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SUBJECT: STRATEGIC PLAN ITEM #14 (CONTINUED) <br />DATE: NOVEMBER 18, 2021 PAGE 2 OF <br />Challenges: Privately -owned with restrictions; redevelopment required for any new <br />tenancy; current zoning would not facilitate change in use or redevelopment; and <br />no Tax Increment Financing (TIF) through Urban Renewal. <br />Opportunities: Parcel is covered by 550 S. McCaslin Urban Renewal Plan; existing <br />owner wants to retain space as part of redevelopment. <br />Follow -Up from October 22, 2021 EVC Meeting: <br />The Urban Renewal Area (URA) for 550 S. McCaslin was determined to have four <br />blighting factors present, including: faulty lot layout in relation to size, adequacy, <br />accessibility, or usefulness; deterioration of site or other improvements; defective <br />or unusual conditions of title rendering the title nonmarketable; and the existing of <br />health, safety, or welfare factors requiring high levels of municipal services or <br />substantial physical underutilization or vacancy or sites, buildings, or other <br />improvements. Once a determination is made, the blighting factors then exist for <br />all properties within the Urban Renewal Area —here, for the former Sam's Club <br />store and all of its parking. <br />Agenda Packet P. 8 <br />