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Home My WebLink About20142344.tiff 1861 CLERK TO THE BOARD PHONE (970) 336-7215, EXT 4226 �� FAX .co. 352-0242 � WEBSITE: www.co.weld.co.us 11 P.O.O STREET P. BOX 758 cc N T ?� GREELEY CO 80632 T July 31, 2014 MEEKER COMMONS MHA LTD C/O RED MORT CAPITAL LLC LOAN SERVICE 1717 MAIN ST STE 900 DALLAS, TX 75201-4687 RE: THE BOARD OF EQUALIZATION 2014, WELD COUNTY, COLORADO DENIAL OF PETITIONER'S APPEAL AND AFFIRMATION OF ASSESSOR'S VALUE ACCOUNT NO.: R8848600 Dear Petitioner: On July 29, 2014, the Board of County Commissioners of Weld County Colorado convened and acting as the Board of Equalization, pursuant to C.R.S. Section 39-8-101 et seq., considered your petition for appeal of the Weld County Assessor's valuation of your property described above, for the year 2014. The Board of Equalization found that the evidence presented at the hearing supported the value placed upon the above-described property as set forth below. Such evidence indicated the value was reasonable, equitable, and derived according to the methodologies, percentages, figures and formulas dictated by law. This decision is based upon the Board's analysis of the written and oral testimony presented by both parties. Further that it is the Board's decision that the taxpayer/did not present sufficient evidence to show that the value of the property was not reasonably valued by the Assessor. The Assessment and valuation of the Weld County Assessor was affirmed as follows: ACTUAL VALUE AS ACTUAL VALUE AS DETERMINED BY ASSESSOR SET BY BOARD $804,758.00 $804,758.00 2014-2344 AS0088 A denial of a petition, in whole or in part, by the Board of Equalization must be appealed within thirty (30) days of the date the denial is mailed to you. You must select only one of the following three (3) options for appeal: 1. Appeal to Board of Assessment Appeals: You have the right to appeal the County Board of Equalization's decision to the Colorado Board of Assessment Appeals. A hearing before that Board will be the last time you may present testimony or exhibits or other evidence, or call witnesses in support of your valuation. If the decision of the Board of Assessment Appeals is further appealed to the Court of Appeals pursuant to C.R.S. Section 39-8-108(2), only the record of proceedings from your hearing before the Board of Assessment Appeals and your legal brief are filed with the appellate court. All appeals to the Board of Assessment Appeals filed after August 10, 2014, MUST comply with the following provisions of C.R.S. Section 39-8-107(5): (5)(a)(I) On and after August 10, 2014, in addition to any other requirements under law, any petitioner appealing either a valuation of rent-producing commercial real property to the board of assessment appeals pursuant to section 39-8-108(1) or a denial of an abatement of taxes pursuant to section 39-10- 114 shall provide to the county board of equalization or to the board of county commissioners of the county in the case of an abatement, and not to the board of assessment appeals, the following information, if applicable: (A) Actual annual rental income for two full years including the base year for the relevant property tax year; (B) Tenant reimbursements for two full years including the base year for the relevant property tax year; (C) Itemized expenses for two full years including the base year for the relevant property tax year; and (D) Rent roll data, including the name of any tenants, the address, unit, or suite number of the subject property, lease start and end dates, option terms, base rent, square footage leased, and vacant space for two full years including the base year for the relevant property tax year. (II) The petitioner shall provide the information required by subparagraph (I) of this paragraph (a) within ninety days after the appeal has been filed with the board of assessment appeals (b)(I)The assessor, the county board of equalization, or the board of county commissioners of the county, as applicable, shall, upon request made by the petitioner, provide to a petitioner who has filed an appeal with the board of assessment appeals not more than ninety days after receipt of the petitioner's request, the following information: (A) All of the underlying data used by the county in calculating the value of the subject property that is being appealed, including the capitalization rate for such property; and (B) The names of any commercially available and copyrighted publications used in calculating the value of the subject property. (II) The party providing the information to the petitioner pursuant to subparagraph (I) of this paragraph (b) shall redact all confidential