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Home My WebLink About20142342.tiff BOARD OF ASSESSMENT APPEALS STATE OF COLORADO Docket Number 64973 Single County Schedule Number R6884497 STIPULATION (As To Appeal for Tax Year 2014) Medical Systems Denver Inc., RECEIVED Petitioner(s), vs. JAN 2 2 225 WELD COUNTY Weld COUNTY BOARD OF EQUALIZATION, ° COMMISSIONED. Respondent. Petitioner(s) and Respondent hereby enter into this Stipulation regarding the tax year 2014 valuation of the subject property, and jointly move the Board of Assessment Appeals to enter its order based on this Stipulation. Petitioner (s)and Respondent agree and stipulate as follows: 1. The property subject to this Stipulation is described as: 7600 Johnson Dr., Frederick CO 2. The subject property is classified as Commercial property(what type). 3. The County Assessor originally assigned the following actual value to the subject property for the tax year 2014: Land $211,674.00 Improvements $1,033,266.00 Total $1,244,940.00 4. After a timely appeal to the Board of Equalization,the Board of Equalization valued the subject property as follows: Land $211,674.00 Improvements $1,033,266.00 Total $1,244,940.00 5. After further review and negotiation, Petitioner(s) and County Board of Equalization agree to the following tax year 2014 actual value for the subject property: R6884497 CammuntacEton, aor�l-a0va za-�� ae ,Ch 63.y � 'Jz2 ris oo g Land $211,674.00 Improvements $888,326.00 Total $1,100,000.00 6. The valuation,as established above,shall be binding only with respect to tax year 2014. 7. Brief narrative as to why the reduction was made: After further review of the income potential of the subject property and adjustment was deemed necessary. 8. Both parties agree that the hearing scheduled before the Board of Assessment Appeals on Mar. 2,2015 (date) at 8:30 AM(time)be vacated; or,a hearing has not yet been scheduled before the Board of Assessment Appeals (check if appropriate). A E this 1 day of January,2015. P itioner(s) Agent or orney (Assistant) County Attorney for Respondent, Weld County Board of Equalization \ e � /U Address: y 7J (,,,/' ` 1�`�J 1150 O Street sue,, P.O. Box 758 y 4`` �J�� Greeley, CO 80632 Telephone: 3 ,1 (f) 17 o Teieghone:(970) 336-7235 County Asses or Address: 1400 N.17th Avenue Greeley, CO 80631 Telephone: (970) 353-3845 ext. 3697 Docket Number Stip-1.Frm R6884497 2 BOARD OF ASSESSMENT APPEALS STATE OF COLORADO NOTICE OF HEARING SCHEDULE NO. R6884497 DOCKET NO. 64973 Petitioner(s): Tax Year(s): 2014 MEDICAL.SYSTEMS DENVER INC. RECEIVED V. Respondent: DEC 0 3 2014 WELD COUNTY BOARD OF EQUALIZATION WELD COUNTY COMMISSIONtR8 The Board of Assessment Appeals will hear the above-captioned matter: Date: March 2, 2015 Time: 8:30 AM Mountain Time on a trailing docket Location: 1313 Sherman Street Room 315, 3rd Floor Denver, CO 80203 Time Allocated: 1 hour(s) per side PLEASE TAKE NOTICE: The Board of Assessment Appeals uses a one-day modified trailing docket. Several cases are scheduled for hearing at 8:30 am each day. Cases are heard in the