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LJ <br />C� <br />5. <br />6. <br />districts. <br />Comment <br />It is interesting that Rosedale, which is often defined as <br />an abuse of tax increment, is a district in which the City <br />is actually constructing significant road improvements on <br />Fairview, which is a County road. <br />Redevelopment Criteria <br />A new renovation and renewal district with a fifteen year <br />l�.fe is established. This represents the old obsolescent <br />and nonconforming use provisions of current redevelopment <br />districts �this is primarily the criteria that will be used <br />in the Twin Lakes Tax Increment District.) <br />Each redevelopment distri�ct must be in a newly defined <br />development praject area. To be defined a project area, it <br />must meet at least two of the following criteria: <br />a. The fair market value of property has declined by 5� or <br />more during the last f�.ve years (this does nat take an <br />inflationary factor into effect). <br />b. The area is characterized by one or more of the <br />following: <br />- exc�ssive vacant land where buildings or <br />structures have been located, vacant buildings, <br />substandard buildings anci str�zctures, or <br />delinquent property tax payments. <br />�. A substantial portion of the buildings in the area <br />contain residential units and at least 5� of the <br />housing uni�s are in buildings that m�et �he <br />substandard test. <br />Commex�t <br />It appear� that future redevelopment distra.cts within the <br />City wouYd be ex�trexnely hard �to farmulate if the proj ect <br />area criteria is approved as drafted. <br />Reverse Refe��ndum and Initia�ives <br />New tax increment districts and amenclm�nts to existing <br />district� are sui�j ect to rever�e referendum if 5� who vot�d <br />in the la�t election or 200 registered voters petition the <br />City within 60 days after a district is approved. <br />Comment <br />OThis item wauld b� extremely �xpensive and would add 2-5 <br />