HomeMy WebLinkAbout20172223.tiffAugust 9, 2017
Petitioner:
CENTERPLACE OF GREELEY III LLC
C/O PROPERTY TAX DEPT
PO BOX 790830
SAN ANTONIO, TX 78279-0830
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):
CATALYST PROPERTY TAX CONSULTANTS,
LLC
2291 ARAPAHOE AVE
BOULDER, CO 80302
RE: THE BOARD OF EQUALIZATION 2017, WELD COUNTY, COLORADO
NOTICE OF DECISION
Docket #: 2017-2223
Dear Petitioner:
Appeal #: 2008216808 Hearing Date:
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
R4997408 Stipulated - Approved
Stipulated Value
$13,471,610 $12,000,000
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,
apLe
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 R4997408
STIPULATION (As To Tax Year_2017_ Actual Value)
RE PETITION OF :
NAME: CENTERPLACE OF GREELEY III LLC
ADDRESS: 4114 - 4210 Centerplace Dr.
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 order based on this Stipulation.
Petitioner (s) and Assessor agree and stipulate as follows:
1. The property subject to this Stipulation is described as:
GR 3CP L1 BLKI CENTERPLACE PHASE 3 MINOR
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 $13,471,610.00
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 $12,000,000.00
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:
EThe hearing scheduled before the Board of Equalization on (Date) at
(Time) be vacated.
EA hearing has not yet been scheduled before the Board of Equalization.
R4997408
1
TED this 18th day of July, 2017.
itioner( r Agent or Attorney
Address:
,:k9 I AR/4P,a1-
tIJD‘Co 472,2 -1 -
Telephoner -12_0 .7 f+ 4J7 T--ehone:(970) 336-7235
n sistaCounty
( � Attorney
Respondent, Weld County Board of
Commissioners
Docket Number
Stip-1,Frm
R4997408
Address:
1150 "O" Street
P.O. Box 758
Greeley, CO 80632
County As. esso
Address:
1400 N.17th Avenue
Greeley, CO 80631
Telephone: (970) 353-3845 ext. 3697
2
From:
To:
Subject:
Date:
Attachments:
weld-cboe@weldgov.com
CTB-County Board of Equalization
Board of Equalization Appeal Submitted
Tuesday, July 11, 2017 12:09,24 PM
2017 BCE appeal form centerplace of greeley.pdf
Centerplace of Greeley 2017 appeal pkg (9 fines merged)1.pcf
SPA pg 12.pdf
soa pg 21.pdf
SOA pg 13.pdf
pdf
Appeal Submitted: 12:08 PM on Tuesday July 11, 2017
Contact information Supplied:
• Contact Name: Centerplace of Greeley III LLC
• Contact Email: flynn@catalystpropertytax.coin
• Contact Phone: (720) 744 - 3237
• Email Preference: Contact through email
Property:
R4997408 - 4206 CENTERPLACE DR , GREELEY
Legal: GIB 3CP Li BLIK1 CENTERPLACE PHASE 3 MINOR
Estimated Value: $ 9160400
Reason: Fee simple analysis referencing 2 leases signed at the subject during the gathering
period, 14 anchor leases from the gathering period across the front range, and realtyrates
survey data. County has relied upon leased fee valuation that ignores the unstabilized
condition of the property due to the loss of the anchor in 2016 (sports authority). The county
has notadjusted for lease up costs (stabilization) either.
Documents
1.) 2017 BOE appeal form centerplace of greeley.pdf
2.) Centerplace of Greeley 2017 appeal pkg (9 files merged) l .pdf
3.) SOA pg 12.pdf
4.) soa pg 21.pdf
You have selected the following Date Preferences:
Agent letter: SOA pg 13.pdf
NOTICE OF DETERMINATION
Christopher M. Woodruff
Weld County Assessor
1400 N 17th Ave
Greeley, CO 80631
Date of Notice; 6/30/2017
Telephone: (970) 353-3845
Fax: (970) 304-6433
Office Hours: 8:00AM — 5:00PM
ACCOUNT
NO.
.-
TAX
YEAR
TALC AREA
LEGAL DESCRIPTION!
