4. Tax Equalization Board reconvenes

April In. lUOb / To: Fargo City Board of Equalization Rc: Tax increases/Propcrty valuations - Security Self Storage 402 25th St N. -- North Location and 3825 34th A vc S -- South Location ".:co .....J- North Location valuc was--m$I.094.300 New assessment--------mmn$I.3 76.200 26% increase South Location val ue was--n-$1.402. 900 New assessment--m-------m-$I ,829,000 31'\10 increase These current assessmcnts rellect a property valuation al $26 to S27 per squarc 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 concrete and same asphalt. Summarized - New building cost "no" depreciation is $13.55 per square foot. sce recent quote. built new today' This includes concrete tloors' Land value today 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 numbers. we fcel our North Location of 51,000 square feet should be valul:d at .~86 7.000 tu 5,') IS,!)()() lur the real estate. (jut South I,(Jeation (Jf 70,O()(J square feet should be valued at $1.190.000 for the real estate. Also. please sec recent purchase agreement of the South Location which also retlects a closer valuation to $17-$18 per square foot. Note that this also retlects the cost of business. notj ust real estatc. 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 ofreal estate. Plcase 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 your attention to this matter. Sincerely, Bruce Pantzke Ben Anvary f)( h, b, + ,\ (I f3