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Home My WebLink About20172535.tiffAugust 9, 2017 Petitioner: HOMESTEAD SELF STORAGE LLC 7251 W 20TH ST BLDG L STE 200 GREELEY, CO 80634-4626 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): RE: THE BOARD OF EQUALIZATION 2017, WELD COUNTY, COLORADO NOTICE OF DECISION Docket #: 2017-2535 Appeal #: 2008216999 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 R8941184 Stipulated - Approved Stipulated Value $4,255,248 $3,900,000 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 D COUNTY Single *CountNumber Schedule R894118 1 8 s► s. a e w rr f r 7 STIPULATION (As To Tax Year 20J 7_ Actual Value) RE PETITION OF : NAME: Homestead Self Storage LLC ADDRESS: 3 546 2 St Greeley, CO Via 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: LOT 2 GATEWAY LAKES 2ND REPLAT 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 $4,255,248.00 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 $3,900,000.00 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 8/2/17 at 3:00 PM be vacated. R8941184 DA hearing has not yet been scheduled before the Board ofEqualization. l OAT P this 21st day of July, 2017. Petitlo Address: 723-7 v cam. -,2OD Telephone: -- —D. Docket Number Stip-1.F R894.I 184 (Aisist�nt) .GQunty Attorney for Respondent, Weld County Boar of Commissioners Address: 1150 "0" Street P.O. Box 758 Greeley, CO 80632 Telephone:(970) 336-7235 f F, f f ACI 9/7; toryik 4` l County Assessor Address: 1400 N .1 7th Avenue Greeley, CO 80631 1 , f LI\ Telephone; (970) 353-3845 ext. 3697 2 NOTICE OF DETERMINATION Christopher M. Woodruff Weld County Assessor 1400 N 17th Ave Greeley, CO 80631 • Date of Notice: 6/30/2017 Telephone: (970) 400-3650 Fax: (970) 304-6433 Office Hours: 8:00AM — 5:00PM • '•:..� . 5 R`' ,- 'v v.,.. -- .ti.. .. }1 .?F w-JlYJ 4 y.. frN•} A ..{•••'F _-'rY\-. }: ):'. .4" n'.4' !• .4 •AY -Y? 4'.. •.i• .J:4M i• !.. 1 :'Y. JJ,,2 44••4l�• ..�.". "-'•S4 •H'a 4 n' r .. }�, `�f .-.+r'a .. �.... '.: ,•}'J?Jry!{a.air�a-},e, J....1?. i` rtt�I'Yr-.'S•'�'w„ v... d:.:: .4•. �{ G•• l V i••]�} �:': .': Y.l:.4,.ml.{ ,-• :. 1l. V. ,r { 1 Y,rY•. •.1C`,Y'f-' . - 1k'-•'.V:1r.'•`{:{{�.r J.4.. ,. .. 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'rN. •'}}1:}J l..l. Y1• 4Y.MM4 -.ti.., Yr.{ J.ti..:. w4 �: v 35 `} -}r .. `+ .L4. •.... y'.y - 4 •h �M' gaq'•.r� yy[ •a��'+j��j��dL^�wYC' 4. �'iT C'r {. -GR.v Y'}. .. .... r. iYMYN.".Y� �--......-.. ..-. ..... . ryJ� }.. 1!i •..Y' i••Y, •h'- '•r, .•� •. ? •y-• '.. elA �( M•r1 »••. h•' '••'• S. JC • J • .' .iY•�... S••' =•- � '.V.4�• : -- -. .. ... - �•.. _• \w♦ ••¢ 1 J. �� `4 ..- •Y r' } �� rf. :f: .. J it . i5 r n. rh4%r... }.}�J: ... 4! •`r N' .. :•.:..: - r ?' '! . -•,'r ..{. ..\. 1... ';' � ...- k..4 -:•:. v l • o.4i-.QJ.{4.{r. Jp , NC ,^S .r.a. COMMERCIAL 4,255,248 4,255,248 • Y•1 �J'G J: •Vn J $4,255,248 $ , 8 Y! v A.,•,„.•,....„.4,., CG-••S 1 T. l+`ti^ R . - i } 14\rt•Y £ 1rr The Assessor has carefully studied all available information, giving particular attention to the specifics included on your protest. The Assessors determination of value after review is based on the following: C 06 - The Assessor staff has requested additional information to properly review your property's value. Because we have not received this information, 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, § 39a8e106(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): 16-DPT-AR PR 207-08/13 R8941184 2017-2535 i • Coun Board of