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Home My WebLink About20172531.tiffAugust 9, 2017 Petitioner. RAINIER ELK LAKES SC AQUISITIONS LLC 13760 NOEL RD STE 800 DALLAS, TX 75240-1307 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): TAX ADVISORS PLLC 203 SE PARK PLAZA DR STE 230 VANCOUVER. WA 98684-5884 RE. THE BOARD OF EQUALIZATION 2017 WELD COUNTY. COLORADO NOTICE OF DECISION Docket #. 2017-2531 Appeal # 2008217031 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 R8403300 Stipulated - Approved Stipulated Value $1.765 592 $1508.304 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(5y. (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 arbitrators 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, u Cs- 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 R8403300 STIPULATION (As To Tax Year 2017 Actual Value) RE PETITION OF . NAME: E: Rainier Elk Lakes SC Acquisitions LLC ADDRESS: 2819 35th Ave Greeley, 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 orderbased on this Stipulation, Petitioner (s) and Assessor agree and stipulate as follows: 1. The property subject to this Stipulation is described OR ELSIR LOT R ELK LAKES H PPIN CENTER PUD 1ST 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 $1,765,592.00 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 $1,508,304.00 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 art adjustment. 7. Both parties agree that: ZThe hearing scheduled before the Board of Equalization on 8/1/17 at 2:30 PM be vacated. DA hearing has not yet been scheduled before the Board of Equalization. 88403300 is 26th day of July, 2017. etition or Agent or At • ney Address: Q35JL P/Va Oh leer_ 2r3p__ Vci-&vcr, ��a ��sy Telephone: %Q -'743V - LSSte.i , Docket Number Stip-1.Frm R8403300 (Assistant) County Attorney fo Respondent, Weld County Board of Commissioners Address: 1150 "O" Street P.O. Box 758 Greeley, CO 80632 Telephone: (970) 336-7235 .r county Ass..ssor Address: 1400 N.17th Avenue Greeley, CO 80631 Telephone: (970) 353-3845 ext. 3697 I NOTICE OF DETERMINATION , r l Christopher M. Woodruff Weld County Assessor 1400 N 17m Ave Greeley, CO 80631 1 Date of Notice: 6/30/2017 Telephone: (970) 353-38 45 Fax: (970) 304-6433 Office Hours: 8; 00AM — 5:00PM ACtOUNgi .'Ft,.J�E�A� No. r�� ' TAX YEAR • .TAX AREAS .•• ��s��P ��I��i��si�AL �LATi�t� _ . . ! R8403300 2017 • 0683 SR ELSIR 1ST 35TH - REPLAT Lot AVE , CO E ELK LAKES SHOPPING - . CENTER , • , • 4 I t r • a PROPERTY NE RAINIER 13760 DALLAS, ELK NOEL IX LAKES RD 75240-1307 STE SC AQUISITIONS 800 , LW , • , PUD 2655 GREELEY • y ' T - �, .i r PROPSSIF �_�. a i Or 4 • '� ..I .2' •. I , r •• I. v.° v ', '•'. _ - EL.• , °L- !POI . r� an . d . ..- 4. N _ . `. • -- - -- . %sr 4.11'..• • . r -. • • , .H-., ASSESSOR'S . - ATIoN . ♦ . S _ : • ' ACTUAL • VALUE l I.'? REvIEw - s .._ PRIORTO , • .' - •+ - - . i V . ACtUAIVAL�EArta' r - _ R , •.t V COIrvINIERCIAL 1,765,59 1,765,592 • fit T'AL $13765,592 $12765,592 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: CMOS - 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, § 394406(1)(a), CAS. F The deadline for filing real property appeals is July 15. rF g. 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 years tax bill or ask your Assessor for a listing of the local taxing authorities. f 0 Please refer to the reverse side of this notice for additional information. Agent (If Applicable): TAX ADVISORS PLLC 203 SE PARK PLAZA DR, STE 230 VANCOUVER, WA 98684-5884 , 16 -OPT -AR PR 207-08/13 R8403300 r 2017-2531 I 1 r t r APPEALPROCEDURES County Board of Equalization Hearings will be held from July 24th through August 4th at 1150 0 Street. To appeal the Assessors 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) 3564000 ext, 4225 _ Online: http://vvww,co.weld.co.ustapsichoei 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 ato continue your appeal,- you must file an appeal with the Board