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Home My WebLink Aboutbocc.res.075.2012 /�-7f��'IC'�"i�J Y C rJ �� -- - , ��E:��LUTlQ� �iv�� r��«-�C� . �� L � /��y=x�'_.%f�j� FOR ASSESSORS AND COUNTY COMMtSS10NEt2S USE ONLY 1 � _ {$setion I!1�r Sactlon IV must ba complated) Every pellUon for ebdemeM ar retund filed purauanl to §38-10�114,C.R.S.shall be ected upon pursuaM to the proviatons of tiiis section by the Board of CouMy Commisaionera or the Assesaor,as appropriaie,witi�n elx months o(!he date d RUng such peti8on,§3&7-113(1.7),C.R.S. Section lli: Written Mutual Agrsement of Assessor and Petitioner (Only for abatemenb up tia 510,000) The Commissioners of County authorize the Assessor by Resotutian No. to review petitions for a atiement or re und an to settle by written mutual agreement any such petition� abatement or refund in an amount of$10,000 or lsss per tract,parcel,or(ot of land or per schedule of personal propetty,in accordance with§39-1-113(1.5),C.R.S. The Assessor and Petitioner mutually a�gree to ths values and tax abatementlrefund of: Tax Yaar Tax Year AcWal Ass�ssad T�a c Actual A a s � O►tgEn�l CoRacted �� AbataiRffund Note:The tota!tax amouM doas not indude aacxuad tnlerast,penelfles,and feeffi assodatod with late andlor delinqueM tax paymentc,ff applieabde. Pfaaae eontaet!he Cowfty Treesurer for iull peymmt 3n/nmmHon. Pet(tfonsr's 3ignaturo Date Assoaoors or poputy Assaasor's Signatura Date sec�on�v: Decision of the County Commissioners {Must be w I�d if Seetion III doas not apP�Y) WHEREAS,the County Commissioners of County,State of Colorado,at a duly and lawfully called�r�r eeting held�n_�l�_!aQl Z•at which meeting there were present the following membe�s: Mh D Y r � with notice of such�me�epting a�d an opportunity to be present having been given to the P �Cwner and the Assessor of said County and�Assessor � efng prese not presentj and Name Petitioner � �t— (being present not present and WHEREAS,#he said Name County Commissioners have carefuliy consid the withfn petition,and are fully advised in relaGon thereto, {VOW BE IT RESOlVED,that the 8 rees oes not agree)with the recommendafion of the Assessor and the petition be{approve proved in pa denfed)with an abatementlrefund as follows: oa - 5 tc e►�ac�,e•� z.a�� (-A due �o r�ar a e�� Year Asse.4sed Value Taxes AbetelRefund es� A8 alue Tmc NRafutld � t hai rson ofthe Coun Commiasbn 'Sign I,��"i tn ` County Clerk and Ex-officio Clerk of the Board of Cou o in n or e a re ant�one oounty o f�ereby oertify thaf the a6ove and foregoing order is tru y c orrythe record of'the proceedings of the Board of County Commissioners. � �� !N WtTNESS FREOF,1 have hereunto set my hand and aff'aed the seal of said County r,�„ this_,�_day of p-()M M$'T Y��. (��LoF'+ ty C 's or Deputy Cowdy Cbrk's iVde: AbatemeMs greater than 510,000 per eche�le,per year,must be submined in duqicate to the property T�c AdmiMsUator for review. 5ection v: Action of the P�operty Tax Administrator (For all abatemeMs gmatar than 510,000) The action of the Board of County Commissioners,relative to this abatement petition,is hereby ❑Approved ❑Approved in part$ ❑Qenied for the following reason(s): 3ecretarya Sig�alure Propertyr Tax Admiristrators Signature Dele 16DPT-AR No.920-66H1 � PETITtON FOR ABATEMENT OR REFUND OF TAXES County: P�tkin County Date Received (Use Asaessor's or Commissioners'Date Stamp) ection 1: Petitioner,please complete Section I only. Date: 