Industrial park conservation area means an area within the boundaries of a redevelopment project area located within the territorial limits of a municipality that is a labor surplus municipality or within 1 1/2 miles of the territorial limits of a municipality that is a labor surplus municipality if the area is annexed to the municipality; which area is zoned as industrial no later than at the time the municipality by ordinance designates the redevelopment project area, and which area includes both vacant land suitable for use as an industrial park and a blighted area or conservation area contiguous to such vacant land.
Industrial park conservation area means an area
Industrial park conservation area means an area within the boundaries oE a redevelopment project area located within the territorial limits oE a municipality that is a labor surplus municipality or within 1 1/2 miles oE the territorial limits oE a municipality that is a labor surplus municipality iE the area is annexed to the municipality; which area is zoned as industrial no later than at the time the municipality by ordinance designates the redevelopment project area, and which area includes both vacant land suitable Eor use as an industrial park and a blighted area or conservation area contiguous to such vacant land.
Examples of Industrial park conservation area in a sentence
To foster industrial development, the inclusion the definition of "Industrial park conservation area" was placed in the TIF statute.
More Definitions of Industrial park conservation area
Industrial park conservation area means an area within the boundaries of a redevelopment
Industrial park conservation area means an area within the boundaries of a Redevelopment Project Area located within the territorial limits of a municipality that is a labor surplus municipality or within 1½ miles of the territorial limits of a municipality that is a labor surplus area if the area is annexed to the municipality; which area is zoned industrial no later than at the time the municipality by ordinance designates the Redevelopment Project Area, and which area includes both Vacant Land suitable for use as an industrial park and a blighted area or conservation area contiguous to such Vacant Land. The Redevelopment Project Area is not being qualified as an Industrial Park Conservation Area. _ _ _ _IV. ELIGIBILITY CONCLUSIONS This report concludes that the Oakland-Sycamore Redevelopment Project Area #3 is eligible for Tax Increment Finance (“TIF”) designation as a Blighted Area Improved Land.Analysis of Factors for Designation as a “TIF” Blighted AreaThe Redevelopment Project Area meets the requirements of the Act for designation ofImproved Land as a Blighted Area. Improved LandThe Redevelopment Project Area meets the requirements of Section 11-74.4-3 (a) (1), (B), (C), (D), (F), (H), (J), and (L) of the Act for designation of Improved Land as a Blighted Area. For designation as a Blighted Area for Improved Land, five or more of thirteen factors must be met. The following seven factors are present in the Improved Land: • Obsolescence• Deterioration• Below Minimum Code• Deleterious Land Use or Layout• Excessive Vacancies• Inadequate utilities• Community Planning Analysis of Factors Presence and Distribution There must be a reasonable presence of and distribution of these factors in the Redevelopment Project Area, as stated in the Act. The factors presented are reasonably present and distributed in the Improved Land in the Redevelopment Project Area. Analysis of Size RequirementsThe Redevelopment Project Area includes approximately 16.25 acres, in excess of the minimum 1½ acres required by the Act. Analysis of Evidence Lack of Development by Private Enterprise There are excessive vacancies. The largest parcels in the Redevelopment Project Area are tax exempt and, therefore, have no Equalized Assessed Valuation (“EAV “).The City has pursued developers, but without financial incentives, has been unable to attract developers to the Redevelopment Project Area. The obsolete and deteriorated nature of residential and governmental properties has resulted in little development in these areas...
Industrial park conservation area means an area within the boundaries of a redevelopment project area located within the corporate limits of a municipality or within 1 1/2 miles of the corporate limits of a municipality if the area is to be annexed to the municipality, if the area is zoned as industrial no later than the date on which the municipality by ordinance designates the redevelopment project area, and if the area includes improved or vacant land suitable for use as an industrial park or a research park, or both. To be designated as an industrial park conservation area, the area shall also satisfy one of the following standards: