3.1 EDSR 06-19-2017 - Laserfiche WebLink

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significant energy efficient design &/or materials in constructi IV. STATUTORY TIF DISTRICTS [Minn. State Statutes 469.174, Subd. Redevelopment District 10; 469.176, Subd. 4j] Buildings,streets,otherimprovementsoccupy70%ofthearea,and, more than 50% of the main buildings are substandard (substantial renovation or clearance justified; cost of attaining State building code exceeds15%ofthecostofanewstructure). At least 90% of the tax increment revenues must be used to correct the conditions that allow redevelopment district designation. Such costs include: land acquisition, demolition, land clearance, utility installation, roads, sidewalks, and parking facilities. Maximum term 25 years after receipt of the first increment. [Minn. State Statutes 469.174, Renewal & Renovation District Subd. 10a; 469.176, Subd. 4j] Buildings, street, otherimprovements occupy 70% of area; and at least 20%ofthe main buildings are substandard (as defined under Redevelopment District); and, 30% of the other buildings require substantial renovation or clearance to remove conditions such as inadequate street layout, incompatible uses, overcrowding, obsolete buildings, or other identified hazards to community health, safety, and general welfare. These conditions must be reasonably distributed throughout the geographic area of the district. At least 90% of the tax increment revenues must be used to finance the cost of correcting the conditions (i.e. land acquisition, demolition, land clearance, utility installation, roads, sidewalks, and parking facilities). Maximum term 15 years after receipt of the first increment. [Minn. State Statutes Economic Development District 469.174, Subd. 12, 469.176, Subd. 4c] A project found to be in the public interest because: It will discouragea business from moving operations to another state or municipality; or, It will result in increased local employment; or, It will preserve and enhance the tax base. At least 85% of the facilities must be used for: the manufacturing or production of tangible personal property, including processing resulting in the change in condition of the property; warehousing, storage, and distribution of tangible personal property, excluding retail sales; research and development related to the activities listed in clause (1) or (2) of the statutes ; telemarketing if that activity is the exclusive use of the property; City of Elk River Tax Increment Financing Policy & Application Amended March 2017 Page 5 of 22 498942v2 JSB EL185-13