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Home My WebLink About20152171.tiff To: Rafaela A. Martinez Page 2 of 5 2015-08-25 18:11:51 (GMT) 1-303-496-7960 From: Mark Dyson PETITIONETiPETITIONTO STATE BOARDBOARDOFASSESSMENTASSESSMENT APPEALS - For Office Use Only - - 1313 Sherman Street:. Room 315 Phone: (303') 866-5880 R E C �YwE Dorado 80203 Fax (303) 866-4485 ! w 0ocSet No. • Fee: Y ;v AUG 2 5 2015 WELD COUNTY { Checic/Credit Card#• COMMISSIONERS Date; 8125/201 ____.._.._� ...___ i __ __��_.---.►�_ Property Owner: Norwest Publishinac Cocnp my Subject Property: ;300 l anqBoulevard, Lang island, NY Street Address City Schedule Numher(W R385.1686 _ �M Attach separate sheet if necessary O Board of Equalization Appeals the decision of the Weld O Board of Commissioners Dated: 8/11/2018 r=o;}rty ❑State Property Tax Administrator This Appeal concerns: ,CIValuatm Refund/Abatement 0 Exemption 0 State Assessed Tax Year: 2012 The subject property is currently classified as: Cl Agricultural 0Comrercial ClExernot 0industtriai OMixed Use 0Natural Resources p Oil &Gas .D Personal 0Possessory O Producing 0Residential 0State Assessed 0 Vacant,Land interest Mines Actual Value assigned to subject property:,58,546,370 Petitioner's estimate of value: $4,400,000 Estimated time for Petitioner to present the appeal: 60 minutes or 1 hours. Not less than 30 minutes- Hoard wilt allow equal time to County or Property Tax Administrator. Appearance: Cl Petitioner will be present at the hearing 0Petitioner will appear by telephone 0 Petitioner will be represented by an agent F r}tltUnO!it rte•;lofting trie Bused rt m3-eee 4(!b0 0 Petitioner'will be represented by an attorney on tie scneduied data and time of nearing rdauntukt Time Zone) j Petitioner would like to appear by video conference Petitioner rhuet contact the Board at 303-866.58130 at Least 20 days in advance of the scheduled h.earrn0 to r pn t'm ar!rilah,tity o!video rcnfea'ence+xruipmant if the property comer is an entity,it must appear under the representation of an attorney licensed in Colorado except as roliows. A closely held entity may be represented)by an officer of the entity as long as the amount ln controversy does not exceed 510,000.exclusive of costs, interest or statutory penalties. " c4eseiy heid entity Gan have no more than three owners. See 3-1-127,C.R.S. A ulea.a1y heft!entity Lint wilt be ree resented by an offiusv of the entity must provide a latter to the Board with this petition stating that it ttas no more than three owners and that the tax amount at issue does not exceed$10,000.A mist filing a petition as of August 8.2012 may be represented by a trustee,an attorney or an agent. Filing Fee: P None Petitioner is appearing pro se (self-represented) and has not filed more than two Petitions with the Board of Assessment Appeals during this fiscal year(July 1 -- June 30). 0 $ 3315 Petitioner is appearing pro se (self-represented)and has filed more than two Petitions with the Board of Assessment Appeals during this fiscal year(July 1 --June 30). 0 $101.25 Petitioner will be represented by an agent or by an attorney. In the space below,please explain why you disagree with the value assigned to the subject property The rail spur cannot be used by any party other than the current owner. 8-31 - 1s setae 866. X1015- 2171 To Rafaela A Martinez Page 3 of 5 2015-08-25 18.11•51 (GMT) 1-303-496-7960 From: Mark Dyson Required attachments to this form: RI Assessor's or Property Tax Administrators Notice of Valuation or Notice of Denial O Decision of County Board of Equalization, County Board of Commissioners or Property Tax Administrator Attachments required uratur certain circumstances; • A notarized Letter of Authorization if an agent will be representing Petitioner O A Fist of names, last known addresses and telephone numbers of co-owners or parties directly interested in the subject property if applicable. rtlicate of s x nereoy certrry trial a true aria correct copy Or tne�tor o it r't et to me tate tsoara or Assessment Appearsvano attachments were mailed,faxed or hand delivered to: 0 Board of Equalization Weld Board of Commissioners County 0 State Property Tax Administrator at the following address: 1150 0 Street TO Box 758), Greeley, CO 80632 or, 8/25/2015 Date 1 hereby certify that a true and correct copy of the foregoing Petition to the State Board of Assessment Appeals and attachments were mailed, faxed or hand delivered to all co-owners or parties directly interested in the subject property on 8/2512015 Date - i hereby certify that four(4) true and correct copies of the foregoing Petition to the State Board of Assessment Appeals and attachments were mailed or hand delivered to the Board of Assessment Appeals at 1313 Sherman Street, Room 315. Denver, CO 80203 on 8125/2015_ Date (One copy may he faxed to the Board but the original and two additional copies must be mailed or hand delivered.) Petitioner's Mailing Ai,100es is Required Even if Petitioner is Represented by Art Ai ent or Attorney (per C.R,B. 39--8-1091 Shure Aunt or Attorney © - � � 9 Si nature of Petitioner A. Meson Norwest Publishing Company Printed Name Printed Name 795 McIntyre Street, Suite 205 300 Lang E3eulevard Mailing Address Mailing Address Golden, CO 80401 Long Island, NY 14072 City, state, Zip Code City state, Zip Code Telephone: 303-810-680!-3 Telephone: 716-564-6533 Daytime number E-Malt: rn.dyson@dycadiv.com E-Mail: kristina.martinez@rrd.com Attorney Reg. No.: __- it is the Petitioner's responsibility to notify the BAA of any change of address. Petitioners are strongly encouraged to read the Instructions and Rules of the Board of Assessment Appeals prior to compietiny this Petitiun Form. The Instructions and Rules are available on the Web at www,dola,Cclorad0.gcv/baa or may be requested by phone at 303-866-5880. RESOLUTION RE: ACTION OF THE BOARD CONCERNING PETITION FOR ABATEMENT OR REFUND OF TAXES - NORWEST PUBLISHING COMPANY NKA RR DONNELLEY AND SONS COMPANY, C/O DYCO DIVERSIFIED, INC. 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 July, 2015, at which meeting there were present the following members: Chair Barbara Kirkmeyer, and Commissioners Mike Freeman, Sean P. Conway, Julie A. Cozad, and Steve Moreno, 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 represented by Brenda Dones, Deputy County Assessor, and taxpayer, Norwest Publishing Company NKA RR Donnelley and Sons Company, do Dyco Diversified, Inc., 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, denied, and an abatement or refund be allowed as follows: CORRECTION TO ASSESSED ABATEMENT TAX VALUATION OR REFUND YEAR $0.00 $0.00 2012 2015-2171 ('C' (,ids,; 44,1- SIB AS0090 TAX ABATEMENT PETITION - NORWEST PUBLISHING COMPANY NKA RR DONNELLEY AND SONS COMPANY, C/O DYCO DIVERSIFIED, INC. PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 20th day of July, A.D., 2015. BOARD OF COUNTY COMMISSIONERS W LD COUNTY, CO RADO ATTEST: d .. i /s,vv / jC ; t4Q (, � rbara Kirkmeyer, hair "L"4/1-A---- Weld County Clerk to the Board �--�- Y Mi a Freeman, Pro-Tem BY: Deputy CI;!k to h: :o. 361 ; � Sean P. Conway ao(.4-Ozt -)-- AP O DAS ,'� jj �, ► Juli . Co ad Co ttorney Steve Moreno Date of signature: 2015-2171 AS0090 PETITION FOR ABATEMENT OR REFUND OF TAXES County:Weld Date Received (Use Assessor's or Commis el, ate Stamp) Section I: Petitioner, please complete Section I only. it 7 ' tit, Es Date: December 31, 2014 Month Day Year FEB 18 2015 Petitioner's Name: Norwest Publishing Co NKA RR Donnelley&Sons Company, O/O Tax 9mgrtbiedt,....wI„Y AS MSSOR Petitioner's Mailing Address: 300 Lang Boulevard ( REELEY, COLORADO Grand Island NY 14072 City or Town State Zip Code SCHEDULE OR PARCEL NUMBER(S) PROPERTY ADDRESS OR LEGAL DESCRIPTION OF PROPERTY 096120101015 259 30th Street,Greeley, CO R3854686 Petitioner requests an abatement or refund of the appropriate taxes and states that the taxes assessed against the above property for the property tax year 2012 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.) Complete broker opinion report to follow with formal agency letter. RECEIVED JUN 2 2 2015 WELD COUNTY Petitioner's estimate of value: $$4,500,000 (2010 ) COMMISSIONERS 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. Daytime Phone Number( Petitioner's Signature By Daytime Phone Number(303-81/0-6805 Agent's Signature* *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: Assessor's Recommendation (For Assessor's Use Only) Tax Year K) 3. -41 &Ml Assessedlas Original (/�370 ,1 (1?-8,9#0 )10 2(„7-..? Corrected 37 Q i ) 9XI, , .-6e Abate/Refund ❑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 fled and a Notice of Determination has been mailed to the taxpayer,§39-10-114(1)(a)(l)(D),C.R.S. Tax year: Protest? 0 No 0 Yes (If a protest was filed,please attach a copy of the NOD.) 2015-2171 Assessor recommends denial for the following reason(s): 4/400, ill Y-4 As essor' o De sessor's i a ure 15-DPT-AR No.920-66/11 4 FOR ASSESSORS AND COUNTY COMMISSIONERS USE ONLY (Section III or Section IV must be completed) Every petition for abatement or refund filed pursuant to§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(1.7),C.R.S. 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 Actual Assessed Tax Original Corrected AbatelRefund 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 duly and lawfully called regular meeting held on / / ,at which meeting there were present the following members: Month Day Year with notice of such meeting and an opportunity to be present having been given to the Petitioner and the Assessor of said County and Assessor (being present--not present)and Name Petitioner (being present--not present), and WHEREAS,the said Name County Commissioners have carefully considered the within petition, and are fully advised in relation thereto, NOW BE IT RESOLVED that the Board(agrees--does not agree)with the recommendation of the Assessor, and that the petition be(approved--approved in part--denied)with an abatement/refund as follows: Year Assessed Value Taxes Abate/Refund Chairperson of the Board of County Commissioners'Signature County Clerk and Ex-Officio Clerk of the Board of County Commissioners in and for the aforementioned county,do hereby certify that the above and foregoing order is truly copied from the record of the proceedings of the Board of County Commissioners. IN WITNESS 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 Note: Abatements greater than$10,000 per schedule,per year,must be submitted in duplicate to the Property Tax Administrator for review. Section V: Action of the Property Tax Administrator (For all abatements greater than$10,000) The action of the Board of County Commissioners, relative to this petition, is hereby ❑Approved ❑Approved in part$ ❑ Denied for the following reason(s): Secretary's Signature Property Tax Administrator's Signature Date 15-DPT-AR No.920-66/11 LETTER OF AGENCY Date 12/29/14 Name of Party with Standing: Norwest Publishing Co NKA RR Donnelley&Sons Company Address of Property Owner: 300 Lang Boulevard,Grand Island,NY 14072 Telephone Number of Owner: 716.564.6533 Email Address of Owner: kristina.martinez4rrd.com Name of agent authorized to pursue property tax valuations for Owner:_ Mark Dyson Address of Agent: 795 McIntyre Street,Suite 205,Golden,CO 80401 Telephone Number of Agent 303-810-6805 Email Address of Agent: mark.dysonacomcast.net Party with Standing hereby gives authority to person or entity listed above to pursue property tax abatements. If Party with Standing is an entity,the person whose signature appears below hereby verifies that he/she has the authority to act on behalf of the entity. This agency is for the specific tax year(s): 2012 This agency is for the specific property: Industrial property at 259 30th Street Greeley,CO Signature of Party it Standing If Party with Standing is an Entity: Signatory's Name: (print) Kristina Martinez Signatory's Position: Tax Manager Address of Signatory: 300 Lang Boulevard,Grand Island,NY 14072 Telephone Number of Signatory: 716.564.6533 Email Address of Signatory: kristina.martinez(a,rrd.com PETITION FOR ABATEMENT OR REFUND OF TAXES County:Weld Date Received AO// t9Sa-- (Use Assessor's or Commissioners'Date Stamp) Section I: Petitioner, please complete Section I only. , , vE0 Date: December 31, 2014 Month Day Year JAN 05 2015 Petitioner's Name: Norwest Publishing Co NKA RR Donnelley&Sons Company, CIO T partnilt,NTy A� tl i:VV SOR Petitioner's Mailing Address: 300 Lang Boulevard REELEY, COLORADO Grand Island NY 14072 City or Town State Zip Code SCHEDULE OR PARCEL NUMBER(S) PROPERTY ADDRESS OR LEGAL DESCRIPTION OF PROPERTY 096120101015 259 30th Street, Greeley, CO R3854686 Petitioner requests an abatement or refund of the appropriate taxes and states that the taxes assessed against the above property for the property tax year 2012 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.) Complete broker opinion report to follow with formal agency letter. Petitioner's estimate of value: $$4,500,000 (2010 ) 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. Daytime Phone Number( Petitioner's Si tur By / Daytime Phone Number(303-81)0-6805 nt' Si e* 4 y) r *Letter of age y must be attached when petition is sullmitted 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: Assessor's Recommendation (For Assessor's Use Only) Tax Year Actual Assessed Tax Original Corrected Abate/Refund ❑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? ❑No ❑Yes (If a protest was filed,please attach a copy of the NOD.) ❑Assessor recommends denial for the following reason(s): Assessor's or Deputy Assessor's Signature 15-OPT-AR No.920-66/11 FOR ASSESSORS AND COUNTY COMMISSIONERS USE ONLY (Section III or Section IV must be completed) Every petition for abatement or refund filed pursuant to§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(1.7),C.R.S. 