TIF 6 Redevelopment PlanTIF Definition
Tax Increment Financing (TIF) Districts are economic development tools that take advantage of increases in property value. TIFs are designed to promote redevelopment of struggling areas. When an area is experiencing declining property values, and the resulting drop in property tax revenue, they may institute a TIF. The TIF freezes the amount of tax revenue each taxing body (School District, Park District, etc) receives to that of the starting year of the TIF.
The city will then make significant improvements in the TIF area. This could include street, utility, and streetscape repairs as well as land assembly for redevelopment. This is usually financed through bonds. The improvements raise the property values, and therefore the property tax revenue, in the district. The taxing bodies however, still only receive the portion that was their share when the TIF began.
The rest of the income is used to pay off the bonds and make other improvements in the district. TIF Districts are allowed to run for 23 years. After they run their course, the taxing bodies return to receiving their full share of the tax revenue.
- TIF 1 Redevelopment Plan (PDF)
- TIF 3 Redevelopment Plan (PDF)
- TIF 4 Redevelopment Plan (PDF)
- TIF 6 Redevelopment Plan (PDF)
Formal TIF Policy
In January 2011, the City Council adopted a formal TIF Policy to guide redevelopment projects within the TIF Districts. The TIF Policy is meant to assist developers, staff and Council in reviewing appropriate uses of TIF funds to meet the city's goals and objectives for the TIF Districts. Developers, property owners and businesses interested in seeking financial assistance from the city for redevelopment opportunities should review the TIF Policy.
In addition to the TIF policy, there is a TIF Assistance Application that needs to be completed and submitted to the Economic Development Office for consideration. Information on City TIF Grants can be found here.
The complete TIF Policy and applications can be found by following the links below: