HomeMy WebLinkAboutNotice PLANNER 9/13/2007
SPRINGFIELD
City of Springfield
Development ServICes Department
225 Fifth Street
Sprmgfield, OR 974n
54 J -726-3775
mrmetzger@C1 sprmgfield or us
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Potential Proposed Downto"''1
Urban Renewal Boundary
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Join Us for a "T~wn HI Meeting" to Discuss
Downtown Urban Renewal
September 20,2007 400pm-7'00pm
Jesse Main Room and Lobby Display
Springfield City Hall, 225 Fifth Street, Springfield
What IS Urban Renewal?
. State law gives Cities and counties the authonty to adopt urban renewal plans that Identify projects
and acbons that would eliminate blight. such as the poor quality bUildings located In downtown
Spnngfield
. On November 6, 2007, Spnngfield voters Will be asked to authorize the Spnngfield City Council to
adopt a Downtown Urban Renewal Plan that would use tax mcrement financmg to fund bllght-
redUCing projects and activIties
How Would Urban Renewal Be Funded?
. Urban renewal projects are often paid for uSing tax mcremenl financmg ThiS method does not Im-
pose new property taxes, but Instead allocates a porbon of the taxes that are collected to a city's ur-
ban renewal agency to pay for blight-reducing projects and acbvltles
. Because tax Increment finanCing does not Impose new taxes, by reallocating some of the taxes gen-
erated Within an urban renewal d,stnct to finance urban renewal projects and actiVities, property tax
revenue to other taxing dlstncts would be reduced
City of Springfield
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Development Services Department
225 Fifth Street
Springfield, OR 97477
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510 A ST
SPRINGFIELD, OR. 97477-
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049.182043999
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09/13/2007
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