information contained therein. (c) If a petitioner fails to provide the information required by subparagraph (I) of paragraph (a) of this subsection (5) by the deadline specified in subparagraph (II) of said paragraph (a), the county may move the board of assessment appeals to compel disclosure and to issue appropriate sanctions for noncompliance with such order. The motion may be made directly by the county attorney and shall be 2014-2344 AS0088 accompanied by a certification that the county assessor or the county board of equalization has in good faith conferred or attempted to confer with such petitioner in an effort to obtain the information without action by the board of assessment appeals. If an order compelling disclosure is issued under this paragraph (c) and the petitioner fails to comply with such order, the board of assessment appeals may make such orders in regard to the noncompliance as are just and reasonable under the circumstances, including an order dismissing the action or the entry of a judgment by default against the petitioner. Interest due the taxpayer shall cease to accrue as of the date the order compelling disclosure is issued, and the accrual of interest shall resume as of the date the contested information has been provided by the taxpayer. Appeals to the Board of Assessment Appeals must be made on forms furnished by that Board, and must be mailed or delivered within thirty (30) days of the date the denial by the Board of Equalization is mailed to you. The address and telephone number of the Board of Assessment Appeals are: Board of Assessment Appeals 1313 Sherman Street, Room 315 Denver, Colorado 80203 Telephone Number 303-866-5880 Fees for Appeal to the Board of Assessment Appeals: A taxpayer representing himself is not charged for the first two (2) appeals to the Board of Assessment Appeals. A taxpayer represented by an attorney or agent must pay a fee of$101.25 per appeal. OR 2. Appeal to District Court: You have the right to appeal the decision of the Board of Equalization to the District Court of the/county wherein your property is located: in this case that is Weld County District Court. A hearing before The District Court will be the last time you may present testimony or exhibits or other evidence, or call witnesses in support of your valuation. If the decision of the District Court is further appealed to the Court of Appeals pursuant to C.R.S. Section 39-8-108(1), the rules of Colorado appellate review and C.R.S. Section 24-4-106(9), govern the process. OR 3. Binding Arbitration;,You have the right to submit your case to binding arbitration. If you choose this option, the arbitrator's decision is final and you have no further right to appeal your current valuation. C.R.S. Section 39-8-108.5 governs this process. The arbitration process involves the following: a. Select an Arbitrator: You must notify the Board of Equalization that you will pursue arbitration. You and the Board of Equalization will select an arbitrator from the official list of qualified people. If you cannot agree on an arbitrator, the District Court of the county in which the property is located (i.e., Weld) will select the arbitrator. b. Arbitration Hearing Procedure: Arbitration hearings are held within sixty (60) days from the date the arbitrator is selected, and are set by the arbitrator. Both you and the Board of Equalization are entitled to participate in the hearing. The hearing is informal. The arbitrator has the authority to issue subpoenas for 2014-2344 AS0088 witnesses, books, records documents and other evidence pertaining to the value of the property. The arbitrator also has the authority to administer oaths, and determine all questions of law and fact presented to him. The arbitration hearing may be confidential and closed to the public if you and the Board of Equalization agree. The arbitrator's decision must be delivered personally or by registered mail within ten (10) days of the arbitration hearing. c. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by you and the Board of Equalization. In the case of residential real property, the fess may not exceed $150.00 per case. For cases other than residential real property, the arbitrator's total fees and expenses are agreed to by you and Board of Equalization, but are paid by the parties as ordered by the arbitrator. If you have questions concerning the above information, please contact me at (970) 336-7215, Ext 4226. Very truly yours, Esther E. Gesick, Clerk to the Board Weld County Board of County Commissioners Cc: Christopher Woodruff, Weld County Assessor STEVENS & ASSOCIATES COST REDUCTION SPEC 9635 MAROON CIRCLE SUITE 450 ENGLEWOOD, CO 80112-5902 