Equalization Hearings will be held from my 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, E.O. Box 758 Greeley, CO 80631 Telephone: (970) 356-4000 ext, 4225 Online: httpliyaniv.cc. &&d.co,us/apps/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 reccrnrr end ;hat all correspondence be mailed with proof of mailing. • You. wilt be ,nptified, of the date and time scheduled for your hearing. The County Board of gq001120tiprj':ritiiitmail a written decision to you within five business days following the date of the decision. cThe 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 pf 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 1313 Sherman Street, Room 315 Denver, CO 80203 (303) 866-5880 www. dola. co l orado. o ov/baa District Court contact the istrict court in the county where the property is located. See your local telephone book for the address and telephone number. Bindin Arbitration Fora ist o 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. y'- '- � h '�_�_�.'iAx,x`ar a, adcabl. ` z �a�x •..} wwxxti,.1 �. w .Aa N w }}1 z •f1 • 5.4". "•woc r.:i �. .. .. v - W lj1• t .{ c- r AS - - - : \ i LL r t _ ` a....�y�„{'-Sad-:•YLl •k+b "... is .�^w. ' :...�. i. -.. :,Y w$]��;.. ';J.•b.�} :� / .N.r: ,r .. ... ... � ---.. s�. .+k4 ... ...n _ - ... '. .. }.}" N:;�• •' '. .-.�...h 1.1 f/ •: •••• �•"h !`. 1. 11n- .13.8.' :}.rR%- ]?:. •14l ` '..Y .Q1WR{'{: What is your estimate of the property's value as of June 30, 2016? (Your opinion of value in terms of a sp c:41 ll r amount is required for real property pursuant to § 39-8-106(1.5), C.R.S.) Sairui q What is the basis for your estimate of value or your reason for requesting a review? (Please attach additional sheets as necessary and any supporting documentation, i.e., comparable sales, rent roll, original install° • cost, appraisal, etc.) on x. -- r4 x�vw a�+r * s tvs '`1 S_.. w.. ..t 'jM CL a I, the undersigned owner or agent' of the property identified above, affirm that the statements contained herein and •. an - - -. ents r - -• - true and complete. Sig natu en 361-7c7L Telephone Number 4. E - ail Address 1 Attach letter of authorization signed by property owner. D e • 16 -DPI -AR PR 207-06/13 86941184 let • • • i F" •a. .1 • 1 d • r HS SELF STORAGE, LLC 7251 W 20 Street, Le20O Greeley, Colorado 80634 (970) 352-7072 May 15, 2017 VIA First Class Mail Weld County Assessor's Office 1400 N 17 Avenue Greeley, Colorado 80631 - Basis for Review: RE: 88941184 The net operating income on January 1, 2017 was $48,611. Using an 8% CAP rate, value of the entire complex is $607,640. The complex was 47% occupied on January 1, 2017. The lease up has been slow. In the interest of reasonableness, the valuation for this parcel should be $1,999,967 (47% of County assessed value). me. Should you have any questions regarding the foregoing, please do not hesitate to contact Sincerely, Larry Buckendorf Enclosure 1 • a• •h1 •a� • • 5P a . t •. •• I 1 • • ' _- r r . 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Y • • Ira L R 1 • i • •1" L 1 or r • ' v. •• 4 a • a' . • •' a - • rs -I -! }L 1. • 1 ; a. a • • I a e 1 a • r U. a a. 1 r 1 • . -fir } a 1 I • • d y r r r p a t • L • 1 p al • t .• i f • • i •b, • •• b • 7 a • I • I. a• e a 1 •I • A-; ; t .• ' • I . ,, • a , . .w • • •=' • ! • • • r Y • r p + 1 • II r • • I_d.� • • r Cr _ 1 • ..