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s OLIVE&MIDLAND URBAN RENEWAL PROJECT AREA UNIVERSITY CITY LAND CLEARANCE FOR REDEVELOPMENT AUTHORITY ¢; The entire Area is zoned GC - "General Commercial District". The requirements of the GC zoning district dictate that: 1) Development must occur on sites of at least 0.3 acres; 2)The minimum property line setback requirement shall be twenty (25)feet if adjacent to a residential district; and 3) Buildings and site improvements such as parking must not occupy more than seventy (70) percent of the total land area of the parcel if it is 20,000 square feet or greater in size. 4 Before Olive Boulevard was widened to four lanes, single family residential uses were predominant along Olive Boulevard. The widening of Olive Boulevard increased the number of commercial land uses along the Boulevard and many formerly single-family parcels were consolidated for commercial uses. As can be seen from the Plate 1, the platting of the parcels fronting Olive Boulevard in the Area reflects the pattern of platting } in the single-family subdivision immediately to the north. As is the case with Parcel 1, the former single-family structure was converted into commercial uses while the underlying platting did not change. Parcel 1 is of insufficient size (0.13 acres) and is a non-conforming with the City's zoning code for development within the GC zoning classification. For example, the "parking area" at the rear of Parcel 1 may only be accessed through the drive-aisle of Parcel 2. i } The other minimum standards of the GC zoning classification effectively render any E parcel size less than 0.5 to 0.75 acres obsolete due to the limited number of commercial uses that will meet off-street parking and loading requirements as well as green space, landscaping and other site improvement guidelines for coverage on a property. Contemporary retail and commercial development standards typically establish 0.5 to t 0.75 acres as a minimum lot size to effectively meet the design and parking ' requirements for end users and businesses. In addition, the City has implemented a program of property acquisition and consolidation for purposes of promoting more easily developable and unified redevelopment projects through the use of TIF. Redevelopment of single properties below 0.5 to 0.75 acres would not encourage contemporary development principles in support of unified and planned commercial development as supported by the City. As such, Parcel 2 (0.47 acres) is also considered obsolete by contemporary development standards and the City's objectives for revitalization of the Olive Boulevard corridor. E. ECONOMIC LIABILITY The Area is an economic liability for the City due to the substandard property and sales tax revenue generated within the Area. The estimated assessed value per square foot of the properties (land and improvements) within the Area is $4.18. The estimated assessed value of commercial properties within the City of University City is $5.51. The valuation differential of approximately $1.33 per square foot equates to twenty-four (24) percent less in real property tax revenue being generated within the Area as compared to the average for commercial properties within the City as a whole (see Table 2-1, EAV per Square Foot). The physical deterioration of buildings and site improvements, inadequate street layout, and obsolete platting have impeded reinvestment in the properties. These conditions contribute to lower lease rates and attract tenants unable or unwilling to pay higher lease rates. These lower lease rates suppress the market and assessed value of the property and also serve as a disincentive for reinvestment by property owners. In many cases, the cycle of disinvestment continues unless public assistance is provided to remedy impediments. 80759 6 PGAVU RBANCO NS U LTI N G 1/08/08 April 7, 2008 J-1 to 6-28 }