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2004_0719_Packet
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2004_0719_Packet
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GAP STRATEGIES <br />NO. 9 <br />Hazardous Substance Subdistrict <br />The City may establish a hazardous substance subdistrict under the following <br />circumstances: <br />A housing, redevelopment, soils condition or any other type of tax <br />increment district is created prior to or simultaneously with the <br />creation of a hazardous substance subdistrict. <br />�, One or more designated hazardous substance sites are identified <br />within the subdistrict. <br />�, A Development Response Action Plan ("RAP) is approved by the <br />MPCA. <br />�, Parcels contiguous to the hazardous substance subdistrict that are a <br />part of the project can be included in the subdistrict. <br />�, Tax increments collected from the hazardous substance subdistrict <br />may only be used for (i) remedial actions in accordance with the RAP; <br />(ii) pollution testing; (iu) demolition; (iv) soil compaction necessitated <br />by the RAP; (v) purchase of environmental insurance; and (vi) related <br />administrative and legal costs. <br />A range of $3-6 m�llion is used �� a gap strategy because (i) actual costs need to be <br />further defined; (ii) environmental grants may reduce the need for the specific ta�� <br />increment revenues generated by the hazardous substance subdistrict; and (iu) all <br />the parcels may not be eligible for inclusion in such a subdistrict. It should be <br />noted that the � increment revenues generated from a hazardous substance <br />subdistrict have an extremely high probability of payment since they represent <br />�� �f �4 <br />
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