ct tif presentation for kickoff-final

7/25/2019 CT TIF Presentation for Kickoff-Final

1/13

Tax Increment Financing

in ConnecticutCanton, Connecticut

June 28, 2016


2/13

I. Overview

II. Uses of TIF evenueIII. !istrict "aster #$an

I%. #rocess

%. Ti&s

%I. 'uestions


3/13

()at is Tax Increment Financing *TIF+

Financing met)o- use- to cata$/e economic-eve$o&ment

$$ows future &ro&ert tax revenues from

-eve$o&ment &roect to e -e-icate- an-

uti$i/e- to su&&ort t)e &roect an- re$ate-

economic -eve$o&ment

#ro&ert tax enefits from &roect use- to

)e$& finance &roect Can e uti$i/e- to su&&ort &u$ic an-

&rivate -eve$o&ment costs


4/13

3ew !eve$o&ment or #rivate Investment*a--ing new va$uation+

4 %a$uation Ca&ture- in TIF !istrict 4 %a$uation NotCa&ture- in TIF !istrict

evenues to TIF Development Fund

*ca&ture- va$ue 5 tax rate+

evenues to General Fund

*nonca&ture- va$uation 5 tax rate+

4 of !eve$o&ment Fun- for

&&rove- "unici&a$ ctivities

Infrastructure im&rovements wit)in an- outsi-e -istrict 7conomic -eve$o&ment organi/ation costs, mareting 9 &$anning

4 of !eve$o&ment Fun- for

&&rove- #rivate !eve$o&er Costs

:an- 9 ui$-ing im&rovements Tax incentives

"o-e$


5/13

Overview of CT TIF #rocess

Old TIF Process New TIF Process

;ur-ensome


6/13

Uses of TIF evenue in CT

Infrastructure

:an- c=uisition

Construction, !emo$ition, emo-e$


7/13

Ot)er Uses e$ate- to !istrict

Off-Site

oa-was

(ater>


8/13

!istrict "aster #$an

;oun-aries 9 #ro&erties of !istrict

Im&rovements

:engt) of TIF !istrict *?0 ear max+

Financia$ #$an

Cost 7stimates "ax !et ntici&ate- evenue TIF Terms an- greements 7stimate- Increase in ssesse-

%a$ue *increment+ #ercent of Increment

@Ca&ture-A


9/13

TIF #rocess in CT

1.

2.

B.

.

6.

?.

:egis$ative o- affirms TIF wi$$ enefit t)e Town

D0 -as &rior to a&&rova$ of "aster #$an, sumit to #$anningCommission for a-visor o&inion

Eo$- &u$ic )earing on t)e &ro&osa$

Confirm e$igii$it criteria an- assesse- va$ue re=uirements


10/13

Ti&s Fit use of TIFs into $ongtermeconomic -eve$o&ment strateg

Create a-visor oar-, to a-vise on

t)e &$anning, construction an-im&$ementation of t)e -istrict

I-entif &u$ic an- &rivate nee-

Consi-er TIF wit)in mix of financing

o&tions

Consi-er going eon- use of TIFs for

usiness incentives inc$u-ing to fun-an- &u$ic infrastructure an- activities

to su&&ort economic -eve$o&ment


11/13

()en using TIF revenues to enefit usinesses>-eve$o&ers,

w)at ou &rovi-e to one wi$$ e serve as enc)mar for futurere=uests

TIF &o$icies can )e$& -irect -ecisions on w)en an- )ow to use,

can e tai$ore- to meet communits $ong term oectives

Once TIFs use-, im&$ement sstem for tracing va$ues,

revenues, an- ex&en-itures t)roug)out t)e -uration

Tra-eoff etween TIF fun-s an- Genera$ fun-s ()at outae in for TIFs can note use- for Genera$ Fun- &ur&oses

"ore Ti&s


12/13

'uestions


13/13

ContactH

Jim !amicis, in>-amicis
http://www.camoinassociates.com/http://www.linkedin.com/in/jdamicishttp://www.linkedin.com/in/jdamicishttp://www.camoinassociates.com/

ct tif presentation for kickoff-final

Documents