HomeMy WebLinkAbout20172537.tiffAugust 9, 2017
Petitioner:
FAIRWAY ACRES INC
2901 SADDLER BLVD
SEVERANCE, CO 80524-8558
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):
DRM REAL ESTATE ADVISORS, LLC
700 AUTOMATION DR UNIT G-200
WINDSOR, CO 80550-3117
RE: THE BOARD OF EQUALIZATION 2017, WELD COUNTY, COLORADO
NOTICE OF DECISION
Docket #: 2017-2537 Appeal #: 2008217020 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
2017.
Account # Decision
The Assessment and valuation is set as follows:
Actual Value as Actual Value as Set by
Determined by Assessor Board
R4504806 Stipulated - Approved
Stipulated Value
$1,322,293 $1,150,000
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
COUNTY BOARD OF EQUALIZATION
WELD COUNTY
Single County Schedule Number R4504$06
STIPULATION (As To Tax Year_2017_ Actual Value)
RE PETITION OF
NAME: Fairway Acres 1 rye
ADDRESS: 2901 Saddler Blvd
Severance, CO
Petitioner (s) and the Weld County Assessor hereby enter into this Stipulation
regarding the tax year 2017 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:
SEV SP TRACT 1 SADDLER PUD
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 2017:
Total $1,322,293.00
4. After further review and negotiation, Petitioner (s) and Weld County Assessor
agree to the following tax year 2017 actual value for the subject property:
Total S1,150,000.00
5. The valuation, as established above, shall be binding only with respect to tax
year 2017.
6. Brief narrative as to why the reduction was made:
Further review of all approaches to value indicated an adjustment.
7. Both parties agree that:
The hearing scheduled before the Board of Equalization on 8/3/17 at 9:00
AM be vacated.
R4504806
A hearing has not yet been scheduled before the Board of Equalization.
1
D s TE
Peti inner
Address:
day of July, 2017.
or Attorney
a,3c gr?
. 1Ail501C _ .905.
Telephone: 0
Docket Number
tip 4.Fr
84504806
(Assistant) County Attorney for
Respondent, Weld County Board of
Commissioners
Address;
1150 "0" Street
P.O. Box 758
Greeley, CO 50632
Telephone: (97O) 3364235
1 f
Avia
County Assessor
Address:
1400 N.17th Avenue
Greeley, CO 80631
Telephone: (970) 353-3845 ext. 3697
2
NOTICE OF DETERMINATION
Christopher M. Woodruff
Weld County Assessor
1400 N 17th Ave
Greeley, CO 80631
.. ACCOUNT NO.
R4504806
TAX YEAR
TAX AREA
2017 3953
FAIRWAY ACRES INC
2901 SADDLER BLVD
SEVERANCE, CO 805244558
a
PROPERTY CLASSIFICATION
Date of Notice: 6130/2017
Telephone: (970) 400-3650
Fax: (970)304-6433
Office Hours: 8:00AM5:00PM
LEGAL DESCRIPTION/ PHYSICAL LOCATION
SEV SP TRACT 1 SADDLER PLED
2901 SADDLER 8U/P
SEVERANCE , Co
RECEIVED
JUL 1 8 2091
WELD COUNtrY
COMMiSSIONERS
ASSESSOR'S VALUATION
ACTUAL VALUE PRIOR TO ACTUAL VALUE AFTER
COMMERCE
TOTAL.
REVIEW REVIEW
1.322,93
S1422,293 $1,322,293 i
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:
CMOG - The Assessor staff has :wasted additional information to properly review your froperty's
value. Because we have not received this infonnet, we have no choice but to deny any
adjustments.
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. 4
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 otherspecial districts) set mill levies, The mill levy requested i n
authority, is based on a projected budget and the property tax revenue required toadequately 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 infoattioni.
Agent (If Applicable):
16-OPT*AR
PR 207.48/13
R4504806
2017-2537
APPEAL PROCEDURES
I
l
r
C
C
C
County Board of Equalization Hearings will be held from
July 24th through August 4th 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.D. Box 158
Greeley, CO 80831
Telephone: (970) 3564000 ext, 4225
Online: htto:J/www.cp. eld.cp„usiapps/cbc /
To preserve yourappeal 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 contespondence 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. § 394107(2), C+R.rl. If you lido 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), �)(e)! CAS.
If you are dissatisfied with the County Board of Equalization's decision and you with 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 AssegsmentAmeals
1313 herman Street, Room 315
Denver, CO 60203
(303) 866-5880
rww.dola.cola rado,govaa
Bindingikarbitration,
Pair a list of airbitrators. 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, § 3944 '3), CAS,
District Court
Contact district Court in the County
where the property is located. See your
local telephone book for the address and
telephone number.
