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<br />JUSTIFICATION FOR RE-EVALUATION OF VALUES FOR ROCKING H, LLC <br /> <br />A. LAND VALUE IS NOT $3.50/sq foot, BASED ON THE FOLLOWING: <br /> <br />1. The excess land at purchase was and still is 'land-locked' from any other access, except via <br />the 43rd Street entry, [Valid argument for lower value.] <br /> <br />2. The 'north lot' on the property has no access from 32nd Avenue street - it could not <br />realistically serve any other use than for the storage operation that had started on 43rd <br />street.[Value argument for lower value.] <br /> <br />3. The bulk of the land is adjacent to the large Excel substation, causing it to have little to zero <br />commercial value for anything other than the expansion of the self storage business.[City of <br />Fargo appraiser stated they will look into this situation, to date no reply from them.] <br /> <br />4. The 'north lot' has a restricted easement from the utility company, Excel, preventing ANY <br />commercial construction within the easement, thereby only allowing approximately 45% of <br />the north lot to be developed. [City of Fargo appraiser stated they will look into this <br />situation, to date no reply.] <br /> <br />5. The City of Fargo required a 'holding pond' for excess water runoff, BUT it was only required <br />to allow excess water to flow "back into" the pond from 32nd Avenue - NOT excess water <br />from the property. This large pond (especially compared to the requirement for neighboring <br />property - the Attic) encompasses in excess of 20% of the north lot. [City of Fargo stated <br />they will look into this situation, to date no reply. Owner's expert is researching, additional <br />information coming.] <br /> <br />6. Comparable land Values: <br />a. Matrix Property, directly south with two street accesses and exposure to 45th street - <br />$1. 75/sq ft <br />b. Richman Property, directly east on 43rd street - $2.1O/sQ ft <br />c. Richman Property, directly north of above, with access to both 43rd street and 32nd <br />avenue - $2.1O/sq ft <br />d. City of Fargo, directly south of Excel substation, bordering 45th street and 33rd avenue - <br />$1.33/sq ft <br />e. Security Storage "South", exposure to 1-29 - $2.00/sQ ft <br />f. Security Storage "North", on 25th Street N - $1.75/sQ ft <br />g. 40th Ave Storage - $1.50/sq ft <br />