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• City of Elk River <br /> Downtown Revitalization-Redevelopment Eligibility Assessments <br /> September 2, 2004 <br /> PURPOSE <br /> Short Elliott Hendrickson, Inc. (SEH)was hired by the City of Elk River, Elk River, <br /> Minnesota,to survey and evaluate certain the properties within the proposed"Downtown <br /> Revitalization"Tax Increment Financing District, and to amend it's original report dated <br /> August,2003. <br /> The proposed district is generally located south of U.S. Highway 10 between Jackson and <br /> County Road number 42. The purpose of our work was to independently ascertain <br /> whether the qualification tests for tax increment eligibility, as required under Minnesota <br /> Statute, could be met. <br /> The findings and conclusions drawn herein are solely for the purpose of tax increment <br /> eligibility and are not intended to be used outside the scope of this assessment. <br /> SCOPE OF WORK <br /> The proposed district consists of 6 parcels comprised of the following types of <br /> improvements: 4 commercial or mixed-use structures on 3 parcels, 1 vacant parcels with <br /> parking or street improvements, 2 vacant parcels with no improvements and adjacent <br /> • Road Right of Way. Building assessment information and data was obtained from the <br /> July 2003 report. <br /> EVALUATIONS <br /> Both interior and exterior evaluations were completed for all the buildings. <br /> FINDINGS <br /> Coverage Test—Four(4) of the six(6)properties met the coverage test resulting in the <br /> finding of 97.25%area coverage. This exceeds the 70%area coverage requirement. <br /> The Right of Way (ROW) area was not included for the coverage analysis. <br /> Condition of Buildings Test—One Hundred(100%) percent of the buildings—4 of the 4 <br /> buildings—were found to be"structurally substandard"when considering code <br /> deficiencies and other deficiencies of sufficient total significance to justify substantial <br /> renovation or clearance (see definition of"structurally substandard"as follows). This <br /> exceeds the Condition of Buildings Test whereby over 50%of buildings, not including <br /> outbuildings,must be found"structurally substandard." <br /> • <br /> 2 <br />