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.
Idaho Redevelopment and Tax Increment Financing (TIF) Plan is a strategic initiative implemented by the state of Idaho to encourage economic growth and development in blighted or underutilized areas. This plan provides an opportunity for local municipalities and private developers to revitalize these areas by leveraging projected increases in property tax revenue. The TIF Plan allows municipalities to designate specific redevelopment districts. These districts usually consist of areas with infrastructure, commercial, or residential deficiencies or areas requiring revitalization. Once a district is established, a baseline property tax value is determined, representing the current assessed value of the properties within the district. Subsequently, any increase in property value above this baseline, often referred to as the "increment," is allocated to a separate fund called the TIF fund. This increment is generated through improvements or additions made by property owners or developers within the designated district. The TIF Plan aims to finance and support redevelopment projects within the district using the accumulated funds in the TIF fund. These funds can be used for various purposes such as infrastructure upgrades, property acquisition, public amenities, or any other project that aligns with the revitalization goals. To efficiently implement this plan, an Interlocal Agreement is often established between the municipality and other relevant stakeholders, such as school districts, county commissions, and nonprofit organizations. The agreement outlines the responsibilities, roles, and financial transactions between these entities involved in the TIF project. Different types of Idaho Redevelopment and Tax Increment Financing Plans may include: 1. Commercial Redevelopment TIF Plan: Primarily focused on revitalizing commercial areas, this plan aims to attract businesses, enhance commercial viability, and improve infrastructure to stimulate economic growth. 2. Residential Redevelopment TIF Plan: Aimed at rejuvenating residential areas, this plan addresses issues such as housing shortages, inadequate infrastructure, or the upgrade of existing residential properties, making these areas more attractive for residents and potential investors. 3. Mixed-Use Redevelopment TIF Plan: This plan integrates commercial and residential redevelopment strategies with a focus on creating vibrant neighborhoods that offer an array of amenities, including retail, entertainment, and housing options. 4. Infrastructure Redevelopment TIF Plan: This type of plan concentrates on addressing infrastructure deficiencies or obsolete facilities within a designated district, such as roads, bridges, utilities, and public spaces. The goal is to support economic development by modernizing the area's infrastructure. Overall, the Idaho Redevelopment and Tax Increment Financing Plan, with its various types and corresponding Interlocal Agreements, serves as a powerful tool in promoting economic growth, revitalizing blighted areas, and attracting investments to create vibrant and sustainable communities in the state of Idaho.
