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.
Virgin Islands Redevelopment and Tax Increment Financing Plan and Interlocal Agreement to Implement Plan
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US-00250
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FAQ
However, they can be controversial because some or all of the increased tax revenue in the district is diverted to a special TIF fund and is not available for the same activities that other property tax revenue is used for, such as public schools, police and public safety, and recreational facilities.
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.
Debt service: the city borrows money by issuing a bond and then the tax increment generated by the TIF district is used to pay back the bondholders. If a project has high up-front costs, the lump sum generated by a bond issuance enables a city to pay for them. In other words, the new, diverted taxes pay down the debt.
TIF revenues are typically used to pay back upfront costs or debt service for bonds issued to fund improvements such as infrastructure and other public facilities that are needed to catalyze private investment. TIF can also play an important role in providing funding for affordable housing.
There is strong evidence that TIF is misused: districts are often created in areas that are far from meeting anyone's definition of blighted. This had led critics to claim that TIF largely benefits the more affluent parts of the city while siphoning away funds from public services such as schools.
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.
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.
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.