Revitalization Commission Agenda and Packet 2022 06 01

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950 Spruce Street — 725 Front Street - Attachment to LRC Application for Assistance Page 2 of 3 4) Description of the community benefits resulting from the Project, including the blight conditions the project will address (complete Attachment C with description). New streetscape improvements will provide a more consistent pedestrian environment, and will correct non -compliant items and other issues with existing public improvements. The new triplex on Front Street will provide a more pleasing, pedestrian friendly environment than the current parking lot facing the street. This project will eliminate the negative effects of the current lot layout, filling the parking lot on Front Street with an activated building fapade on the east side of the site, creating live/work opportunities that don't currently exist. 5) Discussion of how the project improves the project property and neighboring properties. The existing site and building has been traditionally commercial in use. Recent market factors, some caused by the Covid pandemic, have resulted in persistent vacancies in the retail and office lease areas. By introducing residential apartments (a robust market) into this property, the owners will be more insulated by the ups and downs of the commercial real estate market. Having people living downtown will create a real mixed -use environment that will help to support downtown businesses, and better utilize available parking with more staggered demand. The project will increase the value of the property by approximately 4.5 to 5 million dollars, improving the utilization of the land, and will be creating new residential customers for surrounding businesses. This investment will increase neighboring property values as well as increase customer traffic in this area of downtown, benefiting neighboring businesses with greater exposure. 6) Financials for the project. Applicant must provide a 10—year proforma for the project, a Sources and Uses Budget for the entire project, and assumptions for retail sales and assessed value of the Project for residential and commercial uses by year. (not required if requested assistance is only for public infrastructure) Not Applicable. 7) Timeframe of implementation of the Project The project is currently under construction for the preparatory phase of work, scheduled to complete in phases during 2023, pending final bid pricing for the project. 8) Discussion of Project risks. Agenda Packet P. 24