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Home My WebLink About20161868.tiffRESOLUTION RE: APPROVE PETITION FOR ABATEMENT OR REFUND OF TAXES (4 ACCOUNTS) - GEMSTONE ELK LAKES, LLC (11.05%), DBA ELK LAKES SHOPPING CENTER WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to Colorado statute and the Weld County Home Rule Charter, is vested with the authority of administering the affairs of Weld County, Colorado, and WHEREAS, the Board of County Commissioners of Weld County, State of Colorado, at a duly and lawfully called regular meeting held on the 20th day of June, 2016, at which meeting there were present the following members: Chair Mike Freeman, and Commissioners Sean P. Conway, Julie A. Cozad, and Steve Moreno, with Barbara Kirkmeyer being excused, and WHEREAS, notice of such meeting and an opportunity to be present has been given to the taxpayer and the Assessor of said County, with said Assessor, Christopher Woodruff, being present, and taxpayer, Gemstone Elk Lakes, LLC (11.05%), dba Elk Lakes Shopping Center, Go Tax Advisors, PLLC, not being present, and WHEREAS, the Board of County Commissioners has carefully considered the attached petition, and is fully advised in relation thereto. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the Board concurs with the recommendation of the Assessor and the petition be and hereby is, approved, and an abatement or refund be allowed as follows: SCHEDULE NUMBER CORRECTION TO ASSESSED VALUATION ABATEMENT OR REFUND TAX YEAR R8403000 $2,470.00 $0.00 2013 R8403000 $2,470.00 $0.00 2014 R8403100 $351,373.00 $11,237.17 2013 R8403100 $351,373.00 $11,053.11 2014 R8403300 $294,283.00 $9,422.16 2013 R8403300 $294,283.00 $9,267.88 2014 R8403500 $1,712,511.00 $39,031.17 2013 R8403500 $1,712,511.00 $38,391.90 2014 CG:CCAC 6c.), cksRCOK/co../Cw) 1 /13/901C0 2016-1868 AS0093 TAX ABATEMENT PETITION - GEMSTONE ELK LAKES, LLC (11.05%) PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 20th day of June, A.D., 2016. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO ATTEST Bits et) -e40;4k. 1 IRS "Yuee Weld County Clerk to the Board BY: t••(_, T _' r uty Clerk to the Board APPROVED AS TO FORM: County Attorney Date of signature: 1 ( 1 / I io Mike Freeman, Chair Sean P. Conway, Pro-Tem Julie A. Cozad EXCUSED Barbara Kirkmeyer Moreno 2016-1868 AS0093 County: Weld PETITION FOR ABATEMENT OR REFUND OF TAXES RECEI Date Received (Use Assessor's or Commissioners' Date S(aro, Section I: Petitioner, please complete Section I only. Date: December 31 2015 Month Day Year OFD 0 4 2016 WELD COUNTY ASSESSOR GRE LWY, COLORADO Petitioner's Name: GEMSTONE ELK LAKES LLC (11.05%) RECEIVED Petitioner's Mailing Address: 3131 S VAUGHN WAY #301 AURORA CO 80014-3509 City or Town State Zip Code SCHEDULE OR PARCEL NUMBER(S) PROPERTY ADDRESS OR LEGAL DESCRIPTION OF PROPERTY R8403000, R8403100, R8403300 2819, 2855 AND 2863 35TH AVENUE R8403500 Petitioner requests an abatement or refund of the appropriate taxes and states that the taxes assessed against the above property for property tax year(s) 2013 and 2014 are incorrect for the following reasons: (Briefly describe why the taxes have been levied erroneously or illegally, whether due to erroneous valuation, irregularity in levying, clerical error or overvaluation. Attach additional sheets if necessary.) Actual value exceeds market based on economic performance and local market sales activity as indicated by the attached valuation analysis. Petitioner's estimate of value: $ 7.844.800 (2013 ) and $ ?,844,800 (2014 Value Year Value Year I declare, under