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

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 the taxing jurisdictions (such as city, county, school district). 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. Each 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 is expended, the area closes and the taxing jurisdictions begin receiving their full share of taxes.

2018 Urban Development Annual Report

What's Happening
Feb. 19
Urban Renewal Agency Work Session6:00 p.m.8:00 p.m.Council Chambers
555 Liberty ST SE RM 240
Salem OR 97301
Feb. 22
Board and Commission Appointments Committee meeting 11:00 a.m.12:00 p.m.City Manager’s Conference Room
Civic Center 555 Liberty ST SE RM 220
Salem OR 97301
Feb. 25
Urban Renewal Agency Meeting6:00 p.m.10:00 p.m.Council Chambers
555 Liberty ST SE RM 240
Salem OR 97301
Feb. 28
Downtown Advisory Board12:00 p.m.1:30 p.m.Urban Development Department
350 Commercial ST NE
Salem OR 97301

Contact us

Urban Development Department
8:00 a.m.–5:00 p.m.
350 Commercial ST NE
Salem OR 97301
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