08-27-1984 Council Packet - Laserfiche WebLink

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QUALIFIED PROJECTS The various Authorities may finance a particular project within a General District with tax increments if the project meets the definitions and qualifications in the Act as either a Redevelopment Project, a Hous- ing Project, or an Economic Development Project (herein sometimes collectively referred to as a "Quali- fied Project" or "Qualified Projects"). 1. Redevelopment Project � "Redevelopment Project" means a project wnere an Authority finds, by resolution, one of the following conditions reasonably distributed throughout the project: • The land is predominantly occupied by build- ings, streets, utilities or other improvements, and more than 50`, of the buildings (not includ- ing outbuildings) are structurally substandard to a degree requiring substantial renovation or clearance; or • The land is predominantly occupied by build- ings, streets, utilities or other improvements, and 2&', of the buildings are structurally sub• standard and an additional 30` of the buildings are found to require substantial renovation or clearance in order to remove such existing con- ditions as: inadequate street layout; incompati- ble land use relationships; overcrowding of buildings on the land; excessive dwelling unit density; obsolete buildings not suitable for improvement or conversion; or other identified hazards to the health, safety and general well being of the community; or • The land is not predominantly occupied by buildings, streets, utitilites or other improve- ments, but at least 80`', of the total acreage contains an unusual physical condition, and the cost of curing such condition would discourage private development (Therefore, the purpose of redeveloping the property is to make such land economically competitive with other, non - blighted raw land.), or • The property consists of underutilized air right., existing over a public street, highway or -;ght-of-way. 2. Housing Project A "Housing Project" means a residential devel. opment intended for occupancy, in part, by persons or families of low and moderate income. 3. Economic Development Project An "Economic Development Project" means any project not meeting the criteria of Redevelopment Project or Housing Project, but which the Authori- ty finds to be in the public interest because: • The project :vill discourage commerce, industry or manufacturing from moving their operations to another state; or • The project will result in increased employ- ment in the municipality; or • The project will result in the preservation atod enhancement of the (ax base of the municipality.