Laserfiche WebLink
• City of Eagan <br /> Cedar Grove Redevelopment Eligibility Assessments <br /> September 28, 2001 (revised January 8, 2002) <br /> PURPOSE <br /> Short Elliot Hendrickson, Inc. (SEH)was hired by the City of Eagan. Minnesota,to <br /> survey and evaluate the properties within the proposed "Cedar Grove" Tax Increment <br /> Financing District. This proposed district is located on both sides of MN Hwy. 13 east of <br /> Cedar Avenue ( MN Hwy. 77). 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 88 property parcels comprised of the following types of <br /> improvements: 14 single family residences, 48 commercial structures, 15 properties with <br /> only parking improvements and 12 vacant properties without any improvements (one <br /> parcel contains both a single family residence and a commercial structure). <br /> EVALUATIONS <br /> Of the sixty-three (63)buildings in the proposed district, fifty-four(54) building interiors <br /> were evaluated. A total of nine (9)buildings were available for exterior evaluation only. <br /> FINDINGS <br /> Coverage Test—Sixty-eight (68) of the eighty-eight (88)properties met the coverage <br /> test with a 72% area coverage. This exceeds the 70% area coverage requirement. <br /> Condition of Buildings Test—Fifty-seven (57)percent of the buildings—36 of the 63 <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 and code deficiencies alone (see definition of"structurally <br /> substandard" as follows). This exceeds the Condition of Buildings Test whereby over <br /> 50% of buildings, not including outbuildings, must be found "structurally substandard." <br /> CONCLUSION <br /> Our surveying and evaluating of the properties within this proposed Redevelopment <br /> District render results that in our professional opinion qualify the district eligible under <br /> the statutory criteria and formulas for Tax Increment Financing District Funding. <br /> SUPPORTING DOCUMENTS ATTACHED <br /> • Summary report detailing the above findings. <br /> 2 <br />