PHYSICAL
LOCATION
R4997408
2017
0683
GR
R
4206
GREELEY
3CP
CENTERPLACE
Li BLK1
, Co
CENTERPLACE
DR
PHASE
3
MINO
...
CENTERPLACE
C/O
Po
SAN
PROPERTY
BOX
ANTONIO,
790830
OF
TAX
GREELEY
78279-0830
DEPT
III LLC
TX
PROPERTY
CLASSIFICATION
ASSESSOR'S
VALUATION
ACTUAL
VALUE
REVIEW
PRIOR
TO
ACTUAL VALUE
REVIEW
AFTER
COMMERCIAL
13,646,246
13,471,610
TOTAL
$13,646,245
$13,471,610
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:
CMO3 - After review of your property, we have made adjustments, This was done because of
additional information obtained, or provided through the appeal process.
If you disagree with the Assessor's decision, you have the right to appeal to the County
Board of Equalization for further consideration, § 39-8 106(1)(a), C.R.S.
The deadline for filing real property appeals is July 15.
The Assessor establishes property values. The local taxing authorities (county, school district, city,
fire protection, and other special districts) set mill levies. The mill levy requested by each taxing
authority is based on a projected budget and the property tax revenue required to adequately fund
the services it provides to its taxpayers. The local taxing authorities hold budget hearings in the fall.
If you are concerned about mill levies, we recommend that you attend these budget hearings.
Please refer to last year's tax bill or ask your Assessor for a listing of the local taxing authorities.
Please refer to the reverse side of this notice for additional information.
Agent (If Applicable):
CATALYST PROPERTY TAX CONSULTANTS, LLC
2291 ARAPAHOE AVE
BOULDER, CO 80302
16-D PT -AR
PR 207-08/13
R4997408
APPEAL PROCEDURES
County Board of Equalization Hearings will be held from
July 24 ' through August 'eat 1150 O 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 O Street, P. O. Box 758
Greeley, CO 80631
Telephone: (970) 356-4000 ext, 4225
Online: http://www.ca.weld.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
recommend that all correspondence be mailed with proof of mailing.
You will be notified of the date and time scheduled for your hearing. The County Board of
Equalization must mail a written decision to you within five business days following the date of the
decision. The County Board of Equalization must conclude hearings and render decisions by August
5, § 39-8-107(2), C.R.S. If you do not receive a decision from the County Board of Equalization and
you wish to continue your appeal, you must file an appeal with the Board of Assessment Appeals by
September 10, § 39-2-125(1)(e), C.R.B.
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.colorado.ciov/baa,
Binding Arbitration
For a list of arbitrators, contact the County Commissioners at the address listed for the County Board
of Equalization.
If the date for filing any report, schedule, claim, tax return, statement, remittance, or other document
falls upon a Saturday, Sunday, or legal holiday, it shall be deemed to have been timely filed if filed
on the next business day, § 39-1-120(3), C.R.S.
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.
PETITION TO COUNTY BOARD OF EQUALIZATION
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 § 39-8-106(1.5), C.R.S.)
Sci 14'0/ cesevi'0
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
in - fled cost appraisal, etc.)
14.1a r Roacw---tr ;SO Thrtitir 10,14."
sue- Q . -Y'
ATTESTATION
1, the undersigned owner or agent' of the property identified above, affirm that the statements contained herein
i d on an achments hereto are true and complete.
t 523 7 1 7
� •rte. Y... Telephone Number D to
Si ature
emri 'kJ r %P ea"CcrA (3/4trarrieaeraltrCresbe e CCA
E ri i l Address
1 Attach letter of authorization signed by property owner.
I6-DPT-AR
PR 207-08/13
R4997408
Property Tax Consultants
CENTERPLACE OF GREELEY
TAX YEAR: 2017/2018
Property Account Number:
Owner:
Use:
Property Square Feet:
2017/2018 County Valuation:
R4997408
Centerplace of Greeley III LLC
Neighborhood Retail
119,012
$13,646,245
2017/2018 Income Approach (Subject Gath Pd. Leases — 2):
2017/2018 Income Approach (Market Survey):
Final Value Range
Relevant Facts:
$11,302,292 - $1,360,000
$9,738,544 - $1,360,000
$8,378,500 - $9,942,300
1.) The Centerplace of Greeley lost its largest tenant (42,000 sf) and anchor, Sports Authority in late
2016. The center is now 35% vacant and unstabilized.
2.) Lease up costs have been calculated and subtracted from final values to account for the financial
requirement to achieve stabilization of %.
