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Home My WebLink Aboutbocc.res.166.2010APPROVED BY New •�im�.ci��T, z�� (a�,q� _ _ ..�..k. RESOLUTION � Ra��i� �� ^� FOR ASSESSORS AND COUNTY COMMISSIONERS USE ONLY —� /� � 0 (Section III Qr Section IV muat be eompleted) �.� ( n r abatement w re(und filed pursuant lo settion 3&10-114 shell Ce eqetl upon pursuant m ihe pmvisions N �his section by �he boaM of counly wmmissioners or ihe aasessoq as appropnete, vMhin six mon�hs of �he dace of filing such petiHOn, § 391-113(i.7), C.R.S. seaion in: Written Mutual Agreement of Assessor and Petitioner (Only for abatements up to 57.000) The commissioners of Counry authonze the assessor by Resolution No. to review petitions for abatement or refund and to settle by written mutual agreement any such petition for abatement or refund in an amount of one ihousand dollars or less per Vacl, parcel, or lot of land or per schedule of personal property, in accordance with § 3&1-113(7.5). C.R.S. The assessor and petitioner mutually agree to the values and tau abatemenUrefund of: TmcVear Actual Asaeased Tgi� Original LORBCIBtl I�8iB�8fYf1f� NMe: The tMal taz amwmt dces not inGude acautd inlerest, peneltias, antl feas assxiatatl with late and/or delinquent taz paymenis, If appliwde. Pl�secontectMemuMytreasurer(ortullpaymmtinfomiation. SlgnaNre Aueesor'c or Depuly Assesso/s Signature Sedion IV: WHEREAS, The Counly Comi wlled regular meeting held on with noti6e�of su6h meeting and of said County and Fas�euor,_ Date Decision of the County Commissioners (MUat be com�Ned H�S¢ction III tloas not epply) 'TC /n/ Counry, State of Colorado, at a duly and lawfully at which meeting there were present the following members: having been the .4ssessor present) and i, The said CouMy Commissioners have carefully considered the within petltion, and are fully advised in rela6on thereto, NOW BE IT RESOLVED, That the Board agrees ces not agree) with the recommendation of the assessor and ihe petition be (approved pproved in pa eniedJ with an abatemenUrefund as follows: ��Q ��b5 `1� `� Vear AssessedValue Ta`esAbatelRafuntl /J .. . � n . /�n . .� � f� r Ghai non M I, -�'� County Clerk and Ex-oificio C in n for Me aforementioned counry, do hereby certiry that ihe above record of the proceedings of the Board of Counry Commissioners. IN WITNESS 1/VHEREOF, I ave here nto set my hand and affixed the seal this �i�� day of�' �' � Month Year �� Nota: Abatemenis grealer Man $1,000 per schedule, pw yrar, must be submitletl in tlupliwte lo Ihe Property Taz Adminisbalor for review. Seaion v: Action of the Property Tax Administrator (FOr ell abatementc greater than 51,000) The action of tlie Board of County Commissioners, relative to the within pelition, is hereby ❑ Approved ❑ Approved in part $ ❑ Denied for Ne fillowing reason(s): Secretays Signature Pmperty Taz Administretots 5iqnaNre Dele y� PETITION FOR ABATEMENT OR REFUND OF TAXES Counry: PITKIN Section I: Petitioner, please complete Section I only. Date: , SQ n�tr�i�t � 2010 MonM Day Vear Pedtioner's Name: New Limelight, LLC Petitioners Mailing Address: 355 S. Monaroh Street Aspen Ciry or Town SCHEDULE OR PARCEL NUMBER(5) R020218 Date Receivetl SEP 0 7 2010 (UseAssessorswCanmissianers OeteS�amp) CO 81811 Stale Zip Cotle PROPERTY ADDRESS OR LEGAL DESCRIPTION OF PROPER7Y 355 S. Monarch Street Peti6oner sWtes ihat lhe taxes assessed against the above property for the property taz year z009 a� incorreG for the following reasons: (Briefly descnbe the circumstances surrounding the incorrect value or taz. Attach additlonal sheets If necessary.) 