12/27/2011 Mwrth Day Year Petitioner's Name: Snowmass Holding Company,LLC Petitioners Maiiing Address: Go Related Colorado PO Box 6565 Snowmass�Ilage Colorado 81615 City or 7own Siate Zip Code 3CHEDULE QR P RCEL NUMBER(S) PROPERTY ADDRE3S OR LEGAL DESCRIPTtON OF PROPERN See Attached � Petitioner requests an abatement or refund of the appropriate taxes and states that the taxes assessed against the above property for property tax year(s} 2009 and 2010 are incorrect for the foliowing reasons: (8nafly describe why the taxes have been tev erraneously or i egal y,whether due to srroneous valuation,irregularity in levying,clencal error or overvatuation. Attach additianal sheets tf necessary.) We are requesting the vatuation of the parcels lisied above be reduced due to the following reasons: 1)The market values of comparable commercial and office buildings within Snowmass is lower than actual values levied to the parcels above. Petitioner's estimate of value: a�5,431,010 �2�09 �and 5�5,525,860 �2010 � Value Yea� Value Year I declare,under penalty of peryury in the second degree,that this petition,together with any accompanying exhibits or statements,has been prepared r ex ned by me,and to the best of my knowledge,information and belief,is true,correct,a com e. Daytime Phone Number(g�0 � 205-1938 Peticioners Signature By Daytime Phone Number( l AgenYs Signatun' `Letter of ageney must 6e attached when petkion is submitted by an agent If the Bnard ot County Commissioners,pursuaM to�39-10-114(1),C.R.S.,or lhe Property Tax Administrator,pursuant to¢34-2-176,C.R.S., denies the potition for refund or abatement of t�ea in whde or in part,the Pefitioner may appeal to the Board af Assessmerrt Appeals pursuani to the provisions of y�39-2-125,C.R.S.,within thiAy deys W the eMry of any such dedsion,§38-10-114.5(1),C.R.S. e t�on u: Assessor's Recommendation �For AsBessor's Use Onty) Tax Year Tax Year Actua! s e Tgz Ae a Assessed Tax ONglnal Correctad Abate/Retund ❑Asaessar recommends approva!as outllned abave. If the request tor abatemant is based upon the grounds of overvaluation,no abafemeM or refund of taxes shall be made ff an objeetion or protest to such veluation has been filed and a Notice oi Determination has been mailed to the taxpayer,§39-10-714(1){a)Q)(D),C.R.S. Tax yesr. ProtesYt ❑Na ❑Yes (If a protest was filed,please attach a copy of the NOD.) 7az year: ProtestT ❑No ❑Yes (If a protest waa filed,p�ease aKach a copy of the NOD.► �Assessor reco mends denial for the following reason(s): • �t G �^��(I�•e.� l/�O�lA �eM�l�-}�CTM. r As r s or Assessor gnature 15-DPT•AR No.920-8SI11 \ Pltklll C011llt� - Assessor's Office August 6, 2012 Snowmass Holding Company, LLC c/o Related Golorado P.O. Box 6565 Snowmass Village, CO 81615 Re: Snowmass Mall Subdivision and Parcel C Condominiums (see atta.ched) Dear Sirs, The Board of�ounty Commissioners will consider your petition for abatement of , taxes on your property at a hearing scheduled for August 13 at 2:00 P.M.. The , meeting will take place at the Plaza One meeting room located at 530 East Main, Aspen, Colorado. There are several taxpayers being scheduled for hearings at this time. We are attempti�g to allot 30 minutes hearing time for each abatement petition. While we can't guarantee exactly when your hearing will commence, a list is enclosed to show the order in which the abatements will be heard. ' The Pitkin County Assessor is recommending denial