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bocc.res.115.2016
6jOSi`KQ �•1°1("°`' FOR ASSESSORS AND COUNTY COMMISSIONERS USE ONLY (Section III or Section IV must be completed) Every petition for abatement or refund filed pursuant to§39-10-114,C.R.S.shall be acted upon pursuant to the provisions of this section by the Board of County Commissioners or the Assessor,as appropriate,within six months of the date of filing such petition,§39-1-113(1.7),C.R.S. Section III: Written Mutual Agreement of Assessor and Petitioner (Only for abatements up to$10,000) • The Commissioners of County authorize 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$10,000 or less per tract,parcel,or lot of land or per schedule of personal property,in accordance with§39-1-113(1.5),C.R.S. The Assessor and Petitioner mutually agree to the values and tax abatement/refund of: Tax Year Actual Assessed Tax APPROVED BY Original RESOLUTION Corrected # / '/I–_pt`O`6, Abate/Refund O' Note:The total tax amount does not include accrued interest,penalties,and fees associated with late and/or delinquent tax payments,if applicable. Please contact the County Treasurer for full payment information. Petitioner's Signature Date Assessor's or Deputy Assessor's Signature Date Section IV: Decision of the County Commissioners (Must be completed if Section III does not apply)/� WHEREAS,the County Commissioners of I t t"'<.kL' County,State of Colorado,at a duly and lawfully called regular meeting held on/0 /96 /,a)j(,at which meeting there were present the following members: /i Month Day Ye r 044 7 00Y1tMtts/vet1er. N/e-1CCcvdS, ewer, w, ,k (4 rjd with notice of such meeting and an opportunity to be present having been given to the Petitioner and the Assessor of said County and and Assessor \01A2 �r,&r\ C (being present-not present and Petitioner _)l.1.5{t r e V I Y\ N being present not present),and WHEREAS,the said Name County Commissioners have carefully considered the within petition,and are fully advised in relation thereto, NOW BE IT RESOLVED that the Board agrees does not aree)with the recommendation of the Assessor, and that the petition be(approved--approve in partenied) ith an abatement/refund as follows: Year Assessed Value Taxes Abate/Refund tk4 '/n n q/)).G- (/ C airperson of the BB rd of Coun ommissioners' igna re IC 1 U AA" r 014$s County Clerk and Ex-Officio Clerk of the Board of County Commissioners in and for the aforementioned county,do hereby certify that the above and foregoing order is truly copied from the record of the proceedings of the Board of County Commissioners. ,��"` IN WITNESS WHEREOF,I ye ereunto� - set my hand and// u:.. '.Kd���� County this 7c ` day of Ae5 r ��V,4"4t `•.�flll Month Year %* :• SP r Ir r , 11 t Count elk'd r Deputy Coun lerk's Signature • 11 (y•• *% Note: Abatements greater than$10,000 per schedule,per year,must be f(. R -F nd •' ' .='•roperty Tax Administrator for review. y, OR M •`-r. Section V: Action of the Property Tax Administrator (For all abatements greater than$10,000) The action of the Board of County Commissioners,relative to this petition,is hereby ❑Approved ❑Approved in part$ ❑Denied for the following reason(s): Secretary's Signature Property Tax Administrator's Signature Date 15-DPT-AR No.920-66/15 CJL` i-1kt`e 7"� (✓f PETITION FOR ABATEMENT OR REFUND OF TAXES pj-k/.11 County: Date Received —03//rc (Use Assessor's or Commissioners'Date Stamp) Section I: Petitioner,please complete Section I only. Date: .> /4 Month ` Day Year Petitioner's Name: ��u S"-A,n E Kr K., Petitioner's Mailing Address: P b i X 7 F5 cJ S psn) i z - City or Town f State Zip Code SCHEDIXE OR PARCEL NUMBER(S) PRO,PERTY ADDRESS OR LEGAL DESCRIPTION OF PROPERTY K 003/ 7 7 6 17 , _1.11.1 /alk /S/ Petitioner requests an abatement or refund of the�lpropriate taxes and states that the taxes assessed against the above property for the property tax year 02.06 are incorrect for the following reasons: (Briefly describe why the taxes have been levied erroneously or illegally,whether due to erroneous valuation,irregularity in levying, clerical error,or overvaluation. Attach additional sheets if necessary.) • Petitioner's estimate of value: $ • fcJs�,,_/(6 ) 010/-. Value Year I declare,under penalty of perjury in the second degree,that this petition,together with any accompanying exhibits o tatements,has been prepared or examined by me,and to the best of my knowledge,information,and belief,is ue, ..rrect,and complete 4 / Daytime Phone Number( 1 1 ) 9as 86-3(p P-titioner's Signature Email { 7 oz $Y Daytime Phone Number( /��) /T� c 4/2 Agent's Signature' Email 'Letter of agency must be attached when petition is submitted by an agent. If the Board of County Commissioners,pursuant to§39-10-114(1),C.R.S.,or the Property Tax Administrator,pursuant to§39-2-116,C.R.S., denies the petition for refund or abatement of taxes in whole or in part,the Petitioner may appeal to the Board of Assessment Appeals pursuant to the provisions of§39-2-125,C.R.S.,within thirty days of the entry of any such decision,§39-10-114.5(1),C.R.S. Section Il: Assessor's Recommendation (For Assessor's Use Only) Tax Year .A0)5 Actual Assessed Tax Original Corrected Abate/Refund ❑Assessor recommends approval as outlined above. If the request for abatement is based upon the grounds of overvaluation,no abatement or refund of taxes shall be made if an objection or protest to such valuation has been filed and a Notice of Determination has been mailed to the taxpayer,§39-10-114(1)(a)(I)(D),C.R.S. Tax year: Protest? ❑No ❑Yes (If a protest was filed,please attach a copy of the NOD.) rfitssessor recommends denial for the following reason(s): j.o k' bz,lt,. . (,Ucto c e n ;e C,6®>c ie-eI. Asse sor's or Dep As ssor's Signature 15-DPT-AR No.920-66/15 NOTICE OF DETERMINATION ON PETITION FOR ABATEMENT OR REFUND OF TAXES BOARD OF COUNTY COMMISSIONERS 123 EMMA ROAD BASALT, COLORADO 81621 (970) 920-5157 PITKIN COUNTY, COLORADO Date: October 27, 2016 Petitioner: Justine R. Kirk Schedule No. R003179 Dear Petitioner's Representative: 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. On October 11, 2016, the hearing officers held a hearing to consider your petition and recommended the following determination to the BOCC. At a meeting held on October 26, 2016, it was the decision of the BOCC to ratify the hearings officer's determination(s) as follows: n Approve abatement as requested n Approve a partial abatement n Deny the petition for abatement 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 (f) within 30 days from 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 the treasurer will process a refund if the taxes were previously paid. P11km C011hly Assessor's Office September 23, 2016 Justine R. Kirk P.O. Box 958 Aspen, CO 81612 Re: Sch# R003179, Pitkin Green Subdivision, Block 2, Lot 14 Dear Ms. Kirk, The Board of County Commissioners will consider your petition for abatement of taxes on the above listed property at a hearing scheduled for October 11, 2016 at 9:00 A.M. The meeting will take place in the County Courthouse meeting room located at 506 East Main Street,Aspen, Colorado. There are several taxpayers being scheduled for hearings at this time. We are attempting 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 request. 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. 4111 Cordially, ,. 4 Larry Fie Chief Appraiser Pitkin County Assessor office Hearing Order: Sch# 4551, Gerber Sch# 12576, MacMillan Sch# 3179, Kirk Sch# 873, Cantina Building, LLC f " Tom Isaac, Assessor 506 E.Main Street,Suite 202 Aspen,Colorado 81611 . ` (970)920-5160 fax(970)920-5174 `1 FOR ASSESSORS AND COUNTY COMMISSIONERS USE ONLY (Section III or Section IV must be completed) Every petition for abatement or refund filed pursuant to§39-10-114,C.R.S.shall be acted upon pursuant to the provisions of this section by the Board of County Commissioners or the Assessor,as appropriate,within six months of the date of filing such petition,§39-1-113(1.7),C.R.S. Section III: Written Mutual Agreement of Assessor and Petitioner (Only for abatements up to$10,000) The Commissioners of County authorize 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$10,000 or less per tract,parcel,or lot of land or per schedule of personal property,in accordance with§39-1-113(1.5),C.R.S. The Assessor and Petitioner mutually agree to the values and tax abatement/refund of: Tax Year Actual Assessed Tax Original Corrected Abate/Refund Note:The total tax amount does not include accrued interest,penalties,and fees associated with late and/or delinquent tax payments,if applicable. Please contact the County Treasurer for full payment information. Petitioner's Signature Date Assessor's or Deputy Assessor's Signature Date Section IV: Decision of the County Commissioners (Must be completed if Section III does not apply) WHEREAS,the County Commissioners of County,State of Colorado,at a duly and lawfully called regular meeting held on / / ,at which meeting there were present the following members: Month Day Year with notice of such meeting and an opportunity to be present having been given to the Petitioner and the