02. Abatement hearing for Y&O Fargo Plaza, LLC

Equalization Department Box 2806 Telephone: 701-241-5616 211 Ninth Street South Fax: 701-241-5729 Fargo, ND 58103 assessor@casscountynd.gov Staff Report for Abatement 4539 & 4540 February 24th, 2023 City: Fargo Appellant: Ryan LLC – Y&O Fargo Plaza LLC Location: 4427 13th Ave S. Fargo, ND 58103 Parcel Numbers: 01-0277-00010-000 (Known as Hobby Lobby) Issue: Ryan LLC is requesting a reduction in value to match the updated assessment completed by the Fargo Assessment Office. Summary The Fargo assessment office has been working with Michael Block of Ryan LLC since November. They have reviewed the property in detail and looked at all approaches to value (market, cost, income). Analysis After analyzing the approaches to value, the Fargo Assessment office could not support the current valuation of $7,727,000 and determined a valuation of $7,210,000 is appropriate and equitable. This falls in line with the information submitted by the applicant, so a formal abatement was submitted to request that value for the 2022 and 2021 taxable years. It is my opinion, that after reviewing all the information submitted, the valuation arrived at by the city of Fargo is reasonable. The abatement applications were approved at the city commission meeting on a 5-0 vote. Recommendation It is my recommendation to approve abatements 4539 and 4540.