of Assessment Appeals by September 10, § 3 2-125(1)(e), If you are dissatisfied rwith 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 ilkagals 1313 Sherman Street, Room 31-5 Denver, CO 80203 (303) 866-5880 www_ do la. colorado. cov/baa Binding Arbitration For a list of arbitrators, contact the County Commissioners at the address fisted for the County Board of Equalization-. If the date for Ming any report, schedule, claim, tax return, statement, remittance, or oiler document fails upon a Saturday, Sunday; or legal holiday, it shall be deemed to have been timely filed if filed on the next business day, § 39-1420(4 , .R.S. District Court Contact the District Court in the County where the property is located. See your local telephone book for the address and telephone number. • a • PETITION TO COUNTY 'BOARD OF EQUALIZATION a _ What is. your estimate of the property's value as of June 30, 2016? (Your opinion of value in terms of a specific dollar amount is required for real property pursuant to § 39-&106(1.5), . R. .) nrisfiri What is the basis for your estimate of value or your reason for requesting a review? (Please attach additional sheets as necessary and any supporting documentation, i.e., comparable sales, rent roll, original installed cost, appraisal, etc.) Actual value exceeds market based on economic performance as indicated in attached valuation analysis. We request a conference with the assigned appraiser. _ ATTEST#TMoll .. _ t• . _ _ F r ..1 ♦ ned owner or agent' of the property identified -above, affirm that the statements contained herein meets, hereto -are true -and complete. 'gnat ' e 4 (360) 750.6884 'Telephone Number Email Address 'Attach letter of authorization signed by property owner. 7 7/14/2017 Date. • 16-DPT-AR PR 207.08/13 R8403300 13, 730 Nod Road Suite 8O0 • Dallas,TX 75240 214.2 4.82OO phone • 214.234.6201 tax P3j rc-2hi &.coin May 24, 2017 Weld County Assessor's Office 1400 N 17th Avenue Greeley, CO 80631 • Re: Rainier Elk Fakes SC Acquisitions LLC; dba Elk Lakes Shopping Center Schedule/Account Number(s): R8403000, R8403100, R8403200, R8403300, R8403500, R8403800 Dear Assessor: Please be advised that Tax Advisor, PLLC/Meritax LLC is hereby authorized to represent us in real and personal 1e ' tax matters related to the above -captioned account for the 2017 and 2018 Tax valuation years. Greg Dalai , Portia Howard, Mike De Salvo, Marcus Dupont or Tristan Mudd with Tax Advisors, may be reached at (360) 750-6884. Additionally, please mall all appeals -related correspondence to: Tax Advisors, PLLC 203 SE Park Plaza Drive, Suite 230 Vancouver, WA 98694 Thank you and please call with .= questions. Very Truly Yours, Sign 3. Kenneth Dunn Printed Name President Title SUMMARY OF VALUE ALLOCATION RECOMMENDATIONS ELK LAKES SHOPPING CENTER 2819 -286735th Avenue, Greeley, CO 80634 Account No. Parcel No. • R8403000 095923102002 rFt8403100 - 0959231020.3 - -' ..arr1..J;..arilww,Glr.r•sar -- - - - - — • err--' - -u R8403200 095923102004 Original 2017 Actual Values for Taxes Payable in 2018 Land AV Imprrov. AV Land % Total Improv, Total Total AV $2,040 100.0% $0 0.0% $2,040 57,325 24.5- a $1,72.01548 3 755% % 2,277;87 $900 100.0% $0 0.0% 88403300 } 095 231020 5 ' . $447,63 ; 25.4% $1,317,982 = .74.6% - ` Si , R8403500 095923102007 $1,9341562 25.2% $8,729,376 ?4.8% $7,663,938 188403800 09$923102009$5,680 100. %t $0 0.0%: $5,580 TOTALS: 6 parcels $2 948 037 25.2% $8 767 886 74.8% • $900 5,592 Improve Improve $0 $1,420,075 $0 $291;,270-- $5,456,138 AV % Total 0.0% 0.0% 39.4% 73.8% w�rtS. O.0%% Re ►mmended 2017 Actual Value Land AV Land Total $2,040 - $557325 ti $900 1 630 $1,934,802 100,0% 28.2% 100.0% = 80;0% 28.2° 100.0% " $5,580 Total $2,040 $19!t499J,, $900 -1,90+0 $7,390,"00 $5,58'0 /Y P��• IMI Ate- _ +• 10 115 520 • X:WaritaxWooki radoVia inlet Cal Manageanant\Etk lakes Shopping CenteetVAX X7.16 VA ( iltaac- Elk Lakes Shopping Certer)alsrn TAX