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PrivateinvestmentfollowspubliccommitmentMostcitieshaveolderareasthatnegativelyax1ex1eectthequalityox1elix1eeandeconomicvitalityox1ethecommunity.Thepurposeox1eanurbanrenewalauthorityistostimulatereinvestmentinthecityinaccordancewithurbanrenewalplansadoptedbythetownorcitycouncil.Redevelopmentox1etheseareascanbeverycomplexandcostlyandthereisusuallyax1eundinggap.UrbanrenewalauthoritiesmayutilizeafnancialtoolcalledTaxIncrementFinancingTIFtoclosethatgapandx1eundeligibleimprovementswithinadesignatedarea.Bondscanbeissuedbasedoncurrentpropertytaxesx1eorasiteandax1eorecastox1eadditionalpropertyandsalestaxrevenuesthatwillbegeneratedbyanewdevelopment.Thatdix1ex1eerenceortaxincrementcanbeusedtowardconstructioncostsorpublicimprovementsandpaidox1ex1ethroughnewly-generatedtaxrevenues.Workinginpartnershipwiththeprivatesectorurbanrenewalauthoritiescanhelpcreatenewretailox1efceresidentialculturalandeducationalamenitiestobenefttheentirecommunity.In20012010and2011theBrightonCityCouncilapprovedurbanrenewalplansthatencompassmuchox1edowntownBrightonandtargetedareastothenorthandsouth.TheBrightonUrbanRenewalAuthorityisaneconomiccatalystx1eortheseareasusingitsauthoritytoleveragex1eundsandx1eorgecreativepartnershipswithprivatedevelopersbusinessesandotherinvestors.BURAmayassistinpropertyacquisitiondevelopmentfnancingpublicimprovementsordevelopmentapproval.Thegoalistoencourageinvestmentandreinvestmentwithinthesetargetedareaswhilegrowingjobsandstrengtheningthecityx19staxbase.SinceitscreationBURAhasattractedmorethan420millioninprivateinvestmentandcreatedorretainedover1200jobsintheurbanrenewalareas.Dueinparttodowntownurbanrenewalex1ex1eortsnewpropertytaxrevenuestothecityarenowapproximately1.3millioneachyear.Inthecoredowntownareatheannualpropertytaxincrementhasincreasednearly1.2millionsince2003.6