Laserfiche WebLink
3. Fundamentals of Tax Increment Financing (TIF) 4. City of New Brighton TIF District Summary 12 The City of New Brighton has utilized TIF for key economic development, redevelopment and housing projects in the City. Utilizing this tool to accomplish the various goals of the City has strengthened the overall diversity of housing options, land uses and tax base, while increasing employment opportunities and cleaning up contaminated sites. One immediate benchmark of the benefit in utilizing TIF is the overall increase in market value from when the district was created to when it is fully developed and aging. As illustrated in the following table, the City’s overall market value has increased in the various TIF districts that are still active for taxes payable 2021 and do not include those decertified as of December 31, 2021, or earlier by over 1535% on a cumulative basis: DistrictBase YearOriginal Market ValueInflated Original Market ValuePayable 2022 Market Value (Estimated)Percent Increase in ValueTIF 26 Brighton Corporate Business Park III 1999 4,153,000$ 6,446,424$ 56,608,686$ 778%TIF 27 Ken's Market 1999 190,000$ 294,924$ 1,868,830$ 534%TIF 29 BCPII South (Soo Line) 2000 195,000$ 292,842$ 2,094,384$ 615%TIF 31 Northwest Quadrant (West Side) 2006 2,404,000$ 3,083,727$ 99,678,365$ 3132%TIF 32 (Northwest Quadrant (East Side) 2007 1,509,800$ 1,883,060$ 37,760,836$ 1905%TIF 33 Marv's Transmission Site Office Condo Devel. 2007 141,700$ 176,731$ 1,146,324$ 549%8,593,500$ 12,177,708$ 199,157,426$ 1535%