Who will pay for Sen. Hertz’s reform of TIF districts?
Tax increment financing (TIF) is a policy driver that incentivizes private developers to develop in areas they would not otherwise develop, e.g., 100-year-old vacant blighted structures full of contaminants on rural Main Streets.
Why? They can't cash flow them. They can't maximize their profits. It is cheaper to buy ag lands and green lands outside of the city boundaries where they don’t have to hassle with city codes, costly permits and government delays.
But guess what typically happens after folks develop on the outskirts of town? They call the cities and demand to be annexed so they can access city services. They want better water and sewer, some fiber optics, security lighting, paved roads and parking lots, and more timely emergency response.
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