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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
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06/24/2011

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Tax Increment Financing
West Hills Business Center
Presentation to:Northwestern Lehigh School District
June 15, 2011
LCIDALCIDALCIDALCIDA
 
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.
2
West Hills Business Center
LCIDALCIDALCIDALCIDA
 
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.
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West Hills Business Center
LCIDALCIDALCIDALCIDA

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