tax increment financing reform
play

Tax Increment Financing Reform Reinventing Economic Development - PowerPoint PPT Presentation

Dec 05, 2022 •111 likes •282 views

Tax Increment Financing Reform Reinventing Economic Development Tools for a Healthy Economy Reflection and review Original TIF programs have been operating for decades. Growing concerns raised from legislators. Long term fiscal

  1. Tax Increment Financing Reform Reinventing Economic Development Tools for a Healthy Economy

  2. Reflection and review • Original TIF programs have been operating for decades. • Growing concerns raised from legislators. • Long ‐ term fiscal impact on taxing jurisdictions.

  3. Workgroup Background • Rep. Kowall assembled a workgroup to review and make recommendations regarding our TIF programs. • The workgroup met over six weeks, discussing a number of key concepts on the existing TIF programs and other economic development tools.

  4. Workgroup Participants • House Staff: Kari Bearman, Jeremy Hendges, Craig Ryan and Travis Weber. • Governor’s Staff: Sally Durfee, Nat Forstner, Andrew Haan, Bill Rustem and Howard Ryan • Local Gov’t: Judy Allen, Deena Bosworth, Nikki Brown and Samantha Harkins • Other Experts: Nick Khouri, Doug Luciani, Eric Lupher, Doug Roberts Sr., Eric Scorsone and Scott Smith

  5. Workgroup Programs Reviewed Tax Increment Finance Authority Act • Downtown Development Authority • • Convention Facility Act Authority Act Local Development Financing Act • Neighborhood TIFA • • Principal Shopping Historic Neighborhood TIFA • District Water Resource Improvement TIFA • Brownfield Redevelopment • • Business Improvement Authority Act Zones Corridor Improvement Authority Act • Private Investment Financing Act • Nonprofit Street Railway Act •

  6. Workgroup Themes • Consolidation. • Dynamic and able to evolve. • Restore TIF to original intent. • Increase transparency. • Eliminate duplication of services. • Share in the success.

  7. Proposed Legislation Highlights • Consolidates numerous TIF programs into a significantly revamped DDA Act. • Phases out TIFAs, LDFAs, Corridor Improvement Authorities and Water Resource. • Eliminates Neighborhood TIFs, Historic Neighborhood TIFs and PIFAs. • Brownfield Act and Nonprofit Railway Act remain intact.

  8. Proposed Legislation Highlights • Expands flexibility on purpose and use of resources. • Incorporates special assessments identical to Principal Shopping Districts. • Incorporates Brownfield activities.

  9. Proposed Legislation Highlights • Eliminates citizens council. • Annual public hearing for stakeholder input. • Required reporting to the local municipality and state government on key information. • Report information must be available online for public access. • Failure to comply could result in loss of funds.

  10. Proposed Legislation Highlights • Eliminates duplication of expected municipal services. • Allows for additional services that may be required by events or are beyond the level provided by the municipality.

  11. Proposed Legislation Highlights • Restricts TIF revenue to strictly infrastructure projects. • Generally prohibits TIF revenue for operational and non ‐ capital expenses. • Funding for operational and non ‐ capital expenses would be through assessments or millages.

  12. Proposed Legislation Highlights • Incorporates a gain ‐ sharing component to TIF revenue to help tax jurisdictions enjoy the success of the program. • Limits TIF capture to existing millages, though new millages could be captured through a new TIF plan.

  13. Proposed Legislation Highlights • Allows TIF revenue to be saved for projects – but if it is not used in a set time period, finances would flow back to taxing jurisdiction. • School tax capture only for Brownfield ‐ related work.

  14. Proposed Legislation Highlights • Proposed legislation is meant as a starting point for the discussion – not a final product. • Feedback is welcome and encouraged. • Looking forward to working through the legislative process to continue to develop the proposal.

  15. Moving Forward • Legislation as outlined will be introduced this week. • Proposed legislation will be referred to the Commerce Committee. • Public discussion and vetting through the committee process. • Commitment to ongoing discussion and refinement.

