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Approving Economic Development Revenue Bond Martin's Realty Co Project
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Approving Economic Development Revenue Bond Martin's Realty Co Project
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Last modified
4/17/2013 2:04:09 PM
Creation date
4/17/2013 12:59:03 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
12/5/1983
Ord-Res Number
7279-83
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EXHIBIT "E" <br />1. The area for which abatement is requested contains five <br />(5) buildings, all of which were constructed during the <br />1964 -1968 period, and only one of which has been improved <br />since construction. This lack of periodic improvement <br />characteristic of commercial structures in healthy <br />environments, together with the lack of expansion during <br />the last fifteen (15) years (despite the obvious presence <br />of space for expansion) evidences the cessation of growth <br />and deterioration of the area and the improvements <br />thereon. <br />2. The economic situation of the residents of the surrounding <br />neighborhoods further impedes normal growth and <br />development. <br />3. The area in question is located in census area 65 which, <br />according to recent census dates, has the following <br />characteristics: <br />(a) the area has a median family income of only $13,445 <br />(b) the area suffers from higher than average unemployment <br />(c) only 54.8% of the residents are high school graduates <br />(d) mean public assistance in the area is $2,497 per year. <br />4. Adjacent census areas (62, 66, 67, 64) demonstrate similar <br />economic patterns. <br />5. The property in question is adjacent to the Northwest <br />neighborhood which, according to a Community Development <br />Profile (May 1983): <br />(a) has experienced an 18.3% population decline <br />(1970 -1980) <br />(b) has 46.7% of its households qualifying for section 8 <br />assistance and 42% defined as "lower income" <br />(c) has seen a vacancy rate increase from 5.9% in 1970 to <br />11.4% in 1980, and <br />(d) has 9% of its commercial structure vacant. <br />
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