Urban Renewal

Urban renewal is a financial tool that funds projects and activities in an urban renewal area which have been identified in an urban renewal plan.

Purpose

The purpose of urban renewal is to make public investments in designated geographic areas to remove blight, improve property values, and leverage private investment. These public investments spur redevelopment in areas where redevelopment might not otherwise occur.

Benefit

Urban renewal uses Tax Increment Financing to improve and redevelop designated areas of a city by reinvesting the increase in the area's property taxes. When an urban renewal area is created, the assessed property value within the district is set (or “frozen”) and those taxes continue to go to taxing jurisdictions (city, county, school district, etc.). Any increase in the tax assessed value that occurs in that area (referred to as the “increment”) is collected by the urban renewal district to use for redevelopment projects identified in the urban renewal plan. The plan includes a timeline and/or funding capacity (called “Maximum Indebtedness”), under which it must operate. When the projects in a plan are complete and funding expended, the area closes and the taxing jurisdictions begin receiving their full share of taxes.

What's Happening
May 29
Memorial Day Observance
Jun. 01
North Gateway Redevelopment Advisory Board Meeting8:00 a.m.9:30 a.m.Center 50+
2615 Portland RD NE
Salem OR 97301
Jun. 07
West Salem Redevelopment Advisory Board Meeting7:30 a.m.9:00 a.m.West Salem Library
395 Glen Creek RD NW
Salem OR 97304
Jun. 22
Downtown Advisory Board12:00 p.m.1:30 p.m.Urban Development Department
350 Commercial ST NE
Salem OR 97301
Jul. 04
Independence Day

Contact us

Urban Development Department
Monday–Friday
8:00 a.m.–5:00 p.m.
350 Commercial ST NE
Salem OR 97301
Phone: 
TTY/TDD: