HomeMy WebLinkAbout117 - 11/06/2012 - ESTABLISHING A SPECIAL FEE TO BE PAID BY THE OWNERS OF PROPERTY WITHIN CLOSE PROXIMITY TO THE RECONS ORDINANCE NO. 117, 2012
OF THE COUNCIL OF THE CITY OF FORT COLLINS
ESTABLISHING A SPECIAL FEE TO BE PAID BY THE OWNERS OF PROPERTY
WITHIN CLOSE PROXIMITY TO THE RECONSTRUCTED INTERCHANGE AT THE
INTERSECTION OF INTERSTATE 25 AND STATE HIGHWAY 392
WHEREAS, on or about January 3, 2011, the City of Fort Collins (the "City") and the
Town of Windsor, Colorado, (the "Town") entered into an intergovernmental agreement (the
"Original IGA") concerning, among other things, the reconstruction of the Interstate 25/State
Highway 392 Interchange (the "Interchange); and
WHEREAS, prior to the adoption of this Ordinance, the City Council has, by adoption of
Ordinance No. 118, 2012, approved a First Amended Intergovernmental Agreement Pertaining to
the Development of the Interstate 25/State Highway 392 Interchange (the "First Amended IGA")
restating and reaffirming those provisions of the Original IGA that the City and the Town desire
to remain in full force and effect; and
WHEREAS, the reconstruction of the Interchange was made possible by a combination
of federal, state and local funding, totaling approximately $25 million, with the City and the
Town jointly contributing approximately $4.6 million; and
WHEREAS, the City and the Town have committed to expend an additional $500,000 to
defray the costs of certain local enhancements to the Interchange (the "Local Enhancements");
and
WHEREAS, the construction of the Interchange improvements and the Local
Enhancements (collectively, the "Improvements") is nearing completion; and
WHEREAS, the City and the Town are home rule municipalities that, under Article XX,
Section 6 of the Colorado Constitution, have the authority to enact fees to recover the cost of
providing infrastructure or services to properties within their respective jurisdictions; and
WHEREAS, the Colorado Supreme Court has affirmed this authority in several separate
decisions of the Court, including Bloom v. City of Fort Collins, 784 P.2d 304 (Colo. 1989), and
E-470 Public Highway Authority v. The 455 Company, 3 P.3d 18 (Colo. 2000); and
WHEREAS, under the First Amended IGA, the City and the Town have agreed to impose
a fee upon the owners of properties located within the Corridor Activity Center ("CAC'), which
is shown on Exhibit "A," attached hereto and incorporated herein by this reference, because such
properties (the "Benefitted Properties") are located in close proximity to the Interchange and will
especially benefit from the reconstruction of the Interchange, and because the development or
redevelopment of those properties will add more traffic to the Interchange; and
WHEREAS, in recognition of the fact that the Windsor and Fort Collins communities as
a whole will also benefit from the construction of the Improvements, the City and the Town have
Page 1
concluded that the amount of the fee to be assessed against said properties should be limited to
fifty percent (50%) of the total amount expended by the City and the Town for the
Improvements; and
WHEREAS, in order to fairly apportion the amount to be recovered from the property
owners, the City and the Town have commissioned a study by a licensed MAI appraiser to
determine the amount of appreciation in value that will be experienced by the Benefitted
Properties, which study (the "Foster Study") has been completed and submitted to the City and
the Town and is attached hereto and incorporated herein by this reference as Exhibit`B"; and
WHEREAS, the Foster Study indicates that the appreciation in value the Benefitted
Properties will experience as a result of the reconstruction of the Interchange will be more than
sufficient to support the imposition of a fee in the total amount of 50% of the local share of the
cost of the Improvements; and
WHEREAS, City and Town staff have recommended that the fee be apportioned not only
according to the anticipated appreciation in value that the Benefitted Properties will experience
as a result of the construction of the Interchange, but also according to the relative impacts that
the development or redevelopment of such properties will have on the Interchange, as measured
by the estimated number of additional vehicular trips that will be generated by the developed use
of the properties; and
WHEREAS, during staff's outreach to the property owners, some of the property owners
have questioned the legal validity of the proposed fee and have expressed an intention to
challenge the imposition of the same through the commencement of legal proceedings; and
WHEREAS, in order to avoid the expense of litigation, the staff of the City and the Town
have attempted to negotiate a settlement agreement with the property owners and have proposed
that, in exchange for the release of any such claims, the property owners signing the settlement
agreement would be permitted to defer payment of the entire amount of the fee until their
properties are developed or redeveloped, the amount of their fee would be capped at the amount
estimated in the agreement, and no interest would accrue on their fee for a period of two years
from the date of execution of the agreement; and
WHEREAS, some but not all of the property owners have expressed a willingness to
enter into such an agreement; and
WHEREAS, the City Council believes it to be in the best interests of the City to proceed
with the imposition of the fee and to extend the period of time within which the property owners
may elect to enter into a settlement agreement with the City and the Town upon the terms and
conditions described above.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF
FORT COLLINS as follows:
Page 2
Section 1. Special fee.
