Tom Tresser gave this presentation for the North Beverly Civic Association on November 3, 2015. If you would like YOUR community Illuminated, please contact us at tom@civiclan.us. For the FULL slide deck, please visit our TIF Data Store at http://www.tifreports.com/store. We rely on contributions from people like you to keep this work alive.
3. 3
Key Policy Questions
1. Under what circumstances do we give public $ to private
business?
2. Who plans what for whom? AKA, What defines
“community development”?
3. Are we broke?
4. Who’s watching our back? Need for new leaders.
5. 5
What are TIFs?
• Created by municipality (state law)
• Designed to subsidize some business
project in “blighted” or under-served
area
• Captures “incremental” property taxes
ABOVE base when district was created
• Only for hard costs
• Lasts 23 years
• Supposed to be spent where collected
6. 6
How Do TIFs Work?
When the TIF is created,
the city tallies up all the
property taxes
generated by district in
that year (called the
"base" amount). After
that, all property tax
increases above the
base (the "increment")
are channeled to the TIF
district.
The property taxes
collected from
properties inside the
district BEFORE the
district was created
that go to units of
government stays
FLAT for the life of the
TIF (23 years).
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What are TIFs?
Under state law, areas proposed for TIF designation
must possess numerous blighting factors to be
eligible:
• Age
• Obsolescence
• Code violations
• Excessive vacancies
• Overcrowding of facilities
9. 9
TIFs Usedto support commercial projects in these“Blighted”
Areas
40 S. Halsted
Apple Store
18. To sum up:
TIFs = property taxes
Increment $ collected by TIF
Run by city (mayor)
Lasts 23 years
Blight & “But for” conditions
Hard costs
Supposed to be spent where
collected
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What are TIFs?
If you want the FULL deck of this presentation
including the details of the TIFs in 21st ward and
projects funded by TIFs then please click over to the
TIF Data Store at http://www.tifreports.com/store
and purchase this file for $5.00. The TIF Illumination
Project has been turned down ten times by funders.
It’s up to you to keep us alive.
21. 21
DVD with 2 TIF training videos + 2 bonus tracks
Nifty TIF Illumination poster