What is equitable development?
Equitable development is a development strategy that ensures everyone participates in and benefits from the area’s economic transformation by dismantling barriers and expanding opportunities for everyone.
The Urban Renewal Implementation Strategy will ensure projects deliver on the vision of equitable development and advance the broader change needed to link residents to economic and neighborhood opportunities. Accountable public action and investment will result in more quality jobs and increasing entrepreneurship, wealth, and quality of life. The result will be a stronger, more competitive city.
What is urban renewal?
What does urban renewal do?
How does urban renewal work?
How are decisions made about urban renewal?
Why is urban renewal needed in the Tigard Triangle?
Urban renewal is helpful in fixing infrastructure deficiencies and supporting catalytic development in the Triangle. since the type of development desired by the community (and allowed by zoning) is not supported by market conditions. Urban renewal, and the funding it brings, can help get pioneering projects off the ground with incentives, partnerships, and financial or technical assistance. It can get the ball rolling, so to speak, and effectively change the market conditions in the Triangle to align with the community’s vision.
Urban renewal also signals to the development community that the city is committed to the area. In emerging mixed-use areas, private investment typically follows this kind of public commitment
What are the benefits of urban renewal in the Tigard Triangle?
Improves Tigard’s long-term financial health by bringing new businesses into the Triangle, urban renewal increases Tigard’s tax base over time which, in turn, helps fund future city services for all Tigard residents.
Provides a stable funding source by creating a stable long-term funding source (without creating a new tax), the city can build or fix infrastructure that it may otherwise delay or never be able to afford
Steers investment toward an area ready for change by focusing on the Triangle, which is already zoned for commercial and residential density, urban renewal steers investments toward an area of the city that is the most ready for change.
Furthers Tigard’s walkability goal by shifting the character of the Triangle from an auto-oriented district with suburban offices and big-box stores into a pedestrian-oriented district with a diverse mix of destinations and activities, urban renewal can help further the city’s goal of becoming a more walkable, interconnected and healthy community.
Supports travel by alternate modes by fostering the creation of a complete community—one which has jobs, housing, services, and transit—urban renewal can make travel by alternate modes (travel by foot, bike, or transit) more desirable. This could help alleviate the growth of traffic congestion, allowing the city to reap the benefits of new development while limiting its impacts.