LAWSUIT FILED BY SUPERVALU 11-08-2010

A LAWSUIT HAS BEEN FILED BY SUPERVALU HOLDINGS DISPUTING THE ESTIMATED VALUE OF THEIR INDIANOLA PROPERTY AS ASSESSED AND APPROVED BY THE SUNFLOWER COUNTY BOARD OF SUPERVISORS. THE COMPANY SAYS THE VALUE OF ITS PROPERTY WAS "GROSSLY OVER VALUED" BY THE 2010 PROPERTY ASSESSMENT. THE SUIT FILED OCTOBER 27, SAYS THE FAIR APPRAISAL VALUE IS AROUND $3.99 MILLION, BUT THE COUNTY ASSESSED THE PROPERTY AT $9.05 MILLION. THE DIFFERENCE RESULTS IN NEARLY $600,000 IN AD VALOREM TAXES. SUPERVALU IS ASKING THE COUNTY AND CITY TO REASSESS THE PROPERTY.