  16. Proposed Timeline • Bill introduction this week. • Committee discussion and review throughout September. • House floor discussion beginning of October. • Goal is to build consensus and enact reforms by the end of the year.

  17. Contact Info • Jeremy Hendges: jhendges@house.mi.gov 517 ‐ 303 ‐ 6026 • Craig Ryan cryan@house.mi.gov 517 ‐ 373 ‐ 3100 • Travis Weber tweber@house.mi.gov 517 ‐ 373 ‐ 3100 • Kari Bearman kbearman@house.mi.gov 517 ‐ 373 ‐ 2616

Recommend

1 Southeastern Symposium for Public Finance What You Need to Know About Tax Increment Financing

1 Southeastern Symposium for Public Finance What You Need to Know About Tax Increment Financing

1 Southeastern Symposium for Public Finance What You Need to Know About Tax Increment Financing (TIFs) April 20, 2017 What is a TIF? | Introduction Tax increment financing is allowed by the South Carolina Constitution (1977 Amendments).

308 views • 16 slides
PA 57 RECODIFIED D TA TAX X INCREMENT T FINANCING G ACT T ACT T 57 7 OF F 2018 8 Quick

PA 57 RECODIFIED D TA TAX X INCREMENT T FINANCING G ACT T ACT T 57 7 OF F 2018 8 Quick

DOWNTOWN ASSOCIATION PA 57 RECODIFIED D TA TAX X INCREMENT T FINANCING G ACT T ACT T 57 7 OF F 2018 8 Quick Facts Replaces PA 197 of 1975 Recodification and establishment of certain tax increment finance authorities,

493 views • 31 slides
DEVELOPMENT LAW Clifford B. Shepard General Counsel - FRA THE USE OF TAX INCREMENT FINANCING

DEVELOPMENT LAW Clifford B. Shepard General Counsel - FRA THE USE OF TAX INCREMENT FINANCING

ESSENTIAL ECONOMIC DEVELOPMENT LAW Clifford B. Shepard General Counsel - FRA THE USE OF TAX INCREMENT FINANCING FOR ECONOMIC DEVELOPMENT What is Tax Increment Financing? Tax increment financing is a unique tool available to cities and

759 views • 37 slides
Tax Increment Financing: Smallman Street, Strip District Initial Request Pittsburgh Public

Tax Increment Financing: Smallman Street, Strip District Initial Request Pittsburgh Public

Tax Increment Financing: Smallman Street, Strip District Initial Request Pittsburgh Public Schools Business/Finance Committee October 5, 2016 Agenda 1. What is Tax Increment Financing (TIF)? 2. TIF Process 3. Request for School

352 views • 21 slides
DOWNTOWN AREA TAX INCREMENT FINANCING ECONOMIC DEVELOPMENT PROJECT PLAN AUGUST 1, 2019 What is

DOWNTOWN AREA TAX INCREMENT FINANCING ECONOMIC DEVELOPMENT PROJECT PLAN AUGUST 1, 2019 What is

DOWNTOWN AREA TAX INCREMENT FINANCING ECONOMIC DEVELOPMENT PROJECT PLAN AUGUST 1, 2019 What is TIF? Tax increment financing (TIF) is a public tool that reallocates newly generated tax dollars for up to 25 years for supporting development or

591 views • 20 slides
Tax Increment Finance Course November 1-2, 2007 Doubletree Hotel, Washington, D.C. 1 Tax

Tax Increment Finance Course November 1-2, 2007 Doubletree Hotel, Washington, D.C. 1 Tax

Tax Increment Finance Course November 1-2, 2007 Doubletree Hotel, Washington, D.C. 1 Tax Increment Finance Course TIF Financing Variations TIF mechanics are wide in scope. TIF financing is available using revenue or general obligation bonds,

593 views • 45 slides
TAX INCREMENT FINANCING PLAN (TIF) Port of Port Royal Redevelopment Explanation of How a Tax

TAX INCREMENT FINANCING PLAN (TIF) Port of Port Royal Redevelopment Explanation of How a Tax

TAX INCREMENT FINANCING PLAN (TIF) Port of Port Royal Redevelopment Explanation of How a Tax Increment Financing District Works 1. A TIF district is created. It includes a list of properties and a map of those properties. Only those properties,

