,236 $12.36 Tractor Suppl,13778 4 tenant Retai 1530 Main St. Windsor 7,544 $21.61 Avg. $16.83 Median $14.00 Coin ciusion Real property for tax year 2018 must be valued utilizing the level of value for the period of one and one- half years immediately prior to July 1, 2016. Except that, if comparable valuation data is not available from such one -and one -half -year period to adequately determine the level of value of a class of property. The period of five years immediately prior to ,June 30, 2016 shall be utilized to determine the level of value. Said level of value shall be adjusted to the final day of the data gathering period. Changes occurring between base years are not to be accounted for until the following level of value is implemented, other than additions, change in use, detrimental acts of nature, damage due to fire, etc., or creation of a condominium, or any new regulations restricting or increasing the use of the land, or a combination thereof. {39-1-104(11)(b)(1) C. R .S.} The subject property has been classified as Commercial Property for assessment purposes. Commercial property value shall be determined by appropriate consideration of the Cost Approach, Market Approach, and Income Approach to value. {39-1-103(S)(a) C. R. S.} The Assessor has considered all three approaches to value for the subject parcel on appeal. Final Reconciliation After consideration of the cost, market and income approaches the most weight is given to the cost approach. The cost approach represents the cost to replace new minus estimated physical depreciation plus the land value, this eliminates any possibility of business value in the conclusion. For 2018 the Weld County Assessor set the value at $2,379,556.00 or $164.24 per sq. ft., after this analysis the Weld County Assessor estimates the land value should be reduced resulting in a partial granting of the petition. The Weld County Assessor estimates $2,322,747 or $160.32 per sq. ft. most accurately reflects the total value of the subject property as of June 30, 2016 in Weld County for the 2018 tax year. Cost Approach $2,322,747 $160.32 per sq. ft. Market Approach $2,680,280 $185 per sq. ft. Assessor's Reconcile Value Land $1,009,784 Improvement $1,312,963 Total $2,322,747 Income Approach $2,440,745 $163.15 per sq. ft. 18 DUAL NOTICE OF DETERMINATION RECEIVED Christopher M. Woodruff Weld County Assessor 1400 N 17th Ave Greeley, CO 80631 JUL 1 2 2018 WELD COUNTY COMMISSIONERS Date of Notice: 6/27/2018 Telephone: (970) 353-3845 Fax: (970) 304-6433 Office Hours: 8:00AM — 5:00PM ```♦ ACCOUNT ' {• k•4 . h NCB. ,a< TAX YEAR TAX AREA LEGAL 41 :1 '•, 1\1\ s1♦,ti\`h\�YrK`\1{1 ::::.. ... .... DESCRIPTION/ • �y \1�4 .•. W h LK i ♦ 1 �'• ... •1 �♦ '., : •: 4•��'♦ h'? '. PHYSICAL k \ -„,....„):::•:•:,•••••.Yip• N. X u�' �.K f ',• , ... 1 +1 t y ..:. iwi♦}.. LOCATION k '.1♦ \ \lh yr h, y \ {�h1\ }}}.�. iY." •\♦4'♦\K :::::::•::::::„..... ♦ t R2569303 2018 0437 WIN 1480 WINDSOR WAG MAIN L1 WINDSOR ST . CO ASSEMBLY OF GOD MCR 0/O PO DEERFIELD, FARNSWORTH REAL BOX 1159 STATE PROPERTY IL 60015-6002 LLC TAX Slim ..••...m. m. {• ••Y L f -.1....s„.,�: • : : K .::.':,.Y•y4♦}; ::•::`{\Y.. , }v}h $1\:ti}tiK 1`,:�, viii.:44:::„.. Kam•: :\ � }. ... f , J !!��{' :. .. .. :".' L h: Y.'' •h11 •i V '}.1 ••..1 .♦.};..:,�,,.v '.,,� •::{' }{11,}:? } •:.• v • �, .• `::•}:1:•:•:•f:: •::}'JAr'.•:{k'}'{; •ti' s�. . LY •. :'.W:::..... y:' •'�:: h�.•fi♦�\. \ h'\1 : i., . ;� . ♦ {\ :'�'��\. :' \ .�.t.,....:::::•:;::.%,.:..: •\\;YN}}J:.1•,:1::Y.:: :'::: •.::.' M1'.: :' .„ •h ••}. V : �' yY. .•t. /ELK \ 1YL 1• \,, 1 1 K•.\•. :N Y: ••.1 1Y\1\:•. A1µ K♦�.:� •K• '. ::•�.V.1 k♦h\*.} Y. .,. Y1♦ •.K \.}•..1.l.Kk !� �y y�. �y ,`::>44::::•. \ ~ '}: ,h. f'•:•.\•y': f.{• f�4t :4,• hlyY . t. 1 }chi} :h::. .V.:.•,, : � K: :•.}A y��y\: `� '}} � �.�•Lk{•}......L }, }`\.`•}:"h! \'•.:•: \\::C::: 'Y CLASSI ....J;.........: ......; ............ �: W:': ': ::..::.::.:: \ � :• : \'. `r`�'�.,�.'•., K+ :�{..:{: am: . '}{�\• �R �h \ ~ .:\. V{ •. •: \ •:• Yy\ �•: h •N:1 �'J ti 1,\yy ,\W� :\ K" : ' .:: ::�. ': :. �h J. .: M1C ' '... „}..:.1.}'.11 :.♦':: �.'. M1... M1....�... M1.. M1 :::M1..\ :::::M1M1. ...:..... ..•: 1:jy l.• f:: ::-* }�Y�1 ICA : Y. : •Jy'.., .. .rr•h 1 }}: }}'f{':' :..• !f ... `R' 1�\t 1 � !:': }}\}k.}}h}'{•.•12., k. {{`a. �': },4♦\••. 