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Con: The project could go either way In the end, the TIF process can be long and drawn out, and even that can kill a deal. It's important to keep in mind that TIFs can be incredibly complex, and in spite of your best efforts, the deal may fall through.

AN ACT to provide for the incorporation by 2 or more municipalities of certain authorities for the purpose of providing emergency services to municipalities; to provide for the powers and duties of authorities and of certain state and local agencies and officers; to provide for certain condemnation proceedings; to ...

Tax increment financing (TIF) is a powerful funding tool that can help cover the additional costs associated with redeveloping a brownfield property.

TIF allows local governments to invest in public infrastructure and other improvements up-front. Local governments can then pay later for those investments. They can do so by capturing the future anticipated increase in tax revenues generated by the project.

Alternatively, the TIF-eligible costs could be included in the basis of the underlying property with a corresponding zero basis receivable being recorded. Under such approach the taxpayer would recognize TIF reimbursements as taxable income.

The Act provides municipalities with a tool to halt property value deterioration, to increase property tax valuation, to eliminate the causes of the deterioration, and to promote economic growth in their business district.

What is Tax Increment Financing (TIF)? Enacted on August 13, 1975, Public Act 197 of 1975, otherwise Known as the “DDA Act,” authorized the use of Tax Increment Finance to correct and prevent the deterioration of downtown areas in the State of Michigan.