Assessor of said County and Assessor ""0 IM_ " ',A C (being present-not present and \ I Na - Petitioner _)IAS t r V e t y"\— being present not present),and WHEREAS,the said Name County Commissioners have carefully considered the within petition,and are fully advised in relation thereto, NOW BE IT RESOLVED that the Board agrees does not aree)with the recommendation of the Assessor, and that the petition be(approved--approve in part..enied) ith an abatement/refund as follows: Year Assessed Value Taxes Abate/Refund Chairperson of the Board of County Commissioners'Signature I, County Clerk and Ex-Officio Clerk of the Board of County Commissioners in and for the aforementioned county,do hereby certify that the above and foregoing order is truly copied from the record of the proceedings of the Board of County Commissioners. IN WITNESS WHEREOF,I have hereunto set my hand and affixed the seal of said County this day of . Month Year County Clerk's or Deputy County Clerk's Signature Note: Abatements greater than$10,000 per schedule,per year,must be submitted in duplicate to the Property Tax Administrator for review. I Section V: Action of the Property Tax Administrator (For all abatements greater than$10,000) The action of the Board of County Commissioners,relative to this petition,is hereby ❑Approved ❑Approved in part$ 0 Denied for the following reason(s): Secretary's Signature Property Tax Administrator's Signature Date 15-DPT-AR No.920-66/15 • Sch# R003179, Justine R. Kirk, Pitkin Green Sub., Block 2, Lot 4 Ms. Kirk filed an appeal during the normal appeal period for 2016 as well as an abatement petition to appeal the valuation assigned to the subject property for the 2015 tax year. Since both years are in the same 2 year valuation cycle, the assessor's office is required to assign the same value for both years of the cycle barring any changes to the property. With the 2016 valuation appeal, Ms. Kirk provided an appraisal that had been prepared by Dave Ritter as the basis of her appeal. The appeal was denied at the Assessor level of appeal and was then appealed to the County Board of Equalization (CBOE). At the CBOE appeal, Wendy Schultz prepared a comparable sale grid including 9 comparable sales for the subject property. After reviewing Mr. Ritter's appraisal and testimony, along with Ms. Shultz's comparable sales and testimony, together with making a site visit to the subject property, the hearing officer denied the appeal at the CBOE level for the 2016 tax year. Since the same appraisal from Mr. Ritter and comparable sales from Ms. Schultz are being used for the 2015 abatement request, the Assessor's office is recommending that the abatement be denied as well. This will keep the valuation of the subject property consistent for both years of the two year valuation cycle. If approved as requested the refund would be: 2015, $4,360 Recommended action: Uphold the assessor's recommendation for denial for 2015 tax year; or, recommend a full or partial reduction in value with the value set at . The owner petitioner/owner appeared in July asking for relief from what she felt was an excessively high valuation from the assessor's office. After visiting the site, it is my opinion that the value of her property established by the assessor's office is correct. My determination is that there be no change to the $4,680,200 valuation and to uphold the assessor's recommendation for denial. Hearing Officer: Jack Musser /� 464 � 20/6Hearing Office Signature -�at_ ssW /0l ' 7 Appraiser Recommendation for an Abatement From: Wendy Schultz Date: 09/21/2016 Petitioner: Justine Kirk Schedule#: R003179 Parcel #: 273501403005 The appraiser has completed a review of the referenced property, as of this date, and hereby submits a recommendation as stated below: ■ Deny ❑ Approve as Submitted ❑ Abatement/Refund Different than requested Abatement for Year: 2015 Abatement for Year: Data collection period 7/1/12 — Data collection period for year#1: 6/30/14 for year#2: Assessment Rate: 7.96% Assessment Rate: Tax Area: 008 Tax Area: Mill Levy: 27.076 Mill Levy: Actual Value this year: 4,680,200 Actual Value this year: Recommended value: 4,680,200 Recommended value: Assessed Tax Amount Assessed Tax Amount Value Value Original value: Original value: Corrected Corrected value: value: Refund: Refund: The basis of this recommendation is: This property was protested in 2016 at the CBOE level. It was denied at that time. My recommendation is to agree with the hearing officer's decision and deny the 2015 abatement, which is the same value. ., tA5 i7 e I> II.6 - "1\ -t 0 � ) 6-u- -zee\eA AA\a -ter bYr1 HEARING OFFICER DETERMINATION PiTKIN COUNTY BOARD OF EQUALIZATION 2016 TO BE FILLED OUT BY ASSESSOR'S OFFICE; � Property Owner's Name: jtA.617110, Irr' \ Schedule No. 4931-ig Property Owner's Representative (IIf1-10160 f applicable) �} Property Address: 51 �f e N R S Legal Description: P,+I'y1 ( - eJ h DJOc i 2 Lk 4.)- Hearing -Hearing Date: --th(94(,P Hearing Time: "-) ^3o r r'' Assessor's Representative: n1 �lL --- Assessor's Valuation: 4/6, 70O � o Owners)Requested Value: 2l G ,3 Owner(s)Justification for Appeal: A Pc; Assessor's Justification for Valuation: C .eiy1 S (f) :rliP.: 1 . Classification Code: ge5/z1z. Land: yt J015,oF Improvements: l A 200 Total: I,(;26b TO BE FILLED OUT BY HEARING OFFICER: Petitioner Present: yes l no / BOE Comments/Remarks: ,L >M a Gale_ 61- S 14:r. 11ti:S i iL 4 *y a [ Gv.k S Pu:e of at_ Coy 4-114 4(-e__ ro p4- ):124 Its 424 i 4 s S sen~s Dc. ke r tot .L a 0 r Lt : {4- et.ss e 1:.S ak'S Erk.t, 1/x..1 • if more room is needed continue on back page l Property Owner Present: _ XYes No Determination: No Change/� Stipulation The following Change: Present Value: Adjusted Value: //z.) sClassification Cade: Os Z---- Land: cal SW, DOO Improvements: IOU, 2.Oe> Total: 4, Logo, Zvi J A�-K / LL5 (L Hearing Signature nature a 11f-" &.4 Hearing Officer: 9 5 4u,b,je-J ). '2 , 3. :5.4 }t'4 1 .,,If ' . " A - ' . -'-zt. . . - .e. _ t ,'Yl' f 4.t' . r '` . _ Ate. r Account R003179 Comparable:R003752 Comparable:R004288 Comparable:R012747 Number Parcel Number 273501403005 273501403002 273707200028 273707213002 Situs Address 59 HERRON 153 HERRON HOLLOW RD 120 RED MOUNTAIN RD 110 RED MOUNTAIN RD HOLLOW RD City ASPEN ASPEN ASPEN ASPEN Sale Date 05/17/2013 02/25/2014 08/12/2013 Sale Price $2,755,000 $3,100,000 $3,400,000 Sale/SqFt $726 $1,155 $712 Time Adj.Price $2,755,000 $3,100,000 $3,400,000 VALUE ADJUST DESCRIPTION +(-)ADJUST DESCRIPTION +(-)ADJUST DESCRIPTION +(-)ADJUST Acres 0.96 $0 0.72 $0 0.93 $0 SQFT 34160 0 $0 0 $0 0 $0 Land Value PIT PIT $2,200,000 PIT $1,500,000 PIT $1,800,000 Code GRN/LOWER GRN/LOWER GRN/LOWER GRN/LOWER RD MTN RD MTN RD MTN RD MTN Actual Year 1959 1990 $0 1962 $0 1961 $0 Built Effective Year 1975 1995 ($175,000) 1965 $0 1975 $0 Built Live Area 3252.0000 3794.0000 ($40,650) 2685.0000 $42,525 4358.0000 ($82,950) Finished 0.0000 0.0000 $0 0.0000 $0 420.0000 ($21,000) Basement Area Construction AVERAGE GOOD ($300,000) AVERAGE $0 AVERAGE $0 Quality FINISHED $0 $0 $0 GARAGE HEATED FINISHED 752 388 $35,000 520 $25,000 884 ($15,000) GARAGE Value $4,680,200 Voluc/Sqft $1,439 , Adjusted Sale $4,474,350 $1,719,350 $4,667,525 $1,567,525 $5,081,050 $1,681,050 wendys @ Jul 19, 2016 11:21:16 AM Pitkin County Colorado Assessor Page 1 of 4 � i ,.,,,,,,,,,,N✓ � , s :',--:is--‘Al*.rior Account R003179 Comparable:R009092 Comparable:R011618 Comparable:R003264 Number Parcel Number 273501403005 273707202009 273707210133 273501403022 Situs Address 59 HERRON 11 SALVATION CIR 218 WILLOUGHBY WY 720 WILLOUGHBY WY HOLLOW RD City ASPEN ASPEN ASPEN ASPEN Sale Date 12/27/2012 04/09/2013 12/28/2012 Sale Price $4,225,000 $5,335,400 $5,445,750 SaleISgFt $1,008 $2,393 $2,168 Time Adi.Price $4,225,000 $5,335,400 $5,445,750 VALUE ADJUST DESCRIPTION +(-)ADJUST DESCRIPTION +(-)ADJUST DESCRIPTION +(-)ADJUST Acres 0 $0 0.26 $0 0.87 $0 SOFT 34160 30812 $0 0 $0 0 $0 Land Value PIT MID/RIDGE RD $1,350,000 PIT ($500,000) PIT ($1,250,000) Code GRN/LOWER MTN GRN/LOWER GRN/LOWER RD MTN RD MTN RD MTN Actual Year 1959 1989 $0 1964 $0 1965 $0 Built Effective Year 1975 1989 ($185,200) 1995 ($167,700) 1965 $0 Built Live Area 3252.0000 4192.0000 ($70,500) 2230.0000 $76,650 1776.0000 $110,700 Finished 0.0000 0.0000 $0 0.0000 $0 736.0000 ($36,800) Basement Area Construction AVERAGE GOOD ($300,000) GOOD ($300,000) AVERAGE $0 Quality FINISHED $0 $0 $0 GARAGE HEATED FINISHED 752 900 ($15,000) $48,000 $35,000 GARAGE Value $4,680,200 Valuc/Sqft $1,439 , Adjusted Sale $5,004,300 $779,300 $4,492,350 ($843,050) $4,304,650 ($1,141,100) wendys @ Jul 19, 2016 11:21:16 AM Pitkin County Colorado Assessor Page 2 of 4 -7. S. 9. t it.-#6,/,t:,:e:41&- - Lit.