7'-- It l`' '"1t' BOA OF EQUAUZKII 0
at is your estimate of the property's value as of June 30, 2016? (Your opinion of value in terms of a
specific dlad unt is required for real property pursuant to § 394%406(1.51 .8.S.)
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 do umen_tationt Le„, comparable sa y rent rolls original
t v
TTESTAT
I, the undersigned owner or agora of the property identified above. affirm that the statements contained herein
aid on a hrrrants hereto are true and complete.
9 70 irs 17/Pitiff
Telephone Number
Email Address
Attach letter of authorization signed by property owner.
Date
16 -
PR 20705113
R4504806
1
DID Real Estate Advisors a.
Consulting, Research and Valuation
July 15, 2017
Mr. Christopher Woodruff
Weld County Assessor
1400 N. 17th Avenue
Greeley, Colorado 80631
Re: Real Property Valuation Protest
ID Number:
Property Address:
Ownership:
Owner Address:
RECEIVED
WELD COUNTY
COMMSSIONERS
PIN 0705-09-34401475
2901 Saddler Blvd, Severance, Weld County, Colorado
Fairway Acres Inc
1050 E CR 76, Wellington, Colorado 80549
Dear Mr. Woodruff,
We represent Fairway Acres Inc, as referenced in the attached Limited Power of Attorney, in the
appeal of their property valuation for 2017.
The subject is an Event Center in a rural location (developing subdivision on Hwy 14) that
contains 8,I52 SF on 2 -acres and was built in 2013.
Assessor's current valuation is $1,322,293 =.$162/SF.
We previously represented Fairway Acres Inc, in the appeal of their property valuation for
2015/2016, at which time we settled on an Actual Value of $1,150,000.
The estimated Market Value as of June 30, 2016, was $1,150,000 = 141/ F.
Our estimated Market Value is based on several factors:
1. We found no new Event Center sales in the base period. (June 30, 2016) since the
previous appeal. Thus, we believe there is no basis for increasing the value beyond the
prior valuation.
24 We discussed the Event Center listing at 14016 CR 32 in the previous appeal, and its
listing carried some Weight, It has now sold for $525,000 (albeit just out of the base
period in Nov 2016), which equates to $118 /SF for its 4,464 square feet. It is a nice
complex, built in 2008. This is the best measure of the subject's value, with a moderate
upward adjustment for inferior location versus a downward adjustment for smaller size.
We also note that Weld County reduced its AV about 25% to $535,680. Sale sheet,
listing and AV attached.
3. Three comparable sales prior to June 30, 2014 (attached) of Event Center properties in
Weld (St Michaels) and Larimer (Fort Collins) revealed a range of $42/SF to $102/SF.
Subject is superior in quality and age to the two Ft Collins sales, but significantly inferior
in location on Hwy 14 in rural highway location. The Sunset Event Center is in the
middle of Old Town Fort Collins and was converted to a new bar/restaurant.
The St Michaels sale was an REO but exposed to the market for a long time —the seller
got as much as they could for it and did not "dump" it. We appraised the transaction so
are intimately familiar with the property and the adjacent office/retail/event center ,""
floor that went with it. The total sales price equates to $70/SF based on both buildings
(26,380 F). The allocated sales price for the clubhouse/event center property was
$250k Weld County Assessor currently has it at $425,630 or $72/SF. Relatively similar
quality, lesser kitchen, superior location, limited land area and moderately older age
(built 20051 _ There is no way that the subject property is worth 1 /SF in relation to
those sales.
4. Income Approach: $12/SF NINN on 8,152 F with 5% Vacancy, 5% Expenses, 8% Cap
= $1,104,000. From a pure real estate standpoint, we still don't know if you could lease
this property at 12/SF +INN it would be very difficult.
5. Actual Income and Expenses (attached) for 2014 (Loss of $24,724) and 2015 (Net
$89,094) and 2016 (Net $144,769) are attached. Capping Actual 2015 Income at 8% Cap
-_ 1,114,000, @ 8.5% _ $1,048,000. We used 2015 income in the previous protest as
there was limited sales data as you know, an office with a million -dollar net stock
brokerage has no more value than that same office with a non-profit occupant.
6. Equalization: The Water Valley / Pelican Lakes complex contains 17,255 SF in the
restaurant/bar and banquet rooms on 5.77 -acres. That does not count the lower -level
parking basement for golf carts, the pool offices or the pumps house nor any contributory
value from the swimming pool. We are very familiar with this complex and it is superior
to the subject property. The new 2017 Weld County Assessor Actual Value = $1,546,962
= $90/SE 1 Again, there is simply no way that the subject property is worth more than
this complex his valuation indicates the subject should be worth $825,000.
Bottom line the value of this property should not have been increased, as there are no
comparable sales to support an increase.
Based on the data and analyses, request the valuation be reduced back to $1,150,000.
