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i i Parcel 2 is of insufficient size (0.27 acres) and is a non-conforming with the City's zoning code for development within the GC zoning classification. However, the other minimum standards of the GC zoning classification effectively render any 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 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 i 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 3 (0.30 acres), Parcel 4 (0.45 acres) and Parcel 6 (0.34 acres), are also considered obsolete by contemporary development standards and the City's objectives for revitalization of the Olive Boulevard corridor. As previously noted, Parcel 5 lacks direct access via driveway or alley to a public right- of-way, thereby restricting the reuse potential of this parcel because access is restricted by adjacent property owners. Parcel 7 is an irregularly shaped lot which dissects Parcel 5 and Parcel 6. The consolidated redevelopment of Parcels 5 and 6 is impeded by this irregular"finger"from Parcel 7. Five (5) of the seven (7) or seventy-one (71) percent of properties in the Area exhibit improper subdivision or obsolete platting. g' D. ECONOMIC LIABILITY s 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 $4.04. The estimated assessed value of commercial properties within the City of University City is $5.51. The valuation differential of approximately $1.47 per square foot equates to twenty-seven (27) 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 i 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. Two buildings in the Area are vacant or partially vacant. These vacant buildings provide little or no sales taxes and very little in personal property taxes. Vacancies also reduce the assessed value of the commercial properties since the County Assessor utilizes income as a basis for establishing market and assessed values. The two thrift stores in the Area are exempt from sales taxes and do not contribute to the sales tax base of the 5 City. E tt { 4 3 Y April 7, 2008 J-1 to 6-65 f