Financial Incentives
A variety of financial incentives can be utilized to support brownfield redevelopment projects including tax increment financing (TIF), Community Revitalization Program (CRP), and a variety of grant and loans that can potentially assist in numerous phases of a brownfield project.
Tax Increment Financing (TIF)
Tax Increment Financing (TIF) is a tool that allows a developer to be reimbursed for eligible costs related to an eligible property (contaminated, functionally obsolete, or blighted) using the incremental increase in the taxes on the property resulting from the new development. A TIF can only be used if there is going to be an increase in the property tax, otherwise there is nothing to capture to reimburse eligible activities.