This is available in urban renewal districts only. The downtown core and all industrial parks have been designated as urban renewal districts. Any TIF amount will be based on the increased assessed value the project creates. TIF will be awarded to the property owner as a rebate of the new taxes over 3 to 10 years.
Example $5,000,000 in new assessed value will generate approximately $135,000 per year in new taxes at the present tax rate. That amount could support debt service on a TIF bond yielding proceeds of approximately $700,000 to the company. Or the $135,000 in new taxes could be rebated each year for 10 years.