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WHAT IS A RENOVATION AND RENEWAL DISTRICT ? <br /> 411 <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; 20% of the buildings (excluding outbuildings) ; <br /> and 30% of the other buildings require substantial <br /> renovation or clearance to remove existing conditions such <br /> as inadequate street layout, incompatible uses or land use <br /> relationships, overcrowding of buildings on the land, <br /> excessive dwelling unit density, obsolete buildings not <br /> suitable for improvement or conversion, or other identified <br /> hazards to the health, safety and general well-being of the <br /> community. <br /> B . TIF Expenditures <br /> - land acquisition <br /> - demolition <br /> - clearing land <br /> - installation of utilities, roads, sidewalks, and <br /> 411 parking facilities <br /> - administrative costs <br /> C. Duration <br /> 15 years from receipt of the first tax increment <br /> D. Pooling - 20% <br /> E. LGA/HACA Election - 10 . 0% <br /> • <br /> CASSERLY MOLZAHN & ASSOCIATES, INC. 6/10/96 <br />