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Riverfront Downtown Urban Renewal Area

Since its establishment in 1975, Riverfront-Downtown Urban Renewal Area (URA) funds have been used to attract and retain commercial businesses in the downtown core, preserve historic buildings, and incent new housing development within the Riverfront-Downtown Urban Renewal boundaries.

Riverfront-Downtown Urban Renewal investments play a major role in making downtown Salem livable, using urban renewal as a tool to focus public resources on key projects such as:

  • New construction of office building
  • New construction of residential rental housing units
  • Recently-completed Peter Courtney pedestrian/bicycle bridge
  • Installation of bike signals and bike lanes

A strategic action plan unique to the Riverfront-Downtown URA informs implementation of projects, using an integrated approach to revitalization that includes commercial, retail, mixed-use residential, streets and parks, re-development.

Assessed values and key projects were determined when the urban renewal district was first established. Project plans are subject to change at the direction of the Urban Renewal Agency.

Overview

  • Assessed value at creation: $43,292,931
  • 2023 assessed value: $311,588,104
  • Maximum indebtedness: $315,000,000
  • Completed projects: Streetscape improvements, partnerships on housing and sheltering projects, property acquisition, grant programs.

Plan Documents

Advisory Information

Downtown Advisory Board
This board advises on matters related to urban renewal and tax increment fund allocations related to the Downtown Parking District and the Parking Fund.

Incentives

Multi-unit Housing Tax Incentive Program
Incentive program to stimulate construction of transit-supportive, multiple-unit housing in the core areas of urban centers.

Riverfront Downtown Capital Improvement Grant Program
Incentive opportunity for property owners to support creative and flexible approaches to economic vibrancy.

Riverfront Downtown Strategic Project Grant Program
Incentive opportunity to address homelessness, including projects that address building and property safety and security.

Riverfront Downtown Urban Renewal Area Open for Business Grant Program
Incentive opportunity to address the challenges businesses endured due to the pandemic and wildfires.

Additional Information

Map

Use the following map to find out if you are in this urban renewal area. Open a mobile-friendly, full screen map of the Riverfront-Downtown Urban Renewal Area in a new window.