Kingsland Walk Redevelopment Plan & Project

Transcription

1 Kingsland Walk Redevelopment Plan & Project Prepared for: July 1, 2009 ST. LOUIS, MISSOURI

2 TABLE OF CONTENTS SECTION/SUB-SECTION TITLE PAGE NUMBER SECTION 1 INTRODUCTION CONCEPT OF TAX INCREMENT FINANCING THE AREA PLAN PURPOSE SECTION 2 REDEVELOPMENT AREA BASIS FOR DESIGNATION & SUMMARY OF THE REDEVELOPMENT PROPOSAL BASIS FOR REDEVELOPMENT AREA DESIGNATION SUMMARY OF THE REDEVELOPMENT PROJECT COMPLIANCE WITH THE COMPREHENSIVE PLAN SECTION 3 ANALYSIS OF CONSERVATION AREA FACTORS INTRODUCTION AGE SUMMARY OF FINDINGS REGARDING AGE CONSERVATION AREA FACTORS OBSOLESCENCE DEPRECIATION OF PHYSICAL MAINTENANCE DETERIORATION EXCESSIVE LAND COVERAGE DELETERIOUS LAND USE OR LAYOUT LACK OF COMMUNITY PLANNING SUMMARY SECTION 4 REDEVELOPMENT PLAN PROGRAM OBJECTIVES REDEVELOPMENT PROJECT GENERAL LAND USES TO APPLY ESTIMATED REDEVELOPMENT PROJECT COSTS ANTICIPATED SOURCES OF FUNDS TO PAY COSTS ANTICIPATED TYPE AND TERM OF THE SOURCES OF FUNDS AND THE TYPES AND TERMS OF THE OBLIGATIONS TO BE ISSUED EVIDENCE OF THE COMMITMENT TO FINANCE PROJECT COSTS AND DEVELOPERS AFFIDAVIT EQUALIZED ASSESSED VALUATION ESTIMATED DATES FOR COMPLETION OF THE REDEVELOPMENT PROJECT & RETIREMENT OF OBLIGATIONS RELOCATION PLAN AND ASSISTANCE ii - PGAVURBANCONSULTING

3 SECTION 5 FINDINGS A CONSERVATION AREA CONFORMANCE WITH THE COMPREHENSIVE PLAN ESTIMATED DATES OF COMPLETION RELOCATION ASSISTANCE COST-BENEFIT ANALYSIS GAMBLING ESTABLISHMENTS DEPARTMENT OF ECONOMIC DEVELOPMENT REPORT ATTACHMENT 1 SUPPORTING MAPS & EXHIBIT P-1 PLATE 1 REDEVELOPMENT AND REDEVELOPMENT PROJECT AREA PLATE 2 AERIAL PHOTO PLATE 3-A EXISTING LAND USE PLATE 3-B EXISTING LAND USED IN THE SURROUNDING AREA PLATE 4 EXISTING ZONING PLATE 5 EXISTING CONDITIONS PLATE 6 GENERAL LAND USE PLAN EXHIBIT P-1 PARCEL IDENTIFICATION LIST ATTACHMENT 2 ATTACHMENT 3 ATTACHMENT 4 ATTACHMENT 5 BOUNDARY DESCRIPTION COMMITMENT LETTER & AFFIDAVIT PHOTO APPENDIX RELOCATION POLICY TABLES: 3-1 ASSESSED VALUATION TRENDS ESTIMATED REDEVELOPMENT PLAN & PROJECT COSTS ANTICIPATED REDEVELOPMENT PLAN & PROJECT IMPLEMENTATION COSTS AND FINANCING SOURCES ESTIMATED EQUALIZED ASSESSED VALUATION (EAV) BEFORE AND AFTER DEVELOPMENT iii - PGAVURBANCONSULTING

4 DRAFT CONCEPT OF TAX INCREMENT FINANCING SECTION 1 INTRODUCTION In pursuit of the redevelopment of a declining area or to induce the development of an area which has been deficient in growth and development, the State of Missouri provides various statutory tools that a municipality may utilize in order to initiate private and public development/redevelopment. One such tool is Tax Increment Financing ( TIF ), as defined by the Real Property Tax Increment Allocation Redevelopment Act (R.S. MO. Sections to , as amended), hereinafter referred to as the TIF Act. The TIF Act provides for the establishment of tax increment financing districts referred to herein as "Redevelopment Areas." In order to establish a Redevelopment Area, the area in question must meet the definition of one of three types of areas under the TIF Act: Blighted Area; Conservation Area; or Economic Development Area. Prior to the establishment of a Redevelopment Area, a Redevelopment Plan (the Plan ) must be prepared which identifies specific Redevelopment Projects within the Redevelopment Area. The Plan must outline the objectives which it intends to accomplish, how the Redevelopment Projects accomplish those objectives, and provide a program by which the objectives and the Redevelopment Projects will be accomplished. The purpose of establishing the Redevelopment Area is to reduce or eliminate those conditions which cause the Area to qualify as either a blighted or conservation area, to foster economic and physical improvements, and to enhance the tax base of the taxing districts that levy taxes within the Redevelopment Area. The initial step in establishing the Redevelopment Area is to analyze the area being contemplated for designation. This is necessary to determine whether the area meets the criteria specified in the TIF Act for designation as a Blighted, Conservation, or an Economic Development Area. Once the governing body of a city has determined that the area qualifies, it may approve a Redevelopment Plan. The Redevelopment Plan identifies objectives, policies, Redevelopment Projects, activities and costs necessary to accomplish the redevelopment of the Area. Funding and financing aspects of the Plan are also outlined, as well as Plan schedules and dates for implementation. The concept of TIF is relatively simple. Incremental revenue is created when there is an increase in tax revenues within the boundaries of the designated Redevelopment Area above the annual revenue that the Redevelopment Area generated in the year prior to its establishment. New development is "induced" to occur through the ability to use the incremental revenue created by the new development to finance certain costs of redeveloping an Area. Bonds or other financial obligations can be issued at the inception of a project to pay eligible redevelopment project costs. Typically, bonds or other financial obligations are issued to finance the redevelopment project costs are then retired on an annual basis using the incremental revenue generated from the new development. This revenue is set aside in a special fund known as the "special allocation fund. A municipality or county may also finance project costs on a pay-as-you-go basis using revenues deposited to the special allocation fund. During the up-to 23-year period in which the incremental revenue is dedicated to the purposes specified in the Plan, all taxing districts that levy ad valorem taxes in the Redevelopment Area continue to receive the taxes based upon the property values PGAVURBANCONSULTING

