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HomeMy WebLinkAbout20151384.tiff RESOLUTION RE: ACTION OF THE BOARD CONCERNING PETITION FOR ABATEMENT OR REFUND OF TAXES - RUBADUE WIRE COMPANY, 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 18th day of May, 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 present, and taxpayer, Rubadue Wire Company, Inc., being represented by their tax agent, David Johnson 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 cC: ASSR, 7/I 2015-1384 AS0090 TAX ABATEMENT PETITION - RUBADUE WIRE COMPANY, INC. PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 18th day of May, A.D., 2015. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, C9LORADO Cam(ATTEST: didivo � Chaiarbara Kirkmey r, Chair Weld County Clerk to the Board L --( • Mike Freeman, Pro-Tern BY: • / _1 �e ty Clerk to the B ar. ��*•�� � tsTh w Sean P. Conway (40 APPROVED TO FO �: � �% a 16� ;+ Z = Ju . Cozad County Attorney j '. ®u Ncl Steve Moreno Date of signature: C0/9 2015-1384 AS0090 PETITION FOR ABATEMENT OR REFUND OF TAXES . County:WELD Date Received (Use Assessors Rear,;At Section I: Petitioner, please complete Section I only. 'fir W a Date: 12/12/2014 DEC 2 9 2014 Month Day Year Petitioner's Name: Joseph C. Sansone Co.,Attn: David Johnson WffLQ COUNTY AS"f9SSOR Petitioner's Mailing Address: 18040 Edison Ave. GREELrY, C OL€_RADO Chesterfield MO 63005 City or Town State Zip Code SCHEDULE OR PARCEL NUMBER(S) PROPERTY ADDRESS OR LEGAL DESCRIPTION OF PROPERTY R0356394/080331000042 1301 N 17 Av 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.) The Assessor's calculation of the property's fair market value exceeds the property's actual fair market value. RECEIVED APR 2 9 2015 Petitioner's estimate of value: $259,720 (2012 ) WELD COUNTY Value Year COMMISSIONERS I declare, under penalty of perjury in the second degree, that this petition, together with any accompanying exhibits or statements, has been prepared or examined by me, and to the best of my knowledge, information, and belief, is true, correct, and complete. Daytime Phone Number j r�"$e ioner'aaSign turd ✓\ �� MMMMMM l A, ll�'' ¢�.Yx�l'd n•� By `� "'—`--"-J ( --� Daytime Phone Number j 636 ) 733-5455 Agent's Signature* LI `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 Il: Assessor's Recommendation (For Assessor's Use Only) Tax Year -r J 1 Actual Assessed Tax Original _> t ( . ( , Corrected SIR 1-135 /yo/ *tic /I, '6,y. fig 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? O No ❑Yes (If a protest was filed,please attach a copy of the NOD.) Assessor recommends denial for the following reason(s): ?i CaIC /✓1441,J 2015-1384 •ssessor's or 1'puty Assessor's Sig jr re 15-DPT-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,O.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 Abate/Refund _.. 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$10,000) The action of the Board of County Commissioners, relative to this petition, is hereby ❑Approved ❑Approved in part$ E Denied for the following reason(s): Secretary's Signature Property Tax Administrator's Signature Date 15-DPT-AR No.920-66/11 AGENT AUTHORIZATION TO: Weld Assessor's Office and the Assessment Review Agency Rubadue Wire Co, Inc. hereby authorizes and appoints Joseph C. Sansone Company to act as agent with full authority to handle all matters relating to ad valorem tax matters. This includes but is not limited to filing of property tax declarations or other documents with you or the Assessment Appeals Board, examining any records in your office which 1 have a right to examine, appearing before any assessment officer or board and discussing assessments and resolving disputes with you concerning the assessment on property for which I am responsible for the property taxes. This agency shall terminate when all matters relating to the 2012 through 20 16 assessments are resolved. Rubadue Wire Co, Inc. EXACT NAME OF