BUSINESS INFORMATION - The City of Swanville

TIF

TIF or Tax Increment Financing is a funding technique that takes advantage of the increases in tax capacity and property taxes from development or redevelopment costs. The difference in the tax capacity and the tax revenues the property generates after new construction compared with the tax capacity and tax revenues from before the construction are called "increments". The increments are not used to pay for the general costs of the cities. Instead the increments go to the costs the city incurred in acquiring the property, removing existing structures or installing public services. TIF involves only the increased property taxes generated within the district. TIF spur economic development and redevelopment through creating jobs, removing blight, providing more affordable housing. For more information on TIF contact Julie at the city office at 547-2199. or www.lmc.org/page/1/tif/jsp or www.house.leg.state.mn.us/hrd/pubs/ss/sstif/pdf

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