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<br />'II <br />,I <br /> <br />I <br />I' <br /> <br />Tvpe of TIF District. The TIF District is, pursuant to Minnesota <br />Statutes, Section 469.174, Subdivision 10, a redevelopment district <br /> <br />Section 2. Findinqs. <br /> <br />2.01. The Council hereby reaffirms 'Section 2. Findinqs.' of <br />the Resolution. <br /> <br />2.02. The Council further finds, determines and declares that <br />the Supplemental Report determines an additional building to be <br />substandard and that Finding No. 1 should now read as follows: <br /> <br />1. Finding that the District is a "redevelopment district" as <br />defined in Minnesota Statutes. <br /> <br />The District consists of eleven parcels totaling approximately <br />804,565 square feet. Of this square footage, it has been determined <br />that parcels comprising approximately 776,424 square feet are <br />occupied by buildings, streets, utilities, paved or gravel parking lots <br />or similar structures. This 96.50% area coverage exceeds the 70% <br />coverage test required by Minnesota Statutes, Section 469.174, <br />Subdivision 10(1). The District also contains five structures. Four of <br />these structures, or 80%, have been determined to be "structurally <br />substandard" because they contain defects in structural elements or <br />a combination of deficiencies in essential. utilities and facilities, light <br />and ventilation, fire protection including adequate egress, layout and <br />condition of interior partitions, or similar factors, which defects or <br />deficiencies are of sufficient total significance to justify substantial <br />renovation or clearance. This 80% satisfies the requirements of <br />Minnesota Statutes, Section 469.174, Subdivision 10(1) which <br />requires that over 50% of buildings, not including outbuildings, must <br />be found "structurally substandard." It has further been determined <br />that these conditions are reasonably distributed through the District. <br />These findings and the conclusion that the District qualifies under the <br />statutory criteria and formulas for a redevelopment tax increment <br />financing district are further described in the Eligibility Assessment <br />and in the Supplemental Report, both prepared by Short Elliott <br />Hendrickson, Inc. <br /> <br />Section 3. Approvals and Adoptions. <br /> <br />3.01. The modification to Finding No. 1 (the "Modification") is <br />hereby approved and adopted by the Council of the City. <br /> <br />3 <br />