penalty of perjury in the second degree, that this petition, together with any accompanying exhibits or statements, has been prepared or examined by me, and to the best of my knowledge, information and belief, is true, correct, and complete. By PLEAS SEE ATTACHED ' UTHORIZATION s Signature MAY 1 1 2016 WELD COUNTY OMMISSIONERS Daytime Phone Number ( Email Daytime Phone Number (360 ) ?50-6884 Email _ *Letter of agency must be attached when petition is submitted by an agent: If the Board of County Commissioners, pursuant to § 39-10-114(1), C.R.S., or the Property Tax Administrator, pursuant to § 39-2-116, C.R.S., denies the petition for refund or abatement of taxes in whole or in part, the Petitioner may appeal to the Board of Assessment Appeals pursuant to the provisions of § 39-2-125, C.R.S., within thirty days of the entry of any such decision, § 39-10-114.5(1), C.R.S. Section II: 77,-z 33 Assessor's Recommendation 75-_16g (For Assessor's Use Only) Tax Year 01-4/33 Tax Year 2U//c! Actual Assessed Tax Actual Assessed Tax Original °/a/ SvS/Co 43,133, 0 ./2VoZiDOQ.1'I%i s'oc, /4° °.-31/33/(°° 402,3g,°-(-7 Corrected t6y,'' ' /3V +2,G2S73t. zo.2,77i.°749, 05L/, y3V ':::2‘1, 786, 4/fl, ,175-, 71 Abate/Refund //, 7°1124 I cb"i 7f ! ` 39,238. -PI 4,, 75PO, 726 4C07, 7/Y 4.38, S77.()'( Assessor recommends approval as outlined above. If the request for abatement is based upon the grounds of overvaluation, no abatement or refund of taxes shall be made if an objection or protest to such valuation has been filed and a Notice of Determination has been mailed to the taxpayer, § 39-10-114(1)(a)(I)(D), C.R.S. Tax year: Protest? 0 N 0 Yes (If a protest was filed, please attach a copy of the NOD.) Tax year: Protest? 0 No ❑ Yes (If a protest was filed, please attach a copy of the NOD.) O Assessor recommends denial for the following reason(s): 2016-1868 15-DPT-AR No.920-66/15 T-- . •- Boardo ❑ Approved ❑ A.pr.y FOR ASSESSORS AND COUNTY COMMISSIONERS USE ONLY (Section III or Section IV must be completed) Every petition for abatement or refund filed pursuant 10 § 39-10-114, C.R.S. shall be acted upon pursuant to the provisions of this section by the Board of County Commissioners or the Assessor, as appropriate, within six months of the date of filing such petition, § 39-1-113(17), Section III: Written Mutual Agreement of Assessor and Petitioner (Only for abatements up to $10,000) The Commissioners of County authorize the Assessor by Resolution No. to review petitions for abatement or refund and to settle by written mutual agreement any such petition for abatement or refund in an amount of $10,000 or less per tract, parcel, or lot of land or per schedule of personal property, in accordance with § 39-1-113(1.5), C.R.S. The Assessor and Petitioner mutually agree to the values and tax abatement/refund of: Tax Year Tax Year Original Corrected AbatelRefund Actual Assessed Tax Actual Assessed Tax Note: The total tax amount does not include accrued interest, penalties, and fees associated with late and/or delinquent tax payments, if applicable. Please contact the County Treasurer for full payment information. Petitioner's Signature Date Assessor's or Deputy Assessor's Signature Date Section IV: Decision of the County Commissioners (Must be completed if Section III does not apply) WHEREAS, the County Commissioners of County, State of Colorado, at a du l d lawfully called regular meeting held on / / , at which meeting there were present the f ing members: Month Day Year with notice of such meeting and an opportunity to be present having been . en to the