CT TIF Presentation for Kickoff-Final
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Transcript of CT TIF Presentation for Kickoff-Final
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7/25/2019 CT TIF Presentation for Kickoff-Final
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Tax Increment Financing
in ConnecticutCanton, Connecticut
June 28, 2016
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I. Overview
II. Uses of TIF evenueIII. !istrict "aster #$an
I%. #rocess
%. Ti&s
%I. 'uestions
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()at is Tax Increment Financing *TIF+
Financing met)o- use- to cata$/e economic-eve$o&ment
$$ows future &ro&ert tax revenues from
-eve$o&ment &roect to e -e-icate- an-
uti$i/e- to su&&ort t)e &roect an- re$ate-
economic -eve$o&ment
#ro&ert tax enefits from &roect use- to
)e$& finance &roect Can e uti$i/e- to su&&ort &u$ic an-
&rivate -eve$o&ment costs
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3ew !eve$o&ment or #rivate Investment*a--ing new va$uation+
4 %a$uation Ca&ture- in TIF !istrict 4 %a$uation NotCa&ture- in TIF !istrict
evenues to TIF Development Fund
*ca&ture- va$ue 5 tax rate+
evenues to General Fund
*nonca&ture- va$uation 5 tax rate+
4 of !eve$o&ment Fun- for
&&rove- "unici&a$ ctivities
Infrastructure im&rovements wit)in an- outsi-e -istrict 7conomic -eve$o&ment organi/ation costs, mareting 9 &$anning
4 of !eve$o&ment Fun- for
&&rove- #rivate !eve$o&er Costs
:an- 9 ui$-ing im&rovements Tax incentives
"o-e$
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Overview of CT TIF #rocess
Old TIF Process New TIF Process
;ur-ensome
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Uses of TIF evenue in CT
Infrastructure
:an- c=uisition
Construction, !emo$ition, emo-e$
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Ot)er Uses e$ate- to !istrict
Off-Site
oa-was
(ater>
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!istrict "aster #$an
;oun-aries 9 #ro&erties of !istrict
Im&rovements
:engt) of TIF !istrict *?0 ear max+
Financia$ #$an
Cost 7stimates "ax !et ntici&ate- evenue TIF Terms an- greements 7stimate- Increase in ssesse-
%a$ue *increment+ #ercent of Increment
@Ca&ture-A
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TIF #rocess in CT
1.
2.
B.
.
6.
?.
:egis$ative o- affirms TIF wi$$ enefit t)e Town
D0 -as &rior to a&&rova$ of "aster #$an, sumit to #$anningCommission for a-visor o&inion
Eo$- &u$ic )earing on t)e &ro&osa$
Confirm e$igii$it criteria an- assesse- va$ue re=uirements
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Ti&s Fit use of TIFs into $ongtermeconomic -eve$o&ment strateg
Create a-visor oar-, to a-vise on
t)e &$anning, construction an-im&$ementation of t)e -istrict
I-entif &u$ic an- &rivate nee-
Consi-er TIF wit)in mix of financing
o&tions
Consi-er going eon- use of TIFs for
usiness incentives inc$u-ing to fun-an- &u$ic infrastructure an- activities
to su&&ort economic -eve$o&ment
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()en using TIF revenues to enefit usinesses>-eve$o&ers,
w)at ou &rovi-e to one wi$$ e serve as enc)mar for futurere=uests
TIF &o$icies can )e$& -irect -ecisions on w)en an- )ow to use,
can e tai$ore- to meet communits $ong term oectives
Once TIFs use-, im&$ement sstem for tracing va$ues,
revenues, an- ex&en-itures t)roug)out t)e -uration
Tra-eoff etween TIF fun-s an- Genera$ fun-s ()at outae in for TIFs can note use- for Genera$ Fun- &ur&oses
"ore Ti&s
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'uestions
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ContactH
Jim !amicis, in>-amicis
http://www.camoinassociates.com/http://www.linkedin.com/in/jdamicishttp://www.linkedin.com/in/jdamicishttp://www.camoinassociates.com/