Salem’s urban renewal areas depend on projects to help develop and revitalize specific locations. To reach this goal and assist developers with additional financing opportunities, Salem offers project specific financing in the form of a project bond.
A project bond may be used to finance both public infrastructure and private development costs of “urban renewal projects” as defined in ORS 457.010(15). An “urban renewal project” is:
- A capital improvement project
- Located inside the boundaries of an urban renewal district
- Described in the urban renewal plan for the area
The Urban Renewal Agency adopted a resolution establishing guidelines on November 28, 2005.