Tax Increment Financing

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Tax Increment financing (TIF) allows new taxes generated by a redevelopment project to pay for upfront costs.  A portion of the difference or “increment” between existing taxes paid on a property, and taxes paid after redevelopment is made available to the developer.  

 It is considerably more expensive to redevelop old or vacant buildings into a new use than it is to build on raw land.  TIF provides assistance for the increased cost of redevelopment including land acquisition, demolition, and environmental cleanup.