Tax increment financing, one of the tools in the city’s economic-development toolbox, has supported several notable commercial projects locally. The Wichita area has nine active TIF districts that have helped finance a range of projects, including the construction of Riverfront Stadium, the renovations at Union Station and a housing development in Riverside, among others. So, what is a TIF? TIF districts are designed to fund redevelopment costs in blighted areas of the city through the incremental increase in property taxes that occurs over time because of the investment. The incremental increase is used to reimburse bonds that were sold to finance the project, or to reimburse the developer on a pay-as-you-go basis. The funding can go toward costs such as land acquisition, site preparation, infrastructure, parking structures and other related costs.
Source: Wichita Business Journal
