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3. Fundamentals of Tax Increment Financing (TIF) 4. City of New Brighton TIF District Summary 13 Many cities utilize TIF as a development tool as they realize the benefits it can provide. However, there sometimes may be concern if the tool may be over or underutilized. Measuring a city’s use of TIF as compared to existing tax base is one way of understanding how it is being used. A common measurement of TIF usage is the percentage of gross tax base captured in TIF districts. The chart below demonstrates the City’s current and projected tax base that is captured on an annual basis in the TIF districts. Projected Captured TIF Tax Capacity Decertification Actual Actual ProjectedDate 2021 2022 2023 2024 2025 2026TIF 26 Brighton Corporate Business Park III 12/31/2024 855,122$ 871,488$ 871,488$ 871,488$ 871,488$ 871,488$ TIF 27 Ken's Market (Cleveland & County Road D) 12/31/2023 35,008$ 33,844$ 33,844$ 33,844$ 33,844$ 33,844$ TIF 31 Northwest Quadrant (West Side) 12/31/2035 1,171,990$ 1,176,164$ 1,176,164$ 1,176,164$ 1,176,164$ 1,176,164$ TIF 32 Northwest Quadrant (East Side) 12/31/2036 762,704$ 748,474$ 748,474$ 748,474$ 748,474$ 748,474$ TIF 33 Marv's Transmission 12/31/2033 21,284$ 20,172$ 20,172$ 20,172$ 20,172$ 20,172$ TIF 34 Midtown Village 12/31/2047 -$ 250,765$ 250,765$ 250,765$ 250,765$ 250,765$ Total Captured2,884,170$ 3,138,969$ 3,138,969$ 3,138,969$ 3,138,969$ 3,138,969$ Total Tax Capacity 32,566,901 33,545,737 37,747,156 37,747,156 37,747,156 37,747,156 Percentage of Tax Base in TIF 8.86% 9.36% 8.32% 8.32% 8.32% 8.32%
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