PROPERTY OWNER(FROM NOTICE OF VALUATION) 1301 N 17th Ave 080331000042 STREET ADDRESS SCHEDULE/PARCEL NUMBER EAT_ lcLb.actuci_ AUTHORIZED SIGNATURE PRINT NAME OF SIGNER 1'cs DATE TITLE l7 C (- f( C PHONE NUMBER State of Colorado City of , -.. - .i On this __S7 ict day o!C:k&r,?0tt' before me,the undersigned officer,personally appeared Gtr itubcr'Jc ,known to me(or satisfactorily proven)to be the person whose name is subscribed to within the instrument and acknowledged that he executed the same for the purposes therein contained. In witness hereof I hereunto set my hand and official seal. Notary Public SHANE JUSTIN ZIMMERMANN NOTARY PUBLIC STATE OF COLORADO NOTARY ID 2O134019264 MY COMMISSION EXPIRES MAY 1,2017 04/09/2015 Attn: Chris Woodruff RE: 2012 Abatement received 12/29/2014 Rubadue Wire Co Inc 1304 N 17th Ave Greeley, CO 2012 Assessors Value$519,435 ($35/sf) SUBJECT: The subject property is a Light Industrial Manufacturing facility with office area located in north east Greeley just west of Highway 85. The subject was built in 1994 and is considered to be in average condition for its age and use. The building is owner occupied. The owner is represented by Joseph C Sansone Co and has requested a reduction in value from $519,435 to $259,720 for tax year 2012. The petitioner provided no documentation or basis for a value reduction. Cost Approach: Based on the age of the subject (built 1994) the Cost Approach was considered but not developed. Market Approach: The subject is valued at $35/sf for the 2012 assessment period. Light Industrial sales during the data collection period of Jan. 1, 2010—June 30, 2011 ranged from $40.00-$59.40/sf. The subject property has a 14,841 sf of above grade office/warehouse area. An upward adjustment was made to Comps 1 and 3 for age. A negative adjustment was given to Comp 2 for site area. A negative adjustment was given to Comps 1 and 4 for Wall Height (Utility). Comps 1, 3 and 4 received negative adjustments for Class and Comp 4 received a negative location adjustment. The adjusted sales ranged from $35.66- $47.52/SF. The average sale was$40.00 and the median was$42.50. Selecting a value of$35.00/sf yields a Market Approach value of$519,320. Income Approach: The subject property was owner occupied in 2012. The market lease rates were between $2.50 to $4.60/sf. Using$4.00/sf, rent was determined to be $68,268. A vacancy rate of 10%was used. After deducting 8%for management and reserve expenses, the resulting NOI is $49,153. Applying a capitalization rate of 9.5% produces a value on the subject property of$517,400. Because the subject is not leased, little weight is placed on the resulting valuation. Summary: With a heavy emphasis on the Market Approach, the Assessor's value of$519,435 is strongly supported. Therefore, I would recommend a denial of the petitioner's request for abatement. • Comparative Sales Grid PROPERTY Subject Comp 1 Comp 2 Comp 3 Comments Rubadue Wire Co Inc Light Industrial Light Industrial Light Distribution Parcel# 80331000042 80332000040&066 80319200055 96108130001 Address 1301 N 17th Ave 1324 N 7th Ave 18302 Hwy 392 1403 1st Ave City Greeley Greeley Greeley Greeley Grantor DCP Midstream LLC Michael B Willits Northland Processing Grantee TRP3 LLC Saylor Properties FSY Partnership Sale Price $650,000 $675,000 $750,000 Sale Price PSF $49.30 $44.58 540.00 VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION Adjustment DESCRIPTION Adjustment DESCRIPTION Adjustment Sale Date 12/15/2010 2/22/2011 5/2/2011 Location NE Greeley NE Greeley N Greeley Greeley Site Area 141,570 136,343 469,140 Superior 177.685 L/B Ratio 9.53 23.69 30.98 10.22 Bldg SF 14,841 13,182 15,140 13,660 Wall Height 16' 20' Superior 16' 16' Class S C Superior S B Superior Age 1994 1974 Inferior 1995 1964 Inferior Condition Average Average Average Average NET ADJUSTMENTS Adjusted Sale Price $650,000 $540,000 $750,000 Adjusted Price PSF $46.84 $35.66 $40.00 Comparables Price/SF Range $35.66-$47.52 Comparables Price/SF Median $40.00 Comparables Price/SF Average $42.50 $351 sf selected $519,435.00 Comparative Sales Grid PROPERTY Subject Comp 4 Comp 5 Comp 6 Comments Rubadue Wire Co Inc Light Industrial Parcel# 80331000042 131326205009 8 012 Address 1301 N 17th Ave 4289 Commerce Dr City Greeley Frederick Grantor B&L Leasing LLC Grantee Colorado Biolabs Inc Sale Price $950,000 Sale Price PSF $59.40 VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION Adjustment DESCRIPTION Adjustment Sale Date 11/12/2010 Location NE Greeley Frederick Superior Site Area 141,570 163,394 L/B Ratio 9.53 10.22 Bldg SF 14,841 15,993 Wall Height 16' 24' Superior Class S C Superior Age 1994 2001 Condition Average Average NET ADJUSTMENTS Adjusted Sale Price $760,000.00 Adjusted Price PSF $47.52 Comparables Price/SF Range $35.66-$47.52 Comparables Price/SF Median $40.00 Comparables Price/SF Average $42.50 4/9/2015 MARKET INCOME WORKSHEET Parcel : 80331000042 Name: Rubadue Wire Co Address: 1304 N 17th Ave Bldg Sq Ft Use 14,841 Light Industrial Subject Rents Annual Rent per Annual Gross Area Rent PSF Month Income Main Fir PSF 14,841 $4.00 $4 947:11, € $59364 LessVacancy & Expenses Vacancy 10% $5,936 EGI $53,428 Expenses mgmt 3% $1,603 R/R 5% $2,671 Net Income $3.31 $49,153 Net Income/Overall Cap Rate = Property Value Property Value Cap Rate + Eff Tax Rate 0.095 0.095 $517,404 Estimated Property Value M2,.. ' $517,400 Value psf $34.86 page 1 CLERK TO THE BOARD PHONE: (970) 336-7215, EXT. 5226 1861 FAX: (970) 352-0242 1150 0 STREET P.O. BOX 758 GREELEY, COLORADO 80632 U��o � NrY April 30, 2015 Rubadue Wire Company, Inc. 1301 N. 17th Avenue Greeley, CO 80632 RE: SCHEDULE NUMBER: R0356394 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: 1301 N 17th Ave, Greeley. The meeting is scheduled for Monday, May 18, 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. erely, �nn /`�" (.11lJ>� Ra �l'a A. Martin z� Deputy Clerk to the Board cc: Assessor Joseph C. Sansone Co. Attn: David Johnson 18040 Edison Avenue Chesterfield, MO 63005 REAL PROPERTY SUMMARY ANALYSIS OF Rubadue Wire Co Inc 1301 North 17th Ave Greeley, CO 80631 Parcel ID(s) Appeal Number 080331000042 As of 1/1/2012 Prepared By: JOSEPH C. SANSONE COMPANY 18040 Edison Avenue Chesterfield, Missouri 63005 <This is not an appraisal> This information is provided by the Joseph C.Sansone Company as an authorized advocate and representative of the property owner or taxpayer, Therefore,the information is not and should not be considered an objective analysis of the value of the subject property interest. The information is not intended to constitute an"appraisal"or"appraisal report"pursuant to the Uniform Standards of Professional Appraisal Practice("USPAP")or Missouri law. No one from the Joseph C.Sansone Company is acting as a licensed or certified real estate appraiser In this matter.Whether any person involved In the preparation or presentation of the information is a licensed or certified appraiser is of no importance and the information and presentation are not Intended to comply with the USPAP requirements of appraisal practice. 1301 North 17th Ave ---- PTR Number:15321320001CO Location I Ds:080331000042 Tax Year 2012 / Pay Year 2013 Area Type WAREHOUSE Location Totals Gross Building Area 14,500] 14,5001 Net Leaseable Area 14,500 I I 14,500 Potential Gross Income 3.50 50,750 I, 3.50 50,750 Vacancy and Credit Loss 10.0% 5 075 10.0% 5 075 Effective Gross Income 45,675 45,675 Overall Expense 10.0% 4 568 10.0% 4 568 Net Operating Income 41,108 41,108 Base Cap Rate 10.000 Adj Tax Rate 0.222 Adj Cap Rate 10.222 Value Sum 402,147 Indicated Value 402,000 Total Indicated Value per SF(NLA) 27.73 ,.'1 ru C c'�i-n r Prepared for Presented by Zeke Sansone 5/15/2015 Joseph C.Sansone Co. (636)537-2307 mmcdonald@jcsco.com License:jkhvhgchc Sold Property Comparison Report for Industrial Properties - 