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 Actual Assessed Tax Original Corrected AbatelRefund 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 duly and lawfully called regular meeting held on / / ,at which meeting there were present the following members: Month Day Year with notice of such meeting and an opportunity to be present having been given to the Petitioner and the Assessor of said County and Assessor (being present--not present)and Name Petitioner (being present--not present), and WHEREAS,the said Name County Commissioners have carefully considered the within petition, and are fully advised in relation thereto, NOW BE IT RESOLVED that the Board(agrees--does not agree)with the recommendation of the Assessor, and that the petition be(approved—approved in part--denied)with an abatement/refund as follows: 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 aforementioned county, do hereby certify that the above and foregoing order is truly copied from the record of the proceedings of the Board of County Commissioners. ■ IN WITNESS 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 Note: Abatements greater than$10,000 per schedule,per year,must be submitted in duplicate to the Property Tax Administrator for review. I Section V: Action of the Property Tax Administrator (For all abatements greater than$10,000) ■ The action of the Board of County Commissioners, relative to this petition, is hereby ❑Approved ❑Approved in part$ ❑ Denied for the following reason(s): Secretary's Signature Property Tax Administrator's Signature Date 15-DPT-AR No.920-66/11 • I DYCO DYCO Diversified Inc, Mark Dyson @M.MA; ■ 795 McIntyre Street Suite 205 Golden, CO 80401 303.810.6805 303.496.7960 n mdyson@dycodiv.com www.dycodiv.com 06/10/2015 Attn: Chris Woodruff RE: 2012 Abatement received 01/2015 R3854686/0961-20-1-01-015 Norwest Publishing Co NKA 259 30th St. Greeley, CO 2012 Assessors Value$8,546,370($30/sf) SUBJECT: The subject property is located at 259 30th St. in Greeley. The subject is a large publishing facility, located in the southeast corner of Highway 85 and Highway 34 with excellent access and visibility. The subject contains 590,238 square feet or 13.55 acres of land and is improved with two buildings totaling 284,879 square feet. The largest building contains 269,739 sq.ft.was built in 1984 with additions in 1995, is constructed of average quality tilt-up concrete with an average wall height of 35 feet. The second building contains 15,140 sq.ft. and was built in 2007, is constructed of average quality metal frame. Both buildings are considered in typical condition. The main building has rail access. The buildings were in use during the base period of January 1, 2009 to June 30th 2010. Cost Approach: A portion of the subject's improvements are more than twenty seven years old,for older buildings it is harder to quantify the proper amount of depreciation to apply in the cost approach to value. For this analysis the cost approach was not performed Market Approach: Research revealed three sales similar to the subject during the data collection period of 01/01/2009- 06/30/2010. 11196 E 45th Ave., Denver Dec. 2009 $30 per sq.ft. no rail service 3620 Weicker Dr., Fort Collins Aug. 2009 $35 per sq. ft. no rail service 1095 S 4th Ave., Brighton Feb. 2009 $38 per sq.ft. has rail service These sales support a Market Approach value of$30/sf, equating to a value of$8,546,370. Income Approach: The property at 4185 Salazar Way in Frederick has over 200,000 sq. ft. and is leased by a single tenant was under lease in base period for$5/sf nnn. Applying this lease rate to the subject, with 20%vacancy, 8%expenses, and a 10%cap rate equates to a total value for the subject of$10,483,547 or$37/sf. Reconciliation and Summary: In reconciling the Cost, Market, Income Approach the most weight is given to the Market Approach based on the subject being owner occupied. The Assessor recommends the value for 2012 be sustained at$8,546,370($30/sf) 7 Building One Building Two • 1111111 ....�- my 4 RR P+ p i 400.0' 147 t.0' inn RI Postern 88000 1530 ..IVAI! bl 6n 1NA asl Beier 7380' Pressroom Pmv 06.94 gmIr 811565 a 36M Bindery I g 4 ■1681 ! Is, (4)8 x Bah*ore 30 PM i 386.0 I 6uen3W L I Cr v 3816 (1316 x 16 Amor ma 400 eon moo; 11m 1mP a Ass pressroom PIBes� m A Sews.. S P Truk 61866 1 16186 . Oakes 60ak p 33nN�Nn PIOIBmeker0r1119roe ^ OW05198! 37 wt. 200 1)06 e6P 830 3n 737.0 en 338.0' ax ppmWP,.a- Arial View �. sd«na _��1_ J---`Parcels A':1 Z.. Bos<mlwmacro�. r.. Imagery 2014 F --,Imagery 2013 �, '. Pose wP ., '.. il IMP IF .. ,,. • ..$• = ..• ,,...4i. ... , ',- . __ .:. , ,,,,. ,,, :. . .... „ ... .,... , : _ ... _ ,,, . . _ .. :, _ ,......7,-,: -- ..___ ,, .. , . _______,. : :....._ . ______ • .. \Y iii...... • -3 a r �� ytfl �.I 0 :1._, ,.e. f 5 1 "' ., esr 11196 E 45th Ave Fanner Samsonite Building-Montballo industrial Park Denver.CO 80239 Class C Warehouse Building of 201,620 SF Sold on t2+30:2009 for$6.000,000-Research Complete buyer Lincoln Educational Services Corporation _ _ do Scott Shaw 200 Executive Dr a , West Orange,NJ 07052 (973)736-9340 �� seller Streech Properties • do Jeff Konieczny 1435 Larimer St Denver,CO 80202 (303)669-9532 • vital data Escrow/Contract 0 day Sale Price: $6,000,000 Sale Date- 12/30/2009 Status: Full Value Days on Market: - Building SF: 201,620 SF Exchange: No Price/SF: $29.76 Conditions: Double Escrow Pd Office: 1,0% Land Area SF 518,133 Pro Forma Cap Rate - Acres: 11.89 Actual Cap Rate: - S1SF Land Gross: $11.58 Down Pmnt $6,000,000 Year Built,Age- 1966 Age:43 Pct Down: 100.0% Parking Spaces: 91 Doc No: 0168954 Parking Ratio: 0.4511000 SF Trans Tax: - FAR 0.39 Corner. No Lot Dimensions. - Zoning. I-2,Denver Frontage: - Percent Improved. - Tenancy. Single Submarkel Cent E l-701Montbello Ind Comp ID 1852997 Map Page • Parcel No 1231.07-007 Property Type Industrial Income expense data Listing Broker Expenses -Taxes $86,308 No Listing Broker on Deal -Operating Expenses Total Expenses $86,308 Buyer Broker Savills Studley Savills Studley 99 Wood Ave S 1050 17th St Iselin,NJ 08830 Denver,CO 80265 (732)906.1001 (303)302.5100 James Schroeder Jim McGrath,Robert Link financing ccoynghted report iceneea to weld cuurrty aese66or5 Oillce-e r+too 6/9/2015 Page 2 3620 Weicker Dr Weider Business Park Fort Collins.CD 80524 Class B Distribution Budding of 250A00 SF Sold on 8(2812009 for 88,900,000-Research Complete buyer — + The BROE Group '$ts do Eric Hetwig 252 Clayton St •• ■ DDO) Denver,CO 80206 (303)393-0033 ` seller Karl Bohn 7000 Mccoll Dr Savage,MN 55378 (612)839.3880 vital data Escrow/Contract 170 days Sale Price. $8,900,000 Sale Date: 8128/2009 Status Confirmed Days on Market: 436 days Building SF. 250,400 SF Exchange: No Pnce/SF 835.54 Conditions- Investment Triple Net,Deferred Pro Forma Cap Rate - Maintenance Land Area SF 753,183 Actual Cap Rate. - Acres 17.29 Down Pmnt $2,900,000 5/SF Land Gross. $11.82 Pct Down: 32.6% Year Built,Age: 1992 Age:17 Doc No: 20090060092 Parking Spaces: 50 Trans Tax: - Parking Ratio- 0.19(1000 SF Corner No FAR 0.33 Zoning: PD Lot Dimensions - Percent Improved: 76.6% Frontage - Submarkel Fort CollinstLoveland Ind Tenancy: Multi Map Page: - Comp ID 1785519 Parcel No: 87094-20-001 Property Type. Industrial income expense data Listing Broker Income Gross Scheduled Income 81,011,720 Sperry Van Ness/The Group Commercial +Other Income 2020 Lowe St Vacancy Fort Collins,CO 80525 Allowance (970)207-0700 Effective Gross Income Dan Leuschen Net Income Net Operating Income 81,011,720 -Debt Service Buyer Broker -Capital Expenditure No Buyer Broker on Deal Cash Flow financtrig 1st American Investors Life Ins BalPmt. 88,000,000 Ccpyreniea-ewolrwnee4ie Welt?eoomyAF'- eepomce-xiteoo 6/9/2015 Page 3 1095 S 4th Ave Intertape Polymer Building Brighton,CO 80601 Class 8 Manufacturing Building of 174,000 SF Sold on 2/10/2009 for 56,600,000-Research Complete buyer F 8.F Properties do Joe Fried 201 Steele St Denver,CO 80206 (303)832-5522 seller Iles Company 6633 N Lincoln Ave Lincolnwood,IL 60712 (847)679.9141 vital data Escrow/Contract 90 days Sale Price: 56,600,000 Sale Date 2/10/2009 Status: Confirmed Days on Market 475 days Building SF: 174,000 SF Exchange. Yes Price/SF: $37.93 Candttions 1031 Exchange.Investment Triple Net Pct Office: 3.4% Land Area SF 410,771 Pro Forma Cap Rate - Acres- 9.43 Actual Cap Rate- 9.02% 5/SF Land Gross- 516.07 Down Pmnt: $1,600,000 Year Built,Age 1970 Age:39 Pct Down: 24.2% Parking Spaces- 200 Doc No: 0009623 Parking Ratio: 1.14/1000 SF Trans Tax 5660 FAR 0.42 Corner: No Lot Dimensions. - Zoning. I-1 Frontage. - No Tenants: 1 Tenancy. Single Percent Improved. 89.1% Comp ID 1650761 Submarket. DIA Ind Map Page. - Parcel No: 1569.18-0.05401 Property Type Industrial income expense data Listing Broker Income Gross Scheduled Income $595,000 DTZ Hart Corporation 1515 Arapahoe St 900 Jaymtx Rd +Other IncomeDenver,CO -Vacancy Allowance (303)2 80202 5 PA 18966 92.3700 (215)322.5100 Effective Gross Income Alec Rhodes,Brian Wilkes Craig Nielson Net Income Net Operating Income 5595,000 -Debt Service Buyer Broker -Capital Expenditure No Buyer Broker on Deal Cash Flow financing 1st Bank of the West BallPmL $5,000,000 ccpyrgncen"eynn ironed 03 weld Coady ASSeseor5 Once-611500 &5/2015 Page 1 Valuation of Industrial Property at 259 30th Street City of Greeley, Weld County, CO Schedule Parcel ID R3854686 Prepared for Kristina Martinez Property Tax Manager Norwest Publishing Co NKA RR Donnelley&Sons Company 300 Lang Boulevard Grand Island, NY 14072 r Intended Users Weld County Board of County Commissioners And Weld County Assessor Intended Use Petition for Abatement of 2012 Real Estate Taxes Report Date February 17, 2015 Valuation Date June 30, 2010 Prepared by DYCO Diversified, Inc. 795 McIntyre Street Golden, CO 80401 I SUBJECT PROPERTY AERIAL PHOTO This picture was provided by the former Listing Broker. It shows land to the south and southeast of the subject property that is not part of this petition for abatement of real estate taxes. That excess land and the subject of this petition comprise the property sold for$4,400,000. r Y/ C3 H n 1 wtur. Rte' 6l' +'- _. a ion „.....,>--, p .x.,56 c} i .. T + _., 4, w Fort Collins• 30 miles 392 n6.'7 • n SUBJECT MAIN AND RECEIVING ENTRANCES . I r • i e N . i 11040 ... tea, I mil '1 i lir. r •. tirimailitlit ' c, III Subject Property Street Map ........... CJh ., c 51 m I w7 _ I h s t • s 79SI 7119 U a' W8h 9 a 899 8119 ER g WsC,st a 981 St Q9h9 'iSw tan St 4 tqn St (Greeley Ism s, W119& D it 11119 Q Q 11119 Q z 121119££ a A 1295 5 u a � ,. yp r w13thst '4 ®n v a et 13th St ≥.D G 1499 g t - n Nm 1411 Street Rd Y — 1d99 d 8 ' A 154,S; 159,9 W 16th St > ` 16th St a r •P 17 nF 1Cun 9 9 9 a 179$1 V P bra,&r Cemetery c x'899 1899 t r"-� R t. Wm 4 Gank,rd P ` 19),St E 18th St 3 S 1 2 IA a g•N G'.xr.