Tax Increment Financing (TIF) District #4 is an important redevelopment tool for the Near Southside. It allows tax revenues generated by new investments in the district to be used for funding public improvements within the district. TIF #4 was created in 1997 and will expire in 2022.
TIF #4 has funded many different types of projects, from the repair of sidewalk benches to the construction of a 320-space public parking garage at Magnolia Green. TIF funding has also supported public infrastructure that is constructed as part of a private redevelopment project, providing an incentive that defrays development costs for projects that advance district goals and, but for the TIF assistance, wouldn’t be financially feasible. Developers interested in applying for TIF assistance must go through an application process prior to consideration by the TIF’s Board of Directors.
The major steps involved include: