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APR 0 5 RECD <br /> HOLDEN 8c cJESSOP, PC. <br /> ATTORNEYS AT LAW <br /> ` ✓ „ ) 303 EAST 171-AVENUE, SUITE 930 <br /> rt-*, DENVER, COLORADO 8 0 2 0 3-12 64 <br /> ' (303) 860.7700 <br /> FACSIMILE: (303) 660-7233 <br /> J � April 4 , 1994 <br /> 4A ✓t' <br /> DeAnn Owen ►�~ c'"r d r;L,4_4 .-.7 Lc 6 S-e, <br /> Office of the Field Solicitor h'1. l-v ru� oar <br /> P.O. Box 25007 D-105 C-0 <br /> Denver, Colorado 80225 <br /> Re: Mid-Continent Resources, Inc. ( "Resources" ) ; <br /> sale of Rockdust Plant <br /> Dear Ms. Owen: <br /> I am writing to follow up on my letter of March 25, in <br /> which you inquire as to the outstanding real estate taxes -on the <br /> Rockdust Plant. At that time, I mentioned that the taxes on the <br /> Rockdust Plant are assessed by the Garfield County Treasurer on <br /> Schedule No. 111391, which covers property comprising 157.92 <br /> acres, of which the Rockdust Plant is 17.6 acres, I was advised <br /> by the Garfield County Treasurer that taxes owed under Schedule <br /> 111391 total $236,604.79, -which includes $127,590.59 for 1989 and <br /> 1990 taxes, which have gone to tax sale; $48,068.31 for 1991 <br /> taxes; $43,437.15 for 1992 taxes; and $17,508.74 for 1993 taxes. <br /> I also mentioned that I had contacted the Garfield County <br /> Assessor, Steve Rippy, to ask him to break out the assessed value <br /> of the Rockdust Plant from the balance of the assessed value <br /> under Schedule No. 111391. This would permit me to allocate the <br /> taxes under the schedule according to appraised value, which is <br /> the basis for imposing taxes. <br /> I am enclosing Mr. Rippy's report which I received <br /> today. He went the- next step and computed the proration in his <br /> letter, which indicates that the taxes on the Rockdust Plant <br /> total $47,552.08. However, Rippy did not include interest which <br /> is due on 1992 and earlier tax years, and thus his total taxes on <br /> the property, $177,002.08, are less than the $236,604.79 total <br /> noted above. For 1993, his figure is the same as the Treasurer's <br /> because no interest is due. <br /> To compute the taxes with interest, first determine the <br /> percentage of "Rock Plant Prorated Taxes" in Rippy's letter to <br /> "Mid-Continent Total Property Taxes. " In 1989 and 1990, the <br /> percentage is .2726; in 1991 and 1992, the percentage is .2641. <br /> Next, multiply the accrued tax figures for each year by the <br /> appropriate percentage. Thus: <br />