The Urbana City Council has passed an ordinance to establish and define the boundaries of Community Reinvestment Area (CRA) #2, aimed at encouraging redevelopment and growth in another section of the city.
Community Reinvestment Areas are tools used by municipalities to attract private investment in areas that need revitalization. The proposed ordinance does not approve any specific project or agreement. It simply creates an additional CRA to give Urbana more flexibility to promote development in targeted areas.
Any future proposal for a CRA agreement would still require City Council approval, ensuring that each project directly benefits the community before moving forward.
The board clarified that this CRA is not connected to any large-scale developments. Concerns about such projects are handled separately through zoning ordinances and other review processes that already require council oversight.
CRA #2 is set to expand the city’s ability to attract responsible investment and return underutilized properties to productive public use, while maintaining council control over all future agreements and tax incentives.
Director of Law Mark Feinstein explains more about CRAs and what the ordinance entails.
The next meeting is scheduled for Tuesday, November 18.
