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Frequently Asked Questions
What is Redevelopment?
Redevelopment is a process authorized by State Law by which local government works in partnership with private development to enhance the social, economic, physical and environmental vitality of a specific project area. Redevelopment encourages new development, creates jobs, and generates tax revenues in declining urbanized areas by developing partnerships between local governments and private entities.
How is the Agency Funded?
The Agency is funded through tax increment revenue. Redevelopment does not raise taxes, but keeps local tax money in the community. Through a “tax increment” process, taxes that would normally go to the State or to other taxing entities are allocated directly to Isla Vista. Through this process, the Agency collects the difference between the total amount of property taxes paid in Isla Vista in 1990, and the total amount of property taxes paid in Isla Vita today, minus some funds which are passed back to local taxing entities. Funds can be used to improve housing, infrastructure, parking and transportation, recreation, and commercial area.
To request a copy of “The Community Guide to Redevelopment”, please contact us.
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