2014-2344 AS0088 Weld County CHRISTOPHER M.WOODRUFF COUNTY ASSESSOF BRENDA DONES,DEPUTY ASSESSOF VALUATION REPORT OF COMMERCIAL PROPERTY FOR Weld County Board of Equalization MEEKER COMMONS MHA LTD PETITIONER VS. WELD COUNTY ASSESSOR'S OFFICE RESPONDENT Parcel Number: 0961-05-3-04-026 Schedule Number: R8848600 Log Number: 7954 Date: 7/29/2014 Time: 03:45 PM Board: CBOE PREPARED BY BRIAN KEPPEN WELD COUNTY ASSESSOR'S OFFICE STAFF APPRAISER ASSESSOR'S VALUE Total: Final Value $804,758 CBOE_COMM_010998I' Page 1 2014-2344 SALIENT FACTS AND CONCLUSIONS Purpose of Appraisal To determine Market Value as of 1/1/14 based on an appraisal date of 6/30/12. Property Rights Appraised Unencumbered fee simple interest. Location 903 6 ST GREELEY Land Area 42,750 Square Feet Zoning Property Type 1-Apartment w/4-8 Units 1- Single Family Residential Year Built 1894 - single family/2001 - apartments Year Remodeled NA Quality Average Class Frame Masonry Veneer/Wood/Frame Hardboard Number of Stories 2 Improvement Sq. Ft. 17,069 Basement Unfinished Sq. Ft. 0 Basement Finished Sq. Ft. 0 Mezzanine: 0 Cost Approach NA Market Approach $804,758 Income Approach NA Reconciled $804,758 CBOE_COMM_010998 Page 2 SUBJECT PHOTOS C, I Si ID OP I .. r - Ill or; 2.6 • El MI I * • . 'Hi Li i i , 4 ...._ or 4 _II _ __. ,11 • •, t - Ili a ill - r-- rr itC -j t; , - f .. 1 1,. 0 r '' ••�' Alair • •�.J. Fes`_],x 11-, Y,S �' i`'A. � rt. . -. i — 'A aili 04 i 7 l'- _ ;4,4 _ _ ti . _ - - - - • I. CBOE_COMM_010998 Page 3 r M 1 �, , 'J„ ii• . 1� • ••sl'dl.IIIIIIIIIIIISIIIIII.qqiqpk.IIIIp-4. • '1 �:r t r _ '' *--- k HT . .:., 1 I. , Y. ri. . - • . . IIIII k• ; 4 i li+�V -tea ii * 1' 1 t ir.49 A taw. lit (pi) ii lit IP 4 f i :♦ _. , --,.,'fix.• - . 1 Wr . '-a, CBOE_COMM 010998 Page 4 MARKET APPROACH SUMMARY Real property for the tax year 2014 must be valued utilizing the level of value for the period of one and one-half years immediately prior to June 30th, 2012. A period of five years immediately prior to July 1, 2012 shall be utilized to determine the level of value if adequate data is not available from such one and one-half year period to adequately determine the level of value for a class of property. Said level of value shall be adjusted to the final day of the data-gathering period. Changes occurring between base years are not to be accounted for until the following level of value is implemented, other than additions, change in use, detrimental acts of nature, damage due to fire, etc., creation of a condominium, new regulations restricting or increasing the use of the land, or a combination thereof{39-1-104(11)(b)(I), CRS}. The comparable sales in this report were selected using county records, as well as the Multiple Listing Services. The Weld County Assessor's Office has verified that the comparable sales are arms- length transactions based on review of the Real Property Transfer Declaration, telephone or personal confirmation interviews and physical inspections to confirm property characteristics at the time of sale. Based upon investigation and analysis, it is the opinion of the appraisers that the value of$804,758 accurately reflects the market value of the subject property. VALUE As INDICATED BY THE MARKET APPROACH $804,758 C8OE_C OMM_010998 Page 5 Comparative Sales Grid PROPERTY Subject Comp 1 Comp 2 Comp 3 Comments Apartments Apartments Apartments Apartments Parcel # 0961-05-3-04-026 0959-12-1 -04-018 0959-13-2-04-011 0961-18-2-13-001 , 010. 011 Account # R8848600 R2130486 R2371686 R3583986 + 4386 + 4486 Address 903 6th St 1213 26th Ave 2126 28 AVCT 2144 18 AVCT City Greeley Greeley Greeley Greeley Sale Price $4. 140,000 $584,900 $2,025,000 Sale Price Per Unit $34 500 $53 173 S46.023 VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION Adjustment DESCRIPTION Adjustment DESCRIPTION Adjustment Sale Date 3/13/2012 11/15/2010 } 12/28/2011 I Location Average Average Average Average Land Size 42. 750 216.929 24 797 83. 584 L/B Ratio 2. 50 2 98 1 . 93 2.49 Bldg SF 17,069 72, 712 i 12,878 33,596 Units 13 120 11 44 Pool/Clubhouse No Yes -5% No Yes -5% Laundry Hookups Yes No 5% Yes No 5% Commercial Lease Yes No 5% No 5% No 5% Business Center No Yes No No Age 2001 1972 10% 1971 10% 1971 10% Condition Average Average Average Average A'ET ADJUSTMENTS 15% 15% 15% Adjusted Sale Price $4,761 ,000 S672 635 $2.328. 750 Adjusted Price Unit $39,675 $61,149 $52,926 Comparables Price / Unit Range $39,675 - 61 . 149 Comparables Price / Unit Median $52,926 Comparables Price / Unit Average $51 .250 Most weight on 2 & 3, Recommend Assesors Value of $57, 132 / Unit 13 Units x $57,132 = $742,716 +$62,042 = $804,758 CBOE_COMM_0 10998 Page 6 i z COMPARABLE SALE 1 COUNTY: WELD ACCOUNT NUMBER: R2130486 PARCEL NUMBER: 095912104018 PRIMARY OCC: w/9 + o Apartment Units PERCENT: 100.0 /0 SECONDARY OCC : Apartment w/9 + Units PERCENT: 100.0% THIRD OCC : Apartment w/9 + Units PERCENT: 100.0% ADDRESS: 1213 26 AV GREELEY RECEPT NUMBER: 3831624 SALE DATE: 3/13/2012 GRANTOR: VILLAGE GREEN HOLDINGS LLLP SALE PRICE: $4.350.000 GRANTEE: MIMG XXXIV VILLAGE GREEN LLC ADJ SALE PRICE: $4. 140.000 YEAR BUILT: 1972 CLASS: EFFECTIVE AGE: LAND/BLDG RATIO: 2.9834 LAND SIZE (SF): 216,929 LAND VALUE: $737.559 BLDG SIZE (SF): 72.712 IMPS PRICE/SF: $49.68 WALL HEIGHT: 0 SALE PRICE/SF: $56.94 UNITS: 120 SALE PRICE/UNIT: $34,500 STORIES: 2.00 BSMNT SIZE: 36.356 BSMNT FINISH : 36.356 QUALITY: Average COMMENTS: The 120 unit count includes the basement units CBOE_COMM_010998 Page 7 r: ' li' IT I: 'j � 6, 6. i. ,1, , n' f , 1'� 156.1' _ ' 6 1;� if - 17' Iliagemb a Z de •6' 100.7' 6'P� R. i _ ' to' o. w .\ 6..7 Il' 14 n. 77.4 2.4' ' 12' 1 17, . 70.T sits __- a* ainthalll - . ........_ COMPARABLE SALE 2 COUNTY: WELD ACCOUNT NUMBER: R2371686 PARCEL NUMBER: 095913204011 PRIMARY OCC : Apartment w/9 + Units PERCENT: 100.0% SECONDARY OCC : PERCENT: THIRD OCC: PERCENT: ADDRESS: 2126 28 AVCT GREELEY RECEPT NUMBER: 3732522 SALE DATE: 11/15/2010 GRANTOR: RENTER ROBERT D SALE PRICE: $584.900 GRANTEE: WALKER JOHN O ADJ SALE PRICE: 5584.900 YEAR BUILT: 1971 CLASS: EFFECTIVE AGE: LAND/BLDG RATIO: 1 .9255 LAND SIZE (SF): 24.797 LAND VALUE: $72.000 BLDG SIZE (SF): 12.878 IMPS PRICE/SF: $38.54 No. Units: I I SALE PRICE/SF: $45.42 STORIES: 2.00 SALE PRICE/Unit: $53,173 QUALITY: Average COMMENTS: CBOE_COMM_010998 Page 8 ' . str- 7"°— --a.;. ':4 - - Ali r`t '_ _ "IIP ! 1in '-1113111 'I' ill"' r--- ' IP y. . , _ as it, linalliela i , } ?tom ets a i, v 41 l 4.494r‘ 1 \C; .eft'llt, !, r torn" � ��' �-r •.'III.•ir-•-` . , rte. I '-- - II u fil i ii,to in stn 1I, Ilr' / le I 1 - _ I I-1 tr.! t I 1-!. I il: &Hall 4:.a C-c : im! I - •. _yam �I -•J a =r- i.. - .-_-. _ - "— nil ierrt two, ilit . 1_ COMPARABLE SALE 3 COUNTY: ACCOUNT # R3583986. R3584386. R3584486. R3584086 PARCEL NUMBER: 096118213010: 011 : 007: 001 PRIMARY OCC : Apartment w/4-8 Units PERCENT: 100.0% SECONDARY OCC : PERCENT: ADDRESS: 2144 18 AVCT, GREELEY RECEPT NUMBER: 3814961 SALE DATE: 12/28/2011 GRANTOR: COASTLINE RE HOLDINGS CORP SALE PRICE: $2,025,000 GRANTEE: JKL VENTURES I . LC ADJ SALE PRICE: YEAR BUILT: 1971 CLASS: EFFECTIVE AGE: LAND/BLDG RATIO: 2.49 LAND SIZE (SF): 83.584 LAND VALUE: $338.515 BLDG SIZE (SF): 33596 IMPS PRICE/SF: WALL HEIGHT: 8 SALE PRICE/SF: $60.27 UNITS: 44 STORIES: 2.00 Sale per unit: $46,023 BSMNT SIZE: 16,416 Sale per bed: $22,500 BSMNT FINISH : 16,416 LOAN TERM (YRS) : ZONING: GRE RI ! POINTS PAID: QUALITY: Average COMMENTS: CBOE COMM 010998 Page 9 Site and Comparable Map §1 . .1 , iiiirl ttn,—, -4411."`.. 17: .• , : . .... ___:., '''' N .1. is‘ N. pmt ,• JC: IR' Ili mi. ♦ .4.-J -4' ,.-.f. . ,�•r. Air.� _J •.,• ,01 '' /f• Y .• ' (• ''?1 _..-*.# Cr. . • w # . irteile4fit:1 fro-....;•z"*%._\ Illikti • J,t -1 1, 1 a • i lin •• l.4 7TT•'TT/ •.• .41.,!;- 4 i .-- - -'mil t '(j r - r �. 1• -' ,f'' - , ,, r 1, 44 41 .. •T1 1 t `4 i r " R. 1 1 '�•', ^ ' t •4. 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I'• :y� �j � • ti , r • ~ , 1 -• w�f I '• I !. • • Via.pj • • •`• •• L `- 4" • y a - • � t?.�<ck t • .•' .err _f F -f4 4- r,a4. � �. ,, �r 5'x.4.'. • ,. $1 . ` i. • • • ', , or• - I� .♦.a,. Yi 1- j � `h � 4 � I! E1: / ,.1 � • r'. I . ' .. . . 4 '•M� tl 4• 111 ' l _ 4.. - �..y .rTh 1NI 1. • .. 's. cs Jr, �. -, a � ' ,, ,56 c�`1 � I .-rat; • ' . %mg pas r ` • e ate. 81 1.81201.2*. ) 1999 4O;25.112. 92.. N' 104: 42' 14.5. ' W I,.-rat; 4 . 85Eft e alt-. 1 • -1'• il • , CBOE_COMM_010998 Page 10 Single Family Residence Market Grid |a..g \ , , . = . - . aff. a , \ }22 |§ | � !$ U - . . ) ,n .! t/$li f§"E/ §i!!§!. /! ! o . |! !a ;#! . . � . . i. *==. . ea : . . aaa . ! ! aaa 81141 Ja - - t 2a �| § � ! . | _ ` | ) ,fl ,Sa § a_ .otw(B!§i � c, ,,, . .2 _ 00 ! ! \!I $$ 2 « 9 � ® rr, ; . # 2 ;s Cs 7« ; aa ;a ; . . « / , a ; ! > ; 28 : it § E ^ ! \ / - ( i | § '4 O | !}g ) /}§/2 §\ !!\ { ! ; „ o // ! ; „ : ! !,; !