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<br /> .. cr Irl <br /> TIFTalk 7 <br /> I <br /> it I <br /> , <br /> What is a Renovation and Renewal District? <br /> I <br /> I Qualifving: Parcels consisting of 70% of the area of the tax increment financing district are <br /> occupied by buildings, streets, utilities, or other improvements; 20% of the buildings must be <br /> I substandard (excluding outbuildings); and 30% of the other buildings must require substantial <br /> renovation or clearance to remove existing conditions such as inadequate street layout, <br /> incompatible uses or land use relationships, overcrowding of buildings on the land, excessive <br /> I dwelling unit density, obsolete buildings not suitable for improvement or conversion, or other <br /> identified hazards to the health, safety and general well-being of the community. <br /> I Written records must be kept of criteria determining that the property is substandard. <br /> Tax Increment Financing Exoenditures: <br /> I . land acquisition <br /> . demolition <br /> . clearing land <br /> I . installation of utilities, roads, sidewalks, and parking facilities <br /> . administrative costs <br /> Ie Duration: 15 years from receipt of the first tax increment <br /> Pooling: 20%, however administrative costs must come under the pooling cap <br /> I LGA/HACA Election: 10% <br /> I Fiscal Disparities Contribution: can be made from within the tax increment financing district or <br /> from the entire city <br /> . Indexina of Oriainal Tax Capacity: does not apply <br /> I <br /> I <br /> I <br /> I <br /> .. <br /> I November 19, 1997 <br />