What is an urban renewal authority?

Deck head

Posted 6/11/19

Urban renewal is a process in which privately owned properties within a given area are purchased or taken by eminent domain by a city or town and redeveloped. Tax Increment Financing (TIF) allows …

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What is an urban renewal authority?

Deck head

Posted

A previous version of this article did not include the main goal of an urban renewal authority, according to Partering for Parker's Progress, which is "on its activity done in partnership with the private sector as a quasi-governmental agency, working closely with the public works, economic development and community development departments of a town."

Urban renewal is a process in which privately owned properties within a given area are purchased or taken by eminent domain by a city or town and redeveloped. Tax Increment Financing (TIF) allows urban renewal authorities to collect the net new tax revenues from within the urban renewal area to finance the redevelopment.

The main focus of an urban renewal authority is on its activity done in partnership with the private sector as a quasi-governmental agency, working closely with the public works, economic development and community development departments of a town. 

Parker’s urban renewal authority is Partnering for Parker’s Progress, or P3 (letstalkparker.org). Its executive director is town administrator Michelle Kivela. The P3 board is chaired by Mayor Mike Waid. Councilmembers Joshua Rivero, Renee Williams, Debbie Lewis, Jeff Toborg and Cheryl Poage are board members of P3 as well.

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