Tax Increment Financing
Tax Increment Financing (TIF) provides municipalities with a local tool to finance public and private development projects. Once a TIF district has been created, the municipality may redirect some or all of the new property taxes (the increment) generated from the investment to assist with financing that project. The manner in which the town is authorized to spend TIF funds is outlined in the approved Development Program, and the three potential uses are as follows:
- Reimburse a portion of new taxes to the investing business to finance certain project costs
- Use to pay municipal debt issued as part of the project
- Retain by Town for authorized economic development activities and/or project costs
TIF districts may be designated for up to 30 years. Bond financing may be up to 20 years. The composition of the development program and project financing is determined by the municipality. Community designation of a TIF district requires proper public notice, a public hearing, and a majority vote of the municipal legislative body.
Documents
Development Programs
- Fairfield Downtown Redevelopment Program & TIF District
- Industrial Park and Natural Gas Development Program & TIF District
- Teague Park & Route 201 Development Program & TIF District (as amended)
- Huhtamaki (formerly Chinet) Municipal TIF District Development Program (as amended)
Current TIF Districts
- List of Lots within TIF Districts
- Map of Huhtamaki & Industrial Park TIF Districts
- Map of Teague Park & Route 201 TIF District
- Map of Dowtown TIF District