6B, Public Hearing Proposed TIF District Resolution 2010-081, -082 & -083

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Subsec�ion 2-5. Description of Proper[y in #he District and Property To Be Acquired The District encpmpasses aIl property and adjacent rights-of-way and abutting roadways identified by the parcels listed in Appendix C ofthis TIF Plan. Please also see the map in Appendix B for further inforrnation on the location of the Distzict. The City may acquire any parcel within the District including interior and adjacent street rights ofway. Any properties identiiied for acquisition will be acquired by the City only in order to accomplish one or more of the folIowing: storm sewer improvennents; pro�ide Iand for needed public streets, utilities and #`aciiities; carry out land acquisition, site improvements, clearance and/or deveiopment to acco�x�plish the uses and objectives set forth in this TIF Plan. The City may acquire properiy by gift, dedication or direct purchase from willing sellers in order to achieve the objectives of this TIF Plan. Such acquisitions will be undertaken only when there is assurance of fiznding to fnance the acquisition and related costs. Subsection 2-6. C[assification of the District The City, in determining the need to create a tax incretrient financing dist�rict zn accordance with M.S'., Sections 469.174 to 469.1799, as arnended, inclusi�e, finds that the District, to be established, is a renewal and renovation district pursuant to M.S, Sectzon 469.174, Subd. IOa. as defined below: {a) "Renewal and renovation district" means a rype of tax increment financing district consisting of a project, or portions of a project, within which the Ciry frnds by resolution that: (1) (i) parcels consisting of 70 percent of the area of the district are occupied by buildings, streets, utilities, paved or gravel parkdng lots, or ather similar structures; (ii) 20 percent of the builclings are structurally substandard; and (iii) 30 percent of the other buildings require substantial renovation or clearance to remove existing conditions such as: inadequate street layout, incompatible uses or land use relationships, overcrotivdingofbuildings on the land, excessive dwelling unitdensity, obsolete buildings notsuidable far improvement or conversion, or other ident�ed hazards to the health, safety, and general well-being of the community; and (2) the conditions descrabed in clause (I) are reasonably dastributed throughout the geographic area of the district. (b) Forpurposes ofdetermining whether a buildang is structurally suhstandard, whether parcels are occupied by builclings, streets, utilities, paved or gravel parkirag lots, or other sirfzilar struetures, or whether noncontiguous areas qualify, the provisions of subdivasio� 10, paragraphs (b) through (� apply. In meeting the statutory criteria the City relies on tk►e following facts and findings: • The District is a renewal and renovation disirict consisting of 2 parcels and 3 buildings. • An inventory shows that parcels consisting of more thar� 70 percenf of the area in the District are occupied by buiIdings, streets, utiIities, paved or gravel parking lots, or other sirnilar strucEures. • An inspection of the buildiz►gs lacated within the District finds that one building {more than 20 percent) is stzucturally substandard as defned in the TIF Act. (See Appendix F}. • An inspection of ihe b�ildings located within the District finds that one building (more than 30 percent) requires substa�tial renovation or clearance to remove existing conditions such as defined in the TIF Act. (See Appendix F}. Gity of Arden H91fs Tax [ncrement Financing Plan for TIF District No. 4 2-2