How is the KURA funded?

Like almost all urban renewal agencies across the country, the Ketchum Urban Renewal Agency relies on tax-increment financing for funding (see question #2).   That means that when the agency was created, it had no funds available for projects because no property tax revenue had been collected.  So, like many young URAs, the KURA jump-started its revitalization efforts by borrowing money.  Those borrowed funds (approximately $5.6 million) were used to help develop the Fourth Street Heritage Corridor and to invest in two properties that were deemed good strategic investments (491 Sun Valley Road and 211 First Street East).  In 2010, the KURA refinanced the debt by issuing municipal bonds and repaying the initial three lenders.  For the past five years, the KURA has collected property taxes, and is now using that revenue for repayment of the debt and general operations.

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