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06/15/00 15:48 FAX 6512233002 SPRINGSTED INC. r 29 • Many of the surrounding businesses are also vacant or abandon(obviously sending a message ofvacancy to the potential retail customer]. And finally,most glitzy up scale shopping centers have double loaded corridors assembled around open atriums offering the retail customer a wide variety of shopping opportunities.The Apache Plaza Shopping Center has only single loaded corridors with long distances between retail stores and various"vacancy's" and vacant space discourages shoppers. (the atrium is very wide and spacious but the long distances between shops and major retailers is an inconvenience to customers). The above obsolete features of the building are unavoidable due to its character and cannot be concealed or retrofitted to a alternative or adaptive retail reuse(e.g. suggest office or light manufachtt ing).The interior spatial arrangement of the Partitions, arrangements, structural elements,utilities,means of servicing,means of exiting, are obsolete to provide ease of access to all spaces of this retail facility, when this complex is compared to similar occupancy classifications. The City of St. Anthony is proposing to decertify the existing Tax Increment Financing District and re certify the area as a new Redevelopment Tax Increment Financing District. Existing Conditions This report is preliminary and does not address environmental issues such as pollution, contamination,fugitive spills,asbestos containing materials,PCB ® containing transformers(that do exist in the Apache Plaza Shopping Center),or other unknown physical or geo-technical problems. A more thorough examination of the building with the owners permission pursuant to the Statutory requirement of making such effort to conduct an interior inspection of the property to support a reasonable conclusion as to structurally substandard, would not reveal a different conclusion because I basically viewed 80%of the structural elements(I did not examine the inaccessible mechanical or electrical systems)and it is with reasonable certainty further examination would not cltange the conclusion.However,based on my preliminary review of the accessible spaces of the Apache Plaza Shopping Center it is with reasonable certainty the building is structurally substandard under the State Statutory criteria, and finther that there exist many observable substantial combination of defects that are of sufficient total. significance to justify substantial renovation or clearance and this building does qualify as eligible under the statutory formulas.(e.g.The cost of retail replacement is estimated at$45 dollars per square foot{not including land value)times 325,000 sq. feet equals approx$14,625,000 replacement cost with the estimated cost of repairs and renovation exceeding$8,000,000 therefore exceeding the threshold complying with the statutory formula of cost of renovation or repairs over 15%of replacement cost). •