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469.174 ECONOMIC DEVELOPMENT 1124 sequent adjustments as set forth in section 469.177,subdivisions 1 and 4. In determin- ing the original net tax capacity the net tax capacity of real property exempt from taxa- . ° tion at the time of the request shall be zero,except for real property which is tax exempt by reason of public ownership by the requesting authority and which has been publicly owned for less than one year prior to the date of the request for certification, in which r event the net tax capacity of the property shall be the net tax capacity as most recently i determined by the commissioner of revenue. 1 (b) The original net tax capacity of any designated hazardous substance site or haz- , z ; ardous substance subdistrict shall be determined as of the date the authority certifies 4, c to the county auditor that the authority has entered a redevelopment or other agree- , ment for the removal actions or remedial actions specified in a development response .I i action plan, or otherwise provided funds to finance the development response action • plan.The original net tax capacity equals(i)the net tax capacity of the parcel or parcels in the site or subdistrict,as most recently determined by the commissioner of revenue, less(ii)the estimated costs of the removal actions and remedial actions as specified in a development response action plan to be undertaken with respect to theparcel or par- 0 cels, (iii) but not less than zero. (c) The original net tax capacity of a hazardous substance site or subdistrict shall be increased by the amount by which it was reduced pursuant to paragraph(b),clause (ii), upon certification by the municipality that the cost of the removal and remedial actions specified in the development response action plan,except for long-term moni- toring and similar activities, have been paid or reimbursed. (d) For purposes of this subdivision, "real property" shall include any property normally taxable as personal property by reason of its location on or over publicly owned property. Subd. 8. Project. "Project" means a project as described in section 469.142; an t industrial development district as described in section 469.058,subdivision 1;an eco- nomic development district as described in section 469.101, subdivision 1; a project x' as defined in section 469.002.subdivision 12;a development district as defined in sec- - t' tion 469.125, subdivision 9. or anm special law: or a project as defined in section 1 I, 469.153, subdivision 2, paragraph (a), (b), or (c). Subd. 9. Tax increment financing district. "Tax increment financing district" or "district" means a contiguous or noncontiguous geographic area within a project delin- eated in the tax increment financing plan, as provided by section 469.175,subdivision 1,for the purpose of financing redevelopment,mined underground space development, 1- housing or economic development in municipalities through the use of tax increment generated from the captured net tax capacity in the tax increment financing district. Subd. 10.c.Redevelopment district. (4u:"Redevelopment district" means a type of tax increment financing district consisting of a project, or portions of a project,within which the authority finds by resolution that one of the following conditions,reasonably distributed throughout the district, exists: ' (I)parcels consisting of 70 percent of the area of the district are occupied"by build- ings,streets. utilities.or other impro\ements and more than 50 percent of the buildings, - not including outbuildings,are structurally substandard to a degree requiring substan- tial renovation or clearance: or 41 (2) the property consists of vacant, unused, underused, inappropriately used, or infrequently used railyards. rail storage facilities, or excessive or vacated railroad rights-of-way. (b) For purposes of this subdivision. "titructurally substandard" shall mean con- taining defects in structural elements or a combination of deficiencies in essentlal'utili- ties and facilities,light and ventilation,fire protection including adequate egress,layout i and condition of interior partitions,or similar factors,which defects or deficiencies are of sufficient total significance to justify substantial renovation or clearance. A hiillili ' not structurally substandard if-it is in compliance with the building --; ��- ode applicable to nc.. lu0 ,cgs cou rd be muo;urd to satisfy the building code at ; i f