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Term, restrictions: May collect increment for 25 years after the date of receipt • <br /> of the first increment. May designate commencement in the year when the market <br /> value reaches an agreed-upon minimum (no more than four years after date of <br /> certification), in which case the district duration is 20 years after such <br /> commencement year. <br /> At least 90% of the increment must be used to finance the cost of correcting <br /> conditions that allow designation of redevelopment districts. <br /> 2. Renovation and Renewal District, Section 469.174, subd. 10a. <br /> Qualifications: The same parcel and area requirements apply as for a <br /> redevelopment district, but only 20% of the buildings need be structurally <br /> substandard; another 30% of the buildings must require renovation or clearance <br /> to remove conditions such as inadequate street layout, incompatible land uses, or <br /> obsolete buildings not suitable for improvement or conversion to other uses (that <br /> is, a lesser standard of blight). <br /> Term, Restrictions: May collect increment for 15 years after the date of receipt <br /> of the first increment. At least 90% of the increment must be used to finance the <br /> cost of correcting conditions that allow designation of renovation and renewal <br /> districts. . <br /> 3. Soils Condition District, Section 469.174, Subd. 19. <br /> Qualifications: <br /> (a) The presence of hazardous substances, pollution or contaminants requires <br /> removal or remedial action; and _ <br /> (b) the estimated costs of removal and remedial action exceeds the fair market <br /> value of the land before the preparation; and <br /> (c) the proposed removal or remedial action must be specified in a <br /> development response action plan approved by the Minnesota Pollution <br /> Control Agency. <br /> The requirements of clause (b) need not be satisfied if each parcel either satisfied <br /> the requirements of that clause, or the estimated costs of the proposed removal or <br /> remedial action exceeds $2.00 per square foot for the area of the parcel. <br /> Term, Restrictions: May collect increment for 12 years after the date of <br /> approval of the TIF Plan. The increment may be spent only to: acquire parcels <br /> on which removal or remediation will occur; pay the cost of the removal or <br /> • <br /> remediation; and pay allocated administrative expenses, including the cost of <br /> preparation of the development response action plan. <br /> SJB100909 2 <br /> FIRM-2 <br />