1.' }iyti J:`f. : }M1�:{ : 1' JhYJ,,'•rhYJ'K .: '.: ...: ...:::': ::.. `ttJN Y•'ya{:�, .: f:.\:••'Ki :4r iYI ,,, \ .i.:**X:1 '{: .........‘;:a ♦: �y,: '\4•'•':•:\:.•JJ."J ~,':i}JIh:V5.,,t ": YS: :'. : :�•, �r ': "::::: 1• ••••. •:J .V :~.t•`y •. hr{j.• .:\ :. + ;'♦Nti f,}:'.: 11 L y'•: ti['.� \\::%.,, :i,4�s4•�1� ~� X4:} :i ti '?: :: {. _,s� .:: .1•..':' :�\ 1�{:\ � h1�♦� Y. rn .. 1l�" :. \y Y' ... }1,y f l:: h.KYl:': '._. •�.:"a1.y�`.'::„.„,,.:,:•:r.„.:::.'.J?h :;: •,.. •' :::•: •::` ::J: vJt:•k •' ♦J• •'{.:V�}1[�•1�•"'1 Y{�•.}.\...}„•^,.J:' " 4 .•: ... 'hl:}y.La,.'',1•:}�.�;SVP:J.}� •}}yf}}�,}iC}}'}kk•�.: :_, ASSESSOR'S VALUATION ?}.. "..:: ,J, ••:: •;Y,6•h.•1L4?4?%�} \\YL�\'�•'•1 ... %\.N �.�:. �{':. .: �}•:. .f {.� :{": :'L •/y:Y .:`\'.\ ACTUAL •::Y.: •}}i .{,',.� ..: .:�1111YYJl.♦V.�♦Yh : •M1\•: JJ'�JIl:.:':::: .... 11+.1..Y-+.i�{/yy' '.\•: .•.:•.. VALUE v::.. .R REVIEW PRIOR may.[ �y: .{♦ E� J,�..: \1'h`1:h1::{}. .:.ti: :f... 1} : ..' ._:. �,�\ �,k: V rr�y::: ACTUAL : K�!\�'\ +` � � �a .,ti ;:;. h1Y J. } • ..... ': :" .: 11"'. VALUE REVIEW AFT y •{ • ♦.Y:yy: Jry M1N`h'.:......... ; V� h : ;. ` :. •♦.• '~' {{1Y.•. J. .f. :• . ti,{ti•.•?.:•:'::'t:. '..'. ��\] PROPER '..\ } ' \: ix, •h\:N :•...•••••-•-•�' J.....'J.•.:'. ::': .. .....1.. . •:�}} .•. • :{. ..„: 11,: ...� ;M1. ,'.�•: I .::� : J COMMERCIAL 2,379.556 2.379.556 2,379,556 2,379,556 TOTAL 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: CM05 - The law requires that data from Jan 2015 to June 2016 be used to establish current values. We have considered all three approaches to value and we have denied your appeal based upon this data. If you disagree with the Assessor's decision, you have the right to appeal to the County Board of Equalization for further consideration, § 39-8-106(1)(a), C.R.S. The deadline for filing real property appeals is July 15. The Assessor establishes property values. The local taxing authorities (county, school district, city, fire protection, and other special districts) set mill levies. The mill levy requested by each taxing authority is based on a projected budget and the property tax revenue required to adequately fund the services it provides to its taxpayers. The local taxing authorities hold budget hearings in the fall. If you are concerned about mill levies. we recommend that you attend these budget hearings. Please refer to last year's tax bill or ask your Assessor for a listing of the local taxing authorities. Please refer to the reverse side of this notice for additional information. Agent (If Applicable): STERLING PROPERTY TAX SPECIALISTS INC 950 S CHERRY ST SUITE 320 DENVER, CO 80246 D By fErl [I 0 W JUN 3 0 2016 __._.,_...•••• w aCc' 15-DPT-AR PR 207-08/13 R2569303 2018-2249 OkSo1©0 APPEAL PROCEDURES . :k� `LCD �'j•:2L3LiLL:•i: . L •. th 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 to: Weld County Board of Equalization 1150 0 Street, P.O. Box 758 Greeley, CO 80631 Telephone: (970) 356-4000 ext, 4225 Online: www.co.weld.co.us/appsl/cboe/ 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, § 39-8-107(2), C.R.S. If you do not receive a decision from the County Board of Equalization and you wish to continue your appeal, you must file an appeal with the Board of Assessment Appeals by September 10, § 39-2-125(1)(e), C.R.S. 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 District Court 1313 Sherman Street, Room 315 Contact the District Court in the County Denver, CO 80203 where the property is located. See your (303) 866-5880 local telephone book for the address and www.dola.colorado.gov/baa telephone number. Bindinq Arbitration For a list of arbitrators, contact the County Commissioners at the address listed for the County Board of Equalization. If the date for filing any report, schedule, claim, tax return, statement, remittance, or other document falls upon a Saturday, Sunday. or legal holiday, it shall be deemed to have been timely filed if filed on the next business day, § 39-1-120(3). C.R.S. What is your estimate of the property's value as of June 30, 2016? (Your opinion of value in terms of a specific dollar amo nt is required for real property pursuant to § 39-8-106(1.5), C.R.S.) $ / 35" if What is the basis for your estimate of value oryour reason for requesting a review?