-zxe Prk g 19119 Q E 1999 w 28th St 20x19 ,,. 20th S1 E tun 9 S'stx rr>Y:rl. 9 i1 21519 iY ' E21s151 �° 3,, Cn4 aPa>'•. 22„d9 4th �9y E 2249 W e Ce 1 28:19 c D w230'"). m'2✓249,9 2411 9 6 E 2311 9 Q TS 0 P 1. o d' ,o' 9 g t y 2599 * n 975919N a n N a' —4 1.41 ii— z9;h 51 oGardan City - E 26919 Y;279,9 D•.. n 269 Sr n z `e 75 a n g _ 3d v 27riy i C1 € \.... W 28th St w 28th St2Fx,SI 259 30th St x i. 929951 m Greeley CO 80631-742y E2e9s1 h^ N E.85 31x,9 .t y t4 > a*SI E 300,St m' lg.St5 a Rosedale # 932,49 ? � 3189 0 b 3499 MCN41 Sl 1 P 33N9 re . Q 3599 n 39119< Jj N 4 ro,cns* D 71 65 ^ 3 359,51 III 9■ IV Subject Property Approximate Parcel Map(Subject is R3854686) i „$ .; ,r. _ 2901' • L. •ivy.•,. �' R38546B i 211 • 6 i I 29. w. r►A r _ �Y I 1 _ 2'y t .. wR _. � 7'7 t rikebsa. t ',128#1 "., — ti 128,#2 'U.' . ,128#3 M . , • 152 §,` 128#41_ IN ,fir. ,, _ •.. _. .,.:.. .., SU s )5'`_!` ,3026; t ��N. 505' _ 1. ' I II r,.1 nr- Fr . . rt .,-,:_._ . .....,.,_„ � 31' ST CORE HOLD! 795 McIntyre Street, Suite 206 Golden, CO 80401 February 17,2015 Kristina Martinez Property Tax Manager Norwest Publishing Co NKA RR Donnelley&Sons Company 300 Lang Boulevard Grand Island,NY 14072 RE: Petition for Abatement of 2012 Real Estate Taxes Industrial property 259 30th Street Greeley,CO 81001 Assessor's Parcel ID R3854686 Dear Ms.Martinez: At your request, I have prepared this valuation of the referenced property for the purpose of estimating the"As Is"fee simple value,as of June 30,2010. This report is a Broker Opinion of Value as defined by the Colorado Division of Real Estate. I am not acting as an appraiser. Intended users of this valuation are expressly limited to the County Assessor and Board of County Commissioners (BOCC). No other party may rely upon this report for any other purpose. The intended use of this report is to assist in the Assessor and BOCC decision making regarding amendment of the County Assessor's 2012 actual value for the referenced property.As per our agreement,my compensation is contingent upon the findings of the intended users. The subject property is a super-adequate single tenant office/warehouse/manufacturing property that was phased construction for a publishing company. Two different listing brokers for the property state the building is too large for the subject submarket and on the date of value had challenges with deferred maintenance and reinstatement of a rail spur. The biggest challenge is rail access. Loss of access causes the improvements to no longer function as designed and constructed and now be super-adequate(see Property Description, Site, Rail Spur). The building was specifically constructed for manufacturing that utilized rail delivery of raw paper materials. Placement of the building on the site focused on rail access and made no concession for alternative delivery of raw materials by truck. The raw materials storage area of the building is within 45 feet of the east property line and so does not have enough room for long haul trucks. Consequently,without rail access only a portion of the building remains useable for heavy manufacturing. Closure of the publishing plant was publically announced February 10,2011 in the Greeley Tribune newspaper. A letter to this effect was sent to the Mayor of Greeley in January 2011. Internet phone directories made hard copy directories obsolete as early as 2008. Bill Gates of Microsoft predicted that in a few years no one under the age of 50 would use a hard copy of the yellow pages. This structural change to the phone industry has caused Donnelley&Sons to close plants nationwide commencing near the middle of the first decade of the 21st century. Closure of the Greeley plant was under consideration in early 2009. Norwest Publishing Co NKA RR Donnelley&Sons Company Page 2 The subject neighborhood is the southeast quadrant of the City in a predominately heavy industrial and outside storage area known as the Greeley Commerce Center. Aerial imagery shows the neighborhood/trade area is approximately 30 to 45%built-out. Valuation of this owner-user type property uses the Cost and Sales Comparison approaches to value. The recent sale is outside the based data period,but provides has noteworthy market and property condition insights. These market and property conditions existed on the date of value. They are relevant to the historic value date because any prospective purchaser would have uncovered them during their due diligence. The property was listed for sale April 2011,during the 2013 tax year base data period at$10,700,000. The important observations from the listing activity are as follows: 1. The three brokers from CBRE and two from Binzwinger found the property too large for the mostly small manufacturer market. All major manufacturers for Northern Colorado were contacted and several toured the property,including but not limited to,Vestas the wind turbine manufacturer and Budweiser Brewing. The property did not work for any of the larger Northern Colorado manufacturers. 2. Liquidity contraction of the capital markets impacted the potential purchaser universe. The highest offer price was approximately$6,000,000,but the constrained capital markets did not provide a financing source ready and willing to underwrite the deal. The chosen prospective purchaser paid only$4,400,000,but had funds to close. This transaction closing occurred after the value date,but capital markets were even more constrained on the value date. As liquidity increases,availability of capital to buyers and lender competition drives real estate market values up. In the future,the$6,000,000 buyer may have been able to get financing,but not on the date of value. Until then,value remains below$6,000,000. 3. Rail access was to be lost by the next purchaser. Although the regional Union Pacific(UP)rail representative said reinstatement,if even possible,would be$3,000,000,she thought continued use was unlikely. There is not enough land for a rail siding between the 31st Street,at-grade crossing and the Highway 34 overpass. UP is careful not to constrain traffic on the Greeley Subdivision main line that travels between Cheyenne,WY,and Denver, CO to intersect with other mainlines. Loss of this rail access changes utility of the subject property for heavy manufacturers. Norwest Publishing Co NKA RR Donnelley&Sons Company Page 2 Taking into consideration the Northern Colorado and specifically Greeley industrial market characteristics,as well as larger economic conditions and finally,the loss of rail access,it is my opinion,the market value of the subject property's fee simple estate,as of June 30,2010,was$4,400,000. Amended Market Value— "As Is" Four Million Four Hundred Thousand Dollars $4,400,000 Respectfully submitted, DYCO Diversified, Inc. By:A. Mark Dyson,CCIM License Real Estate Broker State of Colorado,#1328371 CONTENTS Subject Property Aerial Photo Subject Main and Receiving Entrances Scope of Work 1 Property History 2 Occupancy History 2 Transaction History 2 Greeley Conditions 3 Neighborhood Conditions 4 Property Description 4 Real Estate Taxes 6 Highest and Best Use 7 As If Vacant 7 As Improved 7 Valuation 8 Valuation Challenge 8 Valuation Method 8 Cost Approach to Value 8 Land Value 8 Reproduction Cost New 8 Value Indication-Cost Approach—"As Is" 11 Sales Comparison Approach to Value 12 Process Obtaining"As Is"Value 12 Unit of Comparison 12 Subject Property Transaction 12 Comparable Sales—"As If Rail Served" 12 Elements of Comparison 15 Quantitative Adjustment Grid 17 Reconciliation—"As If Rail Served" 17 Value Indication-Sales Comparison Approach—"As If Rail Served" 17 Reconciliation—"As Is 17 Value Indication-Sales Comparison Approach—"As Is" 18 Reconciliation of Value Approaches 19 Property Value"As Is" 19 Certification 20 Addenda 21 Assumptions and Limiting Conditions 21 Qualifications 23 DYCO DIVERSIFIED,INC. FORMER NORWEST PUBLISHING BUILDING 1 Scope of Work Characteristic Detail Problem Identification(Assignment Elements and Conditions) Property Valued Former publishing facility Use of Property Office/warehouse/manufacturing Street Address 259 30th Street Greeley,CO Parcel Identification(County#) R3854686 Intended Use Aid in establishing value for tax reporting Intended Purpose Estimate value°As Is" Intended User Weld County Board of County Commissioners&Assessor Value Date(Effective Date) June 30,2010 Value Type Market Value* *Rules&Regulations,Federal Register,Vol.55,No.165,p.24696. Property Rights Appraised Fee Simple Estate Personal and Intangible Property None included Hypothetical Conditions None Extraordinary Assumptions None Inspection of Property Mark Dyson inspected the property.Personal observations were the primary source of data for relevant property characteristics. Secondary means of inspection included aerial,interior and exterior building photographs;and street and plat maps. Extent of property inspection was adequate to develop credible assignment results. Data Research Extent All market and sales data was obtained from parties believed to be reliable third party sources. When deemed necessary,Mark Dyson conducted additional research to test dependability of market and sales data. Mark Dyson did not measure the subject site or improvements. Mark Dyson did not conduct interior inspections of all comparable properties. Highest and Best Use "As if Vacant" Hold for future industrial development when the foregoing becomes feasible to construct. "As Improved" Continued use as industrial property. Disclosure Requirements Valuation Methods Not Used None Value Methods Used Cost and Sales Comparison approaches DYCO DIVERSIFIED,INC. FORMER NORWEST PUBLISHING BUILDING 2 Property History Occupancy History Sources for this information include listing and selling brokers,R.R.Donnelly&Sons real estate department director,and a former R.R.Donnelley employee responsible for on-site management of the property for 30 years. The property was designed and constructed for the Norwest Publishing Company in 1984. In 1986, R.R. Donnelley and Sons,the nation's largest publishing company,acquired Norwest Publishing. This R.R.Donnelley property published phone directories. Raw paper arrived by rail and finished products were shipped out by truck. Significant expansion of the property occurred 1995 when they won a contract to produce Southwestern Bell phone directories. A smaller addition occurred in either 2002 or 2005,the property manager was not certain. R.R. Donnelley publically announced by a letter to the Mayor of Greeley in January 2011 that the Greeley publishing plant would close in April 2011. Transaction Histo Owner with Standing As of Value Date R.R.Donnelley&Sons Company,as successor in interest to R.R. Donnelley Norwest Inc Source Prior owner and public records Transaction-Most Recent Date 04/15/2014 Buyer CJBL Land Limited 1 LLC Seller RR Donnelley&Sons Company,as successor in interest to RR Donnelley Norwest Inc Price $4,400,000 (includes subject property plus two adjacent parcels of vacant land comprising 4.291 and 7.86 acres) Sale Price PSF GSA $13.69 Financing Cash to seller Contingencies Not available(NA) Occupancy 0% Comments The purchaser was chosen from several offers ranging in price from$2 to $6 million. The highest offer was pursued but the significant detriment to that deal was the prospective buyers contingency to obtain financing for both the real estate and the business. The buyer was attempting to obtain financing for both entities(company and real estate)and was having difficulties. The actual purchaser was at a lower price and the second choice. They had originally made their offer at$3 million. The