Respectfully submitted
DRM REAL ESTATE ADVISORS, LLC
Christopher D. Ruff
Principal
Certified General Appraiser Colo. - C O 1316795; 12/31/2016
Atch
1. Power of Attorney
2. 2017 Real Property NOD
3. Sales Comp 14016 CR 32/Listing/NOD
4. Older Sales Comps
. Actual Income and Expenses
6. Equalization —Pelican Lakes NOV
LIMITED POWER OF ATTORNEY
I/We, Fairway Acrq Inc. and Winds2r Estate, whose address is _ _.
(the "Principal") do hereby designate flftM_Real Estate Advi ors, LAC, whose address is 700
Aviation Drive Unit G-200. Windsor. CO 80550, (the "Agent") as my/our attornersinsfact
and agent for the limited purpose set forth herein:
TO ACT ON PRINCIPAL'S BEHALF AND list PRINCIPAL'S NAME IN THE FILING AND
PURSUIT OF PROTESTS AND/OR APPEALS OF THE COUNTY ASSESSOR'S
VALUATION(S) FOR THE PROPERTY/PROPERTIESPROPERTY/PROPERT1ES LISTED BELOW, TO ADVOCATE
FOR AND AGREE TO A UN/MD VALUATION FOR SAW, PROPERTY/PROPERTIES
AND, IF APPROPRIATE, TO PURSUE ABATEMENT OF TAXES PAID BY PRINCIPAL IN
PREVIOUS YEARS FOR SAID PROPERTY/PROPERTIES.
This Power of Attorney applies to assessments for the following parcel number(s):
2904 Saddler Boulevard, Severance, CO PIN O7O5O9 01075
Principal hereby grants Agent full power and authority to do everything necessary in exercising
the powers herein granted as fully as Principal might or could do personally, with full power of
substitution or revocation hereby ratifying and confirming all that Agent shall lawfully do or
cause to be done by virtue of this power of attorney and the powers herein granted.
This Limited Power of Attorney shall not be affected by Principal's disability or by the
dissolution of Principal as an entity.
This Limited Power of Attorney shall expire December 31, 2017.
IN WITNESS WHEREOF, Principal has executed this Limited Power of Attorney this WO day
of� dVint`. ,2OI7.
STATE OF COLORADO
COUNTY OF 4.,air Cog r
ss.
The forgoing Limited Power of Attorney was acknowledged before e this
��7° y of
, 20 17, by Kenji Matsuda
Witness my hand and official Seal:
Commission Expires: - a
-al
My P
AWNS,
WARY Mt
STATE of COLORADO
MY NOT W M
to u 21
Notary Public
I
14016 County Road 32
Platteville, CO 80651
Sale on 11117/2016 for $525,000 ($117.511SF) - Research Complete
4464 SF Religious Facility Building Built in 1997
SOLD
r
32
500 ythipt
Map data 02017 Googie
Buyer & Seller Contact Info
Recorded Buyer:
True Buyer:
Buyer Type:
Buyer Broker:
WCR 7 LL
A-1 Custom Trophies, Inc.
Ruth Traupe
7140-7150 Hooker St
Westminster, CO 80030
(303) 426-5322
Corporate/User
ERA Tradewind Real Estate, LLC
Deb Slpfle
(303) 7724820
Recorded Seller:
True Seller:
Seller Type:
Listing Broker
Sarchet Shawn Ct
Sarchet Shawn Cl
Shawn Sarchet
PO Box 806
Platteville, Co 80651
(970) 785-2559
Individual
Realtec Commercial Real: Estate
Service
Erik Broman
(970) 488-3014
a 0
Transaction Details
ID: 3759630
Sale Date:
Escrow Length:
Sale Price:
Asking Price:
Price/SF:
Price/SF Land Gross:
Percent Leased:
Sale Conditions:
11117/2016 (310 days on market)
30 days
$525,000 -Confirmed
$624,000
$117'.61
$1463
Land Contract
No. of Tenants: 1
Tenants at time of sale: Ribbons N Rainbows
Financing: Down payment of $70,000.00 (13.3%)
Sale Type:
Bldg Type:
Year Built/Age:
GLA:
Land Area:
investment
Religious Facility
BUilt in 1997 Age: 19
4,464 SF
TAO AC (322,344 SF)
Copyrighted t licensed to DRM Real Estate Advisors -194570,
PAP 1
14016 County
4A64 SF Religious
Facility
Road
Building
32
Built
in 1997
(can't)
SOLD
Transaction mow
The subject property was sold for $525,000. Recorded dots are riot available at the time of this publication.
This consists of 1 specialty bldg. used as Event Center, The property will continue
to function as event center
and
buyer intends to put more capital improvement, There were no income disclosed by the seller. The buyer
put down approximately $70,000 and owner carry.
