Tax Increment Financing (TIF) districts are used to fund the revitalization of deteriorating or distressed areas. TIF uses the increased property value resulting from redevelopment to help pay the upfront costs of the redevelopment project. The portion of new tax revenue representing the "tax increment" is used to pay for eligible redevelopment costs.
TIF reduces the higher costs associated with redevelopment of property in blighted areas.
Contact the Office of Economic Development for additional information.