Seller countered at$4.4 million and a purchase contract was signed by all parties. The purchaser is a single purpose entity that leases the property to their pet food manufacturing company,American Pet Proteins. Essentially, they are an owner-occupant. However,they only utilize part of the DYCO DIVERSIFIED,INC. FORMER NORWEST PUBLISHING BUILDING 3 building and will keep a total of 59%for current and future use. 41%(190,896 SF)of the building is available for long term lease with CB Richard Ellis as listing agent. Listing—Most Recent Date June 2013(term of 10 months) Broker&Phone Eric Dienstbach,303-779-4345 Brokerage Binswanger Ask Price $10,700,000 (includes the subject property plus two adjacent parcels of vacant land comprising 4.291 and 7.86 acres) Ask Price PSF GBA $33.29 Financing Cash to seller Occupancy 0% Comments Brokers stated the list price assumed they could find the ideal buyer/user, i.e.,another printing company,and that the rail use could continue. He further stated that none of the prospective purchasers said they could use the building in its entirety. They looked to see if there were building segments suitable for their use and if so,made offers based on that portion's worth and nothing for the remainder. Listing-Prior Date April 2011(term of 2 years) Broker&Phone Jim Bolt,720-528-6310 Brokerage CB Richard Ellis Ask Price $10,700,000 (includes subject property plus two adjacent parcels of vacant land comprising 4.291 and 7.86 acres) Ask Price PSF GBA $33.29 Financing Cash to seller Occupancy 0%- Comments Many businesses toured,but did not make an offer. Prospects included cold storage companies,Budweiser Brewing,oil and gas companies,and a wind turbine blade manufacturer. Although objections may not be know with certainty,reportedly the human food related companies objected to the cleanliness of the former print areas of the facility and the wind turbine manufacturer did not believe the truck loading ramps/maneuvering areas were long enough. Greeley Conditions All intended users are believed to be generally familiar with socio-economic conditions in the Greeley area. Briefly,at the time of value the area remained in the recession that commenced in 2009. Job growth was and • the unemployment rate were showing little,or arguably,no material improvement. DYCO DIVERSIFIED,INC. FORMER NORWEST PUBLISHING BUILDING 4 Neighborhood Conditions All intended users are believed to be generally familiar with the subject neighborhood. Briefly,the neighborhood is an older industrial area known as the Greeley Commerce Center. It is comprised of mostly outdoor storage. The few existing industrial buildings are predominately small pre-engineered steel frame structures with metal siding. The subject property is one of two heavy industrial manufacturing uses contained in a building. Industrial property is of average quality and condition. Uses in the area are a batch plant,oil tank battery,greenhouses, landscape material supply,a cold storage building and a steel plate manufacturer. The area is 30 to 45%built- out. Given that there has been no new construction in almost a decade,the area is generally stable. Property values were declining from 2010 soon after the national recession started and have yet to recover. Property Description Characteristic Detail Site Street Address 259 30th Street,Greeley,CO 80631 Location Northwest corner of 30th Street and 4+h Avenue Assessor's Parcel ID R3854686 Legal Description Per Assessor records-GR GCC-TB3 PARCEL IN TRACT B GREELEY COMMERCE CENTER COMM CEN SEC 20 5 65 N89D48'E 1191.98'N0D11'W 102.74'N0D11'W 527'TO TRUE POB N58D28'W 641.95'N23D37'E 495.65'TH ALG CURVE TO RIGHT N76D39'E 339.45'N89D31'E 490.54'S0D28'E 485' S89D31'W 149.26'SWLY TO POB Zoning Industrial Land Size 13.55 acres Shape Irregular similar to an"L" Topography Level,generally Floodplain No Surrounding Uses Industrial to the north,south and east;Union Pacific railway right of way to the west Site Improvements Paved surface parking and a rail spur Rail Spur Although advertised as having an active rail spur by two different real estate brokerage companies(CB Richard Ellis and Binswanger),neither knew the rail spur is grandfathered for Donnelley&Sons only and cannot be used by anyone else. This includes any third party,tenants or owners. According to Cheryl Schow,Regional Manager(402-233-3538)for Union Pacific,continued use of the spur requires the spur meet Industry Access Guidelines(IAG)published in 2006. She has visited the site and determined it is not likely the spur could be brought to industry access guidelines. Ms.Schow indicates the spur needs the existing mechanical rail switch upgraded to two automated switches controlled in Omaha,NB,and construction of an approximately 8,500 to 9,000-lineal foot siding in the UP right-of-way. If it were physically possible to construct,she estimates total cost to update would be approximately$3 million. The switches alone are$1 million each and the track about$100 per lineal foot. However,the bigger concern is the siding, There is only about 3,000 lineal feet between the US 34 overpass and the 31st Street crossing. That is not enough room to construct the necessary rail siding. UP would have to grant a special exemption from the access guidelines to allow DYCO DIVERSIFIED,INC. FORMER NORWEST PUBLISHING BUILDING a 5 Characteristic Detail only a 3,000-foot siding. Since the main rail between Denver,CO and Cheyenne,WY(known as Greeley Sub)is like an interstate highway, exemptions to the IAG are rare. Summary The site is within an industrial park adjacent to the Union Pacific main rail line. Its size and zoning are suited to industrial development. Except for the inability to use the rail spur"as is"and the"L"shape,no other detriments to development are noted. Improvements Overview One,precast,Twin-T,concrete building with first and second floor office,as well as warehouse space Age 1984(original structure), 1995(large addition)and 2002/5(small addition) Effective age of 21 years on January 1,2013. See the picture following the Improvement Description table Buildings 1 Gross Building Area 321,390 square feet(per Assessor records and real estate broker flyers) Office Square Feet 1d floor 0 SF(per brokers and property manager) 2nd floor 30,000 SF+1- Warehouse Square Feet 290,000 SF+1- (per brokers and property manager) Clear Height Varies from 8 to 40 feet;west half warehouse is 32 feet;the former pressroom is 40 feet and the former paper storage area is 38 feet Dock-high Doors Truck 8(8'x 10') Rail 6 Drive-in Doors 3(16'x16) Fire Sprinkler System Yes Construction Type Concrete and steel Parking Spaces Adequate Parking Ratio NA Physical Condition Building Exterior—Good Building Interior—Good,but dated Parking areas—Average Roofing—Poor HVAC units—Assume good Deferred Maintenance Roof—The listing broker reports the original structure's roof had many leaks and was at the end of its economic life. A replacement cost of$600,000($3 PSF x 200,000 SF+1-original structure)was used during negotiations. Environmental Condition Ink—The 60,500 SF former Pressroom has extensive ink contamination from many years of production. All venting systems,electrical,and solid surfaces require remediation. Solvent—The 35,596 SF former Paper Storage area(added in 1995)was contaminated by a leaking underground storage tank. The tank was originally outside the original building. The Colorado Department of Labor and Employment,Division of Oil and Public Safety report states"A confirmed release (Event ID 3454)was reported at the above referenced site on October 12, DYCO DIVERSIFIED,INC. FORMER NORWEST PUBLISHING BUILDING 6 Characteristic Detail 1990." °A No Further Action(NFA)determination letter was issued for the release on August 5,1996". During buyer due diligence in early 2014,the seller was required to conduct a Phase II study with concrete and soil coring to test samples. No further clean-up was required,but environmental stigma remains. Function The property was originally designed and constructed as single tenant, manufacturing warehouse for the publishing industry. Ninety-five percent of the publishing industry raw material arrives by rail. The original and expanded building design is built around upon raw materials arriving by rail,stored in the east half of the building then moving from east to west for processing/manufacturing in the middle and storage and shipping on the west side. This can no longer occur. Without a useable rail siding for future tenants or property owners,the ability to conduct a heavy manufacturing process throughout the entire building is unlikely. Floor thicknesses,power and walls heights in the east half of the structure are superadequate. Summary The property has functional challenges. It was designed for heavy industrial manufacturing dependent upon rail access. Without rail access the building does not function well for heavy manufacturing. There is only a small area for receiving raw materials by truck on the east side of the building. Many heavy industrial components and raw material are too large to be shipped by truck. Continued rail access is not likely. Dates of Construction 1111111111111, . . 1984 . f 0 1984 r,- i4 er " - 1995 • r' — r . ,• r r j - - 1 1995 ,I. ,:. ,...---4344. gift,it, iilti 4 2002/05 1 Fp, -•:. '. r - A ..� R u I ► t 1 . 44 Real Estate Taxes The intended use of this report is to amend the actual and assessed values and obtain a tax refund. County values and taxes paid are not discussed here-in. DYC0 DIVERSIFIED,INC. FORMER NORWEST PUBLISHING BUILDING 7 Highest and Best Use As If Vacant Highest and best use of the site,"as if vacant",is based on legal, physical,financial, and surrounding use considerations. Legally,the subject property is zoned for industrial use. Physically,location is within a larger industrial park. Financially,new development is not feasible. Maximally,highest and best use is to hold the site vacant until demand warrants. As Improved Highest and best use of the property"as improved"is based on whether or not there is a more valuable use for the property"as improved", modified or demolished and redeveloped. As is,the apparent absence of rail access and use specific design has many functional problems. The most significant is arrival of raw materials must now be by truck. The raw materials storage area has only two truck doors. One is a dock-high door and the other can be converted from drive-in to dock-high. However,truck maneuvering space is too short for long haul trailers. This makes continued use as originally design and constructed unlikely. Small market location also makes reuse of the building by a single tenant highly unlikely. Greeley has only two major employers, Leprino and Monfort,that utilize large industrial facilities. One is a producer of cheese and the other a beef processer. According to Costar data,there are only three industrial properties greater than 200,000 square feet in Greeley. One of those is the Leprino facility,another a Monfort facility and finally the subject property. The Donnelley publishing company located in Greeley because of the low cost workforce and rail access. Without rail access another publisher would not use the property. Examples of small market industrial properties built for specific users and then sold for alternate,lesser use include,but are not limited to the following properties. 1. 1900 South Freeway, Pueblo,CO Size: 102,575 SF GBA Sold: 5/16/2013 Price: $700,000 Price: $6.82 PSF GBA This was a former Pepsi distribution facility. 2. 