- Drives urban productivity E.g.: Creating mixed use development projects in CBD – Creating regional hubs just outside of city limits to reduce residential and commercial pressure on inner city area.
- Creates employment opportunities
- Attracts increased investments – Intensifying use of land – Densification of area can create new market for business
- Enhance housing affordability – Brings key workers closer proximity to employment opportunities
- Capitalize on existing infrastructure – Improvement of existing infrastructure saves cost of new expensive infrastructure
- Increases tourism revenue – Improved infrastructure and services
Benefits for the Community
- Creates new local jobs – temporary and permanent and keeps earnings local.
- Establishes an environment that fosters growth in new businesses.
- Promotes the introduction of new housing products, and offers resources for reinvestment in established neighborhoods.
- Eliminates hazards and conditions that undermine the integrity and safety of the community.
- Stems the decline of property values and correspondingly the revenues of the municipality and other taxing entities.
- Provides upgraded and needed infrastructure for future growth.
- Supports local historic preservation efforts.
Benefits for the Local Government
- Increases tax revenues from new businesses, consumer purchases and property taxes.
- Keeps sales tax dollars local for use within the urban renewal area or community at large.
- Only method of financing capital improvements that does not require an increase in taxes.
- Contains costs associated with the provision of government services by using existing infrastructure in a more fiscally responsible way.
- Encourages in fill rather than fringe development, resulting in a more efficient use of land and lower municipal capital costs.
- More effectively leverages transit improvements, correspondingly lowers regional infrastructure cost.
- Identifies capital improvements needed to stabilize existing areas and encourage reinvestment.
- Makes development within municipalities more cost effective than sprawl development outside.
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