(a) Findings. The foregoing recitals are hereby adopted by the City Council as
findings in support of the adoption of this Ordinance.
(b) Definitions. The following definitions, together with the defined terms contained
in the foregoing recitals, shall be applicable to the provisions of this Ordinance:
(1) CAC Property shall mean a parcel of real property within the CAC.
(2) Developed Property shall mean a CAC Property for which a development
proposal has been approved as of the effective date of this Ordinance,
either by the City or by Larimer County prior to annexation of the
property to the City, whether or not any improvements have been
constructed on such property.
(3) Development Proposal shall mean an application for the development of
an Undeveloped Property.
(4) Foster Study shall mean that document, with attachments, prepared by
Foster Valuation Company, LLC and attached hereto as Exhibit`B".
(5) Local Contribution shall mean the total contributions of the City and the
Town to the reconstruction of the Interchange and the construction of the
Local Enhancements, in the approximate amount of Five Million One
Hundred Thousand Dollars ($5,100,000.00).
(6) Property Owner shall mean and include the current and any future fee
owner of a CAC Property.
(7) Redevelopment Proposal shall mean an application for the redevelopment
of a Developed Property.
(8) Undeveloped Property shall mean a vacant CAC Property for which no
development or redevelopment proposal plan of development has been
approved as of the effective date of this Ordinance, either by the City or
Larimer County prior to the annexation of the property to the City.
(c) Imposition of the fee.
(1) There is hereby established a special fee that shall be imposed pursuant to the
provisions of this Ordinance upon the owners of all CAC Properties. Said fee
shall consist of a Proximity Component and a Trip Generation Component. The
Proximity Component of the fee is intended to reflect the relative benefit derived
by each CAC Property from the construction of the Improvements, as determined
Page 3
by the Foster Study, while the Trip Generation Component of the fee is intended
to reflect the relative traffic impacts of each CAC Property.
a. The Proximity Component of the fee for all Developed and
Undeveloped Properties shall be in the amounts shown in the following
spreadsheet except to the extent that: (i) the City Manager or the Financial
Officer adjusts the amount due for a particular CAC Property pursuant to an
appeal taken under subsection (f) of this Section 1; or (ii) the City Manager, upon
recommendation of the Financial Officer, increases or decreases the amount due
for a particular CAC Property to more accurately reflect the developable square
footage of such parcel, and so notifies the affected Property Owner in writing no
less than thirty (30) days prior to the date that the first installment of the
Proximity Component is due under subsection (d) of this Section 1. These
amounts represent each CAC Property's proportionate share of the sum of One
Million Two Hundred Thousand Seventy-five Dollars ($1,275,000.00), which is
one-half of the Property Owners' share of the Local Contribution. .
GROSS DEVELOPABLE TOTAL TOTAL PROMMITY
primer County Pamel k OWNER COMPONENT
LAND AREA LAND AREA FEE/SF FEE OF FEE
ZONEA
86150-00-007 INTERSTATE LAND HOLDINGS, LLC 645,519 297,910 $0.28 $82,8921 $41,446
86220-00-014 VPD392/PRATO, LLC 186,550 186,550 $0,28 $51,907. 125953
ZONE B — —
86222-47.701&2 LODGEPOLE INVESTMENTS, LLC 578,912 578,912 $0.21 $120,8101 $60,405
ZONE B-1 _
86150-00-009 B3 VENTURES LLC 407,722 336,499 $0.21 $70,222' $35,111
ZONEC 1
86150-00-005 FOSSIL POINT, LLC 1,026,879 953,151 $0.12 $110,7361 $55,368
86150-00-013 BURNETTE/YOUNG INVESTMENTS 939,698 587,429 $0.12 $68,104 $34,052
86220-00-014 VPD392/PRATO, LLC 1,041071 596,500 $0.12 1 $69,1561 $34,578
86222-47-701 LODGEPOLE INVESTMENTS, LLC 244,668 81,404 $0.12 $9,4381 $4,719
86222-47-702 LODGEPOLE INVESTMENTS, LLC 903,I59 681,468 $0.12 $79,0061 $39,503
86220-00-017 VAN CLEAVE TERRY MARY 1,708,402 1,576,365 $0.12 $182,757 $91,379
b. The amount of the Trip Generation Component shall be calculated
by identifying the number of vehicular trips per day that each CAC property, as
developed or redeveloped, generates or will generate, using the ITE Trip
Generation Manual, 81h Edition, as amended, and by multiplying that number by
seven and seventy-five one-hundreths dollars per trip, which amount has been
determined by dividing the remaining one-half of the Property Owners' share of
the Local Contribution by the estimated total number of trips generated in the
CAC.
