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- W2186642610 abstract "“TIF is a tool used by cities to encourage development in blighted and sub-standard areas of the community. When a developer buys and improves a property, the taxes on that improved property go up. The additional taxes generated by that increase in real property values can be used to pay off bonds used to improve public infrastructure (sewer, water, storm sewer, paving), improve or relocate private infrastructure (electric, telephone, cable, gas), remove old buildings, add fill, or improve the general soil conditions of the site,” said Randy Gates, Finance Officer for the City of Norfolk. For example, if the property taxes on the unimproved land were $2000 per year and the taxes on the improved property would be $16,000, the difference of $14,000 each year pays off a loan for money that was used to help improve the property. The maximum term of the TIF loan is 15 years. “TIF allows a community of our size to develop a substandard area that would potentially never happen without that incentive. The TIF funds can be used for street, sewer and water improvements that may benefit future development in the area,” said City Council member Shane Clausen." @default.
- W2186642610 created "2016-06-24" @default.
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- W2186642610 date "2012-01-01" @default.
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- W2186642610 title "What is TIF (Tax Increment Financing)" @default.
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