Urban Renewal Area for North Waterfront would eventually bring in more property, income taxes

The city is considering setting up a new Urban Renewal Area north of downtown to spur development and growth, a move that could generate more tax revenue decades from now. 

Property values are “frozen” in Urban Renewal Areas (URA) when they are created, and any new taxes generated by rising property values are returned to the area to fund projects like developments, rather than to the city’s general fund for police, fire and core services.