Tax Increment Financing (TIF) is one of the economic development arrows in the quiver of municipal financing. In the City of Bloomington, TIF funds are overseen by the Bloomington Redevelopment Commission.
Click here to read the city's 2019 annual TIF report.
At the RDC's June 3 meeting, the group received an annual report on TIF revenues and allocations. (You can watch the presentation on CATS here and view the Powerpoint here.) In 2019, TIF revenues are projected to reach about $10.6 million.
How does TIF work? TIF is a way to“capture” certain property taxes to be used in a specific geographic district – taxes that would otherwise be used by entities with the authority to levy taxes in that district. In Bloomington, a portion of the property taxes that would otherwise be collected by taxing units (like the city, county, and public schools) is instead used by the city for projects within the TIF district. In Bloomington, six TIFs are combined into a consolidated district. Click here for details about the city's TIF, including maps of the TIF districts.
How are TIF revenues calculated? The captured tax is only that which applies to the difference between (1) the baseline value of the property when the district was first formed, and (2) the value of the property after new construction or improvements to the property. That difference is the “increment” in “tax increment finance.”
Projects funded by TIF revenues include Switchyard Park, the Trades District, street and sidewalk repair, and redevelopment of the IU Health Hospital site. Future projects might include funding the expansion of the Monroe County Convention Center.
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