CONTENTS
FIGURES
TABLE
As stated above, most States have authorized TIF. However, TIF authorizing statutes might limit the creation of TIFs to certain types of infrastructure projects and/or to projects that can be shown to catalyze increases in economic activity and the resulting tax revenue. This is known as the "but for" test. In other words, is the proposed TIF infrastructure project necessary to generate increased economic activity and tax revenues within the TIF district?
Imagine that a jurisdiction's legislature is
considering spending taxpayer dollars on an infrastructure project that will
confer a significant benefit on a few property owners or businesses. In all probability,
such a proposed project, funded out of the jurisdiction's general fund
revenues, would be opposed because of concerns that public tax dollars should
not be spent to benefit private entities. TIF solves the problem of using
public funds for private gain by claiming that, but for the
infrastructure project, these public tax revenues would not exist. In other
words, economic activity generated by the project, which would not otherwise
exist, will produce the revenue used to fund or finance the project. This but
for claim suggests that the project is "paying for itself," and not
transferring wealth from the public sector to the private sector.
Typically, taxpayers within a TIF district are paying the same taxes they would pay if the TIF district did not exist. When new development occurs, it often requires additional public goods and services. The taxes paid by new developments (the tax increment) typically cover a portion of the new operating expenses associated with these additional public goods and services. However, when a TIF district is created, the tax increment is diverted to fund a particular infrastructure project, and is therefore unavailable to cover increased costs for providing other public goods and services to new developments in the district for the duration of the TIF, which can be a substantial number of years.49 This can create hardships for other agencies.
In 1972, concerns that California TIFs were depriving schools of property tax revenue were addressed when the State promised to reimburse school districts for lost TIF revenues.50 More recently, in 2016, Chicago created a TIF for transit. This TIF was structured so that Chicago Public Schools would receive their proportionate share of TIF revenues (based on their share of regular property tax revenue). Of the remainder, 80 percent would go to the Transit TIF and 20 percent to other taxing districts.51 And, in some States, the State TIF enabling statute mandates approval from other tax districts when an overlapping taxing authority creates a TIF that potentially impacts their revenue.52 These types of modifications to the traditional TIF structure could provide for greater equity and political support.
The preceding paragraphs raise a concern that new developments within a TIF district might not pay their fair share of government operating expenses. And, if new developments create a necessity for new infrastructure capacity, then the new developments would not be paying for this capital expense either.53 Thus, the mere fact that a development generates new tax revenue that would not otherwise exist (thereby satisfying the "but for" test) does not mean that a TIF will not have an impact on a jurisdiction's existing public goods and services.
A study compared 38 California TIF districts to similar areas without TIFs. Because baseline tax assessments increased in the non-TIF areas during the same period, only four TIF districts were found to generate enough new revenue to be self-financing.54 This implies a need for equity adjustments. Therefore, to avoid or minimize diverting funds from existing public goods and services, most TIF laws require a finding that increased tax revenues within a TIF district (the tax increment) would not exist but for (in the absence of) the infrastructure project being funded by tax increment revenues.
Even if infrastructure investment actually increases land values, property owners are paying
taxes at the same rate they would otherwise pay in the absence of a TIF. Thus,
the only "value capture" occurring is that which would occur even in the
absence of a TIF. Although property tax rates vary from place to place, the
national average is about 1 percent to 2 percent of value paid annually.55 A
present value calculation shows that such a tax on a long-lived asset (like
land) in an economic environment where interest rates are 5 percent returns
between 20 percent and 40 percent of the publicly created land value.56 Thus, to the extent that infrastructure investments lead to higher land values,
the lion's share
(60 percent to 80 percent) ends up as windfall gains for affected landowners.
Given concerns over growing inequality, spending public funds to benefit
private landowners might be difficult to justify. This explains why many
property owners and developers lobby for TIF creation. In the final analysis,
TIF might be accurately described as revenue segregation.57
Of course, a TIF project might lead to new development activity. Thus, in addition to taxes on increased land value, new development within a TIF district will be contributing additional revenues related to the value of new buildings and the taxable economic activities that occur in them. As mentioned previously, new buildings and economic activity will place demands on public goods and services. Tax revenues derived from new buildings and economic activity will not be available to pay for these public goods and services until TIF termination―generally between 15 and 30 years from TIF inception.
In Minnesota, the State statute governing TIFs mandates a test to determine whether a proposed TIF district satisfies Minnesota's "but for" requirement:58
The development would not happen solely through private investment in the "reasonably foreseeable future."
