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Home My WebLink About20142368.tiff 1861 r CLERK TO THE BOARD PHONE (970) 336-7215, EXT 4226 FAX (970) 352-0242 WEBSITE: www.co.weld.co.us 1150 O STREET V� COUNTY P.O. B0X 758 GREELEY CO 80632 July 31, 2014 JOHNSON INVESTMENTS INC 126 W HARVARD ST STE 2 FORT COLLINS, CO 80525-5222 RE: THE BOARD OF EQUALIZATION 2014, WELD COUNTY COLORADO APPROVAL OF STIPULATION BETWEEN PETITIONER AND ASSESSOR ACCOUNT NO.: R4347806 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 request to approve and adopt a valuation of your property arrived at by a Stipulation between you and the Weld County Assessor, for the year 2014. The Board of Equalization found that the evidence presented at the hearing supported the stipulated 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. ACTUAL VALUE AS STIPULATED VALUE DETERMINED BY ASSESSOR APPROVED BY BOARD $2.098.319.00 $1.700,000.00 The above 'Stipulated Value' is the value which will be used in the calculation of your property taxes for 2014. This value is not appealable. If you have questions concerning the above information, please call me at (970) 336-7215, Ext. 4226. Very trulyyours, yt�C/ S d ;tie Esther E. Gesick, Clerk to the Board Weld County Board of County Commissioners Cc: Christopher Woodruff, Weld County Assessor 1ST NET REAL ESTATE SERVICES INC 3333 S WADSWORTH BLVD SUITE 200 LAKEWOOD, CO 80227 2014-2368 AS0088 COUNTY BOARD OF EQUALIZATION WELD COUNTY Single County Schedule Number R4347806 STIPULATION(As To Tax Year_2014_Actual Value) RE PETITION OF : Johnson Investments Inc NAME: Windsor Town Center II ADDRESS: 1215 Main Street Windsor, CO Petitioner(s) and the Weld County Assessor hereby enter into this Stipulation regarding the tax year 2014 valuation of the subject property,and jointly move the Board of Equalization to enter its order based on this Stipulation. Petitioner(s) and Assessor agree and stipulate as follows: 1. The property subject to this Stipulation is described as: WIN WTCII2 L4 WINDSOR TOWN CENTER II 2ND FG&L 1 WINDSOR TOWN CENTER II 4TH FG 2. The subject property is classified as Commercial property. 3. The County Assessor originally assigned the following actual value to the subject property for the tax year 2014: Total $2,098,319.00 4. After further review and negotiation, Petitioner(s)and Weld County Assessor agree to the following tax year 2014 actual value for the subject property: Total $1,700,000.00 5. The valuation,as established above, shall be binding only with respect to tax year 2014. 6. Brief narrative as to why the reduction was made: Analysis of the subject's actual income and expenses for 2011 and 2012. 