4038 Dover Drive,Colorado City,CO Size: 249,200 SF GBA Sold: 4/23/2012 Price: $700,000 Price: $2.81 PSF GBA This was built as the Columbia House distribution facility. Finally,small market and rail challenges were evident when marketing the property. Almost the entire three year marketing time there were no prospective users for the entire structure. Alternative use for the building is demising for two tenants. This is how it is being used by the current owner,a pet food processing/manufacturing business. The west half of the building has receiving and storage of raw materials,and processing,storage and shipping of finished product. It continues to function as manufacturing space,but this is because it has eight dock-high and one drive-in door. The east half of the building has a greater challenge of finding an alternative use. A distribution warehouse use is suited to the high ceilings,but the DYCO DIVERSIFIED,INC. FORMER NORWEST PUBLISHING BUILDING 8 limited number of doors that are drive-in versus dock-high doors as well as the short truck maneuvering area excludes this use. Warehouse use of the east half of the building makes the most sense. This could be dry storage of any items that are moveable under their own power and do not move frequently. This could be personal possessions such as automobiles,RVs,camper trailers, boats,etc.. Although this does not take advantage of the high pile storage capability, it is not hampered by having only two drive-in doors(dock high could be converted with a ramp addition). This type of reuse can be seen in buildings throughout the Front Range that were originally user specific design and construction and had to be retrofitted for reuse. The Highest and Best Use is for the existing structure to be utilized by two businesses. The west side would be a manufacturer who finds utility in the existing heavy power,thick concrete floors,high bays and dock-high doors. The east half of the structure has far less value is merely a dry storage area. Valuation Valuation Challenge As discussed in the Function section of the Property Description and the Highest and Best Use,As Improved,the property is not suited to single occupant use. Moreover,the likely two user division results in two very different value building sections. This significant difference is dealt with differently in each applicable valuation section, i.e.,Cost and Sales Comparison. The Income Approach is neither applicable nor relevant because the building is not designed or constructed to be speculative income producing real estate. The Cost Approach will measure the functional obsolescence due to superadequacy of construction materials and ceiling heights for dry storage space in the east building half,as well as all rail access improvements that are not useable. The Sales Approach will correlate two value estimates. The first value will be one unit price for the entire 321,000 square feet of building area. The second valuation or test of reasonableness will apply a manufacturing unit value to the west half of the structure and a dry storage rate to the east half. Valuation Method Cost and Sales Comparison approaches are used. Cost Approach to Value Land Value With no recent development activity, I use the Assessor's land value at$531,214;rounded to$530,000($0.90 per SF). Reproduction Cost New To estimate Reproduction Cost New(RCN)I use Marshall Valuation Service for cost estimating. The overall building is classified as an average Class C, Low Cost,Heavy Manufacturing(Section 14, Page 15)structure with a portion classified as average office(Section 14, Page 35). The structure itself has a 290,000 square foot floor plate,plus about 30,000 SF of open office area in the mezzanine. Part of the 290,000 square feet is the attached warehouse built in 2002. It is a shell with nominal lighting and heating. It has a different cost(Low Cost S)to construct at$23 PSF GBA. The weighted average unit cost for the 290,000 square foot building is below. Storage Building 15,155 SF(5%) $23 PSF GBA $1.15 PSF GBA Manufacturing Building 274,845 SF(95%) $79 $75.05 $76.20 PSF GBA Rounded $76 DYCO DIVERSIFIED,INC. FORMER NORWEST PUBLISHING BUILDING 9 Direct and Indirect Costs Marshall Valuation Service-Calculator Cost Method S.uare Foot Costs Item Category Results 1 Subscriber Making Survey Mark Dyson Survey Date 2/03/2015 2 Building Name Former Norwest Publishing 3 Location 239 30th Street,Greeley,CO 4 Occupancy Manufacturing warehouse 5 Building Class C Building Quality Low Cost 6 Exterior Wall Concrete 7 Number of Stories 1 Height Per Story 36 FT approx.average of entire structure 8 Average Floor Area 290,000 SF approx.. 9 Average Perimeter N/A 10 Age 21 years(average) Condition Average 11 Region Western 12 Climate Moderate 13 Base Square Foot Cost(PSF) $76(rounded weighted average) 14 Heating/CoolingNentilation Included 15 Elevator Deduction(PSF) None 16 Total Lines 13 through 15(PSF) $76 17 Number of Stories Multiplier 1.00 18 Height Per Story Multiplier NA 19 Floor Area Perimeter Multiplier NA 20 Combined Height&Size Multiplier NA 21 Refined Square Foot Cost(PSF) $76 22 Current Cost Multiplier 1.00 23 Local Multiplier 1.00 24 Final Square Foot Cost $76 25 Area 290,000 SF 26 Line 24 x Line 25 $22,040,000 27 Replacement Cost•Rounded S22.000,000 DYCO DIVERSIFIED,INC. FORMER NORWEST PUBLISHING BUILDING 10 Office Costs The prior cost estimate does not include office space. The building has approximately 30,000 square feet of finished area within the structure. Most of it few demising walls. MVS section 14,page 35 shows average cost office at about$30 PSF,adding$900,000 to the subject property building cost. Site Improvements The finished land area of the subject site is roughly 300,000 SF which is calculated by taking all of the site size (590,238 SF)less the building foot print(290,000 square feet). Marshall Valuation Services estimates for good quality surface parking lot(includes landscaping,lighting,sidewalk,and drainage)will cost approximately$3.50 per square foot.This estimate indicates the replacement cost for the subject site improvements to be$1,050,000 (300,000 SF x 3.50). Rail Spur The rail spur cost is the$3 million previously discussed in the Site Description,plus the actual, 1,560 lineal feet of spur rail at$100 per lineal feet. Total cost is$3,156,000,rounded to$3,200,000. This does not include the cost for a rail siding required by the 2006 Industry Access Guidelines because it is not physically possible. Other Indirect(Soft)Costs Soft costs not included in the MVS construction cost estimates include interim taxes,construction loan interest, permanent loan origination costs,developer's fee,leasing commissions, appraisal,and entrepreneurial profit. Each of these costs is not itemized. My experience is that additional soft costs are typically 10-15%of MVS costs. I estimate soft costs to approximate 10%of hard costs. In my opinion,additional soft costs total$2,715,000[($22,000,000+$900,000+$1,050,000+$3,200,000)x 10%. Total RCN Combining direct and indirect costs the total cost new is$29,865,000($22,000,000+$900,000+$1,050,000+ $3,200,000+$2,715,000). Accrued Depreciation I use the breakdown method of estimating depreciation. The main form of depreciation is external obsolescence. Physical Depreciation The property was originally constructed in 1985.This indicates physical age,on the date of value,for the property improvements of 28 years. Given that another roughly half of the structure was built in 1995 the average age is Marshall and Swift indicate average economic life of this type of property of 23 years. Incurable physical depreciation is estimated at 52%(23 years old/45 year life). Functional and External Depreciation Functional depreciation results mostly from loss of rail use making many aspects of the building of no use to many heavy manufacturers. Items of no use include the rail spur and switches,extra thick floors in the paper storage and pressroom buildings,heavy power in the pressroom and wall heights greater than a light to medium, manufacturing warehouse at about 24 to 30 feet,say 28 feet. As a result of the eastern half of the building likely becoming storage space,there is also little need for office space in that area and 30,000 SF is superadequate for the west half. Typical office ratios for manufacturing buildings are 3 to 10%at most. Using 7%my calculation of functional obsolescence due to superadequate office space is$501,798{$900,000 total cost—[(189,620 SF GBA x 7%)x$30 PSF GBAj},rounded to$500,000. External depreciation is due to location in a small market excluding potential users for the entirety of the property, even if it had guaranteed rail access. Greeley has two major employers, Leprino and Monfort. One is a DYCO DIVERSIFIED,INC. FORMER NORWEST PUBLISHING BUILDING 11 producer of cheese and the other a beef processer. According to Costar data,there are only three industrial properties greater than 200,000 square feet in Greeley. One of those is the Leprino facility,another a Monfort facility and finally the subject property. Over the three year listing period,the two different listing brokerages showed the property to every major manufacturer in northern Colorado. These included Budweiser Brewing and Vestas the winder turbine and blade manufacturer. No manufacturer able to take the entire property was found. The Donnelley publishing company was willing to locate in Greeley because of the low cost workforce and rail access. Without rail access the mostly likely manufacturing uses are light to medium and will probably be tied to the existing food producers in the area. As a user of Leprino or Monfort by-products,this means they are smaller and not likely to need the entire subject building. If they cannot use the entire building,the design of the structure does not allow for multi-tenant use. It was never intended for multi-tenant use and so the east half of the building has limited truck access. The west half of the building has many truck dock doors and is well suited for a user. This is evident in the current configuration and use of the building by American Pet Proteins. Location of a large manufacturing facility in a small industrial market makes roughly 50%of the building of nominal use. Likely use is for storage only to a different user than the viable manufacturing section of the building. Using MVS the difference in cost to construct between manufacturing($79 PSF)and storage space (Class C, low cost at$25 PSF)is$54 PSF for($54 PSF x 145,000 SF)totaling$7,830,000. This is external obsolescence but can also be considered functional obsolescence due to superadequacy. The cost of the rail spur and switches is also functional obsolescence due to superadequacy because without a siding it cannot be used. That cost is$3,200,000. Total functional and external depreciation is$11,530,000($7,830,000+$3,200,000+$500,000). Summary of Cost and Depreciation Estimates Replacement Cost New $29,865,000 LESS Accrued Depreciation Physical(incurable only)(52%) ($15,529,800) Functional&External ($11,530,000) Total Accrued Depreciation ($27,059,800) Depreciated Cost New of Improvements $2,805,200 PLUS Land Value $180,000 Total Value of Subject Property $2,985,200 Rounded $3,000,000 Value Indication - Cost Approach — "As Is" In my opinion,the market value of the subject property's fee simple estate,as indicated by the Cost Approach,as of June 30,2010,was$3,000,000. Cost Approach Value Indication Three Million Dollars $3,000,000 DYCO DIVERSIFIED,INC. FORMER NORWEST PUBLISHING BUILDING 12 Sales Comparison Approach to Value Process Obtaining "As Is" Value The property is likely to have no rail service and at best it will cost$3,000,000 to reinstate. This impact of rail service to the subject property directly relates to it use. Without rail roughly half of the building will be a much less intensive and valuable use. Quantification of the rail access adjustment to each property would be problematic to impossible as each was property was built to function without rail access versus the subject that was built around rail access. Subsequently, I first value the property"as if rail served"rather than adjusting each comparable sale for rail access. The"as if rail served"value then has the cost of possible rail service at the subject property deducted to get the"as is"value. Unit of Comparison The most relevant units of comparison for commercial real estate are based on the income generating portions of the property. Office buildings are compared on the basis of net rentable area, hotels per room,self-storage per rental unit and apartments per dwelling unit. The subject and comparable