Urban renewal is a state-authorized tool to invest property tax revenues in projects that ultimately result in higher property values in a designated urban renewal area, and which draw private investment that stimulates economic growth, job creation, and broader prosperity throughout the city.
Typically, cities designate an urban renewal agency with the authority to raise and leverage money to help revitalize neighborhoods. Prosper Portland is that agency for the City of Portland. Prosper Portland was established (as the Portland Development Commission) by City Charter in 1958.
The urban renewal process, very simplified, involves:
Working with the affected communities to draw a line around the urban renewal area thus establishing an Urban Renewal Boundary.
Working with the affected communities to create a list of desired improvements. This is the Urban Renewal Plan.
Locating and combining various funding sources to accomplish the work in the Plan. Prosper Portland coordinates this often difficult task.