(d) Payment of the fee.
(1) For CAC properties currently located within the City limits.
Page 4
a. The Proximity Component of the fee shall be payable in equal
quarterly installments, with the first such installment due and payable on or before
March 31, 2013, and the last such installment due and payable on or before March
31, 2020.
b. The Trip Generation Component of the fee shall also be payable in
equal quarterly installments. For Developed Properties, the first installment of the
Trip Generation Component shall be due and payable on or before March 31,
2013, and the last such installment shall be due and payable on or before March
31, 2020. For Undeveloped Properties, the first installment of the Trip
Generation Component shall be due and payable ninety (90) days after the date of
the City's final approval of any Development Proposal for such property, and the
last installment shall be due and payable no later than seven (7) years thereafter.
(2) For CAC Properties currently within unincorporated Larimer County.
a. For Developed Properties, and for Undeveloped Properties for
which a development proposal has been approved by Latimer County between the
effective date of this Ordinance and the effective date of the annexation of the
property to the City, both the Proximity Component and the Trip Generation
Component of the fee shall be payable in equal quarterly installments within
ninety (90) days after the effective date of the annexation, and the last such
installment shall be due and payable no later than seven (7) years thereafter. The
Trip Generation Component shall be based upon the approved development plan
that exists as of the date of the annexation.
b. For Undeveloped Properties for which no development proposal
has been approved prior to the date of annexation, the first installment of the
Proximity Installment of the Fee shall be due and payable within ninety (90) days
of the effective date of annexation, and the last installment shall be due and
payable no later than seven (7) years thereafter. The first installment of the Trip
Generation Component shall be due and payable ninety (90) days after the date of
the City's final approval of any Development Proposal for such property, and the
last installment shall be due and payable no later than seven (7) years thereafter.
C. For the purposes of this Subsection (d)(2), the effective date of
annexation shall be as provided in C.R.S. Section 31-12-113.
(3) Interest on the foregoing payments shall accrue at the rate of three and five
one-hundreths percent (3.05%) per annum from the effective date of this Ordinance until
the principal amount of such payments has been paid in full.
(4) Notwithstanding any provision of this Ordinance that may be construed to
the contrary, in the event that the total amount of fee revenues paid to the City and the
Town by or on behalf of the CAC Property Owners, either under the provisions of'this
Page 5
Ordinance or under agreements executed pursuant to Section 2 of this Ordinance, equals
or exceeds the sum of Two Million Five Hundred Fifty Thousand Dollars
($2,550,000.00), plus interest on said amount from the effective date of this Ordinance at
the rate of three and five one-hundreths (3.05%), all CAC Property Owners shall be
relieved of any further obligation to pay the fee imposed by this Ordinance,
notwithstanding the fact that all or a portion of said fee may remain unpaid.
(e) Unpaid charges a lien. If any amount due and payable to the City under the
provisions of this Ordinance is not paid on or before the due date specified in the billing
notice sent to the Property Owner by the Financial Officer, penalty interest shall accrue
and be payable on such amount at the rate of ten percent (10%) per annum, and the entire
unpaid balance, plus interest and collection costs, if any, shall constitute a perpetual lien
on the CAC Property to which the fee applies.
(f) Appeals. Property Owners may appeal to the Financial Officer in writing at any
time the question of whether properties owned or occupied by them are being charged the
proper fee under the provisions of this Ordinance. The burden shall be on the appellant
to provide substantial, competent evidence that the CAC Property that is the subject of
the appeal is not being charged the proper fee. The Financial Officer may hold a hearing
on the appeal in his or her discretion, and may consider other competent evidence
provided by City staff. The Financial Officer's written decision shall be mailed to the
applicant within thirty (30) days of receipt of the appeal. The appellant may appeal the
Financial Officer's decision to the City Manager pursuant to Division 3 of Chapter 2 of
the City Code.
(g) Fee not an impact fee or development charge subject to state regulation. It is the
intention of the City Council that the fee imposed under the provisions of this Ordinance
not be construed as an impact fee or development charge within the meaning of Section
29-20-104.5, C.R.S. but a special fee imposed under the home rule authority of the
City. Accordingly, to the extent that any of the provisions of said Section 29-20-104.5
may conflict with the provisions of this Ordinance, the provisions of this Ordinance shall
control.
