R2013-32 RECEIVING AND FILING REPORT OF GRAND AVENUE TIF JOINT REVIEW BOARD

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vacant parcels are adjacent to neighboring areas that contain deteriorating structures or site improvements. In addition, there exists the blighting factor of lagging EAV. These two factors alone qualify the vacant parcels as blighted. However, a third standalone factor of previously being blighted improved before the parcels became vacant is sufficient to qualify the vacant parcels as blighted. 3. The Assessed Value for the Area has decreased over the last five years by 19.90% which included a one year decline of 9.89%. The growth of the balance of the Assessed Value for the City of Decatur, outside the Area over the same period was 5.84% or an average of 1.6% per year. In four (4) out of the past five (5) years from 2006 to 2011 the rate of growth of the Equalized Assessed Value of the area of the City outside the Area has exceeded the rate of increase of the Equalized Assessed Value of the Area. In addition, in four (4) out of five (5) years from 2006 to 2011, the rate of growth of the Consumer Price Index has exceeded the rate of increase of the Equalized Assessed Value of the Area. Therefore,the statutory criteria have been met. 4. The Area exceeds the statutory minimum size of 1-1/2 acres. 5. The Area is contiguous, and is contained within a single perimeter boundary. 6. All properties included in the Area will substantially benefit from being included in the Area. 7. The Redevelopment Plan conforms to the Comprehensive Plan for the development of the municipality as a whole as determined by the City Council. 8. The Area, as a whole, has not been subject to growth and development through investment by private enterprise and would not reasonably be anticipated to be developed without the adoption of the Redevelopment Plan. It is clear that the Area, on the whole, has not been subject to growth and investment and would not develop without the adoption of this Redevelopment Plan and Tax Increment Financing. Several knowledgeable parties familiar with the Area have recognized that the Area would not readily develop on its own because of the existing conditions and the fact that there was no pressure from the private market place. The potential developer has confirmed this by indicating that it would not invest in the Area without the adoption of Tax Increment Financing and this Redevelopment Plan. The Equalized Assessed Value of the Area is lagging significantly behind the rest of the Town and evidence of the lack of reinvestment can be seen throughout the Area. Properties in the Area have histories of poor building maintenance, poor mechanical and building systems and conditions which pose significant fire and life safety hazards, inadequate interior conditions and the lack of any significant reinvestment. In addition they 2