EP 13 – TIFs in Small Towns

TIFs.  Tax Increment Financing.  What is that?  Well, most developers or city planners are familiar with TIFs.  TIFs are just one way to incentivize development in your community.  This week, we explore how TIFS are typically used in Small Towns, and from our experience, they are used in a way that goes against what they were originally intended for.  Most cities go after the big box retailers with new infrastructure which creates your "typical" on the border commercial district.  When a TIF district is established, it is used to subsidize redevelopment or other infrastructure projects by diverting future property tax increases based on the redevelopment and is used to help pay off bonds or other costs of the project.  We discuss rather or not this is the best way for small communities to incentivize development and should they be looking at other methods?  Small Towns are always looking for the "next" big thing but why can't these TIFs be used for current infrastructure like your downtown?  Why not, right?

TIFs.  Tax Increment Financing.  What is that?  Well, most developers or city planners are familiar with TIFs.  TIFs are just one way to incentivize development in your community.  This week, we explore how TIFS are typically used in Small Towns, and from our experience, they are used in a way that goes against what they were originally intended for.  Most cities go after the big box retailers with new infrastructure which creates your “typical” on the border commercial district.  When a TIF district is established, it is used to subsidize redevelopment or other infrastructure projects by diverting future property tax increases based on the redevelopment and is used to help pay off bonds or other costs of the project.  We discuss rather or not this is the best way for small communities to incentivize development and should they be looking at other methods?  Small Towns are always looking for the “next” big thing but why can’t these TIFs be used for current infrastructure like your downtown?  Why not, right?

Who’s on it?
Jared Perry
Sam Tuten
Bret Allphin

Recorded
September 2020

Credits
Episode Artwork from Southeast Missourian

Questions?
Email us at [email protected]

Shout out?
As always thank you to The Saylor for the hot jams. Check him out NOW at iTunes and Spotify!