5 DRAFT which existed prior to the adoption of TIF. Those local jurisdictions that levy economic activity taxes (e.g. sales and utility taxes) also continue to collect the amounts of these taxes that existed prior to the implementation of a TIF district, and fifty percent (50%) of the new economic activity taxes generated within the Redevelopment Area. In addition, local jurisdictions receive one hundred percent (100%) of the new revenues generated by the Commercial Surcharge levied against commercially classed property and one hundred percent (100%) of new personal property tax revenues. The TIF Act requires that the city establish a TIF Commission prior to establishing a Redevelopment Area. This body consists of 12 persons appointed as follows: six members appointed by the chief executive officer of St. Louis County; three members appointed by the cities, towns or villages within the County that have TIF districts; two members appointed by the school boards whose districts are included in the County (in a manner in which the school boards agree); and one member to represent all other taxing districts levying ad valorem taxes within the proposed Redevelopment Area (appointed in a manner in which all such districts agree). The TIF Commission's role is to review and consider the area proposed to be designated as a Redevelopment Area and to make a recommendation to the governing body of the city regarding the establishment of the Redevelopment Area and the associated Redevelopment Plan and Project(s). Once the TIF Commission's initial work is done, the members appointed by the cities, towns or villages within the County, the school board and other taxing districts terms expire. The six members appointed by the County shall continue to serve on the TIF Commission until replaced. There are several advantages in choosing TIF over other redevelopment programs. Because the TIF Act authorizes the TIF revenues to be pledged to bonds or other financial obligations, the developer and the city have funds available at the beginning of the development process when they are typically needed the most. Another advantage is that TIF requires all the taxing entities to share in foregoing the receipt of new revenue during the period in which the obligations are being retired. Additionally, the city, and other taxing districts, must dedicate 50% of their local economic activity tax revenue (e.g. sales and utility taxes) generated by the new development to the special allocation fund, not just their property tax increment. Additionally, in the TIF process the city is vested with control over where and how the increment will be used. THE AREA The Kingsland Walk Redevelopment Area (hereinafter referred to as the Redevelopment Area or Area ) contains approximately 1.83 acres of land located at the intersection of Kingsland and Vernon Avenues within the corporate limits of (the City ). The boundaries of the Redevelopment Area and Redevelopment Project Areas are shown on Plate 1 Redevelopment Area Boundary included in Attachment One and further described in the boundary description contained in Attachment Two. The Area consists of four parcels. An aerial photo of the Area is included in Plate 2 Aerial Photo in Attachment One. Land uses within the Area include commercial and public uses. Existing land uses within the Area are shown on Plate 3-A Existing Land Use and Plate 3-B Existing Land Uses in the Surrounding Area in Attachment One. A map showing existing zoning is contained in Attachment One as Plate 4 Existing Zoning PGAVURBANCONSULTING

6 DRAFT PLAN PURPOSE The primary purpose of this Plan is to establish the process by which redevelopment within the Area can occur. This process will enable the City to carry out the comprehensive redevelopment envisioned by this Plan. Without the assistance provided through TIF, the Area is not likely to experience significant growth and development through investment by private enterprise. This Redevelopment Plan anticipates that the Redevelopment Area will contain two Redevelopment Project Areas ( RPA ) as depicted in Plate 1 Redevelopment Area Boundary in Attachment One. In order to establish an Area, the overall Area and the RPAs must meet certain criteria set forth in the TIF Act. One of the purposes of this Plan is to document the qualifications of the Area with respect to designation under the terms and conditions of the TIF Act. In addition, this document serves as the basis for establishing the general redevelopment program and TIF financing parameters that will financially assist the City and property owners/redevelopers in implementing the redevelopment program. This assistance is anticipated to: Facilitate the comprehensive and unified redevelopment of the Area; and Result in the construction of necessary improvements (public and private) within the Area PGAVURBANCONSULTING

7 DRAFT SECTION 2 REDEVELOPMENT AREA BASIS FOR DESIGNATION & SUMMARY OF THE REDEVELOPMENT PROJECT BASIS FOR REDEVELOPMENT AREA DESIGNATION In order to establish a Redevelopment Area, the area in question must meet the definition of one of three types of areas under the TIF Act: Blighted Area; Conservation Area; or Economic development Area. As determined by field investigations and analyses undertaken for this Plan, the Area was found to exhibit the requirements necessary for designation under the TIF Act as a Conservation Area. The analysis of existing conditions and evidence of the factors present in the Area are described in detail in Section 3, Analysis of Conservation Area Factors. The Conservation Area qualification factors present in the Area are summarized below: More than 50% of the structures in the Area are 35 years old or older; Obsolescence; Deterioration; Depreciation of Physical Maintenance; Excessive Land Coverage; Deleterious Land Use or Layout; and, Lack of Community Planning. Certain factors found in the Redevelopment Area lead to the conclusion that without the use of tax increment financing, as envisioned in this Plan, the Area would not be subject to growth and development by private enterprise in a manner consistent with the development goals and objectives for the Area. These factors are: The cost of demolition and environmental remediation; The cost of removal of obsolete utilities; and The cost required to construct public infrastructure capable of supporting redevelopment envisioned by this Plan PGAVURBANCONSULTING

8 DRAFT SUMMARY OF THE REDEVELOPMENT PROJECT The Kingsland Walk Redevelopment Area is situated at the intersection of Vernon Avenue and Kingsland Avenue two blocks north of the University City Loop District. It is bounded on the north by Vernon, on the west by Kingsland, on the south by Metcalfe Park and on the east by a new day care facility facing Vernon. The Redevelopment Area includes four parcels of land having the following addresses: 6668 Vernon, 858 Kingsland, 852 Kingsland, and 844 Kingsland. The Redevelopment Project is intended to alleviate those conditions that qualify the Area as a Conservation Area in order to facilitate the economic revitalization of the Area. Redevelopment Project activities include the use of TIF funds for streetscape, utility, and other public improvements and development including the construction of new residential dwellings and commercial facilities. These redevelopment activities will be funded from TIF revenues deposited to the special allocation fund. This Redevelopment Plan proposes the relocation of any existing users/tenants within the Redevelopment Area, the demolition of existing improvements, and the construction of a mixeduse residential, retail and commercial office facility. The Redevelopment Plan will be executed through the implementation of two RPAs within the Redevelopment Area: RPA-1 Project: Kingsland Walk Phase One includes the construction of four buildings, comprising approximately 51 residential units and approximately 8,800 square feet of retail space. RPA 1 is scheduled for completion and operation by early RPA-2 Project: Kingsland Walk Phase Two includes the construction of five buildings comprising approximately 47 residential units and approximately 11,000 square feet of retail space. RPA 2 is scheduled for completion and operation by early The residential and retail space configurations for both RPA-1 and RAP-2 are based on preliminary plans provided by the Developer and may change. The Developer is Metropolitan Development Kingsland Walk, LLC which employs Metropolitan Design and Building, a twenty-eight year old firm located in Maplewood, Missouri with significant experience in both residential and mixed-used commercial retail construction. The architect is Thomas Cohen Architecture. Principals of both the contractor and the architect are partners in the execution of the Redevelopment Project. Metropolitan Development - Kingsland Walk, LLC is a collaboration of the respective partners. COMPLIANCE WITH THE COMPREHENSIVE PLAN University City staff updated the City s Comprehensive Plan in 2005, which plan was adopted by the City Council on June 5, 2006 and later amended on May 21, The Comprehensive Plan designates a number of areas within the City for redevelopment mapping out each redevelopment area and recommending preferred uses for each. These redevelopment areas are spread throughout the City and focus on major thoroughfares and intersections. The Kingsland Walk Redevelopment Project falls within the Comprehensive Plan s Redevelopment PGAVURBANCONSULTING

