Tax Increment Financing (TIF) helps municipal governments stimulate redevelopment in a designated area. Using this financing tool, the City can reimburse developers for certain expenses using the property tax revenue generated by new development in the TIF district. Expenses eligible for reimbursement include:
Architectural, engineering, legal, environmental, financial, planning, and other services
Cost of financing during construction
Costs of rehabilitation, reconstruction or repair, or remodeling of existing buildings, fixtures, and leasehold improvements
A portion of the interest cost incurred by a developer related to the construction, renovation, or rehabilitation of a redevelopment project
Property assembly costs, including the acquisition of land, demolition of buildings, and site preparation
There are three TIF Districts in Carbondale.
TIF Number 2 includes both residential and commercial properties.