The induced development will yield a net increase in market value for the site compared with the likely development that would occur without TIF. To determine this, follow the steps below:59
Determine the increase in market value of "the site" that would reasonably be expected to occur without using TIF: Estimated future market value (at the end of the TIF period) minus the current market value.
Determine the increase in market value of the proposed TIF development minus the present value of the TIF assistance: Estimated future market value (at the end of the TIF period) minus the current market value minus the value of the TIF assistance.
There is no "net increase in market value" if the value of "b" is less than or equal to "a."
As mentioned above, State laws authorizing TIF typically establish eligibility criteria for sites or districts. Blight (see section 2.3 above) and environmental contamination (see section 4.5 above0 above) are often among the requirements. There also is often a requirement that the TIF parcels be contiguous and that they are not part of another, pre-existing TIF district. The TIF enabling legislation in each State provides the requirements for establishing TIF district boundaries in your locality.60
First, the State's legislative criteria mentioned in section 5.2 will guide the establishment of TIF district boundaries. Second, the TIF district needs to be large enough so that the projected tax increment satisfies the funding needs of the infrastructure project. This determination will be based on the revenue sources that can be utilized, as indicated in the State TIF authorizing legislation.61 In the event that a TIF district meeting a State's geographic criteria is not large enough to generate the funding needs of the infrastructure project, either additional resources will be identified or the project will be postponed.
In terms of boundaries, a distinction is made between "project-specific TIFs" and neighborhood or district TIFs. A project-specific TIF entails a single private development project. An example might be the development of a shopping mall. If, prior to the TIF project, the parcels upon which the mall will be located were largely vacant or underutilized, then the development of a successful retail mall could generate a substantial tax increment in terms of sales taxes. An increment in property taxes might be possible also, although some malls are characterized by large surface parking lots (which have minimal improvement value) and by retail structures that are cheaply built and have minimal value compared with other building types.
A district TIF might contain many more properties under multiple ownership. Generation of the tax increment would depend not on the success of a single project, but on multiple development projects. Although there might be exceptions, having the success of a TIF dependent upon the success of a single development project might be perceived as being riskier. Depending on a State's TIF enabling statute, TIF boundaries might be amendable. The possibility of amending TIF boundaries for the sake of increasing the tax increment is discussed in section 5.6 below.
When determining TIF boundaries, if public property will not be sold or leased to produce TIF revenue, inclusion of such property within a TIF district will not enhance TIF revenues because these properties are tax exempt. Likewise, including other tax-exempt property within a TIF district will not enhance revenues.
Montana has only two legal criteria for TIF boundaries―that they be contiguous parcels and not part of any other pre-existing TIF. Yet Montana has created a TIF manual for local governments and economic development agencies with advice about questions to consider when defining TIF boundaries. These questions are:
Ability to generate revenue (increment): Will enough development occur in the area to generate an adequate increment, remembering that $1 million in assessed value will only generate about $12,500 of new property tax revenue?
Feasibility of improving, installing, or replacing infrastructure: Can affordable infrastructure improvements be made within the boundary?
Proximity to services: Is the area close enough to emergency, utility, and other services and/or is the area close enough to reasonably connect to existing infrastructure?
Fairness: Is the proposed district taking advantage of new investment that will not benefit from the TIF district?
Reasonable benefit: Is the area large enough to accommodate more than one business enterprise/tenant/property owner?62 (Required specifically by 7d15d4279 MCA.)
Effects on taxing jurisdictions: Does the size of the district put a strain on the other taxing jurisdictions that provide services?
Opportunities for success: Is the district sized so that the local government can meet its revitalization and/or development goals?
Certainly logic also plays a role. In establishing an urban renewal district, it makes sense to pick boundaries that encompass a neighborhood or business district. TEDDs [Targeted Economic Development Districts] should be designed so as not to promote sprawl or to compete with other existing industrial or business parks or districts.63
Typically, when infrastructure projects are proposed, they are accompanied by a budget showing likely costs and expenditures and funding sources. If a proposed project is likely to enhance the value of private property, then value capture mechanisms could be considered if they are not already included in the proposed funding. Most value capture mechanisms constitute payments that property owners or businesses make in addition to the taxes and fees that they regularly pay.
In the event that proposed funding sources are insufficient and no new development would or could occur in the absence of a proposed infrastructure project, then implementation of a TIF might be considered. As mentioned above, TIF does not rely on any new tax or fee applied to properties or businesses within a TIF district. Incremental revenues are diverted from the general fund to an account dedicated to the purposes of the TIF.
