Features-TIF-TigerHotel-Broadway-HotelTax-UsingTif-SidebarClickthruAbove, you see Johnny D. Veloper. Johnny wants to use tax-increment financing to build his new development. What does Johnny have to do?

 

  1. Apply: Johnny will have to fill out an application with the city. The application will ask for many things, including the condition of the property Johnny is developing, why TIF is needed and what community benefits the TIF project will have.

 

  1. Get approval: Johnny’s application will be vetted by the TIF Commission, a group of representatives from different taxing entities, and the city council.

 

  1. Build the property: Johnny will be responsible for developing the property as outlined in his proposal. This includes finding other forms of financing besides TIF.

 

  1. Generate higher assessed value: Johnny won’t start receiving TIF funds until his developed property passes a certain assessed value threshold — also known as a tax increment. Once Johnny’s property becomes valuable enough, he will start receiving money from TIF.

 

  1. Collect and use the agreed-upon amount: Johnny’s TIF will only pay out however much is outlined in his application. After that, the TIF period is over and Johnny will have to pay regular taxes on the property.

 

Disclaimer: Johnny D. Veloper may have to wait a few years — as of this writing, the city can’t permit any new TIF projects until 2020.

Recent News

Four Places You Need to Check Out or Revisit

Columbia’s pretty rad. We’ve got things going on and, better yet, things to do and take part in. Since my last two CBT articles...

Treece Involved in Federal Probe, Alleges Opponent Chris Kelly

With less than a month until election day, the race for Columbia’s mayoral seat is heating up. After a rather contentious climate change forum...

A Call to Serve

This appeared in print as a part of the feature “Changing Faces” Jason North grew up idolizing his father, a volunteer firefighter. A Springfield...

Engineering At All Stages

This appeared in print as a part of the feature “Changing Faces” Niki Kriete was a self-proclaimed space nerd in high school. It’s what...

A Fair Financial Forecast

Pushing almost a decade of economic recovery, Americans are thinking the clock is ticking on this economic honeymoon phase. The Dow Jones took more...