Tax Increment Financing (TIF) Incentive for Developers
Monday, November 14, 2016
Local governments and development authorities may use Tax Increment Financing to help finance costs of real estate development by providing up-front costs of the development and then repaying those costs over time with the increased property tax valuation. Red Wing proposes to use the incentive for the removal of blight or redevelopment, the increase in tax base, to retain or increase economic diversification.
The use of Tax Increment Financing must fall within the state guidelines, meet the “but for” test, be financially feasible, include a developer’s sources and uses statement, and be structured as a pay as you go. For more information on Tax Increment Financing, please click here: http://www.redwingportauthority.org/red-wing-port-authority/loans-and-incentives/incentives-directory/?item=1248