State laws provide instructions on how to determine the "tax increment" that could become available to fund a TIF infrastructure project. In many States, the implementing jurisdiction needs to make a finding that "but for" the TIF project, no new development would occur within a designated TIF district and, as a result, no new tax revenue would be obtained from properties within that district.
State enabling legislation indicates what taxes and fees can be utilized for TIF purposes. Typically, the revenue sources available for TIF include a jurisdiction's property taxes.64 In some States, other taxes and fees might also be available, including the following:
Sales taxes65
Income taxes66
Hotel and occupancy taxes67
Sales or lease revenues from public property within a TIF district68
Principal and interest payments on loans made from TIF funds
A local jurisdiction authorized to create a TIF will choose one or more revenue sources (pursuant to State law) that will provide the funds for a TIF infrastructure project. The jurisdiction will document the revenue being obtained from properties within the TIF district immediately before the TIF is created. These benchmarked revenues then become the base revenue.69 If designated revenues obtained from properties within the TIF district after creation of the TIF district exceed the base revenue, the difference between the collected amount and the base revenue constitutes the tax increment that can be deposited into the TIF project account in lieu of being deposited into the general funds of the relevant taxing jurisdictions.
As previously mentioned, some studies show that tax revenues, even in blighted areas lacking new development, rise over time even in the absence of any infrastructure improvement projects. Thus, some States require that an implementing jurisdiction estimate includes:
The likely change in tax revenues for the proposed TIF district in the event that the TIF infrastructure project does not proceed. (In these States, the base revenue might not be static over the duration of the TIF.)
The likely change in tax revenues for the proposed TIF district in the event that the TIF infrastructure project does proceed.
The difference between these two revenue streams constitutes the tax increment (see figure 3). Depending on a State's TIF authorization statute, the base revenue (allocated to the general funds of the taxing jurisdictions) might be either the revenue obtained immediately prior to the creation of the TIF or it might be that amount plus a specified growth factor.70 Once TIF project costs have been paid (or debt has been retired), a TIF terminates and all revenue generated within the TIF district are deposited into the general fund.
Section 5.5 discusses how the tax increment is defined. If the tax increment is the sole funding source, it could be sufficient to fund a proposed TIF project if:
For a pay-as-you-go project, the tax increment equals or exceeds the required funding in the years in which the funding is required. (The tax increment will typically be smaller in the early years of a TIF and larger in the later years as development matures.)
For a financed project, the tax increment equals or exceeds the required debt service or bond repayment. Note that under this approach, the tax increment must be sufficient to fund both principal and interest for the financing mechanism(s) used.
Depending on a State's TIF enabling statute, the boundaries might be amendable. Therefore, if a TIF's tax increment is insufficient and TIF district boundaries can be expanded, that might be one approach to resolving a funding gap. However, even if allowed, the boundary revision process will be subject to all substantive and procedural requirements established by both State and local law.
Because the sufficiency of the tax increment is dependent upon the development and economic activity occurring after the TIF is created, zoning in the TIF area or district is very important. Depending on the context and the desired economic outcome, zoning changes might be necessary. Typically, changes in zoning are required to be consistent with a jurisdiction's comprehensive plan and any small area plans that might also be in effect.
Although zoning changes to allow increased density or more profitable uses might be needed, they are not necessarily sufficient to generate more intense development or uses that are more profitable. In other words, if a development site is zoned for a maximum floor area ratio of 4, the zoning could be changed to allow a floor area ratio of 6. Potentially, a bigger building could provide more economic activity and more tax revenue than a smaller building. However, if market demand throughout the term of the TIF is only for buildings with a floor area ratio of 3, the zoning change will have had no impact on increasing the amount of development or the tax increment.
There are several risks associated with TIF revenues.71
Inflation: The relationship between inflation and the growth of benchmarked tax revenues in a TIF district could be different from what was initially assumed. If general inflation is higher than initially assumed relative to the growth in benchmarked tax revenues, the tax increment will not have as much purchasing power as was initially estimated. For example, a TIF proposal estimates that inflation during the TIF period will average 2 percent each year and the tax increment will grow an average of 8 percent each year. If inflation averages 6 percent each year and the tax increment grows 9 percent each year, both inflation and the tax increment are higher than anticipated. But more importantly, the relationship between them has changed. In the plan, inflation constituted 25 percent of tax increment growth. In actuality, inflation constituted 66 percent of tax increment growth. In this example, the purchasing power of the tax increment will be less than initially estimated.
