Brownfield Authority Tax Increment Financing (TIF)
What Is It?
A capture of increases in property tax revenues on eligible property to pay for costs of eligible activities.
How Does It Work?
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.
Who Is Eligible?
Project activities can only be reimbursed if the Authority's Brownfield Plan has been approved by the community's governing body.
What Are the Incentives?
A Brownfield Authority TIF provides for reimbursement to parties who incurred eligible expenses. Multiple taxing jurisdictions participate, and local funding resources are created.