3.) 2 Inline leases signed in subject during the gathering period of 7/1/2014 — 6/30/2016 average
$17.55/sf
4.) 14 Anchor leases in front rane retail average $6.69/sf including 1 signed during gathering
period for $6.09/sf
5.) RealtyRates Market survey 3Q16 supports anchored center lease rate of $15.48/sf gross ($7.49
NNN) on the combined space and a cap rate of 8%
Catalyst Property Tax Consultants, LLC
2291 Arapahoe Avenue
Boulder, Co 80302
Jason Flynn
720.744.3237
Flynn Ca.talystpropertytax.com
Page 1
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CENTERPLACE OF GREELEY Ill LLC
CIO PROPERTY TAX DEPT
PO BOX 790830
SAN ANTONIO TX 78279-0830
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2017 REAL PROPERTY PROTEST FORM
You may appeal the valuation and/or classification by June 1st by visiting our office, or mail this form to the
assessor. Website: www.weldd ov.comldeoartmentsfassessor Email: appeals@weldgov.com
Location/Mailing: 1400 N. 17th Avenue, Greeley, CO 80631 Phone: 970-400-3650 Fax: 970-304-6433
Account Number: 84997405
Property Owner: CENTERPLACE OF GREELEY HI LLC
What is your estimate of the property's value as of June 30, 2016? $
TO APPEAL ACCOUNT R4997408 CHECK HERE ❑
YOUR REASON FOR APPEALING THE VALUE IS:
Please attach additional information as necessary.
Signature Telephone Number
Date
E -Mail Address -
AGENT AUTHORIZATION: You must provide written authorization if you are using an agent. The agent's
mailing address, e-mail address, and telephone number must be provided.
name, TO �_� %/
P. RIGHT APPEAL PROPERTY ti ' s.n :,:G' 3 S ) l l
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If the date for filing any document falls upon a Saturday, Sunday or legal holiday, it shall be deemed timely filets if
postmarked or received on the next business day. 39-1-120(3), C.R.S. Page 2
NOI1VHOJ I3d 9N01V 1V31 ONY 0-1OA :N3dO 01
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2017 REAL PROPERTY NOTICE OF VALUATION
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 for the valuation cycle, and
an online protest filing application at: www.weldgov.com/departments/assessor. 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:
R4997408
Property Address/Description
GR 3CP L1 ELK1 CENTERPLACE PHASE 3 MIND
R
Classification
COMMERCIAL
Total
Prior
1L272,985
11,272,985
Current
13,646,245
13,646,245
Difference
+2,373,260
+2,373,260
Using the above values, the estimated tax based on the prior year value was $243,233.
Using the above values, the estimated tax based on the current value is $294,439.
This results in an increase of +$51,206. 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.
lf, after filing an appeal with the Assessor you do not agree with the Notice of Determination (NOD), or you do not
receive a NOD, you may file a written appeal with the County Board of Equalization on or before July 15, 2017.
❑ Check here if new address
, .,,,,._,----
PLACE
STAMP HERE
Past Office will
not deriver
without proper
postage.
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Weld County Assessor
1400 N 17th Ave
Greeley, CO 80631
Page 3
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INCOME APPROACH VALUE SUMMARY
BASED ON SUBJECT GATHERING PERIOD LEASES
Property Address
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APPRAISAL YEAR
Centreplace of Gr°ee dv
STRUCTURE
IMPROVEMENT SEQUENCE YOC EFF YOC EFF AGE STRUCTURE GRP TYPE
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POTENTIAL GROSS REVENUE
EFFECTIVE GROSS INCOME
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VACANCY LOSS AMT.
W
a
w
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PASS THRU REVENUE
W
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OTHER INCOME
W
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POT. GROSS INC.
