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<br />Ramsey TIF analysis <br />Page 2 of 4 <br />July 2, 2009 <br /> <br />METHODOLOGY <br /> <br />A. Survey the proposed TIF district to determine if it meets the "Coverage Test": <br />1. To meet the coverage test, parcels consisting of 70 percent of the area of the <br />district must be "occupied" by buildings, streets, utilities, or paved or gravel <br />parking lots. <br />2. A parcel is not considered "occupied" unless at least 15% of its total area <br />contains improvements. <br /> <br />B. Make the following attempts to inspect the interior of each building in the <br />district: <br />1. Obtain property owner's consent for inspection. <br />2. Document all property conditions relative to Minnesota Statutes Section 469.174 <br />Subdivision 10. <br /> <br />C. Determine replacement cost for each building: <br />1. Replacement cost is the cost of constructing a new structure of the same square <br />footage and type on the site. <br />2. A base cost will be calculated by establishing the building class, type and <br />construction quality. <br />3. Identify amenities, which increase the value of the building over the standard <br />construction quality level. <br />4. Review building permits for each parcel. <br />5. The base cost and cost of amenities will be totaled to determine the replacement <br />cost for the property. <br /> <br />D. Determine the existing condition of each building: <br />1. "Structurally substandard shall mean containing defects in structural elements or <br />a combination of deficiencies in essential utilities and facilities, light and <br />ventilation, fire protection including adequate egress, layout and condition of <br />interior partitions, or similar factors, which defects or deficiencies are of <br />sufficient total significance to justify substantial renovation or clearance." <br /> <br />E. Determine Code Deficiencies in each building: <br />1. Determine technical conditions, which are not in compliance with current <br />building code applicable to new buildings. <br />2. Determine costs to correct identified deficiencies. <br />3. Compare cost of deficiency corrections to replacement value of building. <br />4. A building is not structurally substandard if it is in compliance with building <br />code applicable to new buildings or could be modified to satisfy the building <br />code at a cost of less than 15 percent of replacement cost. <br /> <br />F. Prepare a final report outlining findings: <br />1. Prepare a tabulated spreadsheet of the entire proposed district properties <br />conditions. <br />2. Prepare a written narrative analysis of the redevelopment district describing why <br />the property within the district does or does not meet the criteria as "structurally <br />substandard" as established in Minnesota Statutes Section 469.174, subdivision <br />10. <br />3. Deliver final reports to City staff. <br /> <br />29 <br />