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6. FINDINGS <br /> • A. Coverage Test <br /> 1. The total square foot area of each property parcel was obtained from county <br /> records, city records and site verification. <br /> 2. The total square foot area of buildings, streets,utilities,paved or gravel parking <br /> lots on each property parcel was obtained from City and County records, and <br /> actual field measurements. <br /> 3. The percentage of coverage of each property parcel was computed to determine <br /> if the 15%requirement was met. <br /> 4. The total area of all qualifying property parcels was compared to the total area <br /> of all parcels to determine if the 70%requirement was met. <br /> Finding: <br /> 34 of the 36 parcels met the coverage test with a 95 percent area coverage. This <br /> exceeds the 70 percent area coverage requirement for the proposed District. <br /> B. Condition of Building Test <br /> 1. Replacement cost <br /> The first step in evaluating a building is to deter ine its replacement cost. <br /> This is the cost of constructing a new structure of the same square footage <br /> and type on site. R. S. Means Cost Square Costs Data for 2002, factored <br /> for the Twin Cities metro area,was used as the nationally accepted <br /> standard for replacement cost calculations. <br /> A base cost was calculated by first establishing building class,building <br /> type, and construction quality level to obtain the appropriate Means cost <br /> per square foot and multiplying it times the building square footage. The <br /> quality of existing finishes and amenities were considered to determine if <br /> we would use the low,medium or high range for average square foot <br /> costs. <br /> 2. Code Deficiencies <br /> Code deficiencies are those technical conditions which are not in <br /> compliance with current building codes applicable to new buildings. <br /> State statutes specifically state that a building cannot be considered <br /> substandard if its code deficiencies are not at least 15 percent of the <br /> replacement cost of the building. As a result, our first criteria was to <br /> determine the extent of code deficiencies on each building. <br /> The evaluation was made by reviewing all available information (from <br /> city records) and making interior and/or exterior inspections of the <br /> buildings. We utilized the following building codes depending on the type <br /> of building inspected: <br /> • <br /> Page 5 <br />