Where do urban renewal funds come from?

Basically, a por­tion of everyone’s property tax payment is set aside to pay for projects within the urban renewal district.  The amount that’s set aside is based on the “tax increment” value within the district.  The reason it’s called “tax increment” is because it is the incremental amount of tax value that has grown since the district started.  

When the district is created, the assessed value of prop­erty within the district is set (or “frozen”) and those taxes continue to go to the government (city, county, and school districts through the State).  Any property value increase above that frozen amount is called the “increment.”  The amount of taxes on the increased value (or “increment”) is what is collected across the city for the urban renewal district to use for redevelopment projects.

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Show All Answers

1. What is urban renewal?
2. Where is urban renewal used in Eugene?
3. What has been done in the Downtown District with urban renewal funds?
4. How does urban renewal work?
5. Does urban renewal raise property taxes?
6. How has urban renewal evolved?
7. Who benefits from urban renewal?
8. Where do urban renewal funds come from?
9. What effect does urban renewal have on the other governments in the area?
10. How will urban renewal impact the school district?
11. Who makes the decisions about urban renewal projects and spending?
12. Why did the City amend the Downtown Urban Renewal Plan?
13. Why is the City considering an amendment to the Riverfront Urban Renewal Area?
14. What is the City's next step related to Riverfront and urban renewal?
15. How will the money be spent if the Riverfront Urban Renewal Plan is amended?
16. How will the money be spent now that the Downtown Urban Renewal Plan is amended?
17. How much money is there to spend in the Downtown District?
18. What are the City's next steps related to Downtown and Urban Renewal?