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 Financial Assistance Tax Increment Financing (TIF)
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City councils or county boards of
supervisors may use the property taxes resulting from the increase in
taxable valuation due to construction of new industrial or commercial
facilities to provide economic development incentives to a business or
industry. Tax increment financing may be used to pay the cost of public
improvements and utilities which will serve the new private development,
to finance direct grants or loans to a company, or to provide a local
match for federal or state economic development assistance programs. TIF
does not increase a company's property taxes, but it allocates virtually
all of the taxes which are paid back to the city or county, where they
may be spent to benefit the company.
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