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<br />C7 <br />REASONS FOR THE DESIGNATION <br />The recommended area under consideration as an eligible <br />area for financing commercial projects with industrial revenue <br />bonds contains conditions of substantial blight and economic <br />distress. <br />In summary, the area has: <br />(1) A substantial number of substandard, <br />deteriorated and deteriorating structures. <br />(2) A substantial percentage of low/moderate <br />income residents; and <br />(3) A relatively high unemployment rate. <br />It also has City approved programs to address many of the <br />problems which cause blight and economic distress. <br />• <br />