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Craig City Council approved the formation of the Craig Urban Renwal Authority’s first urban renewal area Tuesday, and now CURA is close to being able to accept applications for tax increment financing.
Urban Renewal Area 1, which encompasses the old Centennial mall and areas north and south of it, not including the former Kmart building, was given the go-ahead by City Council at Tuesday’s meeting. That’s the first of two potential Urban Renewal Areas.
Property owners within the plan area will receive a notice of the plan within the next seven days, according to the attorney for CURA, Carolynne White. After that, applications can be accepted for URA 1.
The other Urban Renewal Area, URA 2, includes parts of downtown and a stretch south of downtown in unincorporated county land. That’s a few months out as agreements with county landowners are sorted out.
In the mean time, property and business owners in URA 1 are a week away from being able to apply for tax increment financing from the CURA. Applicants must prove the need for the financing, as well as the viability of the plan and the benefit it will bring to the city in order to be approved.
If approved, owners will be given access to various forms of capital investments that are raised by the CURA from the anticipated revenue increase that will come from the property assessment bump due to the improvements that are made with the investment.
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Craig Urban Renewal Authority nearly ready to accept applications for first area - Craig Daily Press
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