9 DRAFT Area 13. While a preferred use is not specifically denoted on the map of Redevelopment Area 13 provided in the Comprehensive Plan, Table 18 describes the Redevelopment Area 13 and states: Corner of Kingsland and Vernon: Neighborhood serving commercial restaurant, convenience goods. This area has many assets, including its proximity to downtown, business parks, and an established high-density residential area. Additional high-density residential development is proposed in the area. The proposed Redevelopment Project would fulfill the preferred use for the corner of Kingsland and Vernon as voiced in the City s Comprehensive Plan PGAVURBANCONSULTING

10 DRAFT SECTION 3 ANALYSIS OF CONSERVATION AREA FACTORS INTRODUCTION This Section sets forth the factors identified in the TIF Act that were found to be present in the Area that meet the definition of a Conservation Area according to Section of the TIF Act. The TIF Act defines a Conservation Area as follows: any improved area within the boundaries of a redevelopment area located within the territorial limits of a municipality in which fifty percent or more of the structures in the area have an age of thirty-five years or more. Such an area is not yet a blighted area, but is detrimental to the public health, safety, morals, or welfare and may become a blighted area because of any one or more of the following factors: dilapidation; obsolescence; deterioration; illegal use of individual structures; presence of structures below minimum code standards; abandonment; excessive vacancies; overcrowding of structures and community facilities; lack of ventilation, light or sanitary facilities; inadequate utilities; excessive land coverage; deleterious land use or layout; depreciation of physical maintenance; and lack of community planning. A Conservation Area shall meet at least three of the factors provided in this subdivision for projects approved on or after the effective date of this section (R.S. MO (3)) The existing conditions were identified and analyzed to determine if the proposed Redevelopment Area met the qualifying criteria established for a Conservation Area. Information gathered for this analysis was derived from several sources. Field investigations were conducted by the staff of PGAV on April 14, During field investigations, observable exterior conditions were identified. AGE The first criterion that must be met to qualify as a Conservation Area is that fifty percent of the structures must be at least 35 years of age. Age indicates the existence of problems or limiting conditions resulting from normal and continuous use of structures and exposure to the elements over a period of many years. As a rule, older buildings typically exhibit more problems than buildings constructed in later years because of longer periods of active usage (wear and tear) and the impact of time, temperature, and moisture. Additionally, older buildings tend not to be ideally suited for modern-day space and development standards and typically do not meet current building codes. These typical and problematic conditions associated with age can be the initial indicators that other Conservation Area factors may be present in the Area. Summary of Findings Regarding Age: Seventy-five percent (75%) of the structures in the Area are 35 years of age or older, as indicated by St. Louis County records regarding the parcels and structures within the Area. Therefore, the Area meets the threshold requirement for a Conservation Area in that 50% or more of the structures in the Area exceed 35 years of age PGAVURBANCONSULTING

11 DRAFT CONSERVATION AREA FACTORS As indicated above, PGAV staff conducted field investigations of observable conditions in the Area. During these field investigations, conditions were noted for individual buildings and sites located within the Area. For the purposes of this report, these findings have been summarized by block on Plate 5 Conservation Area Factors in Attachment One of the Appendix. In addition, photographs of various conservation area factors observed within the Area are provided in Attachment Four Photo Index in the Appendix. The Redevelopment Area is composed of four (4) parcels which contain four separate buildings. Each parcel exhibits at least three of the following conservation area factors: obsolescence; deterioration; depreciation of physical maintenance; excessive land coverage; deleterious land use or layout; and lack of community planning. A. OBSOLESCENCE An obsolete building or improvement is one that is going out of use -- not entirely disused, but gradually becoming so. Thus, obsolescence is the condition or process of falling into disuse. Obsolescence, as a factor, is based upon the documented presence and reasonable distribution of buildings and other site improvements evidencing such obsolescence. Examples include: a. Functional Obsolescence: Structures are typically built for specific uses or purposes and their design, location, height and space arrangement are each intended for a specific occupancy at a given time. Buildings are obsolete when they contain characteristics or deficiencies that limit the use and marketability of such buildings for their original intended use. The characteristics of functional obsolescence may include loss in value to a property resulting from an inherent deficiency existing from poor design or layout, improper orientation of a building on site, improper use (i.e., a current use inappropriate to the building s original, intended use), etc. These characteristics detract from the overall usefulness or desirability of a property for its original, intended use. Obsolescence in such buildings is typically difficult and expensive to correct. b. Economic Obsolescence: Economic obsolescence is normally a result of adverse conditions that cause some degree of market rejection, and hence, depreciation in market values. Typically, buildings classified as dilapidated and buildings that contain vacant space are characterized by problem conditions that may not be economically curable, resulting in net rental losses and/or depreciation in market value. c. Obsolete Platting: Obsolete platting includes parcels of limited or narrow size and configuration or parcels of irregular size or shape that would be difficult to develop on a planned basis and in a manner compatible with contemporary standards and requirements. Plats that created inadequate right-of-way widths for streets, alleys and other public right-of-ways, or which omitted easements for public utilities, should also be considered obsolete. d. Obsolete Site Improvements: Site improvements, including sewer and water lines, public utility lines (gas, electric and telephone), roadways, parking areas, parking structures, sidewalks, curbs and gutters, lighting, etc., may also evidence obsolescence in terms of their relationship to contemporary development standards for such improvements. Factors of this type of obsolescence may include inadequate utility capacities, outdated designs, etc PGAVURBANCONSULTING