•. • 4 •• f I • • a 1 f • r L a • • i • a • L • • • • r • • I a INANIMOUS CONSENT TO ACTION OF THE MEMBERS AND MANAGER OF HOMESTEAD SELF STORAGE, LLC A COLORADO LIMITED LIABILITY COMPANY Pursuant to the provisions of the Colorado Limited Liability Company Act, the following action is taken by the Members and Manager of Homestead Self Storage, LLC. WHEREAS, it is the desire of the Members and Manager of the Company to authorize and define the actual signatory authority of the following individuals for and on behalf of and in the name of the Company to execute and deliver various document, therefore; BE IT RESOLVED, that RD Holdings, LLC and/or LB Holdings, LLC and/or Jeff Demaske and/or Larry S. Buckendorf and/or Darrell McAllister each in its/their single or individual capacity, is authorized for and on behalf of and in the name of the Company to execute and deliver any and all documents deemed necessary, required and associated with a sale and purchase of real estate, financing documentation and closing documents including, but not limited to, any of the following instruments; contracts of purchase or sale, warranty deeds, deeds, deeds of trust, mortgages, promissory notes, assumption documents, transfer of escrow funds and insurance policies, closing and settlement statements and all other documents relative thereto. BE IT FURTHER RESOLVED, that any and all acts authorized pursuant to this Resolution are hereby ratified and approved and that this Resolution shall remain at full force and effect and a title company or lender may rely on such Resolution until written notice of its revocation shall have been delivered to and received by any such entity. Any such notice shall not affect any of the Company's agreements or commitments in affect at the time notice is given or in affect at the time this Resolution was ratified and approved. III WITNESS WHEREOF, the undersigned, constituting the Members and Manager of the Company have executed this Unanimous Consent to Action of the Members and Manager this 1st day of January, 2016. ED Holdings, LLC a Colorado 1' ' liability company By: — - - --- ernaske, Manager LB Holdings, LLC a C ' lorado limited liability company Larry U,\Willowbrook\WBSharelHomesteaastaragelcarp docs\Unanimous Conscntadoc rl a I I f I a • I.• • .. a ., • 1 , ' a I• I . . I . 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'„ ;��t• li!•• ti ':i;v';:tl�� .;, � .Gti---'t-'il. y 1' - +r '4 i � �t1�,w I.f. •: �.t'.�1t� •�Y �1j, ti,-'5Trti: :f• r �a LL.-_.-0� � •h •.Y,�l.v': �� 1 �• .�- � ti I•.:ca' :i' •• a .L'' x Jt J :f•{-••F'Y:- :.F • t • ;.. 1 - Presorted First Class US, Postage The Mastef's Touchy LLC .r. z+ ,•.e " V.-1•1;!.. Fff• ` • yfl i r.II�...-�#}� 1 • Uv 'Yt77,1; t" .k.ii l;M tyy •aw,i .I 1 A i_ *. r.rfr� ,'l 4r r, �,• +. ,4 �• � ,r.r M? i2r V'+i � f+ Yr+rr •i'•+ rt 4•• a, ,r�I.. ri!y,�•�{1'rs•.�- $. �-, is �7;w.:-sY-r 4`., :%."4 % . J ��•j 4'l.s ti;,h III F ;.� 4 .a� �.. "44:5 -I "f w `r, -FA`,7 f •'• Saf�, „ ._I ,r1 . 'sett e , 'a• — .7. ^4 rv'1 i$;'x••.7"r tr •4 it rye yti'1 'fir,,,' '4r k iy r -srr pr RETL• G1UES" ti'rIt i j 2017 REAL PROPERTY PROTEST FORM .523. [ill•': e 3 - 3.'- �' art. ."�'' a .. i•�r irei'`{t iv'r.r'-w ' ': 4 _y_SERVICEJ 101252*•ct26> 'G50'*mAUTO"5-DIGIT 80634 HOMESTEAD SELF STORAGE LLC 7251 W 20TH ST UNIT.L STE 200 GREELEY CO 806344626 II • L. ••. "1 -Alias+ • dt .daaP i• 41- 2t • • Weld County Assessor 1400. N 11#1 Ave L - •.1 . • • 2 • -Greeley�. . R3.1. {.; r:':' •:. •sir.:'., I - - •-,a• ado • 1y '.•.aa n Y.... •: .•.... .4. : r_ :'.'+rC 4� i.,1 .