10-10-2007 Council Agenda - Laserfiche WebLink

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The City may perform or provide for some or all necessary acquisition, construction, relocation, demolition, and required utilities and public streets work within the District. Subsection 2 -5. Description of Property in the District and Property To Be Acquired The District encompasses all property and adjacent rights -of -way and abutting roadways identified by the parcels listed in Appendix C of this TIF Plan. Please also see the map in Appendix B for further information on the location of the District. Subsection 2 -6. Classification of the District The City, in determining the need to create a tax increment financing district in accordance with M.S., Sections 469.174 to 469.1799, as amended, inclusive, find that the District, to be established, is a renewal and renovation district pursuant to M.S., Section 469.174, Subd. 10a. as defined below: (a) "Renewal and renovation district" means a type of tax increment financing district consisting of a project, or portions of a project, within which the City finds by resolution that: (1) (i) parcels consisting of 70 percent of the area of the district are occupied by buildings, streets, utilities, paved or gravel parking lots, or other similar structures; (ii) 20 percent of the buildings are structurally substandard; and (iii) 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 ofbuildings 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 and (2) the conditions described in clause (1) are reasonable distributed throughout the geographic area of the district. (b) For purposes ofdetermining whether a building is structurally substandard, whether parcels are occupied by buildings, streets, utilities, paved or gravel parking lots, or other similar structures, or whether noncontiguous areas qualify, the provisions of subdivision 10, paragraphs (c), (e), and (J} apply. In meeting the statutory criteria the City relies on the following facts and findings: • The District is a renewal and renovation district consisting of ten parcels in two separate areas and each area meets the requirements separately. • An inventory shows that parcels consisting of more than 70 percent of the area in the District are occupied by buildings, streets, utilities, paved or gravel parking lots, or other similar structures. • An inspection of the buildings located within the District finds that more than 20 percent of the buildings are structurally substandard as defined in the TIF Act. (See Appendix F). • An inspection of the buildings located within the District finds that more than 30 percent of the buildings require substantial renovation or clearance to remove existing conditions such as defined in the TIF Act. (See Appendix F). City of Little Canada Tax Increment Financing Plan for Tax Increment Financing District No. 5 -1 2 -2