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iii. Replacement or correction of overburdened or aged City or County roads, sewers, or other public utilities, services, or parks which generally serve the proposed development site. iv. Removal and /or replacement of buildings and structures that are blighted, abandoned, or traffic obstructions in a project area where at least 50% of the buildings are substandard and require either substantial renovation or clearance. "Blighted" structures shall be defined as structures which have a market value that is less than 50% of the average square foot market value (as determined by the current year's County Assessor's records) of structures within a 500 foot radius of the "blighted" structure. V. Construction subsidy of, or rent subsidy for, low income housing of all types. vi. Construction subsidies equivalent to up to ten (10) years property taxes for commercial, industrial, or multifamily structures which, because of their high quality materials, design, and construction, will have a construction value of at least 133% of the current year average building valuation for similar occupancies as published by the Minnesota Building Code Office. vii. Public infrastructure projects of a local or regional nature (which are located in or cross through the city) that benefit the site or future development potential but are not normally financed through general property taxation. viii. Other building, land, or infrastructure uses or improvements allowed within State Statutes 469.175 that are approved by the City Council during the project review. SECTION 3. Tax Increment Funds and Policies. All tax increment revenues, after annual debt service requirements and direct project commitments have been met, will be deposited into the TAX INCREMENT FUND. An annual financial report shall be compiled in a manner as established by Minnesota State Statutes which will be made available publicly as well as filed with the Office of the State Auditor.. In districts where increments have been generated and are not obligated to- pay -as you —go projects, debt repayment, or to other districts, the Council will evaluate overall financial policies to determine the advance payment of outstanding debt, district closure or the use of the funds for allowable projects. SECTION 4. Public Purpose Statement for Infrastructure Development. From time to time, the City Council may choose to invest in infrastructure to improve the quality, quantity, effectiveness, and efficiency of public improvements, programs, and services. The City may assist (or share with a collaborator from other public or private sector agencies) in the provision of such improvements. The process for approving infrastructure developments includes the following: A. The City Council may designate a review board or task force and a chairperson, and provide a specific task and timetable for the review board or task force to review such proposals. During its designated time, the review board or task force may hold public information meetings to gather input regarding the proposals, and report its findings to the City Council for Council consideration. The review board or task force may be composed of representatives from the Council, the City Manager, Finance Director, Community Development Director, a representative from the Planning Commission and the Parks and Recreation Commission, as well as other citizens and participants designated by the City Council. B. The review process shall be composed of: II -30