1-- �1' - "rte ..; ` v . ``FF Address 700 27th St Rd 401 17th St 2515 7 Av 2111 2nd Ave 3026 1st Ave 1537 4th Ave Greeley,CO 80631 Greeley,CO 80631 Garden City,CO Greeley,CO 80631 Greeley,00 80631 Greeley,CO 80631 80631 Property Type Industrial Industrial Industrial Industrial Industrial industrial Property Subtype Manufacturing Manufacturing Warehouse Manufacturing Manufacturing Manufacturing Zoning INv1 Year Built 1979 1973 1967 1999 1960 Building Size 10,868 SF 26,775 SF 6,536 SF 20,000 SF 6,000 SF 4,500 SF No,Units No.Stories 1 1 1 1 Lot Size 0.78 Acres 5.50 Acres 0.68 Acres 0.58 Acres 0.38 Acres APNI Parcel lD 096117323026 R3312886 096117102028 096121217002 096108126016 Sale Date 12/29/2010 09/27/2010 04/30/2010 03/10/2010 01/27/2010 09/08/2009 Sale Price $350,000 $650,250 $225,000 $690,000 $215,000 $117,900 Sale Price Per $32.20/SF $24.29/SF $34.42/SF $34.50/SF $35.83/SF $26.20/SF Cap Rate Estimated Days on 241 183 147 Loop Net Marketplace Notes 1301 North 17th Ave POINTS OF DISCUSSION Property Issues Other This property Is a 14,500 SF manufacturing Building and is Owner Occupied. Other There is an Issue with the land and the drainage for future expansion of the building.In order to expand beyond the 2012-2013 expansion they owners would need to put a retention Pond on the property so the drainage could be directed towards 11th Avenue.This would entail the cost of raising the back of the lot so the bottom of the retention pond would still be above the county rd that borders it on the back side of the lot.They had a rough estimate of the cost of just the dirt for raising the ground level and that was over$250,000 then you would still have the cost of the pond and Drainage(plus cost of proposed building expansion).I have not added anything back for the excess land to my proforma workup. Other Notes in(u i n: � ��� CLERK TO THE BOARD PHONE: (970) 336-7215, Ext. 5226 1861 / FAX: (970) 352-0242 1150 O STREET P.O. BOX 758 1 'momGREELEY, COLORADO 80632 1,r/ N coyTY June 16, 2015 Rubadue Wire Company, Inc. 1301 N. 17th Avenue Greeley, CO 80632 RE: SCHEDULE NUMBER R0356394 Dear Property Owner: On May 18, 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, _UQ Ra aela A. Martinez Deputy Clerk to the Board cc: Assessor Joseph C. Sansone Attn: David Johnson 18040 Edison Avenue Chesterfield, MO 63005 RM/eg U.S: Postal ServiceTM U.S. Postal ServiceTM . -° CERTIFIED MAIL, RECEIPT m CERTIFIED MAILTM RECEIPT (Domestic Mall Only;No Insurance Coverage'Prov/ded) A (Domestic Mail Only;No Insurance Coverage Provided) E For delivery Information visit our website at www.uspa.come tr m In I oI Postage $ Lr'1 Postage $ 171 Certified Fee 1 m Certified Fee CI — Postmark CO — Postmark Return Receipt Fee Here Return Receipt Fee O (Endorsement Required) (Endorsement Required) Here O Restricted Delivery Fee O Restricted Delivery Fee p^ (Endorsement Required) Er- (Endorsement Required) ru Total Postage&Fees $ 11-I Total Postage&Fees Sent To r,���Y, w_ Sent To ------ vb .sL. U ` U`.Q-, I o � �, N Street,Apt.No., ��yn) 1��`�\ / lti Street,Apt.No.; 14 T''^ or PO Box No. .N l 'COL— \� or PO Box No. \ v I I lJi1\ i City,State,ZIP+4(\ 11 1 n ''OU _�� City,State,Zl' YYY ��,YYY1/4L4141 t0 SF•rm3:Is,June2rr2 See eversef•rinstructi•ns SF.rm3:rr June2so2 , -f• J- •,: SENDER:COMPLETE THIS SECTION C•M'LETETHIS SECTI•N•N•ELIVF.'Y • Complete items 1,2,and 3.Also complete A. s nat item 4 if Restricted Delivery is desired. l� 0 Agent • Print your name and address on the reverse C_ / El Addressee so that we can return the card to you. B. Received+y(Printed Name) C. Dat-of Delivery • Attach this card to the back of the mailpiece, /1 lam• or on the front if space permits. td l`� D. Is delivery address different from item 1? 0 Yes 1. Article Addressed to: If YES,enter delivery address below: El No qi bo,dx, `t•Jt1,L eiox4b,n, ant- i 3ot N. t14 ,t_ ff\ .•Co 80(03a_ 3. 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