HomeMy WebLinkAbout20152074.tiff RESOLUTION
RE: APPROVE APPLICATION FOR SMALL BUSINESS INCENTIVE PROGRAM AND
AUTHORIZE RELEASE OF ECONOMIC DEVELOPMENT TRUST FUNDS (TIER I) -
WEST GREELEY SELF STORAGE
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 has been presented with an Application for the Small Business
Incentive Program Request for the Release of Economic Development Trust ),
and a Funds (Tier I
from West Greeley Self Storage to the County of Weld, State of Colorado, by and through
the
Board of County Commissioners of Weld County, on behalf of the Department of Planning
Services, with terms and conditions being as stated in said application, and
WHEREAS, after review, the Board deems it advisable to approve said application, a copy
of which is attached hereto and incorporated herein by reference, and release Economic
Development Trust Funds (Tier I), in the amount of $20,000.00, payable to the Department of
Planning Services to offset various impact fees incurred by West Greeley Self Storage.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado, that the Application for the Small Business Incentive Program and a Request
Trust Funds (Tier I from West Greeley Self Storage to
for the Release of Economic Development ),
the County of Weld, State of Colorado, by and through the Board of County Commissioners of
Weld County, on behalf of the Department of Planning Services, be, and hereby is, approved.
BE IT FURTHER RESOLVED by the Board that Tier I Economic Development Trust
Funds, in the amount of$20,000.00, be, and hereby are, released and payable to the Department
of Planning Services to offset various impact fees incurred by West Greeley Self Storage.
CL' Qt,&- Fick, 13/a, 2015-2074
PL2290
APPLICATION FOR SMALL BUSINESS INCENTIVE PROGRAM AND AUTHORIZE RELEASE
OF ECONOMIC DEVELOPMENT TRUST FUNDS (TIER I)-WEST GREELEY SELF STORAGE
PAGE 2
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 13th day of July, A.D., 2015.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
ATTEST: diceatit) jdo.L l�
arbara Kirkmeyer, air 11
Weld Count Clerk to the Board
Mike Freeman, Pro-Tem
BY:
Deputy Cler / o the '.oa EXCUSED
Sean P. Conway
ED A • FO RECUSED
Julie A. Cozad
Co nt Attorney
�� Steve Moreno
Date of signature:
2015-2074
PL2290
MEMORANDUM
To: County Commissioners
r•
• r Cc: Don Warden, Finance Director
N 7 Y Barb Connolly, Controller
CouFrom: Tom Parko, Planning Services Director
Subject: West Greeley Self Storage SBIP Application
Date: July 6, 2015
I am pleased to submit to the Board of County Commissioners West Greeley Self Storage
(the applicant) Small Business Incentive Application.
West Greeley Self Storage is a small business operating in unincorporated Weld County
with three (3) employees and was approved under USR15-0008. The owner is Dawn
DeTienne.
As part of the application requirements, Mrs. DeTienne submitted a business plan and met
with representatives from the Small Business Development Center(SBDC).Lisa Hudson
with SBDC stated in an email (attached)that West Greeley Self Storage's business plan is
adequate.
The Small Business Incentive Plan was created by the County Commissioners to help
offset fees associated with development. The fees incurred by the applicant is as follows:
Land Use Fee: $2,500.00
Recorded Exemption Fee $1,000.00
Amended Recorded Exemption Fee $180.00
Grading Permit Fee $50.00
Recording Fees $93.00
Building Permit Fee(s): $7,978.63
Impact Fees: $23,452.80
Total $35,254.43
The applicant falls under Tier 1 of the plan and is obligated to cover the first$5,000.00 and
any amount over the County cap. Breakdown: $35,254.43 - $5,000.00 (applicant
responsibility) = $30,254.43 minus $20,000.00 County contribution leaves balance of
$10,254.43. Total applicant share— $15,254.43. County share - $20,000.00
The Planning Services Director recommends approval of this application and respectfully
requests that the County Commissioners authorize and release $20,000.00 from the
Economic Development Fund.
SERVICE,TEAMWORK,INTEGRITY,QUALITY 2015-2074
WELD COUNTY
r r SMALL BUSINESS INCENTIVE PROGRAM
APPLICATION
Notice:Prior to filling out the application,please review the Program Criteria and Process handout
regarding the program's eligibility requirements.
Program Purpose: Weld County has established a Small Business Incentive Program (BIP)which will provide
eligible businesses financial assistance to offset land use,building permit,and several impact fees.The program is
designed to reduce upfront capital outlay for small businesses located in unincorporated Weld County.
Application Instructions: This application must be filled out completely and signed. Attachments and exhbits
may be included. A cover letter that adequately explains the scope of the company's business model must
accompany the application.
Application Date: '? -(-
•
1. COMPANY INFORMATION /� C \� �-`
Applicant Name: 2.S� -e �e t ‘rot-ay.
Mailing Address: S L'1 R, C s7
�fl� Pcx e�cb CO TOG_A
Telephone: Ci 10_.�3 - Sc.-0
Email: 4-o�c1G�e 4'3 oc it Conn
Fax:
Web Site: WE.,4:G f'��i-e t j44 4 YT Z C�vY>
2. INCORPORATION INFORMATION(If�aoollcablet
Federal ID# 9-- et LP
Type: l.l�
State: �p
Date of incorporation: �fl.P
3. CONTACT PERSON
Name&Title: k JaitAit1' v'
Mailing Address:
v ektca,.� CC'S 3S5
Telephone: L-t'7 L; y L 3
Fax:
E-mail Address: WoY Est t ` lrcic,� t j {C.. c ��
ensummememuissminummumemenemee
4. PROPERTY INFORMATION
Parcel ID*: C0957 -I Stt6)/d t{-47,e). 4-
Property Address: 1 a l.5 q5 - d`�-�'- CE7 gb -
Legal Description: Ids Q &PS 12 1 1-S-Al, `≥ „1.o.(,7 W nv`-lcr V-'Pm
Owner(s)/Tenet(s):
5. PRODUCT ANDIOR SERVICE Business activities involving the project site in unincorp.Weld County:
del P r,
5. COUNTY ASSISTANCE - PAST&PRESENT
Identify below past incentive assistance provided to the applicant by Weld County:
(1\110t..0--
Identify below current requests by the applicant for any other assistance from Weld County:
7. BUSINESS PLAN Provide�a brief overview of the proposed business in Weld County.
9 W. aLJ)'(.1Z.t-tticZ- a`i e-GQ1st a: £=Cc�
tc kt c_R.. 1410 Gc..y,,tr4- t?u.`'�1.1 A Fj d .
f i e � t vi(2 1"2- C-'1"4- 'oMgr.$ (bo1i1.Cervti vrtnv .O
1 (,t. c .z..ct. +k-ea,-5 {� 4, .