ADVISORS, PLLC Certified Public Accountants P2-1 RENT SUMMATION TABLE ELK LAKES SHOPPING CENTER 2819-2867 35th Avenue, Greeley, CO Farces No. R8403100 (Bldgs. #2819 6 Unit Size Contract Lease Terms Unit # Annual Contract Rent Tenant _- (SF) Type Botiln End Mos Total $/S1= I' LUNE RETAIL BUILDINGS (Schedule No. R8403100 2819 Vitamin Cottage Natural Foods 2839A Mattress Liquidators 2839C VACANT TOTAL: RETAIL SPACE: Concluded Market Rent (Triple Net__ Yearly Total $/8F PHOtOS 7,550 NNN 4,890 NNN Feb -01 Feb -21 241 $84,525 $17.29 2,000 Minimum 2,000 Maximum 7,550 Average - 4,813 e•. a - Apr -10 Apr -20 120 $109,475 $14.50 Feb -01 Apr -20 120 $84,525 $14.50 Apr -10 Feb -21 241 $109,475 $17.29 I Sep -05 Sep -20 180 $97,000 $15.89 INLINE RETAIL BUILDINGS (Schedule Na. R8403300) $109,475 5 $ !450 $83,130 $17.00 $27,000 $13.50 66.15% Occupied 86.15% Leased 2839 Building Photo `��1�wr cirti •�'�:��; �++-�-M� �'^4Li..•�, ,� 1y.`.!t1� +Y aT 1�• •� r.' ..�� z1. v. .. 4 �.rtY`� � rY _ -fir- �1 7 •"•y-t•V�f . �. .,.' N .�,� - t ti � �1 .`l i' ,� ti� �,f� '� -�• y. •"� r• :�. • •' �_i. r . .G rti S.- L`'�<^. ,. �... { _'T ;rte. i• .F�J -- 'i_-'k G•J'�1_ "�. e- J;. f•r ,y -r r r �. ! y4•.a ��'L •�•r4+� '- .r i.}'•., r Y' �T �. � +„r. � a•. .._� ti � ..�.. _ i jrf . s. •�.• . � � � . r „r... � ri� as•� •'� h� � • ..G{i.� ��"- - _'�••�! �:_. -�, { a. � rti �r }+.T - , ,. •40304Ai� �.. 7 -ir s "'�`. -'S-S" �f_� ti : Jr ;� 'y - . _ 1 "Y Y -G . 1• _.1-01 ].a-A.T-r" ti. w G _�.. 1r p . fj � Vi, r�•,A_�, ��. h+1 {✓• " ~ ,l- •� G � �' -a•cf S r . � �-� C �. AC Jr��f�h t�� Cr.- '�i �• "tar !y," � %ti�; '3 �1i �.f`��t+1"G '� -.ti • •-? _ =F:' a- re:. r - "'+V: ^C eC '�7•'" - ..J. {•�. -`•rQ. 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G, 7-. f.YW i� r� 4 r• r -�Gr w �+ - f +t .� S } +: � t \ i G, • � mot-. _r r+ .G � � - ?� •sir �. -a � ▪ ti � 1 b i . } •y rr��..�r 1 S S r t yr"i'L 4 l• 'J . �/}}/••�� [[��G,yy,__. Z". E2.00. -M_ �_ gi'G,s� 1414 •r. •7Y. 7-. ,•'r �`Y �*r},eii �� :.t"i� �: - til .�Yw1iLOtl G? ug 1_ #,��,5.1 x _'1✓,35OE i;.-`f•-1'7O.ry af'�i -285-o .;� i� i .� {�V - mow. s'-. �, r. ": , �Y.- `.. �,,1 i • :., �5• Y !,..,71; 7. ,� . y - 1.• �atiA' '"1 .:t,! ; t: lF i,�r( AY.� �-,.{• A L �:1' .'1c •'ry sill �-vl:h. +-?.. ' .. {;] . G :. i 7• J Y: .e,tv r• h -r. •!. sl..▪ •�s,�} �.G i••~ 4f r C r• +T� r � -{ b• it l rte. - ��L�Inc _ -a�yi ' 1� i..• i.r �- � .� �- • "• - (�'�h. 1 "� S .� 'l. •. ti. �+�'a� .3i'I �'.1 Srrti! xx Jtr �✓a1 . �," , •y r+ i.• "'�7J �`�' G`...- }r� -- y:'•,�--��d'r . _ i'.rti- a... •_.. .. J.{:'7 -rt r_G, x;� en-tel.-re-:7' • L(L.r �.•1_ ', l ten'• r�,r . y .,n. •o'r .tai• -r u 7 r`f' - ' 7 4ryGla .w.; �„ '3rc- 711 s• -e f'yrj; ' � • • ti 5* -�#'• ,Z ' - , _ r' _ { { r i _i_ � r � y1 .`a. y--,ff ri.� t .Jr {"+-,i •t f [ . C �'+i` xyi ti I- .:..;,nr� r. ,`v = .n�: ♦•� i� 14 •7 2 -t Vii- ;t t .- 4L�..,• 5 i L •, 51I�4 %'�.` 1'�r- . �• ht' ...r{?r ♦� re.. 1,1� •�' G • f �/r -ti ..��1-�yYpp,5 • • r r r '�-{•- -.r rr!-1' %.. L i N G.r ▪ `rYgv ti ?. h FCa y . 1_ ti ji r 4. • ' J�1•' _ . 7 `rI 1. 'it !2€15-5 �•jy �•xxyy !r'� � ar L�� r,ti_ !1 -�. �-'� .' 'i� i'1'`Y .�" � .��• �G� il`- r �ti•. .. y V ti � � /�aJ`I t.G, •! • 1. .�},}��' -•� t� '• • � , i' 2Ff-�"t.' +• ! "1 '2V5 iy� i'i•- ti�K . Y- �+•'-. `Y (j•...e'dl-C G `y,*}. r ..t•t. "1'_ h`. • . �"� a"j 4. :j '1 i _ 21-+; - . i, ti :.-� � •IS't- � • +-ti C' •'•-e i'�.7454_ ,L-{. G. _y a• i}�. •. �A. 1� .. -.'-{^t r•,- t�a�i L:L'r`r�1 � 4f. J YY�-L�i�:={•4'.ati .1G• - ti�� t..n'--�5'' x090 + 1 -i��. ,'. •L --t. r11.•r-i-7-�{•;•6,rrb. ?-L•_� :r`� � .�•� � �^ rG:r � t.q a7• .. * G r ti 2867A 2867B Bowen Eye Care Clinic TOTAL RETAIL: Minimum Maximum _ Average 6,000 12,032 6,000 6,032 NNN Oct -07 Dec -21 171 as —one • R.