Following a second reading Monday, the Roseburg City Council approved an ordinance establishing the Diamond Lake Urban Renewal district.
That means the city will use tax increment financing to borrow against future growth in the area’s tax base to pay for improvements to the area east of town, including along Diamond Lake Boulevard and Douglas Avenues.
By improving infrastructure and making aesthetic improvements, the city hopes to attract business and housing developments to the area.
The proposal drew favorable comments during a hearing at the council’s June 26 meeting.
Property owners in the area said a renewal district would make it easier for them to develop their land.
The renewal district includes about 25 percent of the city by acreage, and about 14 percent of its total assessed value.
Projects will likely include improved roads, wetlands mitigation, blight elimination and streetscaping, all designed to make the area both attractive and ready for developers. The amount of funding could range from $14 to $28 million over 20 years.
For the past 30 years, the city has had an urban renewal area covering downtown, Garden Valley Boulevard, Stewart Parkway and Stephens Street, but it expires in 2019. City officials also considered a West Harvard option before settling on the Diamond Lake plan. They said the Diamond Lake plan would include more benefits, including encouraging projects that would expand housing and jobs.