order determined by the Board, with the first case commencing at 8:30 am. At the completion of the first case on the docket, the Board hears the second case on the docket. The Board proceeds through the docket in this manner until all cases have been heard or until insufficient time remains to fully hear the remaining cases on the docket. Cases not heard will be continued to another day. You are required to appear for your hearing at 8:30 am on the date noted above and remain until your case is heard or continued, unless the Board removes your case from the trailing docket and schedules your case for a specific time later in the day. A list of cases removed from the trailing docket will be available at least one week prior to the hearing date. If your case is removed from the trailing docket, you are required to appear at the specific time scheduled by the Board. Please check the Hearing Schedule on the Board's web page (www.dola.state.co.us/baa/index.htm) or call (303) 864-7711 within one week prior to your hearing date to determine if your hearing has been scheduled for a specific time on the hearing date. If the Petitioner is a closely held entity as defined in CRS 13-1-127,the Petitioner must be represented by either an attorney licensed in Colorado or an officer of the entity. If the Petitioner is a domestic or foreign entity that is not closely held, as defined in CRS 7-90-102, an attorney licensed In Colorado must represent the entity in all legal proceedings before the Board. Pursuant to Board Rule 11, documentary evidence and witness lists must be received by the Board and the opposing party no later than February 16, 2015. If this date falls on a State Holiday, the documentary evidence and witness lists are due the following working day. Petitioner's Representative of Record: Mailed: November 26, 2014 STEVENS &ASSOCIATES INC TODD J. STEVENS 9635 MAROON CIRCLE, SUITE 450 ENGLEWOOD, CO 80112 &fltW ia±ton4 2011-23+/2 12-8 -201A/ et: fisR., acdaYt be) J212y As DOSE CLERK TO THE BOARD X861 PHONE (970) 336-7215, EXT 4226 FAX (970) 352-0242 tin WEBSITE: www.co.weld.co.us 1150 O STREET P.O. BOX 758 G O U N� GREELEY CO 80632 July 31, 2014 MEDICAL SYSTEMS DENVER INC 7600 JOHNSON DR FREDERICK, CO 80504-3491 RE: THE BOARD OF EQUALIZATION 2014, WELD COUNTY, COLORADO DENIAL OF PETITIONER'S APPEAL AND AFFIRMATION OF ASSESSOR'S VALUE ACCOUNT NO.: R6884497 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 $1.244.940.00 $1,244,940.00 2014-2342 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 39-8-1O8(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 2O14-2342 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 2014-2342 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 y truly tr yours, C/.d / 't 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 2014-2342 AS0088 Weld County CHRISTOPHER M.WOODRUFF COUNTY ASSESSOF BRENDA DONES,DEPUTY ASSESSOF VALUATION REPORT OF COMMERCIAL PROPERTY FOR Weld County Board of Equalization MEDICAL SYSTEMS DENVER INC PETITIONER vs. WELD COUNTY ASSESSOR'S OFFICE RESPONDENT Parcel Number: 