02. Abatement hearing for Y&O Fargo Plaza, LLC
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02. Abatement hearing for Y&O Fargo Plaza, LLC
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� <br />THE CITY OF <br />FAR�!j0 <br />February 1, 2023 <br />Board of City Commissioners City Hall Fargo, ND 58102 <br />Dear Commissioners: <br />ASSESSOR'S OFFICE <br />Fargo City Hall 225 4th Street North Fargo, ND 58102 Phone: 701.241.1340 I Fax: 701.241.1339 www.FargoND.gov <br />Attached is the Application for Abatement or Refund of Taxes #4539 and #4540, prepared by Michael Block of Ryan, Inc. The application is for the Hobby Lobby retail building located at 4427 13 Ave S. Supporting information submitted by the applicant has been included. The applications request the following: <br />#4539-for 2021, a reduction :from $7,272,000 to $7,210,000 #4540 -for 2022, a reduction :from $7,272,000 to $7,210,000 <br />We have provided information regarding the valuation of these properties and a comparison to similar properties for equity purposes and against the market. With the market information that was available, we were unable to support the values as certified. We created new approaches to value and we feel a reduction in value is warranted. <br />SUGGESTED MOTION: <br />Approve a reduction of the property value at 4427 13 Ave Sin the following manner: #4539-reduce the 2021 certified value to $7,210,000 #4540-reduce the 2022 certified value to $7,210,000 <br />Fargo City Assessor <br />Page 21
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