No. 0908 expanding the boundaries of the WWCDA, expanding the allocation area for purposes of TIF, and amending the development plan

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4'. Industrial This district is reasonably well defined by existing industrial development. The area in- cludes newer planned facilities such as the O'Brien Paint Company located north of Washington Street, and a new construction company at the west end of Washington Street. It also includes older industrial buildings that range in age, height, size, type of construction and condition. In general, the older facilities are characterized by building obsolescence and a non - competitive arrangement of site access, parking, service and en- vironmental improvements. Contemporary industrial development in the area south of Washington Street will require removal of many of the smaller free - standing buildings in poor condition and replatting of the assembled areas for development as a planned in- dustrial park. The Concept Plan for the industrial portion of the Near Westside suggests reassembled parcels of 1-1/2 to 2 acres, along with rehabilitation of major industrial buildings. This area is located within an established Urban Enterprise Zone and Tax Abatement Impact Area, and a full range of business development incentives is available to help the area compete with newer industrial parks. The Concept Plan suggests that the to- be- assembled parcels be developed as a modern industrial park served by an internal circulation system. A landscaped perimeter along West Washington and North Birdell Streets would buffer the area from the adjacent residential blocks. 5. Public The public areas identified as part of the plan include the existing Martin Luther King Jr. Recreational Center and the City fire station. No other major public recreational uses are proposed. However, the Plan suggests a major gateway feature at the corners of Western Avenue and Chapin Street. Market Assessment An important objective during Phase I of the assignment was to examine the market potential for development alternatives within the study area. It is essential that proposed development strategies, especially short - range, action - oriented projects, are workable given current and projected market conditions. To fulfill this objective, AREA prepared a market overview. The complete market overview, attached as Appendix A to this document, is based on a review of previously prepared materials, field examination of the area and competitive market areas, and interviews with real estate practitioners. Its key conclusions are as follows: 1. Residential Market o The real estate category with the strongest potential is residential real es- tate. The study area is very attractive for low- and moderate - income families seeking to purchase a first home. The area is also attractive for low- and moderate - income renters. o Further investments in both renter- and owner- occupied housing rehabilitation would benefit the the housing stock. area by Given making the it more incomes of attractive and area owner - preserving occupants and renters, continued availability and possible expansion of public rehabilitation financing programs will be needed to encourage housing rehabilitation. 6