urban renewal

urban renewal definition - business

urban renewal

Redevelopment of an established but physically deteriorated urban area in order to improve housing, commerce, and social activities. Government urban renewal projects are undertaken in the hope that improved property values and increased tax revenues will pay for the cost of the renewal.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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