sale properties will be compared on the basis of price per gross building area. Subject Property Transaction Public records show the subject property has been sold once in the past five years. The two listings and resulting transaction are discussed in the prior Property History section of this report. I recognize the occurred after the base data period. However,between the base data period and sale date there was no material change in the property condition,yet the economy and market improved. Theoretically,the 2014 property sale is in a better/improved economy and subject value in the 2010 and 2012 base periods would be lower. The sale is summarized below. Sale Date Sale Price Sale Price PSF Buyer/Seller April 15,2014 $4,400,000 $13.69 CJBL Land Limited 1 LLC/ RR Donnelley&Sons Company,as successor in interest to RR Donnelley Norwest Inc Comparable Sales — "As If Rail Served" Using real estate broker and appraiser interviews and third party data sources of COSTAR, Xceligent, Colorado Real Estate Journal,many Eastern Slope County public records, I searched for relevant comparable sales. Primary considerations made when searching for comparable sales were date of sale(during statutory time frame or before), location,size,construction age and quality,and design.Only one large industrial property sale was found in Weld County. I expanded the date of sale,geographic and size search criteria until I located 8 useful comparable sales and one listing. The comparable sales I use in this valuation are from 74,640 to 230,636 square feet in gross building size,and the time period in which the sales took place was from June 2006 to June 2011. A spreadsheet of the comparable sales can be found on the following pages.Pictures of the sale properties are contained in the Addenda. DYCO DIVERSIFIED,INC. FORMER NORWEST PUBLISHING BUILDING co w r c s r.3 '-a) t— L (0 N m p, (A c a uv'i 3 N cn _� m . cats ° u) -coa) o o .> .c C" - 15 3 _ p U O C o p O L V o T O or-. L C f6 C C 0 . 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O O ,- a) m aU oF- U c0 � � L. a)roa , oHU m N N m min � � o L N 'i L d) CO O) W O Eft ER Eft CC a al -c ° z O w il L > a c c o O Q) 6 ° C m m O • R N r.- 0 0 O C ° 0 0 0 L a) aN N N c fC cr)(0 CC) .4...• N CO c� CO co J co � � CO .cr 03 C c c!≥ C _ rn E 2 4 o `° = ii- o U) co o o N -0 CO- C m ,— NO U I -ch co O co rn co co co a m m a) a) a) 0 z (0 ••- w a -`o � O � O o0 w Q EU EU WU ro coo coo O • = o = .o w .o >. a Lo 0_ CL cu E C3 Na 0 O U d r— N c) >- 0 » /k9 � . CV 0 _ 7 8o - § 20c-• Q �a $ - .D) CO O# 7 2 ?2 � -0\ f \�\ k /a) 6 Li .5 Rkai + N �«2 2 � isJoO7 % S < 72m222 coot' cCa - = a ` on$ § $ % E / / $ '2 co , .§» ® em0E2Q c22JE2 « ocayaswga) ' aa) o ' EN a ° ' � m - = a cz2 ( 0 - 2 = 2-0 .,2I � �c a, ° � � Ep � E 73 � / kkk$4- To 'F as ) o e $ > eeaeL@ � 2 � � moc �a � EaE366 c � CU ' � = -n a.) � 2 ) \ � Ca coop g � � as2� • c — c / - a = tea E� ft � k t� - co@ \ 2k{% $k «k /� 0 tX — % 42 c.) 'a ,,,I-1- \ 7 § § �� § kam �/ fd \ asa_ ` f± °� C s E = a � ooc627 \2ec•/ CO\ / k22k \-q � 22 al 2Bb ( kf = 5D2@2_o� E2Z 00 q = _CD O° 2 % co / � = � � o § w 6 m cn eLa § & k o & / C) � 0 0 / .• p 0 0 M / C7 § C k t CO § K © 2 J C.) � a "Cl ■ o c \ . ci \ m 2 B 7 CO � \ 0 66 Nr * % S L = k 0) ( _ _ o Eli % f q \ \ 0 Cl) Li D </ \q _cq k E 9 k O ` § 3 § E _ � � o � 0 > > o r 0 a) n C U a a. § O Lc in 0 « in CO >- a 15 Elements of Comparison The following seven elements of comparison allow for quantitative adjustment. Sale Price as a Percentage of List Price Only one relevant listing was found. This is the former Hewlett Packard manufacturing facility in Greeley. It has excess land and that is adjusted out, reducing the list price for the manufacturing building to$6,154,630. This land adjustment is described in the Comments column of the prior Summary of Comparable Sales spreadsheet. The following transactions show the sales price as a percentage of list price for large manufacturing facilities. Not all of the comparable sales had list price data available. Property Bldg Size SF List Price Sale Price Percentage 5590 High St, 230,636 $5,495,000 $4,100,000 75% Denver, CO 5000 Lima St, 151,929 $5,495,000 $3,250,000 59% Denver, CO The range is 59 to 75%and the average is 67%. Given that these properties are in markets with many more prospective buyers, i.e., alternate industry uses,the Greeley discount would be greater. The percentage of sales price to list price would be at the low end of the range;say 50%. The subject property sold at$4,400,000 and was listed at$10,700,000. This is 41%of its list price, supporting a 50% discount for large manufacturing facilities in Greeley. Property Rights Conveyed All sales involved conveyance of the fee simple interest, indicating no adjustments are necessary. Financing Terms The comparable sales all involved cash to the seller. No adjustments for financing are necessary. Terms and Conditions of Sale Sale prices are influenced by the terms and conditions of a transaction. Higher sale prices are the result of a motivated buyer such as an adjacent property owner. Conversely, lower sale prices are influenced by a motivated seller such as a bank seeking to liquidate real estate they own. Auction sales can be construed as motivated sellers;however,when the sold property was listed for sale by third party brokers for a reasonable marketing time then went to auction,there is little doubt that the auction was the only way to sell the property and representative of market value. None of the comparable sales were by unusually motivated buyers or sellers;subsequently,none require adjustment. Expenditures Immediately After Sale A property buyer will typically recognize necessary expenses in a sale's price to make the property fully useable, thereby maximizing its development potential and value. Costs to correct these deficiencies are incurred immediately after the purchase. Such items may include: • Unpaid or outstanding real estate taxes • Curing title issues • Resolution of any litigation • Resolution of environmental issues • Deferred maintenance requiring immediate repair for occupancy DYCO DIVERSIFIED, INC. FORMER NORWEST PUBLISHING BUILDING irmw 16 No comparable sale requires an adjustment. None of the properties are new construction and all had some form of deferred maintenance,but none had deferred maintenance requiring immediate attention prior to occupancy. Market Conditions Data sources often considered for estimation of a market conditions adjustment are broker and investor interviews, regional inflation,paired sales and rental rate growth. Relevant sources for this appraisal are broker interviews and paired sales. Broker interviews and third party surveys throughout the Front Range indicate that occupancy and rental rates declined between approximately 2008 and 2011. They could not quantify the amount for the entire Front Range,but the impact was a decline in value. In addition,they stated that capitalization rates increased slightly,causing further declines in value. I make no quantitative adjustment,but my comparison recognized that sale prices rose until approximately 2009,and then declined to the statutory date of value,June 31,2010. Location Given that large,single tenant industrial facilities are mostly bought and sold by owner-occupants,economic considerations such as labor and shipping cost,and tax incentives determine what market they buy property. Within a target market their decision is also partly driven by a comparison of the cost of land and the building construction versus available substitute property. This is contrary to speculative investors who care more about occupancy and rental rates. Comparison of the entire Colorado Front Range construction cost multiplier published by Marshall Valuation Service (MVS)shows at best a 5%difference. This is insignificant when all other location considerations such as enterprise zones,etc,are included. Land costs are also generally similar in outlying industrial locations. As an additional test, I compared household income for each area. The lower income makes the location desirable for manufacturers wanting to be more cost competitive. Greeley Pueblo Denver Metro) $46,000 approx. $42,000 approx. $50,000 approx. Adjustment to Greeley +10% -9%;say 10% In reality,the size/depth of the markets'industrial sector has more of an impact on property resale values. If a property is the largest or most unique design for a market,it has a small resale universe and that drives value down. I know of no way to quantify this adjustment. The comparison shows the Greeley market values are likely between the two market areas shown. This will be taken into consideration when correlating to a final unit value. No quantitative adjustment is made for the city in which the properties are located. Construction Pre-engineered steel structures are less expensive than pre-cast and tilt-up concrete buildings. Comparison of MVS costs(Class C-Average v.Class S-Average)shows they are roughly 10%less expensive to construct. Applying this factor to the comparable sale of Class S construction,the adjustment is as follows: No Construction Adjustment Sale Price Adjustment Adj Price 3 Pre-engineered Steel +10% $19.09 $1.91 $21.00 DYCO DIVERSIFIED,INC. FORMER NORWEST PUBLISHING BUILDING 17 Quantitative Adjustment Grid The quantitatively derived adjustments are applied to the comparable sales as either percentage or dollar amounts. Where no quantitative adjustment is required the cell remains blank. Adjustments Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Sale 6 Unadjust Price(PSF GBA) $19.15 $16.65 $19.09 $22.64* $21.39 $19.78 Sale price to List Price $11.32 Property Right Conveyed Financing Terms&Conditions of Sale Expenditures After Sale Market Conditions - - - - - - Location Construction +1.91 Quantitatively Adjusted $19.15 $16.65 $21.00 $11.32 $21.39 $19.78 Price(PSF) *After adjustment for excess land Condition, Building Coverage Ratio, Clear Heights, Percent Office All of these elements of comparison effect value,but do not lend themselves to quantitative adjustment. Comparative analysis is best when comparing these physical elements. All the properties are different,but none of the differences are material. Each building has utility and they have been put to use. No significant adjustments are warranted and so none made. Reconciliation - "As If Rail Served" Usually sale of the subject property is the best comparable. However,the only arm's length sale is outside the base period. Excluding the former Hewlett Packard property listing and the outliers of the comparable sold properties,the adjusted unit value range is narrow from$19.15 to$21.00 PSF GBA. I conclude the subject unit value is at the approximate middle of this range at$20 PSF of GBA. Value Indication - Sales Comparison Approach — "As If Rail Served" In my opinion,the value of the subject property,as indicated by the Sales Comparison Approach, as of June 30, 2010, is $6,427,800($20 PSF x 321,390 SF GBA);rounded to$6,400,000 Sales Comparison Approach As If Rail Served Six Million Four Hundred Thousand Dollars $6,400,000 Reconciliation — "As Is" Deducting the cost of rail service the value"as is"is$3,400,000($6,400,000-$3,000,000). DYCO DIVERSIFIED, INC. FORMER NORWEST PUBLISHING BUILDING 18 Value Indication - Sales Comparison Approach — "As Is" In my opinion,the value of the subject property,as indicated by the Sales Comparison Approach,as of June 30,2010,is $3,400,000. Sales Comparison Approach As Is Three Million Four Hundred Thousand Dollars $3,400,000 Test of Reasonableness Little weight is given to this approach because the comparable value data is taken from outside the base period. The buyers that ultimately acquired the subject property did not want a building so large. They use less than half,but have set aside up to half of the building for their future use. That is the area still suited for manufacturing by importing raw material and exporting finished goods from the dock-high doors on the west building elevation. The east half of the building is likely to have less utility. This means the unit values for the two different building sections are different. The full utility unit value was previously concluded"as if rail served"at$22 PSF GBA. The east half of the building's unit value is best determined by the following comparable sales. 