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<br />. <br /> <br />. <br /> <br />'. <br /> <br />, <br /> <br />. <br /> <br />REASONS FOR THE DESIGNATION <br /> <br />The recommended area under consideration as an eligible <br /> <br />area for financing commercial projects with industrial revenue <br /> <br />bonds contains conditions of substantial blight and economic <br /> <br />distress. <br /> <br />In summary, the area has: <br /> <br />(1) A substantial number of substandard, <br />deteriorated and deteriorating structures. <br /> <br />(2) A substantial percentage of low/moderate <br />income residents1 and <br /> <br />(3) A relatively high unemployment rate. <br />It also has City approved programs to address many of the <br /> <br />problems which cause blight and economic distress. <br />