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A capture of increases in property tax revenues on eligible property to pay for costs of eligible activities.
A Brownfield Authority may 1) capture new property tax revenues generated by development of eligible property, and 2) use captured funds to reimburse for costs of eligible activities.
Project activities can only be reimbursed if the Authority's Brownfield Plan has been approved by the community's governing body.
A Brownfield Authority TIF provides for reimbursement to parties who incurred eligible expenses. Multiple taxing jurisdictions participate, and local funding resources are created.