Urban renewal creates great places, revitalizes neighborhoods and spurs economic development, resulting in new housing choices, shopping and dining destinations, and business relocation opportunities.
The Aurora Urban Renewal Authority administers and implements the city's 21 urban renewal area plans, which the Aurora City Council has approved.
The city of Aurora plans, promotes and coordinates development and redevelopment projects in these areas, along with 14 redevelopment areas, in partnership with property owners, developers, investors, other stakeholders and the community.
An urban renewal area is an area that has met the criteria for blight, and has been publicly declared as blighted and appropriate for urban renewal, per the Colorado State Urban Renewal law. It is typically identified as an area targeted for redevelopment.
Tax Increment Financing (TIF) is often used to finance redevelopment projects in urban renewal areas. TIF allows a local authority to leverage taxes to assist in financing redevelopment projects, such as infrastructure and environmental cleanup.