Redevelopment Authority on Council Agenda


(posted Apr 11)

The April 14 Speedway Town Council Meeting will hear the first reading of Ordinance 1109 to create a redevelopment authority. A redevelopment authority is designed to fund redevelopment projects or purposes of a redevelopment commission. The authority has the power to construct, finance, and lease local improvement projects to the redevelopment commission.

The authority has the power to condemn, appropriate, lease, rent, purchase, and hold any real or personal property needed or considered useful in connection with local public improvements, and enter upon any lots or lands for the purpose of surveying or examining them to determine the location of a local public improvement. The authority can issue 50 year bonds for the purpose of acquiring property, constructing and renovating local public improvements.