Escrow
length was approximately
30 days.
Current Building Information
ID: 9926872
Bldg Type: Religious Facility Bldg Status: Built In 1997
Class:
+ RBA 4A64 SF
Total
Avail: 0 SF Leased: -
Bldg Vacant 0 SF Rent/SF t"r: a.
Tenancy: - Elevators: 0
Owner Type: Corporate/User Core Factor -
Owner Occupied a Stories: 1
Zoning: - Typical Floor Size: 5,042 SF
Land Area: 322,E SF Building FAR: 001
Const Type: Wood Frame
Expenses: 2015 Tax @ $2.25/sf
Location Information
Metro Market: Denver
Submarket: Weld County/Weld County
County: Weld
CBSA: Greeley,
CO
CSA: Denver -Aurora, CO
DMA: Denver, CO -WY -NE
N
Copyrighted report licensed to DRtVI Real Estate Advisors 1945'0.
Page 2
REALTEC
COMMERCIAL REAL ESTATE SERVICES
14016 County Road 32
Platteviiie, COLORADO
AVAILABLE: 4,464 5F
SALE PRICE: 695,000
FINANCING AVAILABLE!
Erik Broman
broman@realtec.com
970 229.9900
FEATURES:
• Beautiful wedding, event center or church
available
• Property is in immaculate condition
• Perfect for indoor and outdoor events
Outdoor amphitheater with gazebo, pond,
fountain and other water features
• Short drive from 1-25 with excellent regional
access for all of Northern Colorado
View more Realtec listings at: www.realtec.com
• %moor r--cacnra a --* -.—. -
400 E rilorsetooth Road • Fort Collins,. CO 80525 • Ph: 9702299900 , Fax 970282,1080
Ir twtors o main li reinis tiara 4 Buy+ f an ncilterAandlordareadvi₹ ove y ilinformation `rire,t iron andirf'o,nn o r su# j othai.nge. 032116
400 E. Honetooth Road ° Fort Collins, Co 8O y • Ph: 9Th.22 990 '' F Xt OSO
information contained herein is not guaranteed. 8uyerfTenant and Seller/Landlord are advised to verify all information. Price, terms and information are®sub}ecr to change,
400 E. Horsetooth Road , Fort Collins, OD 80525 0 Ph: 970.229.9900 a Fax: 970.282.1080
information cantoined herein is not guaranteed. Buyer!Tenant and Seller,Landlord are advised to verify ati information, Price, terms and information ore subject to change.
14016 County Road 32
Platteville, COLORADO
Wellington
Fort Collins
Erik Broman
bromare@rea'ltec.com
970 229.9900
M
View more Realtec
listings at
www, rea Itec co m
REALTEC
COMMERCIAL REAL, ESTATE SERVICES
4601 &' nn+ oth Rbaitt. Fart tdfllns,• CO -80,S25 . Ph "91 229 '990U �.. Fat. -97t. 82;108te
information contained herein is not guaranteed. Buyer/Tenant and Sellers Landlord are advised to verify of/Information, Pt ref tethti' iid'in farmatian are subject to change.
WELD COUNTY ASSESSOR
CHRISTOPHER M. WOODRUFF
1400 N 17TH AVE
GREELEY, CO 80631
DATE: May 1, 2017
2017 REAL PROPERTY NOTICE OF VALUATION
Phone: (970) 4004650 Fax: (970) 3046433
Office Hours: 8:00 a.m. - 5:00 p.m, M -F
appeals@weldgovcom
www.weldgov com
TAXPAYER COPY
Pl 0PEH Y DESCRIPTION (MAY NOT BE COMFIER)
Using the above values, the estimated tax based on the prior year value was $10,997.
Using the above values, the estimated tax based on the current value is $7,479.
This results in a decrease of 435518. This estimate is based on 2016 tax rates, You will receive a tax bill in 2018.
The current year tax amount is merely an estimate based upon the best information available. You have the sight to protest the adjustment in
valuation, but not the estimate of taxes, 39-5-121(1.5). C.R.S.
PROPERTY CHARACTERISTICS
For specific property characteristic details, please see the Building Information and Valuation Information Tabs on your Property Report.
PLEASE REFER TO THE BACK OF THIS FORM FOR GENERAL INFORMATION CONCERNING YOUR PROPERTY VALUATION AND YOUR APPEAL RIGHTS.
44886
Horsetooth
Heights
MA4MNA
Fort !Mina
le.
