What other resources are there to fund new roads and such besides urban renewal?
Specific public improvement projects can be paid for by local, state and federal grants, private investment and donations, city general fund allocations and other sources of public financing. Each of these options has its place. Competition for projects funded by the city’s general fund is intense. Grant money is similarly competitive, time consuming to obtain and usually arrives with strings attached. Most often grants require a local government to match the grant funds with local revenues. Passing a local option levy or general obligation bond to fund such improvements increases everyone’s property taxes. Urban renewal or tax-increment financing is a reliable financing tool that has been used for more than 30 years to fund public improvements with little impact on the taxes paid by existing residents and businesses.
