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Tax Increment Financing (TIF) is a type of financing that permits local governments to finance the redevelopment of blighted areas and the economic development of rapidly developing areas. Tax increment is the property tax revenues collected on the increased assessed valuation of property in the area to be redeveloped or developed. Tax increment financing not only permits the acquisition of property for purposes of redevelopment or economic development, but also provides another means for communities to finance infrastructure improvements in a blighted area or an economic development area.

TIF's are becoming an increasingly popular local means of financing public investment intended to stimulate private sector investment and job creation, principally through infrastructure improvements. Bloomington currently has six (6) TIF areas:

  1. Adam's Crossing
  2. Tapp Road
  3. Thomson/Walnut/Winslow
  4. Downtown
  5. N. Kinser Pike/Prow Road
  6. Whitehall/West Third

These TIF areas have all been established, or expanded, within the last ten years as Bloomington has experienced incredible growth, and the City seeks ways to provide the needed infrastructure to accommodate this growth.