Urban Deterioration occurs when a part of a city falls into disrepair and abandonment. The procedure of physical, communal, and financial deterioration that confronts inner city and central neighborhoods can be explained in various ways. There are two significant tools for urban redevelopment. They are discussed below.
The first is the ability to assemble land and to offer to the development community a contiguous piece of property for redevelopment. Most inner cities redevelopment projects need selective property acquisition to happen. Without the ability to assemble land in inner-city areas, revitalization of deteriorated urban areas would not happen.
The Second is urban renewal allows Tax Increment Financing, which is a vehicle where sales and property taxes may be leveraged, to help finance such projects as infrastructure, environmental cleanup, or provide the public improvements necessary for the development to occur.
