(A) The village has conducted studies in consultation with community representatives to determine which neighborhoods within the village should be considered for designation as neighborhood preservation areas and will develop appropriate programs for each neighborhood so designated.
(B) An area meeting any of the following criteria will be eligible for designation as a neighborhood preservation area:
(1) Where the existing housing stock is now essentially sound but where private financial institutions and property owners have recently begun to withdraw financing;
(2) Where the housing stock has deteriorated but is in need of moderate rehabilitation only;
(3) Where there are substantial numbers of housing units in violation of existing village building codes;
(4) Where there have been recent increases in adverse housing indicators;
(5) Where existing unique community resources distinguish the neighborhoods, such as historic sites or buildings; and/or,
(6) Where economic development activities occur which alleviate physical and economic distress through public and private investment, expand economic opportunities for low and moderate income persons, enhance the viability of commercial enterprises serving low and moderate income areas, and meets the goals of a commercial development and/or revitalization strategy.
(`95 Code, § 153.02) (Ord. 79-5, passed 4-11-79)