1313-26-2-02-001 Schedule Number: R6884497 Log Number: 7955 Date: 7/29/2014 Time: 03:15 PM Board: CBOE PREPARED BY WADE MELIES WELD COUNTY ASSESSOR'S OFFICE STAFF APPRAISER ASSESSOR'S VALUE COMMERCIAL $1,244,940 2014-2342 CBOE Page I 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 7600 JOHNSON DR FREDERICK Land Area 105,837 Square Feet or 2.43 acres Zoning Property Type Commercial Storage Warehouse Service Garage Office Building Year Built 1997 Year Remodeled 2005, 2006, & 2008 Quality Average Class Metal Frame Number of Stories 1 Improvement Sq. Ft. 20,749 Mezzanine: 2,000 square feet Value Indications: Cost Approach N/A Market Approach $1,244,940 Income Approach $1,309,723 Reconciled $1,244,940 CBOE Page 2 Photos ,• ` r t .IN, a dal-Vi q • '\. j . .. . •-414 4-. • '1 � 7 a I _ - - _ . - �r` -' Blv Overall Foot Print --wa- a 20749.0 S.F 180.0' Class 'S" lc 0. 4) f 14'Sidewail Height Radiant Heat - __ Whse/Storage Service Bay 14,000 S F, '411 IllAtt 4000.0 S.F 50.0' - - Mezzanine Storage 2000D S.F. O a wnv FUR Off ° 001 S.F L C/J sall- 60.0' 60.0' Ottice/Retall 2749.0 S.F Q 60.0' CBOE Page 3 Arial Photo r It U64 a 131323301009 M 1.4 Sri - '�. . • f•. lam'. ... �t �4 S y. �!i� st t GOODING HOLLOw'PI(wY — - - - • al I .E. 1 i I k . • , 1. 4.4.J. b {{ li. I • M �+ 2.43 . �„ 2.382 131326202001 it 131326202002 3132620100' !It ' • 16534 0 I - I a `r. ' .a S. L. 5 4 ry 1_ aa■alt st if at tidil_lat..4 : 4.9 "'A 4,..R C'" 4 • — ar V• f131326202004i 441 7 r 4 ilk 1 1313 !!nr 11' Discription The subject property is used to collect, store, cleanse, and dispose of medical waste. The office area was completely remodeled in 2006. The rear of the building is fenced and there is a dock high loading area on the north side of the building. Property has visited in June of 2014 by the Appraiser. CBOE Page 4 COST APPROACH SUMMARY The cost approach was considered but not completed. The subject property was built in 1997 and remodeled in 2005, 2006, & 2008. The building has been maintained and considered in average condition. For buildings more than 15 years old it is difficult to accurately determine the amount of physical deprecation that should be applied to the Cost Approach to value. For this reason the Cost Approach was not provided for this analysis. CBOE Page 5 Isog ma I; ItHV » -. niP..... — Concrete 1713' �l b 431079 s ught InclusInal ilanuenefl g Total Bulanq Ana 159831St 70 P e b — b CussC t 15P P Year Bug 2001 FA Heat 5 b NV Mt 24 Sonnaersystem 20.0' ii 71ide 'Dike Area a 1 .. .. _ p - re Landscape Are: : as00.0sr ar�in, -mellalli •ir - • - $ t lea 3: Cootie 118.8911_ . a - `-- -9P SA. ,. _ OUIIol A b TO COMPARABLE SALE 1 COUNTY: WELD ACCOUNT NUMBER: R7439598 PARCEL NUMBER: 131326205009 & 012 PRIMARY OCC: Indust Lght Manufacturing PERCENT: 75.0% SECONDARY OCC: Office Building PERCENT: 25.0% ADDRESS: 4289 COMMERCE DR FREDERICK RECEPT NUMBER: 3732529 SALE DATE: 11/12/2010 GRANTOR: B&L LEASING LLC SALE PRICE: $950.000 GRANTEE: COLORADO BIOLABS INC ADJ SALE PRICE: $950,000 YEAR BUILT: 2001 CLASS: C EFFECTIVE AGE: 9 LAND/BLDG RATIO: 10.22 LAND SIZE (SF): 79,236 & 84. 