12 DRAFT Summary of Findings Regarding Obsolescence: Obsolescence was observed on each parcel in the Area. Obsolete conditions were evidenced by instances of functionally obsolete buildings, obsolete platting, and economically obsolete improvements Vernon Economic Obsolescence: The building located at 6668 Vernon has been vacant for at least the past five years. The building s previous use was as an equipment storage and service facility for Southwestern Bell Telephone Company (now AT&T). The building s consistent vacancy indicates a lack of market interest for the building s original use. 858 and 852 Kingsland Obsolete Platting: Both 858 and 852 Kingsland show evidence of obsolete platting as one building straddles both parcels. Such a configuration indicates that the existing platting is inappropriate to the improvements constructed thereon. 844 Kingsland Functional Obsolescence: The building located at this address was originally built for use as a warehouse. It is currently being used as a day-care facility; a use for which its original construction was clearly not intended. The fact that this building, originally intended for storage and/or light industrial uses, is currently being used for such commercial service activities as children s daycare clearly exhibits a functional obsolescence. Furthermore, in addition to the parcel-specific factors described above, the assessed valuations of improvements within the Area have decreased in recent years, evidencing not only their depreciated physical condition but also their economic obsolescence. Table 3-1, on the following page, illustrates recent trends in the assessed values of land and improvements in the Area. According to information gathered from the St. Louis County Assessor s Office website, from 1999 through 2006 there was no change in the assessed valuation of each parcel within the Redevelopment Area; for this reason, Table 3-1, on the following page, does not show assessed valuations going all the way back to In 2007 the assessed values of these parcels increased thirty-one percent (31%), with most of this being attributable to a substantial increase in the total assessed value of the land in the Redevelopment Area. The total assessed value of all land in the Area increased eighty percent (80%), while the total assessed value of all improvements in the Area increased nineteen percent (19%). In 2009, the total assessed value of all land within the Redevelopment Area increased eighty-three percent (83%) while the assessed value of all improvements in the Redevelopment Area declined twenty-three percent (23%) PGAVURBANCONSULTING

13 DRAFT Table 3-1 Assessed Valuation Trends 1 Kingsland Walk Redevelopment Area University City, MO Parcel ID# Property Address Building Construction Year Building Age (Years) Values 2004 Assessed Value 2005 Assessed Value 2006 Assessed Value 2007 Assessed Value Percent Change (2007 over 2006) 2008 Assessed Value 2009 Assessed Value Percent Change (2009 over 2008) Commercial Land Value $ 34,240 $ 34,240 $ 34,240 $ 61,660 80% $ 61,660 $ 71,360 16% 18H Vernon Avenue Improvement Value $ 100,030 $ 111,040 $ 111,040 $ 126,340 14% $ 126,340 $ 105,020-17% Total Assessed Value $ 134,270 $ 145,280 $ 145,280 $ 188,000 29% $ 188,000 $ 176,380-6% Land Value $ 14,820 $ 14,820 $ 14,820 $ 26,660 80% $ 26,660 $ 23,680-11% 19J Kingsland Avenue Improvement Value $ 106,660 $ 111,780 $ 111,780 $ 130,370 17% $ 130,370 $ 123,680-5% Total Assessed Value $ 121,480 $ 126,600 $ 126,600 $ 157,030 24% $ 157,030 $ 147,360-6% Tax-Exempt Land Value $ 9,470 $ 9,470 $ 9,470 $ 17,060 80% $ 17,060 $ 71, % 18H Kingsland Avenue Improvement Value $ 42,940 $ 45,280 $ 45,280 $ 63,970 41% $ 63,970 $ 18,530-71% Total Assessed Value $ 52,410 $ 54,750 $ 54,750 $ 81,030 48% $ 81,030 $ 89,570 11% Land Value $ 2,690 $ 2,690 $ 2,690 $ 4,860 81% $ 4,860 $ 35, % 18H Kingsland Avenue Improvement Value $ 1,920 $ 2,370 $ 2,370 $ 2,530 7% $ 2,530 $ 2,370-6% Total Assessed Value $ 4,610 $ 5,060 $ 5,060 $ 7,390 46% $ 7,390 $ 37, % 1 Source: St. Louis County Assessor's website. Total Land Value $ 61,220 $ 61,220 $ 61,220 $ 110,240 80% $ 110,240 $ 201,250 83% Total Improvement Value $ 251,550 $ 270,470 $ 270,470 $ 323,210 19% $ 323,210 $ 249,600-23% Total Assessed Value $ 312,770 $ 331,690 $ 331,690 $ 433,450 31% $ 433,450 $ 450,850 4% While the assessed value of improvements in the Area has decreased, the assessed value of land in the Area has increased. This increase in the assessed value of land indicates that the improvements in the Area are not only functionally obsolete, but also economically obsolete and may present an encumbrance to future productive redevelopment and reuse. B. DEPRECIATION OF PHYSICAL MAINTENANCE Depreciation of physical maintenance refers to an on-going lack of maintenance on Area buildings and site improvements and is similar in nature to deterioration, although to a lesser degree. Depreciation of physical maintenance refers to a deferral of normal maintenance such as doors, windows, porches, and fascia materials needing painting, roofs needing to be resurfaced, paved areas needing to be sealed, rusted fences, and overgrown weeds and vegetation. Summary of Findings Regarding Depreciation of Physical Maintenance: Depreciation of physical maintenance was observed in all of the buildings within the Area. Each structure in the Area is in need of repair to sections of facades, soffits and fascia. Each parking lot in the Area needs to be striped and sealed, patched and repaved. Each structure in the Area has doors, windows and roofing materials in need of repair or replacement. Examples of these elements of depreciation of physical maintenance are shown in Attachment Four of the Appendix. C. DETERIORATION Deterioration of site improvements refers to the physical and economic deterioration of the improvements of the Area. Physical deterioration refers to physical deficiencies, or disrepair in buildings, or site improvements requiring treatment or repair. Deterioration of buildings which is not easily correctable in the course of normal maintenance may also be evident in buildings, such as defects in secondary components such as doors, windows, porches, and fascia materials, etc., and defects in primary components, such as cracked or damaged foundations, PGAVURBANCONSULTING

