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2012 TIF Program Repeal

2012 TIF Program Repeal-2025

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The document is a memorandum from the City of Vancouver's Community Development Department, detailing an update on the redesign of the Traffic Impact Fee (TIF) Program and a proposal for its short-term repeal. It outlines the background of the TIF program, financial implications, stakeholder outreach efforts, and public hearings conducted by the Planning Commission. The memo discusses the need for a comprehensive review of the TIF program to address long-term infrastructure needs and proposes options for moving forward, including potential amendments to impact fee regulations.

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What is the TIF policy?

TIF was designed to channel funding toward improvements in distressed, underdeveloped, or underutilized parts of a jurisdiction where development might otherwise not occur. TIF creates funding for public or private projects by borrowing against the future increase in these property-tax revenues.

What is the history of tax increment financing?

A Brief History of TIF Legislation TIF was initiated in California in 1952 as a way of providing matching funds for federal urban renewal programs. It was slow to be adopted by other states, however, and by 1970 only Minnesota, Nevada, Ohio, Oregon, Washington, and Wyoming had passed TIF legislation.

What is a TIF tax abatement?

A TIF allows the increase in assessed value (increment) of an improvement to real property to be exempt from real property taxation (the exempted taxes) and instead have those funds assist with costs necessary for a project to move forward.

Do TIFs increase property taxes?

The TIF creates funding for public or private projects by borrowing against the future increase in these property-tax revenues. The intent is for the improvement to enhance the value of existing properties and encourage new development in the district.

What is a TIF and how does it work?

Tax Increment Financing, or TIF, is a geographically targeted economic development tool. It captures the increase in property taxes, and sometimes other taxes, resulting from new development, and diverts that revenue to subsidize that development.

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