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M <br /> .. A. The Decline in Equalized Assessed Value <br /> it The Area over the last five years has reflected an average growth rate of 0.72% in <br /> equalized assessed value compared to a growth in the rest of the City of 5.84%or 1.16%. <br /> V4 This indicates a lack of reinvestment in the Area which is evidenced b the conditions of <br /> N the buildings there. <br /> M <br /> ., B. Vacancy <br /> Y <br /> The evidence of very high rates of vacancy within the Area has exi ted for the over a <br /> decade. Two substantial office buildings are totally vacant with deteriorating conditions <br /> in these structures. The warehouse structure of approximately 500,000 s/f has averaged a <br /> vacancy rate 68.51% over the last six years. In 2012 there existed over 245,000 s/f of <br /> vacant space The dated nature of the structures and their lack of maintenance prevent <br /> these structures from being a desirable place for business use. The vacancies are an <br /> indication that these structures are not adequate to entice the private sec or to lease space. <br /> C. Deterioration <br /> The structures in the Area as well as the improved portions of the surface in the Area <br /> show a significant level or deterioration. <br /> D. Growth and Development Outside the Area <br /> An examination of the area across Southside Drive from the rea shows that <br /> development or reinvestment has not been occurring. No major development or <br /> redevelopment has occurred within the last five years. In addition. T e parcels to the <br /> west of the Area has not demonstrated any significant growth or invest ent. While there <br /> has been some retail development occurring to the east of the Area, this as been buffered <br /> by the existing railroad embankment which totally blocks the view of s ch development <br /> from the Area. Without significant physical improvements the imp ct of this retail <br /> development is not likely to foster any pressure on the private sector to look to the Area <br /> for potential development. <br /> F. Growth and Development Inside the Area <br /> Within at least the last ten years, there has been no growth with n the proposed <br /> Redevelopment Project Area except for the improvements made tote Warehouse to <br /> accommodate the current users. Even these improvements have not b en sufficient to <br /> provide a full occupancy of the Warehouse. I fact, the exterior of the Warehouse shows <br /> indications of deterioration or lack of investment. In addition, the leases currently in <br /> existence for the warehouse are relatively short term and do not provide any indication of <br /> the long term viability of the warehouse. The lack of reinvestment in th office building <br /> and the exterior infrastructure clearly demonstrates a failure on the pa of the private <br /> 21 <br />