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• Apache Mall Structural Evaluation Page 2 Executive Summary The New Market Grocery building, the Sports and Health Club building, and the Mobil Service Station building are "structurally substandard" based on site observations, definition of remedial work necessary to bring the buildings back into code compliance and the cost of the remedial work. Renovation for the New Market Grocery building will cost approximately 31. 0% of new construction costs for a similar building. - Renovation costs for the Sports and Health Club will be approximately 33.7$ of the replacement costs. Renovation costs for the Mobil Service Station will be approximately 22 . 0% of the cost to build a new facility of similar size and function. Three (3) of the five buildings in the main Apache Mall complex are substandard. Therefore, they meet the criteria established for designation of this area as a "redevelopment district" under the Tax Increment Financing (TIF) requirements.' Definition of "Structurally Substandard" • The Minnesota Statute covering Tax Increment Financing has the following language: "structurally substandard shall mean containing defects in structural elements or a combination of deficiencies in essential utilities and facilities, light and ventilation, fire protection including adequate egress, and condition of interior partitions, or similar factors, which defects or deficiencies are of sufficient total significance to justify substantial renovation or clearance. A building is not structurally substandard if it is in compliance with the building code applicable to new buildings or could be modified to satisfy the building code at a cost of less than 15 percent of the cost of constructing a new structure of the same square footage and type on the site." •