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Urban Renewal Agency forwards annual report showing $10.5M spent, $16.3M authorized
Summary
The Monmouth Urban Renewal Agency presented its annual report, reporting approximately $10.5 million expended (64% of maximum indebtedness), assessed value growth of about $68 million since 2006, and plans to leverage TIF proceeds and grant matches for future projects; the agency voted to forward the report to taxing jurisdictions.
The Monmouth Urban Renewal Agency on Jan. 21 approved and forwarded its annual financial and project report for fiscal year 2023-24 to the city council and impacted taxing jurisdictions.
Community and economic development staff presented highlights: the agency has spent about $10.5 million to date against a maximum authorized spend of approximately $16.3 million (about 64% used). Since the district—s formation in February 2006, the assessed value within the district has increased by about $68 million, staff said, which the agency described as the…
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