{ ) \\ I ., \ _ (/olona , // , c. , i „ _ {! �® ! ` Si ` . ;2¢' ! !! , = y ! ! r < > « \\/\ )\\\ }/$ } ) | \ \ \/00036 / ) ) / COO mm 010998 CONCLUSION Real property for the tax year 2014 must be valued utilizing the level of value for the period of one and one-half years immediately prior to June 30th, 2012. A period of five years immediately prior to July 1, 2012 shall be utilized to determine the level of value if adequate data is not available from such one and one-half year period to adequately determine the level of value for a class of property. Said level of value shall be adjusted to the final day of the data-gathering period. Changes occurring between base years are not to be accounted for until the following level of value is implemented, other than additions, change in use, detrimental acts of nature, damage due to fire, etc., creation of a condominium, new regulations restricting or increasing the use of the land, or a combination thereof{39-1-104(11)(b)(I), CRS}. The subject property has been classified as Residential Property for assessment purposes. Residential property value shall be determined by the Market Approach to value. FINAL RECONCILIATION After consideration of the market approach, it is the Weld County Assessor's opinion that the value of $804,758, most accurately reflects the value of the subject property in Weld County for the 2014 tax year. COST APPROACH MARKET APPROACH INCOME APPROACH NA $804,758 NA ASSESSOR'S VALUE Total: $804,758 CBOE_COMM_010998 Page 12 APPRAISAL STANDARDS AND ETHICS CERTIFICATION I certify to the best of my knowledge and belief that: 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 unbiased professional analyses, opinions and conclusions. I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved. My compensation is not contingent on an action or event resulting from the opinion or conclusions in, or the use of, this report. My analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. No one provided significant professional assistance to the person signing this report. I have made a persona► inspection of the property that is the subject of this report. Brian Keppen Commercial Appraiser Registered Appraiser 100040381 CBOE_COMM_010998 Page 13 NOTICE OF DETERMINATION RECEIVED Christopher M. Woodruff Date of Notice: 6/27/2014 Weld County Assessor JUL 16 2014 Telephone: (970) 353-3845 1400 N 17th Ave Fax: (970) 304-6433 Greeley, CO 80631 WELD COUNTY Aa_ Office Hours: 8:00 AM - 5:00 PM CRESICY, OO1. ACCOUNT Na TAX YEAR TAX AREA LEGAL DESCRIPTION/PHYSICAL LOCATION R8848600 2014 2689 GR E2 L12 & ALL L13 THRU 16 BLK25 903 6 ST GREELEY, CO w MEEKER COMMONS MHA LTD C/O RED MORT CAPITAL LLC LOAN SERVICE o1717 MAIN ST STE 900 DALLAS,TX 752014687 O a ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ACTUAL VALUE PRIOR TO ACTUAL VALUE AFTER REVIEW REVIEW COMMERCIAL 165,299 165,299 RESIDENTIAL 639,459 639,459 TOTAL $804,758 $804,758 The Assessor has carefully studied all available information, giving particular attention to the specifics included on your protest. The Assessor's determination of value after review is based on the following: Upon dicovery of a building not previously accounted for your value increased for 2014. This building was omitted in error for previous years. If you disagree with the Assessor's decision, you have the right to appeal to the County Board of Equalization for further consideration, § 39-8-106(1)(a), C.R.S. The deadline for filing real property appeals is July 15. The Assessor establishes property values. The local taxing authorities (county, school district, city, fire protection, and other special districts) set mill levies. The mill levy requested by each taxing authority is based on a projected budget and the property tax revenue required to adequately fund the services it provides to its taxpayers. The local taxing authorities hold budget hearings in the fall. If you are concerned about mill levies, we recommend that you attend these budget hearings. Please refer to last year's tax bill or ask your Assessor for a listing of the local taxing authorities. Please refer to the reverse side of this notice for additional information. RECEIVED STEVENS & ASSOCIATES COST REDUCTION SPEC JUL 1 7 201' 9635 MAROON CIRCLE SUITE 450 15-DPT-AR ENGLEWOOD, CO 801125902 WELD COUNTY PR 207-08/13 COMMISSIONERS R8848600 19566 4- APPEAL PROCEDURES County Board of Equalization Hearings will be held from July 1 through August 5 at 1400 N 17 AVE. To appeal the Assessor's decision, complete the Petition to the County Board of Equalization shown below, and mail or deliver a copy of both sides of this form to: Weld County Board of Equalization 1150 O Street, P.O. Box 758 Greeley, CO 80631 Telephone: (970) 356-4000 ext, 4225 To preserve your appeal rights, your Petition to the County Board of Equalization must be postmarked or delivered on or before July 15 for real property — after such date, your right to appeal is lost. You may be required to prove that you filed a timely appeal; therefore, we recommend that all correspondence be mailed with proof of mailing. You will be notified of the date and time scheduled for your hearing. The County Board of Equalization must mail a written decision to you within five business days following