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What is a TIF District and TIFD Advisory Board?
What is a TIF District and TIFD Advisory Board?
A Tax Increment Financing District is an area designated by Town voters where public improvements such as roads, water lines, sanitary sewer lines, stormwater facilities, sidewalks, and street lighting are financed by the incremental property taxes generated by new commercial and industrial construction. New additional tax revenue will be dedicated to pay off bonds that are issued for the infrastructure. Nothing is taken away from anyone, because the TIF District uses "new money" that is created by new investments. Existing tax dollars are untouched. Once the infrastructure bond is paid off, all property tax revenues go to the general fund. The Advisory Board is set up to advise the Selectmen on the development of the District and to work at implementing the development plan.