Ordinance No. 20564 - Laserfiche WebLink

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leading to improved conditions and higher values within the Plan Area. Increased technological opportunities in the Plan Area can also invite new investment, potentially increasing property values and in turn, property taxes, reducing blighted conditions including depreciation ratios. 3) Old LCC Building: The 66,000 square foot Old LCC Building was vacated in January 2013 when the new Lane Community College Downtown Campus opened on 10th Avenue and Olive Street. At present, the vacant Old LCC Building neither provides space for active uses nor adds to downtown vitality. Redevelopment of this large structure may include housing or activities that advance the Regional Prosperity Economic Development Plan (e.g., an innovation center with maker space, wet lab, or art/tech incubator). An upgraded facility will benefit the Plan Area by improving a blighted building that is currently vacant, increasing the mix of uses in the Plan Area, and stimulating additional public and private investment. Blighted conditions at this property include vacancy, underutilization, decreased property values, and population loss. Redevelopment of this property will help eliminate blight by contributing to reinvestment in the community that can lead to increased property values, through revitalization of a stagnant and underutilized property, and creating an attraction for investors and/or entrepreneurs to reinvest in the Plan Area. The projects included in the proposed 2016 Plan Amendment were selected for their ability to address blighted conditions and to serve as catalysts for reducing the prevalence of blight within the Plan Area. The improvements to the Park Blocks and the other downtown open spaces will target areas with documented evidence of blight in order to increase the accessibility, enjoyment and use of these areas. As a result, the downtown open spaces will transform from underutilized areas to amenities drawing additional users and ultimately new residents and employees. Adding high-speed fiber will also add significant value to the district by creating the conditions for businesses to succeed, particularly those businesses in the growing cluster of high-tech firms. Strengthening businesses in this economic sector increases the ability of firms to add new employees, grow the business base, and add additional value to properties within the Plan Area. Using urban renewal funds to assist in the renovation of the LCC Old Building directly addresses a significant blighted property in the Plan Area. When this large, underutilized, and outdated structure is transformed for new uses, the property will support other activities in the Plan Area and the blighting influence of a vacant property will be removed, which will positively impact adjacent and nearby properties. Improvements for the Farmers' Market will strengthen the local food sector of our regional economy and reduce or remove the blighting conditions of the existing location. A renovated location or new structure will also enhance the ability of the Farmers' Market to serve as an amenity to other businesses and residents' downtown, as well as an attraction for the entire community, leading to additional activity in the Plan Area and, ultimately, greater economic stability and increased values within the Plan Area. Report on the 2016 Amendment 12