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City of Roseville, Minnesota municipal legislation. A project does not qualify if more than 20% of the square footage of buildings that receive assistance from tax increments consist of commercial, retail or other nonresidential use. In addition, housing districts are subject to various income limitations and requirements for residential property. For owner occupied residential property, 95% of the housing units must be initially purchased and occupied by individuals whose family income is less than or equal to the income requirements for qualified mortgage bond projects under section 143(f� of the Internal Revenue Code. For residential rental property, the property must satisfy the income requirements for a qualified residential rental project as defined in section 142(d) of the Internal Revenue Code. The TIF District meets the above qualifications for these reasons: 1. The planned improvements consist of the following: a. No owner-occupied housing units. b. 168 rental units, for which one of the following will apply: o at least 20% of the rental units will be occupied by persons with incomes no greater than 50% of area median income o at least 40% of the rental units will be occupied by persons with incomes no greater than 60% of area median income 2. No improvements are planned other than housing. 3. The City will require in the development agreement that the income limitations for all rental units apply for the duration of the TIF District. Tax increment revenues derived from a housing district must be used solely to finance the cost of housing projects as defined above. The cost of public improvements directly related to the housing projects and the allocated administrative expenses of the City may be included in the cost of a housing project. Section F Duration of the TIF District Housing districts may remain in existence 25 years from the date of receipt by the City of the first tax increment. Modifications of this plan (see Section Z) shall not extend these limitations. The City elects to receive increment beginning in tax payable year 2013 pursuant to Minnesota Statutes, Section 469.175, subdivision 1(a)(8)(b). The City reserves the right to allow the TIF District to remain in existence the maximum duration allowed by law, through the year 2038. The City will decertify TIF District No. 18 once the projected increment has been received to fulfill the existing TIF District obligations. All tax increments from taxes payable in the year the TIF District is decertified shall be paid to the City. Section G Property to be Included in the TIF District The TIF District is an approximate 5.42-acre area of land located within the Project Area. A map showing the location of the TIF District is shown in Exhibit I. The boundaries, area, and parcel encompassed by the TIF District are described below: SPRINGSTED Page 2