• IN R Oct -07 Dec -21 151 Aug -14 Feb -27 171 6,016 $84,000 $112,350 $28,350 $84,000 $14.00 $9.34 $4.70 $14.00 Mar -11 Jul -24 161 $56,175 $9.35 ANCHOR TENANT BUILDINGS (Schedule No. R8403500) 2825 Office Depot, Inc. 2833 Petsmart, Inc. 2859 Car Toys, inc. 20,531 Mod. Gr.. Oct -011 Oct -21 240 $241,239 $11.75 19,455 Mod, Or. Nov -00 Jan -26 303 $228,596 $11.75 5,740 NNN Feb -01 Feb -21 241 $96,317 $16.78 r:r,^�_.�w 1"1 S.i`-.iL1.]ir•-r-+�-••� tir. 4--r I•r •4 �r-G.- �.�-- b Sr �1A?'ti•iti0�•y�.T 1.i�-�M .iS•r�.��}�. �,L.-i'�+�ti.'--. :T �-w�i; l -R T^...ST.f �'�"'1i:T�•l.."453 ds. l(��r�.�� ' F Y !CT .�zy{� � T�.�•S r• �;•Lrr'•r•'• f rl,•.: 7 �i- L' r� tr- „ T.' ,. f� ▪ 1JG'I:rf�C� LrT f T_ f ' = -=�=11'� . y11�1. .= 3 f t��" '��;'yVQ(j .�..� - - .n;�- „rte 'rww.:' n••.-.w�r••.��—ter.— ^.r..�� -.+... �� ---------�- . _ J -..i w -• -� •!.o-•'•.�.arw:r.r.S.rw.- �•+i•-�wf TOTAL RETAIL: 68,949 Minimum Maximum Average PROJECT TOTAL: 5, 740 23,223 17,237 —_ w- $821,606 $11.92 Nov -00 Feb -21 122 $96,317 $11.00 Aug -13 Jan -26 303 $255,453 $16.78 May -04 Mar -23 226 $205,401 $12.82 $8,746 $1.45 $84,000 $14.00 $92,746 $7.71 100.00% Occupied 100.00% Leased $225,841 $11.00 $214,005 $11.00 $80,360 $14.00 $255,453 $11.00 $775,659 $11.25 100.00% Occupied 100.00'7% Leased 2867 Building Photo 95,421 _r -- -- 1 )127,956 $12.07 $1,088,010 $11.40 2855 Building Photo DISCUSSION / COMMENTS: 97190%Ocoupied / Leased Asking rents for vacant spaces range from $13 to $14/SF (NNN). Market rent conclusions adjusted all rents to triple net. Unit #2855A was more recently leased out at $13/SF (NNN) over a 5 -year term with 2 -months free rent and $10/SF TI allowance. The lease commenced on 8/6/2014. The Asset Manager believes that available space would fetch a $12.5 to $13.001SF initial base rent, if they had interest. Unfortunately, the property has had no real interest in quite some time. • X:\Marirax\Cglorarjs!4Ralnlet Capital Management\Eik Lakes Shopping GenteAVA\ 2017-18 VA (Matitax - Elk Lakes Shopping Center).xtsrn TAX ADVISORS, Plat Certified Public Accountants P2-2 INCOME APPROACH ELK LAKES SHOPPING CENTER 2819-2887 35th Avenue, Greeley, CO 00634 Parcel Na. R8403f00ffildya. #2819 & 2839) entabla Rent Monthly Annual Income Nears SF SFlYr- Rent Rent Rental Income Pad4lnllne (#2819) 7,550 $14.50 S9,123 $109,475 Pats-Ing a (#'2.839) 6,693 $16.OG $9,167 S110,240 Pail -inane (#2855) Pad-Inline (#2867) Anchor (#2825) Anchor (#2833) Jr- Anchor (28559) Anchor (#2863) mem a Pot, Gross Rent )PGEt) 14,E $i5.22 $18,310 S219,715 POT, GROSS INCOME IPGI) 515.22/SF Vacancy & Credit Loss Rental income % PG1 % E13s 15.0% 17.6% EFF. GROSS INCOME jEG) $12.S3JSF EstimatedExpenses % PGI % EGI Net Operifmg Expenses 8.59 10,09 NET OPER, INCOME 9Nol) $i r,64sSF $2I9,715 Per SF Total $2.28 $32,957 8186,756 Per SF Total $1-29 318,678 $168,082 VAI AT I' NOME o NET OPERATING INCOME (PJOll $168,032 Unloaded Capitalization Rate + 8.50% Direct Capitalization Value $1,977,435 LESS: Contributory Value of Parcel No. 86403200 I Parcel No. R8403300 (Wldgs. #2855 8 2867) R ntab1 Ret1t! Monthly Annual SF SFIYr. Rent Rent 0,032 $1.50 $754 $9,048 e,CKIQ $14.00 $7,000 $84,000 • 4- 12,032 $7.73 $ ...731SF $7,154 393,048 $93.048 I % Pt31 a EGi Per SF T01at 25.0% 313% $1.93 $23,262 I $5.841S'F $69,786 % PGI % EGf Per SF Total 7.5% 10.0% $5.58 313,9 $5.221SF $65,$07 Parcel Ne_RB403100 $62,807 + 8.50% $738,911 10.0% 11.1% Parcel No. R8403500 Midas. #2825, 2833, 28594_& 2863) Rentable Rent/ Monthly Annual SF SF/Yr. Rent Rent MEM L 20.531 511.00 518,820 19,455 $11.00 $17,034 5,740 $14,00 $.697 23,223 $11.00 $21,288 138,949 $11.25 $$4,638 $11.25/5F $225,841 $214,005 380.360 $255,453 $775,659 $775,659 Per SFTotal $1.12 $77,566 $1 f1,12JSF $69$,4193r I % PGI % EG1 Per SF Total 9.0% 10.E $1.01 $69:809 $9,11/SF 562B,204 I Parcel No.R8403360 + 9.50% $7,391,574 ($900) iNicorctiE VALUE (rn$136.94/SF 81,977,400 $61.41/SF $738,900 + $107,19/SF ItIMariarleCisfgr 44 -NI..,.. , Ell 1117-1I VA 0i.,(n - m Lars Bab% t,.a hr TAX ADVISORS, PUC Certified fre.kbhr A ccountan tx $7,390,700 a x r der+ ; sr, ,�. . i7:"470. A'L:gOR E Sik tKE, )_,t _ SHORMAIVICEW ER ,iL R4nlabie't`Re i brt tyj rte 1S fanZiarg. 