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Home My WebLink About20172170.tiffAugust 17, 2017 CLERK TO THE BOARD PHONE (970) 336-7215, EXT 4226 FAX (970) 352-0242 WEBSITE: www.co.weld.co.us 1150 O STREET P.O. BOX 758 GREELEY CO 80632 UNIVERSITY PLAZA INVESTMENT GROUP 600 LOOMIS CT LONGMONT, CO 80501-4753 Account No.: R3274386 Dear Petitioner(s): Based upon information furnished to the Weld County Board of Equalization, we understand that you have withdrawn the petition challenging the valuation of the above Account number. Please be informed that a withdrawn petition precludes any further challenge to the valuation of the above Account number for this assessment period. Therefore, the Board of Equalization took no action on your petition and the assessed value remains as set by the Assessor. Very truly yours, BOARD OF EQUALIZATION &„k Esther E. Gesick Clerk to the Board Weld County Board of County Commissioners cc: Christopher Woodruff, Assessor 2017-2170 AS0097 From: Susan Gundry To: CTB-Countv Board of Eaualization Subject: RE: University Plaza Date: Thursday, July 20, 2017 1:52:29 PM R3274386 Thank you Susan Gundry Property Appraiser Commercial Division Weld County Assessor's Office 1400 N. 17th Avenue Greeley, CO 80631 970-400-3676 Confidentiality Notice: This electronic transmission and any attached documents or other writings are intended only for the person or entity to which it is addressed and may contain information that is privileged, confidential or otherwise protected from disclosure. If you have received this communication in error, please immediately notify sender by return e-mail and destroy the communication. Any disclosure, copying, distribution or the taking of any action concerning the contents of this communication or any attachments by anyone other than the named recipient is strictly prohibited. From: CTB-County Board of Equalization Sent: Thursday, July 20, 2017 1:51 PM To: Susan Gundry <sgundry@weldgov.com> Subject: RE: University Plaza Hi Susan, The documentation is sufficient. What is the Account #? Esther E. Gesick Clerk to the Board 1150 O Street P.O. Box 758'Greeley, CO 80632 tel: (970) 400-4226 Confidentiality Notice: This electronic transmission and any attached documents or other writings are intended only for the person or entity to which it is addressed and may contain information that is privileged, confidential or otherwise protected from disclosure. If you have received this communication in error, please immediately notify sender by return e-mail and destroy the communication. Any disclosure, copying, distribution or the taking of any action concerning the contents of this communication or any attachments by anyone other than the named recipient is strictly prohibited. From: Susan Gundry Sent: Wednesday, July 19, 2017 10:45 AM To: Esther Gesick <egesickPweldgov.com> Subject: FW: University Plaza Lori Walker stated in this email that she did not need to have a hearing. Is this email enough to get if off the schedule? Thanks Susan Gundry Property Appraiser Commercial Division Weld County Assessor's Office 1400 N. 17th Avenue Greeley, CO 80631 970-400-3676 Confidentiality Notice: This electronic transmission and any attached documents or other writings are intended only for the person or entity to which it is addressed and may contain information that is privileged, confidential or otherwise protected from disclosure. If you have received this communication in error, please immediately notify sender by return e-mail and destroy the communication. Any disclosure, copying, distribution or the taking of any action concerning the contents of this communication or any attachments by anyone other than the named recipient is strictly prohibited. From: Lori Walker [mailto:walker_lori(hotmail.com] Sent: Monday, July 17, 2017 5:10 PM To: Susan Gundry <sgundry(a)weldgov.com> Subject: Re: University Plaza Hi Susan - Thank you for the information and I apologize for the delay in getting back to you, I've been dealing with a major health issue with an immediate family member. I reviewed the information you provided and I understand the reasoning/logic. I want to make sure that any and all 'discounts' are included in this property for having a LURA (land use restricted agreement) recorded against it, it serves low-income Elderly. We can not raise rents to cover the property tax increase. I do not need to have the hearing at this time. If you could reexamine and make sure we have all that included. Regards Lori Walker On Jul 13, 2017, at 3:52 PM, Susan Gundry <sgundrycaweldgov.com> wrote: Good afternoon Lori, I received your CBOE protest this afternoon and just wanted to go over a few items with you. I valued the subject using a GRM. I used rent of $710.00 and a GRM of 6, which created a value of $1,738,080. If I use the GRM of 8, which is what you suggested, then the value of the subject would be $2,317,440. This is the approach we are required to use to value multi -family properties. The GRM is determined by dividing the sale price of a comparable by the rent received. The higher income properties have a higher GRM, lower income properties have a lower GRM. I used a 6 GRM which is very low for