56F f�1'rqc�rt6� . ' �K�`�;!- � Petitioner's estimate of value: 5 32 605,662 2009 ) Velue Vear PeUtioner requests an abatement or refund of the appropnate haxes. I declare, under penatty of perjury in the second degree, that this petition, togeNer with any accompanying exhibits or statements, has been prepared or examined by me, and to the best of my knowledge, infortnation and belief, is true, correct, and complete. Daylime Phone Number ( 1 Py b�e ( By Daytime Phone Number ( 3031 `�i S� —� g�s Pitkin County i�8$65SOf A9enYS SlBnatur(a`' �� (� '1 ^{� 'Letter en��t be �c��w�n �S b submitlSV� a ee�V'`4 /1q, �(L �iq,r�1+� �W f S(]CGA {�1 S� ' Wa�.C. . � � If the board of county commissioners, pursuant to seetion 39-70-114(1), or the property tax administrator, pursuant to section 39-2-176, denies the petltion for refund or abatement of tuas in whole or in paR, the petitioner may appeal to the boaM of assessment appeals pursuant to the provisions of saetion 39-2-125 wlthin thirty days of the entry of any such deeision, § 39-70-114.5(1), C.R.S. seaion il: Assessor's Recommendation (For Aaseasofs Use Only) Tu Vear 71�b� n�ua1 n .e T� a�e��.�� 6oSoo ��y 7�z5Q �3��zs.90 co,..nea ' C Y,QQQ � 11 �311� ODO 285� 611. 4'� nnmda�r��a 11� 690 S�Q � ZS �5, 613. �g � Assessor recommends approval as outlined above. NO pfM65� W85 fll¢d fOf ih8 y08f: (If a protast waa fllad, plasae ettach a wpy of the NOD.) ❑ Assessor recommends denial for the following reason(s): A5t,e55 Dr C�-LO unwy. ,� s �a� ��,1� C� I �� ,aST� �U ID�� li`6�6 �S 11n�5 a:....�______!�Y� Q'_�Q.� �C� tr �i� O�I �p"�� l � �roc.CSS 40 ---- - -- - - �� PROPERTY TAX SPECIALISTS, INC September 1, 2010 Mr. Tom isaac Pitkin County Assessor 506 East Main Street, Suite 202 Aspen, Colorado 81611 Attn: Larry Fite 950 S. Cherry Strect, Suite 320 DCnvCL CO A0246 Office: 303-757-8865 Fax: 303-757-7691 wwwsrerlingpropertytaxspecialists.com RE: Limelight Lodge (Schedule No. R020218) (the "Property") Gentlemen: R PETITIONER'S � EXHIBIT E � The undersigned, Sterling Property Tax Specialists, Inc., represent the owner of the Property for the purpose of filing an abatement for calendar year 2009. A copy of the Letter of Authorization is attached hereto and made an integral part hereof. The Property is a 126-room hotel located in downtown Aspen consisting of 36,917 sq. ft. It was constructed over a two-year period, with construction completing in late 2008. Petitioner has engaged Duff and Phelps, LLC to determine the fair market value of the subject Property as of June 30, 2008. Attached hereto as Exhibit A is the analysis prepared by Duff and Phelps, LLC, which analyzes the fair market value for valuation purposes as of June 30, 2008. Based upon the details outlined in Exhibit A, Petitioner hereby requests the Board adjust the value for the Property for calendar year 2009 to $32,605,662. All information contained herein should be considered confidential and not available to any third parties. Respectfully submitted, STERLING PR� � S�ALIS� By: Barry J. Goldstein, President 4z LETTER OF AUTHORIZATION December 30, 2009 Sterling Property Tas Specialists, Inc. 950 South Cherty Street, Suite 320 Denver, Colorado 80246 RE: 2009 and 2010 Property Tax Assessment Matters Gentlemen: The undersigned, as owner(s) of property located in Pitkin County, Colorado, at 355 S. Monazch Street, and more particulazly described on Assessor's Notice of Valuation, Schedule No(s). R020218 hereby