Laing
Address
3010 67th Ave
LAKE ottew000,
cootinittriON
242 Linden St
400 S Link Ln
Si �,a
w
Greeley
N4M?UUON
KNIFES
Fort Collins
Fort Collins
I
Keirrm
(Telly Info
5,894 SF Specialty/Lodge/Meeting
Hall
Windsor
Severance
Sewell
14,932 SF General
Retail/Restaurant
7,041 SF General Retail/Bar
a
Auk
Eaton
-11War-
4
al A %
Greele
Garden
Evans
45 rnile 5
x.,
► I _ IL f
2001160soft. Cosporafitin E
Sale Info
Sold: $250,000 ( 2.421SF)
Sold: $1,530,0® ($102.4 SF)
Sold: $720,000 ($102,28/SF)
Copyrictited report licensed to DRM Real Estate Advisors - 1'9457G.
7/15/2016
Page 1
Quick Stats Report
Comps Statistics
Low
Average
Median
High Count
Sale Price
Center Size
Price per SF
Actual Cap Rate
Days on Market
- Prim to Askin
$720,000 $1,125,000
7,041 SF
$102.26 $102.40
10,988 SF
Price Ratio
Sale Price
Building Size
Price per SF
Actual Cap Rate
Days on Market
Sale Price to Asking Price Ratio
mcbl
$1,125,000
10,986 SF
$102,36
_
$1,530,000
14,932 SF
•
$102.46
2
2
2
$250,000
5,894 SF
$42.42
$250,000
51894 SF
$42.42
1,022 1,022
80.91% 80.91%
Totals
$250,000
5,894 SF
$42.42
1,022
80.1
$2501000
5,894 SF
$42.42
1,022
80.91%
Sold Transactions
Total Sales Volume: $2,500!000
1
Total Sales Transactions:
Survey Criteria
basic criteria: Secondary Type a Lodge/Meeting Hall, Bar; Sale Date -1/1/2012 - 6/30/2014; Sale Status Under Contract/Pending, Sold; Return and Search on Portfolio Sales as individual Properties - No
geography criteria: Market - Denver
additional criteria: — * This result set has been amended with criteria to add and/or remove records.
Copyrighted report licensed to DRM Real Estate Advisors 194570.
7/1512016
Page 2
3010 67th Ave - St. Michaels Town Square
Greeley, CO 80634
Sale on 9/11)2013 for $250,000 (42,42ISF) - Research Complete
5,894 SF Lodge/Meeting Hall (Neighborhood Center) Building Built in 2007
SOLD
i
Lints
W31it St
w 32nd st Rd 9
S
Buyer & Seller Contact Info
Recorded Buyer:
True Buyer:
Ag Resource Holdings Lic
Thomas M Haren
Thomas Karen
14339 Highway 256
Platteville, CO 80651
Buyer Type: Individual
Buyer Broker NA1 Shames Makovsky
Brian Bair
(303) 585-3019
Ashcroft Rd
5 atW 30th St
C
gs
Mt St
4
W 34th St Rd
Burgundy St
i&ice
Cr
1,4
(1 500 yea
0 2616 ilicnsuit.
S
Recorded Seller:
True Seller:
Seller Type:
Listing Broker:
Mile High elks
Mile High Bk Na
Nina Sa nd avol
1726 Hover St
Longmont, CO 80501
(303) 772-2227
BanklFinance
RPM Management LLC
James Smith
(970) 339-9280
Transaction Details
ID: 2860546
Sale Date:
Escrow Length:
Sale Price:
Asking Price:
PriceISF:
Price/SF Land Gross:
Percent Leased:
Tenancy:
Sale Conditions:
09/11/2013 (1,022 days on market)
$250,000 -Confirmed
onfirm
$309,000
$42,42
$27.24
100.0%
Single
REO Sale
Financing: $1,689,000.00 from Wells Fargo Bk Na
Parcel No: 095921272009, 005921272008
Document No: 3967371
Sale Type:
Bldg Type:
Year Built/Age:
GLA:
Land Area:
Percent Improved:
Total Value Assessed:
Improved Value Assessed
Land Value Assessed:
Land Assessed/SF:
Owner/User
Lodge/Meeting Hall (Neighborhood
Center)
Built in 2007 Age: 6
5,694 SF
0.21 AC (9,178 SF)
53.4%
$►571,740 in 2012
$305,430
$266,310
$29.00
Ccpynctrted report licensed to DRY Real Estate Advisors -19570.
7/15/2016
Page 3
3010 67th Ave - St. Michaels Town Square
5,894 SF Lodge/Meeting Hall (Neighborhood Center) Building Built in 2007 (can't)
SOLD
Transaction Notes
This sale transaction was for the building at 3010 67th Avenue in Greeley. This property sold for $260,000 or about $55.00 per square foot.
This was a bank -owned property. The new owner, Ag Resource Holdings LLC, develops and designs diary plants.
Escrow was 60 days.
