2013-37 APPROVING THE GRAND AVENUE TAX INCREMENT REDEVELOPMENT PLAN

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i M ti H. Receptivity of the Marketplace to Development in the Area m Discussions took place with individuals who were knowledgeable about1the potential for development in the Area. These included developers, engineers, City''officials and an CL employee of a local financial institution. The clear indication was that t is Area has not Nand would not develop without public assistance from the City. Reflected in these conversations were the lower economic demographics within the neighborhoods around the Area, the lack of rental levels necessary to entice development too cur, the existing •• lack of maintenance and investment, and the economics required for any new project to s be developed. Finally, after reviewing the proforma for the proposed project for the 0 00 Area, it is clear that this type of development would not occur given the rental levels existing in the Area and the cost of acquisition of property and demolition of existing structures within the Area. The evidence of lack of investment in the area, both by existin., property owrin rs and potential private sector entities, clearly demonstrate that the Area has not been subject t investment and would not be subject to investment without the assistance provided by the Cit pursuant to its Home Rule powers and the Act. Absent participation and assistance by the City, private investment will not t ke place in the Redevelopment Area as a whole. The incidence of blighting factors is likely to ncrease, and the health. safety, and welfare of the public will be impaired. The long term best nterests of local taxing bodies will be best served by the adoption of this Plan. SECTION VII FINDINGS OF NEED FOR TAX INCREMENT FINANCING It was determined that the Area, as a whole, is both a blighted and conservation area. The Act requires that no redevelopment plan be adopted without meeting additional requ'rements. These are addressed below: A. Area on the Whole, not Subject to Growth As set forth in Section VI above, the Area on the whole has not been subjec�t to growth and investment. B. Conformance with the City's Comprehensive Plan The proposed General Land Use Plan (Exhibit F) of this Tax Increment Redevelopment conforms to the Comprehensive Plan. All development in the Redevelopment roject Area will also conform to applicable City codes and ordinances as may be in effect at that ime. C. Estimated Dates for Completion of the Redevelopment Project Obligations incurred to finance the improvements will be repaid by incrementalrevenues which may be supplemented with funds from other sources (local sales tax, state orfederal loans or ?a I