(h) Severability. If any section, clause, phrase, word or other provision of this
Ordinance is for any reason held to be unconstitutional or otherwise invalid, such holding
shall not affect the validity of the remaining sections, sentences, clauses, phrases, words
or other provisions of this Article or the validity of this Article as an entirety, it being the
legislative intent that this Article shall stand, notwithstanding the invalidity of any
section, sentence, clause, phrase, word or other provision.
Section 2. Payment by agreement.
(a) In lieu of paying the fee imposed by this Ordinance according to the terms and
conditions contained in Section 1 above, Property Owners may elect to pay the fee
pursuant to the terms and conditions of a written agreement with the City, which
agreement shall include the following provisions:
Page 6
(1) No interest accrue or be due on the principal amount of the fee for the first two
years following the execution of the agreement; thereafter, interest will accrue at
the rate of 2.35% for the first eight years and at the rate of 3.05% for each
additional year until the fee, together with accrued interest, is paid in full.
(2) Payment of the full amount of the fee, and all interest due thereon, will be
deferred, in its entirety, for Undeveloped Properties in the CAC until the first
building permit is issued for such properties pursuant to an approved
Development Proposal for the property.
(3) Payment of the fee will not be required for Developed Properties in the CAC
unless the amount of traffic that will be generated by such property, as
redeveloped under a Redevelopment Proposal, will increase by at least thirty-five
percent (35%), as compared to the amount of traffic generated by the current use
of the property.
(4) The total amount of the fee will be capped at the amount stated in the agreement.
(b) No such agreement may be entered into by the City unless the Property Owner
electing to enter into the same notifies the City Manager in writing of his or her desire to
do so on or before November 30, 2012, and the agreement is approved by the City
Council on or before December 31, 2012.
Introduced, considered favorably on first reading, and ordered published this 23rd day of
October, A.D. 2012, and to be pres final passage on the 6th day of November, A.D.
2012. OF FORT c0
SEAS, : N44yor
ATTEST:
LORPI?*
ity Clerk
Passed and adopted on final reading on the 6th day of November, A.D. 2012.
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EXHIBIT B
October 3 , 2012
Mr. Rick Richter
Capital Projects Manager
Engineering Department
City of Fort Collins
P . O . Box 580
Fort Collins, Colorado 80522-0580
John P . Frey, Esq.
Frey McCargar & Plock, LLC
The Historic Harmony Mill
131 Lincoln Avenue, Suite 100
Fort Collins, CO 80524
RE : Interstate 25 and Colorado State Highway 392 Reimbursement Study-
Revised October 3 , 2012
Dear Mr. Richter and Mr. Frey:
At your request, I am submitting my revised appraisal consulting report,
which involves a reimbursement study prepared to estimate an equitable manner to
assess property owners within the Fort Collins Growth Management Area (GMA)
and the Windsor GMA who benefit from the capital improvement project
proposed to improve traffic flow and reduce congestion at the Interstate 25 and
Colorado State Highway 392 interchange .
Scope of the Assignment
City of Fort Collins and Town of Windsor officials have committed to fund
approximately $2 . 3 million as their share of the proposed interchange construction
costs and an additional $250 , 000 for interchange enhancements . This study is to
determine a fair and equitable manner for the two municipalities to assess property
owners and be reimbursed based on the estimated influence the project is to have
on the value of those properties in proximity to the project.
The study involves making a determination of which properties within the
City of Fort Collins and the Town of Windsor growth management areas in
proximity to the Interstate 25 and Colorado State Highway 392 interchange are
W. West Foster, MAI, CRE, SR/WA ♦ Sue Anne Foster, MAI, SRA
Jon M. Vaughan, MAI, SR/WA ♦ Christine Antonio ♦ Michael Smith
Certified General Real Estate Appraisers ♦ 910 5e Avenue, Suite 210. Greeley, Colorado 80634
Phone (970) 352- 1117 ♦ FAX (970) 323-2753
Mr. Rick Richter and John P . Frey, Esq.
Page 2
October 3 , 2012
being benefitted from the proposed interchange improvements and to what extent
the properties are enhanced by the proposed access enhancements . The properties
within the two growth management areas in proximity to the interchange were
studied to formulate an opinion as to the extent they are estimated to benefit from
the proposed interchange improvements . The areas of influence are reduced
typically based on the diminished proximity to the interchange . The conclusion
was reached that when confined to properties within both communities' growth
management areas , the sites within the corridor activity center (CAC) boundary
were those deemed to possess the most influence from the interchange
improvements .
The initial focus of my investigation was to study the influences on land
value in proximity to newly developed interstate highway interchanges . The four
interchanges that had the most significant and relevant data were in the Denver
Metropolitan area. The two interchanges where the most significant data were
found included the recently constructed Interstate 25 and 144th Avenue
interchange and the Interstate 25 and 1361h Avenue interchange . Data in proximity
to the E-470 and East Smoky Hill Road interchange and the E-470 and the South
Gartrell Road interchange were also studied.