•
Expenses
Income Expense Data
- Taxes
- Operating Expenses
Total Expenses
$8,506
$8,506
Current Building Information
ID: 7842898
Bldg Type:
Class:
Total Avail:
Bldg Vacant
Tenancy:
Owner Type:
Owner Occupied
Zoning:
Land Area:
Lodge/Meeting Hall (Neighborhood
Center)
0 SF
0 SF
Individual
a
9,178 SF
Bldg Status:
RBA:
% Leased:
Rent/SF 'r:
Elevators:
Core Factor
Stories:
Typical Floor Size:
Building FAR:
Const Type:
Expenses: 2015 Tax @ $1,22/sf
Parking: 50 free Surface Spaces are available; Ratio of 5.4811,000 SF
Location Information
Built in 2007
5,894 SF
INI
0
1
5,894 SF
0.64
Wood Frame
Park Name:
Metro Market:
Submarket:
County:
CBSA:
CSA:
DMA:
St. Michaels Town Square
Denver
Weld County/Weld County
Weld
Greeley, CO
Denver -Aurora, CO
Denver, CO -WY -NE
copyrignws report neon sirs to ORRM Neal Enna A[aVlsOI'5 - 194a10.
7115/2016
Page 4
a
242 Linden St - Surnet Event Center & Catering
Fort Collins, CO 80524
Sale on 1/6/2014 for 1„530,000 ($102,4613F) - Research Complete
14,932 SF Retail Restaurant Building Built in 1901
ea
est
401
Buyer & Seller Contact Info
N College Ave
SOLD
Si
WI
81.1C10
NF(CH.i
CO M
4rDOWNTOWN Rev
tanrenR
Artri•
Buckingham
is St
1°''
c 2016 Mtcosoft C� r t
F atINR
Recorded Buyer:
True Buyer:
242 Linden LLC
Blue Ocean Enterprises Inc
415WOak St
Fort Collins, CO 80521
(970) 494-5413
Buyer Type: Corporate/User
Buyer Broker SVN I Denver Commercial
Steve Kawulok
(970) 488-3155
Recorded Seller
True Seller
Seller Type:
Listing Broker:
+'i l l i nda Properties LLC
Willinda Properties LLC
Willard Owens
3525 Diane PI
Greeley f CO 80631
(970) 353-226
Develop er/Owner-RC NIL
SVN I Denver Commercial
Steve Kawulok
(970) 488-3156.
Transaction Details
ID: 2932527
Sale Date:
Escrow Length:
Sale Price:
Asking Price:
Price/SF:
Price/SF Land Gross:
Percent Leased:
Tenancy:
No. of Tenants:
Tenants at time of sale:
Financing:
Parcel No:
Document No:
01/06/2014
11530,000 -Confirmed
$102.46
$147.70
100..0%
Single
Sale Type:
Bldg Type:
Year Buitt/Age:
GLA:
Land Area:
Percent Improved:
Total Value Assessed:
improved Value Assessed
Land Value Assessed:
Land Assessed/SF:
1
Sunset Event Center & Catering
Down payment of 1,530,000.00 (100.0%)
971234)6i-024
201 40000957.
Copyrighted report licensed to DRM Fie Estate Advisors - 194570.
Investment
Retail - Restaurant
Built in 1901 Age: 113
140932 SF
0.24 AC (1O359 SF)
47.1%
$25'4,080 in 2012
$133,550
$150,220
$14.00
7'/1512015
Page 5
242 Linden
14,9325E Retail Restaurant
Linden St - Sunset Event Center Catering
14,932 SF Retail Restaurant Building Built in 1901 (can't)
dt
Expenses
r
Transaction Notes
Aladassatallea
SOLD
The 14,932 SF retail/specialty building located at 242 Linden Street in Fort Collins, CO sold 11612014 for $1,530,000.
No conditions of sale were reported and this was considered a market value transaction,
Information contained in this comparable has been confirmed with the brokers involved in the transaction. They confirmed the location,
size, date, parties involved, and price. Information was also based on recorded documents and county assessor information.
Income Expense Data
w. _
Taxes
- Operating Expenses
Total Expenses
$29,158
$28,158
Current Retail Information
ID: 8039118
Property Type:
Center
Bldg Status:
Owner Type:
Zoning:
Owner Occupied:
Retail - Restaurant
Sunset Event Center & Catering
Built in 1901
Corporate/User
No
Rent/SFNr -
CAM: -
Street Frontage: 73 feet on Linden St (with 0 curb cut)
Expenses: 2015 Tax @ .19/sf
Metro Market:
Submarket:
County:
CBSA:
DMA:
GLA:
Total Avail:
% Leased:
Bldg Vacant:
Land Area:
Lot Dimensions:
Building FAR:
No. of Stores:
14,932 SF
0 SF
100.0%
0 SF
10,359 SF
1.44
__Location I rtftrmtkpn__._.
Denver
Northern Colorado Ret/Northern Colorado Ret
Larim er
Fort Collins, CO
Denver, CO -WY -NE
%SUWJI Wi viw jwadi t I um/Oila to Ian naal GolalCI runlets - Ia`1Vf V.
j
rr i rcu iu
Page 6
400S
Fort
Sale
7,041
Collins,
on
SF
12/1612013
Link
CO
Retail
Ln
80524
for
Bar Building
$720,000
Built
(102:.251SF)
in 1963
-
Research
Complete
SOLD
r
r
ea
I E mignotts st VI
%,00
141* it,
• rol
t
i
Y
_ i
ty
3/444
r
cat
E.hil,uthertyst
luiberry
St
"`.►.
