What is Tax Increment Financing?
Tax Increment Financing (TIF) is a technique that allows a local government or redevelopment authority to generate revenues for a group of blighted properties targeted for improvement, known as a TIF district. As improvements are made within the district, and as property values increase, the incremental increases in property tax revenue are earmarked for a fund that is used for improvements within the district.
Expenditures of TIF-generated revenues are subject to certain restrictions and must be spent within the district. The funds generated from a new TIF district could be used to finance a variety of improvement projects including: City-made low interest loans and/or grants for on-site infrastructure needs, landscaping, parking, and decorative street lighting; and public construction of off-site infrastructure needs when it benefits the community at large.
City of Kalispell Tax Increment Financing Districts (TIFs):
The City of Kalispell has four TIF Disticts: The Old School Station Technology & Industrial TIF, the Airport/South Kalispell TIF, and the West Side TIF.
For more information regarding TIF applications, contact Katharine Thompson, Community Development Manager, at email@example.com or 406-758-7713.