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.
New Jersey Redevelopment and Tax Increment Financing (TIF) Plan is a strategic tool utilized by municipalities to revitalize blighted areas, stimulate economic growth, and attract investment. It aims to address deteriorating infrastructure, underutilized properties, and outdated development patterns within designated redevelopment zones across the state of New Jersey. The TIF Plan is implemented through an Interlocal Agreement, which establishes a partnership between the municipality and the affected school district, county, and other relevant public entities. This collaborative approach ensures coordinated efforts to achieve the desired goals outlined in the redevelopment plan. There are several types of New Jersey Redevelopment and TIF Plans, including: 1. Urban Redevelopment Plans: These plans focus on revitalizing urban areas, typically characterized by disinvestment, vacant buildings, and outdated infrastructure. The goals often encompass mixed-use development, affordable housing initiatives, transportation improvements, and community amenities. 2. Transit-Oriented Development Plans: These plans concentrate on areas near transportation hubs, such as train stations or bus terminals. The objective is to create vibrant, pedestrian-friendly neighborhoods with a mix of residential, commercial, and recreational spaces, encouraging the use of public transport and reducing reliance on private vehicles. 3. Brownfield Redevelopment Plans: These plans target contaminated or underutilized properties, including former industrial sites. The aim is to remediate environmental hazards, convert these sites into productive use, and attract new businesses or industries, thereby revitalizing the surrounding areas as well. 4. Waterfront Redevelopment Plans: These plans focus on redeveloping waterfront areas, including riverfront and coastal regions. The goals often include enhancing public access to waterways, creating recreational spaces, boosting tourism, and promoting economic development through mixed-use projects. The Interlocal Agreement serves as the legal instrument to implement the TIF Plan. It outlines the roles and responsibilities of each participating entity, establishes a framework for revenue sharing, and sets guidelines for the allocation of tax increment revenues generated within the redevelopment zone. This agreement ensures that the benefits and burdens associated with the TIF Plan are distributed equitably among all parties involved. In conclusion, the New Jersey Redevelopment and Tax Increment Financing Plan, implemented through an Interlocal Agreement, offers a comprehensive approach to transform blighted areas into thriving communities. With various types of plans tailored to specific redevelopment needs, the state aims to create sustainable and prosperous environments that attract investment, promote job creation, and improve the overall quality of life for residents.
