Redevelopment

Redevelopment is any new construction on a site that has pre-existing uses on it such as the redevelopment of an industrial site into a mixed-use development or the redevelopment of a block of townhouses into a large apartment building. Urban infill on vacant parcels that have no existing activity but were previously developed is also sometimes referred to as redevelopment.

Redevelopment also refers to state and federal statutes which give cities and counties the authority to establish redevelopment agencies and give the agencies the authority to attack problems of urban decay. The fundamental tools of a redevelopment agency include the authority to acquire real property, the power of eminent domain, to develop and sell property without bidding and the authority and obligation to relocate persons who have interests in the property acquired by the agency. The financing of such operations might come from borrowing from federal or state governments and selling bonds and from Tax Increment Financing.