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City of Saint Anthony Redevelopment Eligibility Assessments May 28, 2002 PURPOSE Short Elliott Hendrickson, Inc. (SEH) was hired by the.City of Saint Anthony, Minnesota, to survey and evaluate two properties within a proposed Tax Increment Financing District. The properties are 4000 Silver Lake Road (Exhaust Pros) and 4004 Silver Lake Road(Hardees). The purpose of our work was to independently ascertain whether the qualification tests for tax increment eligibility, as required under Minnesota Statute, could be met. The findings and conclusions drawn herein are solely for the purpose of tax increment eligibility and are not intended to be used outside the scope of this assessment. SCOPE OF WORK The proposed district consists of 2 property parcels comprised of the following types of improvements: 2 commercial structures. EVALUATIONS Of the two (2)buildings in the proposed district, two (2)building interiors were evaluated. FINDINGS Coverage Test—Two (2) of the two (2)properties met the coverage test with a 100% area coverage. This exceeds the 70% area coverage requirement. Condition of Buildings Test—One hundred(100) percent of the buildings—2 of 2 buildings—were found to be "structurally substandard" when considering code deficiencies and.other deficiencies of sufficient total significance to justify substantial renovation or clearance (see definition of"structurally substandard" as follows). This exceeds the Condition of Buildings Test whereby over 50% of buildings, not including outbuildings, must be found"structurally substandard." CONCLUSION Our surveying and evaluating of the properties within this proposed Redevelopment District render results that in our professional opinion qualify the district eligible under the statutory criteria and formulas for Tax Increment Financing District Funding. SUPPORTING DOCUMENTS ATTACHED Summary report detailing the above findings, including proposed redevelopment area map(s) 2