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.
Title: An Overview of Oregon's Redevelopment and Tax Increment Financing Plan and Interlocal Agreements for Implementation Introduction: The state of Oregon offers various redevelopment and tax increment financing plans, accompanied by interlocal agreements, to promote economic development, infrastructure improvements, and urban revitalization. This detailed description sheds light on the concept, benefits, types, and process involved in Oregon's Redevelopment and Tax Increment Financing Plan (RT IFP), as well as the crucial Interlocal Agreement to Implement Plan. Keywords: Oregon, redevelopment, tax increment financing plan, interlocal agreement, economic development, infrastructure improvements, urban revitalization. 1. What is Oregon's Redevelopment and Tax Increment Financing Plan (RT IFP)? In Oregon, the Redevelopment and Tax Increment Financing Plan is a strategic approach used to stimulate economic growth, redevelop blighted areas, and fund essential infrastructure projects. This plan harnesses the power of tax increment financing (TIF) to generate revenue and support targeted development initiatives. 2. Understanding Tax Increment Financing (TIF): Tax Increment Financing is a financial tool that captures a portion of property tax revenue generated from a designated redevelopment area. This additional revenue, known as the tax increment, is earmarked to fund essential improvements and developments within the specified region. 3. Benefits of Oregon's RT IFP: — Economic GrowthThatRIPPPPPPF PFPFP facilitates the creation of jobs, attracts new businesses, and strengthens local economies. — Infrastructure Improvements: Funding through TIF allows for the construction or renovation of critical infrastructure, such as roads, bridges, utilities, and public facilities. — Blight Remediation: Blighted areas can be revitalized through TIF funds, leading to increased property values, enhanced aesthetics, and improved quality of life for residents. — Smart Growth: The plan supports targeted, sustainable development patterns by directing investment towards underutilized land and infrastructure. 4. Types of Oregon's Redevelopment and Tax Increment Financing Plans: Oregon offers several types of RTI FPs, tailored to meet the unique needs of different communities: — Urban Renewal Areas: These plans focus on promoting redevelopment within urban areas that are economically distressed, underutilized, or suffering from blight. — Industrial Development Districts: Targeted towards areas with potential for industrial growth, these plans encourage the development of manufacturing facilities, industrial parks, and related infrastructure. — Economic Development Districts: Aimed at fostering economic growth, these plans support diverse business sectors, innovation centers, and entrepreneurial activities. — Brownfield Development Areas: These plans focus on the revitalization of contaminated sites, transforming them into productive and environmentally sustainable assets. 5. Interlocal Agreement to Implement Plan: The Interlocal Agreement is a legal contract signed between various entities, such as local governments, agencies, and redevelopment authorities, involved in implementing the RT IFP. This agreement establishes cooperation, defines roles and responsibilities, addresses funding mechanisms, and ensures coordination throughout the plan's execution. Conclusion: Oregon's Redevelopment and Tax Increment Financing Plan, along with the Interlocal Agreement, offer a comprehensive framework for fostering economic development, improving infrastructure, and revitalizing communities. The various types of RTI FPs address specific development needs, collectively driving sustainable growth and enhancing the quality of life for Oregonians. Keywords: Oregon, redevelopment, tax increment financing plan, interlocal agreement, economic growth, infrastructure improvements, urban revitalization, urban renewal areas, industrial development districts, economic development districts, brownfield development areas.
