This Redevelopment and Tax Increment Financing Plan and Interlocal Agreement to Implement Plan is the implementation of a Plan through issuance of the Bonds and completion of a Redevelopment Project to have a beneficial financial impact on the City and County in that both will enjoy increased tax receipts from the Site when the Bonds are retired and will enjoy increased tax receipts from nearby properties whose development is influenced and induced by the Redevelopment Project. This Plan can be used in any state.
Alabama Redevelopment and Tax Increment Financing Plan and Interlocal Agreement to Implement Plan
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US-00250
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FAQ
What is TIF? Tax Increment Financing, or TIF, is a geographically targeted economic development tool. It captures the increase in property taxes, and sometimes other taxes, resulting from new development, and diverts that revenue to subsidize that development.
However, TIF is prone to several pitfalls. In practice, TIF often captures some revenues that would have been generated through normal appreciation in property values, even without the TIF-funded investment. This over-capture of revenue diverts resources away from public services citywide.
While it may help relieve some of the risk burden of development, it can be a challenging route to take, and one that isn't guaranteed to lead to success. In the end, only you can know if pursuing a TIF is right for you and your venture.
Does TIF result in increased tax rates? TIF captures increases in tax revenue without any change in tax rates. If property values increase as redevelopment occurs, the municipality will receive increased revenues and utilize those revenues to pay for public improvements without increasing tax rates.
Tax Increment Financing, or TIF, is simple in concept. TIF calls for local taxing bodies to make a joint investment in the development or redevelopment of an area, with the intent that any short-term gains be reinvested and leveraged so that all taxing bodies will receive larger financial gains in the future.
Funding for TIF is provided in the form of a bond, secured by the developer, and paid back only by the developers increase in property taxes.
[?] This is the amount of additional tax value that will be added to the property. Say for example if the base value if the property was $2 million and the value after project completion is $8 million, then the increment would be $6 million.
TIF CONS: ? TIFs may set different urban areas and different levels of government in competition with one another over funding. Cities can obtain revenues that would otherwise have flowed to overlying government levels or school districts.