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age are evidenced by the lower than average value per unit ($35,000 - $42,000). average unit in the city is at least $65,000 with new units having values of more than $80,000. The HRA should offer to provide exterior and interior renovation funding for these complexes in the form of low interest loans. This will help to preserve the needed function of the building as a quality source of affordable rental housing for your professionals and young families. In addition, exterior renovation that updates the visual appearance of the buildings helps to increase the value and livability of the neighborhood. The neighborhood meeting space (Armory and Galilee Church) are ideal for intergenerational civic and/or educational uses such as senior meeting space, health care, daycare and charter school uses. This is due to the easy access and visibility from McCarrons' Boulevard and Elmer Street as well as the functional layout and design of the Armory building. In addition, the under- utilized ball field area could be used by the City Parks & Recreation for programmed games and other recreational uses. The City, Church, and State should explore partnerships that include long term leases and shared custodial service to enable additional community use of the Armory building and site. In addition, the City should explore entering into a first right of purchase with the State for the Armory site. Although the representative of the State Department of Military Affairs has indicated that there is no plans to vacate the site, at some point in the future (next 2-10 year) that plan could drastically change. The City should ensure that if sold, the City has the opportunity to purchase the site, first, before it is put on the open market. Even though there is no current identifiable source of funds available to purchase the site, the City and or HRA may have options if given the opportunity. 19.3 Phase III Development - Rice Street Neighborhood Strip - 10-20 year plan The Phase III development is along Rice Street. There is no indication that the Rice Street business buildings will redevelop in the near future. However, like most aging structures that were built in the 1930-60' s, their useful life will have an end over the next 10-20 years unless significant improvements are made to keep up with the maintenance and current market needs. The Plan strives to look long-term to ensure that the more current redevelopment will tie into future redevelopment. This section of the study area is also important because it is the necessary physical connection from the Galilee/Guptil/Armory area to McCarrons' Lake Park. Within Phase III condominiums or apartments along Rice Street could be built in collaboration with the redevelopment of the business property that could include neighborhood scale retail and office uses. In addition, with a sophisticated plan, multi-level, for-sale or rental townhomes or condos could be constructed facing Rice Street. Future land use policies relating to the redevelopment of parcels along Rice Street should include: Final Version 20 July 26, 2004