Tennessee 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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FAQ

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.

For example, if a TIF district is designated and the total EAV is 100,000, then after a few years of redevelopment and investment, the total EAV is 175,000. The property tax paid on the incremental EAV of 75,000 goes into a TIF fund that can be used to pay eligible costs of the redevelopment.

TIFs: the potential positives and negatives Pro: TIFs can alleviate some of the burden on developers. ... Con: There may be backlash. ... Pro: TIF districts can grow the tax base. ... Con: Mediation can be a monster. ... Pro: TIF districts can revitalize parts of a city that are in decline. ... Con: The project could go either way.

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 ? projects give cities and counties tools to retain, recruit, and grow business and industry. Tax Increment Financing is a method utilized by local governments to pay for community improvements with future tax revenues.

Homeowners and property owners benefit from a successful TIF District in several ways: Property values are generally stabilized or improved, which can create a ?spill over? benefit for adjacent neighborhoods. Certain public improvements ? water/sewer/streets, etc.

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.

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.

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