ADJ LEASE RATE
RENTABLE UNITS
LEASE RATE
en.
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TOTAL EFFECTIVE GROSS INCOME
TOTAL EFFECTIVE GROSS INCOME FOR ALL IMPROVEMENTS
LESS: TOTAL OPERATING EXPENSES
FXPFNSF RATF ASSFT RFSFRVF
IMPROVEMENT USE RENTABLE UNITS {Gross) ASSET RESERVE $ MGMT RESERVE, MGMT RESERVE $ OPERATING EXPENSES LODGING EXP. TYPE LODGING EXPjc LODGING EXPENSE $
NET OPERATING INCOME
IMPROVEMENT NOI ADJ TYPE ADJ A ADJ S ADJ NOI
r.'G
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'CAPITALIZATION
RATE
IMPROVEMENT ADJ NOI MARKET RATE Err RATE OVERALL RATE I NCOM E VALUE
IN
"u
SUMMARY $`;1 ' 3O 9
INCOME APPROACH FINAL VALUE BEFORE ALLOCATIONS I PARTIAL COMPLETION $11,302,292
C`•8
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I INCOME APPROACH VALUE ALLOCATIONS
IMPROVEMENT TOTAL VALUE EXEMPT /TAXA EXEMPT TAX $ PARTIAL OWN ERA PARTIAL OWNERS ADJ TOTAL VALUE
$ 11,302,291.60 7 0, D`'VG 0 S11,302,292
04
01
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tek
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INCOME APPROACH VALUE INDICATION
LEASE UP COST TO STABILIZATION
$9,942,291.60
FINAL VALUE
et
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Page 5
INCOME APPROACH VALUE SUMMARY
BASED ON SURVEY DATA
C
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CO
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APPRAISAL YEAR
Q}
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STRUCTURE
IMPROVEMENT SEQUENCE YCC EFF YOC EFF AGE STRUCTURE GRP TYPE
N
IOCCUPANCY USE:
V
r
POTENTIAL GROSS
OTHER INCOME
OTHER INCOME
POTENTIAL GROSS REVENUE
EFFECTIVE GROSS INCOME
ADJ. INCOME
VACANCY I OSSAMT.
LL
a
LL
LL
PASS THRU REVENUE
OTHER INCOME
POT. GROSS INC.
ADJ I FASF RATE
RFNTARI F UNITS
I EASE RATE
!R
O
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TOTAL EFFECTIVE GROSS INCOME
co
ccp
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TOTAL EFFECTIVE GROSS INCOME FOR ALL IMPROVEMENTS
CAPITALIZATION RATE
IMPROVEMENT ADJ NOI MARKET RATE FFF RATE OVFRAI I RATE I NCOM F VAI OF
xU
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c :1
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=.)
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4 ° A
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I I NCOM E APPROACH FINAL VALUE BEFORE ALLOCATIONS l PARTIAL COMPLETION $9,736,544
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INCOME APPROACH VALUE ALLOCATIONS
I IMPROVEMENT TOTAL VALUE EXEMPT/TAX EXEMPT TAX $ PARTIAL OWN ERt PARTIAL OWNER $ ADJ TOTAL VALUE
a
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INCOME APPROACH VALUE INDICATION
LEASE UP COST TO STABILIZATION
$8,378,543.69
FINAL VALUE
1.. Used NNN rate ffrom RealtyrRates 3016 market survey of Denver/BoulderlGreeley of $7.49 and 8% cap
Page 6
Lease Up Calculation (subtract this from stabilized income approach)
Centerplace of Greeley
Annual Market Rent:
No. of Periods in Year:
Reim bursement/SF:
Tenant Improvement Costs/SF:
Absorption Period (years):
Leasing Commissions:
Average Lease Term (years):
Annual Discount Rate:
Total SF (or Units)
Beginning Occupancy
Stabilized Occupancy
SF To Lease (or Units)
Sale Date
$7.49
12
$8.00
$20.00
