Many areas of cities have fallen by the wayside as people moved to the suburbs and left behind the big cities as centers where a good life was not possible, but that has begun to change recently. Many large cities want developers to come in and make necessary changes, and they are willing to negotiate so they can update their tax base. For them, urban renewal is a way to increase funding for city projects that will benefit the entire metro area.
Crime has long been one of the major factors in people moving away from some neighborhoods, and the lack of homeowners creates even more issues. For those areas, urban planners and developers are looking for investors to upgrade these areas. Building commercial buildings, with nearby housing complexes, is one way to help renew a neighborhood that has fallen on hard times. It creates a welcome atmosphere for new businesses and tenants, but it also sheds light on them and drives out the criminal element.
One of the best cases for urban renewal is the expanded tax base, and there are also the impact fees that will help improve the entire city. These types of taxes have been the traditional ways cities are able to fund projects to improve their infrastructure, and they help provide services for residents as well as businesses. Urban renewal can be viewed as a way to make a city better without a large investment on the part of the taxpayers already there.
Large projects in urban areas are an investment in the immediate future, but they are also a way to turn a failing city into an economically healthy place to live and work. Those who invest in renewal projects will see profits from their vision, and this alone should not be a reason to object to them.
