Download or read book Improving Tax Increment Financing TIF for Economic Development written by David Merriman and published by . This book was released on 2018-09-05 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economist David Merriman of the University of Illinois at Chicago reviews more than 30 individual studies in the most comprehensive assessment of tax increment financing (TIF) with practical recommendations for policy makers and practitioners. The report finds that while TIF has the potential to draw investment into neglected places, it has not accomplished the goal of promoting economic development in most cases. First implemented in the 1950s, TIF funds economic development within a defined district by earmarking increases in future property tax revenues that result from increases in real estate values in the district. The tax revenue can be used for public infrastructure or to compensate private developers for their investments, but TIF is prone to several pitfalls: it often captures some revenues that would have been generated through normal appreciation in property values, it can be exploited by cities to obtain revenues that would otherwise go to overlying government entities such as school districts, and it can make cities' financial decisions less transparent by separating them from the normal budget process. The report recommends several ways that state and local policy makers can reform TIF practices going forward.

Download or read book Neoliberal Chicago written by Larry Bennett and published by University of Illinois Press. This book was released on 2016-12-12 with total page 291 pages. Available in PDF, EPUB and Kindle. Book excerpt: The neoliberal philosophy of fiscal austerity aligned with reduced regulation has transformed Chicago. As pursued by mayor Rahm Emanuel and his predecessor Richard M. Daley, neoliberalism led officials to privatize everything from parking meters to schools, gut regulations and social services, and promote gentrification wherever possible. The essayists in Neoliberal Chicago explore an essential question: how does neoliberalism work on the ground in today's Chicago? Contextual chapters explore race relations, physical development, and why Chicago embraced neoliberalism. Other contributors delve into aspects of the neoliberal vision, neoliberalism's impact on three iconic city spaces, and how events like the 2008 foreclosure crisis and the bid to attract the Olympic Games reveal the workings of neoliberalism. Contributors: Stephen Alexander, Larry Bennett, Michael Bennett, Carrie Breitbach, Sean Dinces, Kenneth Fidel, Roberta Garner, Euan Hague, Black Hawk Hancock, Christopher Lamberti, Michael J. Lorr, Martha Martinez, Brendan McQuade, Alex G. Papadopoulos, Rajiv Shah, Costas Spirou, Carolina Sternberg, and Yue Zhang.

Download or read book Rethinking Property Tax Incentives for Business written by Daphne A. Kenyon and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The use of property tax incentives for business by local governments throughout the United States has escalated over the last 50 years. While there is little evidence that these tax incentives are an effective instrument to promote economic development, they cost state and local governments $5 to $10 billion each year in forgone revenue. Three major obstacles can impede the success of property tax incentives as an economic development tool. First, incentives are unlikely to have a significant impact on a firm's profitability since property taxes are a small part of the total costs for most businesses--averaging much less than 1 percent of total costs for the U.S. manufacturing sector. Second, tax breaks are sometimes given to businesses that would have chosen the same location even without the incentives. When this happens, property tax incentives merely deplete the tax base without promoting economic development. Third, widespread use of incentives within a metropolitan area reduces their effectiveness, because when firms can obtain similar tax breaks in most jurisdictions, incentives are less likely to affect business location decisions. This report reviews five types of property tax incentives and examines their characteristics, costs, and effectiveness: property tax abatement programs; tax increment finance; enterprise zones; firm-specific property tax incentives; and property tax exemptions in connection with issuance of industrial development bonds. Alternatives to tax incentives should be considered by policy makers, such as customized job training, labor market intermediaries, and business support services. State and local governments also can pursue a policy of broad-based taxes with low tax rates or adopt split-rate property taxation with lower taxes on buildings than land.State policy makers are in a good position to increase the effectiveness of property tax incentives since they control how local governments use them. For example, states can restrict the use of incentives to certain geographic areas or certain types of facilities; publish information on the use of property tax incentives; conduct studies on their effectiveness; and reduce destructive local tax competition by not reimbursing local governments for revenue they forgo when they award property tax incentives.Local government officials can make wiser use of property tax incentives for business and avoid such incentives when their costs exceed their benefits. Localities should set clear criteria for the types of projects eligible for incentives; limit tax breaks to mobile facilities that export goods or services out of the region; involve tax administrators and other stakeholders in decisions to grant incentives; cooperate on economic development with other jurisdictions in the area; and be clear from the outset that not all businesses that ask for an incentive will receive one.Despite a generally poor record in promoting economic development, property tax incentives continue to be used. The goal is laudable: attracting new businesses to a jurisdiction can increase income or employment, expand the tax base, and revitalize distressed urban areas. In a best case scenario, attracting a large facility can increase worker productivity and draw related firms to the area, creating a positive feedback loop. This report offers recommendations to improve the odds of achieving these economic development goals.

Download or read book Annual Report written by Minneapolis Community Development Agency and published by . This book was released on 1985 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Proceedings of the City Council of the City of Minneapolis written by Minneapolis (Minn.). City Council and published by . This book was released on 1998 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Virginia Town City written by and published by . This book was released on 1985 with total page 990 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Lessons from the Field written by Edith M. Pepper and published by . This book was released on 1997 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Shifting Suburbs written by Rachel MacCleery and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This report looks at infrastructure in the context of eight suburban redevelopment projects. It examines the infrastructure that was built and how that infrastructure was paid for, in an effort to illuminate the shape that infrastructure investments are taking and the tools being used to fund and finance them. it also distills winning strategies and stumbling blocks from these projects."--Back cover.

Download or read book Tax Increment Financing written by and published by . This book was released on 1985 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report details general information about tax increment financing (TIF) and the potential gains and losses possible for a municipal government using TIF.

Download or read book Report written by and published by . This book was released on 1984 with total page 544 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Guide to Municipal Finance written by Naomi Enid Slack and published by UN-HABITAT. This book was released on 2009 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Chicago Enterprise written by and published by . This book was released on 1990 with total page 738 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Tax Increment Financing and Economic Development Second Edition written by Craig L. Johnson and published by SUNY Press. This book was released on 2019-07-10 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines the many issues raised by TIF, the most widely used tool of local economic and community development. This book brings together leading experts to examine the evolving nature of tax increment financing (TIF), the most widely used tool of local economic and community development. Originally designed as an innovative approach to the redevelopment of blighted areas, it has become a more general-purpose tool of economic and community development. Contributors offer case studies of the uses, structures, and impacts of TIF projects alongside more general discussions on the theoretical, financial, and legal bases for the use of TIF. They also explore its effect on overlapping jurisdictions such as cities, counties, and school districts. Some of the case studies capture TIF at its best—redeveloping areas that would likely never develop without substantial incentives. Other cases highlight questionable uses, especially where it has been used in new ways that those who developed the tool never envisioned. Originally published in 2001, the book was called “…a major contribution to the debate on the efficacy of such economic development financing tools as TIF…” by the journal Public Budgeting & Finance. Clear, comprehensive, and timely, this new edition features the latest research and thinking on TIF, including the political, legal, and even ethical issues surrounding its use.

Download or read book The Role of Tax Increment Financing in Land Use Change and Economic Development in the Coachella Valley Southern California written by Amer S. Althubaity and published by . This book was released on 1995 with total page 470 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Information Report American Society of Planning Officials Planning Advisory Service written by and published by . This book was released on 1985 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Corporate Report written by and published by . This book was released on 1998 with total page 1048 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Building on the Basics written by Mayor's Task Force on Steel and Southeast Chicago and published by . This book was released on 1986 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: