Tax Increment Financing (TIF)
Tax Increment Financing (TIF) may be an option for large housing or redevelopment projects. In order to enable the development of costly projects such as the development of a blighted area or to incentivize economic development, the City will designate a specific area as a TIF district. The City promises their share of future property taxes (above the current pre-development tax) back to the developer for a period of time. This allows developers to take on projects they might have otherwise passed on. TIF qualifying expenses include:
- Blighted or substandard buildings
- Extraordinary cost to assemble multiple parcels of land
- Site requires remediation of contaminated soils, removal of asbestos, lead based paint, dry cleaner contaminates, or other contaminants
- Project includes underground or ramped parking
- Extraordinary public improvement cost
Applications are accepted anytime. Due to notice and public hearing requirements, allow up to 6 weeks for approvals. For more information or to request an application, contact Economic Development or call 218.299.5441, toll free 877.833.6667.