After receipt of a copy of the resolution of intention to establish the district, the official designated pursuant to Section 62455 shall prepare a proposed downtown revitalization financing plan. The downtown revitalization financing plan shall be consistent with the general plan and applicable specific plans, and shall include all of the following: (a) A map and legal description of the proposed district, which may include all or a portion of the district designated by the governing body in its resolution of intention. (b) A description of the potential commercial-to-residential conversion projects that are proposed in the area of the district. A commercial-to-residential conversion project may be mixed use, but at least 60 percent of the square footage of the commercial-to-residential conversion shall be designated for residential use. Mixed-use developments shall be limited to residential and commercial uses. (c) A requirement that if nonresidential development is included in the development pursuant to subdivision (b), at least 25 percent of the total planned units affordable to lower income households shall be made available for lease or sale and permitted for use and occupancy before or at the same time with every 25 percent of nonresidential development made available for lease or sale and permitted for use and occupancy. (d) (1) A requirement that an opted-in taxable property shall not receive a property tax distribution from the district unless it meets one of the following: (A) At least 5 percent of total units for rent are affordable to very low income households or the local inclusionary requirement, whichever is higher, for a minimum of 55 years. (B) At least 10 percent of total units for rent are affordable to lower income households or the local inclusionary requirement, whichever is higher, for a minimum of 55 years. (C) At least 10 percent of total units for sale are affordable to households of moderate income or the local inclusionary requirement, whichever is higher, for a minimum of 45 years. (2) For a district established in the City and County of San Francisco, the affordability requirements established pursuant to this subdivision shall not apply to the first 1,500,000 square feet of opted-in commercial-to-residential conversion projects. (e) For a district established by a city or county other than the City and County of San Francisco, a requirement that at least 30 percent of the incremental tax revenues generated by the district be used to finance the units in subdivision (d). (f) A finding that the potential commercial-to-residential conversion projects and financial assistance are of communitywide significance and provide significant benefits to an area larger than the area of the district. (g) Identification of each existing commercial building within the district that is eligible for conversion to residential use and that may opt in to receive incremental tax revenue pursuant to this division. (h) A requirement that the incremental tax revenues generated by each individual commercial-to-residential conversion project within the district that are allocated to the district by the local government be distributed by the district back to that same project for the purpose of financing necessary development costs. Each individual commercial-to-residential conversion project shall receive an annual distribution on a pay-go basis in an amount no greater than the amount of incremental tax revenues generated by that same commercial-to-residential conversion project for a maximum of 30 years or until the district ceases to exist, whichever occurs first. (i) A requirement that the first distribution of incremental tax revenue to a commercial-to-residential conversion project pursuant to subdivision (h) commence with the fiscal year that begins after the project is issued a certificate of occupancy or, if the city, county, or city and county does not issue certificates of occupancy, the project completes a fin
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