authorizes Sterling Property Tas Specialists, Inc. and Barry J. Goldstein, Esq., to act as agent on my behalf regazding all 2009 and 2010 property tax assessment matters, and obtain any and all documents relating thereto and file any protests necessary. This Authorization shall be effective as of the date set forth above. NEW LIMELIGHT, LLC, A Colorado I'united liability company By: Limelite, Inc., A Colorado corporation, as Manager � � , :,' / � � � ; 1. —° ._. -� i3�--v� By. eroy Dale Paas, President Telephone: 3@3�6-�5� 1•$- `'I'10 -Lj �-5 —'v[��-5 k3 . UUFP K PHEWS. L1.0 � 9i0 17n� S'CRLG'P, SUfI'L 2000 • �L�MVPIt, CO 60202 � T�.30i499-90�J i MAZ 303-749-9011 i DUFF�PHELPS May 10, 2010 Ivlr, Barry Goldstein Sterling Progerty Tax Specialists, Inc. 950 South Cherry Street Suite 320 Denver, Golorado 802a6 Subject: The Limelight Lodge 2009/2010 Real Estate Assessment Dear Barry: w _ _.. . .�. �._..� R PETITIONER'S € EXHIBIT e � A 0 The purpose of this document is to suuunazize and provide support for our valuation contentiDn regarding ta�c year 2009/2010's Actual and Assassed Values of the Limelight Lodge (the . "LimelighY'). The Limelight is located at 355 South Monazch St�eet, Aspen, Golorado. Tke following table indicates the property's real estate assessment account numbet and its associated Actual and Assessed Values £or tax yeaz 200912010 as calcuiated by the Pitk'in Counry Assessor's Office. ' Property Number A'c'taal Actual Im,provament Actual Total Assessed Land Value Value Value Value The proposed values are as follows: The following narrative describes the Limelight property: - Sincerely, ,�,.�/�-�i�s u..c� ; Duff & Phelps LLC Page 1 �K ____.�. ffiSTORY OF THE PROPERTY Aspen Skiing Company purchased the Limelight Lodge from New Limelight LLC in Apri12010. Prior to the sa1e, New Limelight LLC, a partnership that included Dale Paas and Susan Woolery (under Ne� Generation Investments, LLP and Limelite, Inc.) and Steven Szymanski (under Szymanski Development Partners, Inc J owned the property. TiUe to the majorit}� of the propert� transferred from Limelite Inc. to Lunelite Redevelopment LLC on January 13, 2005. The property included in tlus hansfer was 41,973 squaze feet of land along the north and south sides of Cooper Avenue. This land was previously unproved with the Limelite, Deep Powder and Ski-Vu I.odges, all of whicb were subsequently demolished to allow for the development of the new Limelight Lodge and Monazch on the Pazk condominiums. Limelite Redevelopment LLC acquired the remainder of the subject site from Chicago Snowflake Corporation on January 17, 2005. This transaction included 18,861 square feet of land originally improved with the Snowflake Inn. The construction of the new Limelight Lodge occurred over a two yeaz period from November 2006 to November 2008. The property was built in conjunction with the Monarch on the Pazk condominiums. Without approval to build the Monarch on the Pazk condominiums, the hotel component would not be feasible. It is our understanding the profits from the sale ofthe condos were to be used to pay offthe debt of the hotel. Page 2 � .