158 LAND VALUE: $ 138,662 BLDG SIZE (SF): 15.993 IMPS PRICE/SF: $50.73 WALL HEIGHT: 24 SALE PRICE/SF: $59.40 STORIES: 1 .00 QUALITY: Average COMMENTS: Property consists of two parcels. One parcel contains the improvement the adjacent parcel is a water detention pond and fenced outside storage. Purchase price was negotiated. CBOE Page 6 ns I • � J S• y •1 ? 1 ` I Pic ill' 1 Cailmittr O61-War 09/26/2008 First Floor 22137.5 sf COMPARABLE SALE 2 COUNTY: WELD ACCOUNT NUMBER: R0208087 PARCEL NUMBER: 120723001012 PRIMARY OCC: Indust Lght Manufacturing PERCENT: 100.00/0 ADDRESS: 14000 MEAD ST MEAD RECEPT NUMBER: 3855370 SALE DATE: 6/25/2012 GRANTOR: HIGHLAND PROPERTIES 2708 LLC SALE PRICE: $ 1 .337,500 GRANTEE: PIIO"I'ON LLC ADJ SALE PRICE: $ 1 ,337,500 YEAR BUILT: 1986 CLASS: S EFFECTIVE AGE: LAND/BLDG RATIO: 4.5307 LAND SIZE (SF): 100.302 LAND VALUE: $200,604 BLDG SIZE (SF): 22, 138 IMPS PRICE/SF: $51 .35 WALL HEIGHT: 16 SALE PRICE/SF: $60.41 STORIES: 1 .00 QUALITY: Average COMMENTS: CBOE Page 7 fX LJ NewStni Pal Mint BM 1 Hit 8+r SEC 7i • :rp ikM I:JO ler 1 L t s. ii. -----1- 1 ©/0011--�lY :- . s COMPARABLE SALE 3 COUNTY: WELD ACCOUNT NUMBER: R4201706 PARCEL NUMBER: 131310101009 PRIMARY OCC: Service Garage PERCENT: 100.0% SECONDARY OCC: Showroom PERCENT: 100.0% ADDRESS: 3690 STAGECOACH RD WELD RECEPT NUMBER: 3789194 SALE DATE: 8/29/2011 GRANTOR: COLORADO HOUSING FINANCE AUTHORITY SALE PRICE: 5800.000 GRANTEE: DRAW ENTERPRISES [1C ADJ SALE PRICE: $800.000 YEAR BUILT: 2005 CLASS: S EFFECTIVE AGE: LAND/BLDG RATIO: 13.7862 LAND SIZE (SF): 159,865 LAND VALUE: $639,461 BLDG SIZE (SF): 11 ,596 IMPS PRICE/SF: $ 13.84 WALL HEIGHT: 20 SALE PRICE/SF: $68.98 STORIES: 1 .00 QUALITY: Average COMMENTS: Buyer has converted showroom area to offices. Property was a RV sales lot; buyer is a landscape service company CBOE Page 8 Sales Comparable Map P4 { . it 1 * r C To _ 141..• • a. -Ill- Ilk ... . - J 11114° it '',l ^' 1 4 , ,'y _� 4. . ' -4. - Comp 2 �.. •... - 1 .`. . 1.. 1 i lt- � 1 •I 1 re fI 1 . �r 11iri ' _ 's J 1 ' _ I*'ling . or a ! _______. ft - It Vi A if •". •- VII, 151 -410 e 7 ey .,..,.„% , i . ,,.., � _ J. , „,,, ..... ..,m '� 1 :c.a.!" •~` - �- — . Ameerfrt:fr • ®.f •• X11 �_ - - �__- _ • •1 f ilia 7f •tvwlftt + k • .r1 } • t . Al --_ 2. 4414 pari 1_ v 11 * ' 4: 4.1_ . r• ' 1 • • "1•- I {r‘ 1 M •' • 1 I g f la l 4 l'----r-r- --.' I.,:1.t..., ... . ...-- 1_ CI::: i. • 44 _4 \ "" _e.Sr l - ! 4 i• •!tI ` r� qT•F, I ' ! v ,al •• turd • < - -Ala•. J/ h Lam_ 1. � A ...s r y 1 .�•rr -L � ..•��r y � ' .N l ! j.' si , [ 1, •1r 1,j_• e6— - ? ±- it ti •{ , ,� it. :. • 4 r i t iti I J _ , r 1• 1��yyy�1 _arid- t ' 1rI- „yF • �/ l •. O ` r sat _ '� a V ;OS ! 4 e `ill 1 • l .y.�( l • 1 1 ft am, tor 4 .4 1 mot - 1'��/ � _ __,.__ __. 4 t'� -� ! I•' Od• 1 . ' r l- S a i .. . i I. • t. T . a . ii :if 4 4 /044T 41 .�t,� • jIcts fitV- lir'• i .. t - _ ,1,1.'4 i 4.4 s' . CBOE_COMM_010998 Page 9 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)(1), 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. The three comparables develop a range from $59.40 to $68.98 per square foot. Based upon investigation and analysis, it is the opinion of the appraisers that the value of $60 per square foot accurately reflects the market value of the subject property. VALUE As INDICATED BY THE MARKET APPROACH $1,244,9400 CBOE_COMM_010998 Page 10 INCOME APPROACH SUMMARY The Weld County Assessor has appropriately considered the Income Approach to value for the Subject property on appeal. The Assessor has gathered income information from local commercial properties for the time frame of January 1, 2011 through June 30, 2012. This information, combined with statewide and industry-wide data, is used to determine typical income and expenses for various property types. In conclusion of the Income Approach, the Assessor has considered both groups of data and has put more emphasis on the local factors and data than the state and national data. This information was then applied to the subject property to arrive at an appropriate Income Approach Value. TOTAL INCOME VALUE FOR THE SUBJECT PROPERTY $1,309,723 MARKET INCOME WORKSHEET Parcel : '131326202001 Name: 7600 Johnson Drive LLC Address: 7600 Johnson Drive, Frederick, CO Bldg Sq Ft Use 20,749 Industrial Light Manufacturing Typical Rent PSF $6.50 nnn Annual Rent per Annual Gross Area Rent PSF Month Income Subject Property 20,749 $6.50 $ 11 ,239 $134,869 LessVacancy & Expenses Vacancy 5.0% $6,743 Effective Gross Income (EGI) $128. 125 Typical Expenses mgmt 5% $6,406 R/R 3% $3,844 Net Income $5.68 $117,875 Net Income/Overall Cap Rate = Property Value Property Value Cap Rate 0.0900 $ 1 ,309,723 Market Leases Address Use GBA Rent 3764 Eureka Way, Frederick, CO Warehouse 7,600 sf $6.80 nnn 4001 S. Valley Dr, Mead, CO Warehouse 28,700 sf $6.80 nnn 265 Basher Dr, Johnstown, CO Warehouse 11 ,000 sf $6.00 nnn CBOE_COMM_010998 Page 11 Lease Comparable Map � •y •i' - �1__ Nye a r t i MIII --T,y. � ate, '1►' r �1 f t�' -.. t ... 7 , f aft aria -' a �� aT > . �. ,.. a -Y 1 It r.t, �• 'n •�• , ' _,, �, - J 1. 4 �i tea. a ` r� . •. yca Joh�nst'own � � - '�'Is, Comp .3 I ' '" ,� �� I Milliken`-Ir , :11 • OD'An' • II. ‘61::„/ id A ji. •ii, lip. , or / .2...— , I (LPedgudt' „Williii.4 , , ,•... , ,. ...., t `. 4 1 '1 cVS 24 1 i ss E-St` to ca hle- er - y ` o • 66. fJ si —t if ilifrldil iru ' i.: 41 L'' 4.)ri ' r, c. , } } - J.. • .. .. .., ......s ..„„ 1 . • dle • ( ,� t 4. .4,- . .i . '-ry ^ k ',. `1y. �" R .} r .. J i Dray th 1 I v. It .4, i I . c v }r' ,l i . i I 4� II r :' f : •r _ y,-- . 4 . t• 9 .1 5 , bar � .. . -t _ _ - , • ♦ _ Eii ±� . ' . . - '! qi#fir" t.-t r j(, . ;• •!x. .x 144 I •y .•.. r • • IY 4 11, • • ., - . : ,. .i. .,. :, �; "yt� Comp 2 •Platteu�lle. •:, y,.� + T_ r u �3 i 00 Ill . .- _ ' CU •11 1. iii , it lib1t let Longmont-4___ __._mont � • s • • ' , . ).".4, 'L I • g ! � • ' I. , ',. 4t 119 . .. 5 tit . , _ a„1187 = r Jv f,' I 11 Z� ?I I • v� rd� ,. •' ,I a� ,N.aye .i e , 0'; �„ JqJ= �' en 1 „c..,, w 4 � x��'y . r • y 4 • • s . i •! .. a ".