8. WORKFORCE INFORMATION For the a of this ap���iion affull-time employee works a minimum
of 32 hours per week.The business may have a combination of part-time employees that is the equivalen
of at least one full-time employee.
Current Employees:
1 2 I Existing payroll(total number of filled and unfilled positions).
9. JOB LOCATION VERIFICATION At least 50%of the employer's workforce must reside in Weld County
for a period of one-year.
Certified Copy of Payroll: A business presently located in Weld County must provide a certified copy of
its payroll as of the date of the application.
,.k- LAC , Lex)ct�2e�.htit w c� 4i litc GcXc� a�J u o t
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10. SBDC VERIFICATION The applicant shall consult with the Small Business Development Center prior to
receiving funds.The applicant shall attach a copy of an affidavit signed by the Director of the SBDC or
his/her designee.The SBDC contact information is:
Mail: 902 7th Avenue
Greeley,CO 80631
Website:htto://www.neeccosbdc.org
Phone:(970)352-3661
11. QUESTIONS&ASSISTANCE
Weld County Department of Planning Services:The application will be processed by the Director of
Planning Services. The Dire for may contact the applicant for clarification regarding the application or to
request additional information during the review process. If the application is approved, the Director
will contact the business when preparing the agreement and when scheduling the agreement for action
by the Weld County Board of Commissioners.The applicant is encouraged to contact the Director of
Planning Services to request assistance with the program requirements and with tilling out the
application.The Director can be reached by the following methods:
Applications can be mailed,faxed or a-mailed to the Department of Planning Services:
Mail: Weld County Department of Planning Services
Attn:Planning Director
1555 North 17'"Avenue
Greeley,CO 80631
Phone:(970)353-6100 Fax:(970)304-6498 Email:taarkot ilweldaov.c om
REMINDER: The appecatlon may be delayed If it is Incomplete,
unsigned or lacks required documentation.
All documents provided to Weld County are subject to lire Public Records Act State of Colorado.
11. AUTHORIZED SIGNATURE The signature appearing below must belong to an employee of the
company who is authorized to sign the application on behalf of the company.
I attest to the accuracy of the information which is provided hereinabove.
t� 7/l ('5-
(signature) (title)
(print name) (date)
3
West GreeleyStorageSelf ( WGSS
1005 95th Avenue , Greeley, CO 80634
Mailing Address : 5179 Clearwater Drive, Loveland CO 80538
www . westgreeleyselfstorage . com
Email : wgreeleystorage@outlook. com
Telephone : 970-631- 5930; 970-631-5931
West Greeley Self Storage will be a 569 unit storage facility located in Greeley, Colorado and owned by
Doug and Dawn DeTienne . According to the Self-Storage Association , the self-storage industry has been
one of the fastest-growing sectors of the United States commercial real estate industry over the last 40
years and has been considered by Wall Street analysts to be " recession resistant" based on its
performance since the economic recession that began in September of 2008 . Furthermore, an analysis
of our competitors indicates that there is excess demand and current facilities are at 100% occupancy .
Our customers are the households in our 3 mile radius, small businesses, and gas and pipeline
companies re- locating to the area . The facility will be a single
level Trachte Self-Storage System designed and built by experts
in the self-storage industry (similar to the photo to the left ) . It
will be fully fenced ( 6 ft . chain link with 3 strand barbed wire )
and landscaped with a state-of-the-art electronic security system
including keypad in/out and alert notices, and well- lit with video
surveillance . When fully built out there will be a total of 105, 800
sq . ft . of rentable space . Doug and Dawn DeTienne have
extensive experience in property development, excavation , new
venture creation , and business strategies . In the paragraphs
below we outline the opportunity (self-storage in Greeley,
Colorado ) , analyze the competitors , detail the ownership and management team , and provide a timeline
and profitability analyses .
SELF-STORAGE IN GREELEY, COLORADO
Greeley is located in Weld County, Colorado which , according to the U . S . Bureau of Labor Statistics,
ranked 1st ( among all counties in the U . S . ) in employment growth in 2013 ( 6% compared to nationwide
rate of 1 . 8% ) . Greeley is the largest municipality in the county . Weld county also ranked 8th in the
nation in wage increase (4 . 8% versus zero at the national level ) . Traditionally an agriculture area , the
county now has now diversified into several industry sectors . The top employers are listed in Table 2
below .
