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municipality must make a series of findings in order to adopt
a redevelopment plan. The municipality must find that: |
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- The
redevelopment area on the whole is a blighted area, a conservation
area, or an economic development area, and has not been
subject to growth and development through investment by
private enterprise and would not reasonably be anticipated
to be developed without the adoption of TIF;
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- The
redevelopment plan conforms to the comprehensive plan for
the development of the municipality as a whole;
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- The
estimated dates, which shall not be more than 23 years from
adoption of the ordinance approving a redevelopment project
within a redevelopment area, of completion of any redevelopment
project and retirement of obligations incurred to finance
redevelopment project costs have been stated, provided that
no ordinance approving a redevelopment project shall be
adopted later than ten years from the adoption of the ordinance
approving the redevelopment plan under which such project
is authorized and provided that no property for a redevelopment
project shall be acquired by eminent domain later than five
years from the adoption of the ordinance approving such
redevelopment project;
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- A plan
has been developed for relocation assistance for businesses
and residences;
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- A cost-benefit
analysis showing the economic impact of the plan on each
taxing district that is at least partially within the boundaries
of the redevelopment area. The analysis shall show the impact
on the economy if the project is not built, and is built
pursuant to the redevelopment plan under consideration.
The cost-benefit analysis shall include a fiscal impact
study on every affected political subdivision, and sufficient
information from the developer for the commission establish
pursuant to the state statute to evaluate whether the project
as proposed is financially feasible; and
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- A finding
that the plan does not include the initial development or
redevelopment of any gambling establishment; provided, however,
that this subdivision shall be applicable only to a redevelopment
plan adopted for a redevelopment area designated by ordinance
after December 23, 1997
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