�ff k .. I �t'� a i ` w ij; %q. .. F ��yy��yv ••• ..e f r cc7. -,�• ',' _ Comp I ; • � •� y is ' ' s . { ' .. y J /tom II) ' iJj1s t ' ' '• ; A. lie:it • , - va ii�9r - ":, '; . - • ITS- J t) A. f y.,Ji6 - ,41,,,,,-, - _ _.5.414 ,. _ ' r y� r - CBOE_COMM_010998 Page 12 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 Commercial Property for assessment purposes. Commercial property value shall be determined by appropriate consideration of the Cost Approach, Market Approach, and Income Approach to value. {39-1-103(5)(a) C.R.S.} The Assessor has considered all three approaches to value for the subject parcel on appeal. FINAL RECONCILIATION After consideration of the cost, market and income approaches, it is the Weld County Assessor's opinion that the value of$1,244,940 most accurately reflects the value of the subject property in Weld County for the 2014 tax year. COST APPROACH MARKET APPROACH INCOME APPROACH N/A $1,244,940 $1,309,723 ASSESSOR'S VALUE COMMERCIAL $1,244,940 CBOE_COMM_010998 Page 13 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 personal inspection of the property that is the subject of this report. 72 Wade I.Melies Colorado Certified General Appraiser CG40036400 CBOE_COMM 010998 Page 14 1 NOT b,. , Tt� ATION Christopher M. Woodruff JUL. 1 6 2014 Date of Notice: 6/27/2014 Weld County Assessor Telephone: (970) 353-3845 1400 N 17th Ave WELQ COtiPITY AR Fax: (970) 304-6433 Greeley, CO 80631 GFtha.EY, OOLM Office Hours: 8:00 AM - 5:00 PM ACCOUNT NO. TAX YEAR TAX AREA LEGAL DESCRIPTION/PHYSICAL LOCATION R6884497 2014 1459 FRE FWBC L1 BLK2 FREDERICK WEST BUSINESS CENTER 7600 JOHNSON DR w MEDICAL SYSTEMS DENVER INC FREDERICK, CO 7600 JOHNSON DR o FREDERICK, CO 805043491 K 0. a O 0. a ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ACTUAL VALUE PRIOR TO ACTUAL VALUE AFTER REVIEW REVIEW COMMERCIAL 1,244,940 1,244,940 TOTAL $1,244,940 $1,244,940 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: CM01 - The Colorado Constitution requires commercial property to be valued based on actual value and assessed at 29%. Replacement cost, market, and income are approaches used to determine the actual value of your property. 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 JUL 1 7 201' SPEC 9635 MAROON CIRCLE SUITE 450 WELD COUNTY 15-DPT-AR ENGLEWOOD, CO 801125902 COMMISSIONERS PR 207-08/13 R6884497 19504 r . 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.) $ c R. A Value $960,000 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.) The assessor did not properly consider the cost, market and income approaches lu vdluC us aspet.tb Lu tl'e piuporty in quetion. ATTESTATION • I, the undersigned owner or ace t' of the property identified above, affirm that the statements contained herein and on any attachments h e re and complete. Signature Telephone 4ftri- Iat'8 Date 7-15-14 todd@stevensandassoc.com Email Address ' Attach letter of authorization signed by property owner. 