SEE ALSO:CONTACTS, TECHNOLOGY BUSINESS GRANT, GREEN TECHNOLOGIES GRANT, AVAILABLE TECH SPACE, VACANT PROPERTY INITIATIVE
Unique Economic Development Funding
Tax Increment Financing (TIF) is an economic development tool that allows a municipality to re-direct new incremental real-property taxes on large scale projects. TIFs are unique in the fact that they help to raise tax revenues for development efforts without raising taxes.
Additional Equity for Developers
This creative financing tool helps developers leverage additional equity to make projects financially feasible.
One of the additional benefits of a TIF is that it helps to facilitate construction in areas that would otherwise not have occurred.
Many of these projects also help to increase the property values in the surrounding neighborhoods. Effectively using Tax Increment Financing in select target areas will help to rejuvenate Cleveland neighborhoods.