14 DRAFT frames, roofs, etc. Physical deterioration of site improvements could include: surface cracking or crumbling and potholes in parking areas, damaged signage, fences, retaining walls, utility poles, and dead or decaying landscaping. Summary of Findings Regarding Deterioration: Improvements: There are four structures in the Redevelopment Area and each exhibits deterioration. The structures are shown and labeled on Plate 5 Existing Conditions in the Attachment One. Deterioration was observed throughout the Area. Three of the four buildings in the Area are more than 35 years old. All of the buildings show signs of deterioration such as cracked or crumbling masonry and foundations. Each of the buildings within the Area also have damaged siding, soffits and fascia in need of repair and/or replacement. All of the structures in the Area are constructed of brick or cinder blocks and are in need of tuckpointing as evidenced by step-cracking in the bricks and mortar and/or bulging brick walls. Of particular concern is the structure located at 6668 Vernon, which was condemned due to disrepair in May 2008 by University City for unabated building code violations including: peeling paint throughout the exterior of the building; volunteer growth of weeds and plants throughout the property; and the paved area not being maintained in a good state of repair. The parking lots in the Area exhibit deterioration and are in need of patching and repaving. Photographs depicting examples of the aforedescribed elements of deterioration are shown in Attachment Four of the Appendix. D. EXCESSIVE LAND COVERAGE Excessive land coverage refers to the over-intensive use of property and the crowding of buildings and accessory facilities onto a site. Problem conditions include buildings either improperly situated on the parcel or located on parcels of inadequate size and/or shape in relation to present-day standards of development for health and safety; and multiple buildings on a single parcel. The resulting inadequate conditions include such factors as insufficient provision for light and air, increased threat of fire due to close proximity to nearby buildings, lack of adequate or proper access to a public right-of-way, lack of required off-street parking, and inadequate provision for loading or service. Excessive land coverage has an adverse or blighting effect on nearby development because of problems associated with lack of parking or loading areas impact adjoining properties. Summary of Findings Regarding Excessive Land Coverage: Excessive land coverage was observed in the Area indicated by a lack of proper access to a public right-of-way. The Area is predominated by buildings and parking surfaces which crowd the street and public right-of-way, abutting the sidewalk encouraging randomized ingress and egress that creates a dangerous situation for pedestrians and/or passing vehicular traffic PGAVURBANCONSULTING

15 DRAFT E. DELETERIOUS LAND USE OR LAYOUT Deleterious land uses include all instances of incompatible land use relationships, buildings occupied by inappropriate mixed uses, or uses which may be considered noxious, offensive or environmentally unsuitable. Summary of Findings Regarding Deleterious Land Use or Layout: Deleterious land use or layout was identified in the Area. Contemporary industrial commercial development is characterized by segregation from most commercial and residential uses in business park settings and in close proximity to major transportation networks. The industrial commercial uses located in the Area are incompatible and deleterious to neighboring residential uses, nearby parks and the child care services within, and adjacent to, the Area. E. LACK OF COMMUNITY PLANNING Indications of a lack of community planning can include: Development of the Area prior to or without the benefit or guidance of a community plan; Streets in industrial and commercial areas too narrow to accommodate truck movements; Street intersections that do not conform to modern traffic engineering standards and practices; One-way or dead-end street systems that exist with little regard for overall systematic traffic planning; Street parking existing on streets that are too narrow to accommodate two-way traffic and street parking; Tracts of land with improper platting that lead to parcels having awkward configurations and/or unusual dimensions for their use; Properties that do not enjoy good access to public streets; Pockets of residential land use and residential zoning that present incompatible relationships in areas with an industrial or commercial environment; and Commercial/industrial parcels that are too small to adequately accommodate appropriate off-street parking and loading requirements. Summary of Findings Regarding Lack of Community Planning: Lack of Community Planning was identified within the Area. A lack of community planning is exhibited on the right-of-ways within the Area. There are instances of overhead power line poles in the middle of sidewalks. This condition impedes the progress of pedestrians and people with physical disabilities. This condition also could present a safety hazard in the event of a strong storm where downed power lines could pose an electrocution threat. The presence of these overhead lines represents a lack of community planning due to the fact PGAVURBANCONSULTING

16 DRAFT that contemporary zoning codes require that utility lines be located away from pedestrian rights-of-way and/or buried underground. The fact that structures originally intended (and zoned) for industrial commercial use indicates that the existing uses within the Area were not developed nor are compatible with neighboring public and residential uses. SUMMARY The Area meets the requirements for a Conservation Area with at least three qualification factors outlined in the Act present, and more than 50% of the structures in the Area are 35 years of age or older. Conditions in the Area display evidence of the following factors: More than 50% of the structures in the Area are 35 years old or older; Obsolescence; Deterioration; Depreciation of Physical Maintenance; Excessive Land Coverage; Deleterious Land Use or Layout; and Lack of Community Planning. The existing conditions of the Area described within this Redevelopment Plan manifest a detriment to the public health, safety, morals and welfare. As described above, the Area suffers from obvious neglect and lack of investment. The Area, in its present condition, hampers the economic vitality and independence of the City by failing to generate tax revenue and discouraging reinvestment in, or maintenance of, the Area. The Area s physical condition, combined with its overall economic obsolescence, diminishes the Area s ability to generate property tax revenues up to its full potential, representing a detriment to the public welfare by frustrating the City s ability to provide adequate services for City residents. In addition, the Area s existing condition presents an appealing target for trash dumpers, presenting a detriment to the public health and safety. Furthermore, excessive land coverage within the Area presents a detriment to the public health and safety as paved parking surfaces abutting the sidewalk encourage randomized ingress and egress. The presence of these conditions indicates that the Area is not yet a blighted area but is detrimental to the public health, safety, morals, or welfare and may become a blighted area. As such, this analysis shows that the Area meets the criteria for declaration as a Conservation Area within the requirements of the TIF Act PGAVURBANCONSULTING

17 DRAFT SECTION 4 REDEVELOPMENT PLAN PROGRAM OBJECTIVES This Redevelopment Plan outlines the program that the City proposes to undertake to accomplish the objectives for the Area. The objectives forming the basis for the Redevelopment Plan for the Kingsland Walk Redevelopment Area are outlined in the following paragraphs. The City s primary objectives for this Redevelopment Plan are: 1. To facilitate redevelopment of the Redevelopment Area; 2. To alleviate those conditions that cause the Area to be a Conservation Area; and, 3. To encourage a pedestrian-friendly neighborhood and residential environment that attracts residents and encourages activity within the Redevelopment Area. This Redevelopment Plan reinforces the Comprehensive Plan s goals for the area. The following objectives also form the basis for the Redevelopment Plan: To upgrade and refurbish utilities and other infrastructure facilities serving the Redevelopment Area; To enhance the tax base by inducing development of the Redevelopment Area to its highest and best use, to the benefit of taxing districts, and to encourage private investment in surrounding areas; To promote health, safety, order, convenience, prosperity, and the general welfare, as well as efficiency of economy in the process of development; To increase property values in the Area; To stimulate construction employment opportunities and increased demand for services in the Area; To provide new residential development in the City; To provide an implementation mechanism which will accelerate the achievement of these objectives and complement other community and economic development objectives and programs; and To further the objectives of the City s Comprehensive Plan. REDEVELOPMENT PROJECT This Redevelopment Plan designates two separate Redevelopment Project Areas ( RPA-1 and RPA-2 ) within the Redevelopment Area. These are displayed on Plate 1 Redevelopment Area Boundary in Attachment One of the Appendix. Together, RPA-1 and RPA PGAVURBANCONSULTING