Petitioner and the Assessor of said County and Assessor (being present --not present) and Name Petitioner Name County Commissioners have carefully considered the hin petition, and are fully advised in relation thereto, NOW BE IT RESOLVED, that the Board (agrees- . oes not agree) with the recommendation of the Assessor and the petition be (approved approved in ... rt--denied) with an abatement/refund as follows: (being . esent--not present), and WHEREAS, the said Year Assessed Value T. es Abate/Refund Year Assessed Value Taxes Abate/Refund Chairperson of the Board of County Commissioners' Signature I, County Clerk and Ex -officio Clerk of the Board of County Commissioners in and for the afar- entioned county, do hereby certify that the above and foregoing order is truly copied from the record of the pr. -edings of the Board of County Commissioners. IN WITNE WHEREOF, I have hereunto set my hand and affixed the seal of said County this day of Month Year County Clerk's or Deputy County Clerk's Signature ote: Abatements greater than $10,000 per schedule, per year, must be submitted in duplicate to the Property Tax Administrator for revie Section V: Action of the Property Tax Administrator (For all abatements greater than $10,000) C. ty Commissioners, relative to this abatemen $ De ied tary's Signture o. 920-66/ th followin 15-DPT-A 15 y on(s): Pro. Administrator's Signature `a Date December 19, 2014 Weld County Assessor's Office 1400 N 17th Ave Greeley, CO 80631 Re: Gemtone Elk Lakes LLC (11.05%); dba Elk Lakes Shopping Center Schedule Nos. R8403000R8403100, R8403500, R8403300 Address: 2819, 2863, and 2855 35th Ave Dear Assessor: Please be advised that Tax Advisors, PLLC is hereby authorized to represent us in real & personal property tax matters related to the above -captioned accounts for the 2012, 2013, and 2014 Tax Valuation Years. Greg Damico, Portia Howard, or Mike De Salvo with Tax Advisors, may be reached at (360) 750-6884. Additionally, please mail all appeals - related correspondence to: Tax Advisors, PLLC 203 SE Park Plaza Drive Suite 230 Vancouver, WA 98684 Thank you and please call with any questions. Very Truly Yoprs, Signature Sean C. Cross Printed Name Senior Vice President Title Auth Ltr WELD COUNTY ASSESSOR 'CHRISTOPHER M WOODRUFF 1400 N 17th AVE GREELEY, CO 80631 DATE: May 1, 2013 SCHEDULE 1 ACCOUNT NUMBER TAX YEAR R8403000 2013 GEMTONE ELK LAKES LLC 11.05%) 3131 S VAUGHN WAY #301 AURORA CO 80014-3509 TYPE OF PROPEFt1Y VACANT LAND 2013 REAL PROPERTY NOTICE OF VALUATION Phone (970)353-3845 Fax (970)304-6433 APPEAL FORM Office Hours: 8:00 am. - 5:00 p.m. M -F RETURN TO ASSESSOR ap eals@weldgov,com www.weldgov.com TOTALS PROPERTY DESCRIPTION (MAY NOT BE COMP( ETE) GR ELSIR OUTLOT B ELK LAKES SHOPPING CEN TER PUD 1ST REPLAT Using the above values, the estimated tax based on the prior year value wa The estimate of tax based on the current value is $191. This results in no change in tax. This estimate is based on 2012 tax rat The tax amount is merely an estimate based upon the best informati but not the estimate of taxes, 39-5-121(1.5), C.R.S. PROPERTY CHARACTERISTICS LAND NET SOFT: 4 # OF BUILDINGS ON FILE 8,500 NT YF AC IOC YAtU! 8,500 will r• e a tax bill in 2014. 0 You have the right to protest the adjustment in valuation, BUILDING #1 CHARACTERISTICS DISPLAYED PLEASE REFER TO THE BACK OF THIS FORM FOR INFORMATION ON HOW TO APPEAL YOUR PROPERTY VALUATION OR ITS CLASSIFICATION_ 0281992 0633989 0006 OF 0006 WELD COUNTY ASSESSOR CHRISTOPHER M WOODRUFF 1400 N 17th AVE GREELEY, CO 80631 DATE May 1, 2014 P 0 1W PN R Y SCHEDULE / ACCOUNT NUMBER I TAX YEAR R8403000 GEMTONE ELK LAKES LLC (11.05%) 3131 S VAUGHN WAY STE 301 AURORA CO 80014-3509 T'!PF OF PAOPFRT'( VACANT LAND 2014 2014 REAL PROPERTY NOTICE OF VALUATION Phone (970)353-3845 Fax (970)304-6433 APPEAL FORM Office Hours: 8:00 a.m. - 5:00 p.m. M -F RETURN TO AssESsoR ap eals@'weldgov.com vWvw.weldgov.com TAX AREA CODE PROPERTY DESCRIPTION (MAY UCT BE COMPLETE) 0683 GR ELSIR OUTLOT B ELK LAKES SHOPPING CEN TER PUD 1ST REPLAT Ill! Af;{UAL YA111!: 8,500 C t!fLH FN! TIM; AC UAt LAl • 0't c“),,A'It 8,500 8,500 8,500 Using the above values, the estimated tax based on the prior year value was $191. Thestimate of tax based on the current value is $191. This results in no change in tax. This estimate is based on 2013 tax rates. You will recieve a tax bill in 2015. The tax amount is merely an estimate based upon the best information available. You have the right to protest the adjustment in valuation, but not the estimate of taxes, 39-5-121(1.5), C.R.S. THIS IS NOT A BILL LAND SIZE 0.68 Acres # OF BUILDINGS ON FILE BUILDING #1 CHARACTERISTICS DISPLAYED PROPERTY CHARACTERISTICS LAND NET SOFT: 29794 PLEASE REFER TO THE BACK OF THIS FORM FOR INFORMATION ON HOW TO APPEAL YOUR PROPERTY VALUATION OR ITS CLASSIFICATION. t'PtE,erci4 0082854 0187905 0004%0006 WELD COUNTY ASSESSOR CHRISTOPHER M WOODRUFF 1400 N 17th AVE GREELEY, CO 80631 DATE: May 1, 2013 SCHEDUI E 1 ACCOUNT NUMBER l TAX YEAR R8403100 2013 GEMTONE ELK LAKES LLC 11.05%) 3131 S VAUGHN WAY #301 AURORA CO 80014-3509 2819 35 AV GREELEY GR ELSIR LOT C ELK LAKES SHOPPING CENTER PUD 1ST REPLAT 0683 2013 REAL PROPERTY NOTICE OF VALUATION Phone (970)353-33845 Fax (970)304-6433 APPEAL FORM Office Hours: 8:00 a.m. - 5:00 p.m. M -F RETURN TO ASSESSOR a (ealsOweldgov,com www.weldgov.com E PROPERTY DESCRIPTEON MAY NOT BE COMPLETE) COMMERCIAL 1,784,750 TYPE OE PROPERTY MDR YEAR AC!UA4 VALUE TOTALS 1,78 Using the above values, the estimated tax based on the prior year value wa The estimate of tax based on the current value is $38,350. This results in a decrease of -$1,598. This estimate is based on 2012 to The tax amount is merely an estimate based upon the best informati but not the estimate of taxes, 39-5-121(1.5), C.R.S. LAND SIZE`71 PROPERTY CHARACTERISTICS # OF BUILDINGS ON FILE 2 LAND NET SOFT: `r 0 OCCUPANCY1: Retail` tore OCCUPANCY2: Community Shopping Center OCCUPANCY3: YEAR BUILT: 2000 CLASS: Metal Frame TOTAL BLDG SQ FT: 14278 TOTAL COMMERCIAL SQ FOOTAGE: 14278 UNIT SQ FT: TOTAL BUILDING COUNT: 2 713,360 8. You ecieve a tax bill in 2014. You have the right to protest the adjustment in valuation, -71,390 -71,390 BUILDING #1 CHARACTERISTICS DISPLAYED PLEASE REFER TO THE RACK OF THIS FORM FOR INFORMATION ON HOW TO APPEAL YOUR PROPERTY VALUATION OR ITS CLASSIFICATION_ YdH' 1:CC13 0281992 0633991 0004 OF 0006 WELD COUNTY ASSESSOR CHRISTOPHER M WOODRUFF 1400 N 17th AVE GREELEY, CO 80631 DATE May 1, 2014 SC EOULE/ACCOUNTNUMBER R8403100 TAX YEAR 2014 2014 REAL PROPERTY NOTICE OF VALUATION Ph ne (97O)353-3845 Fax (97M-1-304-6433 APPEAL FORM Orrice Hours: gg 00 a.m. - 5:00 p.m. M - RETURN TO ASSESSOR ap eals@weldgov.com www.weldgov.com MX AREA CODE I PROPERTY DESCRIPTION MAY NOT BE COMPIETEI 0683 GEMTONE ELK LAKES LLC (11.05%) 3131 S VAUGHN WAY STE 301 AURORA CO 80014-3509 2819 35 AV GREELEY GR ELSIR LOT C ELK LAKES SHOPPING CENTER PUD 1ST REPLAT TYF'T OF PROPERTY c- :or TEAR A:TU.W. VA{ ;It ; At.JRR{y! y;Af! ACIA'At 1'At Ut -Oii (F!A_HC:t COMMERCIAL 1,713,360 1,713,360 0 1,713,360 1,713,360 Using the above values, the estimated tax based on the prior year