The revitalization of central Beaverton is a core priority of the city and residents of Beaverton. Portions of central Beaverton continues to languish, with unattractive streetscapes, an absence of new investment, and a deficiency of pedestrian-friendly amenities and businesses. Much of this area lacks a sense of place — characterized by qualities that attract new shops and restaurants that in turn attract customers and new residents creating a cycle of economic vitality.
To capitalize on the opportunities within central Beaverton and to meet the community’s desire to create a revitalized, vibrant downtown core, the Beaverton Urban Renewal Plan (Plan) was developed in 2010 and approved by voters in 2011. The Beaverton Urban Redevelopment Agency (BURA) is the agency responsible for administering and monitoring urban redevelopment and renewal activities within the City of Beaverton.
Urban renewal and tax increment financing (TIFs) are public financing tools that provide local governments with the flexibility necessary to respond to new challenges and opportunities that arise locally; BURA employs these tools to spur targeted investments in particular, blighted areas in order to create value through the development of public-and-private-funded improvement projects.
The agency completed the Central Beaverton Urban Renewal Plan, which proposes to accomplish the following goals and objectives:
Create an active downtown
Address traffic congestion
Address response times for public safety
And provide incentives for redevelopment, business investment, and jobs.