What is Urban Renewal in Mead, Colorado?
Ever curious about what types or resources are available for businesses looking to start, locate, or expand in Mead? The Town has a couple of programs to help encourage development, and one of the main tools it has to reinvest in the community comes from urban renewal. So, what is urban renewal?
Urban renewal areas are created to attract and retain businesses and development with the goal of creating new jobs and improving an area both environmentally, and aesthetically, without creating any new taxes. To establish an urban renewal area, a community must work with the state to identify areas in their town that can be considered “blighted.” A blighted area is one that doesn’t meet certain standards around various elements such as ADA accessibility, sewer infrastructure, or safety of the structures.
Where is Mead’s Urban Renewal Area
In Mead, the urban renewal authority boundary includes most of the old town area, as well as areas along I-25, an area on the northeast side of Welker Avenue, and areas on both the east and west side of I-25, south of State Highway 66.
The old town area benefits from urban renewal with infrastructure including new sidewalks, improved road conditions, and more. Businesses within the urban renewal area can also work with the Town on redeveloping buildings and using funds to make development projects possible.
How does Mead’s Urban Renewal Authority Operate?
The Mead Urban Renewal Authority (MURA) was established by the Town’s Board of Trustees in 2016 to oversee all the activity funded by Mead Urban Renewal. All seven of the Town Board’s members serve on the Urban Renewal Authority as well as three additional members. One representing Weld County, one representing St. Vrain Valley School District, and one member from the Fire Authority. MURA makes decisions about what gets funded with urban renewal funds.
Urban renewal does not get funds from raised taxes. Rather, MURA funds come from property taxes that already exist within the area. Basically, when an urban renewal authority is established, property taxes within the designated area are “frozen” for the life of the urban renewal plan. Any additional property taxes that are produced within the area during the life of MURA are used to fund urban renewal projects, thereby spurring more development, and creating more funds. The original “frozen” property taxes still go to taxing entities throughout the life of the urban renewal plan. To learn more about this we recommend watching the video above!
How does urban renewal help local businesses?
Several businesses in Mead have participated in MURA funding, using the money to build new sidewalks, improve roadways, or ensure proper infrastructure to buildings they are developing. As Town Manager, Helen Migchelbrink, says, “We want to work with you. We're happy to have you in Mead, and we want to explore opportunities that can help make your financial business model work with whatever you need to do to improve your property.”
Learn more about MURA at the Town’s website! Our Town is happy to answer any questions you might have and work with local businesses to help them succeed.