Incentives & Financing
Incentive: BROWNFIELD TAX INCREMENT FINANCING
The Tax Increment Financing Authorities allows municipalities to develop districts with authority to capture taxes due to the increase in property values within a specific district that have resulted from project investments. The districts may be under the jurisdiction of a Downtown Development Authority (DDA), Local Development Finance Authority (LDFA), Tax Increment Finance Authority (TIFA) or Brownfield Redevelopment Authority (BRA). Under the act, the authority may use the captured taxes to pay for water and sewer, roads, environmental testing and other public investments within the development district depending on type of authority. The funds may be used for either industrial or commercial projects.
Category: Incentives Packaging
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