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' � • • . <br />� � � <br /> -� , <br /> , <br /> - + • <br /> , . <br /> � 1. The proposed area must contai.n several specific characteristics which <br /> qualify the property eligible for redevelopment with taY increment <br /> etermi.ne whether e <br /> incentives. These chara <br /> cteristics and definitions d th <br /> area is blighted, conservation, a combination of the two. <br /> 2. The creation process defined in the Act is iniriated by the municipality. <br /> This process includes: setting a date for a Public Hearing; sending <br /> notification of that date to all taxing districts with an invitation to <br /> attend; convening a Joint Review Board composed of representatives <br /> of several taxing districts; publishing the notice in a newspaper of <br /> general circulation twice; maili.ng of the notice to all taxpayers in the � <br /> proposed redevelopment area; and adopting ordi.nances establis�ing the �� <br /> TIF District and the Redevelopment Plan. ', <br /> Once the redevelopment has occurred, the municipality receives the real <br /> property taxes generated by the new development which exceed the real properry <br /> taxes derived from the properry prior to redevelopment. This "tax increment" the <br /> municipality may use to pay certai.n eligible costs, both private and public, incurred <br /> in the redevelopment. Also, other municipal taxes may be pledged by the <br /> municipality to the redevelopment projects. <br /> DEFINITIONS <br /> Certai.n terms are used in this Redevelopment Plan which are defined in the <br /> Tax Increment Allocation Redevelopment Act. The followi.ng teims shall mean: <br /> 1. "Blighted area" <br /> Any improved or vacant area within the boundaries of a redevelopment <br /> project area located within the temtorial limits of the municipality <br /> where, if improved, industrial, commercial and residential buildings or <br /> improvements, because of a combi.narion of 5 or more of the followi.ng <br /> factors: age; dilapidation; obsolescence; deterioration; illegal use of <br /> � individual structures; presence of structures below minimum code <br /> standards; excessive vacancies; overcrowding of structures and <br /> community facilities; lack of ventilation, light or sanitary facilities; <br /> 3 <br />