'SEM? ,4, to RSt 24,44159: ' rl} 4 y 44 "El: `l sf. 0 test 7,000 7,`S 4 2 ;at z 860 $32-te.10-„$21 28 _• 2$5,4 al; %tN4 i 7Px2Es_1` IS;42#' $11.411SF $1,088,422 a M. Pa Gilailrati PAR Et-Fe/S.-4r P :x,.0•'90 • $1�4 'x$133;7: 1].00ISF S954,63f % RGI rag .• 11:11 47-3- rE Clt�t l ]rte$ ,FAST 59.00/SF S850,1 13 � reitla:Re 331 , ert./..12.7-717134p..02.5:01:1117,6:3‘: :;1" r motif. + ! II $1 lip 107, nIF _ Si S10 5, 92/SF $10,107,009 v P2-3 t INC�ME & EXPENSE ANALYSIS JO ELK LAKES SHOPPING CENTER 2819-2867 35th Avenue, Greeley, CO 80634 Year 2015 Actuals REVENUE {INCt�ME} Rental Income Net Rental Income Additional I Other Income Expense Reimbursements OPERATING EXPENSES Real Estate Taxes I nsuran e Common Area Maintenance (CAM) Non -CAM Expenses Management %ofECi Reserves %ofEGI TOTAL EXPENSES Expenses as % E ! NET EXPENSES After Reimb. Net Expenses as % Net Rent The Net Expenses as of Net EGI considers the effective expense to the property net the CAIWAINN Charges as a percentage of the Effective Income before such charges. Total $1,252,097 $34'!,710 2016 Half Year Actuals $.ISF Total $/SF $13.12 $577,017 $6.05 $3.5s $1806i8 $1.89 05. Annualized L .- •,.rr..•.w y7•.7 11• � ndiUsios} '� 0';`}! • i` t t` ' � � 7� isY5r fa � �""`�. : M�� .� . jj `}r !} ,�,} • , a, 7. LL.`. Fay F 3.. ,;041:14.::::.8 • s . 1 it..� •}e.� i 536 ^_ �gk]A•F'A' �, !•:Af�� »° ^S f•' . Iy, \ y ▪ •a T 4 i�; J: 10 l . a k Y. } _ Y • 2015 Actuals $244,526 $18,055 $158,029 $23,6E18 $68,274 $11908 2016 Half Year Actua $2.56 $x.19 $1.66 $x.25 $0.72 4.3% X0.02 2.0% $197,796 $32,245 $1X5,648 $9,078 $36,465 $1,908 $2.07 $a.34 $1.11 $0110 $0.38 4.8% X0.02 2.0% $514,402 $5.39 $383,141 $4.02 32.28% 50.57% $172,692 $1.81 $202,523 $2.12 13.79% 35.10% 1, Y $176,301 $1.85 + •k 14.0% L k• y �y+J�Rr7�yvr��Y>r�•.s; •K yy4:Y-;y•~r:;le {; k! Ems'' r( `r`i', \ .:., ,,yt.". (" ',i�t r �•;r y si w�5.,,{�.f.��.�,•3�•i�.ip �. �. . •,�! ^��,�( �,C�,�r� r.�'i�--� T�':711,4 a: h-••1;,,,-.`• �' } �+r=y+ t !' .tr , -r ��il'. l 4 • `•� `''� r- -� Y_ 9 chi" a'�,"' Aoki* - -Ler ttz;z:444-..4.5itz,14--.14715:.F4 •T= f4.,+i�,/�y''�~'.a� fad A.-: R7 ( �' �s3 +•'} +} •i! ± .1.:' S Jri;it:, S i1a 12.• �Jy j1ts 4 �t.ei J % ' x 4.7:f.,4K14 .'R ra..• s+• -�:'�-Y•._'�� rY t •R it(Y a 1. Lti+ �: S Ls c Z� - Yr. {t %. 4. S."ry a at n. z • ;- •tta -' e• Sri • • .5„, il-}..mss 4 :4*:• �a JY ' I almalbereftelbsaill It t4. i- njl'y7v.L : c' rim 6. "..re K i 1i ^ `"I t r*Y'7.4414 Jr: cfs� • ...carsia y.. ., i P � ,t'xU�t,(• �*ir�4Li'`ri#r'��j�s,�e„s.. �,.!.i may! � _ C� 4 ir C_'�V.J4yf AA�" t 9P0,11-0" Y i . r NET epeR. INCOME (N01).. $1,(179,405 $11.31 $374,494 :$3.921$1,046,459 $10.97 I $859,173 $9.00 LithsertlaAeolorafiegialnler CapRal Management k Lakes Shoppkg Centers A\ .2017.18 VA (Mertax 4 Elk Hakes Shopping Center).xlsm TAX ADVISORS, PLLC Certified Public Accountants P2-4 EXHIBIT 1 Historical Income & Expense Statement J r P2-5 2/3/201711:09 AM Rent atoll- - Property: elk From Date: 12131120]6 By Property t•, .. -_.. �, ► •[ - ♦ ..•, _'+"r .•r"t.y.' ` ..r -tdlJ Air.. } -"• T t - i . .e 6.:ti - •.� , • � • h. • -. ,.. -: D - ..., ++•Sjy .. • t` Property r , -, - • tlrtlt(a)_ may• ,, e1 • F..2i 1.e t ." - ti . ' - •: .•, > y L''_ - r••� - ♦ • .t • - ' - 'd.i+r- '- � -` ` !S • ` S ': r t' _ _ - .,.. ... - r .4r• .r _•., .. r - - _ • . - • - . t _ ., + i . .. J -•r _t.: � ._ :.. .. �.- .4. ,: S' .,' , _ .eti' ` pea • jam .-, i -. w ,,'AIL Y . -'•\.....4-°77 °: �- - - - s_r•- ... ,�. ,� i.. .� a. .- . • y •'S `� r i.�•.4 `` ',Jamul •-- ice_ ,{ t.. , `. • _y. n..■. Sena!• 4y �•y� ��l�R. ll��F�ltx�E{*' +t'- ��iL-t?►rY11a�L#- �!■�.�1 ^�Cii� '-�'ialtCT�d!� f� ,_-.• � >•' 1:1C1.;: .��.� a �ia• l`i. .w I`�iY; it ,y.r-.�'•, 1 ',� .�. all- • lw �i,.r a �' -O" ..1:-. ' S }'- ,,l VT J i'- `lit .. _ -T :Y:• 4 �� .s: 9. - i -. � 1' .�• • r- any ',)r 4 d�r�i y...