July 30, 2020
A portion of the real property within a tax increment district shall meet at least one of the following criteria:
- Be a substandard, insanitary, deteriorated, deteriorating or blighted area;
- Be in need of rehabilitation, redevelopment or conservation work; or
- Be suitable for industrial, commercial, residential, mixed-use or retail uses, downtown development or transit-oriented development.
Additionally, the original assessed value of a proposed tax increment district plus the original assessed value of all existing tax increment districts within the municipality may not exceed ten per cent of the total value of taxable property within the municipality.
