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*f a Tax Increment Financi A ng plan, and comply in all respects, with, the requirements of <br />I�h7vciesota Stalatesi 4i69.174 - 469.179. <br />There are several, types of TI,F districts allowed by, statute. The following is a bTiefdescription of <br />,each. <br />Generally a blighted area contai ftngv substandard buildings. <br />Requires, documentation to evaluate occupied land area and analysis, of' substandard <br />buildings. <br />Maximum duration of TIF districti"S, 25 years from, receipt of the first increment. <br />Renewa,I and Renovation District: <br />Blight and obsolescence tests must be met. <br />Maximum duration of "CIF district', is 15 years from receipt of'the first tax increment. <br />Housing District <br />Provides housing opportunities for persons, and families of low and moderate fficome. <br />Miaxitnum duration ofTIF'district 'is 2,5 years from receipt of the first tax *increment. <br />Soils Condition District: <br />Provides for, the removal or remediation, jofhazardousi substances or contaminants as <br />specified, in a development acfion, response plan. <br />Sluch ciolsts, must exceed (a) the fair, market', value ofthe land before compiletion of the <br />(1 reparati1 n or (b) $2 per square toot of the area of each parcel. <br />Maximum duration of the TIF district is 20 years from, receipt of the first tax, increment. <br />11103017.) 9 if <br />. .................... . ....... . . ........ . ........................... <br />....................... . . . . . . .................... ----------- --.- I <br />