In the last three years, urban renewal has made investments in North Gateway’s streetscape, the Career & Technical Education Center (CTEC), and affordable housing. In addition, the established North Gateway Urban Renewal grant program has awarded $6.5 million to private developers, which has brought in over $23 million in private investment .
Development and investment in the North Gateway Urban Renewal Area has gained so much recent momentum that the City of Salem is considering increasing the maximum indebtedness of the Urban Renewal Area to continue the revitalization of North Salem.
What is Urban Renewal? Urban Renewal
is not an additional tax. It is a transformative tool, providing a dedicated source of funding for public infrastructure and financing activities to spur redevelopment where it might not otherwise occur within a designated geographic are of the City.
What is Maximum Indebtedness? The total amount of money the Urban Renewal Agency is able to spend on projects within the designated area. The proposed increase is not an additional tax, it is an allocation of already collected taxes which could be spent on new projects