A TIF (Tax Increment Financing) or TID (Tax Incremental District) is a special tool that a city can use to generate money for economic development in a specific geographic area. TIFs allow a city to re-invest all new property tax dollars in the neighborhood from which they came for a specified period.
These "new" revenues arise if new development takes place in the TIF district, or if the value of existing properties rises, resulting in higher tax bills. These funds can be spent on public works projects or given as subsidies to encourage private development. But TIFs can also make it easier for a city to acquire private property and demolish buildings to make way for new construction.
With consistent community participation, TIFs can be a tool for implementing a community-based revitalization plan through encouraging affordable housing development, improving parks and schools, fixing basic infrastructure, putting vacant land to productive use, creating well-paying jobs, and meeting other local needs.
TIF 6
The downtown TIF is a redevelopment TIF offering incentives for new infill development as well as rehabilitation of historic structures.
TIF 9
TID #9 is proposed as a mixed-use district, and its purpose is to provide financing for new infrastructure and to promote economic development in the area. Proposed project costs identified in the Project Plan include cash grants that may be provided by the City to owners, lessees or developers of property within proposed TID #9.
TIF 10
TID #10 is a blighted district based on the identification and classification of the property included within the District. The purpose of TID #10 is to provide financing for new infrastructure and promote economic development in an area of the City poised for future commercial, residential, and mixed-use growth. Proposed project costs identified in the Project Plan include capital projects, infrastructure projects, real estate acquisitions, and cash grants that may be provided by the City to owners, lessees or developers of property within TID #10.
TIF 11
TID #11 is a blighted district based on the identification and classification of the property within the District. The purpose of TID #11 is to provide financing for new infrastructure and promote economic development in an area of the City poised for future commercial, residential, and mixed-use growth. Proposed project costs identified in the Project Plan include capital projects, infrastructure projects, real estate acquisitions, and cash grants that may be provided by the City to owners, lessees, or developers of property within TID #11.
TIF 12
TID #12 is a mixed-use district based on the identification and classification of the property proposed to be included within the District. The purpose of TID #12 is to provide financing for new infrastructure and promote economic development in an area of the City poised for future commercial, residential, and mixed-use growth. Proposed project costs identified in the Project Plan include capital projects, infrastructure projects, real estate acquisitions, and cash grants that may be provided by the City to owners, lessees or developers of property within TID #12.
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