Streamlined Tax Increment Financing
The Sreamlined-TIF program provides expedited access to valuable grants for the improvement of industrial, commercial, retail or residential mixed-use properties in Tax Increment Financing (TIF) districts citywide. The program incorporates an easy-to-use application form and efficient approval process to pay up to 25 percent of renovation, expansion, or redevelopment costs. Assistance ranges from $25,000 to $1,000,000.
Available for download:
TIF Interested Parties Registery
Grants are paid in annual installments to participants following project completion. The grants do not have to be repaid. Expenses eligible for TIF grants include:
- Land acquisition, clearance and site preparation
- Certain environmental remediation measures
- Building rehabilitation and repair
- Signs or awnings that are permanently affixed to the building
- Rehabilitation and remodeling of existing tenant improvements
- Streets, streetscaping and other public infrastructure improvements
- Professional fees related to the redevelopment project
- Up to 30 percent of an applicant's construction period interest costs
- Job training and Welfare-to-Work programs
To provide expedited access to TIF assistance for certain urban development projects.
Qualifications and Restrictions
Proposals must demonstrate a need for TIF assistance. Expenses not eligible for grants include: new construction, initial tenant build outs, minor repairs or improvements, purchase of equipment, and minor site improvements. Wholly residential projects are not eligible for the Streamlined process.