2
$1.50
3
8.00%
119,012
65% 76,989
95%
36,073
1/1/2017
SF to
Lease
Lease
Start
Date
SF
Leased
LEASE -UP COST ANALYSIS
Reim -
Income bursement Leasing
Loss Loss Commissions
i _
$1.360,000
Tenant
Improvement
Costs
Total
Lease -up
Cost
Present
Value
36,073
34,570
33,066
31,563
30,060
28,557
27,054
25,551
24,048
22,545
21,042
19,539
18,036
16,533
15,030
13,527
12,024
10,521
9,018
7,515
6,012
4,509
3,006
1,503
Present Value:
1/1/2017
1/31/2017
3/2/2017
4/2/2017
5/2/2017
6/2/2017
7/2/2017
8/1/2017
9/1/2017
10/1/2017
11/1/2017
12/1/2017
1/1/2018
1/31/2018
3/2/2018
4/2/2018
5/2/2018
6/2/2018
7/2/2018
8/1/2018
9/1/2018
10/1/2018
11/1/2018
12/1/2018
1,503 $22,515 $24,048 $6,764 $30,060
1,503 $21,577 $23,046 $6,764 $30,060
1,503 $20,639 $22,044 $6,764 $30,060
1,503 $19,701 $21,042 $6,764 $30,060
1,503 $18,763 $20,040 $6,764 $30,060
1,503 $17,825 $19,038 $6,764 $30,060
1,503 $16,886 $18,036 $6,764 $30,060
1,503 $15,948 $17,034 $6,764 $30,060
1,503 $15,010 $16,032 $6,764 $30,060
1,503 $14,072 $15,030 $6,764 $30,060
1,503 $13,134 $14,028 $6,764 $30,060
1,503 $12,196 $13,026 $6,764 $30,060
1,503 $11,258 $12,024 $6,764 $30,060
1,503 $10,320 $11,022 $6,764 $30,060
1,503 $9,381 $10,020 $6,764 $30,060
1,503 $8,443 $9,018 $6,764 $30,060
1,503 $7,505 $8,016 $6,764 $30,060
1,503 $6,567 $7,014 $6,764 $30,060
1,503 $5,629 $6,012 $6,764 $30,060
1,503 $4,691 $5,010 $6,764 $30,060
1,503 $3,753 $4,008 $6,764 $30,060
1,503 $2,814 $3,006 $6,764 $30,060
1,503 $1,876 $2,004 $6,764 $30,060
1,503 $938 $1,002 $6,764 $30,060
Rounded to:
$
$83,388
$81,448
$79,507
$77,567
$75,627
$73,687
$71,747
$69,807
$67,866
$65,926
$63,986
$62,046
$60,106
$58,166
$56,226
$54,285
$52,345
$50,405
$48,465
$46,525
$44,585
$42,645
$40,704
$38,764
$1,364,074
1,360,000
$82,835
$80,372
$77,938
$75,533
$73,156
$70,807
$68,486
$66,193
$63,927
$61,688
$59,476
$57,291
$55,132
$52,999
$50,892
$48,810
$46,754
$44,723
$42,717
$40,735
$38,778
$36,845
$34,936
$33,050
$1,364,074
Page 7
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Page 8
Regency
Centers.
Regency Centers
Income Statement
For Period Ended December 31, 2015
Centerplace of Greeley III
YTD
60080
OPERATING REVENUE
Centerplace of Greeley III
BASE RENT
PERCENTAGE RENT
TOTAL RENTAL REVENUE
RECOVERIES:
RECOVERY OF ELECTRIC/UTI
RECOVERY OF R.E. TAXES
YTD RET ACCRUAL
DISPUTE CURRENT YR RET
RECOVERY OF CAM
DISPUTE CURRENT YR CAM
YTD CAM ACCRUAL
RECOVERY OF INSURANCE
YTD INS ACCRUAL
DISPUTE CURRENT YR INS
MISC REVENUE
TOTAL RECOVERIES FROM TENANTS
TOTAL OPERATING REVENUE
1,607,791
116071791
1,609
246,988
(14,539)
187,411
5,870
44,966
(7,423)
10,236
475,117
2,082,909
OPERATING EXPENSES:
TENANT EXPENSES
COMMON AREA EXPENSES
BUILDING EXPENSES
ADMINISTRATIVE
ADMINISTRATIVE - MGMT FEE
TOTAL OPERATING AND MAINTENANCE
FIXED EXPENSES:
INSURANCE
REAL ESTATE TAXES
RET SPECIAL ASSESSMENTS
RET CONSULTING FEE
RET SAVINGS FEE
OTHER TAXES
TOTAL FIXED EXPENSES
NON RECOVERABLE EXPENSES
BAD BEDT EXPENSE
ENVIRONMENTAL EXPENSES
TERMINATION FEE EXPENSE
TOTAL NON RECOVERABLE EXPENSES
TOTAL OPERATING EXPENSES
12,593
185,917
11,071
78,555
288,135
40,583
258,193
298,776
2,615
915
3,530
590,441
NET OPERATING INCOME
1,492,468
k5)
1
))') 5/4m
Page 9
Regency
Centers.
