No. 2350 amending the Northeast Neighborhood Development Area Development Plan to establish a housing program

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5. The public health and welfare will be benefited by accomplishment of the Plan Amendment and Housing Program. The focused attention of this Housing . Program with the expected residential and commercial development will eliminate the blighting influences in this area and serve as a momentum factor in improving adjacent areas. 6. The accomplishment of the Plan Amendment and Housing Program will be of public utility and benefit as measured by: (A) the provision of adequate housing for low and moderate income persons; The Triangle Residential Project is proposed to be a multi-economic and diverse Housing Program area that will create new housing opportunities for low and moderate income persons. (B) an increase in the property tax base; or The proposed residential and commercial development will be of substantial increase compared to the existing property tax base. But for the increased property tax revenue projected to be generated from both the residential and commercial developments, redevelopment of this area would be an economic impossibility. (C) other similar public benefits. The creation of the Eddy Street Commons commercial area will serve as not only a neighborhood focal point as well as a retail destination location. The residential aspects of this entire project will serve as a tremendous opportunity to improve the housing stock of the City for a variety of income levels. 7. At least one-third (1/3) of the parcels in Allocation Area No. 2 established by the Housing Program are vacant. Of the 171 parcels in Allocation Area No. 2, 81 (47.4%) are presently vacant. 8. At least seventy-five percent (75%) of Allocation Area No. 2 is used for residential purposes or is planned to be used for residential purposes. 9. At least one-third (1/3) of the residential uiuts in Allocation Area No. 2 were constructed before 1941. Of the 75 residential units in Allocation Area No. 2, 40 (53.3%) were constructed before 1941. 10. At least one-third (1/3) of the parcels in Allocation Area No. 2 have at least one (1) of the following characteristics (of the 171 parcels in Allocation Area No. 2, 82 parcels or 48% of the parcels have at least one (1) of the following characteristics): (A) The dwelling unit on the parcel is not permanently occupied. 38 parcels have a dwelling unit that is not permanently occupied. . (B) The parcel is the subject of a governmental order, issued under a statute or an ordinance, requiring the correction of a housing code B-2 BDDBOI 4803756v2