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<br /> - ---- <br /> 8/t7 I <br /> 6 Minnesoca Solutions <br /> I <br /> What is a Redevelopment District? I .. <br /> Qualifvina: In order to qualify, property must meet one of the two following conditions I <br /> 1. parcels consisting of 70% of the area of the tax increment financing district must be occupied I <br /> by buildings, streets, utilities, or other improvements, and more than 50'\'i of the buildings <br /> (excluding outbuildings) must be structurally substandard to a degree requiring substantial <br /> renovation or clearance; or I <br /> 2. parcels must consist of vacant, unused, underused, inappropriately used, or infrequently <br /> used rail yards, rail storage facilities or excessive or vacated railroad rights-of-way. I <br /> To be considered "improved," at least 15% of a parcel's area must contain improvements. <br /> A building is "structurally substandard" if there are defects in structural elements or a combination I <br /> of deficiencies in essential utilities and facilities, light and ventilation, fire protection including <br /> adequate egress, layout and condition of interior partitions, or similar factors. I <br /> A building is not substandard if it complies with the building code or could be brought up to code <br /> at a cost less than 15% of the cost of a comparable new building on that site. <br /> Development authorities must conduct an interior physical inspection of properties before .. <br /> determining that they are substandard for blight tests. An interior inspection is not required if the <br /> municipality is denied access to the building and available evidence supports a conclusion that I <br /> the building is substandard. <br /> Written records must be kept of criteria determining that property is substandard. I <br /> Tax Inr;rement Financing Expenditures (not limited to!: <br /> . land acquisition . administrative costs I <br /> . rehabilitation and hazardous waste . installation of utilities, roads, sidewalks, <br /> clean up and parking facilities I <br /> . clearing land . demolition <br /> Duration: 25 years from receipt of the first tax increment I <br /> Pooling: 25%, however, administrative costs must be included in the pooled amount <br /> LGAlHACA Election: 5% I <br /> Fiscal Disoarities Contribution: can be made from within the tax increment financing district or I <br /> from the entire city <br /> Indexina of Original Tax Caoacitv: does not apply -I <br /> November 19, 1997 I <br /> - ~ <br />