Laserfiche WebLink
(;534:i I <br /> ,f'`+ v` <br /> r.3J <br /> PELSTRING CAPITAL CORPORATION <br /> 4205 Lancaster Lane North*Suite I I00 AT Minneapolis.MN 55441 <br /> To: Paul Steinman, City of Elk River <br /> From: Patrick Pelstring, <br /> Peistring Capital Corporation <br /> Subject: Redevelopment Analysis <br /> Date: January 30, 1998 <br /> INTRODUCTION <br /> As we reviewed last month, I have conducted a preliminary review of the <br /> proposed Associated Development site to determine appropriate <br /> qualifications to establish the site as a redevelopment tax increment district. <br /> This analysisP resumes only the inclusion of the Hohlen property and the 40- <br /> acre proposed industrial property immediately to the south of the Hohlen <br /> property. The adjacent right of way for Highway 169 and County Road 12 <br /> are also included as a part of the TIF district. <br /> The redevelopment analysis consists of two statutory "tests" summarized as <br /> follows: <br /> 1. Buildings, roadways, public improvements or other improvements <br /> must occupy 70% of the parcels (by area). A parcel is considered <br /> "occupied" if the improvements cover at least 15% of the parcels area. <br /> AND <br /> 2. At least 50% of the buildings (not including "outbuildings") must be <br /> determined to be structurally "substandard". A building is determined <br /> to be substandard if the cost of improvements to repair the building <br /> would exceed 15% of the cost to replace the structure. <br /> • <br /> (6122) 550-7980 S00-642-6_58.3'x(612) 550-9„l Fax7"t.pel,tring@earthlin .aet <br />