These data were then utilized to estimate the extent to which the land
around this interchange would increase in value after the interchange
improvements are made . Based on the data gathered at the four interchanges
mentioned, it was concluded that there are four areas of influence, which I have
labeled Value Enhancement Zones A through D . On the attached I25 - State
Highway 392 Interchange Value Enhancement Zones map , Zones A and A- 1 are
highlighted in red, Zones B and B - 1 are in orange, Zone C is shown in pale green,
and Zone D is highlighted in darker green.
Zones A and A- 1 feature the best proximity to the interchange and, in my
opinion, will benefit the greatest from the interchange improvements . Zone A
consists of commercially-zoned land. Zone A- 1 consists of commercial lots on the
east side of Interstate 25 straddling Colorado State Highway 392 . Based on the
investigation of data surrounding the four interchanges discussed above, Zone A
prices increased from the period before the interchanges were constructed to the
period after the interchanges were nearing completion on the average of $7 . 00 to
$7 . 50 per square foot.
Mr. Rick Richter and John P . Frey, Esq.
Page 3
October 3 , 2012
Zones B and B - 1 are slightly farther removed from the interchange, but still
possess strong influence for potential commercial uses . Zone B consists strictly of
vacant commercially-zoned land. The Zone B - I parcel consists of a commercial
site on the west side of Interstate 25 north of Colorado State Highway 392 that has
been significantly improved with buildings . Zone B prices increased from the
period before the interchanges were constructed to the period after the inter-
changes were nearing completion on the average of $4 . 50 to $4 . 75 per square foot.
Zone C is farther removed from the interchange, and the data at the
interchanges studied suggest that these sites are influenced by interstate frontage
and benefit from good accessibility. Zone C prices increased from the period
before the interchanges were constructed to the period after the interchanges were
nearing completion on the average of $ 3 . 50 to $4 . 00 per square foot.
Zone D is yet farther removed from the interchange, and the data at the
interchanges studied suggest that these sites are also influenced by interstate
frontage and benefit from good accessibility due to the interchange improvements .
Zone D prices increased from the period before the interchanges were constructed
to the period after the interchanges were nearing completion on the average of
$2 . 00 to $2 . 25 per square foot.
The preceding data are generated from newly developed interchanges
where none previously existed. The value increases at the Interstate 25 and
Colorado State Highway 392 interchange are not expected to be quite as dramatic .
Value Enhancement Fee Estimates
Each property within the four primary zones discussed above is shown in
the attached Value Enhancement Zone Analysis spreadsheet and is identified by
Larimer County assessor's parcel number and ownership as indicated in county
records . The gross land area has been calculated using the best available
information; and the non-developable areas have been calculated using City of
Fort Collins Geographical Information System (GIS) data, which then results in a
developable land area calculation per square foot. The value enhancement fees
will be assessed based on developable land area per square foot at the time the
sites are developed or when the sites are redeveloped.
Mr. Rick Richter and John P . Frey, Esq.
Page 4
October 3 , 2012
At the newly constructed interchanges studied, the Zone A prices increased
on the average of $7 . 00 to $7 . 50 per square foot. Since no interchanges existed
before, these average increases are greater than what would be expected at
Interstate 25 and Colorado State Highway 392 when the interchange
improvements are completed since that interchange already exists . Using 25 to 50
percent of the $ 7 . 00 to $7 . 50 per square foot estimated value after the interchange
improvements are made results in a forecast increase from $ 1 . 88 to $ 3 . 75 per
square foot for Zones A and A- 1 . There are 1 ,576,345 square feet of developable
land area in Zones A and A- 1 . It is forecast that value increases in Zone A
category will be from just over $2 . 9 million to nearly $ 6 million.
In Zones B and B - 1 prices increased on the average of $4 . 50 to $4 . 75 per
square foot at the interchanges studied. Again, since an interchange already exists
at Interstate 25 and Colorado State Highway 392 , the increase is not expected to
be as great. If a range of 25 to 50 percent is utilized again, it results in a forecast
increase from $ 1 . 16 to $2 . 32 per square foot within Zones B and B - 1 . There are
4 , 333 , 889 square feet of developable land area in Zones B and B - 1 . It is forecast
that value increases in Zones B and B - 1 will be from $ 5 . 0 to nearly $ 10 . 1 million.
Land prices in Zone C at the interchanges studied increased on the average
of $3 . 50 to $4 . 00 per square foot due to the new interchange construction. Again,
since the Interstate 25 and Colorado State Highway 392 interchange already exists ,
the increase is not expected to be as great. If a range in forecast value increases of
25 to 50 percent is utilized again, it results in a forecast increase from $ 0 . 94 to
$ 1 . 88 per square foot within Zone C . There are 6,682 , 600 square feet of
developable land area in Zone C . It is forecast that value increases in the Zone C
category will be from $ 6 . 3 to nearly $ 12 . 6 million.
