2013-37 APPROVING THE GRAND AVENUE TAX INCREMENT REDEVELOPMENT PLAN

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enterprise and would not reasonably be anticipated to be developed without the adoption of this Redevelopment Plan. In addition, this Plan must include evidence indicating t at the Area, on QJ the whole has not been subject to growth and development b private Me rise. o� j g P Y P rP B CL In reviewing the facts and circumstances involving the Area, it was determinoId that the Area (U meets the statutory requirements of the "But For" test based on the following discussion of the relevant blighting factors as well as other information provided by the City and knowledgeable individuals who are familiar with the Area and its lack of development opportunities. In 14 addition, the lack of substantial renovation or updating by the current owners Df the Area has ocontributed to the lack of development opportunities in the Area. Finally, the proposed 0 redeveloper of the project which will redevelop the majority of the parcels within the Area has indicated that the implementation of Tax Increment Financing and other inducements is an essential component of its plan for redevelopment. The presence of the blighting actors, the lack of investments by current ownership and the unwillingness of a proposed redeve oper to proceed all demonstrate the need for Tax Increment Financing. A. The Decline in Equalized Assessed Value The Area over the last five years has reflected a significant decline in equalized assessed value of 19.90% compared to a growth in the rest of the City of 5.84%. This indicates a lack of reinvestment in the Area which is evidenced by the conditions of the buildings there. B. Vacancy and Demolition "There evidence of vacancy and demolition of structures within the Area which has existed for the past few years. Several buildings are vacant and three structures have been demolished due to declining conditions in the structures. The dated nature of the structures and their lack of maintenance prevent these structures from being a desirable place for residential and/or business use. The vacancies are an indication that these structures are not adequate to entice the private sector to lease space. C. Deterioration The structures in the Area as well as the improved portions of the sur ce in the Area show a significant level or deterioration. In addition; numerous code violations exist and the unoccupied portions of the buildings appear to qualify for demolition under the City codes. D. Rental Trends The rental levels within the Area are at the bottom end of the retail market and present a disincentive to any investment in the Area. T)