7.1. SR 12-19-1994 - Laserfiche WebLink

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~ . . . "and 30 percent of the other buildings require substantial renovation or clearance to remove existing conditions such as: inadequate street layout, incompatible uses or land use relationships, overcrowding of buildings on the land, excessive dwelling unit density, obsolete buildings not suitable for improvement or conversion, or other identified hazards to the health, safety, and general well being of the community." Comment: Numerous thresholds can be achieved under this subdivision. Lastly, the thresholds of a Renewal and Renovation District require that the conditions described above are reasonably distributed throughout the geographic area of the District. Another consideration for a Renewal and Renovation District is that of the District's life and a municipality's ability to collect tax increments from the District. The TIF law gives a municipality the ability to collect increments from a Renewal and Renovation District for a period of fifteen years. SUMMARY Based on the site visit of October 12, 1994, it appears as though the Custom Motors site has the potential to qualify as a TIF Renewal and Renovation District. Because this site is only about 11 acres, it may be difficult to generate an increment sufficient to reduce the costs associated with land acquisition, environmental clean up, and relocation benefits, etc. Issues such as the balance of the Roy's Contract for Deed, the price which Bill Gagne paid for an adjacent site, and the City's/EDA's ability to include the Custom Motors site with an adjacent site, thereby increasing the size of the District and the amount of increment generated, are being explored.