C
a500 ids
e
pd*.
d
►i. 2 D 6 Mal
illi i
i� f
t
Corptador;
2Crie HERE
Buyer & Seller
Contact Info
I
Recorded Buyer Timberline
True Buyer: Timberline
Jon Cook
2908 S
Fort Collins,
(970) 482-4387
Buyer Type: Religious
Holdings
Church
Timberline
CO
Co Lis Recorded Seller
True Seller:
Rd
80525
Seller Type: Individual
12137 Corp
A Hunt Club
Aaron Bekkela
400 S Link
Fort Collins,
(970) 490-1885
Ln
CO 80524
Transaction Details
ID:
2918967
Sale Date:
Escrow Length:
Sale Price:
Asking Price:
Price/SF:
Price/SF Land Gross:
Percent Leased:
Tenancy:
No. of Tenants:
Tenants at time of
Parcel
Document
�..__
12/16/2013
-
$720,000
a
$102.26
$7.20
100.0%
Single
1
sale: A
No: 87073-14-006
No: 201300910
Hunt
-Full
Club
Value Year
Percent
Total Value
Improved Value
Land Value
Land Assessed/SF:
Sale
Bldg
Land
Improved:
Assessed:
Assessed:
Built/Age:
Assessed
Type: Owner/User
Type: Retail
Built
GLA: 7,041
Area: 2.30
69.0%
21O250
$145,000
$65,250
$0.00
- Bar
in 1963
SF
AC (100,001
in
Age:
2012
50
SF)
Tran acllo
n
Notes
The buyer purchased
square feet. No
other
400 S.
information
Link
Lane, Fort Collins,
was available
CO 80524 from the seller for $720,000 on Dec. 16, 2013. The retail
at this time.
building is 7,041
Copyrighted report licensed to ORM Real Estate Advisors -194570.
7115/2016
Page 7
400
7,041
S
SF
Link
Retail
Ln
Bar Building
Built
in 1963
(con't)
SOLD
Income Expense Data
Expenses
- Operating
Total
- Taxes
Expenses
Expenses
$19,231
$16,231
Current
Retail
Information
ID:
8107405
Property Type:
Center:
Bldg Status:
Owner Type:
Zoning:
Owner Occupied:
Rent/SFNr:
CAM:
Street Frontage:
Expenses:
Parking:
Features:
------
Retail
-
Built
Religious
C
No
-
-
150
2014
35
Pylon
free
- Bar
in 1963
feet on Link L n (with 2 curb cuts)
Tax @ .7. s f
Surface Spaces are available
Sign, Sig nags
Location Information
Bldg
Lot Dimensions:
Building
No.
GLA: 7,041
Total Avail: 0 SF
Leased: 100.0%
Vacant 0 SF
Land Area: 100,001
-
FAR: 0,07
of Stores: -
SF
SF
Metro Market:
Submarket:
County:
CBSA:
DMA:
Chen ve r
Northern Colorado Ret/Northern Colorado Ret
Larimer
Fort Collins, CO
Denver, CO- ''f -NE
Copyrighted report licensed to ORM Real Estate Advisors -19x4570.
7/16/2016
Page 8
Fairway Acres, Inc.
Income Statement
01/01/16 to 12/31/16
Income
Sales -Liquor
Miscellaneous Income
Rental Inc-wTotal
Services
Allocated CC Tips
Total Income
Cost of Sales
Purchases
Total Cost of Sales
Gross Margin
Operating Expenses
for
Landscape Maintenance a Repair
Supplies
Advert ising
Security & Monitoring
Repairs
Lease & Rentals
Taxes
Miscellaneous Expense
Depreciation Expense
Amortization Expense
Utilities
Insurance
Interest Expense
Fees & Licenses
Credit Card Expense
Legal & Accounting
Bad Debt Expense
Total Operating Expenses
Net income (loss)
$ 125, 044 .34
4,.912,12
324, 951.78
52,662,80
9,674.23
.