TOP EMPLOYERS
EMPLOYER NAME EMPLOYEES INDUSTRY DISTANCE TO
WGSS
JBS Swift 4192 Meat Processing&Transportation 2 miles W
Vestas Blades Americas 2800* Wind Energy T 4 miles NW
North Colorado Med Center 2889 Healthcare 7 miles E
Greeley/Evan School District 6 2189 Education Multiple Loc
University of Northern CO 1717 Education 8 miles E
U.S.Government 1400 Government 1 Multiple Loc
Weld County 1383 Government 9 miles NE
State Farm Insurance Corp 1350 Insurance&Financial 2 miles W
City of Greeley 1130 Government Across street
Wal-Mart Stores 1015 Retail 4 locations 1
Aims Community College 874 Education 3 miles E
Star Tek, Inc 702 Outsourcing Service Provider E 9 miles NE
Noble Drilling
__.
_-- _ 300** Energy 2 miles W
* Includes all employees in Colorado
**Includes only management and office personnel
Weld County also provides 85%of the oil and gas in the state. The Niobrara shale formation which
covers Weld County is one of the largest oil finds in the world. Along with the oil and gas there are huge
infrastructure plans including 4 pipeline projects from Colorado to Oklahoma (Fielden,2014). This
combined with large wind-power facilities(e.g.Vestas Blades Americas located less than 5 miles NW)
and a number of large employers(e.g.JBS Swift and Company--2 miles west,950 employees;State Farm
Corporate Headquarters--2 miles west, 1400 employees;and Noble Drilling--2 miles SW)west of Greeley
provides a large base businesses whose employees will utilize West Greeley Self Storage. West Greeley
Self Storage is located just west of the primary Greeley city limits which means that the employees who
live in Greeley will drive by the storage facility going to,and returning from,work. There are housing
developments both west and north and a large commercial/residential project approved across 95th
avenue(within/2 mile of our site). The facility is located between the two major arterials leading into
Greeley(US Highway 34 and Highway 34 Bypass)from Interstate 25. According to Esri,a Geographic
Information System(GIS)Company,the Greeley metropolitan area had a 2014 total population of
268,942. Greeley's 2013 population was 95,539 with an average growth of 3.9%per year(U.S. Census).
Doug and Dawn DeTienne own three properties in this area of Weld County. The 7.76 acre parcel where
West Greeley Self Storage will be located is on 95th Avenue. Five acres of this is set aside for the storage
facility through a USR(Use by Special Review). The parcel abuts C&G Self-Storage and will be visible
from US Highway 34 where major signage will be located. The remaining 2.76 acres of the parcels will
be subdivided in five years(the time frame required by the county for RE)and sold separately. This is a
very valuable corner as it sits on the corner of a major thoroughfare(US Highway 34)and a major
arterial (95th Avenue). In addition, Doug and Dawn also own a 29 acre parcel(to the south along 95th
avenue)and a 39 acre parcel(to the west of the current parcel). All three properties are free and clear
of any debt or liens. The full WGSS parcel(7.76 acres)is valued at$1.15M (Colliers International
Appraisal, February 2015).
COMPETITOR ANALYSES
Currently there are 12 self-storage competitors in Greeley. See Table 2 below and Table 3 and Figure 1
at the end of this document. Table 2 lists the demand(based upon population, number of individuals
per household and figures of nationwide occupancy rates for self-storage)and supply(actual--obtained
through google searches,telephone interviews and google maps)of self-storage units in the Greeley
area. We explain this in detail below. Table 3 lists all competitors,occupancy rates, number of units
available, proximity to WGSS,type of security,special features, locations,and pricing for three
traditional sized unites(5X10, 10X10,and 10X20). Figure 1 is a map indicating where the competitors
are located. As you can see from Table 2 there are currently 3845 storage units available in Greeley and
none of the facilities had openings(as of October 1,2014). Some of the units included outside storage
for which there appears to be adequate demand, but we have determined that outside storage can be
seasonal(e.g. boats and campers in the winter when homeowner associations will not allow them to be
parked in driveways), require more landscaping to hide them from view and thus of less profitability.
Therefore WGSS will not include outside storage. Table 2 also includes the cost of three typical units.
For example for a 10X10 unit the costs range from$60 to$100. The average for this unit is$73.64.
According to the SSA 9%of households in the U.S. rent storage units. Using the 2.6 person household ,
size in Greeley(U.S.Census)and the 2014 population of 99,265 suggests the need for 3436 storage units
for households alone. While the percentage of businesses that rent storage varies within different
regions,an analysis of storage units in Greeley suggests that approximately 15%of businesses rent
storage facilities. Greeley hosts approximately 8000 businesses(U.S. Census)suggesting the need for an
additional 1200 units for a total demand of 4636 storage units. These numbers provide evidence to
explain why the occupancy rates are so high—essentially without including the nearby towns(Eaton,
Evans,Windsor,Johnstown, Milliken)and high expected growth in both businesses and population—
Greeley's demand exceeds supply by 791 units. Including our facility and based on expected growth
figures of households alone,an additional 134 more units will be needed in 2015 and 753 by 2020. In
addition,as noted by Figure 1 the storage units tend to be located in the east, north,and south parts of
Greeley. Only two facilities(C&G Self Storage and Koehn Self Storage) (total of 260 units)are within our
three mile radius. This is a major competitive advantage for WGSS.
Table 2:Demand and supply of storage units in Greeley
2014 2015 2020
Current number of 3845 4025
storage units*
Demand from 3436 3570 4323
households**
Demand from 1200 1200 1200
businesses***
Total demand 4636 4770 5523
Supply minus demand <791> <745>
*2015 figures include West Greeley Self Storage of 180 units(partial build-out)
**Demand for households(hh)determined using a 3.9%population growth rate divided by 2.6 persons per hh multiplied by 9%
of hh
***Unable to determine growth rate for businesses so figure remains stable likely understating demand
OWNERSHIP/MANAGEMENT TEAM
West Greeley Self Storage is a Limited Liability Company with two members—Doug and Dawn DeTienne.
Doug has been involved in excavation and property development since 1980. In 1983 he and Dawn
started D&D Backhoe Service which later became D&D Excavation, Inc. As owner and operator Doug
managed both employees and the day-to-day operations of small commercial and large residential
projects. In 1999 Doug exited and sold the business. After Dawn completed her Ph.D. (2002) Doug
purchased property in Virginia City,Montana which he subsequently developed into a campground and
vacation homes. He worked with municipalities and utilized local contractors to develop and build
vacation homes. After selling several of the homes to individuals, Doug(in 2007)sold the entire
property to enable a move back to Colorado. Upon returning to Colorado he started a small part-time
excavation company and served as the contractor for their home on Boyd Lake in Loveland,Colorado. In
2011 he began working for Weld County in the Road and Grader Division. The work at Weld County
helped develop relationships and networking opportunities which have been instrumental in managing
the process of turning farm ground into developable properties (one of which is the 5 acres lot where
WGSS will be located). Doug will develop the 5 acre lot,serve as the contractor,and do the excavation,
utility,and landscape work.
