By Bryan Navarro

MEDFORD, Ore. -- As one source of funding to improve downtown Medford shuts down, another could be starting up.

The Medford Urban Renewal Agency will close up shop in the next two years and the Heart of Medford Association is proposing a new project, what's being called an "Economic Investment District", or "EID", which would spend money beautifying streets and buying advertising.

The money would come from and be spent by the same people: downtown business owners. Businesses in the downtown area would be charged a tax of 15 cents per square foot and would decide how that money would be spent.

Many business owners are just learning about the EID and welcome the idea of having money in the hands who know downtown the best.

Mura doled out more than $72 million since 1988, but the EID could cut through the red tape.

In bend, an EID has been in place for five years, where 97% of businesses support the plan.

An exploratory meeting for the "Economic Investment District" is set for Monday, July 18th. It will be at noon, in the presentation hall at the RCC, SOU Higher Education building.