5.1. HRSR 10-04-2004 - Laserfiche WebLink

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City of Elk River • Downtown Revitalization- Redevelopment Eligibility Assessments September 23, 2004 PURPOSE ' Short Elliott Hendrickson, Inc. (SEH) was hired by the City of Elk River, Elk River, Minnesota,to survey and evaluate certain the properties within the proposed'Downtown Revitalization"Tax Increment Financing District,and to amend its original report dated ' August,2003. The proposed district is generally located south of U.S.Highway 10 between Jackson and County Road number 42. The purpose of our work was to independently ascertain whether the qualification tests for tax increment eligibility, as required under Minnesota Statute, could be met. ' The findin s and conclusions drawn herein are solely for the purpose of tax increment g Y P� eligibility and are not intended to be used outside the scope of this assessment. ' SCOPE OF WORK The proposed district consists of 10 parcels couipiised of the following types of improvements: 8 commercial or mixed-use structures on 7 parcels, 1 vacant parcels with parking or street improvements,2 vacant parcels with no improvements and adjacent N Road Right of Way. Building assessment information and data was obtained from the July 2003 report. As part of the project amendment, applicable Building Permit records issued since the completion of the original report were reviewed. EVALUATIONS ' Both interior and exterior evaluations were completed for all the buildings. FINDINGS ' Coverage Test—Eight(8)of the Ten(10)properties met the coverage test resulting in the finding of 94.85% area coverage. This exceeds the 70% area coverage requirement. ' The Right of Way(ROW) area was not included for the coverage analysis. ' Condition of Buildings Test—Sixty two and one-half(62.5%)percent of the buildings— 5 of the 8 buildings—were found to be"structurally substandard"when considering code deficiencies and other deficiencies of sufficient total significance to justify substantial ' renovation or clearance(see defmition of"structurally substandard" as follows). This exceeds the Condition of Buildings Test whereby over 50%of buildings,not including outbuildings, must be found"structurally substandard." As part of our work, we ' reviewed building permits issued since the completion of the original report. It is our opinion that none of the improvements listed within the issued building permits have substantially impacted the original building assessment reports or their results. 1 ' 1