Urban Renewal Agency

Our Goal is Simple

It is to create a place where economic growth can thrive in our community. We work hard to improve areas around the city to attract new businesses and residents.

Our Goals

At the Urban Renewal Agency, we are committed to combining modern growth with our city's unique character, ensuring a better future for everyone. Join us in building a city that welcomes progress while preserving the charm of Twin Falls.

Boost Business

We help develop new opportunities in less-used commercial and industrial parts of the city to encourage economic growth and create jobs.

Revitalize Downtown

We contribute to the development of a lively urban center that promotes economic growth, enhances community connections, and provides a wide range of cultural experiences.

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New Housing and Mixed-Use Spaces

We focus on building places where people can live, work, and enjoy themselves, making downtown a lively and attractive area.

Public Spaces

By creating inviting public areas, we aim to bring the community together in enjoyable and accessible environments.

Attracting People and Businesses

We work to draw more people to the city with new housing options and workspaces.

Quality Development

We ensure that new projects blend in well with the downtown environment and improve its appeal.

Increase Tax Revenue

Our developments help grow the local economy, providing more resources for community services and infrastructure.

Support Industrial Development

We enhance infrastructure to meet the needs of new and existing industries.

Strategic Location Development

By developing key locations, we provide industries with the resources they need to thrive.

Facilitating Growth

We offer the means for industries to expand, creating more jobs and boosting the local economy.

Understanding Tax Increment Financing (TIF) for Urban Renewal in Idaho

Tax Increment Financing (TIF) is a vital financial tool used in Idaho to spur urban renewal and economic development without imposing additional taxes. TIF is specifically designed to channel investment into underdeveloped areas by leveraging future tax revenue increases resulting from those investments.

How TIF Operates

Creation of a TIF District

A municipality identifies an area in need of development, establishing it as a TIF district. Within this district, new community and economic developments are prioritized.

Baseline Tax Revenue

The property taxes within the TIF district are frozen at their current level at the time of its creation.

Future Tax Increments

As development ensues and property values within the district rise, the increase in property tax revenue, or the "tax increment," is collected.

Reinvestment into the District

These increments are then reinvested into the TIF district for a variety of purposes.

How Tax Increments Get Reinvested

Upgrading Infrastructure

Roads, bridges, utilities, and other essential services.

Supporting Economic Projects

Business Development, construction of public facilities, and other community-enhancing projects.

Financing Development Costs

Covering expenses related to community refurbishment that encourage further private investment.

Benefits of TIF

Encourages Private Investment

By improving infrastructure and facilitating site readiness, TIF attracts businesses and investors who contribute to urban revitalization.

Generates New Revenue

TIF is not an additional tax; it's a tool that generates new revenue by enhancing property values through developments that wouldn't have happened otherwise.

Revitalizes Communities

It provides muicipalities like Twin Falls the means to rejuvenate neighborhoods, making them more vibrant and economically viable.

In Idaho, TIF is a strategic tool embraced by Urban Renewal Agencies to unlock potential in areas that are economically stagnant. It aligns public goals with private interests, ensuring that communities can thrive and develop sustainably.