Dawn DeTienne is an Associate Professor of Entrepreneurship at Colorado State University. She
received her Ph.D. in 2002 from the University of Colorado(Boulder) in strategy and entrepreneurship
and accepted her first academic entrepreneurship position at Utah State University in Logan, Utah.
After four years she had the opportunity to return to Colorado to develop the entrepreneurship
program at CSU. From 2006 to 2013 Dawn taught entrepreneurship courses, published high quality
research and worked to develop the curriculum and the Institute for Entrepreneurship. She promoted
the Institute and helped develop funding to create an Accelerator Program wherein students have the
opportunity to create and develop their own ventures. Dawn has been a 6 year Dean's Scholar and has
received both the College of Business Research(2009)and Teacher(2011)of the year. In 2013 she
received the J.William Fulbright Scholarship to Dublin, Ireland where she(and her family) lived and
worked during the fall semester of 2014. She is currently employed as an Associate Professor at CSU
and serves as the Faculty Director of the Institute for Entrepreneurship. She will secure funding,develop
the business and marketing analysis,secure and develop management and accounting systems,and
help hire the future manager and employees.
Mentors
Chuck and Gail Schneurle own the small storage facility at 1261 95th Avenue in Greeley. Our facility will
be next door to theirs and they serve as our mentors. Although competitors in some aspect they have
encouraged us to build our own facility as they are land-locked and see an increasing demand for self-
storage which they cannot meet. They will work with Doug and act as managers for the initial ramp-up
until the facility can support a full-time manager.
TIMELINE
Already Completed
Hired consultant
Secured funding
Met with city of Greeley,Weld County,and Windsor Fire Department
Completed Plot plan
Filed USR and Recorded Exemption
Completed Survey work
Purchased domain name
Applied and received Weld County Small Business Incentive Program
Met with SBDC(part of the criteria to receive the WCSB Incentive
Completed landscape design
Submitted USR to Weld County for review and approval
Secured$150K Line of Credit
March 2014
Secure all permits and licenses
Finished distributing all bids and choose sub-contractors
Completed engineering designs
April 2014
Complete:
Groundwork and excavation
Rough grade for landscaping
Detention pond
Utilities to individual units
Foundations,flatwork,and drain pans
Installation of fencing and gate
Hire website developer
Install Signage
Join Chamber of Commerce
May 2014
Complete:
Installation of buildings
Security System
Asphalt driveways
Set-up accounting and management system
Begin Advertising
Landscape
June 2014
Open for Business
PROFITABILITY ANALYSES
At full build-out the facility will include 105,800 sq.feet of rentable space which amounts to 569 units
(based upon plot plan). At full build-out and 100%occupancy the project would generate$86,640 per
month for an annual sales of$1,015,680. Phase I of the project consists of 169 units and 33,400 sq.ft.
(approximately 33%of the total project). Table 3 shows the breakdown of buildings, units, revenue per
sq.ft.,and total revenue in Phase I. At 100%occupancy Phase I would generate$22,340 per month and
annual sales of$268,080.
Table 4:Buildings,units,revenue per sq.ft.,total revenue based upon plot plan
Building 10X10 10X15 10X20 10X25 10X30 10X40 TOTALS
Letter(Per
Plot Plan)
G 39 39
H 24 13 13 16 3 69
22 11 11 14 3 61
TOTAL 46 24 39 24 30 6 169
Units
TOTAL Sq. 4600 3600 7800 6000 9000 2400 33,400
Ft
Rev/Sq.Ft. .80 .70 .70 .60 .60 .70 .67
Total Rev $3680 $2520 $5460 $3600 $5400 $1680 $22,340
Table 4(below)lists the value and costs of full build-out and Phase I. The footnotes below the table
indicate how the numbers were determined. Some costs remain the same at either full build-out or
Phase I(e.g. consultant,surveyor)and some are reduced by 60%(e.g.foundation,flatwork,utilities).
Even though the project is 33%of the full build-out,we did not reduce costs to that extent because
doing a partial build-out must include entrance,gate,etc. Finally,we added a 10%contingency to the
final numbers. At full build-out the project is valued at$2.4M with a cost of$1.85M. Phase I is valued
at$1.27M with a cost of$767K.
Table 4: Start-Up Costs-Value and costs for full build-out and costs for Phase I
Item Value of full build- Cost at full build- Phase I Actual-
out out Through Feb
2015
Land $500,000 $0 $0 $0
Buildings' $1,045,000 $1,045,000 $378,400
Consultant2 $51,000 $51,000 $51,000 23,000
Permitting& $10,068 $5,000 $5,000 3,860
License3
Surveyor $6,500 $6,500 $6,500 8941
Engineer $11,000 $11,000 $11,000 11,315
Excavation4 $70,000 $35,000 $11,550
Aggregate materials $48,750 $48,750 $19,500
Utilities- $10,000 $5,000 $5,000
Underground6
Electrical $8,000 $8,000 $8,000
Foundation $253,080 $253,080 $101,232
Flatwork $260,680 $260,680 $104,272
Recycled Asphalt' $15,000 $15,000 $6,000
Fencing&Gate8 $39,595 $39,595 $15,838
Landscape9 $15,000 $15,000 $12,500
Security&Mgmt $4,500 $4,500 $4,500
System
Computer $600 $600 $600
Website10 $2,100 $2,100 $2,100
Signage- $3,000 $3,000 $3,000
Advertising"
1 95,000 X$11 per sq.ft.;Partial build 34,400 X$11 per Trachte bid.
