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Redevelopment District (cont.) <br /> • Term <br /> — 25 years after the date of receipt of first increment(26 years maximum). <br /> • Restrictions <br /> — At least 90%of the increment must be used to finance the costs of correcting <br /> conditions that allow designation of redevelopment districts. These costs <br /> include but are not limited to: <br /> • Acquiring properties containing substandard improvements or hazardous <br /> substances; <br /> • Acquiring adjacent parcels necessary to provide a site of sufficient size <br /> to permit development; <br /> • Demolition and rehabilitation of structures,clearing of land; <br /> • Removal or remediation of hazardous substances;and <br /> • Installation of utilities,roads,sidewalks and parking facilities. <br /> sech: e 5Pringstec <br /> Eligible TIF Expenditures <br /> • Specified purposes permitted in the underlying development <br /> statutes for cities, HRAs, EDAs, and Port Authorities. <br /> • Administrative expenditures are limited to 10%of the <br /> expenditures authorized in the TIF Plan or 10%of actual <br /> increment expenditures, whichever is less. <br /> • Increment may not be used to finance buildings that are used <br /> "primarily and regularly for conducting the business"of any <br /> unit of government. <br /> ,btic Seetc fi....,o s e 5princistee <br /> ,t <br /> 5 <br />