Basic Businesses NonBasic Businesses Any Region Employees Utilities Services Supplies amp Other local purchases Economic Development is Part of an Ecosystem ID: 918362
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Slide1
Generating Economic Impact
Basic Businesses
Non-Basic
Businesses
Any
Region
Employees
Utilities
Services
Supplies &Other local purchases
Slide2Economic Development is Part of an Ecosystem
Community Quality of Life
ED Practitioners Support
Businesses & Communities by:
Asking & Listening
Researching & Exploring
Assisting & Informing
Responding & Connecting
Successful Businesses:
Pay
/generate
taxes
Hire employees
Create a quality of place
Communities use Tax Revenues to:
Support public safety
Build and maintain recreational assets
Ensure adequate public infrastructure
Build and maintain community facilities
Provide incentives for housing and business development
Hire public employees
Slide3Tax Increment Financing
Step 1:
Designated Area for development created
by JurisdictionStep 2:
TIF Districts set in URA as projects occur
Step 3:
Projects increase value, taxes help JurisdictionBase Assessed Value – all taxes collected stay with original taxing districts
Post TIF Agreement Assessed Value
All taxes go to all taxing districts in project area
Assessed Value of Properties
Assessed Value Increases with project development
This is the “Increment” –
property
taxes collected due to increased values go to the Jurisdiction to use for infrastructure, incentives, etc.
Life of the TIF Agreement
Slide4Tax Abatement
Base Assessed Value – property taxes collected stay at this value
Post Abatement Agreement Assessed Value
Property taxes collected on full assessed value as normalAssessed Value of Properties
Assessed Value Increases with project development
Life of the Abatement Agreement
No property taxes collected on new valuations