The creation of Urban Renewal Areas is one of the City's economic development tools. By designating Urban Renewal Areas for the purposes of slum and blight or for economic development for commercial or industrial development or for low-to-moderate income housing or for housing infrastructure, the City is able to provide incentives for specific projects as approved by the City Council and stated within an Urban Renewal Plan.
The City has a number of Urban Renewal Areas. To find out more about whether or not your project is currently located in an Urban Renewal Area or if one can be created for your project, please contact the City Administrator's office.
Within Urban Renewal Areas, TIF Districts can be created to accomplish a variety of goals.
When a TIF District is created, a base valuation of the property value is established. The tax revenue from this base value remains with all taxing authorities and is not diverted. Future increases in the assessed value over and above the base are called the "increment." Said increment can be used to help reimburse the developer for costs such as public infrastructure installed by the developer and approved and dedicated to the City (such as roads or sewer).
For more information on whether or not your development project would qualify for TIF incentives, please contact the City Administrator's office.