2 Facilitates meetings with county,city,fire department,prepares submission to city and county,facilitates
Subdivision and Recorded Exemption paperwork,and submits all materials
3 Facilities fee$69/1000 sq.ft.($5244);drainage fee 5.10 per sq.ft.impervious surface($1000);building permit
fee$887.25+$5 per$1K valuation($2887);grading permit$50. Application for small business incentive
program—received the award which covers all fees after the first$5000.
4 Doug will do the excavation work with cost figured for rental equipment and fuel. Partial build figured at 33%of
full build-out
Roadbase 100K sq.ft. @ 6"deep includes trucking; 40%of full build-out to account for entrance
6 Doug will excavate for utilities and install when appropriate
'100K sq.ft. @ 3"thick;40%of full build-out
8 Phase I fencing will be approximately 40%of full build-out because the fence will connect to existing fence
(Schneurles)so will be needed on three sides only
9 A large portion of the landscape will need to be installed as though the full build-out is completed. Doug and
Dawn will install all landscaping. Cost is for materials and rental equipment only.
'°2000 for website development,$100 for domain for 5 years
11 Two large signs--One at intersection of 95th Ave and Highway 34 and one at the site;all other marketing will be
PR,search engine optimization,and social media
Construction $38,124 $38,124 $20,232
Interest and Bank
Fees12
Utilities(electrical, $2,000 $2,000 $1,200
toilet,trash) and
insurance during
construction
TOTAL $2,383,929 $1,848,929 $767,424
Contingency $238,393 $184,893 $76,742
GRAND TOTAL $2,622,322 $2,033,822 $844,166
Cost per sq.ft. $24.79 $19.22 $24.54
Table 5 is a monthly assessment of costs to run the facility at full build-out and for Phase I. The monthly
cost is$10,145.
Table 5:Monthly Costs for Full and Phase I build-out
Item Cost of full build-out Cost of Phase I
Snow removal13 $- $-
Landscape maintenance14 $- $-
Utilities—Electrical,water $450 $375
Insurance $625 $575
Telephone $150 $150
Bookkeeper16 $520 $400
Accountant $140 $140
Website $25 $25
Property Taxes $380 $300
Manager-Doug initially16 $2,691 $2,691
Fuel, insurance,and $675 $675
maintenance of vehicle.
45 miles per day X 30
days per month @$.50
per mile
12 Full build-out--origination fee 18,510,appraisal 500,title ins 1800,loan fee 1000,5 months inspections 500=
22,310 plus interest month one 480,month two 719,month three 2156,month four 4792,month five 7667.
Phase I--origination fee 9000,appraisal 500,title ins 1300,loan fee 1000,4 months inspections 400=12,200 plus
interest month one 480,month two 719,month three 2875,month four 3958.
13 Four months but allocated across 12 month period. Doug will do this as part of his salary using a bobcat already
owned by the company
14 Doug will do this as part of his salary.
15 10 hours per week @$13 per hour. Use SE contractor so there are no employment benefits.
16$2500 per month. Includes social security(6.2%)and Medicare(1.45%),no health insurance,no worker's comp,
no unemployment. Worker's compensation and unemployment not required for owner. Health insurance
provided through spouse's employment.
Interest Expense' $9,173 $4,281
Total $14,829 $9,612
Miscellaneous 10%(not $565 $533
inclinterest)
TOTAL PER MONTH $15,394 $10,145
Table 7 is a monthly income statement for Year 1 and annual income statement for years 2 through 4.
The rent-up period is figured as follows: Month 1 no revenue, month 2 is 10%of full annual revenue
(determined above)and increases by 5%per month for the next 5 months. Occupancy rates increase
10%per month after that maxing out at 90%in month 13(beginning of year 2). Years three and four are
figured at 90%occupancy and a 3%increase in rental space income per year. The first year(2015/2016)
revenue numbers represent the following number of units:July--18 units,August--27 units,September-- .
36 units,October-45 units, November-54 units, December-63 units,January--81 units, February--99
units, March-117 units,April-135 units, May-153 units. This is more aggressive than the industry
standard which is approximately 18 months to full capacity;however, based upon the anticipated
growth,the full occupancy of the current facilities,and the prime location we feel this is appropriate.
Chuck and Gail Schneurle helped develop these numbers.
The breakeven point is 12 months with income retained earnings of$620 at the end of year 1. Years 2,
3,and 4 net income(after taxes) is$121K,$126K,and$131K respectively. The detail behind the
numbers is listed below Table 6 in the footnotes.
As noted above the funding required to cover the rent-up period will be a$50K line of credit. The
interest per year on the line of credit is approximately$3000(based on 6%interest rate). Thus,at the
end of year 2 the LOC will be$56K. At this time the Retained Earnings will be used to pay off the LOC.
CONCLUSION
In conclusion this project appears feasible. The company has a strong competitive advantage based
upon its location, management team experience,and mentors. The idea is not new, but the project
takes advantage of unmet demand. The project would provide greater revenue if we decided to
develop the full built-out scenario since several of the costs would be spread across a larger revenue
base; however,there is also more risk involved. At this point we have decided to build the first three
buildings(approximately 33%)and after year 2 make a decision regarding expansion.
17 Interest figured for year 1. Full build-out 1.845K loan at 6%for 30 years.Phase I$767K loan at 6%for 30 years.
Phase I interest$45,800 per year. Interest will decrease slowly in subsequent years. A$50K line of credit(LOC)
will be secured for a 3 year period to cover initial costs and to cover expenses during the rent-up period.