--.Z- ' " 1 i' i ' * 4640.' Account R003179 Comparable:R008119 Comparable:R003143 Comparable:R003276 Number Parcel Number 273501403005 273501403001 273501406005 273501406004 Situs Address 59 HERRON 162 HERRON HOLLOW RD 47 BENNETT CT 62 BENNETT CT HOLLOW RD City ASPEN ASPEN ASPEN ASPEN Sale Date 04/15/2013 03/27/2013 05/13/2014 Sale Price $6,495,500 $3,070,000 $3,340,000 Sale/Set $808 $775 $777 Time Adj.Price $6,726,739 $3,070,000 $3,340,000 VALUE ADJUST DESCRIPTION +(.)ADJUST DESCRIPTION +(-)ADJUST DESCRIPTION +(-)ADJUST Acres 1.3 $0 0 $0 0 $0 SOFT 34160 0 $0 25000 $0 19048 $0 Land Value PIT PIT $2,200,000 DRAW $2,000,000 DRAW $1,750,000 Code °RN/LOWER GRN/LOWER DRIWRIGHTS DRJWRIGHTS RD MTN RD MTN RD RD Actual Year 1959 1976 $0 1975 $0 1988 $0 Built Effective Year 1975 2005 ($1,300,000) 1995 ($160,000) 2000 ($325,000) Built Live Area 3252.0000 5495.0000 ($168,225) 3041.0000 $15,825 3457.0000 ($15,375) Finished 0.0000 1953.0000 ($97,650) 920.0000 (546,000) 844.0000 ($42,200) Basement Area Construction AVERAGE EXCELLENT ($2,300,000) GOOD ($300,000) AVERAGE $0 Quality FINISHED (5300,000) $0 $0 GARAGE HEATED FINISHED 752 863 ($15,000) 294 $45,000 462 $25,000 GARAGE Value $4,680,200 Value/Sqft $1,439 Adjusted Sale _ $4,745,864 ($1,980,875)_ $4,624,825 $1,554,825_ $4,732,425 $1,392,425 wendys @ Jul 19, 2016 11:21:16 AM Pitkin County Colorado Assessor Page 3 of 4 H it L+tnw h 6Ll21ue Q uwml. •?I .‘1 Caarroll■ el Wes l.,Wig 0 to,{/d}s tenwiritW N dJM 10.2916 w I , w 11 '• sae6xnac_J aroas i5wy/_t ry .+. i' fiftie: --7- f - - t• 1 , 14 tf. i 1 '. 4'..4 /.. ‘? • r . }'` �`— _ rte , r..k . .. . , . r iiii. . , ...4k .. - ---—. 'it ; 4 a• • 4, fi II, ,Ili{ wk.' .. �` • rro�.. A.. @SCI V Nrp14r:i IIIift6 P MwNlunl el Ai„l+f[Ml 5bj j i. le) `Ie`4 � .1111 11111 Restricted Use Appraisal Report • Residential Al Reports of 1'ilkin Green Block 2 Lot 14 59 Herron Hollow Road Aspen,CO 81611 As Of: June 30th,2014 Prepared For: Justine R Kirk 59 Herron Hollow Road Aspen,CO 81611 Prepared By: David Ritter.MNAA The Appraisal Office-Aspen Ltd. 210 So Galena St Ste 29 Aspen,CO 81611 The Appraisal Office-Aspen Ltd. Client File if: Appraisal File if: Restricted Use Appraisal Report - Residential I III 11111111 Appraisal Connelly The Appraisal Office-Aspen Ltd. Address:210 So Galena St Ste 29,Aspen,CO 81611 AI Reports- phone:970-920-1002 Fec (970)925-3603 Website: Form 200.04' Appraiser. David Ritter,MNAA Co-Appraiser: Al Membership(if any): _SRA I IMM 1 I SRPA Al Membership(if any): SRA n MM fl SRPA AI Status(deny): Candidate for Designation n Pracilekig Affiliate Al Status(if any): Candidate for Designation n Practicing_Afl ate Other Professional Affiliation: National Association of Appraisers Other Professional Affiliation: Email: davc@appraisalofficeaspcn.com E-mail: Client Justine R Kirk Contact Address: 59 Herron Hollow Road,Aspen,CO 81611 Phone:925-8536 Fax Email: SUBJECT PROPERTY IDENTIFICATION Address:59 Herron Hollow Road Cary: Aspen County: Pitkin 9i CO ZIP: 81611 Legal Desorption: Pitkin Green Block 2 Lot 14 Tax Parcel it 2735 014 03 005 Account#R003179 RE Taxes: $10,086.88 Tax Year. 2015 payable 2016 Use of the Real Estate As of the Date of Value: Single-family Residential Use of the Real Estate Reflected in the Appraisal: Single-family Residential Redevelopment 0.*rron of h.. est and best use if r:. 'red: Sin_le-famil Residential Redevelo.ment SUBJECT PROPERTY HISTORY Owner of Record: Pauline B Pitt Description and analysis of sales within 3 years(minimum)prior to effective dale of value: According to Pitkin County public records the subject property has not sold within 10 years prior to effective dale of appraisal. According to Aspen MLS the subject property has not be listed for sale within 4 years prior to effective date of appraisal. De®apSon and analysis of agreements of sale(contracts),listing,and options: Not Applicable RECONCILIATIONS AND CONCLUSIONS Indication of Value by Sales Comparison Approach $ 2,657,300 Indication of Value by Cost Approach $ N/A Indication of Value by Income Approach $ N/A Final Reconciliation of the Methods and Approaches to Value: Since the Sales Comparison Approach was the only applicable approach reconciliation of values via the Cost Approach and Income Approach is not required. Marketing Time and Exposer Time Based on the comparable sales is it my conclusion that near or at the estimate of fair market value the marketing time and exposer time for the subject property would be the same 6 to 12 months. Opinion of Value as of: June 30th,2014 $ 2,657,300 Exposure Time: Near or at the estimate of Market Value 6 to 10 months The above opinion is subject to: fl Hypothetical Conations andor n Extraordinary Assumptions cited on the following page. 'NOTICE:The Appraisal Institute publishes this form for use by appraisers where the appraiser deems use of the form appropriate.Depending on the assignment,the appraiser may need to provide additional data,analysis and work product not called for in this form.The Appraisal Institute plays no role in completing the form and disclaims any responsibility for the data,analysis or any other work product provided by the individual appraiser(s)in the specific contents of the Al Reports'.Al Reports'Al-200.04 Summary Appraisal Report-Land©Appraisal Institute 2013,All Rights Reserved January 2013 Page 1 of 25 Produced by ClickFORMS Software 800-622-8727 The Appraisal Office-Aspen Ltd. • Justine R Kirk 59 Herron Hollow Road,Aspen,CO 81611 ASSIGNMENT PARAMETERS Client(sole Intended userl:Justine R Kirk Intended Use: Ad Valorem Taxation Valuation This report is restricted for the use of the client only.There are no other intended users.The client must clearly understand that the appraiser's opinions and conclusions may not be understood properly without additional information in the appraiser's work file. Type of Value:Reasonable Market Value Effective Date of Value:June 30,2014 - Interest Appraised: DTI Fee Sknple ❑ Leasehold ❑ Other Hypothetical Conditions:(A hypothetical condition is that which is contrary to what exists,but is asserted by the appraiser for the purpose of analysis.Any hypothetical condition may affect the assignment results) None Extraordinary Assumptions:(An extraordinary assumption is directly related to a specific assignment and presumes uncertain information to be factuall found to be false the assumption could alter the appraiser's opinions or conclusions.Any extraordinary assumption may affect the assignment results.) This appraisal was completed based on the extraordinary assumption that the subject property was in similar condition on effective date of appraisal,June 30,2014,as it was on date of inspection,March 31,2016. In accordance with Standard Rule 2- • of the Uniform Standard of Professional L. :• :,Practice USPAP this is a restricted:L. : rl SCOPE OF WORK Definition:The scope of work Is the type and extent of research end analysis In an assignment.Scope of work Includes the extent to which the property Is Identified,the extent to which tangible property Is inspected,the type and extent of data research,and the type and extent of analysis applied to arrive at credible opinions or conclusions.The specific scope of work for this assi•nment is identified below and throu•hout this re.•rt. Scope of Subject Property Inspection/Data Sources Utilized I Approaches to Value Developed Appraiser CostApproach: Property Inspection ❑X Yes I No ❑Is necessary for credible results and is developed in this analysis Date of Inspection: March 31,2016 n Is not necessary for credible results;not developed in this analysis Describe Scope of Property Inspection,Source of Area Calculations I I Is not necessary for credible results but is developed in this analysis and Data Sources Consulted: The appraiser inspected the exterior of the subject property.Primary Data Sources;Aspen MLS and Sales Comparison Approach: Pitkin County public records. ❑Is necessary for credible results and is developed in this analysis Is not necessary for credible results;not developed in this analysis Co-Appraiser I I Is not necessary for credible results but is developed in this analysis Property Inspection:❑Yes Ti No Date of Inspection: Income Approach: Describe Scope of Property Inspection,Source of Area Calculations r I Is necessary for credible results and is developed in this analysis and Data Sources Consulted: U Is not necessary for credible results;not developed in this analysis I I Is not necessary for credible results but is developed in this analysis Additional Scope of Work Comments: The appraiser inspected the exterior of subject property and all of the comparables used in this appraisal. The site size and improvement size of the subject property and all of the comparable sales were obtained from PitCo public records. Significant Real Property Appraisal Assistance: U None U Disdose Nam(*)and contribution: -- •NOTICE:The Appraisal Institute publishes this form for use by appraisers where the appraiser deems use of the torn appropriate.Depending on the assignment,the appraiser may need to provide additional data,analysis and work product not called for In this Ions.The Appraisal Institute plays no role In completing the form and disclaims any responsibility for the data,analysis or any other wok product provided by the individual appraiser(s)In the specific contents of the Al Reports'.Al Reports'Al-200.04 Summary Appraisal Report-Land ei Appraisal Institute 2013,All Rights Reserved January 2013 Page 2 of 25 Produced by ClickFORMS Software 800-622-8727 The Appraisal Office-Aspen I,td. Client: Justine R Kirk Client File# Subject Property: ,,m 59 Herron Hollow Road,Aspen,CO 81611 Appraisal File It MARKET AREA ANALYSIS Location Built Up Growth Supply&Demand Value Trend Typical Marketing Time I IUrban [-;Under 25% 1 Rapid I j Shortage n Increasing r__J Under 3 Months ❑R Suburban L 25%-75% [X I Stable I X1 In Balance ❑X Stable n 3.6 Months IR Rural J Xi Over 75% 1 I Slow I I Over Supply r]Decreasing I X'Over 6 Months Neighborhood Single Family Profile Neighborhood Land Use Neighborhood Name: Red Mountain Price Age 2,650,000 Low 0 1 Family 100 % Commercial % PUD ❑ Condo 'LJ HDA: $ / 17,500,000 High 50 Condo % Vacant % Amenities:Views,Prestige,Access to Aspen 6,315,000 Predominant 40 Militarily % % tilerket area description and characteristics: The subject property is located on Lower Red Mountain arca in unincorporated Pitkin County.Rcd Mountain is one of Aspen's and Pitkin County's most prestigious areas and quality of views,access,seclusion and allowable floor area all impact the value of a site. SITE ANALYSIS Dimensions:See Plat Map Area: 0.780 acres Vienne Mountain Shape: Irregular Rectangual Drainage: Appears Adequate Utility: Good Site SlmlieritylConformlty to Neighborhood —ZonIngOeed Restriction Size: View: Zoning: R-30 Covenants,Condition&Restrictions ❑Smaller than Typical Q Favorable ❑Yes ❑ No I X 1 Unknown I X'Typical I I Typical [XI Legal . No zoning Documents Reviewed ❑Larger Than Typical [J Less than Favorable 1 1 Legal,non-conforming I I Yes ❑No I I Illegal Ground Rent$ Unties Oft Site Improvements Electric © Pubic I Other City uiAapen _ Street [X I Public [ I Private Asphalt ----... Gas © Pubic in Other Black Hills Energ Alley ❑Public I I Private None-Typical Water El Public III Other City of Sewer n Public U Other City of Aspen Street i is k LJ Public L P� None-Typical pLights [J Public Private None-Light Pollution Ordnance • Site description and characteristics: The subject site is located in Lower Red Mountain and has very good views of Aspen Mountain. However the subject site lacks seclusion and is encumbered by a road and utility easements which reduces its effective size hence its allowable floor area. HIGHEST AND BEST USE ANALYSIS []Present Use ❑Proposed Use FIC Other SFR Redevelo.ment Summary of highest and best use analysis: Since the only allowable use of the subject site is single-family residential dwelling and the existing improvement no longer contributes value to the site single-family residential re-development is the subject property's highest and best use. •NOTICE:The Appraisal Institute publishes this form for use by appralsers where the appraiser deems use of the form appropriate.Depending on the assignment,the appraiser may need to provide additional data,analysis and work product not called for in this form.The Appraisal Institute plays no role in completing the form and disclaims any responsibility for the data,analysis or any other work product provided by the individual appraiser(s)in the specific contents of the Al Reports'.Al Reports'Al-200.04 Summary Appraisal Report-Land 0 Appraisal Institute 2013,Al Rights Reserved January 2013 Page 3 of 25 Produced by ClickFORMS Software 800-622-8727 The Appraisal Office-Aspen Ltd. Client Justine R Kirk Client File# Subject Property: 59 Herron Hollow Road,Aspen,CO 81611 Appraisal Fie# IMPROVEMENTS ANALYSIS General: Goon Raised Ranch �Nood Units: No.of Stories: 2 Actual Age: 55 1 Effective Age: 50 X I Existing I I Under Conshuctonfl I —I Proposed Attached X Detached I I Manufactured 7 Modular Other. Exterior Elements I Roofi : I Siding: Wood l Windows: Wood 7 Patio 1 I Deck 1171 Porch I[1 Pod 17 Fence Other. Interior Elements Floori I Walls: I n Fireplace I Kitchen: 7 Refrigerator JI Range LI Oven n Fan/Hood 17 Microwave n Dishwasher I Countertops: Other Foundation I 7 Crawl Space -- n Slab I I 1 Basement Other. Attic n None I--I Swale 1--I Drop Stair I ri Stairway 1E1 Flashed Mechanicals HVAC:HWBB Fuel: Gas I AirNone Car Storage [TO Driveway Concrete in Gataoe 117I Carport I Finished Other Elements Above Grade Gross Living Area(GLA) Living 4 Dom Kitchen Den Famiy; Rec. Bedrms #Baths Utility ,_ Other t Area Sq.FL Level 1 Level 2 Finished area above grade contains: Bedtoom(s): 5 Baah(s): 4.0 1 GLA: 3,252 Summarize Above Grade Improvements: Based on demands for newer,larger and higher quality homes in the subject property's economic neighborhood it is my conclusion that the existing improvements have surpassed the end of their economic life. As a result based on current zoning and the highest and base use of the subject property,residential redevelopment a detailed analysis of the existing improvements is not warranted. Below Grade Area or Other Area Living Dicing Kitchen Den Famiy Rec. Bedrms #Baths Utility Sri Finished Area So.FL Below Grade 0 Osier Area 0 Highest&Best Use i_—_-_ _._ SFR Redevelopment Summarize below grade and/or other area in provements: Discuss physical depredation and functional or external obsolescence: Discuss style,quality,condition,size,and appeal of improvements including conformity to market area: `NOTICE:The Appraisal Institute pubishes this form for use by appraisers where the appraiser oeems use of the form appropriate.Depending on the assignment,the appraiser may need to provide additional data,analysis and work product not called for in this term.The Appraisal Institute plays no role in completing the form and disclaims any responsibility for the data,analysis or any other work for the data,analysis or any other work product provided by the individual appraiser(s). Al Reports AI-200.03 Restricted Use Appraisal Report Residential ®Appraisal Institute 2008,All Rights Reserved December 2008 Page 4 of 25 Produced by ClickFORMS Software 800-622-8727 The Appraisal Office-Aspen Ltd. Client: Justine R Kirk Client File# Subject Property: j 59 Flerron Hollow Road,Aspen,CO 81611 Appraisal File# SALES COMPARISON APPROACH ITEM SUBJECT COMPARISON 1 COMPARISON 2 COMPARISON 3 Address 59 Herron Hollow Road 153 Herron Hollow Road 162 Herron Hollow Road 120 Red Mountain Road Aspen,CO 81611 Aspen,CO 81611 Aspen,CO 81611 Aspen,CO 81611 Proximlly to Subject 0.07 miles E 0.07 miles E 0.95 miles SE Date Source/ Aspen MLS PitCo Pub Rec Aspen MLS PitCo Pub Rec Aspen MLS PitCo Pub Rec Verification Prior A?praisal Original List Pry _i- 4,995,000 $ 6,900,000 $ 5,750,000 Final List Price .L $ 2,999,000 $ 6,900,000 $ 3,750,000 Sale Price $ 3 2,755,000 $ 6,495,000 $ 3,100,000 Sale Price%of Original List % _ 55 % 94 % 54 % Sale Price of Final List % 92 % ._,... __ .._- 94 % 83 % Closing Date 05/17/2013 04/15/2013 02/25/2014 Days on Market 865 83 901 Price/Gross Living Area 0 $ 689 $ 872 $ 1,155 NNW DESCRIPTION DESCRIPTION +(-)A4ustnent DESCRIPTION +(-)Adktstinent DESCIIP7pN +(-)Adlustnent Financing Assump Cash to senor Conventional Conventional Conventional Concessions Assump None None None None Contract Date PitCo Time Adj 60,915 PitCo Time.Adj 231,239 PitCo Time Adj 131,000 Location Lower Red Mtn Lower Red Mtn Lower Red Mm Lower Red Mm Site Size 0.780 acres 0.96 Acres 1.30 Acres 0.70 Acres Site Views/Appeal Mtn Not Secluded Mths Secbaul site Secluded Site Mins Secluded Site Dessm and Appeal Raised Ranch Raised Ranch 2 Story Ranch Quality of Construction Average Average Excellent -931,000 Very Good -201,500 Age 55 vis 24 yrs 9 yrs 52 yrs Condition Average Avera4e Superior -931,000 Su 'or -201,500 Above Grade Bedrooms Bedrooms 5 Bedrooms 5 Bedrooms 6 4 Above Grade Baths Batts 4.0 Batts 5.1 Balks 7.1 2.0 Gross Living Area 3,252 Sq.Ft. 4,000 Sq.Ft -374,000 7,448 Sq.R. -2,098,000 2,685 So.Ft 283,500 Below Grade Area 0 0 0 0 0 0 0 Below Grade Finish 0 0 0 0 0 0 0 Other Area 0 0 ADU 880 sf -220,000 0 0 _Ii ghest&Best Use SFR Redevelopment sea Rcdeuebrpmea As Is 0 SFR Redevelopment 01 Functional Utility Obsolete Obsolete Functional Obsolete Heating/Cooling HWBB/None HWBB/None FWA-AC HWBB/None Car Storage 3 Car Garage 3 Car Garage 0 3 Car Garage 0 2 Car Garage 50,000 Zoning&FAR R-30/0.13 R-30/0.13 R-30/0.13 R-30/0.13 Effective Site Size 25,945 sf 42,282 sf 56,628 sf 31,363 sf Allowable Floor Area 3,372 sf 5,496 sf 7.361 sf ,,4 077 sf Net Artustment(total) n . n_ $ -313,085 Er+ n- $ -3,948,761 lxl+ n- $ 61,500 Net Adj.-11% Net Adj.