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V. ELEWWATION OF BLIGHT The site on which the Project will be constructed is on the western edge of the downtown district of San Leandro, on the northeast corner of San Leandro Boulevard and Davis Street, in the City of San. Leandro Plaza 2 Redevelopment Project Area. The neighborhood of the site consists primarily of a mix of residential and commercial uses. The subject site is a large vacant and underutilized parcel bounded on the north side by the San Leandro Creek. Efforts over a number of years to achieve a high.quality commercial development of the site have failed. The existence of this large vacant parcel has contributed to blight in the Project Area, and has discouraged private investment in the Davis Street and San Leandro Boulevard corridors. The Redevelopment Agency has determined that the subject site is ideal for a high quality, local serving -retail development. The Project will assist in the removal of blight by the creation of an attractive shopping center, with a quality food store and several restaurants, providing visual improvement to this area of the City and bringing BART patrons to shop at the center or at businesses already located in the area. The Project will create a creeLide open space unique in the East Bay. The Project will increase employment, both during the constriction phase and thereafter. The Project also will increase the real property tax base and produces greater sales and use taxes for the City. It is hoped that the Project will stimulate further investment in the Downtown Area. Thus, the Agency is entering into this agreement for less than the highest and best use in order to achieve its objective of removing blight, stimulating private investment, and to reinforce its existing commercial centers. 168 KEYSER MARSTON A S S O C I A T E S INC 19100/0001-001.dx Page 10