Urban renewal, or tax increment financing, is a tool used by cities to finance improvements and redevelopment in specific areas of a city by reinvesting the increase in the area’s property taxes. The program is aimed at helping communities improve specific areas that are unsafe or in need of improved conditions. Urban renewal is authorized by the State of Oregon and is used by many cities. An urban renewal governing body is established (the Agency) and a plan is created to demonstrate how this tool can help improve the area. The goal of urban renewal is to support economic development and community improvements by encouraging private development, like businesses and housing, and by financing needed public projects, like street improvements. Eugene has two urban renewal districts: 1) Downtown and 2) Riverfront.