Does urban renewal have a financial impact on taxing jurisdictions?
During the time that the urban renewal plan is in effect, the City, County and other taxing entities will receive the same funding as they are currently collecting in the area. Any increase over current tax revenue will be set aside to directly pay for projects in the URA. After the URA is closed out, our expectation is that taxing jurisdictions will see more revenues due to the success of the URA in generating more private investment than would have taken place if the URA had not been formed in the first place; and the public entities will have additional assets paid in part by the URA.The City is obligated to consult with affected taxing jurisdictions in the feasibility analysis and in the formation of an urban renewal area. It is also required to send a notice citywide regarding the proposal to form the URA.
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