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<br />Ballot Measure 20-134 <br /> <br />DOWNTOWN URBAN RENEWAL PLAN AMENDMENT <br /> <br />QUESTION: Shall urban renewal plan be amended to increase the spending limit by $40 million <br />and extend the plan's ending date? <br /> <br />SUMMARY: If approved by voters, this measure would make two major changes to the <br />downtown urban renewal plan. <br /> <br />First, the measure would increase the amount of urban renewal funds that can be spent on <br />downtown projects by $40 million. The urban renewal plan limits the amount of urban renewal <br />funds that can be spent, known as the maximum indebtedness amount. Under the current plan, <br />approximately $4.5 million is left for downtown projects. These urban renewal funds - officially <br />called tax increment funds - are the property taxes on the increase in assessed value of property <br />in the urban renewal district that occurs after the plan's adoption. Tax increment financing does <br />not impose new taxes, but instead reallocates the property taxes on the increase in assessed value <br />from other taxing districts to the urban renewal agency. This reduces revenues to the other <br />taxing districts. <br /> <br />Second, the measure would extend the termination date for the downtown urban renewal plan <br />from 2024 to 2030. <br /> <br />A 'yes' vote approves the urban renewal plan amendments. <br />