Tax Increment Financing (TIF) – Urban Renewal

Tax Increment Financing (TIF), also called Urban Renewal, is an economic development tool that provides funding for projects in specific areas in cities. It has been used for decades in cities around the country, including more than 100 urban renewal areas in Oregon. In March 2019, Corvallis voters approved the City’s first-ever urban renewal district in South Corvallis. The district is intended to help spur economic growth in the area by enhancing public assets such as streets and sidewalks, improving access to commercial services and housing opportunities, and developing resources that can assist other projects in South Corvallis. All of this work will make South Corvallis more appealing to new and existing businesses, which will catalyze economic growth in the area. Many of the projects identified by the Urban Renewal Plan will build on the action items identified the City’s Climate Action Plan by enhancing resiliency and encouraging alternative transportation options throughout South Corvallis. The current plan was created with input from community members, property owners, City Councilors and representatives of taxing districts.