of your abatement requests. � Enclosed for your information is the material that is being included in the commissioners' packets for this hearing. Please call me at 920-5160 if you have any procedural questions. Since the Assessor is recommending denial of your petition, you may want to appear to state your case. If you can't be here in person,'you may request to present your case by conference call. The Board may not concur with the recommendation made by the Assessor. Cordially, � � Larry Fi Chief Appraiser Pitkin County Assessor office ��, .{ T �.�i.; y ^I r`, � �� Tom Isaac, Assessor �� ;� �; � � �'� 506 E.Main Street,Suite 202 Aspen,Colorado 81bI I �`�`'� � � ��a� (970)920-5160 fax(970)920-5174 , . .��, ��,�� , � , ��. �� . � I I �� i � f � I � �', o I � _� � i I� �� _ � i ! � � { ° � � � � mm � - — , mm � m mm � � � � � � � � i , � � � � � � � a ro m lo ro m rc � � fa m ro (a ro (o � L L L � t .L L L L t L L L ' � U V U V U U U U V V U U � X O O O O O O O O O O O O O al C C C C C C G C C C C C C ' . . . �D t0 N tD Q�j N O N O � nNi taO � O � � . . . � � � � 000 o goo � N � oo � go 00 � O O O � O O O N � � � O O N `"� O O O C N Q� V O f-1 N Ol N tD � lf1 O m Vl O � N M m O O O O pp O O O O O a O .-i ✓1 iD N O O V pp .y O O O O 7 .-I 1� V V Vl Vf VT -Vl v}v}t/L h 1� 00 VT N dl Vl t/f tA v? y tn t/T ln tn � tA N N t? �N V? �LT tN/T W X r lD W O 00 O 00 �D �D 00 N V O R O 00 O tD �D t7 tD V N �D a �D m V V o �D o CO cD m �n lD lD o0 Ol 00 O OD a0 O� rn .--i �n lD .-� m N 01 O 01 ~ � p Ql O 00 V �O V O N O tD 00 iD O 00 V1 �D 1� Q1 .�-I Q 00 r+'i Vl .-I I p h � O O �O .�-i I� tD .-1 O V N rvi �--� h O M O 00 h 00 N f-1 �D .--i M v1 N N CO Ot O N �--I O � 1� N �f1 1� 1� 00 00 O V �--I ri iD V1 7 Q� (+1 M N .�-1 tlt 'O �"� VY N N fV lD M lV V1 �D Q Qi .-1 a�-1 '-1 fV N lD lD C�1 '-I �--I N M .-1 '-I Ln V) GI V1 LT VT N VT Vl V}Vt 1/} V}�N i/T 4? 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R012961 104A TOSV-Storage r W+f�L� � C..b K�0 t,�n��t W�+►�S R012962 146 BVO-Storage R012963 20� Rocky Mtn Chocolate �� `�� R012964 202 Sungfass Panache Ft012965 203 Sidewinder R072966 204 Surefaot R012967 205 Incline R012968 206 lncline R012969 207 Huggins ROi2970 208 Huggins R012971 209 fncline RO'12972 210 SM T- Shirt ' R012973 211 SM T-Shirt R�12974 212 Seasonal- Ft Foundation R012976 215 Village Liquor R012977 216 Fuel R012978 301 Challenge Aspen R012979 302 Zanes R012980 306 Zanes R012981 309 Challenge Aspen R012982 310 Challenge Aspen R012983 311A RW Mgt R012984 3i 1 B RW Mgt R012985 315 Lime/Phoenix Grifi Rd12986 316 Vacant R015S31 Parcel A `t ,1 �1 p. . R015932 Parcel B �h D W��-S� ma t b0��V� � R015933 Parcel C � ROi5934 ParcelD _ �t _ � a � � Y�w � � S:1P- 1643 Snowmass Holding Co�LC BU 540561Property Taxes�2010 taxes paid 2011\FINAL- PrQperty Tax i0 Paid in 11.x1s � Pitkin County Assessor 506 East Main Street Suite 202•Aspen,CO•81611 � � � � � � �� O '^� ► ! gld� c C.a�dx �'"a�,�;� �('``'��w •� p P�az� �l �,,. . � <<► #°�'"``l �, �SS 3� � r , �3 d pa,�,, �� <<! p �, . � �` (�� p�- ��`� S� � <<c � �f��-�3 N►vQ g�� Office Hours: 8:00-5:00 Mon-Thu Telephone Number: (970)920-5160 � 8:00-4:00 Fri Fax Number: (970)920-5174 HEARlNG OFFICER DE7ERMtNATION PITKiN COUNTY BOARD OF EQUALiZAT10N 2010 TO BE FILLED OUT BY ASSESSOR'S OFFlCE: Property Owner's Name: 4 ' � l-� � �'ttaC.