Redevelopment

About Redevelopment
Urban renewal includes the redevelopment or rehabilitation of blighted real property in a city, usually as the result of a cooperative effort by private developers, urban renewal authorities, and local government.

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The Urban Renewal Process…

Determining Blight
The first step in determining whether or not a proposed redevelopment project is eligible for assistance from DURA is assessing whether or not the area in question is blighted.

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The Urban Renewal Plan
Once it has been determined that an area is blighted, the next step is the drafting of an Urban Renewal Plan and the formation of an Urban Renewal Area by Denver City Council. The purpose of the Plan is to identify the blight conditions present in the area and to describe the plan for improving conditions in the area.

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Determining the Need for Financial Assistance
Once a plan is in place, the next step is determining if the project requires financial assistance. There are generally four questions DURA asks when assessing whether or not a given project warrants assistance – Is the planned redevelopment feasible? Is there a financing gap?

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How Tax Increment Financing (TIF) Works
When DURA partners with a private developer and provides assistance to help finance redevelopment of a blighted property in Denver, the principal tool it uses is tax increment financing or TIF.

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About Redevelopment