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Show Receipt Detail Page 1 of 1
RECEIPT
WELD COUNTY, CO
WELD COUNTY, CO
1401 N . 17TH AVENUE
Contact
Application: RECX 14-0160
Application Type: Planning/ Recorded Exemption/ NA/NA
Address: CO
Receipt No. 83799
Payment Method Ref Number Amount Paid Payment Date Cashier ID Received Comments
Check 1024 $ 180 . 00 01/09/2015 DAUNGST
Owner Info. : DETIENNE DAWN R AND DOUGLAS L
5179 CLEARWATER DR
LOVELAND, CO 80538
Work Description: Lot line amendment to Lot B of RE 3076 (with SUBX14-0024 )
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Invoice Detail
Permit ID #: RECX14-0160
Invoice #: 77636
Invoice Date : 04/28/2015 08 : 02 : 42
Period Fee Item Qty Fee
FINAL Recording Fee by Mylar Sheet 3 $31 . 00
Total Fee : $31 . 00
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RECEIPT
WELD COUNTY, CO
WELD COUNTY, CO
1401 N . 17TH AVENUE
Contact
Application: BCR15-00574
Application Type: Building/Commercial/General/ New
Address: 1215 95 AV, CO
Receipt No. BLD - 1501131
Payment Method Ref Number Amount Paid Payment Date Received Comments
Check 31076 $8 ,437 . 71 06/ 29/2015
Owner Info. : DETIENNE DOUGLAS L
5179 CLEARWATER DT
LOVELAND , CO 80538
Work 7800 SF STRUCTURAL STEEL COMMERCIAL BUILDING ON CONCRETE SLAB -
Description : BUILDING G - FOR MINI STORAGE FACILITY - ELECTRIC INCLUDED - WEST
GREELEY STORAGE - USR15-0008 BCR15-00576, BCR15-00577 06/05/ 15 - OK
TO RELEASE PER DIANA ( PJG )
https ://accelaweb .co . weld .co . us/portlets/fee/receiptView .do?mode=view& receiptnbr=8667 . . . 6/29/2015
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b
RECEIPT
WELD COUNTY, CO
WELD COUNTY, CO
1401 N . 17TH AVENUE
Contact
Application : BCR15 -00576
Application Type: Building/Commercial/General/ New
Address: 1215 95 AV, CO
Receipt No. BLD- 1501132
Payment Method Ref Number Amount Paid Payment Date Received Comments
Check 31076 $ 11 , 965 . 51 06/ 29/2015
Owner Info. : DETIENNE DOUGLAS L
5179 CLEARWATER DR
LOVELAND, CO 80538
Work 13, 600 SF STRUCTURAL STEEL COMMERCIAL BUILDING ON CONCRETE SLAB -
Description : BUILDING H - FOR MINI STORAGE FACILITY - ELECTRIC INCLUDED - WEST
GREELEY STORAGE - USR15 -0008 BCR15-00574, BCR15-00577 06/05/ 15 - OK
TO RELEASE PER DIANA ( PJG )
https ://accelaweb . co . weld .co . us/portlets/tee/receiptView . do0mode=v iew& receiptnbr=8667 . . . 6/29/2015
a
Show Receipt Detail Page 1 of 1
RECEIPT
WELD COUNTY, CO
WELD COUNTY, CO
1401 N . 17TH AVENUE
Contact
Application: BCR15-00577
Application Type: Building/Commercial/General/New
Address: 1215 95 AV, CO
Receipt No. BLD - 1501133
Payment Method Ref Number Amount Paid Payment Date Received Comments
Check 31076 $ 11 , 028 . 21 06/ 29/2015
Owner Info. : DETIENNE DOUGLAS L
5179 CLEARWATER DR
LOVELAND , CO 80538
Work 12, 000 SF STRUCTURAL STEEL COMMERCIAL BUILDING ON CONCRETE SLAB -
Description : BUILDING I - FOR MINI STORAGE FACILITY - ELECTRIC INCLUDED - WEST
GREELEY STORAGE - USR15-0008 BCR15-00574, BCR15 -00576 06/05/ 15 - OK
TO RELEASE PER DIANA ( PJG)
•
https ://accelaweb .co . weld . co . us/portlets/fee/receiptView .do?mode=view& receiptnbr=8667 . . . 6/29/2015
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RECEIPT
WELD COUNTY, CO
WELD COUNTY, CO
1401 N . 17TH AVENUE
Contact
Application: GRD15 -0043
Application Type: Planning/Grading/na/NA
Address: CO
Receipt No. 85711
Payment Method Ref Number Amount Paid Payment Date Cashier ID Received Comments
Check 1094 $ 50 . 00 04/23/2015 KRANSLEM
Owner Info. : DETIENNE DOUGLAS L
5179 CLEARWATER DR
LOVELAND, CO 805388898
Work Description: GRADING PERMIT FOR STORAGE FACILITY
https ://accelaweb .co . weld . co . us/portlets/ tee/receiptView .do?mode=view& receiptnbr=8571 1 . . . 6/8/2015
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Invoice Detail
Permit ID #: RECX14-0161
Invoice #: 77638
Invoice Date : 04/28/2015 08 : 13 : 33
Period Fee Item Qty Fee
FINAL Recording Fee by Mylar Sheet 3 $31 . 00
Total Fee : $31 . 00
https ://accelaweb .co . weld . co . us/portlets/fee/showReceipt.do ?mode=show& RECEIPT NBR . . . 6/8/2015
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RECEIPT
WELD COUNTY, CO
WELD COUNTY, CO
1401 N . 17TH AVENUE
Contact
Application: RECX14-0161
Application Type: Planning/ Recorded Exemption/ NA/NA
Address: CO
Receipt No. 83593
Payment Method Ref Number Amount Paid Payment Date Cashier ID Received Comments
Check 1021 $ 1 , 000 . 00 12/30/ 2014 DAUNGST
Owner Info. : DETIENNE DAWN R AND DOUGLAS L
5179 CLEARWATER DR
LOVELAND, CO 80538
Work Description: Two lot recoreded exemption to split Lot B of RECX14-0160
https ://accelaweb .co . weld .co . us/portlets/fee/receiptView . do?mode=view& receiptnbr=83593 . . . 7/6/2015
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RECEIPT
WELD COUNTY, CO
WELD COUNTY, CO
1401 N . 17TH AVENUE
Contact
Application: USR15 -0008
Application Type: Planning/Use By Special Review/NA/ NA
Address: CO
Receipt No. 86231
Payment Method Ref Number Amount Paid Payment Date Cashier ID Received Comments
Credit Card 2707 $ 31 . 00 05/28/2015 DAUNGST
Owner Info. : DETIENNE DOUGLAS L
5179 CLEARWATER DR
LOVELAND, CO 805388898
Work A Site Specific Development Plan and Use by Special Review Permit for any Use
Description : Permitted as a Use By Right, an Accessory Use, or a Use By Special Review in
the Commercial or Industrial Zone Districts ( Mini -storage and outside RV & boat
storage) provided that the property is not a lot in an approved or recorded
subdivision plat or lots parts of a map or plan filed prior to adoption of any
regulations controlling subdivisions in the A (Agricultural ) Zone District.