�..._ �_�� srrE nlv�.i,z�srs �_ , �,_.. ,w, . � �s��aa�s��r��r - L.ocabon: The srte is located along the west side of Monarch Street, beriveen Hyman and Coo r Avenues, m downtown As eq Colorado Land Area: 36.917 s re feet or .S48f acres Zo Planned Unit Devel ment Sha !To h: L-sha d, level srte Srte Im rovements: Landsca d'mterior courtvard and concrete sidewalks Access: The mam ]obby is accessible from Monarch Street, wrth a secondazy exmance off of Coaper Avenue. The undergroimd pazlmig garage is accesible from Hvman Avenue. Vis�b�7rty: The srte is visible from Monarch Street, Hyman Avenue and Cooper Avenue. So�ls Reports: It is asswned 'm this analysis that no adverse sod or subsoil condrtions e�st tha woukl ' the use of rtv, rts value and marketabilih'. Flood Zone: The srte is located wrthm F1ood Zone X, an azea of moderate or mmunal floodmg, as detem�ed by the Federal Emergency Managemem Agency (FEMA) Flood Insuiance Rate Map Commwmy Panel Number 0801430203C, dated Jwie 4, 1957. T1vs area is outside of any 100 and 500.year flood zones. Util�s: All utilrties are available Hazardous Waste: No evidence of harardous wastes m the ]and has been noted. We aze not quali6ed to detect hazardous wastes and/or toa:ic materia]s. Such detemiination would require an mvesti�aIIOn by a qualified e�ert m the field of environmental assessmem. Pa,r,e 3 y6 �"*""i ,��:rr^��;''� 5�� '� ��#.; �.� a; a'c ,�p�. A u r�,, � � ` , �;, ��s � � ,, �u,�� .�,�`+�-. .... .. . k..aw:..'....r,.t,: �E HY'A�t ,u: RL+�9J:-:::t'-` ��.� �. -.u..; �.""�"; �� <. .�:, � w' a �: � i5 � z :< '.� � m e � � Page 4 y� � "�",�+-�r' . "r'� L_°�'i4:*':.. « �.a °�' .; sq�� - , z . � � � � ^@, �� > i, � � `, y : 'i�! �: � � `.'�. '�� S. �.�� t°�" �� ti `. ;: ._. e- A� � _ �'' � '� . _ ' . 1 _ -� *.:..._ „�. __..._ ° � '�iie.... _ � . — - �' ,,., �, � "-: _.. y5 .'� �,.. . . �l . ... " .. :` .�..r ...:�.� � �� ;_,. �.� � �-� � . � � a� � x � . a ��§ � �� _ � _ �_:_ �:_ _..-- � _,.:. ' tet�� ::� The Limelight is a four-story, limited-service hotel that opened for business in November 2008. The property contains 126 hotel rooms, a 1,800 square foot meeting room, an outdoor heated swimming pool and two Jacuzzis, and underground pazking for fifty vehicles. The property does not contain any employee housing units. The exterior facade is mainly brick, with some concrete masonry enhancement, stucco, and metal siding. The main entrance is on Monarch Street. Inside is a large lobby area with a lounge, reception and kitchen/dining area. A conference room is behind the kitchen area. Double doors in the back of the lobby lead to an outdoor patio with a pool and Jacuzzis. Page 6 ��, Page 7 ti� �� VALUATION ANALYSIS Hotel Income Analysis The following information was reviewed: • The Developer's Forecast Upon Stabilization for the Limelight • The Rocky Mountain Lodgng Report • The 2009 Smith Travel Research Host Study for Limited Service Resort Hotels • The Colorado Division of Property Taxation course material for APR 215 tided Hotel/Motel Workshop (2006) valuation in order to document the methodology prescribed to Colorado assessors to estimate the real estate component of a going-concem hotel. The following valuation analysis was performed: . The property reopened for business in November 2005 after a complete teazdown. Thus, a full operating history was not obtained until after year-end 2009. Therefore, we have reconstructed the 2009 operating statement with expenses related to the hotel business. • Income and expenses were normalized for the hotel to calculate its going-concem income stream. As previously mentioned, our analysis reflects the 2009 operating statement for the Limeliuht Lodge. However, the normalized column is adjusted to reflect the stabilized property operations as of 7une 30, 2008. • Deductions to remove income attributable to the tangible personal property were made. The personal properry deduction