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<br />e <br /> <br />e <br /> <br />b. The area within the Zone must be contiguous and be not less than <br />twenty (20) acres. <br /> <br />c. Documentation required with Petition <br /> <br />Submission of a petition under 311.005(a)(5) of the Tax Code to <br />create a Zone for the purpose of tax increment financing must be <br />accompanied by a Preliminary Financing Plan. Both the petition <br />and Preliminary Financing Plan must be finalized and submitted to <br />the City on or before September 1,in order for a Zone to be created <br />and to take effect the following tax year. The plan must include: <br /> <br />1. a description of the proposed boundaries of the proposed <br />zone, including both a map (showing existing uses and <br />conditions of real property in the Zone) and a legal <br />description; <br /> <br />2. tentative plans and schedules for the development or <br />redevelopment of the Zone, including conceptual drawings <br />or descriptions of the public improvements proposed to be <br />financed by the Zone, including a preliminary estimate of the <br />total costs of the improvements; <br /> <br />3. an estimate of the general impact on the proposed Zone on <br />property values and the tax revenues of the City and the <br />other governmental entities levying ad. valorem taxes <br />throughout the life of the proposed Zone; <br /> <br />4. a schedule indicating total appraised values for the proposed <br />Zone for the previous ten years (if available); <br /> <br />5. evidence that all tax arrearages and public liens on property <br />owned or controlled by the petitioner has been satisfied; and <br /> <br />6. a statement certifying that "except for" the creation of the <br />Zone, it would not be properly developed. <br /> <br />2. Creation of Zone by City <br /> <br />An area may be designated as a Zone by the City Council, if it meets the <br />conditions listed below: <br /> <br />a. The area is determined to substantially arrest or impair the sound <br />growth of the City because of the presence of: <br /> <br />1. substantial number of substandard, slum, deteriorated, or <br />deteriorating structures; <br /> <br />2 <br /> <br />Revised 5/12/99 <br />