IN THE IOWA DISTRICT COURT FOR JOHNSON COUNTY

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Coral Ridge Mall, L.L.C., Plaintiff,

EQUITY NO.

~Q~v07%30

v.
Board of Review of Johnson County, Defendant.

PETITION IN EQUITY

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COMES NOW, the Plaintiff, Coral Ridge Mall, L.L.c., and pursuant to Section 44f~ the Code ofIowa, presents its appeal of the 2012 decision of the Board of Review of the C~ of Johnson, and in support thereof, states: 1.

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Plaintiff, Coral Ridge Mall, L.L.C owns property located at 1451 Coral Ridge

Avenue in Coralville, Iowa (Johnson County). Its property is described in the real estate assessment roll as Parcel Nos. 06-36-426-003 and 06-36-402-001 and is hereinafter referred to as the "subject property." Plaintiff was the owner of the subject property on January 1,2012. 2. Review"). 3. During the year 2012 the Johnson County Assessor assessed or caused the land The Defendant is the Board of Review of Johnson County, Iowa (the "Board of

and buildings described as the subject property to be assessed in the amount of $125,000,000 and the County of Johnson would, unless restrained from doing so, collect from the Plaintiff's taxes on said property based on said assessment and evaluation. 4. The Plaintiff duly objected to said assessment as made, and also filed its objection

thereon with the Board of Review on or about May 3, 2012, being within the time and in the form and manner provided by law, a copy of which objection so filed with the Board of Review

is attached hereto, marked as Exhibit A and by this reference are made a part hereof. The grounds of the objection made by Plaintiff, set forth in Plaintiff's Petition and incorporated herein by reference, specifically include, but are not limited to, because the property has been over assessed and that there has been a change downward in the value since the last assessment of $81 ,900,000. 5. The Board of Review granted no relief, and erroneously determined the actual A copy of the Decision

value and the assessed value of the subject property to be $125,000,000.

of the Board of Review is attached hereto as Exhibit B and by this reference are made part hereof. 6. Plaintiff states as the basis for its appeal that the actual value and assessed value

of the subject property as determined by the Board of Review is erroneous because the property continues to be over assessed and because there continues to be a change downward in the value of the subject property since the last assessment. The amount of said over-assessment is $45,000,000 and $80,000,000 is the actual value of the subject property. 7. Within the time and in the manner provided by law, Plaintiff hereby appeals to the

Iowa District Court in and for Johnson County from each and every act or decision of the Board of Review entered or taken at any time on or prior to adjournment of the Board of Review, which is adverse to the Plaintiff, including without limitation, the action of the Board of Review keeping the assessment at $125,000,000. 8. The subject property was not valued at its actual value or at the fair and
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reasonable market value of such property. The Assessor and the Defendant gave inadequate consideration to what would be the fair and reasonable exchange between a willing buyer and a

2

willing seller, neither being under any compulsion to buy or sell and each being familiar with all the facts relating to the subject property, as required by the Iowa Code Section 441.21(1)(b). 9. In arriving at the actual value and assessed value of the subject property for the

year 2012 and subsequent years, the Assessor and the Defendant failed to comply with the provisions of Iowa Code Section 441.21. 10. Pursuant to Iowa Code Section 441.39, the Court must hear this appeal in equity

and determine anew all questions arising before the Board of Review, which relate to the liability of the subject property to assessment or the amount thereof, and there is no presumption as to the correctness of the valuation determined by the Board of Review. WHEREFORE, the Plaintiff respectfully prays that the Court set aside the decision of the Board of Review in determining the actual and assessed value and assessment on the subject property for the year 2012 and subsequent years; that the Court determine the actual value and assessed value of the subject property for 2012 to be in an amount not exceeding $80,000,000; that the Assessor and the Defendant be ordered and directed by the Court to assess the subject property for 2012 and subsequent years in accordance with the decision of the Court herein; that the County Treasurer be ordered and directed not to spread of record and to collect any taxes for the year 2012 or subsequent years on the subject property pending the final determination of this appeal, other than the collection of such taxes under protest; and that the Court grant such other relief as may be just and equitable.

3

Dated this

_JI_~

of June, 2012

mas R. Wilhelmy (rviN #117134 DRIKSON & BYRON, P.A. 200 South Sixth Street, Suite 4000 Minneapolis, MN 55402-1425 (612) 492-7000 (612) 492-7077 (Fax) Attorneys for Plaintiff

Dated this

l'L1<

day of June, 2012

Heathe Campbell (IA #AT0001356) ~~ . ard A. Ross (IA #ATOOI0391) Y'~ FREDRIKSON & BYRON, P.A. 1200 Valley West Drive Suite 304-4 West Des Moines, IA 50266 (515) 224-6706 Local Counsel for Plaintiff

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5160461_l.cr

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~ Iowa Department of Revenue

Petition to Local Board of Review Regular Session
(Chapter 441, Code of Iowa)

THIS FORM MUST BE-FILED OR POSTMARKED FROM APRIL 16 TO MAY 5 TO BE VALID

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Petrtlon # -----.parcel#

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with the street address

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and as such, liable for the pa,yment of taxes thereon, does hereby respectfully object said real estate as of January 1,