was based on the actual cost of the FF&E. We have not been able to validate the exact amount of the assessment for this property, which could have a minor impact on our conclusion of value. • Sa1es of other resort hotels were obtained in order to determine the appropriate capitalization rate to be applied to the Limelight. We reviewed Securities and Exchange Commission filings and offering memorandums to obtain sale price and income and expense data for the comparable hotel sales. • After review of this data and review of historical capitalization rates for limited service, full service and luxury hotels from the Korpacz report, a capitalization rate was selected and applied to the subject's stabilized income stream. • The result of our analysis is summarized on the following pages. The Developer's Forecast upon Stabilization When a new hotel opens, it typically takes two to three yeazs for the property to stabilize. Tl�e Developer's expectations for a stabilized property are oudined below. The Limelight was expected to stabilize in 2011 with a 65% occupancy and $211 average daily rate. Departmental expenses and marketing expenses appear low when compazed to other properties in Aspen and compared to Smith Travel Research, National Resort Hotels. In addition, a reserve for replacement is not included in the net operating income and is generally considered an above the net operating income line item expense for hotel properties. Page 8 S! Deveiaper's �orec�l Upon Stabifization {unauciite�) Limelight Lodge CaleRSfar Year Average Number or Guestrenms: �Cttlple,d ROOfl1(I�htS: l'3CCt�RG)r Ave:ag� Rcwm Raie: Re"uyapit Ziat 9 t25 �c� g$4 �~c5% S?t'1.Q0 St37.'i5 TaYal Fer,.ent of D-°ARTbLh�aAL c�.`PEIJS=S` r2nams 'l.1a<.(JIDEi t8_G9"o 3927 !�.3i7 TCiTf+L EXP�tJScS '1,1i4,U6� 1&.856 3527 �.3ti7 DEP+4RiRAENTAL RACflME UNLT:STRf3�fa OF�2A i7NG EXPch'Sc� Altrrantstrative 3r1[ti .�ierret3°. M3fkeiir� Utiiiries ?Cts�eEty AlG3lfiIiYflafiCE Manaveme� Fees � �TAL Uh9DiST2BUT c�J Gi2C355 PROFfT 5.133,.ri29 89.4'ia t71.73 4t6.742 T'3.�Ot1 1'9.a% 24.99 �,736 9fl.OdSf 1.4% 3.ih1 7id 1�b.d11S.`J 2.Q5o 4.15 492 2�O.ODO 3 �, 5.fr9 t.5$7 78.Ofi41 9.29e �.61 619 i,21E.00{1 15.3'no d0.o6 5,851 3.�t7.529 fi2.?5o 431.Q5 31.497 FG\' :� CFi;4f2c?ES °mAerry iaxes 2�Q.E7� �.8% 40.fi4 _.389 InSUtamce 156.�� 2.4°io 5:02 7.t90 FQT�L FlXE� Ci-fARGcS dSC+.�(�1 d.9% 15.Q5 3,579 N�T INCOME $EFORE ixESERVE Re�rve far Repfacercreni N T tNCC3M AFiER RESERVE So�rr�e:limef+fe Lattge 3.467,5�9 55.tt46 't 4fi_� 27,52D #3 O.�o {1_OD 0 3.4Cr7.529 55.U°!a tYfi.00 27 20 Page 9 SZ Aspen Lodeing Market The following tables summarize the Aspen Lodging Market's Occupancy and Average Daily Rate (ADR) for the base yeaz in questions. Source RackyMountamLodgmgRe�or�vm., ,,, ,,,_.,,': Based upon the charts above, ADR increased 3.11% from 2007 to 2008 and occupancy decreased 5.0% for a RevPAR decrease of 4.64%. The weighted average ADR for both yeazs is skewed upward because of the Luxury hotels included in the competirive set, namely the Little Nel] Hotei and the St. Regis. Page 10 53 By removing the Little Nell Hotel and the St. Regis from the compeutive set, an ADR of $290 is indicated for a11 other hotel types. We believe the Limelight is indicative of other, mid scale properties in the Aspen Market. An ADR of $290 and occupancy of 60% was selected for the 2009/2010 analysis. The following tables show our income analysis for t� yeaz 2009/2010. Page 11 54 Page 12 S� ._._r ��. Summary of Key Assumptions used in Stabilizing