-;"'LP". i1,•l . e• -re .. ��)) aYf-!fit•. •• L�� '_��\� •�i��.. y � ••-�". I•� , r :Leif •t 1M1 a ! n .+.•.4`L •i4••--si •Llr' +' ..• ,I }• Z.Z' �:• t •, -•'}.:j[• +1 : •fi.I ... .y • IZ�.r G tie. .'Zr �'I }' t�••. Ae You may appeal the valuation and/or classification by June 1st by visiting our office, or mail this form -to the assessor. Website: www•weldgovcom/deoartrnertts/assessor Email: appealsweldgay.com Location/Mailing: 1400 N, 17th Avenue, Greeley, CO 80631 Phone: 970.400-3650 Fax: 970-304-6433 Account Number. R8941184 Property Owner: HOMESTEAD SELF STORAGE LLC What Is your estimate of the property's value as of June 30, 2O $ ( 99t �, TO APPEAL ACCOUNT 88941184 CHECK HER316. YOUR REASON FOR APPEALING THE VALUE IS: e se no o1 C — E -Mall Addre AGENTAUTHORIIATION: You must provide written authorization if you are using an agent. The agent's name, mailing address, e-mail address, and telephone number must be prodded, �I• S YOUR RIGHT TO APPEAL THE PROPERTY VALUATION AND/OR THE CLASSIFICATION TO THE ASESSOR EXPIRES JUNE 1, 2017. If the date for filing any document falls upon a Saturday, Sunday or legal holiday, it shall be deemed timely filed If postmarked or received on the next business day. 39-1-120(3), C.R.S. 1 • a • a3 • .• . 1• • t-A,"•t I • • a I • • ; • • •• • A. • r • • ✓ 24 • • • 4 NOL LVUOJ?!3d SNOW blV31 aNY mod :N3d0 0Z • 1 I • • • • • I I • ,r fr.' • r • a - r r a I Y • ' . 4r , 1- . Y •as '• . • r ., • ' • , • I I I T 'I Ia d ▪ I - 1 ' It air` • a 1• •- • • r 40 r !- '• •.r • a•..•.r I n •� • - • • it • s • • "Ill• • • • r I R• I I I. 4 U II, a I I . ,Ii r • as U.. -I t I _, •r� 1I 1 r • v Ne.I • r• • , • •j I - ,r • I I • • I• x-• . I •• e I • 1 • ': I r I • k fi •• •r r lid.., ' j •I }+ < _ {{T a. • M1• • • ` a • - i a y a r•• 2- • tI t t•3 1 • • IU r •a •' • ••P • ff _• i •' •I s 1 last .I I _ •�, .LA - a, •a I I • • •S • • • • I I • I IU I a tic; as: I • . 2017 REAL PROPERTY NOTICE OF VALUATION a i I • a a rr f 1 a I 1 I I L I a • 1. 1 • lI r S a . a • • 41 ay ▪ L• ^ IFF '• • �- • • • • _• - •y1 J ., I A r a4^ I A L I * a I. - i 'r 1. • • • • • I. i I f . 1 • t . • a avii. i• 'f 14 • • '• • • T 4. - • I s I t. • I r I. 4 r ,.• • .I - ^ • . .• I. a r ▪ err - 1 + / I L r ✓ Y • • • • • L ea a •_ r j e I: I ' r I : ICI. a .. • r z•a . • •. r. T- • 1 ° ea 1 aI k ••r k I La • I • ` • he er r. I. This is a condensed version_ of your Notice of Valuation. See your entire Notice of Valuation, a , complete property report, further details on the appeal process, sales data used far the valuation cycle, and an online protest filing application at: www.welduov.corrrldepartmentslassessor. The assessment rate for residential property is projected to be 7.2%. Generally, all other property is assessed at 29%. Your property was valued as it existed on January 1, 2017 using appraisal data from the period ending June 30, 2016. Account No: 88941184 Property Address/Description LOT 2 GATEWAY LAKES 2ND REPLAT COMMERCIAL Total v.•r 14•C•S.'" etr N .T al `1:'S.' 4.4� e6 ''].•. yiµ+•. nF Mir {.��f �'S..1=5 ▪ f .a4'r:3yr'v �V5: ,-`7-•e...-zvii.„ri� �'i'•4'k.� • Ji+�?4�. �� rr�r�t.^'� -rla ii-'-.