value was $38,375. The estimate of tax based on the current value is $38,375. This results in no change in tax. This estimate is based on 2013 tax rates. You will recieve a tax bill in 2015. The tax amount is merely an estimate based upon the best information available. You have the right to protest the adjustment in valuation, but not the estimate of taxes, 39-5-121(1.5), C.R.S. THIS IS NOT A BILL LAND SIZE 1.71 Acres # OF BUILDINGS ON FILE 2 BUILDING #1 CHARACTERISTICS DISPLAYED PROPERTY CHARACTERISTICS LAND NET SQFT: 74310 OCCUPANCY1: Retail Store OCCUPANCY2: Community Shopping Center OCCUPANCY3: YEAR BUILT; 2000 CLASS: Metal Frame TOTAL BLDG SQ FT: 14278 TOTAL COMMERCIAL SQ FOOTAGE: 14278 UNIT SQ FT: TOTAL BUILDING COUNT: 2 PLEASE REFER TO THE BACK OF THIS FORM FOR INFORMATION ON HOW TO APPEAL YOUR PROPERTY VALUATION OR ITS CLASSIFICATION. .;«t Ci4 0082854 0187903 00060F0006 WELD COUNTY ASSESSOR • CHRISTOPHER M WOODRUFF 1400 N 17th AVE GREELEY, CO 80631 DATE: May 1, 2013 SCHEDULE ACCOUNT NUMBER R8403300 2013 GEMTONE ELK LAKES LLC (11.05%) C/0 ELK LAKES MASTER LLC 120 N LASALLE ST FLR 35 CHICAGO IL 60602 TYPE OF PUUpP HTY COMMERCIAL 1,495,250 2013 REAL PROPERTY NOTICE OF VALUATION Phone °(970)353 845 Fax (970)304-6433 APPEAL FORM Office Hours: 8:00 a.m. - 5:00 p.m. M -F RETURN TO ASSESSOR appeals@weldgov.com w w,weldgov.com TAX AREA CODE PROPERTY DESCRIPTION (MAY NOT BE COMPLETE) 2855 35 AV GREELEY GR ELSIR LOT E ELK LAKES SHOPPING CENTER PUD 1ST REPLAT PH7f7R YEAR ACTINV. VAIN ` CSPRI€ENT YEAR ACMA1. Yid UL 1,49 Using the above values, the estimated tax based on the prior year value wa The estimate of tax based on the current value is $32,130. This results in a decrease of -$1,338. This estimate is based on 2012 to The tax amount is merely an estimate based upon the best informati but not the estimate of taxes, 39-5-121(1.5), C.R.S. 1,43 -59,810 435,440 -59,810 8 You ecieve a tax bill in 2014, You have the right to protest the adjustment in valuation, LAND SIZED 37 # OF BUILDINGS ON FILE 2 BUILDING #1 CHARACTERISTICS DISPLAYED LAND NET SQFT:_:4 OCCUPANCY1: Retail store OCCUPANCY2: Retail Store OCCUPANCY3: YEAR BUILT: 2000 CLASS: Metal Frame TOTAL BLDG SQ FT: 11962 TOTAL COMMERCIAL SQ FOOTAGE: 11962 UNIT SQ FT: TOTAL BUILDING COUNT: 2 PLEASE REFER TO THE RACK OF THIS FORM FOR INFORMATION ON HOW TO APPEAL YOUR PROPERTY VALUATION OR ITS CLASSIFICATION_ 0291839 0660513 0002 OF 0002 WELD COUNTY ASSESSOR CHRISTOPHER M WOODRUFF 1400 N 17th AVE GREELEY, CO 80631 DATE: May 1, 2014 P n0 ow PN EE R 1 Y 2014 0683 SCHEDULE /ACCOUNT NUMBER R8403300 2014 REAL PROPERTY NOTICE OF VALUATION Pllgne (970)353-3845 Fax (970)304-6433 APPEAL FORM OTT ice Hours: auu a.m. - 5:00 p.m. Mi-ri RETURN TO ASSESSOR ap eals@weldgov.com wwiw.weldaov.com TAX YEAR TAX AREA CODE PROPERTY DESCH}PTEON (MAY NCT BE COMPLETE) GEMTONE ELK LAKES LLC (11.05%) C/O ELK LAKES MASTER LLC 120 N LA SALLE ST FL 35 CHICAGO IL 60602-3485 COMMERCIAL TYPE OF PAOPEF1IY 2855 35 AV GREELEY GR ELSIR LOT E ELK LAKES SHOPPING CENTER PUD 1ST REPLAT �Jk VACLF ClfR't['. N1,41 -1,4O1.41. VANE • CM CHALK: 1,435,440 1,435,440 1,435,440 1,435.440 Using the above values, the estimated tax based on the prior year value was $32,151. The stimate of tax based on the current value is $32,151. This results in no change in tax. This estimate is based on 2013 tax rates. You will recieve a tax bill in 2015. The tax amount is merely an estimate based upon the best information available. You have the right to protest the adjustment in valuation, but not the estimate of taxes, 39-5-121(1.5), C.R.S. THIS