the Income and Expenses for the Limelight RevPAR As previously discussed, we relied upon the Rocky Mountain Lodging Report to conclude to RevPAR for the 3009/2010 analysis. Concluded RevPAR for 2009/2010 is $174. Deoartmental Income With the majority of the population owning mobile phones, minimal revenue is generated from telecom anymore. As such, we did not include telecom revenue. Other income includes travel insurance fees, vending and parking income. The Actuals for 2009 show Other Income was approximately 2.8% of total revenue. The same was used for the 2009/2010 analysis. Departmental Expenses The Limelight is a limited service hotel. However, included in the nightly rate is an allowance for a continental breakfast. The food expense associated with the breakfast is included as a room expense and is similar to how Smith Travel Research accounts for continental breakfasts if the reporting hotels include a breal�'ast. 30% of room revenue was concluded for the room department expense. The Actuals for 2009 seems to be indicative of an unstabilized hotel. Smith Travel Reseazch is most appropriate witU an upward adjustment for the breakfast included in the room expense. 30% is also supported by other Aspen hotels who's data is contained in our files. We did not include a telecom expenses. Typically, the expense associated with telecom is greater than the revenue received. At any rate, we did not include any telecom revenue or expense. Undistributed Ex�enses The undistributed expenses were based primarily on Smith Travel Research with some wei�ht on the 2009 Actual Operating Statement. Repairs and Maintenance was estimated below Smith Travel Reseazch because it is a new property and will likely have fewer maintenance issues compazed to an older properry. Gross Operatine Profit As compared with other Resort Limited Service Hotels reported by Smith Travel Research, the Gross Operating Profit is nearly identical proving support for ow previous assumpUons. Fixed Exgenses Insurance is expected to be similar to the 2009 Actual Operating Statement. Thus, 1.6% of total revenue was used to calculate insurance. Management fees were stabilized at 4% based upon Smith Travel Research. A reserve for furniture and fixture replacement was calculated at 4.8% of total revenue, based upon Smith Travel Reseazch. Page 13 S"i, Capitalization Rate Selection for Tax Year 2009/2010 For the data collection period of 7anuary 1, 2007 to June 30, 2005, going-in hotel capitalization rates decreased as noted in the following chart: Hotel Type Beginning of Collection Period-1� End of Collection Period- 1� Quarter 2007 Ca italization Rates Quarter 2008 Ca italization Rates Luxu 7.56% 7.50% Full- 8.74% 8.�3% Service Limited- 9�6�% 9�58% Service The Limelight Lodge is a limited-service hotel in a resort location. Consequently, we examined sales, RevPAR growth rates and capitalization rates from other resort destination hotels. The sales aze summarized below: The properties had strong RevPAR growth yet indicate a capitalization rate in ttie range of 81% to 8.6% after reserves. Based upon its yeaz of construction and locarion, a capitalization rate of 8.25% was selected for the Limelight for tax year 2009/2010. This rate is approximately 160 basis points below that indicated by the Korpacz survey for limited service hotels. The following pages summarize the sales used in selecting the capitalization rate. Page 14 S2 Address: Property I.ocation: Parcel Number Sale of Sale: of Sale: cem Sale Price: 'erms