Approval of the City Center Urban Renewal Plan Amendment was a vote of confidence in the city’s ongoing redevelopment efforts in Downtown Tigard. With the addition of seven new properties to the urban renewal area, the city will be able to fund more projects from the original Plan, including: street and streetscape improvements, and support for public spaces, parks and buildings. With urban renewal and other Downtown initiatives, we will continue attracting new investment to Downtown and make it a place where people want to be.
Approval of the Tigard Triangle Urban Renewal Plan Implementation is an investment in Tigard’s future. With funding from urban renewal, the city will be able to further the community’s vision for a more walkable, and interconnected community by repairing and building basic infrastructure like sewers, roads and parks. Urban Renewal is a long-term strategy and change will not happen overnight, but urban renewal signals to the development community that the city is committed to the area. In emerging mixed-use areas, private investment typically follows this kind of public commitment.
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.