Urban renewal project definition
Examples of Urban renewal project in a sentence
The County recognizes and agrees that in reliance on this Agreement and in accordance with the provisions of §31-25-109(12) of the Act, the adoption and approval of the Plan includes an irrevocable pledge of all of the Property Tax Increment Revenues, including the County Property Tax Increment, to pay the Authority’s Bonds and other financial obligations in connection with the Urban Renewal Project.
The proposed Urban Renewal Project consists of designing, developing and constructing the Improvements (which includes paying the Eligible Costs of public improvements) necessary to serve the proposed Urban Renewal Area and to comply with §31-25-107(4)(g) of the Act that requires the Plan to afford maximum opportunity, consistent with the sound needs of the municipality as a whole, for the rehabilitation or redevelopment of the Urban Renewal Area by private enterprise.
The County and the Authority agree that the Authority may retain and expend in furtherance of the Urban Renewal Project percent ( _%) of the County Property Tax Increment, commencing on the date of approval by the City of the Plan, and lasting for the Duration.