Regency Centers
Income Statement
For Period Ended December 31, 2016
Centerplace a ce of Greeley III
YTD
60080
OPERATING REVENUE
BASE RENT
GENERAL VACANCY
MINIMUM RENT
PERCENTAGE RENT
RECOVERY OF ELECTRIC/UTI
RECOVERY OF R.E. TAXES
YTD RET ACCRUAL
DISPUTE CURRENT YR RET
RECOVERY OF CAM
DISPUTE CURRENT YR CAM
YTD CAM ACCRUAL
RECOVERY OF INSURANCE
YTD INS ACCRUAL
DISPUTE CURRENT YR INS
MISC REVENUE
TOTAL RECOVERIES FROM TENANTS
TOTAL OPERATING REVENUE:
1,388,333
1,388,333
11,195
2,201
215,033
(52,559)
205,654
(67,270)
36,365
(13,158)
25,156
351,422
1,750,950
OPERATING EXPENSES:
TENANT EXPENSES
COMMON AREA EXPENSES
BUILDING EXPENSES
ADMINISTRATIVE
ADMINISTRATIVE - MGMT FEE
TOTAL OPERATING AND MAINTENANCE
FIXED EXPENSES:
INSURANCE
REAL ESTATE TAXES
RET SPECIAL ASSESSMENTS
RET CONSULTING FEE
RET SAVINGS FEE
OTHER TAXES
TOTAL FIXED EXPENSES
1,752
169,668
11,713
435
71,504
255,071
36,162
252,648
IMP
288,809
l
i
G (Los C
frd°
Page 10
Regency
Centers.
NON RECOVERABLE EXPENSES
BAD BERT EXPENSE
ENVIRONMENTAL EXPENSES
TOTAL NON RECOVERABLE EXPENSES
Regency Centers
Income Statement
For Period Ended December 31, 2016
Centerplace a ce of Greeley III
YID
60080
25,158
121,176
1,146
147,480
TOTAL OPERATING EXPENSES 691,360
NET OPERATING INCOME 1,059,590
Page 11
Realt!l1ates _corn MARKET SURVEY - 3rd Quarter 2016
Far Vest - Class A & B Office Buildings
Operating Data
Income
Asking Rent
Effective Rent
Other Income
Total Income
Vacancj Rate
EGIM
Expenses
Total Expenses
Derive riBoulder
R reeIe
P hoenixiMesa
COD Suburb D RR Suburb
SeattleiTaco
PortlandiSalem Bremerton
Region
COD Suburb CBD Suburb CBD Suburb
-
$30.20 $22.36 $21.52 $22.58
23.14 $17.12. $17.92 $18.80
$1.16 $0.86 $0.90 $0.94
24.23 $17.37 $18.82 $19.74
11.2 10.7% 21.2% 20.8%
$21.57 $16.06 $14.83 $15.64
$23.06 $21.9 0
$18.13 $17.2 2
$0.91 $0.86
$19.04 $18.5 8
9.0% 13.5%
$17.32 $15.5 4
$31.15
$ 25.73
$1.29
$27.01
12.8%
$ 23.55
27.05 $ 23.40
22.33 $18.54
$1.12 $0.93
23.45 $19.46
12.6% 12.4>
20.49 $17.05
$ 20.50
$16.29
$0.81
$17.11
13.5%
$14.80
$9.30
$8.27 n $7.23
$7.25
$8.91
$7.81 $10.50
$8.80
$7.96
$7.15
Expanse Ratio
43.11%
51.52%, 4$.78%
46.35%
51.45%
49.91:
44.60%
42.97%
46.68%
48.33%
ICI RI
$12.27
$7.78
$7.59
$8.39
$8.41 $7.84
$13.05
$11.68
$9.09
$7.65
Investment Data
Aug Sale Price
OAR
iG R1'++'1
EGIM
$133
9.2%
5.75
6.17
$91 i $99
8.5% ! 7.7
5.32 5.52
5.67 " 6.68
$104
8.1%
5.53
6.65
$101
8.3%.
