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Putting the NIZ in perspective

Putting the NIZ in perspective. May 2012. Map of ALLENTOWN niz. Map of DOWNTOWN niz. Finite Area with Limited Future D evelopment C apacity +/– 40 Acres. Downtown NIZ Sites NOT AVAILABLE FOR FURTHER COMMERCIAL DEVELOPMENT. Existing Development Future Commercial Development

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Putting the NIZ in perspective

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  1. Putting theNIZin perspective May 2012 PUTTING THE NIZ IN PERSPECTIVE : 2012

  2. Map of ALLENTOWN niz PUTTING THE NIZ IN PERSPECTIVE : 2012

  3. Map of DOWNTOWN niz • Finite Area with Limited Future Development Capacity +/– 40 Acres PUTTING THE NIZ IN PERSPECTIVE : 2012

  4. Downtown NIZ Sites NOT AVAILABLE FORFURTHER COMMERCIAL DEVELOPMENT • Existing Development • Future Commercial Development • Future Retail/Residential Development • Potential NIZ Property for Development Sacred Heart Hospital Morning Call Retail/Resi Retail/Resi Verizon Hess’s Parking Deck Retail/Resi Parking Arena Block Cosmo City Center Office Site PPL Plaza Sovereign Holiday Inn Butz Building BrewWorks City Center Office Site PUTTING THE NIZ IN PERSPECTIVE : 2012

  5. DOWNTOWN NIZ CHALLENGES • Incremental Costs for Urban NIZ Development: • Structured Parking • Increased Security During and After Construction • Prevailing Wage Construction Contracts • Higher General Construction Costs PUTTING THE NIZ IN PERSPECTIVE : 2012

  6. DOWNTOWN NEEDS REVITALIZATION • Largest Urban Core in the Valley Highest Poverty Rate in Allentown Highest Unemployment in Allentown PUTTING THE NIZ IN PERSPECTIVE : 2012

  7. Regional benefits • 2,500+Arena-block Jobs Created • 1,700 Construction Jobs • 750+ New Permanent Jobs PUTTING THE NIZ IN PERSPECTIVE : 2012

  8. MAP OF RIVERFRONT NIZ Existing Leases Limit Short-term Development Opportunities 15 Acres Buildable Long-term Leases Bucky Boyle Park PPL Substation • Finite Area of +/–90 Acres PUTTING THE NIZ IN PERSPECTIVE : 2012

  9. RIVERFRONT NIZ CHALLENGES • PPL Substation – $40 Million to Relocate • Bucky Boyle Park – Subject to Federal Restrictions • Several Buildings with Long-term Leases Up to 2022 • Poor Access • Limited Development Opportunities Short-to-Midterm • Railroad Intersects Site • Heavy Industrial Use = Possible Environmental Remediation Required PUTTING THE NIZ IN PERSPECTIVE : 2012

  10. THE NIZ IN CONTEXT OF THE BIG PICTURE • The NIZ Encompasses Finite and Challenging Development Opportunities. • The NIZ is Not Large Enough to Have Material Impact on Lehigh Valley’s Commercial Real Estate Market. • The NIZ is Necessary to Create a Healthy Urban Core & More Successful Region. PUTTING THE NIZ IN PERSPECTIVE : 2012

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