Sherwood city planners say improved high-speed internet service, a walking bridge over Highway 99W and a festival plaza in downtown could soon be a reality, under a new plan currently in the works at City Hall.
The city is in the process of creating an urban renewal plan — a way of distributing tax dollars that allows the city to fund projects it otherwise couldn’t.
Urban renewal plans change how existing taxes on a property are paid. Property values in a designated area are frozen, and tax revenue collected above the property value is pooled into a special fund, which can be used on projects in the area. City leaders says urban renewal plans aren’t a new tax, but a different way to distribute taxes property owners currently pay.