Council Gives Initial Go-Ahead for Urban Renewal Authority
KREX News Room
GRAND JUNCTION, Colo.Monday the Grand Junction City Council approved initial steps that could increase funding for the North Avenue Rehabilitation Plan.
The process began in 2007 to revitalize North Avenue because, at 13 percent, the four-mile corridor has the highest vacancy rate of commercial buildings than any other area in the city, which averages 6.4 percent.
Officials with The North Avenue Owners Association say that while the overlay project is improving pedestrian safety, funding is still needed to move forward.
City council members decided to look into what it would take to create an Urban Renewal Authority.
President of the North Avenue Owners Association, Poppy Woody, said, "Will allow us to have what's known as a TIF, where we take a portion of the current taxes and any increase of taxes, a portion of that will come to be spent only on this taxing district."
Similar to the Downtown Development Authority, the Urban Renewal Authority would be formed to gather funding for North Avenue improvements but wouldn't be just for that area. The entity would also be able to guide improvement projects throughout the entire city.