1900 South Freeway,Pueblo, CO This is the former Pepsi distribution facility for southern Size: 102,575 SF GBA Colorado Sold: 5/16/2013 Price: $700,000 Price: $6.82 PSF GBA 4038 Dover Drive,Colorado City,CO This was built as the Columbia House music distribution Size: 249,200 SF GBA facility. Sold: 4/23/2012 Price: $700,000 Price: $2,81 PSF GBA The Dover Drive property had extensive water damage occurring during the long marketing period when it sat empty. The buyer estimated cost to make the building habitable again at$500,000. This adjusts the unit price up$2 PSF GBA to$4.81 PSF. The two sales'unit prices implies large scale,lesser utility building unit values in small industrial markets are low. They are from approximately$5 to$7 PSF GBA. Adjusting both up 10%for southern Colorado location the range is$6 to $8.40 PSF. I correlate to$7 PSF GBA for the east half of the subject building. Using both unit values the weighted average building value is as follows: Building Unit Value Percentage Weighted Unit Value East half(storage) $7 50% $3.50 West half(manufacturing $20 50% $10 Total $13.50 Applying the weighted average unit value of$13.50 PSF GBA results in total value of$4,338,765($13.50 PSF x 321,390 SF);rounded to$4,300,000. This indicates a high end of a possible value range. DYCO DIVERSIFIED,INC. FORMER NORWEST PUBLISHING BUILDING 19 Reconciliation of Value Approaches The Cost and Sales Comparison approaches indicate the value is between$3,000,000 and$3,400,000. The Cost Approach weakness is it does not directly estimate value, it estimates replacement cost less depreciation. In addition, only a general contractor can provide a truly reliable reproduction cost new. Finally, Cost is of little use for estimating value of a 30 year old property with significant accrued depreciation from all sources. The best estimate of value is the Sales Comparison approach because it reflects actions of the market participants. It shows how investors and owner occupants attribute value to specific property types and locations. Giving most weight to the Sales Comparison Approach, I reconcile to the value for the subject"As Is"of$3,400,000. Property Value "As Is" As of June 30,2010, it is my opinion, that on the statutory valuation date for the 2012 valuation period, the subject property was worth, Amended Market Value— "As Is" Three Million Four Hundred Thousand Dollars $3,400,000 Sincerely, DYCO Diversified, Inc. By:A. Mark Dyson, CCIM License Real Estate Broker State of Colorado,#1328371 DYCO DIVERSIFIED,INC. FORMER NORWEST PUBLISHING BUILDING 20 Certification I,the undersigned,do hereby certify that I have personally inspected the site and existing improvements located at: 259 30th Street, Greeley, CO • To the best of my knowledge,the statements of fact contained in this report are true and correct. • The reported analyses,opinions and conclusions are limited only by the reported assumptions and limiting conditions, and is my personal, professional analyses, opinions and conclusions. • No one provided professional assistance in preparing this report. • The Colorado Real Estate Commission currently licenses me as an independent real estate broker and a certified general appraiser. • I have obtained all licenses that are required under any state, local or federal laws in order to perform the services described herein. • I have sufficient educational background and experience in the sale and valuation of real estate properties similar to the subject to complete this assignment in a credible manner. • As of the date of this report,A. Mark Dyson, has completed the requirements of the continuing education program of the State of Colorado for a real estate sales license. DYCO Diversified, Inc. By:A. Mark Dyson,CCIM License Real Estate Broker State of Colorado,#1328371 DYCO DIVERSIFIED, INC. FORMER NORWEST PUBLISHING BUILDING WELD COUNTY ASSESSOR PROPERTY PROFILE Account#: R3854686 Local#: Parcel#: 096120101015 Tax Year: 2012 Levy: 76.7690 #of Imps: 2 Created On: 09/16/1986 Tax Dist: 0600 Map#: LEA: GRLY40 Active On: 07/27/2010 PUC: Initials: SJERABEK Acct Type: Industrial Inactive On: Assign To: CCJ Last Updated: 12/29/2014 Owner's Name and Address Property Address RR DONNELLEY NORWEST INC Street: 259 30 ST City: GREELEY Business Name RR DONNELLEY NORWEST, INC NORWEST PUBLISHING CO NKA C/O TAX DEPARTMENT 300 LANG BLVD GRAND ISLAND, NY 14072- Sales Summary Sale Date Sale Price Deed Type Reception# Book Page# Grantor Legal GR GCC-TB3 PARCEL IN TRACT B GREELEY COMMERCE CENTER COMM CEN SEC 20 5 65 N89D48'E 1191.98'N0D11'W 102.74'NOD11'W 527'TO TRUE POB N58D28'W 641.95'N23D37'E 495.65'TH ALG CURVE TO RIGHT N76D39'E 3 Section Township Range Qtr QtrQtr Government Lot Government Tract 20 05 65 Subdivision Information Sub Name Block Lot Tract GREELEY COMMERCE B CENTER Land Valuation Summary Land Type Abst Cd Value By Net SF Measure #of Units Value/Unit Actual Val Asmt% Assessed Val Industrial 3115 Market 590,238 Square 590,238. $0.75 $442,679 29.00% $128,377 Feet 000000 Class Sub Class Land Subtotal: 13.55 $442,679 $128,377 Tuesday, May 05, 2015 Page 1 of 7 WELD COUNTY ASSESSOR PROPERTY PROFILE Account#: R3854686 Local#: Parcel#: 096120101015 Land Attributes Attribute Description Adjustment Size Excess-General -0.5 Improvement Valuation Summary Imp# Property Type Abst Code Occupancy Actual Value Asmt% Assessed Val* 1 Commercial 3215 Indust Lght Manufacturing $7,573,791 29.00% $2,196,399 2 Commercial 2235 Storage Warehouse $529,900 29.00% $153,671 Improvement Subtotal: $8,103,691 $2,350,070 Total Property Value Total Value: $8,546,370 $2,478,450 *Approximate Assessed Value Tuesday, May 05, 2015 Page 2 of 7 WELD COUNTY ASSESSOR PROPERTY PROFILE Account#: R3854686 Local#: Parcel#: 096120101015 Imp#: 1 Landscaping$: Property Commercial 0 Quality: Average Condition: CM-Typical Nbhd: 6903 Perimeter: 2491 Nbhd Ext: 00 Vo Complete: 100.00% Nbhd Adj: 1 Occupancy Summary Occupancy: Indust Lght Manufacturing Occ%: 100% Built As Summary Built As: Indust Lght Manufacturing Year Built: 1984 Construction Type: Year Remodeled: 0 HVAC: Forced Air Interior Finish: % Remodeled: 0 Roof Cover: Adj Year Blt: 1984 Built As SF: 269739 Effective Age: #of Baths: 0 #of Bdrms: 0 #of Stories: 1 Story Height: 35 Sprinkler SF: 0 Diameter: 0 Capacity: 0 Height: 0 Improvement Summary Improvement 1 Units Units Price RCN Actual Value Add On Asphalt Average 260500 $2.25 $586,125.00 $380,981.00 Concrete Slab Average 2587 $3.68 $9,520.16 $5,141.00 Loading Docks Filled Conc Walls&Floor 4828 $13.19 $63,681.32 $34,388.00 Railroad Spur 80#L.F. 840 $97.63 $82,009.20 $44,285.00 User ventilation 269739 $0.00 $0.00 $0.00 Improvements Value Summary IMPNO: 1 RCN Cost/SF: $63.00 Design Adj: 0 Func Obs%: 0 Total RCN: $16,993,110.00 Exterior Adj: 0 Econ Obs%: 0 Phys Depr% 0.46 Interior Adj: 0 Other Obs%: 0 Tuesday, May 05, 2015 Page 3 of 7 WELD COUNTY ASSESSOR PROPERTY PROFILE Account#: R3854686 Local#: Parcel#: 096120101015 Phys Depr$: $7,752,356.00 Amateur Adj: 0 RCNLD$: $9,240,754.00 RCNLD Cost/$:$34.26 Market/SF: $0.00 IMPNO: 1 RCN Cost/SF: $2.48 Design Adj: 0 Func Obs%: 0 Total RCN: $667,825.00 Exterior Adj: 0 Econ Obs%: 0 Phys Depr% 0.03 Interior Adj: 0 Other Obs%: 0 Phys Depr$: $20,035.00 Amateur Adj: 0 RCNLD$: $647,790.00 RCNLD Cost/$:$2.40 Market/SF: $0.00 Tuesday, May 05, 2015 Page 4 of 7 WELD COUNTY ASSESSOR PROPERTY PROFILE Account#: R3854686 Local#: Parcel#: 096120101015 Imp#: 2 Landscaping$: Property Commercial 0 Quality: Average Condition: CM-Typical Nbhd: 6903 Perimeter: 510 Nbhd Ext: 00 % Complete: 100.00% Nbhd Adj: 1 Occupancy Summary Occupancy: Storage Warehouse Occ%: 100% Built As Summary Built As: Storage Warehouse Year Built: 2007 Construction Type: Year Remodeled: 0 HVAC: Space Heater Interior Finish: % Remodeled: 0 Roof Cover: Adj Year Blt: 2007 Built As SF: 15140 Effective Age: #of Baths: 0 #of Bdrms: 0 #of Stories: 1 Story Height: 34 Sprinkler SF: 0 Diameter: 0 Capacity: 0 Height: 0 Improvement Summary Improvement Units Units Price RCN Actual Value Improvements Value Summary IMPNO: 2 RCN Cost/SF: $1,122.40 Design Adj: 0 Func Obs%: 0 Total RCN: $16,993,110.00 Exterior Adj: 0 Econ Obs%: 0 Phys Depr% 0.46 Interior Adj: 0 Other Obs %: 0 Phys Depr$: $7,752,356.00 Amateur Adj: 0 RCNLD$: $9,240,754.00 RCNLD Cost/$;$610.35 Market/SF: $0.00 IMPNO: 2 RCN Cost/SF: $44.11 Design Adj: 0 Func Obs%: 0 Total RCN: $667,825.00 Exterior Adj: 0 Econ Obs%: 0 Phys Depr% 0.03 Interior Adj: 0 Other Obs%: 0 Tuesday, May 05,2015 Page 5 of 7 WELD COUNTY ASSESSOR PROPERTY PROFILE Account#: R3854686 Local#: Parcel#: 096120101015 Phys Depr$: $20,035.00 Amateur Adj: 0 RCNLD$: $647,790.00 RCNLD Cost/$:$42.79 Market/SF: $0.00 I Tuesday, May 05,2015 Page 6 of 7 WELD COUNTY ASSESSOR PROPERTY PROFILE - ACCOUNT NOTES Entry Date Note Category 01/01/1989 SIGNED OFF PERMIT FOR INTERIOR MKT REMODEL ISSUED 7/22/92,VALUED AT 35K. 01/01/1989 REVIEWED FILE ONLY.DID NOT REAP. CCJ MKT 01/01/1989 VALUED AT$6,400. CCJ MKT 01/01/1989 ALSO SIGNED OFF PERMITS FOR FIRE MKT SPRINKLERS AND ELECTRICAL DATED 1/95 01/01/1989 VALUES.NO CHANGE IN VALUE.LARGE MKT ADDITION PLANNED IN THE NEAR FUTURE. 01/01/1989 REVIEWED VALUE WITH CORPORATE MKT AGENT 4/14/95 (LARRY SCHRAMM)FOR 1995 01/01/1989 SIGNED-OFF PERMIT FOR FIRE MKT SPRINKLERS DATED 10/93 VALUED AT $6,000. 01/01/1989 TO PRESS.#92010129,#92020148 GRLY. MKT 01/05/93 CCJ 01/01/1989 SIGNED-OFF PERMIT FOR 12X16 VAPOR MKT TREATMENT ROOM IN EXISTING BLDG 01/01/1989 VALUED AT$25,000.00 ISSUED 12/29/92. MKT VALUE OK.CCJ 01/01/1989 GAVE TO PERSONAL PROP 2 PERMITS FOR MKT NEW PRINTING PRESS AND MECHANICAL 04/12/1996 FOR 1996 ADDED NEW MANUFACTURING APPR ADDN OF 102,476 SQ F.PERMITS DATED 4/95 AND VALUED AT$4,856,959.4/12/96 BH -CORRECTED LAND ABSTRACT PER EDIT LIST 01/21/1998 1998:CHANGED MAILING ADDRESS PER ADM LETTER DATED 01/13/98 FROM MARVIN F POER&CO. KRD 12/27/1999 12/27/99-DATA ENTERED BUILDING APPR PERMIT INFO MAH 02/07/2000 2/7/00-DATA ENTERED/CHECKED INFO ON APPR SUMMARY SCREEN FOR GREELEY PERMITS MAH 04/10/2007 For the appr yr 2008 added a new 15,140 sq. ft. APPR storage warehouse addition.CCJ 07/27/2010 2010-CORRECTED THE LOT IN THE LEGAL ADM PER QUERY. JEW Tuesday, May 05, 2015 Page 7 of 7 s INDUSTRIAL 259 30TH FOR LEASE STREET ar :: GREELEY, CO 80631 t't !I ir Ott r iiiiiiii lttiiiiN1Utt� ii i I , , ( I I li ii ,. !I , , ' id ' r `x IL. . ,4. ro LOCATION AVAILABLE: ±130,494 SF • E3 K YARD: ±12.20 AC ,,•„. C 40 OFFICE: ±5,000 SF STREET I._. O CLEARANCE: 30' clear minimum LOADING: (2) docks, (1) 16' x 16' grade level drive-in doors ELECTRICAL: To be verified by an electrician COLUMN SPACING: 60' x 60' (varies) R. a.. Wet....9 Oa r Iw9 Few SPRINKLER: Wet system (dry system above rail/receiving docks) F.LW.� o. . YEAR BUILT: 1984 � /,'"'n- T. Lacnix.30 ZONING: IM - Industrial Medium Density .t... B ` °°' ` RAIL: 6 rail doors, serviced by Union Pacific '♦ :}xe Pxk rem LEASE RATE: $4.50/SF Gross T Thornton FEATURES �, .N.,), k°" ` ' • Former RR Donnelley Plant e ..R09. • Located in the Greeley / Weld Enterpise Zone Denver A..-. ". .06 �� ,,,,�,.,- • Large Manufacturing / Distribution Opportunity FOR MORE Peter Kast Tyler Carner Jim Bolt INFORMATION :2.0ior 'v2ce President 5erlor vice ~resrdenr _ ,,ce Presider,' PLEASE 970 372.3845 720.528.6397 720.528 6310 CONTACT peterkast@cbre.com tyler.carner,a)cbre.com james.bolt@cbr- C_.B ZE,Inc. 8390 E. C escer•,r Pc kturcy Sunre. 