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A
redevelopment plan is the comprehensive program of a municipality
to eliminate those conditions causing blight or addressing infrastructure
needs for economic development through the provision financial assistance
and/or use of eminent domain. The redevelopment plan applies to an
area designated by the municipality. The municipality must make a
finding that there exist conditions which cause the area to be classified
as a blighted area, a conservation area or an economic development
area. Redevelopment projects are any development project within a
redevelopment area in furtherance of the objectives of the redevelopment
plan. The redevelopment projects are legally described areas located
within the larger envelope of the redevelopment area and it is the
redevelopment projects which are the source of the incremental tax
revenues. |