At the interchanges studied, land prices in Zone D increased on the average
of $2 . 00 to $2 .25 per square foot as a result of the new interchange being
constructed. As with the preceding zones analyzed, since the Interstate 25 and
Colorado State Highway 392 interchange already exists, the increase is not
expected to be as great. If a range in forecast value increases of 25 to 50 percent is
utilized again, it results in a forecast increase from $ 0 . 53 to $ 1 . 06 per square foot
within Zone D . There are 9 , 320 ,291 square feet of developable land area in
Zone D . It is forecast that value increases in the Zone C category will be from
$4 . 9 to nearly $ 9 . 9 million.
Mr. Rick Richter and John P . Frey, Esq.
Page 5
October 3 , 2012
It is clear from the data gathered at the four interchanges studied that the
improvements proposed at the Interstate 25 and Colorado State Highway 392
interchange will enhance property values within the CAC at a minimum of $ 19 . 1
million, which is greater than the $2 . 55 million being assessed.
Respectfully bmitted,
f�
W. West Foster, MAI, CRE, SR/WA
CO Certification #CG00001795
Exhibit A : I25 - State HWY 392 Interchange Map
Exhibit B : Value Enhancement Zone Analysis spreadsheet
Exhibit C : Qualifications of W. West Foster
Exhibit D : Certification
ADDENDA
EXHIBIT A
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ADDENDA
EXHIBIT B
ATTACHMENT ONE - VALUE ENHANCEMENT ZONE ANALYSIS
September 2012 Foster Valuation Company LLC
GROSS NON-DEV DEVELOPABLE TOTAL TOTAL PROXIMITY
OWNER LAND AREA LAND AREA LAND AREA FEE/SF FEES COMPONENT FEE REMARKS
ZONE A
86150-00-007 INTERSTATE LAND HOLDINGS, LLC 645,519 347,609 297,910 $0.28 $82,892 $41,446 NWQ of 1-25 and SH 392 Interchange
86154-05-001 WINDSOR INVESTMENTS LTD 73,410 0 73,410 $0.28 $20,426 $10,213 Ptannigan Business Park Developed Lot
86154-05-002 WINDSOR INVESTMENTS LTD 73,324 0 73,324 $0.28 $20,402 $10,201 Ptannigan Business Park Developed Lot
86154-07-001 BANK OF CHOICE 55,889 0 55,889 $0.28 $15,551 $7,775 Ptarmigan Business Park Developed Lot
86154-07-002 WINDSOR INVESTMENTS LTD 74,479 0 74,479 $0.28 $20,723 $10,362 Ptarmigan Business Park Developed Lot
86154-05-007 BUSINESS PARK I OF 392 49,185 0 49,185 $0.28 $13,686 $6,843 Ptarmigan Business Park Developed Lot
86220-00-014 VPD392/PRATO, LLC 186,550 0 186,550 $0.28 $51,907 $25,953 Prime SW Quadrant of I-25 and SH 392
ZONE A-1
86154-05-003 KHUONG HUONG TANG, et al 26,196 0 26,196 $0.28 $7,289 $3,644 Ptarmigan Business Park Developed and Improved Lot
86154-05-004 WESTGATE PARTNERS LLC 36,568 0 36,568 $0.28 $10,175 $5,087 Ptamhigm Business Park Developed and hnproved Lot
86154-05-006 WESTGATE PARTNERS LLC 60,807 0 60,807 $0.28 $16,919 $8,460 Ptarmigan Business Park Developed and haproved Lot
86221-05-002 MICHAEL I. MAXWELL, et al 55,178 0 55,178 $0.28 $15,353 $7,677 Westgate Commercial Center Developed and Improved Lot
86221-05-001 THE BAILEY COMPANY 43,963 0 43,963 $0.28 $12,233 $6,116 Westgate Commercial Center Developed and Improved Lot
86221-03-001 SCHRADER PROPERTIES, LLC 66,211 0 66,211 $0.28 $18,423 $9,211 Westgate Commercial Center Developed and Improved Lot
8622143-002 TACO JOHNS INTERNATIONAL INC 49,223 0 49,223 $0.28 $13,696 $6,848 Westgate Commercial Center Developed and Improved Lot
8622145-003 FORMER TCE, LLC 100,887 0 100,887 $0.28 $28,071 $14,036 Westgate Commercial Center Developed and Improved Lot
8622145-004 WESTGATE HOSPITALITY LLC 96,118 0 96,118 $0.28 $26,744 $13,372 Westgate Commercial Center Developed and Improved Lot
