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THE PROJECT AREA
<br />Description of the Project Area
<br />As described in the Official Statement, the Project Area is comprised of six merged component
<br />redevelopment projects totaling 4,989 acres and encompasses 28.8 percent of the total acres in the City. The
<br />Project Area is comprised of the following six component project areas:
<br />The redevelopment projects for each Redevelopment Plan were merged by Ordinance Nos. NS -2662,
<br />NS -2663, NS -2664, NS -2665, NS -2666, and NS -2667 adopted by the City Council on September 20, 2004.
<br />Land Use
<br />Land use within the Project Area is predominantly commercial and industrial, encompassing 81.57% of
<br />all uses. The following table shows land use among all components of the Project Area by assessed value.
<br />TABLE 1
<br />BY LAND USE BY ASSESSED VALUE")
<br />FISCAL YEAR 2018/19
<br />2018/19
<br />Net Taxable
<br />% of
<br />Land Use
<br />Parcels
<br />Total
<br />Total
<br />Commercial
<br />2,018
<br />$3,691,500,081
<br />Assessed
<br />Number of
<br />1,309
<br />2,309,405,817
<br />Component Area
<br />Value
<br />Acres
<br />Formation
<br />Central City Redevelopment Project
<br />$1,490,781,295
<br />694
<br />July
<br />2, 1973
<br />Inter -City Commuter Station Redevelopment Project
<br />550,087,778
<br />536
<br />July
<br />6, 1982
<br />North Harbor Boulevard Redevelopment Project
<br />545,125,274
<br />428
<br />July
<br />6, 1982
<br />South Harbor Boulevard/Fairview Street Redevelopment Project
<br />1,723,639,895
<br />1,050
<br />July
<br />6, 1982
<br />South Main Street Redevelopment Project
<br />3,139,064,455
<br />1,500
<br />July
<br />6, 1982
<br />Bristol Corridor Redevelopment Project
<br />849.645.279
<br />781
<br />December 4, 1989
<br />Total
<br />$8,298,393,976
<br />4,989
<br />The redevelopment projects for each Redevelopment Plan were merged by Ordinance Nos. NS -2662,
<br />NS -2663, NS -2664, NS -2665, NS -2666, and NS -2667 adopted by the City Council on September 20, 2004.
<br />Land Use
<br />Land use within the Project Area is predominantly commercial and industrial, encompassing 81.57% of
<br />all uses. The following table shows land use among all components of the Project Area by assessed value.
<br />TABLE 1
<br />BY LAND USE BY ASSESSED VALUE")
<br />FISCAL YEAR 2018/19
<br />Based on fiscal year 2018/19 secured assessed valuation of $7,356,533,026
<br />(s) Totals may not add due to rounding.
<br />Source: Fiscal Consultant's Report.
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<br />SA -3-41
<br />Number of
<br />Net Taxable
<br />% of
<br />Land Use
<br />Parcels
<br />Value(')
<br />Total
<br />Commercial
<br />2,018
<br />$3,691,500,081
<br />50.18%
<br />Industrial
<br />1,309
<br />2,309,405,817
<br />31.39
<br />Single Family Residential
<br />2,362
<br />689,455,601
<br />9.37
<br />Multi -Family Residential
<br />180
<br />663,313,634
<br />9.02
<br />Governmental/Institutional/Other
<br />742
<br />2,857,894
<br />0.04
<br />Totals
<br />6,611
<br />$7,356,533,026
<br />100.00%
<br />Based on fiscal year 2018/19 secured assessed valuation of $7,356,533,026
<br />(s) Totals may not add due to rounding.
<br />Source: Fiscal Consultant's Report.
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<br />SA -3-41
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