https ://accelaweb .co . weld .co . us/portlets/fee/receiptView .do?mode=view& receiptnbr=86231 . . . 6/8/2015
Show Receipt Detail Page 1 of 1
RECEIPT
WELD COUNTY, CO
WELD COUNTY, CO
1401 N . 17TH AVENUE
Contact
Application: USR15-0008
Application Type: Planning/Use By Special Review/NA/NA
Address: CO
Receipt No. 84051
Payment Method Ref Number Amount Paid Payment Date Cashier ID Received Comments
Check 1023 $2 , 500 . 00 01/22/ 2015 DAUNGST
Owner Info. : DETIENNE DOUGLAS L
5179 CLEARWATER DR
LOVELAND , CO 805388898
Work A Site Specific Development Plan and Use by Special Review Permit for any Use
Description : Permitted as a Use By Right, an Accessory Use, or a Use By Special Review in
the Commercial or Industrial Zone Districts ( Mini-storage and outside RV & boat
storage) provided that the property is not a lot in an approved or recorded
subdivision plat or lots parts of a map or plan filed prior to adoption of any
regulations controlling subdivisions in the A (Agricultural ) Zone District.
https ://accelaweb .co . weld .co . us/portlets/fee/receiptView . do?mode=view& receiptnbr=84051 . . . 6/8/2015
INS AEI
Esther Gesick
From : Lisa Hudson [Iisa . hudson@eastcoloradosbdc. com]
Sent: Wednesday, May 27 , 2015 2 : 29 PM
To : Tom Parko Jr. ; Kyla Benson
Subject: Re : FW: SBIP
Hi Tom,
I am good with moving forward with this . Their business plan included enough information to provide them
with good direction moving forward.
On Thu, May 21 , 2015 at 8 : 08 AM , Tom Parko Jr. <tparko@co . weld. co . us> wrote :
If you all are ok with this so am I . See below.
Tom Parko, M . A .
Director of Planning Services
Weld County Dept. of Planning Services
1555 N . 17th Avenue
Greeley, CO . 80631
Office : 970-353 -6100, ext 3572
Mobile : 970-302-5333
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
Y
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
Y
named recipient is strictly prohibited .
Original Message
From : DeTienne, Dawn [mailto : Dawn. DeTienne@business . colostate. edu
Sent : Wednesday, May 20, 2015 11 : 28 AM
To : ' Doug DeTienne' ; lisa.hudson@eastcoloradosbdc . com' ; 'kyla. benson@eastcoloradosbdc .com' ; Tom Parko
Jr.
Subject : RE : SBIP
Hi Tom,
Yes I met with the Greeley SBDC in December and provided them with a copy of our business plan . I did not
develop it with the SBDC because I am an entrepreneurship professor at Colorado State University and I teach
entrepreneurship courses helping students to build business plans . Thus, I had experience in doing this on my
own . They simply reviewed it and gave me some ideas for marketingplans . I ' ve attached the business plan
here . Please let me know if this is not sufficient or if there is something else that you need me to do .
Thanks !
i
Dawn
Dawn R. DeTienne, PhD , Associate Professor of Entrepreneurship
Ful bright Scholar, Dublin, Ireland
Visiting Professor, Haydn Greene Institute, University of Nottingham
Colorado State University , Fort Collins, CO 80538
From : Doug DeTienne [mailto : wgree1eystorageout1ook. comj
Sent : Wednesday, May 20, 2015 10 : 55 AM
To : DeTienne, Dawn
Subject : Fwd : SBIP
Sent from my iPhone
Begin forwarded message :
From : " Tom Parko Jr. " <tparko@co . weld . co . us <mailto : tparko@co . weld. co . us> >
Date : May 20, 2015 at 9 : 35 : 05 AM MDT
To : West Greeley Self Storage <wgreeleystorage@outlook. com <mailto : wgreeleystoragegoutlook. com>
Subject : FW : SBIP
Dawn,
Good morning . See email string below . Looks like you have a business plan but in order to process the
application through the County I need you to meet with the Greeley SBDC . Once you have met with them they
can send me conformation and I can get the ball rolling . Best person to contact with the SBDC is Lisa Hudson .
Her email is lisa. hudson geastcoloradosbdc . com <mailto : lisa. hudson@eastcoloradosbdc . com>
Regards,
Tom Parko, M . A .
Director of Planning Services
Weld County Dept. of Planning Services
2
1555 N . 17th Avenue
Greeley, CO . 80631
Office : 970-353 -6100, ext 3572
Mobile : 970-302-5333
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.
Original Message
From : Lisa Hudson [mailto : lisa.hudson@eastcoloradosbdc . com]
Sent : Wednesday, May 20, 2015 9 : 20 AM
To : Kyla Benson
Cc : Tom Parko Jr.
Subject : Re : SBIP
Good Morning,
I met with Dawn DeTienne in December and she had completed a business plan, but not through the
SBDC . During our discussion she was going to work on some financial projections to send in with her
application for the county.
