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Redevelopment is a tool created by state law (CA Health & Safety Code Section 33330 et seq.) to assist local governments in eliminating blight from a designated area, stimulate community development and achieve community goals. Redevelopment can help communities implement a revitalization effort in their downtown, neighborhood or industrial areas. Redevelopment plans are locally created and adopted so they respond to a community’s unique needs and vision.
Establishing redevelopment areas allows cities and counties an opportunity to collect Tax Increment (TI) – the difference between the property tax generated at the formation of the redevelopment area and future property tax generation. Redevelopment Agencies can use that TI to generate resources for redevelopment efforts in their redevelopment areas and 20% of this TI is set aside for housing creation. When these funds are reinvested, more development occurs, which in turn produces more tax increment. This provides a sustainable financing mechanism that continues to provide resources to the community during the term of the redevelopment plan.
Redevelopment is revived business districts, revitalization of deteriorating neighborhoods, infrastructure improvements, clean up of contaminated and dilapidated properties and the building and rehabilitation of housing, community centers, parks, and public amenities.
Tools for implementation are numerous. They include: studies, strategies and planning documents; financing; land acquisition; incentives; “districts”; renovation; public facilities improvements; new commercial and housing development. There are many tools in this toolbox that are a part of “redevelopment and revitalization”. They include: Economic Development Strategies; Fiscal Impact Analysis; Market Feasibility Analysis; Mixed-Use Development Standards; Pedestrian/Bicycle Friendly Design; Form-Based Codes; Sustainability Planning.