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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B j� rkgt 4D5 and Recgmmendations Based of this real estate market overview, we have reached several preliminary conclusions regarding the study area's key revitalization opportunities and constraints. During later phases'of this assignment, these market - related conclusions will be combined with other factors affecting the area such as its physic=al condition, and layout to develop an overall revitalization strategy. The key market conclusions are as follows: 1. Re s i -0 gn t i -a I' _abet o The real estate category with the strongest potential is residential real estate. 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 area by making the area more attractive and preserving the housir_g stock. Given the incomes of area owner-occupants and renters, continued availability and possible expansion of public rehabilitation financing programs will be needed to encourage housing rehabilitation. O it ht nln the study area's historic district t'l , i :'?vestzme. ^.t continues in substantial housing improvements. Encouragement of housing rehabilitation by young families seeking affordable older homes will further stabilize the Near 4vestside Neighborhood and strengthen the demand for resales of renovated homes. o The feasibility cf building new rental or owner - occupled housing in the study aYea is limited. Given local construction costs, it is unlikely that new housing can be built with acceptable sales prices or rent levels unless major public subsidies are provided. New market -rate units with rents or purchase prices adequate to cover all development costs would not be marketable in the studv area in the near future. 2, o Retail development potential in new or rehabilitated buildings within the study area 5 APPLIED REAL ESTATE ANALYSIS, INC.