5050 TIFWorks Application North Branch Works Form

Instructions and help about 5050 TIFWorks Application North Branch Works

let's say you're a developer who just bought some property downtown you want to put a grocery store there but you're not sure you can make it fly especially because you're gonna knock down that abandoned home on a lot and put a glitzy grocery store in its place causing your property tax values to go sky-high a city council member who also wants a downtown grocery suggests you using tax increment financing to finance the project what the heck is that tax increment financing or TIF is a method developers can use to reinvest into their property the higher taxes that they would normally pay when development takes place the incentive is meant to encourage economic growth and create jobs by allowing developers to pursue projects that wouldn't normally occur if they had to fund the projects on their own but how do you make that happen well the developer needs to prove to the city and the tax increment financing commission three things one that the area is blighted or that conservation is need