�� ►y� LLC. Schedu(e No. v� Property Owner's Representative (if appiicable) Property Address: \ , Lega! Description: �t1�Ct e \ ,C �+�+��XG� D S Hearing Date: Hearing Time: �� _ Owner(s) Requested Value: � Q� Owner(s) Justification for Appeal: �kr � � erC '�, �, � Assessor's Representative: � '�f Assessor's 2010 value 5 C2 �tt�M�.� 5�w►+�-y Assessor's Justification for Valuation: V* — y —� � e w� �n4�o� d�'� � • ` ��, Classification Land: Improvements Total TO BE FlLLED OUT BY HEARING OFFICER: � BOE Comments/Remarks: A oM�,a�s�t�.►t�v� flE�a,�.�.. . �� -�+'�'t�t� Pr�ic.�n� i�� ' t i�NE 5� "� t..t t ty It t��J w V c.0 � '^t i � °. � �:�4.. �tl��H f i..f T'tU'EG' i/ ' C}` S - �. VL�I 'i''" � 0 J�a.a�..� Q_�_� � :;s t�.l;�t_ t�� ;�.c-c h��r� i N tl�at��J,�, If more room is needed continue on back page Property Owner Present: ,�_Yes No Determfnatton: No Change� The Following change: Stipulation: Class�fication: , ��F�,� Present Value: Adjusted Value: l.and: improvements: Totai: Hearing OfFcer: �� C�� Hearing O�ce Signature '"`" �'�' _..._.._...�..�.,��...�... ..�- � � S d �� G � c.,r� � I ic I I I � I o I S •�I � � � " °-�a X vlE v W I �, II � � I I I II I I ,. , I I�� li I ' I I ! 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IWI�W IW I Iw IW Iw lw lw l W IW V U y N J W W W W I W W W IIO � wIU V"� U UIUIU U U U U U U U U I IU'UIVI 'U U I 'U U V U U I� � M� � d a � a � ala ala al lal�a a II lala II lal'a I ia�a aj I¢la I la a a I ° — aa ¢ a a a a a a a ala ala aaa a la aaa aa laa l � u II a a I I I . ..I .. .. .. .. .. .. •.. �, �I .. � I � -- I I I I I I I I I � I � � � 000� � ool000 l000 lo�o lolol I loolol olo 000l oo� �I�I I � � '�n ._ •- O 'in 'in in 'v>I:v� ,�n m v� in m I 'v� �n ,m I:�n ,v�I I N' in I �I�I� ' I II > > e�'o '� >'�> > v� ,>I'> j l,> > I > >I>I II I>I>I I >I >I I� I ?I>I>I i>I > ' I >I>I�I II jl,>II I �I"O I I u � "O � � > � c� c0 "OI� "O � � � � �Id� I�� I� � 7 3 I 7 . � � I I II � 7I'�I7 � j 3I7I7 7I I7 7 7 7I'7 I7'� 7 7I3I7' I7I7 7 7I7 �I�I I (n (n I ' a �O �I�I� (nl�l�,(nl(AI(ni I(nl� (n (nl(nl I(nl(nl IU'1 (nl(nl I(nl(n I (n (n �l I I la+ c I I I I II I I I I I I j I o v I I � U� a'Ic� ° ,�Ic.i cn �lu�l.`°o �I� � � °I �I� � � nl � °o� II�I�� I �rnlrn� rn rn I l f 1 N l 0 l 0 �O,t 0 l� l 0 I� 01 +"i 01 Q� Q� Q� 01 � O� Q� 6i lO�l Q� Q i I Q� Q i I a 1 O� Q ii Q� 0 1 �Q i Q� I �I t N '�IN N NIN ININ IN IN IN N �I�I ' I� �II �I� � I�I�I I,.Na I� ,_Nyl I ,-N-iI,-N-�I�I .�-� �II I I �' � V .--i �',--i ,--i rr'�,�-i�,--i .--�'•--�� •�i ,--��•--�, � � �I � y O OIOIO O � �'�I�� I�� I � �I . d' d'� O CI� d' Id'Id'I II I�la'�d' ��I�, I � �I I � a I �I� �I�I� I I I I I I I I I � Appraiser Recommendation for an Abatement Assessor Generated ❑ Taxpayer Generated � To: Tom Isaac, Pitkin County Assessor From: Larry Fite : Date: July 13, 2012 Petitioner: Snowmass Holding Co. Schedule#: Multiple, includes four parcels in the Snowmass Mall Subdivision and 28 accts in the Parcel C condominiums, AKA the Gateway Center Parcel #: multiple The appraiser has completed a review of the referenced property, as of this date, and hereby submits a recommendation as stated below: ❑ DenY �i�C a.tte�c.