2003-64 ADOPTING AND APPROVING THE NEAR NORTH REDEVELOPMENT PLAN

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I, I � The City will use Incremental Property Taxes to stimulate the comprehensive and coordinated J development of the Redevelopment Project Area. Only through incurring Redevelopment � Project Costs allowed under the Act would the Redevelopment Project Area develop on a I comprehensive and coordinated basis, thereby reducing the factors, which have precluded substantial development of the Redevelopment Project Area by the private sector. Left on its own, the Redevelopment Project Area, without incurring Redevelopment Project Costs I authorized by the Act, will continue to experience blight conditions and will see that blight expand into adjacent neighborhoods, thereby further eroding the property tax base. The use of Incremental Property Taxes by the City will permit the City to direct and coordinate I public infrastructure improvements to stimulate private investment. The proposed site preparation work, interest subsidy, and public infrastructure improvements and corresponding investments will I benefit the City, its residents, and all local governments serving the Redevelopment Project Area. The anticipated benefits include: • An increased property tax base for all local taxing districts. � • Elimination of blight in the Redevelopment Project Area as well as general physical I improvement and upgrading of surrounding properties. • The enhancement of a commercial corridor which serves the needs of residents and visitors � to the Redevelopment Project Area. • Improvements to the general aesthetic quality of the Redevelopment Project Area and a heavily traveled corridor though the City. I • New job opportunities; particularly for Redevelopment Project Area residents. • The stabilization of the physical core and property tax base of the community. � The above benefits will be realized by implementing a redevelopment plan which includes the following: I • A coordinated neighborhood design and master plan. The Near North Redevelopment Plan and Guidelines book (Pattern Book) prepared by Goody Clancy & Associates provides an overall blueprint for a high quality, attractive and functional neighborhood master plan for ' the Redevelopment Project Area. • New residential development. As proposed the Pattern Book calls for the construction of 650+ new residential units to serve a mix of incomes; including both rental and for-sale I units. • Improve and replace a�g and inadequate infrastructure. The Pattern Book contemplates significant improvements and upgrades to the public utility system serving the � Redevelopment Project Area. • Implement a Redevelo�ment Proiect Area-wide landscape and aesthetic improvement plan. The Pattern Book contains specific guidelines for aesthetic and landscape ' improvements. • Incorporate Pedestrian and Recreational Improvements. The Pattern Book calls for significant pedestrian and recreational improvements including bike and walking paths and , open space for passive and active recreation. � 4 '