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Pro~¢ct Ar~Q <br /> <br />PROJECTS AND DISTRICTS <br /> <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 /> <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 /> <br />TIF Districts. <br /> <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 /> <br />Redevelopment Districts <br /> <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 /> <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 /> <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 /> <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 /> <br />Ehlers & Associates - TIF Basics <br /> <br /> <br />