(Please attach Q 9 additional sheets as necessary and any supporting documentation, i.e., comparable sales, rent roll, original installed cost, appraisal, etc.) r I ATTESTATION I. the undersi ned owner or and on chmen$ her Ste' Signature esvkArct€ 54 -4„, - Email Address of the property identified above, affirm that the statements contained herein tr e and complete. _%13I1V Telephone Number Date ' Attach letter of authorization signed by property owner. 15-DPT-AR PR 207-08/13 R2569303 July 6, 2018 Weld County Board of Equalization 1150 O Street, P.O. Box 758 Greeley, CO 80631 PIZOPERTY TAX SPECIALISTS. INC. 95o S. Cherry Street Suite 320 Denver, CO 80246 303.757.8865 fax 303.757.7691 www,sterlingpts,com RECEIVED JUL 122018 WELD COUNTY COMMISSIONERS Re: 2018 Board of Equalization Appeals Dear Board, Enclosed please find our appeals for calendar year 2018 to be filed to the Board of Equalization for schedule numbers R2569303 and R7455298. Our requested hearing dates by phone are below: Tuesday, July 31- Morning Wednesday, August 1— After noon Friday, August 3 —After noon if you should have any questions, please contact our office. Thank you, TP110010(\__/ Melissa Preston Administrative Assistant PROPERTY TAX SPECIALISTS, INC. May 30, 2018 Mr. Christopher Woodruff Weld County Assessor 1400 N. 17th Avenue Greeley, CO 80631 Re: 1480 Main Street (Schedule No. R2569303) (the "Property") Dear Assessor: 950 S. Cherry Street Suite 320 Denver, CO 80246 303.757.8865 fax 303.7577691 www.sterlhgpts.com The undersigned, Sterling Property Tax Specialists, Inc., represents the owner of the Property for the purpose of protesting the 2018 Valuation. A copy of the letter of Authorization is attached hereto and made an integral part hereof. Only the parcel referenced hereinabove is protested hereunder. The Property is a 14,488 sq. ft. freestanding Walgreens Drug Store built in 2003. For calendar year 2018, the Assessor has valued the subject Property at $2,379,556, or $164.24 per sq. ft. Petitioner contends that the subject Property has limited desirability in the marketplace due to its unique design and size. The subject Property has built-in obsolescence because it was built and designed to meet the needs of a specific single user, rather than the needs of a variety of users. This also limits the Property's market potential. Furtherrnore, the typical retail property utilizes street level window exposure for marketing of merchandise. However, the windows in the subject Property are three to four feet above street level, again contributing to limited desirability in the marketplace due to this inflexibility to other users as a conversation retail property. Most generic multi -tenant retail spaces in the 10,000 sq. ft. to 20,000 sq. ft. range have a larger number of potential tenants. This is not true for the subject, due to the unique design and size specification for this particular single user. The 14,488 sq. ft. size does not fit the needs of other single tenant users in the marketplace, as the space is either too large or too small, which limits its market potential. The general layout of the Property also presents complications for any potential typical retail user. Set within the center of a 1.25 -acre land parcel, the parking layout is designed to accommodate only a single tenant, with only one ideal entrance to the building. A property of this size is too large for the typical single -tenant retailer. The space would better accommodate 1480 Main St. Page 2 two to four smaller users. This parking layout, as well as the single entrance, creates an inflexible design for a multi -tenant use. Additionally, there is only one loading area. In order for the Property to be marketable to the typical retail user, substantial renovations would have to be implemented at an uneconomical cost. Because of these particularities with respect to the design, layout, and function of the Property's improvements, the marketability of the subject Property is severely limited, as addressed hereinabove. In light of this, Petitioner contends that no change in value was warranted, and the value previously assigned for calendar years 2015 and 2016 for the subject Property should remain in place for calendar year 2018. Based upon the foregoing, Petitioner hereby requests the Board