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Code Test: Notwithstanding the foregoing, the tax increment law, <br />specifically, Minnesota Statutes, Section 469.174, Subdivision 10, clause (c) <br />also provides that a building may not be considered structurally substandard <br />if it: "... is in compliance with building code applicable to new buildings or <br />could be modified to satisfy the building code at a cost of less than 15 <br />percent of the cost of constructing a new structure of the same square footage <br />and type on the site." <br />3. Existing Conditions Test — "... and 30 percent of the other buildings <br />require substantial renovation or clearance to remove existing conditions <br />such as: inadequate street layout, incompatible uses or land use relationships, <br />overcrowding of buildings on the land, excessive dwelling unit density, <br />obsolete buildings not suitable for improvement or conversions, or other <br />identified hazards to the health, safety, and general well -being of the <br />community;" <br />6.0 Conclusion <br />Our surveying and evaluating of the properties within this proposed Renewal <br />and Renovation District render results that in our professional opinion <br />qualify the district eligible under the statutory criteria and formulas for a <br />Renewal and Renovation Tax Increment Financing District (State Statute <br />469.174 Subd. 10a) <br />Executive Summary ALITTC0801.00 <br />City of Little Canada Page 3 <br />- 5 5 - <br />