Frequently Asked Questions
Below you will find information that might help you understand how to find things or learn about information you might need to know about your city or town.
TIF Assistance
4-
TIF Assistance
- Substantial increase in real estate taxes after construction
- New construction or substantial rehabilitation
- Adding building square footage
- Low present real estate value
- Vacant buildings or land
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TIF Assistance
- Cosmetic work (i.e. painting)
- Largely interior work (i.e. redecorating)
- Minor repairs
- Small or no increase in real estate taxes after completion
- Roof work
- Parking lot work
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TIF Assistance
- Generally no more than the actual increased real estate taxes generated by your project
- Only the funds necessary to make your project feasible at reasonable market rates of return
- TIF funds are usually a small portion of project funding in the range of 20% to 40%
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TIF Assistance
- Firm constructions costs
- Sources and uses of funds (Pro Forma)
- At least a 15 year cash flow statement
- Site control (Purchase Contract, Option to Purchase, Deed)