2013-37 APPROVING THE GRAND AVENUE TAX INCREMENT REDEVELOPMENT PLAN

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CU ti �D E. Growth and Development Outside the Area at An examination of several blocks surrounding the Area shows that development or reinvestment has not been occurring. The residential areas reflect a clea� level of lack of maintenance or significant investment. The houses are at the lower en of the housing M market in terms of value and do not comport to the current housing tandards of the community. No new commercial development appears to have been made in the last ten to fifteen years. Y a �o In a 4 block radius outside the proposed Redevelopment Project Area, uring the last 5 years, there was no indication that significant investment was occurring. uilding permits for new construction averaged less than $81,000 per year. It is clea that no strong investment trends were occurringthat would show the possibility o private sector investment within the proposed Redevelopment Project Area. In fact, i is unlikely that any kind of investment would occur without a stabilizing project similar�o the one that is being proposed for the Area. F. Growth and Development Inside the Area Within at least the last ten years, there has been no growth within the proposed Redevelopment Project Area. In fact, the opposite appears to be occ ming since the vacant parcels in the area were created by the demolition of existing structures without any replacement with new structures. This is supported by an examination of building pen-nits which have been issued in the area over the past few years. Du ing the last five years only $1,300 in actual building permits were actually issued within the proposed Redevelopment Project Area for building improvements or approximately $4.260 a year. Within the same time period in the proposed Redevelopment Project Area. there were $150;800 in demolition permits issued with no subsequent new constniction following the demolition of structures. This clearly demonstrated the lack of reinvestment in the area. These indicate that any investment has been for routine maintenanc of the existing buildings which has been minimal considering the condition of the buildings and the site improvements. G. Analysis of New Development in the City of Decatur and Surrounding Areas New development within the metro area has been occurring at the north end of Decatur and in Forsyth in proximity to the intersection of I-72 and U.S. Route i. In addition, new development has occurred in the southeast part of Decatur and in Mount Zion. New development is also occumng in the City's Central Business District and plans are underway for significant development of the City's lakefront. None of these areas are in close proximity to the Area. Thus, no new development trends are, moving in the direction of the Area. i 23