Why was "renaming" (the present participle) used even the speaker is referring to the past? Also, is it grammatically correct to putting no "be" verbs?
The speaker is not speaking in the past. When this story was live, the street was currently being renamed, therefore "renaming" is correct here. "Is" is omitted here before "also" because the news anchors in the United States speak in a condensed way. Usually, "is" would be before "also".