the date of the decision. The County Board of Equalization must conclude hearings and render decisions by August 5, § 39-8-107(2), C.R.S. If you do not receive a decision from the County Board of Equalization and you wish to continue your appeal, you must file an appeal with the Board of Assessment Appeals by September 12, § 39-2-125(1)(e), C.R.S. If you are dissatisfied with the County Board of Equalization's decision and you wish to continue your appeal, you must appeal within 30 days of the date of the County Board's written decision to ONE of the following: Board of Assessment Appeals District Court 1313 Sherman Street, Room 315 Contact the District Court in the County Denver, CO 80203 where the property is located. See your (303) 866-5880 local telephone book for the address and www.dola.colorado.gov/baa telephone number. Binding Arbitration For a list of arbitrators, contact the County Commissioners at the address listed for the County Board of Equalization. If the date for filing any report, schedule, claim, tax return, statement, remittance, or other document falls upon a Saturday, Sunday, or legal holiday, it shall be deemed to have been timely filed if filed on the next business day, §39-1-120(3), C.R.S. PETITION TO COUNTY BOARD OF EQUALIZATION What is your estimate of the property's value as of June 30, 2012? (Your opinion of value in terms of a specific dollar amount is required for real property pursuant to § 39-8-106(1.5), C.R.S.) $ S & A Value $558,232 What is the basis for your estimate of value or your reason for requesting a review? (Please attach additional sheets as necessary and any supporting documentation, i.e., comparable sales, rent roll, original installed cost, appraisal, etc.) I he assessor did not properly consider the cost, market and income approacnes to veluc or aapccta to the property in quc3tion. I ATTESTATION I, the undersigned owner or -I ' of the property identified above, affirm that the statements contained herein and on any attachme ts f c- Ini and complete. JD! Signature Telephone3W61147-1878 Date 7-t5-14 todd anstevensandassoc.com Email Address 'Attach letter of authorization signed by property owner. 15-DPT-AR PR 207-08/13 R8848600 19566 0© Stevens & Associates R © Specialists in: Property Tax Reductions RECEIVED JUL 16 2014 July 15, 2014 WELD COUNTY AS9lMOR GRE .E"'°. , OOLOPA Weld County Board of Equalization 1400 N 17th Ave RECEIVED Greeley, CO 80631 JUL 1 7 2014 WELD COUNTY Dear County Board: COMMISSIONERS Please find enclosed our 2014 Real Property Tax Appeals for the following properties. Meeker Commons Mha Ltd 903 6th Street R8848600 96105304026 Medical Systems Denver Inc 7600 Johnson Dr R6884497 131326202001 CopartInc 1281 27 CR R6275086 147130000012 If you should have any questions regarding these appeals, please feel free to call our office. Sincerely, t ll Todd J. Stevens President Stevens &Associates Cost Reduction Specialists, Inc. 9635 Maroon Circle,Suite 450, Englewood,Colorado 80112 (303) 347-1878 •fax(303) 347-9242 ' _1 Property Tax Consultant-Agency Agreement Owner Address: 225 East 16th Avenue, Suite 1060, Denver, CO 80203 Property Address/Legal Description/Schedule#: See Attached exhibit A Consultant/Agent. Stevens&Associates Cost Reduction Specialists,Inc. I/We Rocky Mountain Mutual Housing Assoc. Inc, Town View MHA LTD.,Garden Court Mutual Housing,Grand Manor Mutual Housing Association Inc, FMHA Gateway Corporation, Meeker Commons MHA Ltd C/O Red Mort Capital Inc/Loan Servo, Clifton Village MHA, Ltd,dba Willow Grove Mutual Housing Community,Wadsworth TOD LLC,subsidiaries, parent companies and all affiliated companies agree with Stevens&Associates Cost Reduction Specialists, Inc.that for the property tax assessment years 2013, 2014 and prior years, in Colorado as the property referred to above,that Stevens& Associates Cost Reduction Specialists, Inc. is hereby engaged and authorized to act as agent and consultant before either the Board of review as well as the State Tax Review Board or for any hearing pertinent to the property for the property tax assessment years 2013,2014 and prior years. Please direct all correspondence and refunds to Stevens&Associates Cost Reduction Specialists, Inc. The undersigned further authorizes Stevens&Associates Cost Reduction Specialists, Inc. as agent of the undersigned,in the name of the undersigned, to execute and cause to be filed on behalf of the undersigned, in the name of the undersigned,any and all documents relating to an appeal of the said assessments, for the assessment years in question and prior years,before either the Board of review as well as the State Tax Review Board or any hearings pertinent to the property. Thus