TAX INCREMENT FINANCING
Tax Increment Financing (TIF) is a tool used by municipalities to provide financial assistance to redevelop areas that the governing body of the city has declared blighted and substandard pursuant to the Community Development Law.
The municipality has the ability to capture the increased real property tax from a redevelopment project, for a period not to exceed 15 years. Bonds or other forms of debt can be issued to assist project development. The increased tax stream is used to pay off the bonds. Depending on the size and configuration of a redevelopment project, TIF funds can be a significant source of assistance for a project.
For Tax Increment Financing assistance contact Michael L. Bacon at 308-537-7161 or by email.