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giT TIF <br /> OA; 15144, bistrict <br /> • as z. <br /> S <br /> Project Area <br /> PROJECTS AND DISTRICTS <br /> Projects. <br /> Tax increment financing is used in conjunction with underlying development and redevelopment powers. Tax increments <br /> must be spent within particular geographic areas created under the development statutes. The basic planning area is often <br /> referred to as a"Project Area,""Development District"or"Redevelopment Project" which also has other names according <br /> to the authorizing statute of the authority under which it was created. Typically, the following types of authorities can <br /> administer tax increment districts: <br /> City Council: Development District Act <br /> City or County HRA: HRA Act <br /> EDA: EDA Act <br /> Port Authorities or County EDA:Special Legislation <br /> • <br /> All Projects require a general development or redevelopment plan,approved after a public hearing held by the City Council. <br /> The boundaries tend to be large areas within which the authority intends to promote development or redevelopment. <br /> TIF Districts. <br /> TIF Districts are the specific parcels within a Project area from which tax increment will be captured. Following is a <br /> description of the general types of TIF districts: <br /> Redevelopment Districts <br /> Qualifications: "Redevelopment district"means a type of tax increment financing district consisting of a project,or portions <br /> of a project, within which the authority finds by resolution that one or more of the following conditions, reasonably <br /> distributed throughout the district, exists: <br /> 1. parcels consisting of 70 percent of the area of the district are occupied by buildings, streets, utilities, or other <br /> improvements and more than 50 percent of the buildings,not including outbuildings,are structurally substandard <br /> to a degree requiring substantial renovation or clearance; or <br /> 2. the property consists of vacant,unused,underused,inappropriately used,or infrequently used railyards,rail storage <br /> facilities, or excessive or vacated railroad rights-of-way; or <br /> 3. tank facilities, or property whose immediately previous use was for tank facilities,as defined in section 115c.02, <br /> • subdivision 15, if the tank facilities: <br /> (i)have or had a capacity of more than 1,000,000 gallons; <br /> (ii)are located adjacent to rail facilities; and <br /> (iii)have been removed or are unused, underused, inappropriately used, or infrequently used. <br /> Ehlers&Associates-TIF Basics <br />