Market Risk: There are at least two components to market risk. First, the demand for a particular type of development, envisioned by the TIF, is not as robust as anticipated. As a result, less development occurs and/or that development is less valuable, resulting in a reduction in the tax increment. This risk is more pronounced for project-specific TIFs, which are structured around a single private development. Second, general economic conditions are less robust than predicted, resulting in less development and/or lower levels of economic activity than predicted, resulting in a reduction in the tax increment. Even if development activity is unaffected, a decline in local or regional economic conditions could result in lower property values and a lower tax increment than initially anticipated. In Illinois, statewide TIF revenues declined by 41 percent between 2009 and 2013 as a result of the Great Recession.72
Infrastructure Project Risk: Even if the tax increment is achieved as predicted and inflation is no worse (or even better) than predicted, there is always a risk that the TIF infrastructure project itself might exceed estimated costs for a variety of reasons. This risk is associated with any infrastructure project and is not unique to TIFs.
Tax Incentive Risk: Sometimes jurisdictions use tax abatements to lure specific companies to relocate to their jurisdiction. Tax abatements or similar incentives, if applied to developments within the TIF district, will diminish the tax increment.
General Fund Risk: Although TIF creation requires a finding that development in a TIF district would not occur "but for" the proposed TIF infrastructure project, we know from academic studies that this is not necessarily the case. In 1972, concerns that California TIFs were depriving schools of property tax revenue were addressed when the State promised to reimburse school districts for lost TIF revenues.73 By 2008, 12 percent of statewide property tax revenues were dedicated to TIF projects.74 Perceptions that TIF creation will imperil funding for schools or other existing services can generate opposition to it.
Due to the uncertainties surrounding estimates of future revenue increases (the tax increment), estimates of the tax increment are more helpful when they are both conservative and exceed the revenue needs of the TIF infrastructure project. This is particularly true if financing will be required to provide upfront cash before the tax increment funds become available. Lenders and bond purchasers will increase interest charges as the perceived risk of repayment increases.
Several steps could mitigate uncertainty surrounding the tax increment. First, other funding sources could be identified for portions of the TIF infrastructure project(s), such as Federal and State formula or discretionary funds. Additionally, special assessment districts (which charge an additional tax to property owners within a defined area) might be used either to augment TIF funds or to serve as a backstop in the event that TIF funds are insufficient.75
The additional funding sources might be
conditional to the extent that they would only be used if the tax increment
proved to be insufficient. Even if such conditional funding sources are never
used, they can be very helpful to the project by reducing risk and thereby
allowing lenders or bond purchasers to charge less interest than would otherwise
occur. Likewise, contracting and project management techniques
that minimize the risks associated with cost overruns also can help minimize
risks and avoid higher interest rates.
Local officials, particularly those involved in economic development, could become aware of the risks associated with providing tax abatements or similar incentives to firms that will locate within a TIF district and could exercise caution and restraint in this regard.
The risk to general fund revenues and existing programs was mentioned at the end of section 5.7 above. In some States, if a TIF could impact taxing districts other than the one implementing the TIF, these other districts must be consulted and/or grant approval.76 The extensive use of TIFs caused California to eliminate TIFs in 2012. California replaced TIFs in 2014 with enhanced infrastructure finance districts (EIFDs). EIFDs are allowed to issue TIF-type debt. However, EIFD debt is subject to more stringent limitations, including:
TIF (EIFD) revenues are not drawn from taxes that fund schools.
Approval is obtained from any affected tax district.
Voter approval to issue TIF (EIFD) bonds is obtained.77
An ordinance to implement a TIF funding mechanism must conform to any and all requirements established in the State TIF authorizing statute and regulations. At a minimum, and in accordance with State criteria, a TIF ordinance will:
Define the TIF boundaries (see sections 5.2 and 5.3).
Demonstrate that the boundaries are compatible with State TIF criteria.
Identify the taxes and/or fees to be utilized (see section 5.5).
Establish a date for the benchmarking of those taxes and/or fees in order to determine the base revenue—static or growing (see sections 2.1 and 5.5).
Determine the tax increment for each year (see sections 2.1 and 5.5).
Determine that portion of the increment that will be:
Apportioned to other taxing entities (if any) (see sections 2.1, 5.5, and 7.2).
Apportioned to the general fund (if required or desired) (see sections 2.1, 5.5, and 7.2).
