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12/13/94 15:46 FAX 612 861 9749 CITY-RICHFIELD --►-f CITY ATTY <br /> • <br /> - At the same time,sem-related crimes occurred four times more <br /> • frequently within residential neighborhoods having at Ieast one <br /> adult entertainment business than in neighborhoods having a <br /> substantially district related commercial make-up having adult <br /> entertainment <br /> - Although the housing base within the Study Areas was of a <br /> distinctly higher value than that of the control Areas, its value <br /> •appreciated at only one-half the rate of the control Areas'and <br /> • one-third the rate of Center Township as a whole during.the period <br /> 1979- 1982.' . <br /> - Pressures within the Study Areas caused the real estate market <br /> wti in' their boundaries to perform in a manner contrary to that <br /> within the Control Areas, Center Township and the County. In a <br /> time when the market saw a decrease of 50% on listings, listings <br /> within the Study Areas actually increased slightly. <br /> - As a result,twice as many houses were placed on the market at • <br /> substantially lower prices than would be expected had the Study <br /> Area's market performance been typical for the period of time in <br /> question. <br /> • <br /> - • The great majority of appraisers(75%)who responded to a <br /> national survey of certified real estate appraisers felt that an adult <br /> bookstore Ionated within one block would have negative effect on <br /> the value of both residential (80%) and commercial (72%) <br /> • properties. 50% of these respondents foresaw an immediate <br /> • depreciation in excess of 10%. <br /> - •- -- At a distance of three blocks,the great ntaiority of respondents <br /> (71%) felt that the impact of an adult bookstore fell off sharply so <br /> that the impact was negligible on both residential (64%) and <br /> commercial (77%). At the same time, if appears that the residual <br /> effect of such a use was greater for residential than for commercial <br /> properties. <br /> - In answer to a survey question regarding the impact of an adult <br /> bookstore on property values generally, 50%felt that there would <br /> be a substantial-to-moderate negative impact,30% saw little or no <br /> impact, and 20% saw the effect as being dependent on factors <br /> such as the predominant values (property and social) existing in <br /> the neighborhood, the development standards imposed on the use, <br /> and the ability of an existing commercial node.to buffer the impact s <br /> from other uses. - <br /> 4 <br />