Tax Increment Financing can be used for the following purposes:
- Total amount of public improvements associated wiht a redevelopment project which are located in a redevelopment area
- Acquisition of redevelopment sites including all costs associated with acquisition
- Site preparation, demolition, grading, special foundations, and other work prior to construction of the project
- Utility extensions and hookups
- Rehabilitation of structures within the redevelopment area
- Construction of structure within the redevelopment project area
Tax Increment Financing is primarily designed to finance public improvements associated with a project. However, residual funds can be used for other allowed purposes after allowing for the cost of public improvements.
