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1. What is a URA and a URP?

A URA is a Urban Redevelopment Area, an area designated in the community for extra concentration of community services, programs, and improvements to relieve slum and blight conditions and bring renewal opportunities. A URP is a Urban Redevelopment Plan, the plan adopted and implemented to address the URA.

2. Does Madison have a URA and URP?

Yes, Madison adopted its first URA in April 2011. Two areas of disinvestment identified in the 2009 Comprehensive Plan Update were included as part of a larger overall area. This URA is officially known as the Downtown Urban Redevelopment Area (DURA). More about the DURA

3. What is an Opportunity Zone?

An opportunity zone is a special designation by the state which incentivizes job creation through the use of an existing job tax credit program. The OZ as approved:

> Applies to commercial, professional, and industrial areas in the DURA
> Offers a maximum job tax credit allowed under law - $3,500 per job created
> Requires a minimum job creation threshold of any job tax credit program – 2 jobs
> Allows use of job tax credits for 100% of income tax liability and withholding
> Expands the definition of “business enterprise” to include all businesses of any nature

Using this tool, Madison ensures that the best available package of State incentives is available to both new and expanding businesses, thereby encouraging economic development and redevelopment in the targeted area and that the city will remain competitive with surrounding communities.

All About Our Opportunity Zones