Salem, Oregon
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Urban Development Division
350 Commercial St. NE
Salem, OR 97301
503-588-6178
urbandev@cityofsalem.net
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Urban Development updates
Proposed North Waterfront Urban Renewal Area
As the downtown area of Salem becomes built out, there has been an enhanced interest in opportunities identified in previous studies and outreach discussions specific to the North Waterfront and North Downtown Area.
The North Waterfront corridor has been identified as an area with the potential to be a vibrant area of housing, commercial and employment all in a riverfront setting. The Urban Renewal Area (URA) would provide financial tools to assist in the improvements required to revitalize the area and bring in private investment for the community. Because tax increment revenue grows gradually over time, establishing a URA early allows revenue capacity to build before major redevelopment opportunities and infrastructure needs become more immediate. Financial analysis shows the proposed URA could support $199.4 million in maximum indebtedness over an estimated 33-year period.
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.
How much of the City is currently in a URA? Total city acres in collecting URA is approximately 3.7% (would increase to 5% with approval of North Waterfront URA). Total city property value in collecting URA: Approximately 1.7%. Only four of Salem's eight urban renewal areas still collect tax increment, the other four no longer collect and increment is redistributed to the taxing districts annually.
What is Maximum Indebtedness? The total amount of money (tax increment financing) the urban renewal agency is able to spend on projects within the designated area. Establishing maximum indebtedness is not an additional tax, it is an allocation of already collected taxes which could be spent on new projects.
How would funds be spent? A list of potential projects which could be accomplished if the URA is created has been developed. Projects include transportation, housing, development infrastructure and environmental. Projects can be modified overtime as conditions and development needs change.