this market. We had a lot of sales in the county in 2015 and 2016 which were used to determine GRM and we feel this GRM is appropriate for this property since the largest percent of the sales in the this market were a GRM of 8. This is the way the subject was valued. $710 per unit x 34 unit x 12 month x 6 GRM = $1,738,080. This is the approach we have to use. The approach using the income and expenses that you sent over which uses a NOI is used for commercial properties other than residential. Also, if a commercial property is to be valued using that income approach, we are not allowed to consider mortgage interest, depreciation or property taxes as expenses. That is just for you information since that approach does not pertain to this subject. Please let me know your thoughts. I would like to come to some sort of an agreement on this as soon as possible. If you have any questions regarding the GRM, please let me know. Thank you, Susan Gundry Property Appraiser Commercial Division Weld County Assessor's Office 1400 N. 17th Avenue Greeley, CO 80631 970-400-3676 <image003.jpg> Confidentiality Notice: This electronic transmission and any attached documents or other writings are intended only for the person or entity to which it is addressed and may contain information that is privileged, confidential or otherwise protected from disclosure. If you have received this communication in error, please immediately notify sender by return e-mail and destroy the communication. Any disclosure, copying, distribution or the taking of any action concerning the contents of this communication or any attachments by anyone other than the named recipient is strictly prohibited. From: weld-cboe@weldgov.com To: CTB-Countv Board of Equalization Subject: Board of Equalization Appeal Submitted Date: Friday, July 07, 2017 2:39:17 PM Attachments: UP noil.xlsx UP - contract rent.odt Appeal Submitted: 02:38 PM on Friday July 7, 2017 Contact Information Supplied: • Contact Name: University Plaza Investment Gr • Contact Email: walker_lori@hotmail.com • Contact Phone: (303) 772 - 7919 • Email Preference: Contact through email Property: R3274386 - 1534 11TH AVE , GREELEY Legal: GR 3208 Ll THRU L5 BLK162 CRANFORD (HOSPITAL & CLINIC) Estimated Value: $ 1038425 Reason: This is an 100% Elderly - Section 8 restricted property. Our rents are determined annually by HUD. The rent for a unit in 2016 was $710 until the annual increase in October to $723. The rent includes water, sewer and electric (no gas at this property) for the Residents. I have included the 2016 Audit Revenue/Expense figures. We feel that the Gross Rent Multiplier is more in the range of 8% ($1,038,425 value) than the valuation of 20-21% ($1,738,080). Documents l.) UP noil.xlsx 2.) UP - contract rent.pdf You have selected the following Date Preferences: UNIVERSITY PLAZA Revenue Rent Revenue - Gross Potential Tenant Assistance Payments Total Potential Rent Revenue Vacancies Net Rental Revenue Financial Revenue Revenue from Investment Total Financial Revenue $129,730 $161,276 $291,006 -$14,214 $276,792 $17 $36 $53 Laundry/Vending Revenue $1,735 Tenant Charges $2,511 Total other revenue $4,246 Total Revenue $281,091 EXPENSES Total Administrative Total Utilities Total Operating & Maintenance Total Taxes and Insurance Total Replacement Reserve Deposit Total Expense $41,471 $44,496 $82,181 $17,507 $12,362 $198,017 Total Revenue Total Expense NOI CAP Rate 8% $281,091 -$198,017 $83,074 $1,038,425 EXHIBIT A IDENTIFICATION OF UNITS ("CONTRACT UNITS") BY SIZE AND APPUCABLE CONTRACT RENTS Section 8 Contract Number: CO990041001 FHA Project Number: 10198115 Effective Date of the Rent Increase: 10/1/2015 34 710 0 710 Do not submit a Gross Rent Change through TRACS until the HUD -92458 Rent Schedule has been returned to you duly executed from your HUD/PBCA office. Note: (1) This Exhibit will be amended by Contract Administrator notice to the Owner to specify adjusted contract rent amounts as determined by the Contract Administrator in accordance with the Renewal Contract. (2) These rents are applicable with the Amend Rents Automatic OCAF for this effective Date. Attachments Included: HUD Form 92458 (Rent Schedule — Required) Utility Analysis Certification (Required) Utility Allowance Worksheet (Optional) EXHIBIT A IDENTIFICATION OF UNITS ("CONTRACT UNITS") BY SIZE AND APPLICABLE CONTRACT RENTS Section 8 Contract Number: CO990041001 FHA Project Number: 10198115 Effective Date of the Rent Increase: 10/1/2016 Number of Contract Units 34 Number of Bedrooms 723 1 0 723 Do not submit a Gross Rent Change through TRACS until the HUD -92458 Rent Schedule has been returned to you duly executed from your HUD/PBCA office. Note: (1) This Exhibit will be amended by Contract Administrator notice to the Owner to specify adjusted contract rent amounts as determined by the Contract Administrator in accordance with the Renewal Contract. (2) These rents are applicable with the Amend Rents Automatic OCAF for this effective Date. Attachments Included: HUD Form 92458 (Rent Schedule — Required) Utility Analysis Certification (Required) Utility Allowance Worksheet (Optional) Attachment form HUD -9626) Amend Rents Auto OCAF Part B Hello