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A Brief Comparison of State-Facilitated TIFs

Tax Increment Financing (TIF), once considered on the cutting edge of economic development incentives, now serves as a mainstream tool in most parts of the country. The connection between brownfield projects and TIF financing works in certain circumstances, but it could have more widespread application, even reaching some weak-market and upside-down sites, if state brownfield financing vehicles were specifically designed to complement local TIFs. Several states have taken the lead in structuring such programs, notably Illinois, Michigan, Connecticut and Wisconsin. Other states should consider state-facilitated TIF financing as an effective and efficient means to improve their brownfield programs and obtain cleanup-redevelopment results. Growth of TIF Financing TIF has emerged as a dominant financing tool to close funding gaps for desirable economic and community development projects. With federal support in decline and other state and local funding options limited, localities have increasingly turned to TIFs as the only financing incentive that…Log In to Read Full Article

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