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(a) <br /> <br />"Redevelopment district" means a type of tax increment financing district consisting of <br />a project, or portions of a project, within which the authority finds by resolution that <br />one of the following conditions, reasonably distributed throughout the district, exists: <br /> <br />(I) parcels consisting of 70 percent of the area in the district are occupied by <br /> buildings, streets, utilities, or other improvements and more than 50 percent <br /> of the buildings, not including outbuildings, are structurally substandard to a <br /> degree requiring substantial renovation or clearance; or <br /> <br />(2) The property consists of vacant, unused, underused, inappropriately used, or <br /> infrequently used railyards, rail storage facilities or excessive or vacated <br /> railroad rights-of-way. <br /> <br />For purposes of this subdivision, "structurally substandard" shall mean containing <br />defects in structural elements or a combination of deficiencies in essential utilities and <br />facilities, light and ventilation, fire protection including adequate egress, layout and <br />condition of interior partitions, or similar factors, which defects or deficiencies are of <br />sufficient total significance to justify substantial renovation or clearance. <br /> <br />A building is not structurally substandard if it is in compliance with the building <br />code applicable to new buildings or could be modified to satisfy the building <br />code at a cost of less than 15 percent of the cost of constructing a new structure <br />of the same square footage and type on the site. The municipality may find that a <br />building is not disqualified as structurally substandard under the preceding <br />sentence on the basis of reasonably available evidence, such as the size, type, and <br />age of the building, the average cost of plumbing, electrical, or structural repairs <br />or other similar reliable evidence. If the evidence supports a reasonable <br />conclusion that the building is not disqualified as structurally substandard, the <br />municipality may make such a determination without an interior inspection or an <br />independent, expert appraisal of the cost of repair and rehabilitation of the <br />building... <br /> <br />For purposes of this subdivision, a parcel is not occupied by buildings, streets, utilities <br />or other improvements until 15 percent of the area of the parcel contains <br />improvements. <br /> <br />The parcels have been investigated by City and Authority staff and consultants and District No. 16 <br />has been found to meet all requirements of a redevelopment district. <br /> <br />1. District No. 16 consists of 3 parcels. <br />2. An inventory of the parcels shows that at least 70 percent of the parcels are occupied as <br /> defined in the Act. <br />3. An inspection of the buildings located within District No. 16 finds that at least 100 percent <br /> of the buildings are structurally substandard as defined in the Act. <br /> <br />F. PROPERTY TO BE ACQUIRED <br /> <br />The Authority has acquired all parcels within District No. 16. <br /> <br />Tax Increment Financing District No. 16 <br /> <br /> Page II-3 <br /> <br /> <br />