TIF stands for "Tax Increment Financing," a special tool that a city can use to generate money for economic development in a specific geographic area. TIFs allow a city to re-invest all new property tax dollars in the neighborhood from which they came for a specified period.
These "new" revenues arise if new development takes place in the TIF district, or if the value of existing properties rises, resulting in higher tax bills. These funds can be spent on public works projects or given as subsidies to encourage private development. But TIFs can also make it easier for a city to acquire private property and demolish buildings to make way for new construction.
With consistent community participation, TIFs can be a tool for implementing a community-based revitalization plan through encouraging affordable housing development, improving parks and schools, fixing basic infrastructure, putting vacant land to productive use, creating well-paying jobs, and meeting other local needs.
The downtown TIF is a redevelopment TIF offering incentives for new infill development as well as rehabilitation of historic structures.
Hiway Industrial Park
This district is a 160 acre industrial center including the I90 Industrial Center and 90 acres of available development land.