What major redevelopment costs are eligible for TIF funding? What kinds of projects are permitted under the State TIF Act?

TIF funds may be used for costs that will permit previously developed properties to compete with vacant land at the edge of the urban area. State legislation authorizes that TIF funds may be used for the following types of projects: 

• Property acquisition

• Rehabilitation or renovation of existing public or private buildings

• Construction of public works or improvements

• Job retraining programs

• Relocation

• Financing costs, including interest assistance

• Studies, surveys, and plans

• Professional services, such as architectural, engineering, legal, property marketing, and financial planning

• Demolition and site preparation

• Day care services

• A budget for the life of the TIF district, including the total TIF-eligible costs of the plan

• An evaluation of the fiscal and programmatic impact on the overlapping taxing bodies

• A description of the process to amend the plan

• A statement of conformance with the municipality’s comprehensive plan

• A timetable for the redevelopment of the area.