-61% Net Adj.2% Actuated Sale Price rossAdj.16% $ 2,441,915 GrossAdj.68% I $ 2,546,239 GrossAdj.28% I $ 3,161,500 Prior Transfer None of Record 08/20/2002$2,562,500 06/28/2001$2,200,000 Rccept# Rebuilt 4,342 if SFR&Resold 2/25116 tpry Reception#471390 455998 Rebuilt After Sale for MINAS Receptions 627397 Comments and reconciliation of the sales comparison approach: While a tad precise,in order to be consistent with Pitkin County's values,I am rounding the indicated fair market values to$100.00. After completing the analysis the adjusted value range of the four comparable sales is$2,441,900 to S3,161,500. Based on highest and best use it is my opinion that Comparable Sales 1,3 and 4 should be given greater weighting than Comparable Sale 2. - Indication of Value by Sales Comparison Approach $ 2,657.300 •NOTICE:The Appraisal Institute publishes this form for use by appraisers where the appraiser deems use of the form appropriate.Depending on the assignment,the appraiser may need to provide additional data,analysis and work product not called for in this form.The Appraisal Institute plays no role in completing the form and disclaims any responsibility for the data,analysis or any other work product provided by the individual appraisers)in the specific contents of the Al Reports'.Al Reports'AI-200.04 Summary Appraisal Report-Land 0 Appraisal Institute 2013,All Rights Reserved January 2013 Page 5 of 25 Produced by ClickFORMS Software 800-622-8727 The Appraisal Office-Aspen Ltd. EXTRA COMPARABLES 4-5-6 Client: Justine R Kirk Client File# Supj ct Property: 59 Herron Hollow Road,Aspen,CO 81611 Appraisal File# J SALES COMPARISON APPROACH ITBI SUBJECT COMPARISON 4 COMPARISON 5 COMPARISON 6 Address 59 Herron Hollow Road 110 Red Mountain Road Aspen,CO 81611 Aspen,CO 81611 _ Proximity to Subject 0.92 miles SE Date Source/ Aspen MLS PitCo Pub Rec Verification Original list Price 3 $ 6,200,000 Final List Price 3 $ 3,950,000 $ $ Sale Price3 $ 3,400,000 3 $ sale Price%of Original List % 55 % % % Sale Price of Final List % 86 % % % Closing Date 08/12/2013 Days on Market 751 Prim/Gross Living Area 0 $ 654 7 $ $ DESCRIPTION DESCRIPTION +(-)Adjustment DESCRIPTION +{-1 Adjustment DESCRIPTION if)fr4s nest Financing Assump Cash to Seller Cash to Seller Concessions Assume None None Contract Date PitCo Time Adj 86,020 Ligon Lower Red Mtn Lower Red Mm Site Size 0.780 acres 0.93 acres Site Views/Appeal Mm Not Secluded firms Secluded sire Desi and Appeal Raised Ranch Raised Ranch Quality of Construction Average Average Age 55 yrs 53 yrs Coronion Avera Averare Above Grade Bedrooms Bedrooms 5 Bedrooms 5 Above Grade Baths Baths 4.0 Baths 5.0 IMI BeiroonBaas I Gross Living Area 3,252 Sp.FL 5,196 Sq.Ft -972,000 Sq.Ft — Sq.Ft Below Grade Area 0 0 0 Below Grade Finish 0 0 0 Other Area 0 0 I-Iighest&Best Use SFR Redevelopment sea Redevelopment Functional Utility Obsolete Obsolete Heating/Cooling HWBB/None HWBBINone Car Storage - 3 Car Garage , 4 Car Garage -50,000 Zoning&FAR — R-30/0.13 R-30/0.13 Effective Site Size 25,945 sf 40,499 sf Allowable Floor Area 3,372 sff@+ 5,264 sf Net AdNshnent(total) 11 1 + n- $ -935,980 n+ n- $ 0 71+ n- $ 0 Net Adj.-28% Net Adj.0% Net Adj.0% Adjusted Sale Price Gross Adj.33% $ 2,464,020 Gross Adj.0% I $ 0 Gross Adj.0% I $ 0 Comments and reconciliation of the sales comparison approach: Comparable Sale 3 Prior Sale None of Record-Remolded and Upgraded after Sale Page 6 of 25 Produced by ClickFORMS Software 800-622-8727 The Appraisal Office-Aspen Ltd. Photographs File No. Case No. Borrower Property Address 59 Herron Hollow Road City Aspen County Pitkin State CO Zip Code 81611 Lender/Client Justine R Kirk Address 59 Herron Hollow Road,Aspen,CO 81611 Subject • t,, 1a • • t4 r 1 s e; • • Produced by ClickFORMS Software 800-622-8727 Page 7 of 25 ' The Appraisal Office-Aspen Ltd. COMPARABLES 1-2-3 File No. Case No. Borrower Property Address 59 Herron Hollow Road Co Aspen County Pitkin State CO Zip Code 81611 Lender/Clent Justine R Kirk Address 59 Herron Hollow Road,Aspen,CO 81611 ,;{ +se n; + COMPARABLE SALE# 1 .,�11' ` 4" 153 Herron Hollow Road r i Aspen,CO 81611 ' am. + 1,- ...-:_.:,...:::-V.-jik \ e J rinr �t` !!! 1 I ` g . iT !11 z 111"� -,�.• ] -':,444-..L. C�l'Yff I 4._11;1. ----- ~ �� '!"`kyr ; .:... — -, 'a... f•..,,�= it �. . `° � Ar4‘'':-.11 'I Lill , ' Iii V'; J Neyy.-- • tiCOMPARABLE SALE# 2 t)1101:, , le: j , 162 Herron Hollow Road 1• Aspen,CO 81611 , sa i is 1 " -- r.— ~` ti COMPARABLE SALE# 3 ""I �. 1 \\�n •t 120 Red Mountain Road � � _ 41 * ff` 7 Aspen.COR1611 ► 3 1.l 4' ti " •` g.'—' '0°3'4 ' z i7�:flit! '"`Ig!_.-;.-f 1 IMIONNIF if,,‘"'4' .i — ,.6% v . �� ah A 41k. ".4 --.., --.....„___---_- ---- - = • y • .: (,, " Produced by ClickFORMS Software 800-822-8727 Page 8 of 25 The Appraisal Office-Aspen Ltd. COMPARABLES 4-5-6 File No. Case No. Borrower Property Address 59 Herron Hollow Road City Aspen County Pitkin State CO Zip Code 81611 LendedClent Justine R Kirk Address 59 Herron Hollow Road,Aspen,CO 81611 COMPARABLE SALE# 4 110 Red Mountain Road Aspen,CO 81611 • I • • qy1R COMPARABLE SALE# 5 COMPARABLE SALE# 6 Produced by ClickFORMS Software 800-622-8727 Page 9 at 25 LOCATION MAP ADDENDUM File No. Case No. Borrower Property Address 59 Herron Hollow Road City A.pen County Pitkin State CO Zip Cade 81611 Lender/Client Justine R Kirk Addams 59 Herron Hollow Road,Aspen,CO 81611 White River Natrona!Farest Sawatch Ron. • Subject 5#Hewn Heimsoul sr61 Aspen.CO 81611 PPN 2735 014 0:007 Acccwnt+ 03' 2 Al' 2. !idkxr Road • Aspen.CO 31911 a 07 mks E Sara'S0 t67,0W 4,y fi� 4 4o, R4 { �`nr Ur it,.. vE4���9 /h� y� till qa 'P S1 1. r Camp 1 .r '9e%R 153 banks hldtow Rcad ` 4' t• Aspen CO51,5111t JIrl.as, °i Snot. SUnuesE t o F 'i� Sale 52,779.009 9d K `4- It rz, 04 e:, Red Burse IV% Comp 4 Cemetery Cate, ForA Rwcr 9i 110 n. O m y ROW Iiii n �R L 1112 mass SE n 1 9 F� Sale 33,400.000 -i-,, 3 14 W{tiilecp r St , il N li.9 ,`, ' z W North Sr tr Camp 3 'c ,' $ i 4 t 6-7 �' 120 Red Moursaln Road 'r' o- 1 2 „, ,n . Aapn,CO 31911 2 g �, 0.65 miles SE p 1.1r ti Ste.93.100,060 n Mapam se z a w9Jeeker Sr 'hail h hSp c park C,. 2 aqs S' 2 eg a o n E Y <a o P `VSs W glajn 51 �epk'rsr �OGrandF,g '41 A t s w H4Akrn^Ave E Mei S;Ls) f If II �Aa f H a f ke0k,ns AvP t1 t Do alit r, l7 c `fi i E ^kr y+ N Q Ave isf Q a11417 N O n F A 6 St aura fir Aa v 5 c Coo Al ve I 3 ...-,0 F waters y a`}' f .44.e. 2500 Feet r a yth&FM,* rg 416 aiicreeoft ctri5foraoen e 201 ` 0 NAVTEC,r .IAkrD .,, ... -> .l1 Q C 'rhe Appraisal Office-Aspen Ltd. Area Map Client: Justine R Kirk Client File#: Subject Property: 59 Herron Hollow Road Appraisal File#: ~7 /-1 Vmxawwrru Menislith Roemer A Snonmaes 1i y'w wso4Y 04ak i IaISa Fel' 1 3. "7:1 oeW" a wage al &derma Ski Mese Snowieess SU Arta t conixatreav anif • ` o 4 Maroon • Ptsi _ !I • • "}UeLURh1E Data use subject to license mi 0eLarme.DeLormeStreetAtlasUSA102012 0 1 2 3 4 5 WNW deb rme.com FtV(9 2°E) Data Zoom 10.0 Produced by ClickFORMS Software 800-622-8727 Page 11 of 2f The Appraisal Office-Aspen Ltd. Economic Neighborhood Map Client: "..Justine R Kirk Client File#: Subject Property: 59 Herron Hollow Road Appraisal File#: ,.Pros qt, t4 4 a U r. =k ,�C 4,111-41NCxY,09 2 ri. '-.0 O Tk,_ r °PA 4,0k c sots 6 rP '1'°mx3 "k „,, r TvNc ,6 4Y.. a, - t .t'”.' '4 •F4 % R gp p C wocc CI;Cs:,.tl o ,^ `�`MS "Q,"r5 Csll1f541E a'if No O F1.11.CT ryx"sr 4'4 r .74 _ C .tN Z Q y y� -...L ' : ''S'"'ca ER 4t`1� rich "'fp0F0, 4. B sr m 4 err%sr n� cr;.:r6 g"4. rii s F - n,,y `ay/r� F Y a i r t 9 ; sr r 3'r F t, a ° t 3 y 1's Lµ"44 0 a :n a -""Ites- .s,6,0 `e 0•L 8 �r 4 r -4 Dr LORME 1 1111. Data use suble,a to 6cernse INMN _ R C Delarrne Delorrne Slree!4:14$USA 2012 0 400 800 1200 1000 2000 www delorrne[am 1,•11,12'E) Data Them 14.0 Produced by ClickFORMS Software 800-622-8727 Page 12 of 25 The Appraisal Office-Aspen Ltd. Plat Map Client: Justine R Kirk Client File#: Subject Property: 59 Herron Hollow Road Appraisal File#: " , — �. L • .\:\• \\"1\\'' – TaL • l !M/tet y!+ �. 0,... •'.. ,��• t424 40 i.1 74,4•531.1:,.. a \\ / •. iye?r • –' jt_ . :;4t6C5� - - •� ..1811133 61 1 1 / 577` . .7 "/ .•`` yl �/'�`_ .ice ,i *7-7' . •• •;- 'f �- 4,1: , • i 11 4.7 jJ C ` ��• I 44EOOtF !-,. do`s., - l.:15 <. / \ ivy; L. .'eszgotl . � -Y /f y ♦. /� r :iii° s- 5{0006,1,- - ! %r ' " ��.�•38 000,s.... ,�. . \ � eye' 1 /�vti' t ,./.•,.. '..--"R'-10 .--.-:.-:','';7,* •••••"1\4:- ... rF. r r ,baa �� � ". \ :Pi . t - f `. Ria` - - y 114 • r . 4r`► w 1 • �.0 • �i t r 1, k1, 7anr 1•' ••• ari"„F r. ,. .,t air Y y r �av�. • .4 A Produced by ClickFORMS Software 800-622-8727 Page 13 of 25 r- nrom a0 a 0 my � f A H m V C m a j- a 1(—. � Pitkin Counter ii-3Aspon Arca Zone Districts iH S coo `c _ r74 ci VI.. \ \ —./.'5' ' — _ ....-.... iiii..........“.... rw r'dliri,"➢` .r. j l 4 �s1.4. . n.a . f r may» .,.