2010-04 APPROVING THE TAX INCREMENT PINES SHOPPING CENTER REDEVELOPMENT PLAN

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V� U7 Q� °1 • Economic Obsolescence: Economic obsolescence is normally a result of to CL adverse conditions which cause some degree of market rejection and, ,.� hence, depreciation in market values. Typically, buildings classified as dilapidated and buildings which contain vacant space are characterized by problem conditions which may not be economically curable, resulting in net rental losses and/or depreciation in market value. YI 0 Summary of Findings Regarding Obsolescence 0 +x The field survey of main buildings and properties in the Area found that many exhibit characteristics of obsolescence. Both buildings in the Area were found to be obsolete. They are below today's standards and do not appear to be reusable based on current community standards. 4. Deterioration —Definition Deterioration refers to physical deficiencies or disrepair in buildings or site improvements requiring treatment or repair. • Deterioration of Buildings: While deterioration may be evident in basically sound buildings, e.g., lack of painting, loose or missing materials, or holes and cracks over limited areas, such deterioration can be corrected through normal maintenance. Such deterioration would not be sufficiently advanced to warrant classifying a building as being deteriorated or deteriorating within the purposes of the Act. Deterioration which is not easily correctable in the course of normal maintenance may also be evident in buildings. Such buildings may be classified as deteriorating or in an advanced stage of deterioration, depending upon the degree or extent of defects. This would include buildings with major defects in the secondary building components (e.g., doors, windows, porches, gutters and downspouts, fascia materials, etc.), and major defects in primary building components (e.g., foundations, frames, roofs, etc.), respectively. • Deterioration of Surface Improvements: The conditions of roadways, alleys, curbs, gutters, sidewalks, off-street parking and surface storage areas may also evidence deterioration; surface cracking, crumbling, potholes, depressions, loose paving materials, weeds protruding through the surface, etc. Summary of Findings Regarding Deterioration Throughout the Area deteriorating conditions were recorded on 100% of the structures and all of the surface conditions. The exterior field survey of structural conditions in the Area found structures with defects in the secondary structural components, including windows, doors, gutters, downspouts, porches, chimneys, fascia materials, etc. 15