4. Tax Equalization Board reconvenes

April I U. 2UOb / To: Fargo City Board of Equalization Re: Tax increases/Property valuations- Security ~elf Storage 402 25th St N. -- North Location and 3825 34th Ave S -- South Location .. . ;;.1. North Location value wasn---$1.094.300 New assessment ---------------- $ 1.376.200 26% increase SOLt1h Location value was-h..$1.402,900 New assessmentnm---m-----$l ,829,000 31 % increase These current assessments relket a property valuation at $26 to $27 per square foot, respectively. We feel. based on the enclosed documentation. the true value of these properties is $17 to $18,50 per square foot. Both properties are virtually identical in construction, simple all steel Butler buildings. same concrele and same asphalt. Summarized - New building cost "no" depreciation is $13.55 per square foot. see reeen1 quote. built new today' This includes concrete Iloors' Land value l11day is $2 per square foot. We paid $1 per square foot for our North Facility! Asphalt is $2.90 per square foot at today's rate. Based on these cost llumbers, we feel our North Location of 51,000 square feet should be valucd at J,867,O(J() 1(J J,')I 8,(J(j(j lor the real eslate. (Jut SUltth 1.(Jcati(Jn of7(J,O(J(J squarc feet should be valued at $1.190.000 for the real estate. Also. please see recent purchase agreement of the South Location which also reflects a closer valuation to $17-$18 per square foot. Note that this also reflects the cost of business. not just real estate. We feel there is a large misunderstanding of the value our self storage businesses (that rents trucks, sells boxes. packing supplies, locks, and also rents moving equipment) and the value of real estate. Please consider this request to reassess values in line with real values as this is a severe hardship to our business and will ultimately determine our success or failure. Thank you in advance for yom altention to this matter. Sincerely. Bruce Pantzke Ben Anvary E'A h, \,.,+ l' - ~ I'