Read up on Tax Increment Financing and how it is applied. Do you think TIFs are a good idea?
“DOVER — Some people were in a tiff over a possible TIF district.
The City Council is mulling designating an area of the city as a TIF, short for Tax Increment Financing, to attract businesses. The council is scheduled to vote on the measure Oct. 13.
Those who spoke on the matter during a public hearing Wednesday were divided over its merit.
A TIF is a financial instrument in which the city would pay for infrastructure improvements, such as to roads, sidewalks, and water mains, and then collect taxes from increased property values to pay down the debt of the improvements. It’s aimed at attracting businesses that wouldn’t normally want to move to the area.”