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

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also show lack of maintenance and repair and a lack of reinvestment. This established an overall image of the Area as one in decline or ready to decline, with a few exceptions. The proposed private redevelopment activities are contingent upon adoption of a Redevelopment Project Area and Redevelopment Plan, as there is little likelihood that money required to make public improvements and provide incentives to assist in the redevelopment activities can be generated absent TIF. The evidence of lack of investment in the area, both by existing property owners and potential private sector entities, clearly demonstrate that the Area has not been subject to investment and would not be subject to investment without the assistance provided by the City pursuant to its Home Rule powers and the Act. Absent participation and assistance by the City, private investment will not take place in the Redevelopment Area as a whole. The incidence of blighting factors is likely to increase, and the health, safety, and welfare of the public will be impaired. The long term best interests of local taxing bodies will be best served by the adoption of this Plan. The objectives of the Redevelopment Plan are: 1. Reduce or eliminate those conditions which qualify the Area as eligible for tax increment financing by carrying out the Redevelopment Plan. 2. Prevent the recurrence of blighting conditions by actions outlined herein. 3. Enhance the real estate tax base for the City and all other taxing districts which extend into the Area through the implementation and completion of the activities identified herein. 4. Encourage and assist private investment and redevelopment within the Area through the provision of financial assistance for new development as permitted by the Act. 5. Improve the overall environment of the Area including public safety and security measures so as to encourage new investment wherever possible in the surrounding neighborhood. 6. Provide for safe and efficient traffic circulation, facilitate effective emergency response time and accessibility, and general access within the Redevelopment Area. 7. Complete all public and private actions required in this Redevelopment Plan in an expeditious manner. The City has considered alternative means of financing the necessary public improvement program, as well as providing financial incentives for private investment within the Area. It was 3