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Elk River TH 10 and Lowell Redevelopment <br />LHB Project No. 180477 Page 6 of 11 Final Report <br />PART 3 – PROCEDURES FOLLOWED <br /> <br />LHB inspected eight (8) buildings on the interior and exterior during the day of June 22, 2018. <br /> <br /> <br />PART 4 – FINDINGS <br /> <br />A. COVERAGE TEST <br /> <br />1. The total square foot area of the parcel in the proposed TIF District was obtained from City <br />records, GIS mapping and site verification. <br /> <br />2. The total square foot area of buildings and site improvements on the parcels in the <br />proposed TIF District was obtained from City records, GIS mapping and site verification. <br /> <br />3. The percentage of coverage for each parcel in the proposed TIF District was computed to <br />determine if the 15 percent minimum requirement was met. The total square footage of <br />parcels meeting the 15 percent requirement was divided into the total square footage of the <br />entire district to determine if the 70 percent requirement was met. <br /> <br /> <br />FINDING: <br />The proposed TIF District met the coverage test under Minnesota Statutes, Section 469.174, Subdivision <br />10(e), which resulted in parcels consisting of 100 percent of the area of the proposed TIF District <br />being occupied by buildings, streets, utilities, paved or gravel parking lots, or other similar structures <br />(Diagram 2). This exceeds the 70 percent area coverage requirement for the proposed TIF District <br />under Minnesota Statutes, Section 469.174, Subdivision (a) (1). <br />