R2024-43 Resolution Scheduling Public Hearing to Consider the Redevelopment Plan and Project for the Central TIF Redevelopment Project Area

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Central TIF Redevelopment Plan and Project Area Decatur, Illinois Eligibility of Improved Parcels 1. Summary of Findings on Age of Structures Age is a prerequisite factor in determining an Area's qualification as a"conservation area." As is clearly set forth in the Act, 50% or more of the structures must have an age of 35 years or greater to meet this criterion. The Area contains a total of 2,080 buildings, of which 1,894 buildings (91.1%) were determined by field investigation to be at least 35 years old. Both primary and accessory structures on each parcel were considered as part of the field examination. More than 50% of the buildings exceed 35 years of age;there- fore,the age threshold is met for qualifying the improved property within the Area as a conservation area. 2. Summary of Findings on Deterioration Deteriorating conditions,either site or building,were recorded on 1,590 out of 1,764 im- proved parcels (90.1%). Of the 2,080 total buildings located within the Area, 1,603 (77.1%)were determined to have deterioration.The field survey of exterior building con- ditions found defects in the secondary structural components,including roofs,windows and window frames,doors,gutters,downspouts,walls,etc.Additionally,deteriorated site improvements, such as cracked, crumbling,or weed-infested sidewalks, driveways,park- ing lots,etc.,were distributed throughout the Area.Photographic evidence of deteriorat- ing conditions can be found in Attachment B in the Appendix. 3. Summary of Findings on Declining/Sub-Par EAV Growth The equalized assessed valuation(EAV) of the Project Area was analyzed for the last five years(2017-2022).The Area's EAV has grown at a lower rate than the balance of the City, as well as the CPI for all urban consumers, for four of the last five years.The Area itself also saw a decline in overall EAV from 2017 to 2018 and from 2019 to 2020. See Table B: Comparison of EAV Growth Rates (2017-2022) on the following page for more details. In order to better assess EAV trends across the Area, parcels and their individual EAVs from the last five years were combined into parcel groups by removing the lot number from the end of each parcel number (ex: parcels 04-12-10-352-010, 0412-10-352-011, 04-12-10-352-012, etc. were combined to create parcel group 04-12-10-352). Parcel groups were then mapped and symbolized based on how many years out of the last five that each parcel group's EAV growth rate was less than the EAV growth rate of the re- mainder of the City. These findings are displayed in Exhibit G. Parcel Group EAV Growth Rate Compared to that of the City(2017-2022). 16