Tuesday Roundtable recap: TIF 101 webinar with WEDA and WPPA
Does your community need funding for infrastructure or other public improvements? Tax Increment Financing, or “TIF,” is a financing method used to help fund infrastructure that will catalyze economic development and recover or grow jobs. It uses anticipated future increases in tax revenues to generate incremental tax revenues from a specific development project or projects across a designated district to help pay for current costs associated with development.
Washington is one of only two states in the nation that does not have TIF authority for local communities, but a TIF Coalition, including WPPA and WEDA, is actively working to get TIF authorizing legislation passed by the Legislature.
In the November 17th webinar on TIF, participants learned:
· The basic structures of TIF programs
· The ways in which TIF programs could help finance and expedite development
· How you can get involved in supporting the TIF coalition in the 2021 Legislative Session
You can watch the entire webinar here: https://www.dropbox.com/s/fmnxj5gsnmzvwkf/2020-11-17_TIF-101-webinar-recording.mp4?dl=0
Looking for resources from the webinar? Below are the presentations and mentioned websites that will help you learn more about TIF.
Department of Revenue TIF presentation
CERB website
LRF report to Legislature
HBZ report to Legislature
We’ll be updating our blog with more information and resources about TIF as they become available, tagged under “TIF” in the archives.