Urban Renewal Law

The act authorizes municipalities, and in some circumstances counties, to undertake urban renewal in slum or deteriorated areas, conditioned on local approval by resolution and, for certain projects, voter approval at an election. It provides for adoption of a municipal urban renewal plan and grants powers to acquire, clear, and dispose of property within a project area — including devoting acquired property to public housing — with those powers exercisable either directly by the municipality or through a separately created urban renewal agency run by a board of commissioners. Financing comes through urban renewal bonds and a tax increment mechanism, under which increments in tax collections attributable to a project are computed, allocated to a tax increment fund, and disbursed for project costs or to service tax increment bonds, subject to relocation-cost obligations, conflict-of-interest limits, annual reporting, and defined judicial procedures.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.