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October 5, 2007 <br />Executive Summary <br />Synopsis <br />Prepared for City of Little Canada <br />1.0 Purpose <br />Short Elliott Hendrickson, Inc. (SEH) was hired by the City of Little Canada, <br />Minnesota, to survey and evaluate the properties within the proposed <br />Renewal and Renovation Tax Increment Financing (TIF) District. The <br />proposed district is generally located east of the intersection of County Road <br />B2 and Rice Street North. The purpose of our work was to independently <br />ascertain whether the qualification tests for tax increment eligibility, as <br />required under Minnesota Statute, could be met. <br />The findings and conclusions drawn herein are solely for the purpose of tax <br />increment eligibility and are not intended to be used outside the scope of this <br />assessment. <br />2.0 Scope of Work <br />The proposed district consists of 5 parcels comprised of the following types <br />of improvements: 1 commercial structure, 4 single family structures, 1 <br />institutional /educational structure on 3 parcels and 1 vacant parcel with <br />parking improvements and 1 vacant parcel with appurtenant educational <br />improvements. <br />3.0 Evaluations <br />Interior inspections were completed for all buildings except building D, <br />located within the Terrace Heights Mobile Home Park. An exterior <br />inspection was completed for all buildings. <br />4.0 Findings <br />Coverage Test — 5 of the 5 properties met the coverage test with a 100% <br />area coverage. This exceeds the 70% area coverage requirement. <br />Executive Summary ALITTC0801.00 <br />City of Little Canada Page 1 <br />- 5 3 - <br />