Apportioned to and available for TIF project purposes (see sections 2.1, 5.5, and 7.2).
Identify eligible uses for that portion of the tax increment applied to the TIF project(s) (see section 7.1).
Incorporate the TIF project plan and budget (see section 7.1).
Define the term or duration and the process for extension (if allowed) and termination of the TIF78 (see sections 5.13, 7.1, and 7.2).
A State's TIF authorizing statute, in conjunction with a local jurisdiction's established legislative procedures, will determine the type(s) of public involvement required. Typically, a public hearing will be required as part of the TIF creation process. To the extent that a TIF will support some new development project(s), competing businesses that might be adversely affected will probably want to testify in opposition. In some instances, if the creation of a TIF could potentially impact other taxing authorities or departments, these authorities or departments might be consulted pursuant to a legal requirement, or as a matter of courtesy.
A State's TIF authorizing statute, in conjunction with a local jurisdiction's established legislative procedures, will determine how TIF funding mechanisms are created. In some instances, after a public hearing, the local legislative body might adopt a TIF ordinance. In other instances, a vote might be required by the jurisdiction's residents. Or, if the creation of a TIF could potentially impact other taxing authorities or departments, these authorities or departments might be required by State law to indicate approval (or lack of objection).79
Unlike other value capture mechanisms, TIFs do not entail any taxes or fees to be paid by property owners or businesses that are not already required. As such, the primary notice required is prior to adoption in anticipation of public hearings. States typically require that the approval and existence of TIFs are publicly available information for the sake of transparency and accountability. This is particularly important because most States do not allow TIF districts to overlap. Thus, public notice about the creation of a TIF district is important to inform people not to include any of its parcels in any future TIF proposals.
TIFs are typically of limited duration. Sometimes, the State enabling legislation dictates the maximum term for TIFs. If so, this statute might also provide criteria and procedures for extending the term. Regardless of whether a maximum duration is established in the State enabling legislation, the local implementing ordinance (which may simply be an adoption of the financing plan for the TIF) will provide for termination. This can be established as a performance standard (e.g., upon completion of the infrastructure project or upon the retirement of bonds or other financing mechanisms used to pay for it) or as a specified date, with or without an opportunity to extend the term. Upon termination, the special TIF account is closed and any unexpended funds are returned to the general fund of the taxing authority(ies). After termination, all tax revenues are deposited to the general fund(s) of the taxing authorities having jurisdiction there.
49 Scheider, Benjamin. 2019, October 24. City Lab University: Tax Increment Financing. https://www.bloomberg.com/news/articles/2019-10-24/the-lowdown-on-tif-the-developer-s-friend.
50 Fisher, Bridget, Flávia Leite, and Lina Moe. 2020, August 20. TIF Case Studies: California and Chicago. Schwartz Center for Economic Policy Analysis, The New School. https://www.economicpolicyresearch.org/insights-blog/tif-case-studies-california-and-chicago.
51 Cook County, Illinois. Chicago City Transit TIF Fact Sheet. https://www.cookcountyclerk.com/sites/default/files/pdfs/2017%20Transit%20TIF%20RPM1%20Fact%20Sheet_0.pdf.
52 Fisher, Bridget, Flávia Leite, and Lina Moe. 2020, August 20. TIF Case Studies: California and Chicago. Schwartz Center for Economic Policy Analysis, The New School. https://www.economicpolicyresearch.org/insights-blog/tif-case-studies-california-and-chicago.
53 For an elaboration, see discussions about development impact fees. In particular, see FHWA, Value Capture Implementation Manual, section 4: Developer Contributions. https://www.fhwa.dot.gov/ipd/value_capture/resources/value_capture_resources/value_capture_implementation_manual/ch_4.aspx.
54 Dardia, Michael. Subsidizing Redevelopment in California. Public Policy Institute of California. January 1998. p. xiii. https://www.ppic.org/content/pubs/report/R_298MDR.pdf.
55 Mallach, Alan. 2018. The Divided City: Poverty and Prosperity in Urban America. Island Press. p. 164.
56 Present Value for a perpetual stream of income or expense = Annual income (or expense) / interest rate. Thus, a perpetual payment of $2 has a present value of $2/0.05 = $40. So if a landowner receives $100 in publicly created land value and must pay an annual $2 fee (the present value of which is $40), then the landowner is receiving $100 minus $40 (the present value of tax payments), leaving a $60 (60 percent) windfall gain.
