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State overview: tax‑increment financing can fund public improvements but requires realistic revenue forecasts
Summary
Municipal Research and the Department of Commerce explained tax‑increment financing (TIF) basics to the Senate committee, noting eligible public improvements and emphasizing that jurisdictions should have a viable development project and conservative revenue forecasts before creating an increment area.
Eric Lowell, finance consultant at the Municipal Research Services Center, briefed the Senate committee on tax‑increment financing (TIF) on Sept. 16. He described TIF as a tool cities, counties and port districts can use to fund public improvements by capturing property‑tax growth in a defined increment area.
Lowell said jurisdictions must designate an increment area, prepare a project analysis…
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