A Tax Increment Finance District, or TIF District, is a tool available to local governments to help pay for public improvements that are needed to support redevelopment in a particular area. As properties are improved, and for a limited number of years, the increment of additional tax revenues generated by the new development is used to pay for improvements that offer a public benefit. Private development costs are still borne by the developer. A TIF District does not impose a new tax or additional taxes on the community. Questions frequently asked about TIF Districts are answered in the link to the right.
The Plan Commission held a public hearing on the establishment of the TIF District on December 10, 2014 and forwarded a recommendation to the City Council that a TIF District be established on the 10 acre property, located on the corner of Laurel and Western Avenues. On January 20, 2015, the City Council approved an ordinance establishing a TIF District for the property to facilitate proposed development on the site.
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