15-DPT-AR PR 207-08/13 R6884497 19504 IIOJ T Stevens & Associates RC Specialists in:Property Tax Reductions RECEIVED JUL i o 2014 July 15, 2014 WELD COUNTY A8nNOR G€tEPLEY, Ot mOR Weld County Board of Equalization 1400 N 17th Ave RECEIVED Greeley, CO 80631 JUL 1 7 2014 WELD COUNTY COMMISSIONERS Dear County Board: 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 Copart Inc 1281 27 CR R6275086 147130000012 If you should have any questions regarding these appeals, please feel free to call our office. Sincerely, // 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 Property Tax Consultant-Agency Agreement Owner Address:7600 Johnson Dr,Frederick,CO 80504 Property Address/Legal Description/Schedule#:See Attached exhibit A Consultant/Agent:Stevens&Associates Cost Reduction Specialists,Inc. I/We Medical Systems Denver Inc,subsidiaries,parent companies and all affiliated companies agree with Stevens& Associates Cost Reduction Specialists,Inc.that for the property tax assessment years 2014 and prior years,In Colorado as the property referred to above,that Stevens&Associates Cost Reduction Specialists,Inc,Is hereby engaged end 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 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 flied 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 3O day of December 2013. Agreed By Medical Systems Denver Inc By. Jack White f� Title:Fxarutivo Viee-Prasfdgrd* /� N / STATE OF g I st t' r) Co �,,ol e./L The��fpptregoirg Iretrument was acknovAggddgad before me} nikrauk day ctT PPe Minot.aCAOP j. Please Direct all correspondence/refunds to: By: Jack White Stevens&Associates/Inc. 0635 Maroon Clr,Suite 450 Witness my hand and official seal. Englewood,Colorado 80112 my commission expires: +//O�/,�(yJ-!j/0/1/a'.1ao 5 �e�,Ri�"^,..ti& SSA I ' /V�"/� /'� Notary Pubic Notary Signature — ( } V CA LEEN D.MORGAN NOTARY PUBLIC STATE OF COLORADO MYCOSIMON17lPwEs/ J/Lt ` f)/J5 A Exhibit A Medical Systems Denver Inc 7600 Johnson Dr Weld County Parcel/Account# 131326202001 I R6884497 1 ism ain cr 0 RJ ` M w n •Z _ W ■ OOOM OM •Z •MM (L L._ INIMINIIIIIIIflIIMI fl -- I--lf)O r.„...°(o r O M _J¢ 0 0 0 fri— �s CJ N. ED � 2 a lalli w2 Millala CC V CO o r� co Cl proN V w tia o V N o u9 ti j ti o in ^�^ll O a it N = 4 mow, (/) N •- —- ra r O - U O .W w - Q o -O V 06 o ca ci L- -'- ileallmIln a3 o ® o � w mQoo Z aa)V i 1, o a) -c•B o 2 _ T.."' 0 CLERK TO THE BOARD 1861 PHONE (970) 336-7215, EXT 4226 FAX (970) 352-0242 WEBSITE: www.co.weId.co.us 1150 0 STREET i P.O. BOX 758 f] N T Y _ GREELEY CO 80632 GOB j July 22, 2014 MEDICAL SYSTEMS DENVER INC 7600 JOHNSON DR FREDERICK, CO 80504-3491 Account No.: R6884497 Dear Petitioner(s): The Weld County Board of Equalization has set a date of July 29, 2014, at or about the hour of 3:15 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 MEDICAL SYSTEMS DENVER INC - R6884497 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 dia.