What is Tax Increment Financing (TIF)?

Tax Increment FInancing (TIF) allows the City to borrow the money to pay for the City's portion of the project and pay it back over the course of 20 years using the new income and/or property taxes generated by the new offices and homes in the project.  That way, the City does not have to use current general fund money to pay off the note. A TIF was used for Phase I - First and Main, and the borrowed amount has already been paid back through the increased income property tax revenues generated by the stores and homes in the project.

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1. What is Downtown Phase II?
2. What is Issue 11 on the May 7 Primary Election ballot?
3. How will the proposed project traffic be addressed?
4. What will the architecture look like?
5. Who's paying for Downtown Phase II?
6. How will storm water from the project be addressed?
7. Will parking be included in the design?
8. Will my taxes go up because of Downtown Phase II?
9. Has the City considered putting a City Hall, Rec Center or park in the development?
10. What is Tax Increment Financing (TIF)?
11. Will there be Section 8 housing?
12. What's the status of the Windstream property at 94 Owen Brown?