A tool that funds public infrastructure using incremental property tax revenue to repay municipal debtÂ incurred to build/improve public infrastructure and related costs associated with the redevelopment of anÂ identified area (District).
A “public-private partnership” - public action stimulates private investment.
Specific statutory requirements:
- Infrastructure improvements must serve the TIF District and stimulate private sector development or re-development.
- Development must provide employment opportunities.
- Development must improve and broaden the tax base.
- Development must enhance the economic vitality of the municipality, region or state.