� t �_ I _�� _� N. - 00rDo 00 The Appraisal Office-Aspen Ltd. COMMENT ADDENDUM File No. Case No. Borrower Property Address 59 Herron Hollow Road City Aspen County Pitkin State CO Zip Code 81611 Lender/Client Justine R Kirk Address 59 Herron Hollow Road,Aspen,CO 81611 Data Sources and Scope of Appraisal Information pertaining to the subject property was obtained through an exterior physical on-site inspection and from county records. Market data was derived from the Aspen Multiple Listing Service,from the Pitkin County Clerk and Recorder's Office and Pitkin County Assessor's Office. It is my opinion that at or near the estimate of fair market value the subject property's marketing time would be 6 to 12 months. This is a Restricted Use Appraisal Report completed in accordance with my understanding of the USPAP(Uniform Standards of Professional Appraisal Practice)Standards of the Appraisal Foundation. Effective Date of Appraisal The effective date of appraisal is June 30,2014. Date of Report The date of appraisal report is May 20,2016. Intended User/Client This appraisal report was prepared for the exclusive and sole benefit of Justine R.Kirk.This appraisal report may not be used or relied upon by any other party,regardless of whether that other party pays the appraisal fee,either directly or indirectly. Any party who uses or relies upon any information in this report without the preparer's written consent does so at his or her own risk. Purpose of Appraisal Report The purpose of this report is as supporting documentation for the sole purpose of assisting the client in estimating the reasonable market value of the subject property as defined. Definition of Reasonable Market Value: Reasonable Market Value Reasonable Market Value: The fair,actual,cash market value of the property. It is the price the property could have been sold for on the open market under the usual and ordinary circumstances;that is,under those circumstances where the owner was willing to sell and the purchaser was willing to buy, but neither was under an obligation to do so. In determining the market value of the property actually taken,any increase or decrease in value caused by the proposed public improvement is not to be taken into account. Source:Colorado Supreme Court Jury Instructions, 1998 Use of Appraisal Report The sole use of this report is related to Ad Valorem Taxation Valuation Estate Interest Appraised The estate interest appraised is the Fee Simple Estate Interest: Definition of Fee Simple Estate Interest A Fee Simple Estate Interest is:An interest in land that,being the broadest property interest allowed by law,endures until the current owner dies without heirs. An estate of infinite or potentially infinite duration(Source:Black's Law Dictionary,Abridged Seventh Edition,West Group,2000,pp.499-500) Economic Neighborhood The subject property is located on Lower Red Mountain area in unincorporated Pitkin County.Red Mountain is one of Aspen's and Pitkin County's most prestigious areas and quality of views,access, seclusion and allowable floor area all impact the value of a site. Produced by ClickFORMS Software 800-622-8727 Page 15 of 25 The Appraisal Office-Aspen Ltd. COMMENT ADDENDUM File No. Case No. Borrower Property Address 59 Herron Hollow Road City Aspen County Pitkin State CO Zip Code 81611 Lender/Client Justine R Kirk Address 59 Herron Hollow Road,Aspen,CO 81611 Recreational facilities arc available within a short distance of the subject neighborhood include:the four World Class ski areas of Snowmass Village and Aspen,three golf courses(2 Private and 1 Public), Gold Metal Trout streams of the Roaring Fork River and the Frying Pan River,as well as numerous hiking trails and access to the National Forest.These also have little influence on values as all properties in the neighborhood share in these same attributes. The subject's neighborhood is not within walking distances of Aspen public schools.However since the subject property's economic neighborhood is primarily recreational second vacation residences access to Aspen public schools is not a factor which affects the subject property's market value or marketability. Overall,the subject's neighborhood provides a good environment for the subject property. There were no observed factors in the neighborhood that have a negative impact on values.This location is very convenient to all amenities located within Snowmass Village. Identification of Subject Property Address 0059 Herron Hollow Road Aspen,CO 81611 Legal Description Pitkin Green Block 2 Lot 14 Site Size According to Pitkin County public records the subject site is 0.78 acres. Zoning Jurisdiction: Pitkin County Classification: R-30 Application to Assignment Since the subject site is great than 30,000 square feet the subject property conforms to its zoning. Views The subject property has views of Aspen Mountain. Topography Generally the subject site's topography is gently sloping. Easements The subject site is encumbered with a road easement and utility easement which impact the allowable floor area of the site. Effective Size Based on the easements the effective site size is 25,945 square feet Allowable Floor Area Based on zoning and the effective size of the subject property the allowable floor area of the subject site is 3,372 square feet. Improvement Analysis According to Pitkin County public records the subject improvement was built in 1959 and contains 3,252 square feet of gross living area,GLA. Based on demands for newer,larger and higher quality homes in the subject property's economic neighborhood it is my conclusion that the existing improvements have surpassed the end of their economic life. As a result based on current zoning and the highest and base use of the subject property, residential redevelopment a detailed analysis of the existing improvements is not warranted. Produced by ClickFORMS Software 800-622-8727 Page 16 of 25 The Appraisal Office-Aspen Ltd. COMMENT ADDENDUM File No. Case No. Borrower Property Address 59 Herron Hollow Road City Aspen County Pitkin State CO Zip Code 81611 Lender/Client Justine R Kirk Address 59 Herron Hollow Road,Aspen,CO 81611 Highest and Best Use Since the only allowable use of the subject site is single-family residential dwelling and the existing improvement no longer contributes value to the site single-family residential re-development is the subject property's highest and best use. Cost Approach to Value Based on the Tabor Amendment the Cost Approach is not applicable. Conclusion-Cost Approach Not Applicable Income Approach Based on the Tabor Amendment the Income Approach is not applicable. Conclusion-Income Approach Not Applicable Market Approach to Value In valuing the subject property via the Market Approach,I have selected four comparable sales to use in my analysis.When selecting the comparables I looked for properties that were as similar to the subject as possible in location and occurred as close to date of value as possible. Adjustments Time The time adjustment was based on Pitkin County's Assessors time adjustment Sitc Size&Allowable Floor Arca While an argument could be made regarding site size and allowable floor area impacts the value of a re- development site no adjustments were made. Views&Seclusion While an argument could be made regarding views and seclusion impacts the value of a re-development site no adjustments were made. Rounding While a tad precise,in order to be consistent with Pitkin County's values, the indicated fair market values were rounded to$100.00. Comparable Sales Review Comparable Sale#1:151 Herron Hollow Road Aspen,CO This comparable is located in the subject property's subdivision and contains approximately 0.96 acres. Comparison This comparable sale's improvement is a two level home which was in need of redevelopment. According to Aspen MLS Comparable Sale 1 GLA at time of sale was 3,794+1-square feet. Sales Information This comparable sale was listed for sale on January 3,2011 with an asking price of$4,995,000.The asking price was reduced to$2,999,000 during marketing.On April 1,2013 an offer to buy was accepted and the sales transaction closed on May 17,2013 with a sale price of$2,755,000. Adjusted Sale Price The adjusted sale price of this comparable is S 2,441,900 rounded to$100. Produced by ClickFORMS Software 800-622-8727 Page 17 of 25 The Appraisal Office-Aspen Ltd. COMMENT ADDENDUM File No. Case No. Borrower Property Address 59 Herron Hollow Road City Aspen County Pitkin State CO Zip Code 81611 Lender/Client Justine R Kirk Address 59 Herron Hollow Road,Aspen,CO 81611 Subsequent To Sale According to Pitkin County public records Comparable Sale 1 was redeveloped and its Heated Area was increased to 4,000 square feet.Comparable Sale 1 relisted for sale on March 7,2016 with an asking price of$7,994,000,Aspen MLS# 142984. Comparable Sale#2:162 Herron Hollow This comparable is located in the subject property's subdivision on the same street as the subject property and contains approximately 1.30 acres. Comparison This comparable sales improvement is a two level home which was built in 1976 and redeveloped in 2006.Overall this comparable sale's quality of construction and its effective age are far superior to the subject property.This comparable sale also has a detached auxiliary dwelling unit. According to Pitkin County records Comparable Sale 2 primary dwelling GLA is 7,448+1-square feet and its ADU is 880 square feet. Sales Information This comparable sale was listed for sale on January 22,2013 with an asking price of$6,900,000.The asking price was not reduced during marketing.On February 15,2013 an offer to buy was accepted and the sales transaction closed on April 15,2013. The sales price of this comparable was$6,500,000. Adjusted Sale Price The adjusted sale price of this comparable is S 2,546,200 rounded to$100. Prior Sales According to Pitkin County public records Comparable Sale 2 sold on June 28,2001 for$2,200,000, Pitkin County Clerk&Recorders Reception#455998,and was totally rebuilt with additions. Comparable Sale#3: 120 Red Mountain,CO This comparable is located on Lower Red Mountain. Comparison Like the subject this comparable sales improvement is a two level home which was built in 1962.The property saw a remodeling project in 1962 and had 2,685 square of gross living area.This comparable sale's quality of construction and condition was similar to the