Urban Renewal Agency Board
The Cornelius Urban Renewal Agency administers the adopted Cornelius Urban Renewal Plan. Urban renewal allows for the use of tax increment financing, a financing source that is unique to urban renewal, to fund its projects. Tax increment revenues - the amount of property taxes generated by the increase in total assessed values in the urban renewal area from the time the urban renewal area is first established - are used to repay borrowed funds for any loan given to the Agency.
The purpose of urban renewal is to improve specific areas of a city that are poorly developed or underdeveloped, called “blighted areas” in Oregon Revised Statutes (ORS) 457.010. In general, urban renewal projects can include construction or improvement of streets, utilities, and other public facilities; assistance for rehabilitation or redevelopment of property; acquisition and re-sale of property from willing sellers; and improvements to public spaces.