228 views • 20 slides
Tax Increment Financing for Wisconsin Towns What is TIF? Program was approved by the

Tax Increment Financing for Wisconsin Towns What is TIF? Program was approved by the

Tax Increment Financing for Wisconsin Towns What is TIF? Program was approved by the legislature in 1975 First districts created in 1976 Towns added in 2004 agricultural, forestry, manufacturing, or tourism Town capability

770 views • 34 slides
Tax Increment Financing Fundamentals Dawn Gunderson, Senior Municipal Advisor Philip Cosson,

Tax Increment Financing Fundamentals Dawn Gunderson, Senior Municipal Advisor Philip Cosson,

Tax Increment Financing Fundamentals Dawn Gunderson, Senior Municipal Advisor Philip Cosson, Senior Municipal Advisor/Director Mike Harrigan, Senior Municipal Advisor/ Chairman Agenda History of Tax Increment Financing in Wisconsin

951 views • 35 slides
TIF Framework and Financing Primer October, 2007 Ryan Maher (336) 721-6823 Laura Radcliff

TIF Framework and Financing Primer October, 2007 Ryan Maher (336) 721-6823 Laura Radcliff

TIF Framework and Financing Primer October, 2007 Ryan Maher (336) 721-6823 Laura Radcliff (314) 955-4201 Tax Increment Financing TIF: Tax Increment Financing (most states) TAD: Tax Allocation Districts (Georgia) RAD: Revenue

298 views • 17 slides
in Connecticut Prepared for the Town of Groton May 2017 I. Overview II. Uses of TIF Revenue

in Connecticut Prepared for the Town of Groton May 2017 I. Overview II. Uses of TIF Revenue

Tax Increment Financing in Connecticut Prepared for the Town of Groton May 2017 I. Overview II. Uses of TIF Revenue III. District Master Plan IV. Process V. Tips VI. Questions What is Tax Increment Financing (TIF)? Financing method

538 views • 16 slides
An Examination of the State of Vermont Tax Increment Financing Program Presented by Graham

An Examination of the State of Vermont Tax Increment Financing Program Presented by Graham

An Examination of the State of Vermont Tax Increment Financing Program Presented by Graham Campbell House Commerce and Economic Development Committee February 6, 2018 Statutory Charge Per 24 V.S.A. 1892, amended by Act 69 of 2017 The

505 views • 21 slides
Tax Increment Financing (TIF) January 2019 1 Introduction This is a very general overview

Tax Increment Financing (TIF) January 2019 1 Introduction This is a very general overview

Tax Increment Financing (TIF) January 2019 1 Introduction This is a very general overview of the Indiana Code provisions. Although this information is believed to be reliable, it is not guaranteed. This overview does not substitute as a

907 views • 67 slides
Proposed Main Street / Washington Street Tax Increment Financing 7/8/16 (TIF) District Village

Proposed Main Street / Washington Street Tax Increment Financing 7/8/16 (TIF) District Village

Proposed Main Street / Washington Street Tax Increment Financing 7/8/16 (TIF) District Village of Oswego Joint Review Board Meeting Presentation July 8, 2016 1 Agenda I. Redevelopment Project and Plan II. TIF Mechanism 7/8/16 III.

306 views • 29 slides
D205 Tax Increment Financing & Stormwater Management Presentation Proposed Intergovernmental

D205 Tax Increment Financing & Stormwater Management Presentation Proposed Intergovernmental

D205 Tax Increment Financing & Stormwater Management Presentation Proposed Intergovernmental Agreement w/ City of Elmhurst 6 p.m. December 11, 2019 D205 Special Board of Education Meeting Major Components of the Proposed IGA

251 views • 6 slides
Creation of Tax Increment Financing Districts Jennifer LeGrand, Vinson & Elkins LLP John

Creation of Tax Increment Financing Districts Jennifer LeGrand, Vinson & Elkins LLP John

