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

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j� rn G. Analysis of New Development in the City of Decatur and Surrounding eo Areas Ll ,-i New development within the metro area has been occurring at the north end of Decatur and in Forsyth in proximity to the intersection of I-72 and U.S. Route 51. In addition, ar new development has occurred in the southeast part of Decatur and in Mount Zion. Neither of these areas are in close proximity to the Area. Thus, no new development trends are moving in the direction of the Area. 0 �+ H. Receptivity of the Marketplace to Development in the Area Discussions took place with individuals who were knowledgeable about the potential for development in the Area. These included developers, engineers, City officials and an employee of a local financial institution. The clear indication was that this Area has not and would not develop without public assistance from the City. Reflected in these conversations were the lower economic demographics within the neighborhoods around the Area, the lack of rental levels necessary to entice development to occur, the existing lack of maintenance and investment, and the economics required for any new project to be developed. Finally, after reviewing the proforma for the proposed project for the Area, it is clear that this type of development would not occur given the rental levels existing in the Area and the cost of acquisition of property and demolition of existing structures within the Area. 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. SECTION VII FINDINGS OF NEED FOR TAX INCREMENT FINANCING It was determined that the Area, as a whole, is a conservation area. The Act requires that no redevelopment plan be adopted without meeting additional requirements. These are addressed below: A. Area on the Whole, not Subject to Growth As set forth in Section VI above, the Area on the whole has not been subject to growth and investment. 22