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im <br /> kD <br /> U1 <br /> 01 <br /> B. Vacancy <br /> it <br /> CL There has been a significant vacancy within the Area which has existed for the past few <br /> T-4 years. Six out of ten of the available store fronts are now vacant with a vacancy factor <br /> 0 of 31.5% which is significantly higher than the industry standards for shopping centers <br /> IT of this type. The dated nature of the structures and their lack of maintenance prevent <br /> these structures from being a desirable place for business. The vacancy rate also is an <br /> indication that these structures are not adequate to entice the private sector to lease <br /> 0 space. <br /> �T4 <br /> C. Deterioration <br /> The structures in the Area as well as the improved portions of the surface in the Area <br /> show a significant level or deterioration. In addition, numerous code violations exist <br /> and the unoccupied portions of the buildings appear to qualify for demolition under the <br /> City codes. <br /> D. Rental Trends <br /> The rental levels within the Area are at the bottom end of the retail market and present a <br /> disincentive to any investment in the Area. <br /> E. Growth and Development Outside the Area <br /> An examination of several blocks surrounding the Area shows that development or <br /> reinvestment has not been occurring. The residential areas reflect a clear level of lack <br /> of maintenance or significant investment. The houses are at the bottom end of the <br /> housing market in terms of value and do not comport to the current housing standards <br /> of the community. No new commercial development appears to have been made in the <br /> last ten to fifteen years. It is unlikely that any kind of investment would occur without <br /> a stabilizing project similar to the one that is being proposed for the Area. <br /> F. Growth and Development Inside the Area <br /> Within the last ten years, there has been no growth within the Area. In fact, the vacant <br /> parcels in the Area have been available for development since the existing structures <br /> were constructed in 1962 and have yet to be developed. This is supported by an <br /> examination of building permits which have been issued in the area over the past few <br /> years. These indicate that any investment has been for routine maintenance of the <br /> existing buildings which has been minimal considering the condition of the buildings <br /> and the site improvements. <br /> 21 <br />