�ed� S�l uv�vh.aw� ❑ Approve as Submitted � ❑ Abatement/Refund Different than requested i � , ! Abatement for Year: 2009 Abatement for Year: 2010 Data collection period 7/1/06 to Data collection period for ear#1: 6/30/08 for ear#2: Assessment Rate: 29% Assessment Rate: 29 % Tax Area: 004 Tax Area: 004 Mill Lev : 32.582 Mill Lev : 34.211 Actual Value this ear: $see attached Actual Value this ear: $ See attached New Value: $ New Value: $ Assessed Value Tax Amount Assessed Value Tax Amount Original value: $ $ Original value: $ $ Corrected value: $ $ Corrected value: $ $ Refund: $ $ Refund: $ $ The basis of this recommendation is: All of the Parcel C condominiums were appealed in 2010 so those 28 accounts are only eligible to abate the 2009 tax year. The 4 parcels in the Snowmass Mall are eligible to abate both 2009 and 2010. For both properties, (Mall and Gateway Center) the current total values are at or very near the purchase prices of the respective properties in 2005. A review of the rental income and application of the income approach indicates that the Snowmass Mall parcels are if anything conservatively valued and warrant no further adjustment. In reviewing the individual condos of the Gateway Center, the Assessor's Office is recommending reductions on some of the units and denials of others on a case by case basis. The attached summaries and income approach worksheets for the different parcels are attached. Chief Appraiser Approval: Assessor Approval: � PGtIrC e� � ��^�0 5 Snowmass Holding Co, LLC n �� ^ / �1 e�� C�� Rent Roll H l.� t Jun-08 Rentable BASE RENT Valuation Expires Unit# Name Sq.Ft. MONTHLY ANNUAL S.F. 10.00% 5/31/201 GC-15 Dr. Michael Check 454 875.00 10,500.00 23.13 $ io5,000.00 GC-102 Storage unit-Allocated by leases 278 ' - - $ 10/31/20 GC-104 Aspen Skiing Co-Lockers 267 300.00 3,600.00 13.48 $ 36,000.00 04/30/09 GC-104A Town of Snowmass VillageMKT 500 500.00 6,000.00 12.00 $ 60,000.00 M to M GC-106 Zz-Vacant-Storage 705 - - - $ - 10/31/14 GC-201 Rocky Mountain Chocolate 798 3,964.57 47,574.84 59.62 $ 475,748.40 10/31/14 GC-202 Sunglass Panache 391 2,280.83 27,369.96 70.00 $ z73,699.60 04/15/20 GC-203 Sidewinder Sports-Seasonal Base ren 569 3,521.68 21,130.08 37.14 $ 217.,300.80 4/30/12 GC-204 Surefoot 747 4,746.82 56,961.84 76.25 $ 569,618.40 10/31/13 GC-205 Incline Ski Shop s05 4,888.09 58,657.04 72.87 $ 586,570.42 GC-206 Incline Ski Shop 583 3,540.07 42,480.81 72.87 $ 424,808.14 05/31/12 GC-207 George Huggins 314 1,177.50 14,130.00 45.00 $ 141,300.00 GC-208 George Huggins 335 1,256.25 15,075.00 45.00 $ 150,750.00 GC-209 Incline Ski Shop 999 6,066.09 72,793.02 72.87 $ 727,930.24 4/30/13 GC-210 Snowmass T-Shirt Co. 368 1,467.72 17,612.67 47.86 $ 176,126.67 GC-211 Snowmass T-Shirt Co. 420 1,675.12 20,101.41 47.86 $ 201,014.13 04/15/12 GC-212 Weinerdog 422 1,641.58 19,698.96 46.68 $ 196,989.60 10/31/15 GC-215 Village Liquors-Seasonal Base rent 1,429 6,176.60 74,119.20 51.87 $ 741,192.00 10/31/13 GC-216 Fuel 581 2,178.75 26,145.00 45.00 $ 261,450.00 M to M GC-301 Challenge Aspen 788 552.91 6,634.92 8.42 $ 66,349.20 10/31/13 GC-302 Zane's Tavern 1,194 3,283.50 39,402.00 33.00 $ 394,020.00 GC-306 Zane's Tavern 511 1,405.25 16,863.00 33.00 $ 168,630.00 4/30/15 GC-309 Challenge Aspen 1,546 2,139.45 25,673.44 16.61 $ 256,734.38 GC-310 Challenge Aspen 1,754 2,427.30 29,127.56 16.61 $ 291,z75.62 M to M GC-311 A RW Management,LLC 443 606.92 7,283.04 16.44 $ 72,830.40 GC-311 B RW Management,LLC 393 606.92 7,283.04 18.53 $ 72,83o.ao 5/31/14 GC-315 Nardi"s 1,900 3,587.83 43,053.96 22.66 $ 430,539.60 2/28/09 GC-316 Zz-Vacant 1,543 - - - $ - Total 20,583.0 $ 59,991.74 $ 709,270.80 $ 37.21 $ 7,092,708.00 N y . d O O O O N O T N O N O O O M tD O 4D O N � � N N Ul � C O O O O � O O� CO M O) O �I�i� 00 O � �f1 c�0 N 1� �CU O V ] � Y � � y C O ch ' I� N 1��A(O � C N 6� � �[1 O a0 O (O� ' 7 W W� W c0 M � L � m � � E M o0 c7 (O N M O N N P'>C N 1�C'h a0 tn N I� N � � (6 � � C � m � N i�C N V 1�N � N�N V V a0 � Q1 N N r � �N N -� t' U � � C ip y V O 7 `� L T `° m m N (4 a a� a� � � Q� u 3 � � 3 3 3 �n Q a �, � � � �u � �, °� m m N � y- o � � o d o� •.. o r� � -- �- c, c> �n �n m :� :ti ,- o v� o m a� ^.. ^_ � `� _ _ � � � � � C Q �� r- cp c0 N N o� N N N c0 u) � V G� N CO O O u� �� fl i� fV F N - - if1 (D (h I� (V cf) V V" CO �'i' d" V C V O C"J (+J � � � \l N c0 .