5.57
5.83
$93
8.4
5.40
5.95
$163
8.0%
6.34
5.32
$130
9.0%
5.82
6.35
$106
8.6%
5.73
6.23
$89
8.5%
5.46
6.01
'2nd Owl rtr r 2016 a�t�
Operating Data
Income
Asking Rent
Effective Rent
Other Income
Total Income
Vacancg Rate
Derive rlBoulder
G reeIe
Copyright 2016 Re ityP tc..comTM
Re altgl1ates _cornet MARKET SURVEY - 3rd Quarter 2016
Far Vest - Class A Er B Neighborhood. Comrnunits & Strip Retail Centers
SeattleiTaco ma
PhoenixlIM+'lesa PortlandiSalem Bremerton
Anch Un-Anch A nch Un-Anch Anch Un-Anch
Region
Anch Un-A nch Anch U n-Anch
EGI
$17.31 $16.83 $17.35
$15.021 $15.57
$0.77 $0.75 $0.78
$16.25 $15.77 $16.35
5.2 : 6.0'x: 9.1%
$15.24 $14.81 $14.85
$16.72 $19.33
$15.01 $17.59
$0.75 $0.88
$15.76 $18.47
8.7% 5.6%
$14.38 $17.43
$18.5 3
$15.9 5
$0.85
$17.8 0
5.4
$16.8 4
y N
$ 22.37 21.75 $16.70 $16.16
$ 20.48 $19.63. $15.08 $14.56
$1.02 $0.98 $0.75 $0.73
4
$21.51 $ 20.51 $15.84 $15.28
4.9% 4.6% 5.0% 5.7'
$ 20.45 $19.66 $14.89 $14.41
Expenses
Total Ex penses
$7.75
$7.02 ;
$8.50
$8.48
$7.51
$7.57
$8.60
$8.48
$7.14
$6.92
Expense Ratio
50.86 Y
47.40%
i 5 7.20%
58.98%
43.09%
44.96 Y
42.54%
4 3.15%
47.94%
48.55%
NOI
$7.49
$7.79
$6.36
$5.90
$9.92
$9.27
$11.85
$11.18
$7.75
$7.48
Investment Data
Aug Sale Price
OAR
iG RIA
94
8.0%
6.07
617
96, $80
8.1': 7.9%
6.39 5.14
5.48 " 5.33
$77 $110 , $106
7.7% 9.0X. 8.7 %
5.13 6.25 6.25
5.35 6.31 6.29
$136
8.7%
6.64
6.65
$130
8.5%
6.62
6.61
$91
8.5%
6.02
6.10
$89
8.4%
6.11
6.18
'2nd Qtn rt' r 2016 Dar.'
