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How
does TIF work? |
Why is
it important to the Neighborhoods? |
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An area is designated
and a base taxable value is set. Public improvements are constructed
within the TIF that cause property values to increase and encourage
private investment and development in the area. As the new development
or redevelopment occurs, a portion of the increase in property taxes
caused by the new development is captured for public improvements. |
TIF allows communities
with little extra money to provide public improvements in a designated
district by keeping a portion of the taxes paid by the district in the
district. |
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What is the City working on in regards to TIF? |
Why is
the City proposing the boundaries as described? |
|
The city has been
reviewing boundary options in an effort to provide the most value for
the money of our new TIF district. |
The boundary of the TIF
establishes the area in which desired public improvements can be made.
The City has attempted to optimize the area by including areas that will
benefit the most from new public improvements. |
|
What will the process be for determining the improvements to be paid for
by the TIF? |
What
happens to tax payments and how are property taxes impacted? |
|
For improvements that
will occur within the Kendall Yards plat, Kendall Yards will be
proposing a list of eligible projects. For the area outside the Kendall
Yards plat, the City is launching a public participation process to
identify and prioritize a list of desired projects.
|
Creation of a TIF
district does not change the regular tax rate in the district and does
not add any special assessment to the properties within the district.
TIF only captures a portion of incremental increases in the regular
taxes generated by new development within the district. (Link to TIF
Graphic). |
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What is the importance of Kendall Yards to the City? |
|
|
In any community, large
tracts of vacant property in the core of the community tend to depress
investment, property values, and the general welfare of the adjacent
neighborhoods. The development of the long vacant Kendall Yards site is
a great opportunity to generate a tremendous amount of new interest,
investment, and energy in the City Center. It’s an opportunity to
provide more choices to live, work, and play in Spokane, creating a
healthier City overall. |
