2013-37 APPROVING THE GRAND AVENUE TAX INCREMENT REDEVELOPMENT PLAN

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-It LD to Economic Obsolescence: Economic obsolescence is normally a result of adverse conditions which cause some degree of markt rejection and, m C hence, depreciation in market values. Typically, buildi gs classified as fa dilapidated and buildings which contain vacant space are(characterized by problem conditions which may not be economically cur ble, resulting in N net rental losses and/or depreciation in market value. M Summary of Findings Regarding Obsolescence There is no finding as to obsolescence. 0 — 0 4. Deterioration — Definition Deterioration refers to physical deficiencies or disrepair in buildings or site improvements requiring treatment or repair. • Deterioration of Buildings: While deterioration ma be evident in basically sound buildings, e.g.. lack of painting, l3 se or missing materials, or holes and cracks over limited areas, such detrioration can be corrected through normal maintenance. Such deterioratitn would not be sufficiently advanced to warrant classifying a bui ding as being deteriorated or deteriorating within the purposes of the Act. Deterioration which is not easily correctable in the curse of normal maintenance may also be evident in buildings. Such b�ildings may be classified as deteriorating or in an advanced stage f deterioration, depending upon the degree or extent of defects. Thi4 would include buildings with major defects in the secondary building c mponents (e.g,, doors, windows; porches, gutters and downspouts; fascia materials, etc.), and major defects in primary building components (e1g., foundations, frames. roofs, etc.), respectively. • Deterioration of Surface Improvements: The conditio�s of roadways, alleys, curbs, gutters, sidewalks, off-street parking and surface storage areas may also evidence deterioration; surface cracking, crumbling, potholes, depressions; loose paving materials, weeds prc}truding through the surface, etc. Summary of Findings Regarding Deterioration Throughout the Area deteriorating conditions were recorded n 67% of the properties including the surface conditions. The exterior field suey of structural conditions in the Area found structures with defects in the sec ndary structural components, including windows, doors, gutters, downspouts, po ches, chimneys, fascia materials, etc. Further, numerous conditions exist where buildings are in need c f painting, have loose or missing materials, and deteriorating conditions exist in r' adways, alleys, curbs, sidewalks, off-street parking areas and alleys in the Area. 15