86221-07-001 MEYERS 4701 LLC 152,444 0 152,444 $0.28 $42,417 $21,208 Westgate Commemial Center Developed and Improved Lot
86221-03-003 KINDERCARE LEARNING CENTERS 78,003 0 78,003 $0.28 $21,704 $10,852 Westgate Commercial Center Developed and Improved Lot
ZONE B
86154-06-001 WINDSOR INVESTMENTS LTD 772,886 21,283 751,603 $0.21 $156,848 $78,424 I-25 Frontage in NEQ of interchange
86150-00-014 YEAGER, NANCY L TRUSTEE 786,783 53,648 733,135 $0.21 $152,994 $76,497 North side of SH 392 east of Bus. Park
86154-08-001 WINDSOR INVESTMENTS LTD 653,873 242,410 411,463 $0.21 $85,866 $42,933 East of Frontage Rd. N. of SH 392
8622247-701&2 LODGEPOLE INVESTMENTS, LLC 578,912 0 578,912 $0.21 $120,810 $60,405 WestofFrontage Rd. S. of SH393
8622147-002 POUDRE VALLEY HEALTH CARE INC 995,327 85,593 909,734 $0.21 $189,847 $94,924 Frontage oneast side ofI-25 S. OfSH 392
86220-00-003 POUDRE VALLEY HEALTH CARE INC 1,324,499 711,956 612,543 $0.21 $127,828 $63,914 Frontage on east side ofI-25 S. Of SH 392
ZONEB - 1
86I50-00-009 B3 VENTURES LLC 407,722 71,223 336,499 $0.21 $70,222 $35,111 I-25 Frontage N of SH 392 in NWQ of interchange
ZONE C
86I50-00-005 FOSSIL POINT, LLC 1,026,879 71,728 955,151 $0.12 $110,736 $55,368 Frontage on west side of I-25 N. Of SH 392
86I50-00-013 BURNETTE/YOUNG INVESTMENTS 939,698 352,269 587,429 $0.12 $68,104 $34,052 Frontage on east side ofI-25 N. Of SH 392
86154-06-003 WINDSOR INVESTMENTS LTD 126,260 85,128 41,132 $0.12 $4,769 $2,384 East ofI-25 and North of SH 392
86154-06-004 WINDSOR INVESTMENTS LTD 317,882 15,897 301,985 $0.12 $35,011 $17,505 East ofI-25 and North of SH 392
86154-06-005 IWINDSOR INVESTMENTS LTD 291,695 0 291,695 $0.12 $33,818 $16,909 East ofI-25 and North of SH 392
86154-06-006 WINDSOR INVESTMENTS LTD 37,858 0 37,858 $0.12 $4,389 $2,195 East ofI-25 and North of SH 392
86I50-00-017 3BT ASSOCIATES, LLC 1,767,708 236,095 1,531,613 $0.12 $177,569 $88,794 West Side of LC Road 5 N. of SH 392
86220-00-014 VPD392/PRATO, LLC 1,041,071 444,571 596,500 $0.12 $69,156 $34,578 South of SH 392; West of Wetlands
8622247-701 LODGEPOLE INVESTMENTS, LLC 244,668 163,264 81,404 $0.12 $9,438 $4,719 West of Frontage Rd. S. of SH 393; West of wetlands
8622247-702 LODGEPOLE INVESTMENTS, LLC 903,159 221,691 681,468 $0.12 $79,006 $39,503 West of Frontage Rd. S. of SH 393; West of wetlands
86220-00-017 VAN CLEAVE, TERRY/MARY 1,708,402 132,037 1,576,365 $0.12 $182,757 $91,379 Farther South of SH 392 West ofI-25
ZONE D
86220-00-004 WINDSOR GOLD COAST LLC 2,544,953 224,297 2,320,656 $0.05 $107,619 $53,809 Farther South of SH 392 on east side ofI-25
86150-00-021 HORTON, MARY A/ET AL 1,555,303 501,653 1,053,650 $0.05 $48,862 $24,431 Farther North of SH 392 on east side of I-25
86100-00-016 HORTON, MARY A/ET AL 1,030,219 419,817 610,402 $0.05 $28,307 $14,153 Farther North of SH 392 on east side ofI-25
86I00-00-011 THREE T INVESTMENTS LLLP 1,045,838 486,358 559,480 $0.05 $25,945 $12,973 Farther North of SH 392 on east side ofI-25
86I50-00-001 THREE T INVESTMENTS LLLP 1,444,331 381,052 1,063,279 $0.05 $49,309 $24,654 Farther North of SH 392 on east side ofI-25
86100-00-002 THREE T INVESTMENTS LLLP 94,626 69,233 25,393 $0.05 $1,178 $589 Farther North of SH 392 on east side ofI-25
86100-00-015 HORTON FEEDLOTS INC 1,625,207 469,646 1,155,561 $0.05 $53,588 $26,194 Farther North of SH 392 east ofI-25 to LC Roads
86 150-00-020 HORTON FEEDLOTS INC 3,452,929 921,059 2,531,870 $0.05 $117,414 $58,707 Farther North of SH 392 cast ofI-25 to LC Roads
