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dedication, condemnation or direct purchase from willing sellers in order to achieve the objectives of this TIF
<br />Plan. Such acquisitions will be undertaken only when there is assurance of funding to finance the acquisition
<br />and related costs.
<br />Subsection 2 -6. Classification of the District
<br />The City, in determining the need to create a tax increment financing district in accordance with MS.,
<br />Sections 469.174 to 469.1799, as amended, inclusive, find that the District, to be established, is a renewal and
<br />renovation district pursuant to MS., Section 469.174, Subd. 10a. as defined below and on the next page:
<br />(a) "Renewal and renovation district" means a type of tax increment financing district consisting of a
<br />project, or portions ofaproject, within which the City finds by resolution that:
<br />(1) (1) parcels consisting of 70 percent of the area of the district are occupied by buildings,
<br />streets, utilities, paved or gravel parking lots, or other similar structures;
<br />(ii) 20 percent of the buildings are structurally substandard; and
<br />(iii) 30 percent of the other buildings require substantial renovation or clearance
<br />to remove existing conditions such as: inadequate street layout, incompatible uses
<br />or land use relationships, overcrowding ofbuildings on the land, excessive dwelling
<br />unit density, obsolete buildings notsuitablefor improvement or conversion, or other
<br />identified hazards to the health, safety, and general well -being of the community;
<br />and
<br />(2) the conditions described in clause (1) are reasonable distributed throughout the geographic
<br />area of the district.
<br />(b) Forpurposes ofdeterminingwhether a building is structurally substandard, whether parcels are
<br />occupied by buildings, streets, utilities, paved or gravel parking lots, or other similar structures,
<br />or whether noncontiguous areas qualify, the provisions of subdivision 10, paragraphs (c), (e),
<br />and (J) apply.
<br />In meeting the statutory criteria the City rely on the following facts and findings:
<br />• • The District is a renewal and renovation district consisting of one parcel.
<br />• • An inventory shows that the more than 15% of the area of the parcel is occupied by buildings, streets,
<br />utilities, paved or gravel parking lots, or other similar structures. Therefore, 100% of the district consists
<br />of parcels that are occupied.
<br />• • An inspection of the buildings located within the District finds that more than 20 percent of the buildings
<br />are structurally substandard as defined in the TIF Act. (See Appendix F).
<br />• • An inspection of the buildings located within the District finds that more than 30 percent of the buildings
<br />require substantial renovation or clearance to remove existing conditions such as defined in the TIF Act.
<br />(See Appendix F).
<br />Pursuant to MS. Section 469.176 Subd. 7, the District does not contain any parcel or part of a parcel that
<br />qualified under the provisions of MS. Section 273.111 or 273.112 of Chapter 473H for taxes payable in any
<br />of the five calendar years before the filing of the request for certification of the District.
<br />Subsection 2 -7. Duration of the District
<br />Pursuant to M.S., Section 469.175, Subd. I, and MS., Section 469.176, Subd. 1, the duration of the District
<br />must be indicated within the TIF Plan. Pursuant to M.S., Section 469.176, Subd. Ib, the duration of the
<br />District will be 15 years after receipt of the first increment by the City (a total of 16 years). The date of
<br />City of Little Canada
<br />Tax Increment Financing Plan for Tax II cement Financing District No. 2 -2 2 -2
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