• ri4_' 833,750 4,255,248 +3,421,498 833,750 4,255,248 +3,421,498 Using the above values, the estimated tax based on the prior year value was $17,990. Using the above values, the estimated tax based on the currentvalueIs 591,8141 This results in an increase of 473,824. This estimate is based on 2016 tax rates. You will receive a tax bill in 2018. If you are unable to view your Notice of Valuation online, please call us at 970-400-3650. YOUR RIGHT TO APPEAL THE PROPERTY VALUATION AND/OR CLASSIFICATION TO THE ASSESSOR EXPIRES JUNE 1, 2017. If, after filing an appeal with the Assessor you do not agree with the Notice of Determination (NOD),- or you ddvv nn� receive a NOD, you may file a written appeal with the County Board of Equalization on or before July 15, 2O r a Check here If new address • . • e- ^a ' •mt`r I! - • r ° - . • a • - a a ej' • lea ▪ • _•S • ▪ a J a I F. • • • •. I • a 1 .L • I PLACE STAMP HERE Frost Office will not deliver without proper _ postage. 'll'lllllllllllulihl�Ilulluuulll,l.lall„r„l'lll'Ilullilll'I'III Weld County Assessor - 1400 N 17th Ave Greeley, CO 80631 • ▪ . I ' . r •• • • • • • a . • a L a • • r • 6. L • 4 • s • I. .. , • -... - • F' • a ' • • • , e I I • •I I 101252 e '• e . I e ' •t a 1 1 I �• • I. — F ' • _- r L 1 'r a' t• ..^ • I F ry • I•. . a • ' L a I I a I a I I 1 I a • I • e I' .4 I a I .. !' • a . -' I - i . s ' F I• _• I — a a a • • • . • • • a . x • I .• I tai •1 Ei 1 I'. ..� • I I r f a I • • • F F. 4 • .a • • • I I. at ) . I •• • S i. 1. . • °11a 3 I a e• ▪ l a _ •• •• ▪ 4 +, - • I Debbie Carstensen First National Bank of Colorado May 5, 2015 Page Two It is our opinion that this report complies fully with (a) the Uniform Appraisal Instructions to Appraisers as set forth by FIRREA,(b) the current Uniform Standards of Professional Appraisal Practice (USPAP) adopted by the Appraisal Standards Board of the Appraisal Foundation, and (c) the reporting guidelines provided by First National Bank of Colorado. It must be noted that our estimate of value is subject to other standard and typical assumptions and limiting conditions which are referenced in the accompanying appraisal report. Those extraordinary assumptions or hypothetical conditions are summarized as follows: Extraordinary Assumptions: 1. NVC was not provided with architectural plans for the property Gust a conceptual site plan and other assorted drawings and a unit mix summary), It is an extraordinary assumption of this appraisal that the improvements will be built to the total size and mix as described herein, and that it will have a high level of quality, consistent with that of other newer self -storage facilities in the market Hypothetical Conditions: None - Considering the data, analyses and reasoning contained in the attached report, and subject to the assumptions and limiting conditions set forth herein, we provide the following opinion of the market value of the fee simple interest in the subject property: Market Value Opinions li As Is Upon Completion Upon Stabilization Value Date April 21. 2015 Januaryl, 2016 January 1, 2019 - . .' Market Value $960,000 $4.100.000 $5,700,000 Land SF 320,673 - - Rentable SF - 991800 99.800 # of Units - 654 654 Per SF $2.99 $41.08 $57.11 Per Unit - $6,269 $8,716 -- dJ I 4 1 • I • t C 1 .• • T. • • i 1 • st a••1. • _ e • a - 1 • i • • ,- -r- 1 • • .4 • • • • •1. 'J I ' -JJ • a i • • • • k • i • • • • • la c. • • se 1 • • • I. • ` 1 •' 1 - C•: • • • • ,. 1 .T, r • s • 1 r • • - -d • T 4 •R s. • N d- • w I. -• • 1: 1I , - 1 - 1•- tr 1 I a L • 1 _ t • , • • 4 • • • - , r -• 1 ' 1 - • I• •. .• . ' I •1 .! • • P I • 1 • 4 1 • i • • • • • •'• • • 1 7 • 4 •- 1 • C. LI: • • 1 • - - • •, a 1 • I • `r -"G • Cimino —...r —•••. • INN Y •• a • •er _2- • • 1 {.1 r a i ti 1• e •• e �• . • J .T • E.. a • 4 • 3 1 wa -.�c.