21,913,1251 i $2,550,0001 $216,111
ADDENDA
EXHIBIT C
QUALIFICATIONS OF W. WEST FOSTER
Education
M. S . Degree in Regional Economics, Colorado State University.
B . S . Degree in General Business, Colorado State University.
All of the basic courses required for the MAI designation given by the American Institute of Real
Estate Appraisers; Course III (Rural Properties); Course IV (Litigation Valuation);
Course VI (Real Estate Investment Analysis); Course VII (Industrial Valuation); Course
520 (Highest and Best Use and Market Analysis); Course 550 (Advanced Applications);
and all Litigation courses offered in the Professional Development Program. This partial
list of courses was all given by the Appraisal Institute or its predecessor organizations.
Principles of Real Estate Engineering, The Appraisal of Partial Acquisitions, and several
relocation courses, given by the International Right of Way Association.
Management and Leasing of Shopping Centers, by the Institute of Real Estate Management.
Advanced Ranch Appraisal, by the American Society of Farm Managers and Rural Appraisers .
Seminars : Computer-Enhanced Cash Flow Modeling, Subdivision Appraisal, Uniform Appraisal
Standards for Federal Land Acquisitions, plus numerous real estate seminars given by the
American Institute of Real Estate Appraisers and later by the Appraisal Institute.
Memberships and Designations
Appraisal Institute : Designated Member (MAI)
1982 to 1986 - National Division of Curriculum
1986 to 1987 - National committee to write The Appraisal of Real Estate, 9" Edition
1987 to 1991 - Board of Examiners, General Demonstration Appraisal Reports
1987 to 1994 - Regional Member, Review and Counseling Division
1991 to 1994 - Regional Representative, Region II
1992 to 2008 - Contributor to The Appraisal of Real Estate, 10 ' through 13 ' Editions
1995 - National Vice Chair, Review and Counseling Division
1995 - Vice Chair, Region I1 and National Board of Directors
1996 to 1997 - Chair, Region II and National Board of Directors
1996 - National Chair, Ethics Administration Division
1997 to 2008 - National Chair, Professional Ethics and Counseling Committee
American Society of Real Estate Counselors : Counselor of Real Estate (CRE)
1994 - Vice Chair, Colorado Chapter
1995 - Chair, Colorado Chapter
International Right of Way Association: Senior Right of Way Professional (SR/WA)
Northern Colorado Commercial Association of Realtors
Certified General Real Estate Appraiser: State of Colorado, #CG00001795
Professional Experience
Foster Valuation Company: Fee Appraiser, April 1981 to present, specializing in valuation and
counseling with respect to a variety of nonresidential properties.
Robert J. Mitchell, MAI, & Associates : Fee Appraiser, March 1976 to March 1981 , specializing
in rural and income property valuation.
Qualified in District and Federal Courts as an Expert Valuation Witness.
ADDENDA
EXHIBIT D
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, conclusions, and recommendations .
3 . I have no present or prospective interest in the property that is the subject of this
report, and I have no personal interest with respect to the parties involved.
4. I have performed no services, as an appraiser or in any other capacity, regarding the
property that is the subject of this report within the three-year period immediately
preceding acceptance of this assignment.
5 . I have no bias with respect to any property that is the subject of this report or to the
parties involved with this assignment.
6 . My engagement in this assignment was not contingent upon developing or reporting
predetermined results .
7 . 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 consulting assignment.
8 . My analyses , opinions, and conclusions were developed, and this report has been
prepared, in conformity with the Uniform Standards of Professional Appraisal
Practice.
9 . I have made a personal inspection of the property that is the subject of this report.
10 . No one provided significant real property appraisal or appraisal consulting
assistance to the person signing this certification.
11 . The use of this report is subject to the requirements of the Appraisal Institute
relating to review by its duly authorized representatives .
12 . As of the date of this appraisal consulting report, I have completed the requirements
of the continuing education program of the Appraisal Institute .
I estimate the reimbursement amounts to be based as shown on the attached Value
Enhancement Zone Analysis, as of October 3 , 2012, to be as shown in the attached:
October 3 , 2012
Date W. West Foster, MAI, CRE, SR/WA
Colorado Certification #CG00001795