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076 <br /> <br />Relocation assistance, in accordance with the State and Federal <br />Uniform Relocation Acts, will be made available to the <br />displaced preschools. <br /> <br />Rationale <br /> <br />The two preschools provide service to the local area, but this type of <br />service is readily transferrable to many other areas, due to the pressing <br />need throughout the entire region for child care services. The <br />relocation benefits available to those two firms will enable them to <br />relocate either within the Bristol Corridor or elsewhere, as desired. If <br />either or both preschools relocate outside the project area, an <br />opportunity for a new child care service in this area will exist, which <br />could be accommodated on a number of vacant or underutilized sites <br />that will exist following completion of right-of-way acquisition. <br /> <br />Assessed Property Values <br /> <br />Significant Effects <br /> <br />Acquisition of needed right-of-way and removal of existing structures <br />would reduce the amount of private property subject to assessment of <br />local property taxes. The potential loss in annual property taxes is <br />currently estimated at $322,300. This would be an adverse impact for <br />those public agencies which receive property tax disbursements from <br />the project area. The potential diminishment in property taxes will be <br />somewhat recovered through redevelopment of remnant parcels and <br />intensification of existing uses. <br /> <br />Findings <br /> <br />The following measures have been incorporated into the project, <br />which, if properly implemented, would avoid or substantially lessen the <br />effects on assessed property values. <br /> <br />To reduce the loss of property tax revenues, remaining portions <br />of full-take parcels will be evaluated for potential assemblage <br />and redevelopment or for sale to adjoining land owners. This <br />will keep the majority of the affected properties in private <br />ownership and subject to assessment of property taxes, based on <br />current property values. <br /> <br />The City has adopted a redevelopment plan which encompasses <br />the Bristol Street corridor and surrounding areas, which will <br />provide the City Redevelopment Agency with tax increment <br />financing abilities which will be used to revitalize this general <br /> <br />tO <br /> <br /> <br />