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� <br />Ciiy of Roseville, Minnesota <br />� <br />Types of TIF Districts Most Likelv to be Used in Roseville: <br />� Each district must meet certain cntena. The types, criteria and maximum <br />timeframes are described below. <br />� a) Redevelopment District <br />� A redevelopment distnct is a type of TI F distnct consisting of a project, or portions <br />of a project, in which one af the following conditions exists, and is reasonably <br />distributed throughoutthe district: <br />� ■ parcels compnsing at least 70% of the area of the distnct are occupied by <br />buildings, streets, utilities, paved or gravel parking lots, or other similar <br />structures, and more than 50% of the buildings, not including outbuildings, <br />� are structurally substandard, requinng substantial renovation or clearance. <br />A parcel is deemed "occupied" if at least 15% of the area of the parcel <br />k contains buildings, streets, utilities, paved or gravel parking lots, or other <br />similar structures; <br />� ■ the property consists of vacant, unused, underused, inappropnately or <br />infrequently used railyards, rail storage facilities, or excessive or vacated <br />railroad nght-of-ways; or <br />-� ■ tank facilities, or property whose immediately previous use was for tank <br />facilities, which have or had a capacity of more than one million gallons, <br />are located adjacent to rail facilities, and have been removed, or are <br />unused, underused, or inappropnately or infrequently used. <br />� "Structurally substandard" is defined as buildings containing defects or <br />� deficiencies in structural elements, essential utilities and facilities, light and <br />� ventilation, fire protection (including egress), layout and condition of intenor <br />,� partitions, or similar factors. A building is not substandard if it is in compliance <br />with the building code applicable to a new building, or could be modified to satisfy <br />� the existing code at a cost of less than 15% of the cost of constructing a new <br />structure of the same size and type. <br />� At least 90% of the tax increment from a redevelopment distnct must be used to <br />finance the cost of correcting conditions that allow designation as a <br />redevelopment distnct. <br />� The maximum duration of a redevelopment distnct is 25 years from receipt of the <br />first tax increment. <br />� <br />� <br />� <br />b) Housing District <br />A housing distnct is a type of TIF district consisting of a project intended for <br />occupancy by persons or families of low and moderate income. Low and <br />moderate income is defined in a variety of federal, state and municipal legislation. <br />A project does not qualify if the fair market value of the improvements constructed <br />for uses other than "low and moderate income housing" are more than 20% of the <br />total fair market value of all the planned improvements. The fair market value of <br />the improvements may be determined using the cost of construction, capitalized <br />income, or another appropnate method of estimating market value. <br />� For owner-occupied residential property, 95% of the housing units must be initially <br />purchased and occupied by individuals whose family income is less than or equal <br />SPRiNGST6D Page 4 <br />