� C c6 � � O � Q o N N O � O � � Y � y � N �O ;..p � � �� N O � @ '� � � � L N `� � � 3 m �i a A � 3 N a� o o � v, o 0 E � ca o a� � o ,°�- v� � o � � .` C � � T C y T T N O (O (O I�f7 M � ln tn Q1 tt O N� n r OD (O M W OD � 1� M � � y m � � .� � N@ � O 6�OD � 00 V M N f�(O O (O O 1� N 00 I� N� 00 00 (O O c0 (0 C N '6 � � � � V' C � m M N O M R a0 (O a1 00 �N� M � N N � � � 1�D �V Q O 3 (6 L U (0 � � 7 N � ` � �N�N �V� � (p � � .� � C O O N N � C cn w a J '� � -� � � Q �� C � N � y � if � N N N '6 N N �7 � N � � � '6 N N L > a F � c � -o a� Q � m N � a� Q -a a� ` M f� O O M�f/ (O N 01 O N(O a0 M�tn O a0 M ch a0 01 X C � u� 01 OD CO OD O N O c0 N �aD O M(D N 7 (O M (O I� ��O�D M � ~ F-- 0 � � � � @ C (6 � y �p � V' ' �N 61 M N N �N 01 I�e- O M � W 00 N� �R V p'ro N L.L — T N N C `i N O O N I� 01 N O M O ch r OD 1��N� ch c0 � ? � M �p O L � y 7 M M I�c0 (O I�N V V N�A tn � N 1� .- � 7 f�O� N N N � N �p � Q N (6 01 L N O 01 O Y � �� N� � C m 'n @ �'� Q O � y £ f�u> `" °'.g � � «�,> � rn � o � a a o � � i� N `o a� . � � p � O . 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I I Parcel C Condominiums ___�___ �Income Approach Summary __� Sch#12962 Unit 106 �enant: Base Village Owner in 09/10, now vacant �---—-- storage � � �— Current value $233,700 � I � income approach Unit# potential income area $/sq ft 106 $22,560 705 $32.00 total $22,560 � 705 $32.00 3 � -$1,128 5%vacancy collection loss $21,432 — �, -$1,072 5% mgnt expenses not passed through �� $20,360 Net Operating income ,, Using 7.0%CAP rate yields a value of: $290,863 or$290,900 � - -� - -I--- �-- -�-- Sch#12963 Unit 201 Tenant: Rocky Mtn Chocolate --- -- — � Current value $652,000 income approach Unit# potential income area $/sq ft � 201 $49,955 798 $62.60 total $49,455 798 $62.60 -$2,498 5%vacancy collection loss $47,457 � -$2,373 5% mgnt expenses not passed through $45,084 Net Operating income Using 7.0%CAP rate yields a value of: $644,060 or$644,000 — --�--- 2009/2010 Abatement � � __ � Parcel C Condominiums 'II ncome Approach Summary Sch#12964 � Unit 202 �Tenant: Sunglass Panache �— Current value $319,400 income approach Unit# potential income area $/sq ft 202 $27,370 � ' 391 $70.00 total $27,370 � 391 $70.00 -$1,369 5%vacancy collection loss s' $26,002 _ _ � -$1,300 5% mgnt expenses not passed through $24,701 Net Operating income Using 7.0%CAP rate yields a value of: $352,878 or$352,900 - — �—— � — � — — �� Sch#12965 Unit 203 Tenant: Sidewinder � i Current value $464,900 income approach Unit#�potential income area $/sq ft 203 $21,133 564 $37.14 --�- total $21,133 569 $37.14 -$1,057 5%vacancy collection loss $20,076 � � -$1,004 5% mgnt expenses not passed through $19,072 Net Operating income Using 7.0%CAP rate yields a value of: $272,460 or$272,500 --�— ' 2009/2010 Abatement __� �— — � Parcel C Condominiums Income Approach Summary Sch#12966 � Unit 204 Tenant: Surefoot � I _ _ � Current value $610,300 income approach Unit# potential income , area $/sq ft 203 �_ $58,659 747 $78.54 total $58,669 747 $78.54 � -$2,933 5%vacancy collection loss $55,736 —� -$2,787 �5%mgnt expenses not passed through $52,949 I Net Operating income �— Using 7.0%CAP rate yields a value of: I $756,416 or$756,400 �--- �— Sch#12967/68/71 Units 205,206&209 Tenant: Incline —� Current value sch#12967 $657,700�— sch#12968 $476,300' sch#12971 $1,031,100 total value $2,165,100 I income approach Unit# �potential income area $/sq ft 205 $61,003 � 805 I $75J8 206 $44,180 583 I $75J8 209 $75,704 999 $75.78 total $180,887 2387 $75.78 �— -$9,044 5%vacancy collection loss $171,843 -$8,592 5%mgnt expenses not passed through $163,250 Ne� t Operating income I Using 7.0%CAP rate yields a value of: $2,332,148 or$2,332,100 � � 2009/2010 Abatement � I Parcel C Condominiums —�come Approach Summary Sch#12969/70 �� Units 207&208 Tenant: Huggins Current value sch#12969 $25 0 sch#12970 $273,700 total value $530,200 income approach Unit# potential income area $/sq ft 207 $14,130 314 $45.00 208 $15,075 335 $45.00 total $29,205 649 $45.00 � -$1,460 5%vacancycollection loss $27,745 i I -$1,387 5%mgnt expenses not passed through �I $26,358 Net Operating income � Using 7.0%CAP rate yields a value of: i � i $376,536 or$376,500 �--�— Sch#12972/73 Units 210&211 Tenant:Huggins Current value sch#12972 $300,700 sch#12973 $343,100 total value $643,800 income approach Unit# pot ne ti ial ncome area � $/sq ft 210 $14,933 368 $40.58 211 $17,044 420 $40.58 total $31,977 788 $40.58 -$1,599 5%vacancy collection loss $30,378 -$1,519 5°/a mgnt expenses not passed through $28,859 Net Operating income Using 7.0%CAP rate yields a value of: $412,275 or$412,300 2009/2010 Abatement _� �_ � Parcel C Condominiums �Income Approach Summary Sch#12974 � Unit 212 �ITenant: Foot Foundation ��,i ;,,�eY�o ) Current value $344,800 income approach Unit# potential income —� area $/sq ft 212 I $19,699 �_ 422 $46.6$ total $19,699 I 422 $46.68 -$985 5%vacancy collection loss � $18,714 — -$936 5% mgnt expenses not passed through $17,778 Net Operating income Using 7.0%CAP rate yields a value of I: � $253,976 or$254,000 — I — ---�— — — --J-- � t I � Sch#12976 _ I Unit 215 _�Tenant: Village Liquor _ _r__ i Current value $825,200 income approach Unit# �potential income area $/sq ft 215 $50,389 1010 � $49.89 total $50,389 1010 $44,89 -$2,519 5%vacancy collection loss $47,869 -$2,393 I5%mgnt expenses not passed through � $45,476 Net Operating income Using 7.0%CAP rate yields a value of: � I $649,657 �or$649,700 i i This his unit has encorporated a portion of unit 216. The actual leasable area for this unit is 1,429 sq ft. 1010 sq ft is the platted area. 2009/2010 Abatement I � Parcel C Condominiums �Income Approach Summary Sch#12977 � Unit 216 Tenant: Fuel Current value $879,100 income approach Unit# potential income area $/sq ft 216 $50,120 1076 $46.58 total $50,120 1076 $46.58 -$2,506 5%vacancy collection loss $47,614 � -$2,381 5%mgnt expenses not passed through $45,233 Net Operating income Using 7.0%CAP rate yields a value of: $646,191 �or$646,200 i I A portion of this unit has been encorporated into unit 215. The actual leasable area for this unit is 581 sq ft. 1076 sq ft is the platted area. � —---� --- --� �— � Sch#12978/81/82 �Units 301,309,&330 Tenant: Challenge Aspen � � Current value sch#12978 $257,500 sch#12981 $505,200 sch#12982 � $573,200 total value $1,335,900 income approach Unit# potential income I area , $/sq