7. Both parties agree that: The hearing scheduled before the Board of Equalization on(Date)at ❑ q (Time) be vacated. ®A hearing has not yet been scheduled before the Board of Equalization. R4347806 1 2014-2368 • • art_ ths 17 day� of July, 2014. , P ) or Agent or Attorney (Ass ant)C u Attorn'22) for Respondent, Id County Board of Commissions Address: Address: /-472/FTPAAL ctM Sip _Lk. 1150 "O" Street tL_/b4 ' a g P.O. Box 758 ¢.,urcn<d n fiaz7 Greeley, CO 80632 Telephone: 7,21)-96,2-,5 7517 c e o (970) 336-7235 � WI'!1 County Ass ssor Address: 1400 N.17th Avenue Greeley, CO 80631 Telephone: (970) 353-3845 ext. 3697 Docket Number Stip-1.Frm R4347806 I NOTICE OF DETERMINATION Christopher M. Woodruff Date of Notice: 6/27/2014 Weld County Assessor Telephone: (970) 353-3845 1400 N 17th Ave Fax: (970) 304-6433 Greeley, CO 80631 Office Hours: 8:00 AM - 5:00 PM ACCOUNT NO. TAX YEAR TAX AREA LEGAL DESCRIPTION/PHYSICAL LOCATION R4347806 2014 0421 WIN WTCII2 L4 WINDSOR TOWN CENTER II 2ND FG & L1 WINDSOR TOWN CENTER II 4TH FG 1215 W JOHNSON INVESTMENTS INC MAIN ST WINDSOR, CO �33z 126 W HARVARD ST STE 2 o FORT COLLINS,CO 805255222 re 0. a 0. 0. ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ACTUAL VALUE PRIOR TO ACTUAL VALUE AFTER REVIEW REVIEW COMMERCIAL 2,098,319 2,098,319 TOTAL $2,098,319 $2,098,319 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: The income analysis you provided deducted property taxes which is not an allowable expense. Your 2011 income supports $2,358,105 and 2012 income supports $2,060,658. 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 serices it provides t it taxpayers. The local taxi g 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. ec, t9s a Ong RECEIVED 1ST NET REAL ESTATE SERVICES INC JUL 1 4 2014 3333 S WADSWORTH BLVD SUITE 200 WELD COUNTY LAKEWOOD, CO 80227 COMMISSIONERS As oogg 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.) 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 ins)aa ed cost, appraisal, etc.) /4 //I ATTESTATION I, the dersigned owner or agent' of the property identified above, affirm that the statements contained herein and ny attac ents hereto are true and complete. tone 72e fC ?S7s�i `7-//i26/67 Signature Q Telephone Number Date O/9..e.-is; id/ e. �`/A Email Add'ress I Attach letter of authorization signed by property owner. 15-DPT-AR PR 207-08/13 R4347806 19412 Windsor Town Center 1215 Main Street Income SF 20,250 2011 2012 Rent Income S 169,409 S 157,577 Rent Income Late Fees S (446) S - CAM Income S 129,295 $ 99,601 Interest Income S 776 S 416 Total Actual Operating Revenue 5299,034 5257,594 RECEIVED Operating Expense Exp 2011 Exp 2012 JUL 1 4 2014 Grounds Maintenance S 233 S 117 Maintenance Wages Reimb S 3,185 S 2,740 WELD COUNTY Grnds-Sweeping Trash pick-up S 1,266 S 1,280 Landscaping Expenses S 2,813 5 2,808 COMMISSIONERS Landscaping Supplies S 25 5 24 Snow Removal Expenses S 6,136 S 1,064 Trash Services 5 3,196 S 3,234 Contract Services $ 950 S - Supplies S 425 5 - HVAC Repair 5 - S - HVACContract 5 1,800 S 2,400 Signs&Maintenance Sip Rentanemmt, S (234) S (234) Sign&MilmemrcelMher S 900 5 900 Repairs&Maintenance Gen S 146 S 611 Management Fen $ 12,519 S 12,280 Electricity S 3,565 $ 3,289 Water&Sewer $ 13,413 S 12,238 Water&Sewer-Landscaping Only 1,751 5 2,974 Insurance $ 5,458 S 4,312 Real Estate Tax $ 70,095 $ 49,981 Owners Expense Contract Services $ - S 626 Bank Charges S - S - Vacant Unit Expenses S 2,715 S - Vacant Utilities 5 3,405 $ 4,022 Vacant Unit CAM Expense S 35,462 S 26,900 Tenant Repairs&Improvements $ 239 5 854 Mortgage Payments S - S Loan Interest S 120,844 $ 59,747 Depreciation Expense S 43,535 S 43,535 Amortization Expense S 1,906 S 9,530 Total Expenses S 169,459 S 132,419 S 299,034 S 257,594 PSF S 8.37 S 6.54 Less Cam Pd S - S - Avg PSF 7.45 5 169,459 $ 132,419 Net Income from Rental Real Estate S 129,574 $ 125,175 Capitalization Rate 8.5% 0.085 0.085 Effective Indicated Property Value $ 1,524,405 $ 1,472,650 Final Assigned Value Average $ 1,498,527 L 10:56 AM al -Windsor Town Center Owner 04/29/14 Cash Basis Profit & Loss Cash January 2011 ilifspgMecengira01 Income 5100•RENT INCOME 169,408.72 157577.22 5110•RENT INCOME LATE FEES -446.38 0.00 5300•CAM INCOME 0.00 0.00 5900•MISC INCOME 0.00 0.00 Total Income 168,962.34 157,577.22 Expense 6210•CONTRACT SERVICES 0.00 625.63 RECEIVED 6540•BANK CHARGES 0.00 0.00 7100•VACANT UNIT EXPENSES 2,715.00 0.00 JUL 1 4 2014 7110•VACANT UTILITIES 3,404.82 4,021.80 WELD COUNTY 7130•VACANT UNIT CAM EXPENSE 35,462.06 26,900.49 COMMISSIONERS 7200•Tenant Repairs and Improvements 238.79 854.06 8300•MORTGAGE PAYMENTS 0.00 0.00 8310•LOAN INTEREST 120,844.37 59,747.04 8800•DEPRECIATION EXPENSE 43,535.00 43,535.00 8810•AMORTIZATION EXPENSE 1,906.00 9,530.00 Total Expense 208,106.04 145,214.02 Net Income -39,143.70 12,363.20 Page 1 of 1 10:57 AM Jt - Windsor Town Center Tenant CM.., 04129114 Accrual Basis Profit & Loss January 2011 throe h R%pmberA0e1hec 12 Income 5300•CAM INCOME 5301 -CAM INCOME-1205 9,210.60 7,659.56 5302•CAM INCOME-1215A 8,167.56 6,170.99 5303•CAM INCOME-1215B 8,713.73 6,579.70 5304•CAM INCOME-1215C 11,821.92 9,272.01 5305•CAM INCOME-1215DIE 16,453.56 12,868.39 5306•CAM INCOME-1215F 6,802.16 5,149.22 5307•CAM INCOME-1215G 9,806.64 7,397.10 5308•CAM INCOME-1215H 7,621.38 5,762.28 RECEIVED . 5310•CAM INCOME-12151 9,763.80 7,824.26 5311 •CAM INCOME-1215J 10,898.33 8,214.51 JUL 1 4 2014 5312 CAM INCOME-1215K/L 30,035.64 22,702.78 WELD COUNTY Total 5300•CAM INCOME 129,295.32 99,600.60 COMMISSIONERS 5600•INTEREST INCOME 776.13 416.45 Total Income • 130,071.45 100,017.25 Expense 6100•GROUNDS MAINTENANCE 232.78 117.35 6110.MAINTENANCE WAGES REIMBURSEMENT 3,185.00 2,740.00 6150•GRNDS-SWEEPING AND TRASH PICKU 1,265.90 1,280.39 6160•LANDSCAPING EXPENSES 2,813.00 2,808.00 6162•LANDSCAPING SUPPLIES 24.65 23.57 6170•SNOW REMOVAL EXPENSES 6,135.53 1,063.75 6180•TRASH SERVICES 3,195.99 3,234.00 6210•CONTRACT SERVICES 949.68 0.00 6230•SUPPLIES 425.12 0.00 6240•HVAC REPAIR 0.00 0.00 • 6250•HVAC CONTRACT 1,800.00 2,400.00 6270•SIGNS AND MAINTENANCE 6275•Sign Reimbursements -234.00 -234.00 6270-SIGNS AND MAINTENANCE-Other 900.00 900.00 Total 6270•SIGNS AND MAINTENANCE 666.00 666.00 6300•REPAIRS AND MAINT GEN 146.12 610.68 6700•MANAGEMENT FEES 12,518.64 12,279.80 • 7010•ELECTRICITY 3,564.62 3,288.84 7030•WATER AND SEWER • 13,412.61 12,237.80 7031-•WATER&SEWER-LANDSCAPING ONLY 1,750.64 2,974.01 8000-INSURANCE 5,457.91 4,311.94 8100•REAL ESTATE TAX 70,094.52 49,981.12 Total Expense - 127,638.71 100,017.25 Net Income 2,432.74 0.00 ! 