FAQs

How is a redevelopment agency funded?

When a redevelopment agency is formed, the current assessed property values within a project area are designated as the base value.  As the property value increases over time the tax revenues generated by the property will also increase.  This increase is called tax increment and is a primary source of income to the redevelopment agency.   A redevelopment agency also issues tax allocation bonds to help pay for redevelopment projects.  Redevelopment agencies fund themselves after making improvements to the community and any financial obligation of an agency is not the City’s financial obligation.