new text begin Determination of the limited undepreciated replacement cost. new text end

deleted text begin The property payment rate for a nursing facility is the property rate established for the facility under sections 256B.431 and 256B.434 . deleted text end new text begin A facility's limited URC is the lesser of: new text end

new text begin (1) the facility's URC from the appraisal; or new text end

new text begin (2) the product of (i) the number of the facility's licensed beds three months prior to the beginning of the rate year, (ii) the construction cost per square foot value, and (iii) 1,000 square feet. new text end