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3.0. HRSR 02-05-2001
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3.0. HRSR 02-05-2001
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City Government
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HRSR
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2/5/2001
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Term and restrictions. Redevelopment districts may collect increment for twenty-five years after the date of receipt of the <br /> first increment. May designate commencement in the year when the market value reaches an agreed-upon minimum(no more <br /> than four years after date of certification), in which case the district duration is 20 years after such commencement date. <br /> • At least 90% of the increment must be used to finance the cost of correcting conditions that allow designation of <br /> redevelopment districts. <br /> Renovation and Renewal Districts <br /> Qualifications. The same parcel and area requirements apply as for a redevelopment district,but only 20%of the buildings <br /> need be structurally substandard; another 30% of the buildings must require renovation or clearance to remove conditions <br /> such as inadequate street layout, incompatible land uses, or obsolete buildings not suitable for improvement or conversion <br /> to other uses(that is, a lesser standard of blight). <br /> Term, Restrictions. May collect increment for fifteen years after the date of receipt of the first increment.At least 90% of <br /> the increment must be used to finance the cost of correcting conditions that allow designation of renovation and renewal <br /> districts. <br /> Housing Districts <br /> Qualifications. Must be a facility intended for occupancy in part by persons or families of low and moderate income.Up to <br /> 20% of the fair market value of the improvements may be for uses other than low and moderate income housing. <br /> Term and Restrictions. May collect increment for twenty five years after the date of receipt of the first increment,subject <br /> to the same exception as for redevelopment districts. To maintain qualification as a housing district,residents'income must <br /> be limited. The rental income requirements apply for the life of the district. If the income requirements are violated, the <br /> district duration is reduced to that of an economic development district. <br /> • Qualified Housing District: Additional restrictions apply for a "qualified housing district" that is exempt from state aid <br /> penalties. <br /> Economic Development Districts <br /> Qualifications. The district does not meet the qualifications for any other type of district,and the municipality must find that <br /> the district will(1)discourage business from moving to another state or municipality;(2)increase employment in the state; <br /> or(3)preserve and enhance the tax base of the state. <br /> Term and Restrictions. May collect increment for eight years after the date of receipt of the first increment. <br /> Increment may not be used to assist developments if more than 15%of the buildings and facilities(on a square footage basis) <br /> are used for a purpose other than: <br /> (a) manufacturing; <br /> (b) warehousing, storage and distribution of tangible personal property(excluding retail sales); <br /> (c) research and development related to the aforementioned activities; <br /> (d) telemarketing if that activity is the exclusive use of the property; <br /> (e) "tourism facilities;" <br /> (f) qualified border retail facilities; or <br /> (g) space necessary for and related to the above. <br /> Ehlers&Associates-TIF Basics 3 <br />
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