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PART 4—FINDINGS <br /> A. Coverage Test <br /> 1. The total square foot area of each parcel in the proposed TIF District was obtained <br /> from Ramsey County records and site verification. <br /> 2. The total square foot area of buildings, sidewalks, and paved or gravel parking lots on <br /> each parcel in the proposed TIF District was obtained from Ramsey County records, <br /> and actual field measurements. <br /> 3. The percentage of coverage of each parcel in the proposed TIF District was computed <br /> to determine if the 15%requirement was met. <br /> 4. The total area of all qualifying parcels in the proposed TIF District was compared to <br /> the total area of all parcels to determine if the 70%requirement was met. <br /> Finding: <br /> 24 of the 24 parcels met the coverage test under Minnesota Statutes, Section 469.174, <br /> Subdivision 10(e), which results in parcels consisting of 100 percent of the area of the <br /> proposed TIF District being occupied by buildings, streets, utilities or paved or gravel <br /> parking lots. This exceeds the 70 percent area coverage requirement for the proposed <br /> TIF District under Minnesota Statutes, Section 469.174, Subdivision(a) (1). <br /> B. Condition of Building Test <br /> 1. Replacement cost <br /> The first step in evaluating a building to determine if it is substandard to a degree <br /> requiring substantial renovation or clearance is to determine its replacement cost. <br /> This is the cost of constructing a new structure of the same square footage and type on <br /> site. R. S. Means Cost Works — Square Foot Models for 2003 C R.S. Means"), <br /> factored for the Twin Cities metro area, was used as the nationally accepted standard <br /> for estimating the replacement cost of a building. <br /> A base cost was calculated by first establishing building type (commercial, <br /> institutional, industrial, etc.), building use (apartments, library, factory, etc.), building <br /> size, exterior wall construction, and structural system to obtain the appropriate R.S. <br /> Means cost per square foot and total project cost. <br /> Replacement cost is based on R.S. Means total project costs including labor, <br /> materials, and the contractor's overhead and profit. Replacement costs do not include <br /> architectural fees, legal fees or other "soft" costs not directly related to construction <br /> activities. Replacement cost tabulations for each building are located in Part E of the <br /> Supplemental Data Manual (under separate cover, on file with the City of St. <br /> Anthony). <br /> Page 7 <br />