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.
Indiana Redevelopment and Tax Increment Financing Plan and Interlocal Agreement to Implement Plan
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Multi-State
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US-00250
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Word;
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FAQ
Funding for TIF is provided in the form of a bond, secured by the developer, and paid back only by the developers increase in property taxes. Who can use TIF? Any large project development that will generate a significant increase in the assessed value of the property.
TIF's can reduce what the developer pays for the development by providing a capital infusion, reducing the amount of equity the developer must bring to the table or by recouping development costs over a period of time.
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.
The bonds are backed by the anticipated TIF revenue, and repaid with incremental tax receipts as private development activity increases.
The TIF creates funding for public or private projects by borrowing against the future increase in these property-tax revenues.
A TIF Agreement is a local real estate property tax exemption negotiated and executed between a host municipality and an expanding or relocating company.
Normally, TIF is funded only by new taxes that would not have generated without the TIF; TIF uses only new tax dollars generated by development to finance infrastructure; Theoretically, TIF does not place an additional tax on property owners for cost of capital projects.
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.