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WHAT IS AN ECONOMIC DEVELOPMENT DISTRICT ? 411 <br /> A. Qualifying <br /> Parcels that do not qualify for any other type of TIF <br /> District, and the authority finds that (i) business is <br /> discouraged from moving to another state or municipality; <br /> (ii) employment is increased in the state; or (iii) the tax <br /> base of the state is preserved and enhanced. 85% of the <br /> building square footage in the TIF District shall be used <br /> for manufacturing, warehousing, storage, distribution, <br /> research and development, telemarketing, or tourism: <br /> B . TIF Expenditures <br /> - qualified public improvements <br /> - administrative costs <br /> loans <br /> - subsidies <br /> grants <br /> interest rate subsidies <br /> - additional site preparation and public improvement <br /> costs if <br /> - bedrock soil conditions are present in 80% of the <br /> acreage <br /> - estimated cost of site preparation exceeds the <br /> fair market value of the land before completion of <br /> the preparation <br /> C. Duration <br /> 9 years from date of receipt of the first tax increment or <br /> 11 years from approval of the TIF plan, whichever is less <br /> D. Pooling - 20% <br /> E. LGA/HACA Election - 10 . 0% <br /> CASSERLY MOLZAHN & ASSOCIATES, INC. 6/10/96 <br />