How to turn 'cold room' in basement to living space?

In my cold room is a 4 inch diameter hole which I assume is there only to let in the (cold) air. Is that the only thing that differentiates the cold room from the rest of the basement? I dont notice anything else.
I have finished the rest of the basement, so to finish the cold room do I just finish it in the same way or are there special things to take care of? How do I close the 4 inch hole and do I close it from both inside and out?
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Why would anyone have a hole in the wall and need to ask why and if and how to seal it, Im lost. So yes seal the hole
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It may be a combustion air inlet for the fossil fuel burning appliances.
It could also be where the dryer vent used to go.....

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040127 2249 - ississauga wrote:

Yes...
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There are other things that differentiate this cold room from the rest of the basement. Most importantly, the other areas aren't cold.
You can't close the hole. It's likely required by the Federal Endangered Species Act to allow the Medium Gray Pigmy Ground Owl access to historic nesting sites. Someone in Lubbock Tx was just fined $70,000 recently for doing the same thing. Check the federal fish and wildlife internet site to read the article. It was really brutal.
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