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Lakeview Properties of MN LLP 12967 Crooked Lake Lane Office: (612)757-0122 Coon Rapids, MN 55448 Fax: (612) 757- 3079 Anoka County Government Center Attn: Diane Stellmach, Assessor's Office 2100 Third Avenue Anoka, MN 55303 April 5, 2000 Subject: PIN 34 32 25 0004, at 6740 NW Highway 10 (Ramsey, Commercial/Industrial) Dear Ms. Stellmach, The purpose of this letter and attachments is to appeal the Estimated Market Value of subject property for tax payable years 2001 and beyond. This appeal is based on the following facts and information, which I have been attempting to get into your hands personally since March 20, 2000. 1. The Subject property is located immediately adjacent to the sexually oriented XXX shop. This location has been the stated reason for rejection by numerous potential tenants. 2. The office building, comprised of 4,000 gross square feet, but only 2,970 BOMA net rentable square feet, is presently operating at an occupancy level of 39%, at below market rents. We believe both the 61% office building vacancy and low rents are attributable to item (1.) above. 3. The majority of the office building has been vacant since March, 1998. The 600 sq. ft. office at the south end of the storage building has been vacant since the spring of 1999. Refer to (1) Over the past 26 months, three Real Estate firms have listed Subject property for rent, without positive results. Signs from one fh'm are still on the property. [See item (1.) above.] 5. We have repeatedly advertised the availability of office space in Anoka areas newspapers and the Minneapolis Tribune since March, 1998. In addition, highway and access road signs continually advertise office space for rent. We have upgraded the building to maintain an acceptable appearance, and responded to ad/sign inquiries (see attachments) by offering below market rents and flexible lease terms. 6. A summary of the actual 1999 and projected 2000 revenue and operating expenses is as follows: Year Gross Revenue Operating Expenses Net Operating Income 1999 $ 33,743 $19,727 $14,016 2000 (est.) $ 37,500 $ 20,444 $17,056 Your office has not responded to my requests for your backup data and work papers which have led to an increase in Estimated Market Value of 27% over a two year period. We again request copies of the data which has led to these dramatic increases in the assessor's estimated market value.