Streamlined Tax Increment Financing
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- Grants are paid in annual installments to participants following project completion. The grants do not have to be repaid. Expenses eligible for TIF grants include:
- Land acquisition, clearance and site preparation
- Certain environmental remediation measures
- Building rehabilitation and repair
- Signs or awnings that are permanently affixed to the building
- Rehabilitation and remodeling of existing tenant improvements
- Streets, streetscaping and other public infrastructure improvements
- Professional fees related to the redevelopment project
- Up to 30 percent of an applicant's construction period interest costs
- Job training and Welfare-to-Work programs
To provide expedited access to TIF assistance for certain urban development projects.
Qualifications and Restrictions
Proposals must demonstrate a need for TIF assistance. Expenses not eligible for grants include: new construction, initial tenant build outs, minor repairs or improvements, purchase of equipment, and minor site improvements. Wholly residential projects are not eligible for the Streamlined process.