2005/06/15 Council Agenda Packet

The geographic levels of comparison were the County as a whole, the Census Tractor Tract cluster in which the Study or Control Areas were located and the areas within a 1000 -foot radius of the Study and Control location centroi-ds. A next step was to use the data available on real estate activity in the Multiple Listing Summaries to establish market performance between 1979 and 1982 in both the Control and Study Areas: The results were compared to real estate activity in the residential market of Center Township which, in terms of value and general housing condition, most closely resembles the two areas among the nine Marion County townships. COMPARISON RESULTS AVERAGE MORTGAGE VALUES - 1979 Marion Countyl $ 41,854 Control Areas Study Areas Tract/Tract Clusters S 31,858 5 Z8,003 ( Tract/Tract Clustersl ] [ 27,872 ] ( 21,605 ] 1000 -Foot Radiusl 23,721 24,616 [ 1000 -Foot Radlus3 ] ( 16,038 ] [ 23,823 ] 1. Source: 1980 Census. 2. Source:' Home Mortgage Disclosure Act Statements. 3. Source: Residential Multiple Listing Summaries. Comparison of the 1980 Census data would indicate that the value of housing in the areas addressed in this study are from 40 to 73 percent below the Marion County average. While the average value of housing at the census tract level was somewhat higher in the census tracts In which the Control Areas were located than those in which the Study Areas were located ($31,858 vs. $28,003). the opposite was true when comparing the target areas' themselves. Housing values within 1000 feet of adult entertainment businesses In the Study Areas were greater (although by a lesser margin) than those in the Control Areas ($24,616 vs. $23,721). Whereas the sample size is sufficient in most years to provide acceptable confidence levels for mortgage averages, the sample is only marginally acceptable in 1981 and 1982 for the Control Area. 28 EVER00039