ft 301 $12,230 788 $15.52 309 $23,994 1546 $15.52 310 $27,222 1754 $15.52 total $63,446 4088 $15.52 -$3,172 5%vacancy collection loss $60,273 � -$3,014 5%mgnt expenses not passed through $57,260 Net Operating income � Using 7.0%CAP rate yields a value of: $817,997 or$818,000 � � � i Appears to be below market lease,value dependent upon terms,length of lease I ! I I i --� � 2009/2010 Abatement � I _ T _I � I Parcel C Condominiums I �Income Approach Summary Sch#12979/80 � Units 302&306 �Tenant:Zanes I � I Current value � sch#12979 � $390,200 sch#12980 $167,000 total value $557,200 income approach Unit# �potential income � area$q ft 302 � $39,402 1194 � $33.00 306 � $16,863 511 $33.00 total $56,265 1705 $33.00 I -$2,813 15%vacancy collection loss $53,452 -$2,673 5%mgnt expenses not passed through $50,779 Net Operating income � Using 7.0%CAP rate yields a value of: I $725,417 or$725,400 � � —� --r--- I � -- � --�-----�— Sch#12983/84 Units 311A&311B Tenant:RW Mangement --�—---.-1_ — --�—— Current value sch#12983 � $144,800 sch#12984 $128,400 total value $273,200 income approach � Unit# potential income area $/sq ft 311A $13,689 443 � $30.90 3116 $12,144 393 $30.90 total $25,832 836 $30.90 � -$1,292 S%vacancy collection loss $24,541 � -$1,227 5%mgnt expenses not passed through $23,314 Net Operating income Using 7.0%CAP rate yields a value of: I $333,053 �or$333,000 I 2009/2010 Abatement � � Parcel C Condominiums 'income Approach Summary Sch#12985 I Unit 315 �Tenant: Fuel� � Current value $543,500 income approach Unit# potential income area $/sq ft 315 $44,346 1900 $2334 total $44,346 � 1900 $23.34 -$2,217 5%vacancy collection loss ", $42,129 � � ' -$2,106 5%mgnt expenses not passed through � � $40,022 Net Operating income � i Using 7.0%CAP rate yields a value of: $571,747 or$571,700 I l � Assr floor area =1,663 sq ft. Sch#12986 Unit 316 Tenant: vacant Current value $587,600 income approach Unit# potent+al income area $/sq ft 316 $36,014 1543 $23.34 total $36,014 1543 $23.34 -$1,801 5%vacancy collection loss $34,213 -$1,711 5% mgnt expenses not passed through $32,502 Net Operating income Using 7.0%CAP rate yields a value of: $464,318 or$464,300 Assr floor area = 1,798 sq ft. I NOTICE OF DETERMINATION BY THE BOARD OF COUNTY COMMISSIONERS OF PITKIN COUNTY, COLORADO ON PETITION FOR ABATEMENT OR REFUND OF TAXES DATE: August 14, 2012 PETITIONER: Snowmass Hoiding Company, LLC C/O Related Colorado PO Box 6565 Snowmass Village, Colorado 81615 SCHEDULE NUMBER: Various Schedute Numbers (see attached) Dear Petitioner(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 meeting held on August 93, 2012, it was the decision of the BOCC to: APPROVE, IN PART, FOR 2Q09 A copy of the decision is attached to this letter. • Further appeal procedure: If the 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 whole or in part, the petitioner may appeal to the Board of Assessment Appeals (1313 Sherman St., Room 315, Denver, CO 80203, 303-866-5880} pursuant to the provisions of CRS 39-2-125(fl within 30 days from the date of the BOCC decision. For further information regarding the Board of Assessment Appeals you can visit their website @http://www.dola.colorado.gov/baa. • Refund, if applicable: If an abatement petition was approved in full or in part, the Assessor will adjust his records accordingly and a refund will be issued if the taxes were previously paid. g/bocc/boe/form s/abatement.de n i al.letter.2012