IS NOT A BILL LAND SIZE 1.37 Acres # OF BUILDINGS ON FILE 2 BUILDING #1 CHARACTERISTICS DISPLAYED PROPERTY CHARACTERISTICS LAND NET SQFT: 59684 OCCUPANCY1: Retail Store OCCUPANCY2: Retail Store OCCUPANCY3: YEAR BUILT: 2000 CLASS: Metal Frame TOTAL BLDG SQ FT: 11962 TOTAL COMMERCIAL SQ FOOTAGE: 11962 UNIT SQ FT: TOTAL BUILDING COUNT: 2 PLEASE REFER TO THE SACK OF THIS FORM FOR INFORMATION ON HOW TO APPEAL YOUR PROPERTY VALUATION OR ITS CLASSIFICATION. r vrce ! t 0088613 0203841 0002 OF 0002 WELD COUNTY ASSESSOR CHRISTOPHER M WOODRUFF 1400 N 17th AVE GREELEY, CO 80631 DATE: May 1, 2013 SCHEDULE t ACCOUNT NUMBER rAX YEAR R8403500 2013 GEMTONE ELK LAKES LLC 11.05%) 3131 S VAUGHN WAY #301 AURORA CO 80014-3509 COMMERCIAL 2013 REAL PROPERTY NOTICE OF VALUATION Pone (970)353-3845 Fax (970)304-6433 APPEAL FORM © I Ice Hours: 8:00 a.m. - 5:00 p.m. M- RETURN TO ASSESSOR appeals@weldgov.com wWw.weldgov.com TAX AREA CODE PROPERTY DESCRLPELON tMAY NOT BE COMPLETE) 0683 TOTALS 2863 35 AV GREELEY GR ELSIR LOT H ELK LAKES SHOPPING CENTER PUD 1ST REPLAT FNMA flAPo ACfTad AAtL9'. 8,690,750 8,69 Using the above values, the estimated tax based on the prior year value wa The estimate of tax based on the current value is $171,183. This results in a decrease of -$23,343. This estimate is based on 2012 t The tax amount is merely an estimate based upon the best informati but not the estimate of taxes, 39-5-121(1.5), C.R.S. LAND SIZE cl'40 # OF BUILDINGS ON FILE 2 LAND NET SQFT: '"27 OCCUPANCY] : Corn unity Shopping Center OCCUPANCY2: Community Shopping Center OCCUPANCY3: YEAR BUILT: 2001 CLASS: Masonry TOTAL BLDG SQ FT: 69526 TOTAL COMMERCIAL SQ FOOTAGE: 69526 UNIT SQ FT: TOTAL BUILDING COUNT: 2 26. You .p recieve a tax bill in 2014. You have the right to protest the adjustment in valuation, NT YEAH ACTI3A1 VAIUE • U: `:H! :c 7,64 647,860 042,890 -1,042,890 BUILDING #1 CHARACTERISTICS DISPLAYED PLEASE REFER TO THE RACK OF THIS FORM FOR INFORMATION ON HOW TO APPEAL YOUR PROPERTY VALUATION OR ITS CLASSIFICATION. 1oA51:CC1,i 0281992 0633993 0002 OF 0006 WELD COUNTY ASSESSOR CHRISTOPHER M WOODRUFF 1400 N 17th AVE GREELEY, CO 80631 MATE: May 1, 2014 20'14 REAL PROPERTY NOTICE OF VALUATION Ph4rle (970)353-3845 Fax (970)304-64333 APPEAL FORM Oftice Hours: gg 00 a.m. - 5:00 p.m. M -1 -RETURN TO ASSESSOR ap eals@weldgov.com wWYw weldgov com RO Ow PN EE RR 7 Y SCHEDULE / ACCOUNT NUMBER R8403500 TAX YEAR i TAX AREA CODE 2014 0683 GEMTONE ELK LAKES LLC (11.05%) 3131 S VAUGHN WAY STtt 301 AURORA CO 80014-3509 TYPE OF PROPERTY COMMERCIAL PROPERTY DESCRIPTION (MAY NOT BE COMPLETE) 2863 35 AV GREELEY GR ELSIR LOT H ELK LAKES SHOPPING CENTER PUD 1ST REPLAT PP:OR "Y4AR ACE lila VR1l3F CU:URF NI YFAII ALIL'AL 5'AU1! 7,647,860 7,647,860 OR WAWA 7,647,860 7,647,860 Using the above values, the estimated tax based on the prior year value was $171,294, The stimate of tax based on the current value is $171,294. This results in no change in tax. This estimate is based on 2013 tax rates. You will recieve a tax bill in 2015. The tax amount is merely an estimate based upon the best information available, You have the right to protest the adjustment in valuation, but not the estimate of taxes, 39-5-121(1.5), C.R.S. THIS IS NOT A BILL LAND SIZE 7.40 Acres # OF BUILDINGS ON FILE 2 BUILDING #1 CHARACTERISTICS DISPLAYED PROPERTY CHARACTERISTICS LAND NET SQFT: 322427 OCCUPANCY1: Community Shopping Center OCCUPANCY2: Community Shopping Center OCCUPANCY3: YEAR BUILT: 2001 CLASS: Masonry TOTAL BLDG SQ FT: 69526 TOTAL COMMERCIAL SQ FOOTAGE: 69526 UNIT SQ FT: TOTAL BUILDING COUNT: 2 PLEASE REFER TO THE BACK OF THIS FORM FOR INFORMATWN ON HOW TO APPEAL YOUR PROPERTY VALUATION OR ITS CLASSIFICATION. 