57 Sharada Vadali et al, Guidebook to Funding Transportation Through Land Value Return and Recycling, NCHRP Report 873, p 17. See http://www.trb.org/Main/Blurbs/177574.aspx. See also Merriman, David. 2018. Improving Tax Increment Financing (TIF) for Economic Development. Lincoln Institute of Land Policy. p. 12. https://taxpayersci.org/wp-content/uploads/TIF_Lincoln-Institute_2018.pdf.
58 Minnesota Legislature, House Research Department. The But-For Test. https://www.house.leg.state.mn.us/hrd/issinfo/tif/butfor.aspx.
59 Ibid.
60 For citations to individual State laws authorizing TIFs, see https://www.fhwa.dot.gov/ipd/value_capture/legislation/tax_increment_financing.aspx.
61 See section 5.5 below.
62 Required specifically by Montana Code Annotated § 7-15-4279(2)(a).
63 Cornish, J. 2014. Tax Increment Financing in Montana: A Manual for Local Governments and Economic and Community Development Agencies. Community Development Services of Montana. p. 17. https://leg.mt.gov/content/Committees/Interim/2017-2018/Revenue-and-Transportation/Meetings/Sept-2017/tif-manual-2014-cornish.pdf. Montana allows TIFs to be applied only to urban renewal districts and targeted economic development districts.
64 Vadali, Sharada, et al. Guidebook to Funding Transportation Through Land Value Return and Recycling. NCHRP Report 873. p. 6. http://www.trb.org/Main/Blurbs/177574.aspx.
65 Ibid.
66 Ibid.
67 Ibid.
68 Velkme, Ingrid S., and Michael T. Jurusik. TIF Tips: Getting the Most Out of Your TIF District. Illinois City/County Management Association. 2019 Summer Conference, June 6, 2019. https://www.ilcma.org/wp-content/uploads/2019/06/TIPS-on-Getting-the-Most-Out-of-TIFS.pdf.
69 In some States, the base revenue remains constant over the life of the TIF. This is illustrated in figure 1 in this primer. In other States, the base revenue is allowed to grow by the amount of inflation or some other factor. This is illustrated in figure 3 in this primer.
70 See figure 3 and its corresponding footnote above.
71 Citizens Budget Commission. 2017, December 5. Tax Increment Financing: A Primer. https://cbcny.org/research/tax-increment-financing-primer. See also Aldrete, Rafael, et al. 2012. Valuing public sector revenue risk exposure in transportation public-private partnerships. Transportation Research Record: Journal of the Transportation Research Board, 2297(1), pp. 88–96. https://journals.sagepub.com/doi/abs/10.3141/2297-11.
72 Illinois General Assembly. 2018, June 1. Final Report of the Tax Increment Financing Reform Task Force. https://www2.illinois.gov/rev/research/taxresearch/Documents/TIF_Reform_Task_Force_Report.pdf.
73 Fisher, Bridget, Flávia Leite, and Lina Moe. 2020, August 20. TIF Case Studies: California and Chicago. Schwartz Center for Economic Policy Analysis, The New School. https://www.economicpolicyresearch.org/insights-blog/tif-case-studies-california-and-chicago.
74 Ibid.
75 For details, see Potomac Yard Metrorail Station Cost/Revenue Summary, April 29, 2019, https://www.alexandriava.gov/uploadedFiles/City2ndVDEQAddlInfoReqAttGPYMSCostRevSum20190429.pdf.
76 Connecticut General Statutes. Chapter 132: Municipal Development Projects. https://www.cga.ct.gov/current/pub/chap_132.htm. See also Connecticut Legislative Program Review and Investigations Committee. 1998. Brownfields in Connecticut. Final Report. https://www.cga.ct.gov/pri/archives/1998bcfinal.htm.
77 Fisher, Bridget, Flávia Leite, and Lina Moe. 2020, August 20. TIF Case Studies: California and Chicago. Schwartz Center for Economic Policy Analysis, The New School. https://www.economicpolicyresearch.org/insights-blog/tif-case-studies-california-and-chicago.
78 As mentioned previously, the duration of a TIF could either be related to the construction period or to the period required to pay and retire loans or bonds used to finance the TIF project.
79 Connecticut General Statutes. Chapter 132: Municipal Development Projects. https://www.cga.ct.gov/current/pub/chap_132.htm. See also Connecticut Legislative Program Review and Investigations Committee. 1998. Brownfields in Connecticut. Final Report. https://www.cga.ct.gov/pri/archives/1998bcfinal.htm.
