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FINDINGS OF FACT <br />1. Petitioner has sufficient interest in the property to <br />maintain this petition; all statutory and jurisdictional require- <br />ments have been complied with, and the Court has jurisdiction <br />over the subject matter of the action and the parties hereto. <br />2. The subject property consists of a 50 ft. by 90 ft. lot <br />in downtown Elk River, Minnesota, which is improved with a two- <br />story commercial building with a full basement. Petitioner is <br />the vendee on a contract for deed signed in 1986 and leases the <br />building to the Johnson Corporation which operates a family <br />apparel store on the premises. <br />3. The building is at least seventy-years-old. The <br />basement level of the store houses the men's department and <br />generates 30% of total sales. The second floor houses the <br />children's department and generates 150 of total sales. The main <br />floor houses the women's department and accounts for 55~ of total <br />sales. The building has a freight elevator but no passenger <br />elevator, limiting the accessibility of the basement and second <br />floor to many customers. <br />4. The subject property is identified on the Sherburne <br />County Assessor's books and records as P.I.D. No. 75-405-0250 and <br />the estimated market value of the property for the January 2, <br />1993 assessment is $223,000. <br />5. Elk River is Sherburne County's most populous city and <br />its county seat. The City is experiencing significant growth in <br />population, generating both residential and commercial real <br />2 <br />