+- Homestead Self Storage, LLC. Homestead Self Storage 3546 W. 29th Street Greeley, CO 80634 Unit Size 10X10 1OX10CC 10X15 10X i 5CC 10X20 • 110*20CC -•- 10X25 10X30 -,- 5X10 5Xti Occ Total Total Area 11,400.0 5,700.0 19,t2�00,0 4,600.0 23,400.0 4,000.0 12,500.00 15,000.4 1,700.0 2,400.0 99, 800.0 Total Units (970) 330-3030 Rented Reserved Vacant Units Units Units 114 57 128 30 • 117 50 50 34 "48 648 81 4• 59 10 43 14 41 33 12 307 5 3. 1 U 0 0' 0 1 0 1 Legend: Current Actual Rent = sum of occupied units at their rented rale. Current Potential Rent = sum of ocaipied units at their rented rate and vacant units at their default rate. Default Rent w sum of an units at their default/street rate. Percent of Rented R Percentage of total rented units to the total rentable oaths. This report does not include "Unavailable" units. Other Unit = Damaged and Company Units 11 28 50 68 20 • 74 36 8 1 35 Other °fQ Units Rented 0 71.1% 0 7.0% 0 46.1% 0 33.3% 0 36.8% 0 50.0% o 28.0% 0 82.0% 0 97.1% 0 • 25.0% % of Area Rented 71.1% 7.01% 46.1% 33.310 36.8% 50.0% 28.0% 82.0% 97.1% 25.0% Default Rent $8,550.00 $x,244.00 $12,160.00 $3,570.00 $13,572.00 $3,060.00 $7,250.00 $8,250.00 $1,870.00 $3504.00 330 0 47.4% 47.60% $67,030.00 Current Potential Rent $8,441.00 $5,244.00 $11,495.00 $3,427.00 $13,095.00 • $2,754:00• $7,057.75 $7,590.00. $1,821.00 .$3,377.00_ $64,301.75 Occupancy Saturday, December 31, 2016 Current Actual Rent Percent Actual of Potential $5,966.00 69.78% $368.00 7.02% $4,940.00 40.63% $i,O47.00 29.33°/v $4,511.00 33,24% .$1,224.00 - 40.00% $1,837.75 25.35% $6,105.00 74.00% $1,766.00 94.44% $749.00 21.38% $28,513.75 44.34% 5/19/2017 3:10:27PM Page 1 of 1 11:40 AM a 06/13/17 Accrual Basis HS investments, LLC Profit & Loss by Job December 31, 2013 through January 1, 2017 04 L Homestead Self Storage Costs Security System Garage Doors Concrete Pumping Cabinets CarpetNi nyt/Countertops Cleaning Closing Costs Concrete Labor Door Hardware Drywall Electric Engineering Erosion Control Exterior Doors Exterior Paint Labor Fence Flatwork Material Foundation Material Framing Labor Framing Material Gutters HVAC Insulation Interior Doors/Trim Interior Paint Labor Landscaping Lighting Masonry Mirrors Portable Toilet Roofing Siding Labor siding Material Site Work Steel Beams Survey Taxes Trash Service Trusses Windows Total Cost of Goods Sold Land 320,673 square feet at $2.00 per square foot. Total Cost of Homestead Self Storage including Land 13,107.75 835.00 30,209.45 1,847.06 2,245.00 190.00 7,837.00 319,396,80 1,466,77 3,860.00 294,773.04 44,692.42 981.50 360.15 28,332.00 79,984.00 446,296.61 18,542.58 301, 975.82 814,222.70 800.45 63,931,24 6,228.78 2,936.70 8,184.00 1,184.90 67,172.75 60,111.00 79.53 1,367.00 7,624.15 20,216.00 0.00 145,442.71 94,467.58 28,941.69 1,1 65.42 8,093.20 914.00 287.79 2,930,304.54 641,346.00 3,571,650.54 13,107.75 835.00 0,209.45 x,847.06 2,245.00 190.00 7,837.00 319,396,80 1,466.77 3,860.00 294,773.04 44,692.42 981.50 360.15 28,332.00 79,984.00 446,296.61 18,542.58 301, 975.82 814222.70 800.45 63,931.24 6,228.78 2,936.70 8,184.00 1,184.90 67,172.75 60,111.00 79,53 1,367.00 7,624.15 20,216,00 0,00 145,442,71 94,467.58 28, 941.69 1,165.42 8,093.20 914.00 287.79 2,930,304.54 641,346.00 3,571,650.54 4 Page 1 oft airaf,rta Weld County Board of Equalization 1150 0 Street P.Q. Box 758 Greeley CO 80631 41 Oa Mg? !Cfsttes:Wiamr �C 43 S o?iMlY eons $ a. 2 002.03° rV 0000219 40&9 JUL 14 20 t 7 MAILED FROM Z1PcO0e 80634 Hello