Copyright 2016 PfiaityrPzi ties..romTH
RealtyRates.corn rrYA
27
Page 12
Nirr-
Catalyst Property Tax Consultants
STATEMENT OF AGENCY
This agreement made on May 23, 2017, by and between
Regency Centers
(Hereinafter "Taxpayer")
Catalyst Property Tax Consultants, LLC
2291 Arapahoe Avenue
Boulder, CO 80302
Telephone: 720.344.3237
(Hereinafter "Catalyst")
Hereby appoint Catalyst Property Tax Consultants, LLC as its representative and agent for assessment years 2015-2018 in
connection with the valuations for assessment of Taxpayer's real property in Colorado known as:
See Exhibit A
(Hereinafter "the Property")
Catalyst shall have full authority to:
I . Review all applicable records relating to the valuation for assessment for the Property;
2. Discuss the valuation for assessment of the Property with the County Auditor/Assessor, or any of his
representatives, as to the amount of valuation which Catalyst deems appropriate in the circumstances;
3. Accept on behalf of the Taxpayer any valuation for assessment; and
4. Pursue any statutory remedies which Taxpayer may possess, before the County Auditor/Assessor, County
Board of Equalization, State Assessment Appeals Board, or in binding arbitration, in the Taxpayer's name
and on Taxpayers behalf with regard to the Property.
This appoint 4 rit of agency shall remain in effect until revoked in writing by both parties.
Regency Cede
By;
c0k
Date: LaIt (l7
(Signature)
(Printed Name)
Title)
0 fc( VI 5
STATE OF ( eorc , =t COUNTY OF C 66 b b
In on`~11e at day of 201 - before me a Notary Public in and for the above
state and county, personally appeared 3c,_,k- n 5 c- _ , known to me or proved to be the person named in
and who executed the foregoing instrument, and being nbeinglirst duly sworn, such person acknowledged that he or she
executed said instx t i lrt 11 urn -poses therein contained as his or her free and voluntary act and deed.
%Nt%sSo A H4",
NA,' \ • • • wit le
f�'4ss1 o•. s‘e..,
ofr
(SEAL)
r
S
* 4) aim •
i t
n
T' it e
•
e
C
.i • CP/ Ct. C.
ej eretee' %
TV ,
yt&.etcooc— cker-ct.,_
NOTARY PUBLIC
My Commission Expires: Po Li 1't., ' -0
,.� w. .r-�' s 77.7=7.17-“.7!"
Catalyst Property Tax Consultants, LLC
2291 Arapahoe Avenue
Boulder, Co 80302
Jason Flynn
720.744.3237
F;l ynn(12C ataly stpr o1) e rte*tax. corny
Catalyst Property Tax Consultants
Nirr-
Catalyst Property Tax Consultants
STATEMENT OF AGENCY
This agreement made on May 23, 2017, by and between
Regency Centers
(Hereinafter "Taxpayer")
Catalyst Property Tax Consultants, LLC
2291 Arapahoe Avenue
Boulder, CO 80302
Telephone: 720.344.3237
(Hereinafter "Catalyst")
Hereby appoint Catalyst Property Tax Consultants, LLC as its representative and agent for assessment years 2015-2018 in
connection with the valuations for assessment of Taxpayer's real property in Colorado known as:
See Exhibit A
(Hereinafter "the Property")
Catalyst shall have full authority to:
I . Review all applicable records relating to the valuation for assessment for the Property;
2. Discuss the valuation for assessment of the Property with the County Auditor/Assessor, or any of his
representatives, as to the amount of valuation which Catalyst deems appropriate in the circumstances;
3. Accept on behalf of the Taxpayer any valuation for assessment; and
4. Pursue any statutory remedies which Taxpayer may possess, before the County Auditor/Assessor, County
Board of Equalization, State Assessment Appeals Board, or in binding arbitration, in the Taxpayer's name
and on Taxpayers behalf with regard to the Property.
This appoint 4 rit of agency shall remain in effect until revoked in writing by both parties.
Regency Cede
By;
c0k
Date: LaIt (l7
(Signature)
(Printed Name)
Title)
0 fc( VI 5
STATE OF ( eorc , =t COUNTY OF C 66 b b
In on`~11e at day of 201 - before me a Notary Public in and for the above
state and county, personally appeared 3c,_,k- n 5 c- _ , known to me or proved to be the person named in
and who executed the foregoing instrument, and being nbeinglirst duly sworn, such person acknowledged that he or she
executed said instx t i lrt 11 urn -poses therein contained as his or her free and voluntary act and deed.
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Catalyst Property Tax Consultants, LLC
2291 Arapahoe Avenue
Boulder, Co 80302
Jason Flynn
720.744.3237
F;l ynn(12C ataly stpr o1) e rte*tax. corny
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