18 DRAFT incorporate and satisfy the goals, objectives, and other criteria set forth in this Redevelopment Plan. This Redevelopment Plan proposes the relocation of any existing users/tenants within the Redevelopment Area, the demolition of existing improvements, and the construction of a mixeduse residential and retail facility. The Redevelopment Plan will be executed through the implementation of two Redevelopment Projects within the Redevelopment Area: RPA-1 Project: Kingsland Walk Phase One includes the construction of four buildings, approximately 51 residential units and approximately 8,800 square feet of retail. RPA-1 is scheduled for completion and operation by early RPA-2 Project: Kingsland Walk Phase Two includes the construction of five buildings comprising 47 residential units and approximately 11,000 square feet of retail space. RPA-2 is scheduled for completion and operation by early These residential and retail space configurations are based on preliminary plans provided by the Developer and may change. GENERAL LAND USES TO APPLY The land uses to apply to the Area are displayed on Plate 6, General Land Use Plan in Attachment One. Plate 6 identifies the Area for mixed-use development. This Plan is consistent with the objectives of the City s Comprehensive Plan, which provides the official policy guiding land use and development throughout University City. ESTIMATED REDEVELOPMENT PROJECT COSTS Estimated Redevelopment Project Costs for each Redevelopment Project Area include the following: The actual land area that will be available for redevelopment purposes; The amount of building construction, demolition, and rehabilitation of various types which could occur; The cost of infrastructure improvements required, such as street improvements; curbing and sidewalk improvements, storm and sanitary improvements, and upgrading utilities; The miscellaneous costs associated with development, such as loan fees, construction loan interest, permit and inspection fees, appraisals, title insurance, surveying, soils engineering and compaction, architect/engineer fees, environmental testing, etc.; Bond or other financial obligations issuance costs which may be incurred over the life of the project; and Planning, legal, and financial advisory costs associated with the preparation of this Plan and implementation of the Redevelopment Project, which have been and will be incurred in the future PGAVURBANCONSULTING

19 DRAFT The TIF Act allows the City and/or any entity designated by the City to incur redevelopment costs associated with implementation of an approved Redevelopment Plan and approved Redevelopment Project. These costs include all reasonable or necessary costs directly incurred, and any costs incidental to a Redevelopment Project. This Redevelopment Plan provides for the use of TIF revenues to be used, in accordance with Section (14) of the TIF Act, for the Redevelopment Project, within the Redevelopment Project Area, including, but not limited to: Costs of studies, surveys, plans and specifications; Professional service costs, including, but not limited to, architectural, engineering, legal, marketing, financial, planning or special services; Property assembly costs, including, but not limited to, acquisition of land and other property, real or personal, or rights or interests therein, demolition of buildings, and the clearing and grading of land; Costs of construction of public works or improvements; Financing costs; Relocation costs; and, Payments in lieu of taxes. Table 4-1 Estimated Redevelopment Plan and Redevelopment Project Costs identifies the overall costs of implementing the Redevelopment Project, as described above. These costs represent the total costs of the Redevelopment Project, regardless of the source of funding PGAVURBANCONSULTING

20 DRAFT TABLE 4-1 ESTIMATED REDEVELOPMENT PLAN & PROJECT COSTS KINGSLAND WALK REDEVELOPMENT PROJECT UNIVERSITY CITY, MISSOURI Redevelopment Plan & Project Cost Items RPA-1 RPA-2 TOTAL Building Construction $ 10,000,000 $ 13,375,000 $ 23,375,000 (Demolition, site preparation, paving, landscaping, grading, etc.) Land Acquisition & Relocation $ 3,000,000 $ - $ 3,000,000 (Developer cost of acquisition of property and relocation of existing businesses.) Professional Fees and Development Overhead) $ 1,675,000 $ 1,475,000 $ 3,150,000 (Includes project overhead, architecture, engineering, surveying, legal, planning, consulting, bond issuance costs and financing fees, and builder's risk insurance.) Sales and Marketing Expenses $ 835,000 $ 1,200,000 $ 2,035,000 Financing Costs $ 775,000 $ 500,000 $ 1,275,000 Total Anticipated Redevelopment Plan and Project Costs Source: Developer $ 16,285,000 $ 16,550,000 $ 32,835,000 ANTICIPATED SOURCES OF FUNDS TO PAY COSTS It is anticipated that two principal sources of funds will be used to pay the costs related to the implementation of this Redevelopment Plan and Redevelopment Projects as described herein. These sources are: Funds available through the issuance of Tax Increment Financing notes or bonds (herein collectively referred to as TIF Bonds or other financial obligations ); and, Capital that is available to the Developer through cash reserves, financing entities or investment partners. Table 4-2, Anticipated Redevelopment Plan & Project Implementation Costs and Financing Sources, displays the portions of total Redevelopment Plan and Project costs to be paid by TIF Obligations and those to be paid from private sources. TABLE 4-2 ANTICIPATED REDEVELOPMENT PLAN AND PROJECT COSTS AND FINANCING SOURCES KINGSLAND WALK REDEVELOPMENT PROJECT UNIVERSITY CITY, MISSOURI Redevelopment Plan & Project Cost Items RPA-1 RPA-2 TOTAL Total Redevelopment Plan & Project Costs $ 16,285,000 $ 16,550,000 $ 32,835,000 Redevelopment Plan & Project Costs to be Financed by TIF Obligations $2,500,000 $3,000,000 $5,500,000 Total Redevelopment Plan & Project Implementation Costs to be Privately Financed $ 13,785,000 $13,550,000 $ 27,335,000 Source: Developer PGAVURBANCONSULTING

