Urban Renewal Agency


Boards, Commissions & Committees
URBAN RENEWAL AGENCY
Overview & Purpose of Urban Renewal
Urban renewal is a statutory public policy tool that rehabilitates deteriorating areas, stimulates private investment, and finances essential public infrastructure such as roads, utilities, and sidewalks. It operates primarily through Tax Increment Financing (TIF), in which property tax values within a designated Revenue Allocation Area (RAA) are frozen at a certified baseline. As redevelopment occurs and local property values rise, traditional taxing entities—such as school, county, and highway districts—continue receiving property tax revenue derived from the frozen baseline. The tax revenue generated strictly from property value growth above the baseline (the "increment") is redirected to the urban renewal agency for a limited timeframe (typically up to 20 years) to fund eligible public improvements or service project debt.
Agency Independence
Under Idaho law, urban renewal agencies function as distinct corporate entities separate from municipal government:
"The Victor Urban Renewal Agency (VURA) is an independent public entity established under Idaho law. It operates as its own separate taxing district and is not part of the City of Victor’s government. The City cannot direct, control, or manage the actions of the VURA. All decisions, budgets, and projects undertaken by the VURA are made by its Board, which acts independently in accordance with applicable state statutes."
This legal distinction creates a financial firewall. It ensures that obligations and long-term debts the agency incurs remain entirely separate from the City of Victor's municipal debt limits and annual operating budgets.
History of the Victor Urban Renewal Agency & Its Districts
Established under the Idaho Urban Renewal Law of 1965 and the Local Economic Development Act, the Victor Urban Renewal Agency (VURA) addresses local infrastructure deficits and encourages sustainable economic expansion in Victor, Idaho. To guide targeted growth, VURA oversees two primary Revenue Allocation Areas:
· Downtown District: Formed in 2015, this district was established to revitalize Victor’s commercial core, fund pedestrian and streetscape enhancements, and complete vital utility infrastructure projects, such as downtown waterline upgrades.
· North District: Formed in 2024, this district was created to support infrastructure development, guide commercial growth, and manage new economic opportunities along the city's northern entry corridor.
Urban Renewal Agency meetings are held the first Monday of each month at 9:30 A.M. at 138 N Main Unit 201. PO Box 1050, Victor, ID 83455.
Previous meeting information is available to view and search in the City's Document Archive . Find Victor Urban Renewal Agency Agendas , Victor Urban Renewal Agency Meeting Minutes , Victor Urban Renewal Agency, Victor Urban Renewal Agency Annual Reports , Victor Urban Renewal Agency Fiscal Year Budgets , and Victor Urban Renewal Agency Resolutions and Amendments .
Se invita al público a asistir y testificar en relación con la acción propuesta o también se pueden presentar comentarios por escrito a la Ciudad. Póngase en contacto con el ayuntamiento si desea solicitar ayudas para la comunicación, servicios u otras adaptaciones para su participación.
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