300 j G,-eenwood Village CO 801 1 1 i w,ww.cbre.com/denve; `s'2015 CBRE,Inc.This information has been obtained from sources believed reliable.We have not verified it and make no guarantee,warranty or representation about it.Any projections,opinions,assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful,independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.Photos nerein are the property of their respective owners and use of these images without the express written content of the owner is prohibited. INDUSTRIAL 259 30TH FOR LEASE STREET ,,,,,p, :: GREELEY, CO 80631 A;�i.): j ,,,i. i. (i.,-,- i..; v ;d � ; c PLAab Great access at the US 6R Rs 85 and Colorado State Highway 34 intersection ... a- • RAUOCK`ORRtUb RAIIJOCH CORRiCOR , Excellent access to • • employee base i i rE ` I . fir— . • Aggressive business =1 community Y Former telephone book Nr printing facility RIVE NE6Ex E6 q , . I I=yIL 2 DOCKS Y F fi I :--------f:astr o `�--s z. ff + o , v G GRADE LEVEL i _ DRIVE-N 16'x16' 15Ofp,55 GE T. III IIIIIIIIIUI ! IIIMI161606 ee8 . vA 1IIIIII1milllillllllll! IllHlIIIIUllllllllll 111 FOR MORE cIIIIIIIIIIIIII I , �i INFORMATION ; / 1111 111111IIIt}! / ' PLEASE CONTACT AERIAL Peter Kast ..l S vi e Presrct-n, t #130.494 SF liklik..4• l q%;l 372 jg.tC ' i Available peti I�..:�., - Not a Part .-.. Tyler Corner 30TH STREET `,„„,. ,, - -- 34.3 AC , YARD 9 4 Z d.- Jim Bolt w � /2!J D28 p. . #.' T lame-i, z'cbre.com 31ST STREET P:2015 CBRE,Inc.This information has been obtained from sources believed reliable.We hove not verified it and make no guarantee,warranty or representation FI about it Any projections,opinions,assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and,your advisors should conduct a careful independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.Photos herein are the property of their respective owners and use of these images without the express written content of the owner is prohibited. �.�p li ia j� C1 I i .-4 1 1 N Q: S ..a - 1 ' ..,A,-,., A ,t, _ , r y ,,,,. \ , ..., .0 i 111 4, b II 1ii GET GROWING i ''l ii' fix " E 1 IA ..,.I z 7 I ^1 z 3 4 _ - Office Area Warehouse Dock doors&rail spun 4 y A I 1 \k, i ilill w 1 k + , ..im . .3v E ,_, ..„. ,...... a 4 4` w I s c i ' -1,:,-, O C N w i m Q _ fV alfU3AV u,Y QJ t, vy ' , m A. V ill : W TT�� I i O 1 a s kl i fi I k d we . _ fti 4PI. m ti 2_ s A O - 4. b* to - e U - , cC m 6 C m o-o ti m o O o o r Cl)LIJ 44 CC i s. Vy —a a m i ^^,, • '4.' U C L C 3 y C 1 0) a . , N F C `N N y '- R.C 9-0 ie 1 71. RsU ti R G6 m t C d N'- $ 3 o.Q w 0 m d m m i (� .i ti o o, _ X o e _� 41 N - z ° `06,-O mo�osv E ' L► 0om �-° F,camu -' �F FFI _ U_ i h rJ O ,rn V O a b d N N >4> ce N v`o a oTi— a.o' _ ` i5 C) t cc i11iIil sir" # - ... r -.. tom' :7!"-,_ �-i A 0 0 O - P•.. -- f ' 'C IiItlIIPMYlIYi1�7.. £t „„._- __ o 1l)4.SLt * «;t -_-_.--- - - . , .,,,,,,.\ / ,a - Fort Collins' 30 miles 392 ":- . \ , / 1• miles O 237 25 s O 85 LOCATION 3s ' Greeley, located in northern Colorado, is situated 49 miles aou •er ® 93 2 ml'-s 7 7S (79 km) north-northeast of the Colorado State Capitol in 35• 85 Denver. Set in the beautiful Rocky Mountains, Greeley 7z j ® boast 34 parks and mild winters. It is considered one of the •env(-- er Denver top eight places to retire and a great place to raise a family. 7 ;8 Intl Airport Home to the University of Northern Colorado and Aims �—'' e Community College, Greeley has excellent school and first- 03 i.__., 285 8& C 3 57 Iles i r rate health facilities. O ® D Li tieto 71 , The property is situated just east of the intersection of US /� 1a Highways 34 & 85 and approximately ten miles east of 285 Interstate 25. The 12th most populous city in the State of T Colorado, Greeley is a major city of the large Front Range Urban Corridor. • 15 UMW 50 D Greeley offers a full range of economic development Pierre I i 480 miles services to new, expanding, and existing business and industry. Working in cooperation with economic 2s e en t e Omaha development partners, Greeley provides site development, se 55 505 miles business incentive, workforce training, infrastructure r •, �a,J / '�"' 80 is:1 development, and energy investment resources to ensure Salt ake Citt J -d-/ long-term competitiveness in a changing global economy. 492 iles • 70 70 Ai 54 miles r� Delivering Global Real Estate Solutions 15 For complete details contact: .Scan here COLOR'.`.0 Wichita555 miles❑ BINSWANGER with pt your hone 3 Sa to F: Oklah. . -' 5690 DTC BLVD,Suite 315, to learn more • Greenwood Village,CO 8011 40 4r•miles _ �• iii _ 303-779-4345 •FAX:303-771-1824 m A •n110 71 I J E-MAIL INFO@BINSWANGER.COM 0`� � Albut uerque '�% Phoenix 465 m'es 457 miles �i .4`,214044!: REGIONAL•NATIONAL•INTERNATIONAL REAL ESTATE "fd* 860 miles 35 V ' Worldwide Coverage www.binswanger.com greeley2 Q,^ 25 .� The information contained herein is from sources deemed reliable hut no warranty or I representation is made as to the accuracy thereof and no liability may be imposed.. RMA 07'13 73° CLERK TO THE BOARD PHONE: (970) 336-7215, EXT. 5226 .\ 1861 /1 FAX: (970) 352-0242 1150 O STREET P.O. BOX 758 � GREELEY, COLORADO 80632 J\ COUNTY June 29, 2015 Norwest Publishing Company NKA RR Donnelley & Sons Company 300 Lang Boulevard Long Island, NY 14072 RE: SCHEDULE NUMBER R3854686 (Tax Years 2012 and 2013) 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: 259 30th St, Greeley, Colorado. The meeting is scheduled for Monday, July 20, 2015, 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 deny 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) 336-7215, Extension 5226. ncerely,11 l nn , Rafela A. Martine Deputy Clerk to the Board cc: Assessor DYCO Diversified, Inc. Attn: Mark Dyson 795 McIntyre St, Suite 205 Golden, CO 80401 RM/EG U.S. Postal ServiceTM U.S. Postal ServiceTM ru CERTIFIED MAIL. RECEIPT CERTIFIED MAILTM RECEIPT f� (Domestic Mail Only;No Insurance Coverage Provided) N (Domestic Mail Only;No Insurance Coverage Provided) 0 Mi F.r•eliv ryinf.rm ti•nvisit.urw .sit twww.us.s.c. .rm ti•nvisit•urwe•site:twww.us•s.c•m�„ F IAL USE in '- - NN Postage $ �� Postage $ m o2 m Certified Fee p Certified Fee o o Return Receipt Fee Postmark Return Receipt Fee Postmark (Endorsement Required) Here (Endorsement Required) Here t=I Restricted Delivery Fee I] Restricted Delivery Fee U (Endorsement Required) Q' (Endorsement Required) ru ru Total Postage&Fees $ Total Postage&Fees S O Sent To >> O en`t jo 0 1!7,:x --C�..htkaggl 4. o CO,, N- - c�a- -r-1-61444111- 1,- treet,Apt Na; �' " �' Street,Apt.No.; - orPO Box No. 7]i t-`,JI , /�—tq or PO BoxNo.'lQ �'��L City,State,ZIP+4 `J'1 L1 4V�`/�/��V /� City,State,ZIP+4 l [ �` "�'vu^) .. C�i0�ttW�PJ clan ► ,040 S F.rm 3:11,Jun 2102 g- - - , S F.rm 3:.• Jun 2112 g - . • SENDER: COMPLETE THIS SECTION C• 1'LETETHIS.;ECTI•N •N •ELIVE'Y • Complete items 1,2,and 3.Also complete A'Si•n Lure item 4 if Restricted Delivery is desired. �!� 0 Agent • Print your name and address on the reverse f11'fj 0 Addressee so that we can return the card to you. B. - d by(Pri -. ame) C.71reller‹.■ Attach this card to the back of the mailpiece,or on the front if space permits. /�-Ce /�Z2cC,Iss ivvery address different rom item 1? >A 1. Article Addressed to: If YES,enter delivery address below: ❑ No p ,n(la Ll`- ` " ".° , 7 9 5 'f ` 'e., S ± a05- 3. Service Type G ataiu 11 0_,D 8040 I ICI Certified Mail® 0 Priority Mail Express'" 0 Registered 0 Return Receipt for Merchandise O Insured Mail 0 Collect on Delivery 4. Restricted Delivery?(Extra Fee) ❑Yes 2. Article Number 7004 2890 0003 5709 0796 (Transfer from service label) P t Fnrrr,gR11 1„i.,onio ^--- --.n Receipt SENDER: COMPLETE THIS SECTION C•M'LETE THIS SECT'JN ON •ELIVE'Y • Complete items 1,2,and 3.Also complete A. Signature item 4 if Restricted Delivery is desired. X 7 O Agent • Print your name and address on the reverse O Addressee so that we can return the card to you. ecei e. .y /3" -d Name) C. Date of Delivery • Attach this card to the back of the mailpiece, I !� �r 'SO or on the front if space permits. D. I •-' ery address•iff rent from item 1'? 0 Yes 1. Article Addressed to: ES,enter delivery address below: 0 No 63,0112:4 1jKA &Io � Conflp 300 Lani'biado-uctArL 3. Service Type l ,D_n y i ,La -. $1� Ni� 114O7ai Certified Mail® ❑ Priority Mail Express'" — JQQ O Registered 0 Return Receipt for Merchandise 0 Insured Mail 0 Collect on Delivery 4. Restricted Delivery?(Extra Fee) 0 Yes 2. Article Number 7014 2890 0003 5709 0772 (Transfer from service label) PS Form 3811,July 2013 Domestic Return Receipt U.S. Postal ServiceTM _ U.S. Postal ServiceTM A CERTIFIED MAILTM RECEIPT cr CERTIFIED MAILTM RECEIPT co (Domestic Mail Only;No Insurance Coverage Provided) co (Domestic Mail Only;No insurance Coverage Provided) o O F•r slivery Inf•nnatl•n visit ur we site at www.us•s.c• , For delivery information visit our website at www.usps.com® 0- Ii - - O — N I f`- 1-11 Postage $ �I I LriPostage $ �/'' rn Certified Fee m Certified Fee Postmark Postmark Return Receipt Fee Here D Return Receipt Fee Here (Endorsement Required) O (Endorsement Required) O Restricted Delivery Fee O Restricted Delivery Fee p^ (Endorsement Required) E^ (Endorsement Required) -- EO .(3 ru Total Postage&Fees $ ru Total Postage&Fees $ O I ent To ,t To O �� „piw.4.44y`^+,,�,{,.6,6 .4E_ 1 _ _ _ t.._50t\s_c-1_. N Sire Apt.No.; ��.J h- Street,Apt.No.; J or PO Box No.`1C1�T'i��lt!!lbrc., . or PO Box No. 3(9 � uou <y ySN City,State,ZIP+4 Co O©+-�o l City,State,ZIP+4 II ,,.. 0J r - y Nt/ /y�7� --� SF•rm3:it June2r12 See evers-f•rIn tr clef SENDER: COMPLETE THIS SECTION COMPLETE THIS SECTION ON DELIVERY • Complete items 1,2,and 3.Also complete ,. Sir nature ...—'-- item 4 if Restricted Delivery is desired. ,\�„ Agent • Print your name and address on the reverse Vvt 0 Addressee so that we can return the card to you. B ved by(Prin -d Name) C. Date of Delivery • Attach this card to the back of the mailpiece, J4�� IL-I- (b or on the front if space permits. D. Is delivery address different from item 1? 0 Yes 1. Article Addressed to: 14 a,s If YES,enter delivery address below: O No AluaZ u�aruv>.�1 ary 300(,a J 3. Service Type Q..hd /J y /'/07,2, ®Certified Mail® 0 Priority Mail Express'" J 0 Registered 0 Return Receipt for Merchandise 0 Insured Mail 0 Collect on Delivery 4. Restricted Delivery?(Extra Fee) 0 Yes 2. Article Number 7004 2890 0003 5709 0819 (Transfer from service labe PS Form 3811,July 2013 Domestic Return Receipt • SENDER: COMPLETE THIS SECTION COMPLETE THIS SECTION ON DEI NEAY II Complete items 1,2,and 3.Also complete A. Signature ,..„.".4.,6--- , ..,000". "'.°'.,.,�,„,,,,,,p., item 4 if Restricted Delivery is desired. "* ,, ,,„.,„•�'""�o,,. kg Print your name and address on the reverse X `'"•• •.a'" ti Addressee r so that we can return the card to you. B. Received by(P O � pate Ty { Attach this card to the back of the mailpiece, ,� ,�� _fah `V.... or on the front if space permits. • 1. Amble Addressed to: D. Is delivery ddre er t�rRR Item i'.' ' es If YES,en r de�a2l4edl low: 9 No t;"r CO I LU A&z <Ld, Sae d I, non Mwlic, D � 1 _ •7C15 rn chti u_ , Sum a0S 3. Service Type. , n 0 Certified Mail® 0 Priority Mail Express" MICIDA'1 t IO WO Lto/ 0 Registered 0 Return Receipt for Merchandise 0 Insured Mail 0 Collect on Delivery 4. Restricted Delivery?(Extra Fee) 0 Yes 2. A(Transfer Number 7004 2890 0003 5709 0826 (Transfer from service lat PS Form 3811,July 2013 Domestic Return Receipt • CLERK TO THE BOARD PHONE: (970) 336-7215, EXT. 5226 \1861i FAX: (970) 352-0242 1150 O STREET P.O. BOX 758 GREELEY, COLORADO 80632 _COUNTY August 11, 2015 Norwest Publishing Company NKA RR Donnelley & Sons Company 300 Lang Boulevard Long Island, NY 14072 RE: SCHEDULE NUMBER R3854686 (Tax Years 2012 and 2013) Dear Property Owner: On July 20, 2015, the Board of Weld County Commissioners considered your petition for abatement or refund of taxes and denied same. Pursuant to Section 39-2-125(f), C.R.S., you have the right to appeal this decision to the State Board of Assessment Appeals within thirty days. You may obtain the appropriate forms and instructions from: Board of Assessment Appeals, Department of Local Affairs, 1313 Sherman Street, Room 315 Denver, CO 80203 Phone: 303-866-5880 In preparation for appealing to the State Board of Assessment Appeals you may also go to the following state link to obtain any further information you may need to proceed, http://www.dola.state.co.us/baa/index.htm Very truly yours, Ra la A. Martinez Deputy Clerk to the Board cc: Assessor DYCO Diversified, Inc. Attn: Mark Dyson 795 McIntyre St, Suite 205 Golden, CO 80401 RM/EG Hello