21 DRAFT If the Developer elects to finance or refinance with TIF Bonds or other financial obligations, the principal amount to be financed by TIF revenues may exceed Redevelopment Project Costs to the extent required to establish a reserve fund, to pay costs of issuance, to pay capitalized or accrued interest, and to pay other eligible financing costs. The primary sources of revenue to retire TIF Bonds or other financial obligations will be those provided for in the Act. As stated in the Act, these sources are: payments in lieu of taxes attributable to the increase in the current equalized assessed valuation of each taxable lot, block, tract, or parcel or real property in the area selected for the redevelopment project over and above the initial equalized assessed value of each such unit of property in the areas selected for the redevelopment project This source is anticipated to generate incremental revenue resulting from increased EAV following redevelopment of the Area; and 50% of the total additional revenue from taxes, penalties and interest imposed by the municipality or other taxing districts which are generated by economic activities within the area of the redevelopment project over the amount of such taxes generated by economic activities within the area of the redevelopment project in the calendar year prior to the adoption of the redevelopment project by ordinance but excluding personal property taxes, taxes imposed on sales or charges for sleeping rooms paid by transient guests of hotels and motels, taxes levied for the purpose of public transportation pursuant to Section RSMo, licenses, fees or special assessments This source is anticipated to generate incremental revenue from sales and utility taxes levied by the City and other local taxing jurisdictions following redevelopment of the Area. The City may elect, but is not obligated, to use other sources of revenue to finance these costs; or alternatively, the City may make advances from funds available. These advances would be reimbursed, with interest, as and when there are sufficient monies in the Special Allocation Fund. TIF Bonds or other financial obligations issued for a Project may be marketed through a program developed by the bond underwriter, or they may be privately placed. ANTICIPATED TYPE AND TERM OF THE SOURCES OF FUNDS AND THE TYPES AND TERMS OF THE OBLIGATIONS TO BE ISSUED It is anticipated that the City will issue TIF Bonds or other financial obligations with a term of retirement for all such issues of not more than 23 years from the date of approval of the applicable Redevelopment Project, in an amount not to exceed $5,500,000 ($2,500,000 for RPA-1 and $3,000,000 for RPA-2) plus the amount required to establish a reserve fund, to pay costs of issuance, to pay capitalized and accrued interest and to pay other eligible financing costs. These TIF Bonds shall be used for Redevelopment Project Costs related to the implementation of the RPA-1 project and the RPA-2 project ( Kingsland Walk Phase Two ) PGAVURBANCONSULTING

22 DRAFT It is the City s intent to pay for the principal and interest on these Bonds or other financial obligations solely with money legally available for such purpose within the City s Special Allocation Fund. As required by the Act, this Plan contains estimated Redevelopment Project Costs, the anticipated sources of funds to pay for Redevelopment Project Costs, the anticipated type and term of the sources of funds to pay Reimbursable Project Costs, and the general land uses that apply to the Redevelopment Area. This Plan will be implemented through an agreement between the City and Developer. This agreement shall contain provisions that are in greater detail than as set forth in this Plan and that expand upon the estimated and anticipated sources and uses of funds to implement this Plan. Nothing in any agreement shall be deemed an amendment of this Plan. In the event of a conflict between this Plan and any agreement, the Plan shall control. EVIDENCE OF THE COMMITMENT TO FINANCE PROJECT COSTS AND DEVELOPER S AFFIDAVIT Attachment Three contains a letter provided by the Developer regarding a commitment to finance project costs and an affidavit indicating that the Redevelopment Area would not reasonably be anticipated to be developed without the adoption of tax increment financing. EQUALIZED ASSESSED VALUATION In accordance with the TIF Act, the most recent equalized assessed valuation (EAV) and an estimate of the EAV after redevelopment must be compiled for the Area and shown in this Plan. This data is provided in Table 4-3, titled Estimated Equalized Assessed Valuation Before and After Development. TABLE 4-3 ESTIMATED EQUALIZED ASSESSED VALUATION (EAV) BEFORE AND AFTER REDEVELOPMENT KINGSLAND WALK REDEVELOPMENT PROJECT UNIVERSITY CITY, MISSOURI Redevelopment Project Area 1 Assessment Item Estimated EAV ($) Total After Redevelopment 1,989,813 Most Recent Market/EAV Amount 147,360 Total Estimated Incremental Values 1,842,453 Redevelopment Project Area 2 Assessment Item Estimated EAV ($) Total After Redevelopment 1,901,246 Most Recent Market/EAV Amount 176,380 Total Estimated Incremental Values 1,724, PGAVURBANCONSULTING

23 DRAFT The data for each parcel of real estate was provided to PGAV by St. Louis County (the County ) in April This data will not reflect any adjustments that are made to the land or improvements for any parcels that are the result of appeals to the County. The estimated EAV of the Area after redevelopment is based on the Redevelopment Project described herein. ESTIMATED DATES FOR COMPLETION OF THE REDEVELOPMENT PROJECT & RETIREMENT OF OBLIGATIONS The TIF Act requires each redevelopment project to be adopted within 10 years after the approval of the Redevelopment Plan. The TIF Act requires that all Redevelopment Projects must be completed and all obligations incurred to finance redevelopment project costs must be retired within 23 years after the approval of a Redevelopment Project. Accordingly, the estimated date for complete implementation of this Redevelopment Plan and the retirement of all obligations incurred to finance Redevelopment Project Costs for RPA-1 is the fourth quarter of RELOCATION PLAN AND ASSISTANCE Section (4) of the TIF Act requires that a relocation plan be developed for the assistance of every resident and/or business which is displaced in conjunction with the implementation of the Redevelopment Plan and any Redevelopment Project. A policy for relocation assistance for businesses and residences is included in this Plan. A copy of the relocation assistance plan is provided in Attachment Five PGAVURBANCONSULTING

24 SECTION 5 FINDINGS Section of the TIF Act requires that the City make various findings before the adoption of this Redevelopment Plan. The foregoing sections of this report provide supporting data for the findings. A CONSERVATION AREA As documented in Section 3 of this Plan, the Area meets the requirements for designation as a Conservation Area by virtue of the predominance of the following factors: More than 50% of the structures in the Area are 35 years old or older; Obsolescence; Deterioration; Depreciation of Physical Maintenance; Excessive Land Coverage; Deleterious Land Use or Layout; and Lack of Community Planning. CONFORMANCE WITH THE COMPREHENSIVE PLAN The Redevelopment Plan conforms to the 2005 University City Comprehensive Plan, as amended, which proposes residential development within the Redevelopment Area. The Redevelopment Plan fulfills the Comprehensive Plan s objectives for the Redevelopment Area by engaging in redevelopment activities that result in turning the uses in the area from commercial to residential uses. ESTIMATED DATES OF COMPLETION The estimated date for completion of the Project and retirement of obligations to finance said Projects, as outlined in the Schedule included in Section 4 of this Plan, does not exceed a period of more than 23 years from the date of anticipated adoption of the Ordinance that will approve a Redevelopment Project. Neither does this schedule provide for the adoption of an Ordinance approving a Project(s) later than 10 years from the date of adoption of the Ordinance approving this Plan. RELOCATION ASSISTANCE A copy of the relocation assistance plan is provided in Attachment Five. Thus, this Plan complies with Section (4) of the TIF Act which requires that a relocation plan be developed for the assistance of businesses and residences PGAVURBANCONSULTING

25 COST-BENEFIT ANALYSIS A cost-benefit analysis showing the economic impact of the Plan on each taxing district which is at least partially within the boundaries of the Area has been prepared. The analysis shows the impact on the economy if the project is not built, and is built pursuant to the Plan under consideration. The cost-benefit analysis includes a fiscal impact study on every affected political subdivision, as well as sufficient information for the TIF Commission to evaluate whether the Redevelopment Project as proposed is financially feasible. GAMBLING ESTABLISHMENTS This Plan does not include the initial development or redevelopment of any gambling establishment. DEPARTMENT OF ECONOMIC DEVELOPMENT REPORT By the last day of February of each year, the TIF Commission shall report to the Director of Economic Development the name, address, phone number and primary line of business of any business that relocates to the Area. ### PGAVURBANCONSULTING

