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.
Delaware Redevelopment and Tax Increment Financing Plan and Interlocal Agreement to Implement Plan
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US-00250
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FAQ
Is TIF an additional tax burden? No, TIF does not impose a new tax. Instead, it uses improvements to spur development and raise property values within a zone. Then it funnels some of the tax collected on that increase in value into a fund that pays for the improvements.
The mission of the Brooks City Base Tax Increment Reinvestment Zone is to promote development or redevelopment of the Tax Increment Reinvestment Zone (TIRZ) where development or redevelopment would not occur solely through private investment in the reasonably foreseeable future.
A TIRZ is the real property that is taxed to fund the TIF project. The zone is created when the TIF project begins.
TIRZ stands for ?Tax Increment Reinvestment Zone.? TIRZs are governed by Chapter 311 of the Texas Tax Code. There are more than 180 TIRZs throughout Texas. TIRZs are used as forms of tax increment financing, which is an economic development tool to incentivize both development and redevelopment.
Tax Increment Financing (TIF) is an economic development tool that allows cities and counties to capture tax revenue from Tax Increment Reinvestment Zones (TIRZs). When a TIRZ is formed, the amount of existing tax collections originating from inside the zone's boundary is set as the baseline.
City Initiated Tax Increment Reinvestment Zone (TIRZ)
Urban Center Housing Tax Increment Financing (UCH-TIF)
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.