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10 July 1J00 <br />• cP9ge'Two <br />REVENUES <br />Due to the redevelopment of two single family lots, a redevelopment district can be <br />established over the project site, if 70% of the land parcels involved contain <br />structures that are deteriorated or substandard and are in need of rehabilitation <br />or redevelopment. <br />The proposed redevelopment sites actually consist of five lots, only two of which <br />contain development. The project site consists of D, E, F, G, and H of Registered <br />Survey No. 68. As such, the area does not currently meet the 70% requirement for <br />the redevelopment district. There exists two options to bring the project site <br />into compliance with the 70% requirement: <br />Option #1 <br />Designate the redevelopment district over only lots E and G of the project site. <br />These lots contain the single family homes that are to be redeveloped. Under this <br />arrangement, 100% of the lots would qualify for redevelopment. All new building <br />redevelopment must then occur on these two lots. The accessory parking could be <br />constructed on the balance of the lots. <br />Option #1 limits the development flexibility of the site and would not result in <br />a single building site for the project which will complicate construction and <br />property layouts. <br />Option #2 <br />Prior to establishing the redevelopment district, the lots in the project site could <br />be consolidated into two parcels. After the lot consolidation both parcels would <br />qualify for a redevelopment district. <br />Option #2 is consistent with the City's requirement to have all development on a <br />single parcel. This option enlarges the development site to allow for greater <br />flexibility for site design. <br />If the project site is qualified as a redevelopment district, the bonding term for <br />the project could be as long as 25 years. The following projections reflect various <br />redevelopment bonding terms. <br />46 <br />