Tax Increment Financing

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Tax Increment financing (TIF) allows new taxes generated by a redevelopment project to pay for upfront costs.  A portion of the difference or “increment” between existing taxes paid on a property, and taxes paid after redevelopment is made available to the developer.  

 It is considerably more expensive to redevelop old or vacant buildings into a new use than it is to build on raw land.  TIF provides assistance for the increased cost of redevelopment including  land acquisition, demolition, and environmental cleanup.

Please contact John Hinzman at (651) 480-2378 with any questions.