& S 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 r. 4 LIMITED SUMMARY CONSULTING ASSIGNMENT OF Medical Systems Denver Inc. Industrial 7600 Johnson Drive Frederick, 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 I -- 1r +'t - z 4 SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS Property Location: 7600 Johnson Drive Frederick, Colorado Schedule # R6884497 Parcel# 131326202001 Land Size: 105,837 square feet or 2.430 acres Improvement Size: 20,749 square feet YOC 1997 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 Sales Comparison Approach N/A Income Approach $810,279 Reconciliation $810,000 Date of Value: January 1, 2013 4 A INCOME PROFORMA GROSS SQUARE FEET 20,749 NET RENTABLE AREA 20,749 ANNUAL NET REVENUE RENTABLE AREA $5.75 $119,307 $119,307 A VACANCY ALLOWANCE (OF ANNUAL GROSS) 10% $11,931 ' ANNUAL EFFECTIVE GROSS REVENUE $107,376 TOTAL $107,376 i OPERATING, MAINTENANCE AND RESERVES 10% $10,738 1 TOTAL $10,738 ' ANNUAL NET INCOME $96,638 s TOTAL CAPITALIZATION RATE 11.93% CAPITALIZED VALUE OF PROPERTY $810,279 INCOME APPROACH LEASE COMPS LEASE NUMBER LEASE 1 PROPERTY TYPE Industrial CLASS B ADDRESS 7755 I Miller Dr YOC 2002 LEASE DATE Oct-11 BASE RENT $5.74 BASIS NNN I LEASE SF 43,945 RENTABLE SF 43,919 s C T ..`'--P',anrblNoadci r rD i - • is { 0 o •.`izat"mot•:3'. < r Y ••••' -per • - r " I t ��^+...."""* �r -. g7. `si .i t A C. 44 ' �t. �t 5 i t�.n�, 3Y ''�• %.„ �t '�f i t' ^, r Po Alf ! I L, a 4 y � l; ..0.-7 Y M f.. _._Y - 7-'''.,-." ."4 �s —-r 'r- Qr{:"._-. ... 17_:: bu t3. ,,or I ff 1 i,ol,14.,'I l:.--.y:�'. '� i ^ •7600 Johnson 0r z' , ' O 7 + j' . �S 7 r r.a , nr ..,¢ r. 1 ef-iiiN � 1 1 f 1 t p � `tJ - .e Ea rl,W3y. c ' ..,' i-4F2, ill L ..r��, L � r C -4 � • w 4 7600 Johnson Dr **0490140 , ft,• • et t: ' .. • Location: Weld County Ind Cluster Building Type: Class C Warehouse Weld County hid Submarket Status: Built 1997 Weld County Tenancy: Single Frederick,CO 80504g e Tenant Land Area: 2.43 AC Stories: 1 RBA: 20,749 SF Landlord Rep: Keller Williams Realty Longmont Current Spaces Total Avail: No Available Management: - Currently Recorded Owner Medical Systems Of Denver,Inc. %Leased: 100°!° Ceiling Height: 12'0"-14'0" Crane: None Column Spacing: - Rail Line: None Drive Ins: 5.10'0"w x 14'0"h Cross Docks: - Loading Docks: None Const Mat: Steel Power: - Utilities: Gas-Natural,Heating,Sewer-City,Water- City For Sale: Not For Sale Expenses: 2013 Tax @$1.76/sf Parcel Number: 131326202001 Parking: 20 free Surface Spaces are available; Ratio of 0.97/1,000 SF Amenities: Fenced Lot Building Notes Building for sale at$1,500,000. Building for lease at$5.50/SF. • This copyrighted report contains research licensed to Stevens&Associates•622414. BOE SUMMARY SHEET Account Number: R6884497 MEDICAL SYSTEMS DENVER INC 7600 JOHNSON DR FREDERICK, CO 80504-3491 HEARING DATE: July 29, 2014, AT 3:15 PM pHEARING ATTENDED? ((9N�h�ne NAME: _ eurp! Alaid ejt" AGENT NAME: STEVENS & ASSOCIATES COST REDUCTION SPEC 9635 MAROON CIRCLE SUITE 450 ENGLEWOOD, CO 80112-5902 APPRAISER NAME: WJM Wa-de `'rtes DECISION ACTUAL VALUATION APPROVE BY SET BY ASSESSOR BOARD TOTAL ACTUAL VALUE $1,244,940.00 COMMENTS:MOTION BY 0 C TO dout SECONDED BY 4 F Conway --�,`( Freeman -- Failed to prove appropriate value Kirkmeyer--jr No comparables given Rademacher— ) V Assessor's value upheld Garcia -- Y ) Other: RESOLUTION NO. 2014-2342 M:\0BOE\Letter Templates\Summary Sheet.docx Hello