done and executed on this ( ba y ay of February 2013. Agreed by: Rocky Mountain Mutual Housing Assoc. Inc, Town View MHA LTD., Garden Court Mutual Housing,Grand Manor Mutual Housing Association Inc, FMHA Gateway Corporation, Meeker Commons MHA Ltd C/O Red Mort Capital Inc/Loan Servc, Clifton Village MHA, Ltd,dba Willow Grove Mutual Housing Community, Wadsworth TOD LLC By. chard-T Title: Chief Executive Officer STATE OF 0(ii Ct.C' The foregoing instrument was acknowledged before me} This ifiay of -9.111 ,2-f)j 2.. Please Direct all correspondence/refunds to: By: Richard Taft Stevens&Associates/Inc. 9635 Maroon Cir, Suite 450 Witness my hand and official seal. Englewood,Colorado 80112 ....... Q.• ��e my commission expires: .tin; .c. 3, 21)14- �,0TApj- :a -oa' i. '°UBt 4 Notary ubaic Notan SignaW2 ,,. Exhibit A Garden Court Mutual Housing Clifton Village MHA, Ltd,dba Willow Grove 1100 Syracuse St-1150 Mutual Housing Community, Owner Denver County Parcel# Willow Grove Apartments 0604239003000 Various Schedule#'s Town View MHA Ltd 1600 Hooker St-1692 Wadsworth TOD LLC Denver County Parcel# 1330 Yukon St 0232323009000 Jefferson County Parcel/Schedule# 49-022-13-022/213266 Town View MHA Ltd 1665 Hooker St Denver County Parcel# 0232322012000 Town View MHA Ltd 3200 W 17'"Ave Denver County Parcel#'s 0232322013000 Town View MHA Ltd 1660 Grove St-1684 Denver County Parcel#'s 0232324003000 Town View MHA Ltd 1251 Knox Ct-1295 Denver County Parcel#'s 0505226007000 Town View MHA Ltd 3200 W 17`"Ave Denver County Parcel#'s 0232322022000 Grand Manor Mutual Housing Association Inc 2828 Orchard Ave Mesa County Parcel# 2943-072-00-048 FMHA Gateway Corporation 414 Southridge Rd Morgan County Parcel I Account# 122907131001 /R005679 Meeker Commons MHA Ltd C/O Red Mort Capital Inc/Loan Servc 903 6"'St Weld County Parcel/Account# 096105304026/R8848600 Meeker Commons MHA Ltd C/O Red Mort Capital Inc/Loan Servc 904 5u'St Weld County Parcel/Account# 096105339003/R1756302 r rl 0' O ru m w `r' ru c oCO mmaai �- Q • - V > � simanana _j"' 0OOM�j Co• Lid �-' z W ¢wo-o C`o C z •a.J00 r o _O O I- J Q { W O O • w ��. 1` O __J al r CO fn V J o' Liu Dson immmilimmnamimmEms w � ammEmmaimmon I MIMIlmallasl C CIC o ,� M U nsamma a Co 0 00 {i r 1 W C , c2.0`. W O 0 .j,,,-, O ti F 2 H J 'O^ J C ICON IIMM N (13 • Q o od CD imaila N O M C- 2 m > o = � in a) a N co °) m aC� � W � +' O N- - OZCD - 'ao CD _ -6 o CD r _ CLERK TO THE BOARD 1861 PHONE (970) 336-7215, EXT 4226 FAX (970) 352-0242 ..� WEBSITE: www.co.weld.co.us vilairsUI11 O STREET P.O.P. BOX 758 GREEL c O N EY CO 80632 July 22, 2014 MEEKER COMMONS MHA LTD CIO RED MORT CAPITAL LLC LOAN SERVICE 1717 MAIN ST STE 900 DALLAS, TX 75201-4687 Account No.: R8848600 Dear Petitioner(s): The Weld County Board of Equalization has set a date of July 29, 2014, at or about the hour of 3:45 PM, to hold a hearing on your valuation for assessment. This hearing will be held at the Weld County Administration Building, Assembly Room, 1150 0 Street, Greeley, Colorado. You have a right to attend this hearing and present evidence in support of your petition. The Weld County Assessor or his designee will be present. The Board will make its decision on the basis of the record made at the aforementioned hearing, as well as your petition, so it would be in your interest to have a representative present. If you plan to be represented by an agent or an attorney at your hearing, prior to the hearing you shall provide, in writing to the Clerk to the Board's Office, an authorization for the agent or attorney to represent you. If you do not choose to attend this hearing, a decision will still be made by the Board by the close of business on August 5, 2014, and mailed to you on or before August 12, 2014. Because of the volume of cases before the Board of Equalization, most cases shall be limited to 10 minutes. Also due to volume, cases cannot be rescheduled. It is imperative that you provide evidence to support your position. This may include evidence that similar homes in your area are valued less than yours or you are being assessed on improvements you do not have. Please note: The fact that your valuation has increased cannot be your sole basis of appeal. Without documented evidence as indicated above, the Board will have no choice but to deny your appeal. If you wish to obtain the data supporting the Assessor's valuation of your property, please submit a written request directly to the Assessor's Office by fax(970) 304-6433, or if you have questions, call (970) 353-3845. Upon receipt of your written request, the Assessor will notify you of the estimated cost of providing such information. Payment must be made prior to the Assessor