Creation of Tax Increment Financing Districts Jennifer LeGrand, Vinson & Elkins LLP John Stalfort, Miles & Stockbridge P.C. Presentation Topics Project-Specific TIFs vs. District-Wide TIFs Public Policy Considerations

313 views • 17 slides
Tax Increment Financing: Urban Context, the Public, and Democracy Benjamin F. Teresa Assistant

Tax Increment Financing: Urban Context, the Public, and Democracy Benjamin F. Teresa Assistant

Tax Increment Financing: Urban Context, the Public, and Democracy Benjamin F. Teresa Assistant Professor Urban and Regional Studies and Planning Virginia Commonwealth University November 18, 2019 1 Demystifying TIF 2 The context for TIF

411 views • 23 slides
TAX INCREMENT FINANCING ADMINISTRATION AND IMPACT Alyssa Sorenson March 14th, 2018 What is TIF?

TAX INCREMENT FINANCING ADMINISTRATION AND IMPACT Alyssa Sorenson March 14th, 2018 What is TIF?

TAX INCREMENT FINANCING ADMINISTRATION AND IMPACT Alyssa Sorenson March 14th, 2018 What is TIF? Ur Urban ban Rene newal al Law Allows for local governments to create development districts (i.e. Urban Renewal) Allows for the use

473 views • 44 slides
Proposed Tax Increment Financing District Gallery at Market East April 16, 2015 Transaction

Proposed Tax Increment Financing District Gallery at Market East April 16, 2015 Transaction

Proposed Tax Increment Financing District Gallery at Market East April 16, 2015 Transaction Summary Gallery has been owned by PRA and has suffered from a significant lack of investment over time. $325 million comprehensive redevelopment

341 views • 5 slides
Increment Financing Analysis Board Presentation of Draft Report March 24, 2016 Complete

Increment Financing Analysis Board Presentation of Draft Report March 24, 2016 Complete

CRA District Tax Increment Financing Analysis Board Presentation of Draft Report March 24, 2016 Complete Assessment Of Entire CRA District Since Inception; Forecast TIF Revenues Thru 2045; Develop Funding Plan For City Services and Programs

594 views • 45 slides
District Improvement Financing DIF Tax Increment Financing TIF Smart Growth / Smart Energy

District Improvement Financing DIF Tax Increment Financing TIF Smart Growth / Smart Energy

District Improvement Financing DIF Tax Increment Financing TIF Smart Growth / Smart Energy Toolkit Smart Growth / Smart Energy Toolkit DIF/TIF What is DIF/TIF? District Improvement Financing (DIF) and Tax Increment Financing (TIF) are

1.03k views • 47 slides
District Administration Building Renovation of 615 Classen Request for Tax Increment Financing

District Administration Building Renovation of 615 Classen Request for Tax Increment Financing

District Administration Building Renovation of 615 Classen Request for Tax Increment Financing 615 Classen Timeline March 31, 2014 Purchased building for $2,331,994, MAPS Sales Tax April 11, 2014 ADG Building Feasibility &

792 views • 8 slides
Tax Increment Financing P R E S E N TE D TO TH E R E V E N U E A N D TR A N S P O R TA TI O N

Tax Increment Financing P R E S E N TE D TO TH E R E V E N U E A N D TR A N S P O R TA TI O N

Tax Increment Financing P R E S E N TE D TO TH E R E V E N U E A N D TR A N S P O R TA TI O N I N TE R I M CO M M I TTE E O F TH E M O N TA N A S TA TE LE G I S LA TU R E N O V E M B E R 3 0 TH , 2 0 15 J A N E T CO R N I S H CD S

405 views • 40 slides
Tax Increment Financing Workshop AUGUST 7 T H , 2014 JOLIET COMMUNITY CENTER August 2014

Tax Increment Financing Workshop AUGUST 7 T H , 2014 JOLIET COMMUNITY CENTER August 2014

Tax Increment Financing Workshop AUGUST 7 T H , 2014 JOLIET COMMUNITY CENTER August 2014 Brought to you by August 2014 AICP Certification August 2014 Our Contributors Montana Department of Commerce The Governors Office of

1.33k views • 103 slides

More recommend