Tax Increment Financing
Tax Increment Finance (TIF) Program
Tax Increment Financing, or TIF is a tool to assist in financing redevelopment projects in designated blighted and substandard areas of the city. The City of Crete issues bonds or a promissory note to finance any approved project. The property taxes generated from the increased valuation of the development are captured for a period of up to 15 years to repay the public investment.
The purpose of TIF is to help communities undertake redevelopment activities for urban renewal and municipal growth. TIF allows a city to pay for the public improvements that are part of a private redevelopment project. TIF is not a grant and it is not a primary funding source for a redevelopment project, but does provide an incentive for private development that will increase the tax base of the Crete community and create additional jobs.
TIF Program Documents
- Redevelopment Plan
- Redevelopment Plan #2
- Blight and Substandard Study
- Blight and Substandard Study #2
- TIF Application