Redevelopment Agencies are public entities created by a city or county to support and promote urban renewal, development, and infrastructure improvements within designated project areas. They are initiated to assist in the revitalization of blighted, deteriorated, or economically underdeveloped areas. The primary functions of these Agencies include acquiring unutilized or underutilized land, making improvements for resale or lease, relocating businesses and residents as required, aiding private development within the project area, and facilitating the construction or reconstruction of public facilities. The funding for Redevelopment Agencies is mainly sourced from tax increment financing.
This involves the allocation of property tax revenues, which increase due to the rise in property values as a consequence of redevelopment. These finances are used to repay the borrowing or bond issue undertaken for the fulfillment of the projects. Redevelopment Agencies are pivotal to foster economic development, ensure community revitalization, and enhance living conditions in underprivileged areas.
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