Government » Departments & Agencies » Urban Renewal Agency » Urban Renewal Areas

Riverfront Downtown Urban Renewal Area

Since its establishment in 1975, the Riverfront-Downtown Urban Renewal Area (URA) funds have been used to attract and retain commercial businesses in the downtown core, preserve historic buildings, and encourage new housing development within the Riverfront-Downtown Urban Renewal boundaries.

Key Projects and Investments

Riverfront-Downtown Urban Renewal investments play a major role in making downtown Salem livable, using urban renewal as a tool to focus public resources on key projects such as:

  • New construction of office building
  • New construction of residential rental housing units
  • Peter Courtney pedestrian and bicycle bridge
  • Installation of bike signals and bike lanes

Strategic Action Plan

The Riverfront-Downtown Urban Renewal Area follows a strategic action plan designed to guide revitalization efforts. The plan takes an integrated approach, focusing on:

  • Commercial and retail development
  • Mixed-use residential projects
  • Streetscape and park improvements
  • Redevelopment of underutilized properties

Project Plans 

When the urban renewal district was first established, property values were assessed and key projects  were determined. Project plans are subject to change at the direction of the Urban Renewal Agency.

Overview

  • Assessed value at creation: $43,292,931
  • 2023 assessed value: $311,588,104
  • Maximum indebtedness: $315,000,000
  • Completed projects: Streetscape improvements, partnerships on housing and sheltering projects, property acquisition, grant programs.

Plan Documents

Advisory Information

Downtown Advisory Board
This board advises on matters related to urban renewal and tax increment fund allocations related to the Downtown Parking District and the Parking Fund.

Incentives

Multi-unit Housing Tax Incentive Program
Incentive program to stimulate construction of transit-supportive, multiple-unit housing in the core areas of urban centers.

Riverfront Downtown Capital Improvement Grant Program
Incentive opportunity for property owners to support creative and flexible approaches to economic vibrancy.

Riverfront Downtown Strategic Project Grant Program
Incentive opportunity to address homelessness, including projects that address building and property safety and security.

Additional Information

Map

Use the following map to find out if you are in the Riverfront-Downtown Urban Renewal Area. Open a mobile-friendly, full screen map of the Riverfront-Downtown Urban Renewal Area in a new window.