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Examines the many issues raised by TIF, the most widely used tool of local economic and community development. This book brings together leading experts to examine the evolving nature of tax increment financing (TIF), the most widely used tool of local economic and community development. Originally designed as an innovative approach to the redevelopment of blighted areas, it has become a more general-purpose tool of economic and community development. Contributors offer case studies of the uses, structures, and impacts of TIF projects alongside more general discussions on the theoretical, financial, and legal bases for the use of TIF. They also explore its effect on overlapping jurisdictions such as cities, counties, and school districts. Some of the case studies capture TIF at its best—redeveloping areas that would likely never develop without substantial incentives. Other cases highlight questionable uses, especially where it has been used in new ways that those who developed the tool never envisioned. Originally published in 2001, the book was called “…a major contribution to the debate on the efficacy of such economic development financing tools as TIF…” by the journal Public Budgeting & Finance. Clear, comprehensive, and timely, this new edition features the latest research and thinking on TIF, including the political, legal, and even ethical issues surrounding its use.
Examines the many issues raised by TIF, the most widely used tool of local economic and community development. This book brings together leading experts to examine the evolving nature of tax increment financing (TIF), the most widely used tool of local economic and community development. Originally designed as an innovative approach to the redevelopment of blighted areas, it has become a more general-purpose tool of economic and community development. Contributors offer case studies of the uses, structures, and impacts of TIF projects alongside more general discussions on the theoretical, financial, and legal bases for the use of TIF. They also explore its effect on overlapping jurisdictions such as cities, counties, and school districts. Some of the case studies capture TIF at its best—redeveloping areas that would likely never develop without substantial incentives. Other cases highlight questionable uses, especially where it has been used in new ways that those who developed the tool never envisioned. Originally published in 2001, the book was called “...a major contribution to the debate on the efficacy of such economic development financing tools as TIF...” by the journal Public Budgeting & Finance. Clear, comprehensive, and timely, this new edition features the latest research and thinking on TIF, including the political, legal, and even ethical issues surrounding its use. Craig L. Johnson is Associate Professor of Public Finance and Policy Analysis at Indiana University. He is the coauthor (with Martin J. Luby and Tima T. Moldogaziev) of State and Local Financial Instruments: Policy Changes and Management. Kenneth A. Kriz is University Distinguished Professor of Public Administration at the University of Illinois at Springfield.
This book begins with an overview in the first chapter of tax increment financing fundamentals that are generally uniform across the jurisdictions. The following chapters then survey the experience of different states with tax increment financing, in connection with urban redevelopment projects. The states were chosen not so much to represent distinct differences in treatment of TIF across the U.S., but rather to demonstrate a sampling across different geographic regions, among small and large states, urban and rural. The chapter authors describing the experiences in the states report on: - the income stream tapped for the tax increment; - the form of long-term project financing, usually in the form of bonds; - the need for urban redevelopment as part of the TIF package; - the presence or need for a plan; and - the presence or need for public participation. To conclude this examination of the state of the law, the final chapter is an updated version of an article that first appeared in the law review for the ABA Section of State and Local Government Law, The Urban Lawyer. The article examines how state courts have construed TIF bonds in light of constitutional limits on borrowing, a subject that is important but not easily treated in sufficient depth in the state chapters we included.
Economist David Merriman of the University of Illinois at Chicago reviews more than 30 individual studies in the most comprehensive assessment of tax increment financing (TIF) with practical recommendations for policy makers and practitioners. The report finds that while TIF has the potential to draw investment into neglected places, it has not accomplished the goal of promoting economic development in most cases. First implemented in the 1950s, TIF funds economic development within a defined district by earmarking increases in future property tax revenues that result from increases in real estate values in the district. The tax revenue can be used for public infrastructure or to compensate private developers for their investments, but TIF is prone to several pitfalls: it often captures some revenues that would have been generated through normal appreciation in property values, it can be exploited by cities to obtain revenues that would otherwise go to overlying government entities such as school districts, and it can make cities' financial decisions less transparent by separating them from the normal budget process. The report recommends several ways that state and local policy makers can reform TIF practices going forward.