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(A) For the purposes of this article, redevelopment projects include commercial and industrial buildings or property that may have adverse social, economic, and physical conditions, which constitute a danger to the health, safety, and general welfare of the people of the community. These deficiencies are defined as having at least three of the following characteristics:

(1) Aging, deteriorating, and poorly maintained buildings and structures sometimes intermingled with historically significant structures.

(2) Factors that substantially hinder the economically viable use of lots or buildings.

(3) Incompatible adjacent or nearby uses that prevent economic development.

(4) High business vacancies, low lease rates, high turnover rates or abandoned buildings.

(5) Depreciated or stagnant property values or impaired investments.

(6) Underutilized or underdeveloped land or property.

(B) The recipient projects will preserve and/or enhance existing facilities and historical areas that create employment opportunities and provide economic benefits to the City by revitalizing the project area. The City may establish redevelopment zones or areas within the community. (Ord. 97-574, passed 4-22-1997; Am. Ord. 98-596, passed 3-23-1998; Am. Ord. 00-692, passed 6-12-2000; Am. Ord. 03-846, passed 6-23-2003; Am. Ord. 05-958, passed 8-22-05)