2013-58 APPROVING THE SOUTHSIDE TAX INCREMENT REDEVELOPMENT PLAN

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N CtJ ., based upon the documented presence and reasonable distributioa of buildings and a improvements that are in an advanced state of disrepair. At a minimum, m M dilapidated buildings should be those with critical defects in primary structural components (roof, bearing walls, floor structure, and foundation), building •4 systems (heating, ventilation, lighting and plumbing), and secondary structural Mcomponents in such combination and extent that: d' a. major repair is required; or Y b. the defects are so serious and so extensive that the b ildings must be removed. Summary of Findings Regarding Dilapidation There is no finding as to dilapidation. 3. Obsolescence—Definition An obsolete structure is one which is becoming obsolete or goin out of use —not entirely disused, but gradually becoming so. Thus, obsolescence is a condition or process of falling into disuse. Obsolescence, as a factor, should be based upon the documen ed presence and reasonable distribution of buildings and other site improvements evidencing such obsolescence. Examples which might be cited include: • Functional Obsolescence: Structures are typically built for specific uses or purposes and their design, location, height and space arrangement are each intended for a specific occupancy at a given time, Buildings are obsolete when they contain characteristics or deficiencie which limit the use and marketability of such buildings. The characteris ics may include loss in value to a property resulting from an inherent de iciency existing from poor design or layout, improper orientation of build ing on site, etc., which detracts from the overall usefulness or desirability of a property. Obsolescence in such buildings is frequently difficult and expensive to correct. • Economic Obsolescence: Economic obsolescence is normally a result of adverse conditions which cause some degree of markt rejection and, hence, depreciation in market values. Typically, buildhigs classified as dilapidated and buildings which contain vacant space are haracterized by problem conditions which may not be economically curable, resulting in net rental losses and/or depreciation in market value. Summary of Findings Regarding Obsolescence There are two significant office buildings in the Area, totaling ov r 70,000 sq. ft., which have been vacant for over a decade. These buildings, whidi were designed for specific users are not easily convertible to multi-office u e. they exhibit 14