31, 252.07
sas;s2s57
485, 993.70
24.2
0.9
62.8
10.2
1.9
16 . U
60
94.0
113,688.23 22.O
5,468.42 1.1
2.2,117479 4.5
19, 643.66 3.8
1,210.00 0.2
5,144.72 1.O
39,998.62 7.7
71,739.16 13.9
2,002.62 0.4
90,164.00C 17.4
1,744.00X 0.3
29, 584.95 5.8
17,797,45 3.4
141, 249.17) 27.3
1,685.56 0.3
8,558.94 1.7
735.00 0,1
552.00 0.1
721 11`
$ (88,387.50)
430i
1411724
MN/ 769
-17.1,
Fairway Acres, Inc.
Income Statement
01/01/15 to 12/31,E15
Income
SaleseLiquor
Miscellaneous Income
Rental Income -,Total
Services
Allocated CC Tips
Total Income
Cost o€ Sales
Purchases
Total Cost of Sales
Gross Margin
Operating Expenses
Labor
Cleaning & Event Services
Landscape Maintenance & Repair
Supplies
Keg Deposit
Advertising
Security & Monitoring
Repairs
Lease & Rentals
Taxes
Miscellaneous Expense
Depreciation Expense
Amortization Expense
Utilities
Insurance
Interest Expense
Fees & Licenses
Credit Card Expense
Legal & Accounting
Sad Debt Expense
Total Operating Expenses
Net income (loss)
$ 72, 635.47
11, 534.54
355,435.40
370293.10
5,500.83
sarrnerrn
17,439.09
rearrering
355,960.35
75,363.61
961.85
6,182.50
14,140.77
260.00
1.5730.74
1,989.58
3,725.68
35, 696.53
65,247.73
145,15
91,243.OO,
1,74440014
36,172.05
13,654.R3
139,698.48X
24033,27
6,523439
810.00
94.00
. i
(145,457,52)
9
I7hi'/
I 519166
87Q7
18.9
3.0
66.6
9.7
1.7
10'0
95.5
19.7
0.3
1.6
3.7
0.1
4.1
0.5
1.0
9.3
17.0
O;0
23.8
045
9.4
3.6
36.4)K
045
1,7
02
0,0
13
-3709
WELD COUNTY ASSESSOR
CHRISTOPHER M. WOODRUFF
1400 N 17TH AVE
GREELEY, CO 80631
DATE: May 1, 2017
2017 REAL PROPERTY NOTICE OF VALUATION
Phone: (970) 400-3650, Fax: (970) 304-6433
Office Flours: 8:00 a.m. - 5:00 p.m. M -F
appeals@weldgov.com
www.weldgov.c.om
TAXPAYER COPY
ACCOUNT NUMBER
R1105402
RO
0
P`H
EE
RR
I
Y
TAX YEAR
2017
TAX AREA CODE PROPERTY INSCPIPTION gMAM NOT BE COMPLETE)
0451
PELICAN LAKES LLC
1625 PELICAN LAKES PT STE 201
WINDSOR CO 80550-6236
CLASSIFICATION
COMMERCIAL
TOTALS
0807 28309006
WIN 9WV TRACT C WATER VALLEY 9TH FG
OHM YEAlii ACTUAL VALUE
1,287,792
1,287,7'92
Clinftrfft WAR ACTUAL 1 MITE
1,546,962
1,5461962
+0R-CHWE.
+25917'0
+259,170
Using the above values, the estimated tax based on the prior year value was $50,070.
Using the above values, the estimated tax based on the current value is $60,147.
This results in an increase of +$10,07'7. This estimate is based on 2016 tax rates. You will receive a tax bill in 2018.
The current year tax amount is merely an estimate based upon the best information available. You have the right to protest the adjustment In
valuation, but not the estimate of taxes, 39-5-12 1(1.5). C.R.S.
PROPERTY CHARACTERISTICS
For specific property characteristic details, please see the Building Information and Valuation Information Tabs on your Property Report.
PLEASE REFER TO THE BACK OF THIS FORM FOR GENERAL INFORMATION CONCERNING YOUR PROPERTY VALUATION AND YOUR APPEAL RIGHTS.
24773
.11
-
July 21, 2017
Petitioner:
FAIRWAY ACRES INC
2901 SADDLER BLVD
SEVERANCE, CO 80524-8558
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):
DRM REAL ESTATE ADVISORS,
LLC
700 AUTOMATION DR UNIT G-200
WINDSOR, CO 80550-3117
RE: THE BOARD OF EQUALIZATION 2017, WELD COUNTY, COLORADO
NOTIFICATION OF HEARING SCHEDULED
Docket #: 2017-2537, AS0097 Appeal #: 2008217020 Hearing Date: 8/3/2017 9:00 AM
Account(s) Appealed:
R4504806
Dear Petitioner(s):
The Weld County Board of Equalization has set a date of AUGUST 3, 2017, at or about the
hour of 9:00 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, 2017, 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