of Sale: ?er Room: Ninnber ofRooms: Overall Caiditim: Land Area: . .. : Change from Prior Year: �tal Revenues: et Income before reserves (% of Total Income affer reserves (% of Total Income Per Room before reserves: italization Rate before reserves: italization Rate a&er reserves: Crnfirmed V ail Marriat and S pa 715 W est Lionshead Circle Vail, Colorado R009007:R057133 Jim-OS Vail Associates Marriot Hos DiamondRock Vail Ocvi Normal Namal $187,659 1953/2002 346 Good 2396 acres $213.76 65.40% �168.64 17.20% $23,989,000 $5 $18,00 9.6% S.1% DiamondRock 10-K / Eagle C 'here is 21.000 sauare feet of r 1. LLC Assessor's O�ce Pa,u,e 15 SB [dentification Snake River Lodge Address: 7710 Crraz�rte L.00p Road Propeitv Location: Teton Village, WY Parcel Nwnber 1017-00-216 Sa� Price: •Concern 5ale Price ; of Sale: mce/Per Room ier ofRooms: �ll Cmdi�: Area: � hange from Prior Year: 1 Revenues: Income before reserves Inco� a$er reserves (% of Total I�ome Per Room befnre reserves: rtalizabon Rate before reserves: italization Rate affer reserves: JHL.R;S LLC CPI-LCP Jackson Hole Owner. LLC N�mal Namal 1999 and 2002 88 E�el�m 132 acres $326.04 �920% 12. $13.� � :i 103°/ 8.6% SEC 14 K_ C liern fle This is an 8& room LnauS� hotel wrth an average room si� of 310 square feet In addrtion, tl�re are 45-on srre cond�mnmiimrts and 7- aff-site crnd�muun �mrts. There is 4,205 square feet of inee�g space. There is a 17,000 square foot spa wffh 10 tream�ern rooms. In 2002, an$11 mi➢ion renovation occiured. The pmperty had de velopnent rie, jus to c ons�uct � additional guest rooms. The devebpmeirt rights had a vahae of $1.5 m�iion wlrich we have deducted from the sa� price. The condommnm�s k�ad an average si7e of approa�nnately 1,000 square feet each Page 16 � w ._ . �....�.. CONCLUSIOAT Our 2009/2010 value opinion is as follows: Page 17 60 � ��.....____ ___.. �� NOTICE OF DETERMINATIQN ON PETiT1UN �OR ABATEMENT UR REFUND OF TAXES B�ARD OF COUNTY COMMISSIONERS PITKIN COUNTY, COLORADD Date: December 13, 2010 Petitioner: New Limelight, LLC Schedule No. R020218 355 Sauth Manarch S#�eet Aspen, Colorado 81611 Dear Petifianer{s): Pursuant to CRS 39-10-114, you have requested that the Board of County Commissioners (BOCC} consider your petition for abatement or refund of taxes • At a maeting heid on December 8, 2a10, it was the decision of the SOCC to : � Approve abatement as requested � Approve a partial abatement (as recommended by the Assessor) RE: 2009: Approve valuation of $39,OOD,OOO.00fTaxes abate/refund of $85,613.58 RE: 2008: Apprave an Adjasted Value of $26,6SO,DOO.00ffaxes abatelrefund of $4,072.50) � Deny the petition for abatement (beyond tfie Assessar's recommendation) for both 2008 and 20Q9 Further appeal procedure: If tlie Board of County Commissioners (CRS 39-10-114(1 }) or the state property tax administrator (CRS 39-2-116) denies the petition for refund or abatement of taxes in whale or in part, the petitioner may appeal to the Board of Assessment Appeals {1313 Sherman St, Room 315, Denver, CO 842Q3, 343-86fi-5880) pursuant to the provisions of CF2S 39-2-125 (b) and (c) within 30 days from date of the BaCC decisian. For further informatian regarding the Board of Assessment Appeals you can visit their website (c�http:/lwww.dofa.colorado.gov/baa. • Refund, if applicable: If an abatement petition was approved in futl or in part, the assessor wilt adjust his recards accordingly and the treasurer wifl process a refund if the taxes were previously paid. g\bocC�boe�abatemenldenialnotice201 U.dx