Improving The TIF Program

One of the improvements to the City’s Tax Increment Financing (TIF) program is the requirement that developers certify their costs upon completion, and provide very detailed backup documentation about the sale prices of condominium units and other income sources and costs.

A recent analysis of some of this documentation saved the City more than $600,000 on what was originally a $3.64 million TIF. The reduction in the TIF amount came from a combination of cost savings and higher than originally anticipated sales prices.