26 ATTACHMENT 1 SUPPORTING MAPS & EXHIBIT P-1

27 PRIVATE VERNON RPA 2 RPA 1 KINGSLAND Legend Redevelopment Area Redevelopment Project Areas o JULY Feet PGAVURBANCONSULTING Plate 1 Redevelopment Area Boundary Kingsland Walk Redevelopment Project

28 PR IVATE V ER N O N RPA 2 KINGSLAN D RPA 1 Legend Redevelopment Area Redevelopment Project Areas o Feet JULY 2009 PGAVURBANCONSULTING Plate 2 Aerial Kingsland Walk Redevelopment Project University City, Missouri

29 PRIVATE VERNON RPA 2 RPA 1 KINGSLAND Legend Redevelopment Area Redevelopment Project Areas Commercial Service Public/Semi-Public Industrial o JULY Feet PGAVURBANCONSULTING Plate 3-A Existing Land Use Kingsland Walk Redevelopment Project

30 PRIVATE CHAMBERLAIN PRIVATE OLIVE 66TH PRIVATE VERNON RPA 2 TRINITY DARTMOUTH RPA 1 HARVARD KINGSLAND Legend Redevelopment Area PRIVATE SYRACUSE Redevelopment Project Areas CLEMENS PRIVATE Commercial Common Ground Duplex/Townhome HEMAN Industrial Public/Semi Public LELAND ACKERT WALKWAY Multi-Family Park Recreation Single Family WESTGATE Vacant/Agriculture o JULY Feet PGAVURBANCONSULTING Plate 3-B Existing Land Uses in the Surrounding Area Kingsland Walk Redevelopment Project

31 PRIVATE VERNON RPA 2 RPA 1 KINGSLAND Legend Redevelopment Area Redevelopment Project Areas Industrial Commercial Public Activity o JULY Feet PGAVURBANCONSULTING Plate 4 Zoning Kingsland Walk Redevelopment Project

32 VERNON GF ^ ) RPA ( 2 kj V kj ^ ( ) kj GF ^ ( ) RPA 1 ^ GF KINGSLAND ) kj ( ^ GF Legend kj Redevelopment Area Redevelopment Project Areas Over 35 Years of Age ( Deterioration ) Obsolescence GF Excessive Coverage V Vacant Building ^ Depreciation of Physical Maintenance Deleterious Land Use or Layout Lack of Community Planning o JULY Feet PGAVURBANCONSULTING Plate 5 Existing Conditions Kingsland Walk Redevelopment Project

33 PRIVATE VERNON RPA 2 RPA 1 KINGSLAND Legend Redevelopment Area Redevelopment Project Areas Mixed Use Retail/Residential o JULY Feet PGAVURBANCONSULTING Plate 6 General Land Use Kingsland Walk Redevelopment Project

34 Exhibit P-1 Parcel Identification List Kingsland Walk Redevelopment Project Area One University City, MO Parcel ID# Assessor Class Taxing Code Property Address Building Construction Year Building Age (Years) Owner Name 2009 Total Assesed Valuation - Land 2009 Total Assesed Valuation - Improvements 2009 Total Assesed Valuation 1 RPA-1 Commercial 19J Commercial A - Taxable 844 Kingsland Avenue Mitchell Carol Artholia 23, ,680 $147,360 Tax-Exempt 2 18H Commercial U - Private Education (Tax Exempted) 858 Kingsland Avenue Washington University 71,040 18,530 $89,570 18H Commercial U - Private Education (Tax Exempted) 852 Kingsland Avenue Washington University 35,170 2,370 $37,540 Total RPA-1 Base EAV $147,360 RPA-2 Commercial 18H Commercial A - Taxable 6668 Vernon Avenue Kingsland Walk Development L L C 71, ,020 $176,380 Total RPA-2 Base EAV $176,380 Total Base EAV $323,740 1 Source: St. Louis County Assessor's website. 2 Tax-Exempt parcels are not included in the Base EAV /29/2009

35 ATTACHMENT 2 BOUNDARY DESCRIPTION

36 Attachment Two Redevelopment Boundary Area Description BEGINNING at the northwest corner of Parcel 18H431221, also known as 6668 Vernon Avenue, thence traveling eastward along the northern property line of the aforesaid parcel to its northeast corner; thence continuing south along the parcel s eastern boundary line to the southeast corner of the aforedescribed parcel thence continuing west along the southern edge of the aforedescribed parcel to a point where the boundary line meets the northeast corner of Parcel 18H431023, also known as 858 Kingsland Avenue, thence continuing south along the eastern edge of the aforesaid parcel to its point of contact with the northeast corner of Parcel 18H431012, also known as 852 Kingsland Avenue, continuing south along the eastern property line of the aforesaid parcel to the northeast corner of Parcel 18J640679, continuing then west along the southern boundary line of the aforesaid parcel to its southwest corner, continuing then north along the western boundary line of the aforesaid parcel to the POINT OF BEGINNING. The Redevelopment Area includes the following parcels: 18H431221; 18H431023; 18H431012; and, 18J RPA-1 includes: Parcels 18H431023, 18H431012, and, 18J RPA-2 includes: Parcel number 18H

37 ATTACHMENT 3 COMMITMENT LETTER & AFFIDAVIT

38

39

40 ATTACHMENT 4 PHOTO APPENDIX

41 DRAFT Deteriorated parking lot and deteriorated vacant commercial building. Deteriorated bricks and mortar, evidenced by step-cracking. Indicative of building conditions throughout the Area. Trash left scattered through vacant building s deteriorated covered parking area. Deteriorated bricks and mortar. Vacant building has deteriorated windows, brick, and gutters. Building and attached structures are deteriorated. Paved parking areas are also deteriorated PGAVURBANCONSULTING

42 DRAFT Dilapidated chain-link fence and deteriorated driveway. The metal structure shows general deterioration and is attached to vacant deteriorated building. Crumbling and cracked driveway and entrance. Building used as storage shed, exhibits boarded up windows, step cracking and overall deterioration PGAVURBANCONSULTING

43 DRAFT Sidewalk exhibits large cracks and deterioration. Deteriorated parking lot and vacant commercial building. Occupied building with deteriorated bricks, mortar and windows, and fascia. Parking area exhibits cracking and overall deterioration Deteriorated windows, siding, and gutters and paved parking lot. Structure is over 35 years of age and exhibits deteriorated siding, windows and bricks and mortar PGAVURBANCONSULTING