5.0. HRSR 11-25-1996 - Laserfiche WebLink

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• E. CLASSIFICATION OF THE TAX INCREMENT FINANCING DISTRICT The City and the Authority, in determining the need to create a tax increment financing district in accordance with Minnesota Statutes, Section 469.174 to 469.179, as amended, inclusive, find that District No. 16 to be established is a redevelopment district pursuant to Minnesota Statutes, Section 469.174, Subdivision 10 as defined below: (a) "Redevelopment district"means a type of tax increment financing district consisting of a project, or portions of a project, within which the authority finds by resolution that one of the following conditions, reasonably distributed throughout the district, exists: (1) parcels consisting of 70 percent of the area in the district are occupied by buildings, streets, utilities, or other improvements and more than 50 percent of the buildings, not including outbuildings, are structurally substandard to a degree requiring substantial renovation or clearance;or (2) The property consists of vacant, unused, underused, inappropriately used, or infrequently used railyards, rail storage facilities or excessive or vacated railroad rights-of-way. (b) For purposes of this subdivision, "structurally substandard" shall mean containing defects in structural elements or a combination of deficiencies in essential utilities and facilities, light and ventilation, fire protection including adequate egress, layout and condition of interior partitions, or similar factors, which defects or deficiencies are of sufficient total significance to justify substantial renovation or clearance. • A building is not structurally substandard if it is in compliance with the building code applicable to new buildings or could be modified to satisfy the building code at a cost of less than 15 percent of the cost of constructing a new structure of the same square footage and type on the site. The municipality may find that a building is not disqualified as structurally substandard under the preceding sentence on the basis of reasonably available evidence, such as the size, type, and age of the building, the average cost of plumbing, electrical, or structural repairs or other similar reliable evidence. If the evidence supports a reasonable conclusion that the building is not disqualified as structurally substandard, the municipality may make such a determination without an interior inspection or an independent, expert appraisal of the cost of repair and rehabilitation of the building... (c) For purposes of this subdivision, a parcel is not occupied by buildings, streets, utilities or other improvements until 15 percent of the area of the parcel contains improvements. The parcels have been investigated by City and Authority staff and consultants and District No. 16 has been found to meet all requirements of a redevelopment district. 1. District No. 16 consists of 3 parcels. 2. An inventory of the parcels shows that at least 70 percent of the parcels are occupied as defined in the Act. 3. An inspection of the buildings located within District No. 16 finds that at least 100 percent • of the buildings are structurally substandard as defined in the Act.