2018-08-27 EDA Packet - Laserfiche WebLink

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may have better control overdevelopment; the City may be able to fund administrative for community development costs with revenue fromdistrict and; in some cases,the qualifyingof new to is enhanced by the TIF financing. An EDA may act as an Authority for the purposes of creating it increment financingi ` s and plans. These powers must be exercised within a Redevelopment when acting o e , or within a Municipal DevelopmentDistrict exercising City o . In general, an EDA must receive approval fromthe City Council prior to adoption of a Tax Increment Financing y in respects with the requirements o Nlinnesota Statutes 469.174469.179. There e several types of TIFis o e y statute. The following is a brief description Redevelopment District: Generally a blighted area containing substandard buildings. Requireste occupied land area and analysis of substandard buildings. durationMaximum °ct is 25 years from receipt of the first increment. Renewal ova ° District: Blight obsolescence tes t be met. durationMaximum of TIF district is 15 years from receipt of the first tax increment. Housing i Provides o fng opportunities for persons and families of low and moderatee. Maximum duration of TIF district s from receipt of the first tax increment. Soils Condition District: • Provides forremoval at s substances or contaminants as specified in a development action response plan. Such sts must exceed (a) the fair market value of the land beforeof the preparationo square footeach parcel. Maximum duration of the TIF district is 20 years from receipt of the first tax increment. Economic Development District: May be used only for manufacturing, production, r ss°n& warehousing, storage, distribution ° ), research and development, telemarketing, c tourismand borderCity retail ai 'es and uses are directly related or in o such qualifyingactivities. Prohibits establishment if moret c square footage of such facilities are used for other purposes. 1