adjust the value of the Property for calendar year 2018 to $2,135,904. All information contained herein should be considered confidential and not available to any third parties. Sincerely, STERLING PROPERTYTSPECIALIS INC. By: Kendra L. Goldstein, Vice President LETTER OF AUTHORIZATION December I, 2016 Sterling Property Tax Specialists, Inc. 950 South Cherry Street, Suite 320 Denver, Colorado 80246 RE: 2017 and 2018 Property Tax Assessment Matters Gentlemen: The undersigned, as owner, or Lessee entitled to protest the valuation of the Property under our lease, located in Weld County, Colorado, at See Attached, and more particularly described on Assessor's Notice of Valuation, Schedule No(s). See Attached hereby authorizes Sterling Property Tax Specialists, Inc. and Goldstein Law Firm, LLC, to act as agent on my behalf regarding all 2017 and 2018 property tax assessment matters, and obtain any and all documents relating thereto and file any protests necessary. This Authorization shall be effective as of the date set forth above. WALGREEN COMPANY Anna Pelts, Manager, Real Estate Tax Appeal Telephone: 847-527-4418 Walgreen Company Weld County 2017 / 2018 1641 23rd Ave R3919605 3700 35th Avenue 82682304 3700 W 10th Street 82941404 5962 Firestone Blvd R3846705 2600 I lth Ave R4696707 1480 Main Street R2569303 490 Erie Parkway R534I708 NEC of Mountain View & Hwy 7 88946729 July 18, 2018 Agent: STERLING PROPERTY TAX SPECIALISTS INC 950 S CHERRY ST SUITE 320 DENVER, CO 80246 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 Petitioner: MCR FARNSWORTH LLC C/O REAL STATE PROPERTY TAX PO BOX 1159 DEERFIELD, IL 60015-6002 RE: THE BOARD OF EQUALIZATION 2018, WELD COUNTY, COLORADO NOTIFICATION OF HEARING SCHEDULED Docket #: 2018-2249, AS0097 Appeal #: 2008217937 Hearing Date: 8/2/2018 8:30 AM Account(s) Appealed: R2569303 Dear Petitioner(s): The Weld County Board of Equalization has set a date of August 2, 2018, at or about the hour of 8:30 AM, to hold a hearing on your valuation for assessment. This hearing will be held at the Weld County Administration Building, Assembly Room, 1150 O Street, Greeley, Colorado. You have a right to attend this hearing and present evidence in support of your petition. The Weld County Assessor or his designee will be present. The Board will make its decision on the basis of the record made at the aforementioned hearing, as well as your petition, so it would be in your interest to have a representative present. If you plan to be represented by an agent or an attorney at your hearing, prior to the hearing you shall provide, in writing to the Clerk to the Board's Office, an authorization for the agent or attorney to represent you. If you do not choose to attend this hearing, a decision will still be made by the Board by the close of business on August 5, 2018, and mailed to you within five (5) business days. Because of the volume of cases before the Board of Equalization, most cases shall be limited to 10 minutes. Also due to volume, cases cannot be rescheduled. It is imperative that you provide evidence to support your position. This may include evidence that similar homes in your area are valued less than yours or you are being assessed on improvements you do not have. Please note: The fact that your valuation has increased cannot be your sole basis of appeal. Without documented evidence as indicated above, the Board will have no choice but to deny your appeal. If you wish to obtain the data supporting the Assessor's valuation of your property, please submit a written request directly to the Assessor's Office by fax (970) 304-6433, or if you have questions, call (970) 353-3845. Upon receipt of your written request, the Assessor will notify you of the estimated cost of providing such information. Payment must be made prior to the Assessor providing such information, at which time the Assessor will make the data available within three (3) working days, subject to any confidentiality requirements. Please advise me if you decide not to keep your appointment as scheduled. If you need any additional information, please call me at your convenience. Very truly yours, BOARD OF EQUALIZATION • Esther E. Gesick Clerk to the Board Weld County Board of County Commissioners cc: Christopher Woodruff, Assessor Hello