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2. Renovation and Renewal District Qualifications: The same parcel and area requirements apply as for a redevelopment district, but only 20% of the buildings need be structurally substandard; another 20% of the buildings must require renovation or clearance to remove conditions such as inadequate street layout, incompatible land uses, or obsolete buildings not suitable for improvement or conversion to other uses (that is, a lesser standard of blight). Tenn, Restrictions: May collect increment for fifteen years after the date of receipt of the first increment. At least 90% of the increment must be used to finance the cost of correcting conditions that allow designation of renovation and renewal districts. 3. Soils Condition District Qualifications: (a) Unusual terrain, presence of hazardous substances, pollution or contaminants, or soil deficiencies for 80% of the area in the district require substantial filling, grading, removal or remedial action or other physical preparation. (b) the estimated costs of physical preparation (excluding costs directly related to roads) exceeds the fair market value of the land before the preparation. (c) an area does not qualify if it contains a wetland unless a development agreement prohibits draining, filling or alteration, or other "binding legal assurances" for preservation of the wetland are provided. (d) the proposed development must be consistent with the comprehensive municipal plan. Term and Restrictions: May collect increment for 12 years after the date of approval of the TIF Plan; increment may be spent only to: acquire parcels on which improvements will occur; pay the cost of correcting the soil deficiencies (including public improvements "directly caused by the deficiencies "); and pay allocated administrative expenses. 4. Housing District Qualifications: Must be a facility intended for occupancy in part by persons or families of low and moderate income. Up to 20% of the fair market value of the improvements may be for uses other than low and moderate income housing. Term and Restrictions: May collect increment for twenty five years after the date of receipt of the first increment, subject to the same exception as for redevelopment districts. To maintain qualification as a housing district, residents' income must be limited. Tax Increment Financing Basics - City of Centerville Page 2