222222 2 .12(828 8git ) 2Z 2 \}-}6949&,}.. j§ ! !!!!!! 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Wadsworth Blvd. Ste 200 Mitt111111'11111 Lakewood, CO 80227,Phone: 720-962-5750 Fax: 720-962-5760 LETTER OF AUTHORITY To Whom It May Concern: / • j AA.,-",.,eu_ am the owner, and/or agent of the owner, of the following real and/or business personal property: ADDRESS PARCEL/SCHEDULE NUMBER COUNTY SEE EXHIBIT A,ATTACHED HERETO AND INCORPORATED HEREIN BY THIS REFERENCE I do hereby authorize 1st Net Real Estate Services,Inc.to represent my interests and to appear on my behalf before County Assessor, County Board of Equalization, Board of County Commissioners, the Colorado Board of Assessment Appeals, binding arbitration, District Court, all Colorado state courts, and/or any other agency or entity with regard to any and all matter(s) concerning the valuation and taxation of the above mentioned property(s)for tax years 2012,2013 and 2014. The undersigned requests that copies of all decisions from any of the above entities, or any other agency or entity, as is involved pertaining to matters of valuation and/or taxation for the above-mentioned property(s),be mailed to: 1st Net Real Estate Services,Inc. 3333 S.Wadsworth Blvd.Suite 200 Lakewood,CO 80227 Phone: (720) 962-5750 Fax: (720)962-5760 I hereby expressly revoke any and all previous authorizations relating to the Property(s).This authorization shall remain in effect until this authorization is terminated in a written instrument executed by the undersigned. Dated this O' day off....—€77—J-11 201 eys Owner: JOHNSON INVESTMENTS,INC./LEWIS MELVIN JOHNSON Signature: 37, Print Name: Title: Ul- j. � ��>��' �. RECEIVED Address: 126 W.Harvard St. Suite#2 JUL 1 4 2014 City, State,Zip: Fort Collins CO 80525 WELD COUNTY COMMISSIONERS Phone#: 970-206-9090 Fax#: STATE OF COLORADO ) SS COUNTY OF AFAR.SOti1 ) `tC. .,a cC? g°e Sworn to and subscribed before me this (24,4 day of /�,!!A_A:( ,20/y by 44 3a®p Witness my hand and official seal. _ �s a`O � ''s�: My Commission expires ° `OTARy C/; o yam Notary Public 77 / o N PJ, `‘C'/ =O Address ?3? S_J ��..4/eiz ./. ZA/5SF{� P ,� ^cfl40 a®as "EXHIBIT A" 1410 10th St. . Schedule#R1589604 Larimer County 116 W.Harvard St. Schedule#R0134236 Larimer County 126 W. Harvard St. Schedule#R0134244 Larimer County 134 W.Harvard St. Schedule#R0134252 Larimer County 225 Johnson Dr. Schedule#R0102458 Larimer County 1112 Oakridge Dr. Schedule#R1581031 Larimer County 1005 W. Stuart St. Schedule#R0677183 Larimer County 1635-1653 S. College Ave. Schedule#R1652170 Larimer County 1704-1735 S. College Ave. Schedule#R1652169 Larimer County 1215 Main St. Schedule#R4347806 Weld County 1293 Main St. Schedule#R7102398 Weld County 1295 Main St. Schedule#R7102498 Weld County 1842 S.Parker Rd. Schedule#1973-22-3-10-001 Arapahoe County RECEIVED JUL 1 4 2014 WELD COUNTY COMMISSIONERS Hello