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For more information, contact Jacob.Sesker at [email protected]
Staff presented the following four documents to the Planning Board as part of their worksessions following thepublic hearing:
February 19, 2009 Memorandum
February 19, 2009 Staff ReportMay 7, 2009 MemorandumJune 4, 2009 Amendment to May 7, 2009 Memorandum, per Planning Board (Attachment D)
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February 19, 2009 Staff Report
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June 4 Amendment to May 7, 2009 Memorandum, per Planning Board
ATTACHMENT D: TAX INCREMENT FINANCING (TIF)
IntroductionIn a TIF, property tax revenues derived from the increase in assessed values due to appreciation and/or newdevelopment are used to pay off bonds issued for improvements in the TIF District. At the time the TIF District
is created, a baseline of revenues is established. Some or all of the revenue above that baseline accrues to theTIF District and is applied to the debt payments.
Purpose of TIFIn the absence of government participation in the development or redevelopment of urban areas, realestate developers and investors are more willing to invest in simpler, Green field sites. In Green fieldsites land costs are generally lower, redevelopment requires less land assemblage, public facility capacity isless encumbered by existing development, and infrastructure investments are less likely to involve expensiveretrofits.
Under certain circumstances, TIF can serve as an effective tool for jurisdictions seeking to fundredevelopment of targeted geographic areas, especially those that contain Brownfield or Grayfield sites.
As such, state and local officials in jurisdictions around the nation recognize that TIF can be a valuable tool insuburban transit-oriented development (TOD) projects as a way of meeting the high costs of retrofitting agingor obsolete suburban infrastructure.
TIF in MarylandThe Maryland Tax Increment Financing Act authorizes most Maryland counties and municipalities to use TIFfor the purposes of financing certain development/redevelopment projects. See Title 12, Subtitle 2 of theEconomic Development Article of the Maryland Code, Sections 12-201 through 12-213.
In Maryland, authorized local governments may issue TIF bonds for the purpose of financing developmentor infrastructure to support development. The first step in that process requires the government to create aTIF District and a special fund. The TIF bonds issued are then payable from the special fund which holds the
incremental tax payments associated with the TIF District.
TIF Financing TermsTIF bonds are unsecured, revenue bonds. In their purest form, they are backed by a projection of the Districtstax revenues. The full faith and credit of a jurisdiction is not necessarily at risk when a TIF bond is issued. Assuch, TIF bonds are riskier than general obligation bonds. When underwriters feel that the risk associated withusing TIF is too high, then any of a number of conceptually similar financing tools may be more appropriate.