�%1�(�y tt�- _�li rF�..' ~ �� • -{`�.• - (.; '�.. .-4.1 ��•Ti 3 cTeri Lt �i��rr � ik 4:ARaniril.r' - _ Rsti' r , •' nt' "- r -t tRjerie;�. ■' a ft :Y ~sr.; ` -e r:t1" ' F._ .L: :tii.W _ Il =»r. ,_ 'ir:;:�e+a. ,Lori; ea Cr- .wt _ „' - 2?... -...'7 -47:7._-- r :_ L. ,.,. _•.'� Fe• -,j �F. �;. ti.. .ti :' - yl. -:V.74; .1.7i- .}:-at.;�•�r. 'f. �" �ao-t �...��.�.- ?" •T, '� �{ .+•Y� ?i-.' �, .'.'''. .♦ t - � r-•rc .S', �. 5r.�" - 3t� ..Sy `%+ - _ #•i �r _. .1*(�,h 1t!+�. 's`•_ • - } .-.} �� .�y. .' ..nF Y i}-r`. S- + , -I_�q' 1i _> sue.,„ '} { .i.- f .. C.:- 28 a4- ;.`- r - s _ -o POF' *•= - • =Per: Area.. Per•Atea; •- Pear. a r __ _ fi:•. li s elk - Elk Lakes Shopping CenterrGrenity Current Leases .1 elk 2815 Home Depot USA, Inc. Retail Net Lease 0,00 6,112/.1992 6/11/2050 624 0.00 0.00 0.00 0.00 0.00 0.00 0.001 0.00 elk 2819 Itarnln Cottage Natural Foods Retail Net Lease 7,550.03 4/21/2010 4/20/2020 120 9122.92 1.21 109,475.04 14.50 5.10 0.00 0,00 0.00 elk 2825 Office Depot, Inc. - Retell Net Lease 20,531.00 10/29/2001 10/31/2021 20,103.27 0.98 241,239.24 11.75 1.92 0.00 0.00 0.00 elk 2833 Petsmart, Inc. 41014 _ _ Retail Net Lease 19,455,00 11/21/2000 1/31/2026 303 ' 38,099.38. 1.96 457,192.56 23-50 2.01 0.00 0,001 0.00 elk 2839A Mattress Liquidators, Inc Retail Net Lease 4,890.00 2/17/2001 2/28/2021 241 7,043.75 1.44 84,525.00 17.29 4.83 0,00 0,00 0.00 elk • , 28558„ 28550, 2 BE -00 -ME, LLC Retell Net Lease & 032.00 8(6/2014 2/28/2027 151 2,362.50 0.39 28.350.00 4.70 1.66 0.00 3,466.751 0.00 elk 2859 Car Toys, Inc.Retail Net Lease 5,740.00 2/15/2001 2/28/2021 241 8,026.43 1.40 96,317.26 16.78 4.85 0,00 0,00 0.0Q elk 2863 Rich Coil, LW Retail Net Lease 23,223.00 8/17/2013 9130/2023 122 21,287.75 0.92 255,453.00 11.00 4.78 3.41 23,233.00 0.00 elk 2867A, 2867: 'Bowen Eye Care Clinic Retail Net Lease 6,000,00 10/1/2007 12(31/2021 171 7,000.00 1.17 84,000.04 14.00 4,81 0.00 4,400.00 0.00 elk 2839C VACANT 2,000.00 0 0.00 0.00 0.00 0.00 0.00 0400 0.00 0.00 Total Current 95,421.00 113,048,00 1.18 aaS6,v2,0O 3.41 0.83 30,699.75 0.00 ' Total Units Total Area Percentage Monthly Rent Annual Rent MIN= IIIIIIIIII 1,356,552.00 OccupI d 13.04 I 93,421.00 97.901 113,046.00 Vacant 1.00 2,400.00! 2.10 0.00 0.00 Total 14.00 95 113,046.00 1,356,552.00 1 ,421.00 n 46. Page 1 of 1 EXHIBIT 1-1 P2-6 • ELK LAKES SHOPPING CENTER INCOME STATEMENT 201E RENTAL REVENUE COMMON AREA MAINTENANCE REIMBURSEMENTS REAL ESTATE TAX REIMBURSEMENTS INSURANCE REIMBURSEMENTS UTILITY REIMBURSEMENTS PY OPERATING EXPENSES INTEREST iNCOME TOTAL SQUARE FOOTAGE 95,421 $87,899 $27,018 $11,911 $655 $278 $0 $7 $80,157 $14,292 $10,318 $1,039 5278 $0 $7 $116,022 $14,230 $9,9187 $724 $242 $90 $7 $87,776 $14,320 $10,510 $724 $242 $7,495 $8 $122,690. $14,230 $10,053 $1,009 $350 $0 $8 $80,471 $14,320 $10,607 $819 $256 $4,621 $7 SO $0 $0 So $0 $0 $0 $0 $0 5Q $0 $0 $0 $O S0 $0 $0 $0 $0 $0 $0 so $0 So $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 So So $577,017 $98,411 $63,385 $4.970 $1,646 $12,206 S45 1.03 0.66 0,05 0.02 0.13 0.00 TOTAL REVENUE c.--.4.7%i::_t/it.1.--ili i 1.- f 2 ,:;,3,.t., . h- r r •$127,768 sioca9Z $143,303 $121,076' ° i.e., $34$4 O - $111,102 • _ - $Q — _ $0 — $0 � 7$7,67 ' 7. OPERATING EXPENSES CLEANING LANDSCAPE SERVICES HVAC MAINTENANCE SECURITY/LIFE SAFETY GROUND & LOT GENERAL R&M EXPENSE GENERAL & ADMINISTRATIVE MANAGEMENT FEES UTILITIES REAL ESTATE TAXES PROPERTY IN5URANCE IAN PLORD NON-PASSTHRU 1 - TOTAL OPERATING-€XPENSES•- r.,L •r -r ,;• r,, ..,r.. DEBT SERVICE & LENDER RESERVES SENIOR LOAN - PRINCIPAL PMT SENIOR LOAN - INTEREST PMT TOTAL SENIOR LOAN - PRINCIPAL AND INTEREST ME22ANINE LOAN PRINCIPAL& INTEREST K,cnniAi DE5T SERViC '(ti 1. , TENANT IMPROVEMENTS LEASE COMMISSIONS CAPITAL IMPROVEMENTS • r • •. F • L•.1 . $0 $1,998 $0 $0 $18,586 $543 $550 $6,269 $3,122 $0 S0 $1,202 c, $35,496 r, $0 43,195 ($43,195) ($15,000) j$5S1i95L So $0 $0 $o $1,998 $0 $0 $15,765 $0 $575 $5,625 $4,161 $99,552 $0 $803 $0 $1,998 $0 $0 $5,329 $0 $688 $4,985 $3,197 $0 $0 $543 $123 290 =-$15,739 _ $0 $ 2,348 $0 $0 $9,409 $2,592 $75 $6,997 $2,591 $0 $0 $1,899 $0 $4,308 $0 $293 $4,004 $92 $165 $6,129 $15,619 $98,443 $32,245 $998 $0 $315 $0 $0 $2,833 5650 $720 $6,450 $4,095 $0 $0 $860 711 -_. $162,297 .. • $15,323 • (22,193) $126,563• .