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in the sum of $

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t? the assessment

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for the following reasons, and upon the following grounds: (Complete aU grounds that apply) 1. That said assessment is not equitable as compared with assessments of other like property in the cc1phtyf).ecity. (Give legal description and assessment of representative number of comparable properties.) I . Assessed at: ~:;;r.. (.ff

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$ $

(3) That said property
( Land $

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is assessed fO,rmore than the value aut~' rized by law (,.section 441.21, Cod,e o!~owa)~ t, ~~,' .. ,a~unt of IIr rv~' IltrrJbl~ l?Jr-. fV"'f:') I·, 1 L . s }>;G said over-assessment is $ ",uiV"-"'-"'IDDoc.' ; and at $ TA-J.~CCb DI)1(l.:t.. its ~tual value Building $

) and is a fair assessment.
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3. That said property is not assessable, is exempt from taxes or is misclassified for the following reason:

@)rhattherehasbeenaChangedOWnwardintheval.uesince

The undersigned respectfully req ts'that the assessment made against said real estate-be reduced to an amount that is fair, equitable, and just, or canceled if property is not assessable. I hereby state that the facts in this petition are true and correct. Mailing Address: Tele # Hom / Signature
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the last assessment (Section 441.35, Code of Iowa):
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FOR USE BY BOARD OF REVIEW ONLY

Action Taken:

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Date:

EXHIBIT
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56-064

(02116107)

Notice to Property Owner as to Assessment by Board of Review
Section 441.35 - 441.38, Code of Iowa

May 29,2012

Thomas Wilhelmy 200 S Sixth St STE 4000 Minneapolis, MN55402

You are hereby notified that the board of review of Johnson County, Iowa, on 5/11/2012, authorized the following changes in the assessed value of your property described below: Parcel Number Parcel Address Original Class Original Assessed Value 0636426003

1451 Coral Ridge Ave, Coralville, IA
Commercial $47,500,000 Commercial $47,500,000

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New Class
New Assessed Value

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Value of above described property to remain unchanged for the reason stated below. Reason for Action of Board of Review The taxpayer failed to provide sufficient evidence to prove the allegations contained in its protest. The Board of Review has taken final action on your above described property, and will adjourn on May 24, 2012.

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Appeals to the property assessment appeal board may be taken from the board of review action within 20 days after the postmark of this notice or you may bypass the property assessment appeal board and appeal to district court. (Sec 441.37A, 441.39 Code of Iowa) Appeals to district court may be taken from the board of review action within 20 days after adjournment or May 31, whichever is later. (Sec 441.38, 441.39 Code of Iowa)

sign~M2aML__

Sara Se Clerk of the Johnson County Board of Review

NOTICE: In odd numbered years the foregoing assessments are subject to equalization pursuant to an order issued by the director of revenue, The county auditor shall give notice on or before October 15 by publication in an official newspaper of general circulation of any class of property affected by an equalization order. The Board of Review shall be in session from October 15 to November 15 to hear protests of affected property owners or taxpayers whose valuations have been increased by an equalization order. You may file a protest from October 16 to October 25 if your property valuations have been adjusted by the equalization order.

EXHIBIT

:RECEfVED
MAY 3 t 2012

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ltk)2

Ivotice to Property Owner as to Assessment by Board of Review
Section 441.35 ~441.38, Code of Iowa

May 29, 2012 Thomas Wilhelmy 200 S Sixth St STE 4000 Minneapolis, MN 55402

You are hereby notified that the board of review of Johnson County, Iowa, on 5/11/2012, following changes in the assessed value of your property described below: Parcel Number Parcel Address Original Class Original Assessed New Class New Assessed Value Value 0636402001 1451 Coral Ridge Ave, Coralville, Commercial . $77,5001000 Commercial $77,500,000 IA

authorized the

Value of above described property to remain unchanged for the reason stated below. Reason for Action of Board of Review The taxpayer failed to provide sufficient evidence to prove the allegations contained in its protest.

The Board of Review has taken final action on your above described property, and wllladjourn on May 24, 2012.

Appeals to the property assessment appeal board may be taken from the board of review action within 20 days after the postmark of this notlce or you may bypass the property assessment appeal board and appeal to district court. (Sec 441.37A, 441.39 Code of Iowa) Appeals to district court may be taken from the board of review action within 20 days after adjournment or May 31, whichever is later. (Sec441.38, 441.39 Code of Iowa)

NOTICE: In odd numbered years the foregoing assessments are subject to equalization pursuant to an order issued by the director of revenue. The county auditor shall give notice on or before October 15 by publication in an official newspaper of general circulation of any class of property affected by an equalization order. The Board of Review shall be in session from October 15 to November 15 to hear protests of affected property owner> or taxpayers whose valuations have been increased by BO equalization order. You may file a protest from October 16 to October 25 if your property valuations have been adjusted by the equalization order. . ....

EXHIBIT

.RECEIVED NAY 3 1 20J2

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