Redevelopment

Redevelopment is any new construction on a site that has pre-existing uses. It represents the process of land development uses to revitalize the physical, economic & social fabric of urban space.

Description

Variations on redevelopment include:

Redevelopment projects can be small or large ranging from a single building to entire new neighborhoods or "new town in town" projects.

Redevelopment also allocated to state in addition to federal statutes which manage cities and counties the predominance to introducing redevelopment agencies and render the agencies the command to attack problems of urban decay. The fundamental tools of a redevelopment company include the authority to acquire real property, the power of eminent domain, to develop and sell property without bidding and the authority and responsibility of relocating persons who develope interests in the property acquired by the agency. The financing/funding of such(a) operations might come from government grants, borrowing from federal or state governments and selling bonds and from Tax Increment Financing.

Other terms sometimes used to describe redevelopment put urban renewal urban revitalization. While efforts allocated as urban revitalization often involve redevelopment, they cause not always involve redevelopment as they do not always involve the demolition of any existing structures but may instead describe the rehabilitation of existing buildings or other neighborhood value initiatives.

A new example of other neighborhood value initiatives is the funding mechanism associated with high carbon footprint air quality urban blight. Assembly Bill AB811 is the State of California'sto funding renewable energy and offers cities to craft their own sustainability action plans. These cutting edge action plans needs the funding structure; which can easily come forward through redevelopment funding.