Revitalizing Our City: The Urban Renewal Vision
The Urban Renewal Area is a strategically designated district aimed at sparking new investment and revitalization. This contiguous boundary encompasses the heart of our downtown commercial district, stretching north of Washington Street, west of 1st Street, east of Scott Street, and south of Madison Street. Additionally, it extends north of Madison Street to the city's northern limits along Yamhill Street, ensuring a broad and impactful reach.
Within this area, there are approximately 151 tax lots, many of which remain underutilized. Around 40 properties have no improvements, while another 49 lots exhibit a low improvement-to-land-value ratio (under 1.5:1), signaling untapped potential and economic stagnation. These underdeveloped sites contribute to limited tax revenues, making it difficult to sustain public services.
To address these challenges, the Urban Renewal Plan leverages projected development to fuel economic growth and enhance the district. The plan allows for a maximum indebtedness of $3.7 million, funding key revitalization projects, district management, and financial reserves. No additional debt will be incurred once this limit is reached, or when all existing obligations are retired—whichever comes first. The plan is designed to sunset by the end of fiscal year 2030-31, marking the successful transformation of the area.
With strategic investment, this initiative paves the way for a thriving, dynamic downtown—one that attracts businesses, fosters community, and enhances the local economy for years to come.