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TIF presentation

TIF presentation

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Published by NorthwesternCARES

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Published by: NorthwesternCARES on Jun 24, 2011
Copyright:Attribution Non-commercial


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Tax Increment Financing
West Hills Business Center
Presentation to:Northwestern Lehigh School District
June 15, 2011
Tax Increment Financing
What Are TIFs/How Do They Work?
Tax Increment Financing (TIF) is an economic development financing toolwhich can utilize increases in property taxes, resulting from privatedevelopment within a specified area, to finance needed capitalimprovements within that same area.
A portion of the new taxes or “tax increment”generated by adevelopment project is designated by the affected taxing bodies to coverthe debt service payments of a bond or note that finances the eligibleimprovements.
In many cases, the improvements that are financed via a TIF constitutepublically owned infrastructure.
West Hills Business Center
Tax Increment Financing
What Are TIFs/How Do They Work?
The Tax Increment Financing Act of 1990 (amended 1992), Act113, 35 P.S.§6930.1 et seq., permits Local IndustrialDevelopment or Redevelopment Authorities to administer a TIFproject in accordance with the affected local taxing bodies.
Today 49 states and the District of Columbia have suchlegislation.
The process starts with a local Authority working with a privatedevelopment project in need of assistance with excessive costsrelated to necessary improvements to support the project.
In the majority of cases, the required assistance involves fundingmandated public infrastructure improvements.
West Hills Business Center

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