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8. At current rental rates, the property has a maximum gross potential revenue of approximately <br /> $49,441, not counting discounts, vacancies and non-collections. We have never been able to <br /> achieve 100% occupancy, and typically discount several of the storage garages. Uncollected <br /> rents have been significant over the past three years. We are projecting some improvements <br /> to operating income in the future under the theory that it cannot get much worse. <br /> <br />9. In view of items 1. through 8. above, we believe that Subject property presently has a <br /> market value of not more than $200,000.00. <br /> <br />During our scheduled visit of Subject property of April 6, 2000, you may verify the office <br />vacancies that exist within the office building, the proximity to the porno shop and other factors. <br /> <br />The attached sampling of ads and correspondence document that we have been diligent in our <br />ongoing attempts to rent space. The revenue/expense/NOI data provide a method of calculating <br />market value based on the "income approach" to market price. We eagerly await receipt of <br />Anoka County's backup data and calculations leading to a 26.94% value increase in two years, <br />and any other information relevant to the estimation/calculation of market value for subject <br />property, so that we may have an opportunity to reconcile these two divergent positions. <br /> <br />Sincerely, /~ ~ <br /> <br />Bill Dubats <br /> <br />President, Lakeview Development of MN Inc. <br /> <br />Copy: City of Ramsey, Local Board of Review (for consideration at Board meeting, April 10, <br />2000) <br /> <br /> <br />