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Next Steps — Resources <br /> • Is redevelopment likely to require some form of public <br /> participation? <br /> — Acquisition, demolition, relocation <br /> • Redevelop substandard buildings <br /> — Infrastructure improvements <br /> • Street, storm sewer, signalization <br /> • Tax Increment Financing/Tax Abatement <br /> — TIF Redevelopment District <br /> — Create a source of funds <br /> A s Springsted <br /> Redevelopment District <br /> • Identification of District Boundaries <br /> • Qualifications <br /> — Improved parcels make up at least 70%of the district. To be <br /> considered improved,at least 15%of the parcel's area must <br /> contain improvements. <br /> — More than 50%of the buildings(excluding outbuildings)are <br /> structurally substandard to a degree requiring substantial <br /> renovation or clearance. <br /> — A building is not considered substandard ff it could be brought up <br /> to code at a cost of less than 15%of a comparable new building <br /> on that parcel. <br /> Sesta •a-. 7 Springsted <br /> 4 <br />