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• <br /> Tax Increment Financing in Minnesota <br /> 411 <br /> Types of Tax Increment Financing Districts <br /> A. Redevelopment District <br /> • Generally a blighted area containing substandard <br /> buildings, sometimes having inadequate streets and <br /> incompatible land uses. <br /> • Requires documentation to evaluate occupied land area <br /> and estimated costs of rehabilitation versus new <br /> construction. <br /> • Maximum duration of TiF district is 25 years from <br /> receipt of the first tax increment. <br /> 8. Renewal and Renovation District <br /> • Blight and obsolescence tests must be met. <br /> • Maximum duration of TiF district is 15 years from <br /> receipt of the first tax increment. <br /> • <br /> C. Housing District <br /> • Provides housing ocoortunities for persons and families <br /> • of low and moderate income. <br /> • Maximum duration of TiF district is 25 years from <br /> receipt of the first tax increment. <br /> D. Soils Condition District <br /> • Where 80% or more of the district requires substantial <br /> earth work to remedy unusual terrain or soils <br /> deficiencies or remove hazardous substances or <br /> contaminants. Such costs must exceed the fair market <br /> value of the land before completion of the earth work. <br /> • Maximum duration of the TiF district is 12 years from <br /> City approval of the TiF Plan. <br /> Page 9-2 r. c�n��.t� •—�� <br />