0082854 0187907 00020F 0006 REVISED 06/13/2016 Attn: Chris Woodruff RE: 2013/2014 Abatement received 01/04/16 R8403000, R8403100, R8403300, R8403500 Gemstone Elk Lakes LLC Elk Lakes Shopping Center 2819-2863 35th Avenue Greeley, CO 2013/14 Assessors Value $10,805,160 ($112.83 / sf) SUBJECT: The subject property is a 95,766 sf retail strip center in west Greeley known as Elk Lakes Shopping Center near the intersection of Hwy 34 and 35th Avenue. 3 of the parcels have retail improvements and 1 is a vacant outlot. The subject was built in 2000 and is considered to be in average condition for its age and use. The owner is represented by Tax Advisors, PLLC and has requested a reduction in value from $10,805,160 to $7,844,800 for tax years 2013 and 2014. The petitioner provided the lease, and income and expense information for 2011 and 2012. Cost Approach: Due to the age of the subject property, the Cost Approach was considered but not developed due to the difficulty in estimating all forms of depreciation. Market Approach: The subject is valued at $112.83 / sf for the 2013 tax year. The only similar sale of an anchored neighborhood shopping center sales during the data collection period was the 22,757 sf Safeway Shopping Center in Firestone which sold on 09/22/2010 for $99 psf. This property was of similar age and had similar vacancy compared to the subject. There were 2 sales of the Greeley Mall, but the subject property is not considered truly comparable to a regional mall. The sale of the Safeway Shopping Center is considered a good indicator of Market Value. Income Approach: The subject's income and expenses were analyzed. 2011 revealed a NOI of $943,978 and using an effective cap rate of 11.2% cap rate (9.0 + 2.2) reflects a valuation of $8,428,375. Only Y2 of 2012 Income and Expenses were provided. Using the''/: year provided results in an annualized NOI of $690,018 or a valuation of $6,160,875 for 2012. Applying 67% weight to 2011 and 33% weight to 2012 results in a final Income valuation of $7,680,100. Summary: In reconciling the Market Approach value of $99 psf and the Income Approach value of $80 psf more weight is placed on the Income Approach due to the difference in size from the subject to the Comp used. I recommend a reduction in the subject's value from $10,805,160 ($112.83 psf) to $8,140,110 ($85 psf) for tax years 2013/2014. This is considered a partial denial of the subject's petition. COMPARABLE SALE COUNTY: WELD ACCOUNT NUMBER: R0722601 & R0722801 PARCEL NUMBER: PRIMARY OCC: Neighborhood Shopping Center PERCENT: ADDRESS: 8196 Colorado Blvd., FIRESTONE RECEPT NUMBER: 3720787 SALE DATE: GRANTOR: MLMT 2005 CIPI WELD COUNTY ROAD 13SALE PRICE: GRANTEE: FIRESTONE CENTER PARTNERS ITC ADJ SALE PRICE: 131119304004 & 006 100.0% 9/22/2010 $2,350,000 $2,250.000 YEAR BUILT: 2002 CLASS: C EFFECTIVE AGE: 2003 LAND/BLDG RATIO: 4.79 LAND SIZE (SF): 20,580 -t 88,569 LAND VALUE: $545,745 BLDG SIZE (SF): 6;681 + 16,076 - 22,757 IMPS PRICE/SF: $1,704,255 WALL HEIGHT: 16 SALE PRICE/SF: $98.87 STORIES: 1.00 QUALITY: Average COMMENTS: Purchase price was established by an appraisal. Seller conceded $100,000 at closing for repairs. Property had 50% vacant at time of purchase and had been foreclosed on. Buyer is advertizing rates of $17 NNN. 2013 77.233 R8403000 Original Corrected Abate R8403100 R8403300 R8403500 Original Corrected Abate Original Corrected Abate Original Corrected Abate Actual Assessed Tax $8,500 $8,500 $0 $2,470 $2,470 $0 Actual Assessed Tax $1,713,360 $1,211,630 $501,730 $190.77 $190.77 $0.00 $496,870 $38,374.76 $351,373 $27,137.59 $145,497 $11,237.17 Actual Assessed Tax $1,435,440 $1,014,770 $420,670 $416,280 $32,150.55 $294,283 $22,728.39 $121,997 $9,422.16 Actual Assessed Tax $7,647,860 $5,905,210 $1,742,650 $2,217,880 $171,293.53 $1,712,511 $132,262.36 $505,369 $39,031.17 Actual 2014 75.968 $8,500 $8,500 $0 Assessed Tax $2,470 $187.64 $2,470 $187.64 $0 $0.00 Actual Assessed Tax $1,713,360 $469,870 $37,746.21 $1,211,630 $351,373 $26,693.10 $501,730 $118,497 $11,053.11 Actual Assessed Tax $1,435,440 $1,014,770 $420,670 $416,280 $31,623.97 $294,283 $22,356.09 $121,997 $9,267.88 Actual Assessed Tax $7,647,860 $5,905,210 $1,742,650 $2,217,880 $168,487.93 $1,712,511 $130,096.03 $505,369 $38,391.90 Noel Lawrence From: Sent: To: Subject: Portia Howard <phoward@taxadvisorscpa.com> Wednesday, June 15, 2016 10:37 AM Noel Lawrence RE: Gemstone Elk Lakes Shopping Center, Greeley, CO Good morning Noel, Your offer to reduce to $8,140,110 was accepted. What is the next step? Thank you! Portia J. Howard Vice President Phone +1 360.750.6884 ext. 101 Fax: 360.750.7268 TAX ADVISORS, PLLC Certified Public Accountants www.tasadvisorscpa.com www.co.stsc ;te anr.corn CONFIDENTIALITY NOTICE: The information contained in this message may be privileged and confidential and protected from disclosure. If the reader of this message is not the intended recipient, or an employee or agent responsible for delivering this message to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. If you have received this communication in error, please notify us immediately by replying to the message and deleting it from your computer. Please remember that internet communications are inherently insecure. Do not send information of a sensitive or confidential nature without proper encryption or security. 1 CLERK TO THE BOARD PHONE: (970) 400-4225 FAX: (970) 352-0242 1150 O STREET P.O. BOX 758 GREELEY, COLORADO 80632 May 23, 2016 Gemstone Elk Lakes LLC (11.05%) 3131 S. Vaughn Way #301 Aurora, CO 80014-3509 RE: SCHEDULE NUMBER R8403000, R8403100, R8403300, and R8403500 Dear Property Owner: This is to advise you that the Weld County Board of Commissioners will hear your petition for abatement or refund of taxes on the property described as: 2819, 2855 AND 2863 35TH AVENUE. The meeting is scheduled for June 20, 2016, at 9:00 a.m., in the Chambers of the Board of County Commissioners of Weld County, Colorado, Weld County Administration Building, 1150 O Street, Assembly Room, Greeley, Colorado 80631. The Assessor is recommending that the Board approve your petition. You are not required to be present at this hearing; however, this is your opportunity to have your position heard, particularly if your position is opposed to the Assessor's recommendation. If you intend to submit any documentation in support of your position for this hearing, all such documentation must be submitted to the Office of the Clerk to the Board and to the Weld County Assessor's Office at least seven calendar days prior to the meeting date in order for it to be considered at the scheduled hearing. If you have any questions concerning this matter, please do not hesitate to contact me at (970) 400-4226. Sincerely, Esther E. Gesick Clerk to the Board cc: Assessor Tax Advisors, PLLC ■ • - - . � � . � . . . � � . • . . : . - • . . - . � . . � . . . - � . _ . a 'i��(t tp�..��.Y d.� k (�Ga� f� �iY vy� r y�� .6{� e �w"u.'u 0 .,. t t >v �d )� 4�,.. 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