This Redevelopment and Tax Increment Financing Plan and Interlocal Agreement to Implement Plan is the implementation of a Plan through issuance of the Bonds and completion of a Redevelopment Project to have a beneficial financial impact on the City and County in that both will enjoy increased tax receipts from the Site when the Bonds are retired and will enjoy increased tax receipts from nearby properties whose development is influenced and induced by the Redevelopment Project. This Plan can be used in any state.
Oregon Redevelopment and Tax Increment Financing Plan and Interlocal Agreement to Implement Plan
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US-00250
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Word;
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FAQ
An urban renewal agency is activated when the city or county governing body declares by ordi- nance that a blighted area exists in the city or coun- ty and there is a need for an urban renewal agency to function in the area.
Urban Renewal was a post-World War II effort by local and national governments to revitalize American cities based on new living patterns and with the hope of improving economic conditions. For many cities this meant demolishing buildings and clearing out areas considered to be in decay.
Urban renewal, comprehensive scheme to redress a complex of urban problems, including unsanitary, deficient, or obsolete housing; inadequate transportation, sanitation, and other services and facilities; haphazard land use; traffic congestion; and the sociological correlates of urban decay, such as crime.
Urban renewal is the process of seizing and demolishing large swaths of private and public property for the purpose of modernizing and improving aging infrastructure. Between 1949 and 1974, the U.S. government underwrote this process through a Department of Housing and Urban Development (HUD) grant and loan program.
TIF Application As property values increase, all property tax growth above that amount can be used to fund redevelopment projects within the district. The increase, or increment, can be used to pay back bonds issued to pay upfront costs, or can be used on a pay-as-you-go basis for individual projects.
An urban renewal agency is activated when the city or county governing body declares by ordi- nance that a blighted area exists in the city or coun- ty and there is a need for an urban renewal agency to function in the area.