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r <br />.'. <br />• No commitment to provide subsidy <br />• Recommend plan with maximum flexibility <br />TIF Plan Discussion -Purpose of Plan <br />', Provides statutory authorization to use tax <br />increment financing <br />• Legal terminology/language, required by Statute <br />• Based on assumptions of <br />development/redevelopment <br />~~...c. Se~~..,- Ad._~. _ <br />Springsted <br />TIF Plan Discussion -Findings and Need <br />• Qualifications of rental housing <br />- 20% of units will be occupied by person/families at <br />50% of area median income <br /> <br />- 40% of units will be occupied by person/families at <br />60% of area median income <br />- Must apply for duration of district <br />TIF used solely to finance cost of housing projects <br />.~. ;ro. R:i _.. <br />Springsted <br />2 <br />