$95;363 : ' .. ($13,956),. ` $95,119 :.; . $0 $43,195f $0 $0 $40,408]_. ($43,195 $0 $0 -($41,802L i$43,195) ($43,195) ($40,408) ($43,195) ($41.802) ($43,195) ($15,000) ($15,000) ($15,000) ($15,000) ($12,1S7) 158,51 $0 $0 $0 $0 $0 $0 $58195 . $56,802 $0 $0 $0 $0 $0 $0 5 , $55,382 $0 $0 $U $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 I $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 So $0 $0 $0 $0 $0 $0 SO $0 $0 $O $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 -_r $0 $0 $0 $0 $0 $0 $0 $0 $o $0 SO $0 $0 $0 $0 $O $0 $O $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Sa $0 $0 $o $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $12,966 $0 $293 $55,925 $3,678 $2,773 $36,465 $32,786 $197,796 $32,245 $6.305 $0 $0 $0 $0 So ($254,990) $0 $0 ($254,990) $0 $0 $0 $0 $0 $0 _($342.177) $0 So $0 $4 $0 0 0,00 0,14 0.00 0.00 0.59 0.04 0.03 038 0.34 2.07 0.34 0.07 LEASING costs Co Ex. -.• ,.• : ''Y: = "y. ;' ;� :` -� :, r 0 n i • .$0 r' - $0 �r 0000 CAPITAL 1MPROVEMEM1NTS ,I RESERVE IMPACT TI,/LC/ RESERVE IMPACT RE TM RESERVE IMPACT INSURANCE RESERVE IMPACT $0 ($6,714) (520,829) ($1,580 $0 ($6,714) $78,523 ($1.580 S0 ($6,714) ($20,829) ($1,580) so ($6,715) ($20,289) ($1,580) $0 ($6,715) $71,287 $30,845 $121,345 ($6,714) ($20,829) (51.580) $0 $0 $0 $0 $0 S0 $0 SO $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 SO $0 $0 $0 $0 $121,345 ($40,284) $67,034 $22,946 1,27 (0-42) 0.70 0.24 SENIOR LOAN RESERVES. _ rP-4,-;*--"- _ ..;t �... ,7? $29123 $7D '$95 418- �' $82,223 - _ . _ _ __ ._ — — _._. _.-- 3.79. ,, ,s. $. CASH FLOW AFTER DEBT SERVICE i,, RESERVES CSC Fees CO Tax Payments DE Tax Payments ptSTRIBUTION5 .$B.1T9 • . • ($10,164) $4,032 $84585 $1!4,6-60 r •$ $0 $0 $25.00 $25,000 $344 $14,656 $5,502 $1,200 $19,498 $23,800 $150,000 $205,312 $344 $5.502 $1.200 $267,954 - . 2.15 0,00 0.06 0.01 2.61 $35,164) $17,032 •• .($16,41S) =- Ind) ($1,981) -. r $0 so $0 () (0.73) r • EXHIBIT 1-2 P2-7 ELK LAKES SHOPPING CENTER INCOME STATEMENT 2015 RENTAL REVENUE COMMON AREA MAINTENANCE REIMBURSEMIENTS REAL ESTATE TAX REIMBURSEMENTS INScJMNCE REIMBURSEMENTS UTILITY REIMBURSEMENTS PY OPERATING EXPENSES SNTEREST INCOME TDTA1. REVENUE? OPERATING EXPENSES CLEANING LANDSCAPE SERVICES HVAC MAINTENANCE 5ECtoRCTY/LIFE SAFETY GROUND & LOT GENERAL R&M EJIPENSE GENERAL & ADMINISTRATIVE MANAGEMENT FEES UTILITIES REAL ESTATE TAXES PROPERTY INSURANCE LANDLORD NON-PASSThRU DEBT SERVICE & I.EI''JC)ER RESERVES SENIOR LOAN - PRINCIPAL PMT SENIOR LOAN - INTEREST P►T TOTAL SENIOR WAN • PRINCIPAL ANIO INTEREST ME27ANINE LOAN PRINCIPAL& rNTEREST $126,315 515,579 511,970 $1,0413 $278 $6,502 50 SO $0 SO $0 $0 550 $5,278 51,721 $0 So $95.382 $13,958 511,542 $291 $259 $o 12163Z $0 $8,597 50 $0 524,892 $38$ 5165 $7,199 $6,722 $119,023 So $2,291 $122,431 516,850 $12,909 $738 $297 $o $61 S4 $1,998 $0 51,150 518,1'56 $268 52,933 55,451 $4,376 $0 SO $930 $77.384 $11,687 511.459 $603 $278 $0 $4 Sc, 51.99$ 50 So 54,845 $231 $550 54,544 $3,775 S0 $0 575$ $128,792 $15,366 $13,663 $831 $300 So S0 $2,145 $0 So $2,761 $0 $343 $4,845 $9,926 50 $18,055 � 1.6fx5 575,398 $13,778 $11,459 $655 $278 $4,975 .54 $0 So $'0 $0 so $1,150 $6,571 54,035 5119,023 SO $307 $103,101 $14,949 $12,992 $739 5278 $1,653 $8 $0 $8,019 $0 $0 $3,087 $198 $550 $$4,999 $3,917 $613 SO $,38 $98,394 $10,83B $11,459 $655 $278 $0 58 So $3,776 $0 $13 $1,547 So 52,50D $6,448 5'5,324 $0 50 5744 511'5.634 510,334 511,970 $683 5277 $0 Ss So $107 $0 $o $1,743 S4 $1,965 $5,451 $5,000 $0 $0 SRO $108,479 $8,634 $12,481 $711 $277 $1 $9 $0 $20403 50 SO $1,544 $0 $345 $6,769 S4.922 $5,868 $4 S355 $0 $0 $0 $0 $0 SO So $O So $0 ($43,195) . ($43,195) ($39,015) ($431915) (541.802) - (54319,5) ($41,802) ($43.195) ($43,195) (541,502 583442 $10,334 $10,81B 5655 $279 51,092 S9► $0 $1,998 SO So $4,622 $143 5590 $5,720 $3,249 $0 SO $5'64 TOTAL SQUARE FOOTAuE 95.421 $107,143 $13,377 $11,911 $655 S278 $15,539 59 $0 52,148 So SO 55,7'53 So $1,816 $$5,0`01 52.564 $O So 584 $0 S0 (543,195) (541,802) ($22,691) ($25,OGG) ($15,000) ($15,000) ($35,000) (515,0 {515,000! ($15,000) I51s,Ooo) 4$15,0001 ($15,000) ($15,000) ($43,195) ($43,195) ($39,015) ($43,195) (541,.602) (543,185) ($41,8021 ($43,195) (543,195) ($41,8021 ($'+33,195) ($41,202) ($5023,5861 (5.33) $1►252,097 $155,694 $144,632 $1!5,254 $3,358 $29,762 $334 $ -' 437 $0 533d8a $0 $1450 $a,9n 51,229 $13,458 $68,274 563,529 $244,2 $18,055 _ $10,180_ S 2 $1-312 1.63 1.52 0.09 0.04 0.31 0.00 16.70 0.00 0.35 0.00 0.01 o.n 0.01 0.14 0.72 0.56' 256 0.19 _ 4-il 537 S0 0,00 (5508,5861 (5.33 ($167,691) (1.97) 12 -TOTAL TO r _- a> • { = �-- - • • - •- ( 49)- (Ua ) ) ) _ ($58,19$j ( 5629 )_. _j$5$, ) _ . Ataxia) ., _. (*58.19) . 058,195) -: i556$021_ _W494 • )I. - r �, - -Hip), C 1 Y�� a ��i �r.7j -, ,] `� .�' .� � 1�.�K. .�,f!. r�-�'-� �, *y.�{., � . a.� � � c � 1�� i� � . L � r �7 � � � TENANT IMPROVEMENTS LEASE COMMISSIONS CAPITAL IMPROVEMENTS -I.E1LS1}JG DTs / CAP e. CAPITAL IMPROVEMENTS / RESERVE IMPACT 71/LC / RESERVE IMPACT RE TAX RESERVE IMPACT INSu RAt4CEE RESERVE IMPACT • CASH ROW AFnER DEBT SERVICE! RESERVES nis'IRIIIIiEmcws SO $0 $0 1:• $o ($6,707) ($20,218) 5161.8 $0 ($233) $0 IIL $0 ($6,940} 598,816 $1,618 $25,000 $25,00D $0 S0 $45 ._PirSOCO _--• (S6,765) ($20,218) 1,485 .$95;554.• - $0 $0 50 50 $0 $0 $0 S0 So . r_ $0 $0 0 so $D 0 $0 50 $O so $0 (56,707) (56,715) ($6,714) ($6,715) ($6,715) ($20,218) 1520,X18) $98,865 ($20,218) (020„218) $1,6118 $16,437 $1,61.8 $1618 $1 618 1$231' 551,422 , 50 so $0 SG S0 $0 50 93 91D $0 ($43,123) 50 .(583r9101 --1 $0 $0 $145,295 $'D ($6,715) ($6,735) [$6,715) ($49,838) ($20,829) ($20,829) ($20,829) ($20,829). $1.580 $1,5: F 51 80 1,580 12 $2!,114 $2161.71 $7,743 %:e_-26.048 sl', :514,554 - $46,585 512,667. $167,7113 ►' $1 --- -_$;61-6 --- -- ---- - - - -- - - _- - --- $025,000 $25,000 $25,000 $25,400 525,100 525,E $25,GDO $25s,m* 0,400 $75,000 4 - ( ,392) 510 1$12 In) 926,422 s' ($17,237) :r . S1., • . ($10,0 $21►50S ($2.340).. Tl ,ne (5_23,3s4) $0 ($43,.356) 13 . 910 0.00 40.45) 1.46 j($182,Z661 (L91) $145,295 152 ($123,960) (1.30) ($7,013) (0.07) $1074 0.01 513.248 0.14 $286,143 2.'17 $300,000 3,14 . a-ynyiU>1GEF! i YTD vAvAI►1K 1 I $1,106,142 $145,255 $182,748 (527.054) $125,868 $18,164 $11,344 ($3,2$0) $8,412 ($9,054): $76,057 (546.295) S0 $130 ) • 25 4,,,..U.._.82 466 $1,600 $1,6D0 $19,37 ($3,813) $2,944 52,844 5800 1$350) Si 700 ($3, 134 $12,896 $11,667 x$9,170 ($4,298) 569,460 $1,186 wJ�� $14,125 ($19,404) $242,614 ($1.) 523244 54,189 $15,330 $5,180 • 5'06,15 111 _ $1,00612 _ - $76,131 EXHIBIT 1-3 P2-8 7016 301E °D0I 06x5 6651 �f r e • sti r • Redcoat 07/1412017 us POSTAGE First Class Mail [RI TAX ADVISORS' ccnt,r+ED Pyaiit rCCOue'T:.r.,� APt°fIi5IOCAI. Inlar(d LigelLITT {DNtMUT 203 SE Park Nan °rive, Suite 230 Vancouver. WA 98584 Ship to: Weld County Board of Equalization 1150 O Street, P_O. Box 758 Greeley, CO 80631 1111Yr thltettliLtiVi4 n 141% r curktrzt PAPAL $007.50° ZIP 98684 [ 4 i M.10263346 July 21, 2017 Petitioner: RAINIER ELK LAKES SC AQUISITIONS LLC 13760 NOEL RD STE 800 DALLAS, TX 75240-1307 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): TAX ADVISORS PLLC 203 SE PARK PLAZA DR STE 230 VANCOUVER, WA 98684-5884 RE: THE BOARD OF EQUALIZATION 2017, WELD COUNTY, COLORADO NOTIFICATION OF HEARING SCHEDULED Docket #: 2017-2531, AS0097 Appeal #: 2008217031 Hearing Date: 8/1/2017 2:30 PM Account(s) Appealed: R8403300 Dear Petitioner(s): The Weld County Board of Equalization has set a date of AUGUST 1, 2017, at or about the hour of 2:30 PM, 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