providing such information, at which time the Assessor will make the data available within three (3) working days, subject to any confidentiality requirements. AS0088 MEEKER COMMONS MHA LTD - R8848600 Page 2 Please advise me if you decide not to keep your appointment as scheduled. If you need any additional information, please call me at your convenience. Very truly yours, BOARD OF EQUALIZATION Esther E. Gesick Clerk to the Board Weld County Board of County Commissioners cc: Christopher Woodruff, Assessor STEVENS & ASSOCIATES COST REDUCTION SPEC 9635 MAROON CIRCLE SUITE 450 ENGLEWOOD, CO 80112-5902 AS0088 • ' J LIMITED SUMMARY CONSULTING ASSIGNMENT OF MEEKER COMMONS MHA LTD Apartments 903 6th Street Greeley, Colorado Weld County PREPARED BY Stevens & Associates/Inc. DATE OF VALUE JANUARY 1, 2013 BASE PERIOD ENDING JUNE 30, 2012 DATE OF REPORT JULY 28, 2014 SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS Property Location: 903 6th Street Greeley, Colorado Schedule # R8848600 Parcel# 96105304026 Land Size: 42,750 square feet or 0.98 acres Improvement Size: 17,069 square feet 8 Units YOC 1894-2001 Highest And Best Use: For ad valorem tax purposes in Colorado the highest and best use of the subject is its current use. Cost Approach N/A Market Approach $446,000 Income Approach N/A Reconciliation $440,000 Date of Value: January 1, 2013 • 18669 Stroh Rd -Hunter's Chase Condo Association SOLD 1 Parker,CO 80134 Sale on 4/27/2011 for$1,115,000($39.41/SF;S55,750/Unit)-Research Complete 20 Unit,28,294 SF Class 8 Apartments Condominium in a 28,294 SF building Suitt In Dec 2010 -tr c — D a C eo ° rkai4 ¢� r ,‘•,*S. Q,1`.. n T O _ ,+ft •� • _ r • a: :fps'• Stroh Rd - + r firs a � 00 1rJs Microsoft' Ja 1 Virtual Earth„p- �� t .. s:_1i, r) r.� Buyer&Seller Contact Info Recorded Buyer: Pathfinder Hunters Chase Cond Recorded Seller: - True Buyer: Pathfinder Partners Funds Lorne Polger 4380 La Jolla Village Dr San Diego,CA 92122 (858)625-5286 Buyer Type: Investment Manager Buyer Broker: Colorado Land&Capital Listing Broker. RE/MAX Unlimited,Inc. Peggy Christensen Karen Lewis (303)814-0325 (303)809-3310 Paula Pantaleo (303)908-7088 Transaction Details ID:2105569 Sale Dale: 04127/2011(252 days on market) Sale Type: Investment Escrow Length: - Bldg Type: Apartments Sale Price: $1,115,000-Confirmed Year Built/Age: Built in Dec 2010 Asking Price: $1,399,000 RBA: 28,294 SF Price/SF: $39.41 Land Area: 0.90 AC(38,991 SF) Price/AC Land Gross: $1,245,670.87 Percent Leased: - GRM/GIM: -/- Document No: 0026282 #Units: 20 Price/Unit: $55,750 Avg Unit Size: 1,154 SF SF of all Units: 23,080 This copynphted report contains research licensed to Stevens&Associates.368588 18669 Stroh Rd -Hunter's Chase Condo Association SOLD 20 Unit,28,294 SF Class B Apartments Condominium in a 28,284 SF building Built in Dec 2010(can't) • • UNIT MIX AT TIME OF SALE Units Asking Rent Effective Rent Concessions 1 Bed/Bath # Y. Avg SF Vacant Min/Unit Max/Unit Min/SF Max/SF Min/'Unit Max/Unit Min/SF Max/SF 2/2.0 10 50.0 1,084 - - - - 2/2.0 10 50.0 1,224 - - - - - - Transaction Notes -,E=irrAtiormsPrrinperli Seller Broker confirmed sale price,date,buyer and buyer broker,spoke to buyer and confirmed sale p-ice of$1 115,00C Current Building Information ID:7718962] Bldg Type: Apartments Bldg Status: Built in Dec 2010 #Units: 20 Bldg Size: 28,294 SF Avg Unit Size: 1,154 SF Stories: 2 Bldg Vacant: 0 SF Typical Floor Size: 8,275 SF Owner Type: Investment Manager Metering: Individually Metered Zoning: - Rent/SF/Yr - Land Area: 0.90 AC Elevators: 0 Parking: 40 free Surface Spaces are available; Ratio of 1.41/1,000 SF;2.00/Unit Expenses: 2009 Tax @ 579.40/Unit Location Information Metro Market: Denver Submarket: South Douglas County MF/South Douglas County MF County: Douglas CBSA: Denver-Aurora-Broomfield,CO CSA: Denver-Aurora-Boulder,CO DMA: Denver,CO-NE-WY-NV This copyrighted report contains research licensed to Stevens&Assodstes-388588 BOE SUMMARY SHEET Account Number: R8848600 MEEKER COMMONS MHA LTD CIO RED MORT CAPITAL LLC LOAN SERVICE 1717 MAIN ST STE 900 DALLAS, TX 75201-4687 HEARING DATE: July 292�2014 AT3:45 PM /� // / / HEARING ATTENDED? fYVN) NAME: uaro/ I L(q�f T' AGENT NAME: STEVENS VVV &ASSOCIATES COST REDUCTION SPEC 9635 MAROON CIRCLE SUITE 450 ENGLEWOOD, CO 80112-5902 APPRAISER NAME: BDK 8r;an Rep pen DECISION ACTUAL VALUATION APPROVE BY SET BY ASSESSOR BOARD TOTAL ACTUAL VALUE $804,758.00 COMMENTS: '/ f MOTION BY W a -- fi, SECONDED BY Air Conway -- Freeman --k.50/N1 Failed to prove appropriate value Kirkmeyer-- Y No comparables given Rademacher-- N) /' Assessor's value upheld Garcia --ØN) Other: RESOLUTION NO. 2014-2344 M:\CBOE\Letter Templates\Summary Sheet.docx Hello