subject property. According to Pitkin County public records Comparable Sale was redeveloped in 2015 and its Heated Area was increased to 4,342 square feet in 2015. This property was relisted for sale on March 7,2016 with an asking price of$8,160,000,Aspen MLS# 137379. Sales Information The home was listed for sale on August 31,2011.The initial asking price was$5,750,000.The asking price was reduced to$3,750,000 during marketing.On January 7,2014 an offer to buy was accepted and the sales transaction closed on February 25,2014. The sales price of this comparable was $3,100,000. Adjusted Sale Price The adjusted sale price of this comparable is S 3,161,500 rounded to$100 Subsequent To Sale According to Pitkin County public records Comparable Sale 3 was redeveloped and its Heated Area was increased to 4,342 square feet.Comparable Sale 2 relisted for sale on January 23,2015 with an asking price of$9,500,000,Aspen MLS# 137379. A contract to buy was accepted on February 29,2016 and the re-sale transaction closed on February 266,2016 with a sale price of S8,160,000,Reception 627397. Comparable Sale#4:110 Red Mountain Road Aspen,CO This comparable is located on Lower Red Mountain. Produced by ClickFORMS Software 800-622-8727 Page 18 of 25 The Appraisal Office-Aspen Ltd. COMMENT ADDENDUM File No. Case No. Borrower Property Address 59 Herron Hollow Road City Aspen County Pitkin State CO Zip Code 81611 Lender/Client Justine R Kirk Address 59 Herron Hollow Road,Aspen,CO 81611 Comparison Like the subject this comparable sales improvement is a two level home which was built in 1961 and saw a remodeling project in 1977. According to public records Comparable Sale 4 GLA is 5,196+1-square feet. Sales Information The home was listed for sale on July 11,2011.The initial asking price was$6,200,000. The asking price was reduced to$3,950,000 during marketing. On June 14,2013 an offer to buy was accepted and the sales transaction closed on August 12,2013. The sales price of this comparable was S3,400,000. Adjusted Sale Price The adjusted sale price of this comparable is S2,464,000,rounded to$100. Prior Sales According to Pitkin County public records Comparable Sale 4 sold on October 10,2006 for$2,110,000 Pitkin County Clerk&Records Office Reception Number 529658. Market Approach Conclusion After completing the analysis the adjusted value range of the four comparable sales is$2,441,900 to $3,161,500. Final Estimate of Market Value Based on highest and best use it is my opinion that Comparable Sales 1,3 and 4 should be given greater weighting than Comparable Sale 2 Marketing&Exposer Time It is my opinion that at or near the estimate of reasonable market value the subject property's marketing time and exposer time would be the same 6 to 12 months. Final Estimate of Market Value After considering all of the information and analysis in this report,I arrived at a final estimate of reasonable market value for the subject property.As of the effective date of appraisal I conclude that the reasonable market value of the subject property As Is was: Two Million Six Hundred Fifty-Seven Thousand Three Hundred Dollars ($2,657,300.00) The value estimate is subject to the Certification and Contingent and Limiting Conditions,Assumption and,the Scope of the Assignment contained herein. Based on the comparable sales,and assuming no substantial change in market conditions in the Aspen marketplace,it is my opinion that at or near the appraised value the subject would be likely to sell within 6 to 12 months. Respectfully submitted, Vii► David Ritter CG 1315907 Produced by ClickFORMS Software 800-622-8727 Page 19 of 25 Contingent and Limiting Conditions,and General Underlying Assumptions File No. Case No. Borrower Property Address 59 Herron Hollow Road City Aspen County Pitkin State CO Zip Code 81611 Lender/Client Justine R Kirk Address 59 Herron Hollow Road,Aspen,CO 81611 Contingent and Limiting Conditions and General Underlying Assumptions 1. The appraiser has made no survey of the property,and no responsibility is assumed in connection with such matters. Sketches in this report are included only to assist the reader in visualizing the property. 2. No responsibility is assumed for matters of a legal nature affecting title to the property nor is an opinion of title rendered. The title is assumed to be good and marketable. 3. Information furnished by others is assumed to be true,correct,and reliable. A reasonable effort has been made to verify such information;however,the appraiser assumes no responsibility for its accuracy. 4. All mortgages,liens,encumbrances,leases,and servitudes have been disregarded unless so specified within the report. The property is appraised as though under responsible ownership and competent management. 5. It is assumed that there are no hidden or unapparent conditions of the property,subsoil,or structures, which would render it more or less valuable. No responsibility is assumed for such conditions due to the appraiser's acknowledged lack of the engineering expertise,which may be required to discover such factors. 6. Full compliance with all applicable federal,state,and local environmental regulations and laws is assumed unless noncompliance is stated,defined,and considered in the appraisal report. 7. Full compliance with all applicable zoning and use regulations and restrictions is assumed unless nonconformity has been stated,defined,and considered in the appraisal report. 8. It is assumed that all required licenses,consents,or other legislative or administrative authority from any local,state,or national governmental or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based. 9. It is assumed that the utilization of the land and improvements is within the boundaries of the property lines of the property described and that there is no encroachment or trespass unless noted within the report. 10. The appraiser will not be required to give testimony or appear in court because of having made this appraisal,with reference to the property in question,unless arrangements have been previously made. 11. Possession of this report,or a copy thereof,does not carry with it the right of publication. It may not be used for any purpose by any person other than the party to whom it is addressed without the written consent of the appraiser,and in the case of any such event only with proper written qualification and only in its entirety. 12. The distribution of the total valuation in this report between land and improvements applies only under the reported Highest and Best Usc of the property. The allocations of value for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used. 13. Neither all nor any part of the contents of this report,or a copy thereof,shall be conveyed to the public through advertising,public relations,news,sales,or any other media without the written consent and approval of the appraiser. Nor shall the appraiser,firm,or any professional organization of which the appraiser is a member be identified without the written consent of the appraiser. 14. Environmental Disclaimer: The value estimated in this report is based on the assumption that the property is not negatively affected by the existence of hazardous substances or detrimental environmental conditions. The appraiser is not an expert in the identification of hazardous substances or detrimental environmental conditions. While the appraiser's routine inspection of and inquiries about the subject property did not develop any information that indicated any apparent significant hazardous substances or detrimental environmental conditions which would affect the property negatively,it is possible that tests and inspections made by a qualified hazardous substance and environmental expert would reveal the existence of hazardous materials and environmental conditions on or around the property that would negatively affect its value. Thus,if the client wishes to be certain as to the condition of the subject property with respect to environmental hazards,he should have an expert in the field inspect the property. It should thus be noted that this appraisal does not constitute an expert inspection of the property with regard to hazardous substances or detrimental environmental conditions and it should not be relied upon as to whether or not environmental hazards actually exist on the subject property. ADA Disclaimer as property exists at the time of appraisal: Since the subject property is residential the subject property is not required to comply with any of the ADA obligations. Produced by ClickFORMS Software 800-622-8727 Page 20 of 25 Certification File No. Case No. Borrower Property Address 59 Herron Hollow Road City Aspen County Pitkin State CO Zip Code 81611 Lender/Client Justine R Kirk Address 59 Herron Hollow Road,Aspen,CO 81611 Certification I certify that,to the best of my knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses,opinions,and conclusions are limited only by the reported assumptions and limiting conditions and are my personal,impartial, and unbiased professional analyses,opinions,and conclusions. 3. I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. 4. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 5. My engagement in this assignment was not contingent upon developing or reporting predetermined results. 6. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client,the amount of the value opinion,the attainment of a stipulated result,or the occurrence of a subsequent event directly related to the intended use of this appraisal. 7. I have performed previous appraisal or a professional service of the subject property within five years prior to this assignment. 8. The reported analyses,opinions,and conclusions were developed,and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics&Standards of Professional Appraisal Practice of the NAA. 9. The reported analyses,opinions,and conclusions were developed,and this report has been prepared,in conformity with the Uniform Standards of Professional Appraisal Practice. 10.The use of this report is subject to the requirements of the NAA relating to review by its duly authorized representatives. 11. I have made a personal inspection of the property that is the subject of this report. 12.No one provided significant real property appraisal assistance to the person signing this certification. 13.As of the date of this report,I have completed the continuing education program of the State of Colorado Department if Regulatory Agencies Division of Real Estate and the NAA. DR Dave Ritter,MNAA State of Colorado Certified General Appraiser#CG 1315907 Produced by ClickFORMS Software 800-622-8727 Page 21 of 25 The Appraisal Office-Aspen Ltd. Appraiser's Qualifications Client: Justine R Kirk Client File#: Subject Property: 59 Herron Hollow Road Appraisal File#: Qualifications of Appraiser David Ritter,NMAA The Appraisal Office—Aspen,Ltd 210 South Galena St Suite 29 Aspen,CO 81611 Phone:(970)920-1002 Fax:(970)925-3603 E-mail:dave@appraisalofficeaspen.com Federal Tax ID Number: 84-1459914 Profession:Real Estate Appraiser since 1978 State of Colorado-Certified General Appraiser-License#1315907 Expiration Date: 12/31/2016 Real Estate&Appraisal Experience: 1994- Fee Appraiser and Consultation,Aspen,CO 1991-93 Chief Appraiser Pitkin County Assessor's Office,Aspen,CO 1986-90 Appraiser III Pitkin County Assessor's Office,Aspen,CO 1984-86 Appraiser II Eagle County Assessor's Office,Eagle,CO 1982-84 Fee Appraiser,Grand Junction,CO 1978-82 Fee Appraiser,Cedar Falls,IA 1976-78 Norman W.Ritter Realtors,Marketing Real Estate,Cedar Falls,IA Real Estate Appraisal Experience: Single-Family,Townhouses,Condominiums,Income Properties,Vacant Land, Development Properties,Hotel and Motels,Commercial Industrial,Office,Warehouse, Retail Properties,Conservation Easements,Condemnation&Eminent Domain,Estate& Tax Planning,Percent Complete Inspections and General Consultation Regarding Real Estate matters Expert Witness: State Board of Equalization(Colorado) State Board of Assessment(Colorado) County Board of Equalization(Eagle,San Miguel&Pitkin Counties,Colorado) State District Court—Eagle,Garfield,Pitkin Colorado Routt Counties United States District Court—District of Colorado Federal Bankruptcy Court-District of Colorado County State of Colorado Arbitration Hearing Valuation Trial to Jury Commission—CDOT-State of Colorado Superior Court of California—San Francisco,San Obispo,Ventura Counties, Oakland County Circuit Court—Michigan 310th District Court Houston Texas Past and Present Appointments or Panels: Panel of Binding Arbitrators-Eagle,Pitkin&Summit Counties,Colorado Condemnation of Right of Way-Colorado Department of Transportation Hearing Officer,County Board of Equalization-Eagle&Pitkin Counties,Colorado Founding President Aspen Curling Club—Aspen Colorado Produced by ClickFORMS Software 800-622-8727 Page 22 of 25 The Appraisal Office-Aspen Ltd. Appraiser's Professional Education&Affiliations Client: Justine R Kirk Client File#: Subject Property: 59 Herron Hollow Road Appraisal File#: Professional Education&Affiliations American Institute of Real Estate Appraisers: Course VIII-Single Family Residential Appraisal 1-4 American Society of Farm Managers and Rural Appraisers: Valuation of Conservation Fa.cements Certification Program Appraisal Institute: Interagency Appraisal and Evaluation Guidelines Business Practices&Ethics Uniform Standards of Professional Appraisal Practice Uniform Standards of Professional Appraisal Practice- annual Updates Uniform Residential Appraisal ReportThe Real Estate Appraiser as a ConsultantResidentialAppraisal Review Uniform Appraisal Standards for Federal Land Acquisitions Course 520—Highest&Best Use and Market Analysis Course 700-Condemnation Appraisal:Principles&Applications Course 720-Condemnation Appraising:Advanced Topics&Applications Course 705-Litigation Appraising:Spccialircd Topics&Applications Course 710-The Appraiser as an Expert Witness:Preparation&Testimony USPAP 2014-15 and the New Reporting Options CLE International(Continuing Legal Education): Eminent Domain Conference Conservation Easements Seminar International Association of Assessing Officers: Course 004 Assessment Administration Course 202 Advance Income Approach to Value Course 302 Mass Appraisal of Income Producing Property Course 305 CAM Modeling Building Residential Course 619 Professional Standards&Ethics International Right of Way Association: Course 401 Appraisal of Partial Acquisitions McKissock Real Estate and Appraisal School Expert Witness for Commercial Appraisers Expert Witness Testimony Fannie Mae Appraisal Guidelines Complex Appraisal Assignments Deriving and Supporting Adjustments Introduction to Regression Analysis Land and Site Valuation Northern Michigan University Residential Design-Modules 1,2&3 UAD Webinar Series-Modules 1&2 RNMI-CCIM—DIVISION: Course-Introduction,101,102,103 Society of Real Estate Appraisers: Appraisal of Condo Conversion State of Colorado Department Local Affairs-Division of Property Taxation Introduction to Assessments Cost Approach to Value Real Estate Court Decisions State of Colorado Department of Regulatory Agencies(DORA) Conservation Easement Appraiser 7 hours Update Course Conservation Easement Appraiser 2 hours Update Course State of Colorado Department of Transportation Introduction to Eminent Domain University of Colorado: USPAP-Update Commercial Case Study Various Seminars: Conservation Easements,Condemnation,Estate Planning,Trail Componets,Marshall Cost Valuation, USPAP 2014-15 and the New Reporting Options and The Like Real Estate Affiliations: Member—National Association of Appraisers Member-Aspen Board of Realtors-Aspen,Colorado Appraisal Professional Designation MNNA—National Association of Appraisers Produced by ClickFORMS Software 800-622-8727 Page 23 of 25 The Appraisal Office-Aspen Ltd. Partial List of Clients Client: Justine R Kirk Client File#: Subject Property: 59 Herron Hollow Road Appraisal File#: Partial List of Clients: Non Lenders Allstate Insurance Company Aspen Center for Environmental Studies Aspen Consolidated Sanitation District Aspen Educational Research Foundation,Inc Aspen/Pitkin County Housing Authority Aspen Valley Hospital District Aspen Valley Land Trust Aspen Institute,The Brush Creek Water District Buttermilk Metropolitan District CentryTel City of Aspen,Colorado Eagle County,Colorado Eagle County Regional Trail System Federal Aviation Administration(FAA) Federal Deposit Insurance Corporation(FDIC) FirstBank Data Corporation Garfield County,Colorado Holy Cross Electric Association Internal Revenue Service(IRS) John P.McBride Moore Family Partnership Tom Moore Music Associates of Aspen,Inc. Nature Conservancy,The Pitkin County,Colorado Pitkin County Title Company Rocky Mountain Institute Roaring Fork Railroad Holding Authority Roaring Fork School District Roaring Fork Transportation Authority(RFTA) Roaring Fork Valley Conservancy State of Colorado Board of the Great Outdoors Trust Fund(GOCO) State of Colorado Department of Parks and Wildlife Stewart Guarantee Title Corporation Summit County,Colorado Tenth Mountain Division Hut Association,Inc The Town of Snowmass Village,Colorado Town of Basalt,Colorado Town of Carbondale,Colorado Yamaph Alternative High School,Glenwood Springs Colorado Lenders ANB-Various Locations in Colorado Bank of Colorado-Western Slope Bank of New York—Ncw York NY BNY Mellon,N.A.—Boston MA City National Bank—Los Angeles,CA Citigroup Private Bank-Long Island City NY Colorado Federal Savings Banks Colorado National Banks Gibraltar Private Banking,Coral Gables FL Nations Bank Timberline Bank—Grand Junction&Aspen Colorado Vectra Bank of Colorado-Various Locations in Colorado Western Banks,Los Angeles,CA Produced by ClickFORMS Software 800-622-8727 Page 24 of 25 The Appraisal Office-Aspen Ltd. Copy of Appraisal License Client: Justine R Kirk Client File#: Subject Property: 59 Herron Hollow Road Appraisal File#: STATE:Of'COLORADO Department of p Regafdtory Agencies Division of Reel'Estate Active PRINTED ON SECURE PAPER Cert Gen Appraiser 1315907 Jan 1 2014 Dec 31 2016 Number Issue Date' Expires DAVID RITTER ASPEN,CO 81611 C 15-7 .� Program Administrator '-�' ---:� i•- s .n. ,re Produced by ClickFORMS Software 800-622-8727 Page 25 of 25