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Renewal and Renovation district- A type of tax increment financing district consisting of a <br /> project, or portions of a project, within which the authority finds by resolution that one of the <br /> following conditions avis ® parcels consisting of 70 percent of the area of the district are <br /> occupied by buildings, streets, utilities, or other improvements; 20 percent of the buildings are <br /> structurally substandard; and 30 percent of the other buildings require substantial renovation or <br /> clearance to remove existing conditions such as: inadequate street layout, incompatible uses or <br /> land use relationships, overcrowding of buildings on the land, excessive dwelling unit density, <br /> obsolete buildings not suitable for improvement or conversion, oridentified hazards to the <br /> health, safety, and general <br /> 11® of the community-, and the conditions are reasonably <br /> distributed throughout the geographic area of the district. <br /> Rural DevelgMent Finance AI&orily (RFDA): A non-profit corporation established by a <br /> County or group of counties through special legislation. RFDAs are designed to facilitate the <br /> production and processing of agricultural products and promote jobs in agriculture and natural <br /> resource industries. The board of directors is appointed by the County board of commissioners. <br /> Structurally Substandard: A building that contains defects in structural elements or a <br /> combination of deficiencies in essential utihties and facilities, light and ventilation, fire <br /> protection including adequate egress, layout and condition of the interior partitions, or similar <br /> factors. which defects or deficiencies are of sufficient total significance to justify substantial <br /> renovation or clearance. <br /> A building is not structurally substandard if it is in compliance with the City's building code <br /> applicable to new buildings or it could be modified to satisfy the building code at a cost of less <br /> than <br /> 15% o the cost of constructing a new structure of the same square footage and type on the <br /> Site. <br /> Tax increment District: A district consists of the geographic area for which tax increments are <br /> collected. The development authority defines the area in the tax increment plan. A district may <br /> be contiguous or non-contiguous area within a project area. <br /> ........... ........................................I <br /> 29 <br />