No. 2383 contracting the boundaries of the West Washington-Chapin Development Area

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o Acquisition of blighted property on Washington Street, relocation of businesses and residents, and demolition of buildings for redevelopment of assembled sites in accordance with the Development Plan. Funding for this project is expected to be approved as part of a Section 108 Loan request which is still pending with the Department of Housing and Urban Development (HUD). The recommended time table for implementing the Washington Street Redevelopment project will begin immediately upon notification of HUD approval of the City's Section 108 loan application. ^ Property acquisition appraisals, negotiation with property owners, closing on property acquisition, relocation of existing businesses and households, and demolition of buildings and site preparation will require 9 to 12 months to complete. This time frame could be extended if acquisition cannot be concluded without full use of the City's eminent domain powers. • Efforts by the City, WWCRP and SBHF to finalize feasibility, studies and to prepare design plans for new housing should be concluded during the same 9 to 12 month period as land assembly and site preparation. Conveyance of acquired property for the start of construction on new housing should be scheduled no later than the completion of site preparation. Construction of the new housing (depending on phasing) should require 9 to 12 months. The objective of the recommended time table is to have new housing available for initial occupancy within 18 months following approval of the Section 108 Loan Application. o Projects which may be funded as part of the City's Community Development Block Grant (CDBG) program. These include all of the programs currently administered by the City, including residential rehabilitation site improvements, etc. Because CDBG funds are subject to annual appropriation, decisions on projects to be implemented are made on a one- year-at-a-time basis. WWCRP should work with the City to insure that progress continues to be made each year toward rehabilitation of buildings and the elimination of vacant, seriously deteriorated buildings. o To the extent that the City's general purpose revenues and staff resources will permit, an expanded program of crime prevention should be implemented. To be successful, the crime prevention program must be developed on a cooperative basis with the active involvement and support of the City's Police Department, all citizen-based organizations, and residents of the neighborhood. Successful completion of the Washington Street redevelopment project will have a major beneficial impact on the neighborhood. New housing should result in a major increase in real estate values that should, in turn, begin to provide the City with incremental real estate tax revenue. The existing assessed value of property within the Washington Street area is $99,520. Construction of 40 residential units and the construction or rehabilitation of approximately 20,000 square feet of commercial building space will result in an increase in assessed value estimated at $800,000. At the current tax rate for the area, the increase in assessed value would result in an annual increase in property tax revenue estimated at $ 108,000. The incremental tax 30