Tax Increment Financing

Tax Increment Financing (TIF)

Tax Increment Financing (TIF) may an option to encourage redevelopment of "blighted" areas (i.e. areas with rundown, dilapidated, or obsolete buildings and structures.) The increase in property taxes that results from the redevelopment (the "increment") is used to help finance redevelopment costs, such as land assembly and removal of blighted structures.

TIF qualifying expenses include:

• Demolition of blighted or substandard buildings
• Extraordinary cost to assemble multiple parcels of land
• Site requires remediation of contaminated soils, removal of asbestos, lead based paint, dry cleaner contaminates, or other contaminants
• Project includes underground or ramped parking
• Extraordinary public infrastructure improvement cost

For more information or to request an application, contact Economic Development or call 218.299.5441.