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Absent participation and assistance by the City, private investment will not take place in the <br /> Redevelopment Area as a whole. The incidence of blighting factors is likely to increase, and the <br /> health, safety, and welfare of the public will be impaired. The long term best interests of local <br /> taxing bodies will be best served by the adoption of this Plan. <br /> The objectives of the Redevelopment Plan are: <br /> 1. Reduce or eliminate those conditions which qualify the Area as eligible for tax <br /> increment financing by carrying out the Redevelopment Plan. <br /> 2. Prevent the recurrence of blighting conditions by actions outlined herein. <br /> 3. Enhance the real estate tax base for the City and all other taxing districts <br /> which extend into the Area through the implementation and completion of the <br /> activities identified herein. <br /> 4. Encourage and assist private investment and redevelopment within the Area <br /> through the provision of financial assistance for new development as permitted <br /> by the Act. <br /> 5. Improve the overall environment of the Area including public safety and <br /> security measures so as to encourage new investment wherever possible in the <br /> surrounding neighborhood. <br /> 6. Provide for safe and efficient traffic circulation, facilitate effective emergency <br /> response time and accessibility, and general access within the Redevelopment <br /> Area. <br /> 7. Complete all public and private actions required in this Redevelopment Plan in an <br /> expeditious manner. <br /> The City has considered alternative means of financing the necessary public improvement <br /> program, as well as providing financial incentives for private investment within the Area. It was <br /> determined that tax increment financing constitutes the most effective means available for <br /> enabling the development of the Area to proceed. <br /> 1. Private Redevelopment Activities: <br /> New construction of commercial retail facilities will serve the needs of the general <br /> community surrounding the Area <br /> 2. Public Redevelopment Activities: <br /> No major public improvements are anticipated for the Area; however, public <br /> assistance for the categories set forth in the Project Budget is anticipated to be <br /> needed in order to allow the private redevelopment activities to occur. <br /> The estimated costs associated with the eligible public redevelopment activities is <br /> approximately $13,612,500. This estimate includes reasonable or necessary costs incurred <br /> or estimated to be incurred in the implementation of the Redevelopment Plan. It is <br />