On Tue, May 19, 2015 at 5 : 14 PM, Kyla Benson <kyla. benson@eastcoloradosbdc. com
<mailto : kyla. bensoneastcoloradosbdc .com> <mailto : kyla. benson@eastcoloradosbdc . corn> > wrote :
Tom,
Lisa was there last contact with the SBDC . She will need to verify that the plan was finished.
Lisa - Did Mr and Mrs DeTienne complete there business plan? This verification must be sent for clients
that have registered for the small business incentive program .
Best regards,
Kyla
Kyla Benson
Director of Events & Business Consultant East Colorado Small Business Development Center
807 17th Street, Suite D Greeley, CO 80631 PH 970 . 351 .4274
Kyla. Benson@EastColoradoSBDC . com <mailto : Kyla. Benson@EastColoradoSBDC . com>
<mailto : Kyla. Benson@EastColoradoSBDC . com> I http ://www. eastcoloradosbdc . com/
Follow us on Facebook <https ://www. facebook . com/pages/Northeast-East-Central -Colorado-
3
SBDC/ 171025279015> or Twitter <https ://twitter.com/eastcosbdc> for updates, events, & tips
<http ://portal . mxlogic .com/images/transparent.gif>
On Mon, May 18 , 2015 at 4 : 26 PM , Tom Parko Jr. <tparko@co . weld. co . us
<mailto : tparko@co .weld.co . us> <mailto :tparko@co . weld. co .us> > wrote :
Yes . They have applied for the Small Business Plan and just wanted to make sure they met with you
all and have a business plan in place .
Tom Parko, M . A .
Director of Planning Services
Weld County Dept. of Planning Services
1555 N . 17th Avenue
Greeley, CO . 80631
Office : 970-353 -6100, ext 3572 <te1 : 970-353 -6100%2C %20ext%203572>
Mobile : 970-302-5333 <te1 : 970-302-5333 >
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.
Original Message
From : Kyla Benson [mailto : kyla. bensoneastcoloradosbdc .com
<mailto : kyla.benson@eastcoloradosbdc. com> ]
Sent : Monday, May 18 , 2015 11 : 45 AM
To : Tom Parko Jr. ; Lisa Hudson
Subject : Re : SBIP
Tom,
I certainly did ! The sun was a nice change . I hope yours was delightful also .
It looks like they met with Lisa at the end of last year. Thank you for letting us know. I've cc 'd Lisa on
this email and we'll make sure to follow up with them.
Are they look at applying for the incentive program?
Best regards,
Kyla
Kyla Benson
Director of Events & Business Consultant I East Colorado Small Business Development Center
4
807 17th Street, Suite D Greeley, CO 80631 PH 970 . 351 .4274 <te1 : 970 . 351 .4274>
Kyla. Benson@EastColoradoSBDC .com <mailto : Kyla. Benson@EastColoradoSBDC . com>
<mailto : Kyla. Benson@EastColoradoSBDC .com <mailto : Kyla. Benson@EastColoradoSBDC .com> >
http ://www.eastcoloradosbdc.com/
Follow us on Facebook <https ://www. facebook.com/pages/Northeast-East-Central-Colorado-
SBDC/ 171025279015> or Twitter <https ://twitter. com/eastcosbdc> for updates, events, & tips
<http ://portal .mxlogic . com/images/transparent. gi
On Mon, May 18 , 2015 at 9 : 38 AM, Tom Parko Jr. <tparko@co . weld. co . us
<mailto : tparko@co . weld. co . us> <mailto :tparko@co .weld.co .us> <mailto : tparko@co .weld. co . us
<mailto : tparko@co .weld . co .us> > > wrote :
Kyla,
Good morning. Hope you had a 'nice weekend. Have you all met with a Mr. & Mrs. Doug and
Dawn DeTienne? They have a company called West Greeley Self Storage and their USR was recently approved
by the Board of County Commissioners . Dawn' s number is 970-631 -5930 <te1 : 970-631 -5930> <te1 : 970-631 -
5930 <te1 : 970-631 -5930 <te1 : 970-631 -5930%20%3cte1 : 970-631 -5930> > > and email is
wgreeleystorage@outlook. com <mailto : wgreeleystorage@outlook.com>
<mai lto : wgreeleystorage@outlook. com> <mailto :wgreeleystorage@outlook. com
<mailto : wgreeleystorage@outlook. com> > .
Regards,
Tom Parko, M . A .
Director of Planning Services
Weld County Dept. of Planning Services
1555 N . 17th Avenue
Greeley, CO . 80631
Office : 970-353 -6100, ext 3572 <te1 : 970-353 -6100%2C%20ext%203572> <te1 : 970-353 -
6100%2C%20ext%203 5 72>
Mobile : 970-302 - 5333 <te1 : 970-302 -5333 > <te1 : 970-302 - 5333 <te1 : 970-302 -5333 <te1 : 970-302-
5333 %20%3cte1 : 970-302 -5333 > > >
5
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 .
Best Regards,
Lisa Hudson
Associate Director & Director of Marketing East Colorado Small Business Development Center
807 17th Street Greeley, CO 80631 PH 970 . 351 . 4487 Lisa. Hudson@EastColoradoSBDC . com
<mailto : Lisa. Hudson@EastColoradoSBDC .com> <mailto : Lisa.Hudson@EastColoradoSBDC .com>
wvwv.EastColoradoSBDC .com <http ://www. EastColoradoSBDC . com>
<http ://www.EastColoradoSBDC . com>
Follow us on Facebook <https ://www. facebook.corn/EastCOSBDC> or Twitter
<https ://twitter.com/eastcosbdc> for updates, events, & tips
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I
Best Regards,
6
Lisa Hudson
Associate Director & Director of Marketing East Colorado Small Business Development Center
807 17th Street Greeley, CO 80631 PH 970 . 351 . 4487 Lisa. Hudson@EastColoradoSBDC .com I
v vvw. EastColoradoSBDC .com
Follow us on Facebook or Twitter for updates, events, & tips
r
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Hello