Show All Answers

1. What is urban renewal?

Urban renewal is a tool used by local governments across the country to address the deterioration and conditions of blight within urban areas. Urban renewal can be used for development and rehabilitation when blighted conditions act as a barrier. It is a method for restoring economic vitality and improving the health and safety of urban areas. 

2. What is Tax Increment Financing?

Tax Increment Financing is a public financing tool used to subsidize municipal economic development projects. When a TIF district is established, the amount of property and sales tax generated is set as the district’s base amount. As redevelopment takes place, any tax collected above the base amount is reinvested into the area to fund urban renewal projects and improvements. 

3. Why is urban renewal important?

LURA’s involvement is essential because projects have unique challenges when blighted conditions are present. Contamination can burden previously developed sites through years of neglect, requiring significant work to restore their potential. Without urban renewal, it would be harder for property owners to tackle the challenges associated with redevelopment or rehabilitation. 

4. Does the city offer economic development incentives for new retail projects or businesses that provide primary jobs?

The city does not have a specific economic development incentive program. Rather, we tailor our economic development incentives based on individual circumstances and individual projects. Depending upon the proposed location for the project, the proposed building architecture, financial gap, etc., the city has in the past waived building permit fees, provided sales tax rebates, and offered other economic development incentives. All projects seeking economic development incentives are reviewed by the city’s Economic Development Team.