What is Urban Renewal?
Urban renewal is a powerful funding tool currently in place in over 75 communities across Oregon. It is used to help areas that are not performing well and/or that lack public infrastructure by funding projects that fix identified problems and spur private investment that would otherwise not happen under normal market conditions.
What does Urban Renewal do?
Urban renewal uses property taxes from within an area to fix identified problems in that same area. It often focuses on improving an area’s transportation and utility infrastructure since these kinds of improvements can unlock an area’s development potential. Urban renewal is also used to attract and retain small businesses and develop public spaces such as parks, plazas, and trails.
Is Urban Renewal a new tax?
Urban renewal is not a new tax on property anywhere in the city—urban renewal only changes how tax revenue is allocated. The revenue to pay for projects in an urban renewal area is self-generated by new development and property appreciation in the urban renewal area. Tax bills for property owners within an urban renewal area do not increase because of urban renewal; urban renewal only changes how tax revenues are allocated. Read more about how it all works below.