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06/15/00 15:49 FAX 6512233002 SPRINGSTED INC. 117 • The condition of the property was analyzed to determine If there is sufficient evidence to meet the test of State Statute ,-Laws Of Minnesota Chapter 469.174, Subdivision 10.Clause (a) definition:" 70% of the area of the parcels in the district must be occupied by buildings, streets, utilities or other.improvements, and more than 50% of the buildings, not Including out buildings are structurally substandard to a degree requiring substantial renovation or clearance. The proposed area includes the above described property which exhibits 100% of the buildings( two out of two) with deficiencies warranting substantial renovation or clearance, and qualifies the TIF District (approximately 34 acres) as eligible , under the Redevelopment District Statute. Note: All the parcels in the proposed.District exceed the required 15% improvement clause which stipulates the area must be occupied by buildings, streets , utilities, covering over 15% or more of the site , Area contains 5 Property Identification Numbers Also the Statute stipulates 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% of the cost of constructing a new structure of similar square footage and type of building on the same site. The City may find that a building is not disqualified as structurally substandard under the preceding sentence on the basis of reasonably available evidence, such as size, type and age of building, • the average cost of plumbing, and electrical, or structural repairs, or other similar reliable evidence. If the evidence supports a reasonable conclusion that the building is not disqualified as structurally substandard, the City may NOT make such detennination without an interior inspection of the property- If denied entry after the municipality has :used its' " best efforts", a reasonable conclusion as to structurally substandard may be supported by other available evidence(eg. County Data Sheets, public records, permits etc.) The City's evidence is reasonable and the evaluations of structurally substandard are based on the estimated cost of code compliance for the structural , mechanical, electrical, heating/HVAC systems, American's with Disabilities Act, life safety issues, egress, occupancy loads, energy conservation and public health code requirements. Next the estimates were compared to the cost data referenced in Marshall/Swift Valuation Service Guide. NOTE: The Marshall/Swift Valuation Service Guide is the foremost authoritative publication used to establish the cost approach to value and has been used in the appraisal profession for over 50 years_ The valuation service contains modifiers for location and time. Only parcels containing improvements (buildings) totaling 15% or more were quantified. Using the Marshall/Swift Valuation Service Guide ,all the above described building components for the subject properties were valued in terms of constructing the same building new on the site. Land values were not included in the summation, nor was economic obsolescence , which was evident in the evaluation of the subject buildings. •