Maine Redevelopment and Tax Increment Financing Plan and Interlocal Agreement to Implement Plan

State:
Multi-State
Control #:
US-00250
Format:
Word; 
Rich Text
Instant download

Description

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.

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  • Preview Redevelopment and Tax Increment Financing Plan and Interlocal Agreement to Implement Plan
  • Preview Redevelopment and Tax Increment Financing Plan and Interlocal Agreement to Implement Plan
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FAQ

Maine's Affordable Housing Tax Increment Financing Program allows municipalities to capture new property tax revenue generated by the housing constructed in an identified Affordable Housing Tax Increment Financing (AHTIF) district and to use all or a portion of that revenue to support affordable housing.

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.

Cities use TIF to finance public infrastructure, land acquisition, demolition, utilities and planning costs, and other improvements including sewer expansion and repair, curb and sidewalk work, storm drainage, traffic control, street construction and expansion, street lighting, water supply, landscaping, park ...

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.

Tax Increment Financing (TIF) A type of special district financing in which tax revenues raised only from new development, as assessed by the net increase over the existing property tax base, are earmarked to fund capital improvements.

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.

Municipal Tax Increment Financing (TIF) is a flexible finance tool used by municipalities, plantations, and unorganized territories to leverage new property taxes generated by a specific project or projects within a defined geographic district.

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Maine Redevelopment and Tax Increment Financing Plan and Interlocal Agreement to Implement Plan