4. Tax Equalization Board reconvenes

The expense percentage (35%) is from a web site maintained by the Self Storage Association and suggested by Mr. Pantzke. The site states that expenses (including real estate taxes) range from 20% to 40% - plus or minus. The capitalization rate is from Korpacz Real Estate Iovestors Survey and the Gross Iocome multiplier is from listings on the Ioternet. The listings on the Iotemet are from American Self /Mini Storage and the Gross Iocome multipliers of the listings we looked at ranged from 6.04 to 12.02. Cost: The cost calculations that follow are based on figures submitted by the appellants at the City Board of Equalization with the exception of the calculations under Gateway Building Systems. The figure for the mini storage is from Gateway. Gateway Building Systems has constructed many mini storage buildings in Fargo including buildings at 402 25 St Nand 3825 34 Ave S. Cost figures from Security Self Storage Gateway Building Systems 4/11/2006 70,600 13.55 $ 956,630 $ 16.00 $1,129,600 Office/res. $ 98,000 $ 98,000 Paving 80,000 $ 2.90 $ 232,000 $ 232,000 Land 181,209 $ 2.00 $ 362,418 $ 362,418 Total $ 1,649,048 $ 1,822,018 During the course of this review of value we have been made aware of an independent appraisal of the property. The appraisal states ......market value of the fee simple interest in the appraised property, as of October 7,2005, was. Two Million two hundred forty thousand dollars ($2,240,000)." ..!. l I L-l I \ E.,... h.,b" II