Urban renewal authorities (URAs) are created by municipalities to redevelop areas within their jurisdiction that are found to contain blight or slum conditions and require public participation to attract redevelopment.
An urban renewal project is a public/private partnership. The majority of the funding comes from the private sector; public investment comes from tax increment financing (TIF), which is the increased amount of property tax or municipal sales tax revenue collected within the URA after the project begins. This new revenue is generated by the increased property values that result the project.
URAs are voluntarily filing financial information and updates on project progress in standard annual reports developed by the Colorado Municipal League and Downtown Colorado Inc.