5.C.15) Increase the use of Tax Increment Financing

Tax Increment Financing (TIF) programs grant tax breaks to developers in order to stimulate development.   Under this legislation, landowners may be exempt from paying some or all of the incremental increases in taxes that result from increased property value after development.  A municipality may enter into a TIF Agreement with a landowner for a maximum term of 20 years.

A TIF Zone must be in an area approved by the Economic Assistance Coordinating Council (EACC) as an Economic Opportunity Area (EOA) or found to be an area "presenting exceptional opportunities for economic development" by the Director of Economic Development. Certification of the TIF Plan is issued by the EACC after the plan is accepted by municipal vote.  The EACC should adopt criteria requiring consistency of Economic Opportunity Areas with MetroFuture and the Sustainable Development Principles.  No such criteria currently exist. 

15.a    The Legislature should revise criteria for Economic Opportunity Areas to reflect the Sustainable Development Principles and MetroFuture

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Parent Strategy: 
Enable Compact Growth
Parent Sub-Strategy: 
C. Encourage market response to district plans
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