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WHAT IS A REDEVELOPMENT DISTRICT ? <br /> A. Qualifying <br /> parcels consisting of 70% of the area of the TIF District <br /> are occupied by buildings, streets, utilities, or other <br /> improvements, and more than 50% of the buildings (excluding <br /> outbuildings) are structurally substandard to a degree <br /> requiring substantial renovation or clearance; <br /> OR <br /> parcels consisting of vacant, unused, underused, <br /> inappropriately used, or infrequently used rail yards, rail <br /> storage facilities o; excessive or vacated railroad rights- <br /> of-way. <br /> ights- <br /> of-way. <br /> To be considered" improved" , at least 15% of a parcel' s area <br /> must contain improvements . <br /> A building is "structurally substandard" if there are <br /> defects in structural elements or a combination of <br /> deficiencies in essential utilities and facilities, light <br /> and ventilation, fire protection including adequate egress, <br /> layout and condition of interior partitions, or similar <br /> factors . <br /> A building is not substandard if it complies with the <br /> building code or could be brought up to code at a cost of 4110 <br /> less than 15% of the cost of a comparable new building on <br /> that site. <br /> B . TIF Expenditures <br /> - land acquisition <br /> - demolition <br /> - clearing land <br /> - installation of utilities, roads, sidewalks, and <br /> parking facilities <br /> - administrative costs <br /> C. Duration <br /> 25 years from receipt of the first tax increment <br /> D. Pooling - 25% <br /> E . LGA/HACA Election - 5 . 0% <br /> 411 <br /> CASSERLY MOLZAHN & ASSOCIATES, INC. 6/10/96 <br />