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<br /> <br /> <br />REQUEST FOR COMMISISON CONSIDERATION <br /> <br />ITEM DESCRIPTION: Tax Increment Financing (TIF) Overview <br />DEPARTMENT HEAD’S APPROVAL: <br />CITY MANAGER’S APPROVAL: <br />No comments to supplement this report ___ Comments attached ___ <br /> <br />Recommendations: ▪ No action requested <br /> <br />History: ▪ For the past 40+ years, the City of New Brighton has successfully utilized <br />Tax Increment Financing as a mechanism to make improvements to areas <br />of the community that otherwise would not be redeveloped. To date, <br />thirty-five (35) different TIF districts have been established (22 of which <br />have since decertified to the benefit of all taxing authorities). <br /> <br />Financial Impact: ▪ Significant. The City’s TIF districts have been a major catalyst for change <br />and reinvestment in the community. <br /> <br />Summary: ▪ Baker Tilly will begin the meeting on 6/7/23 with background information <br />on how Tax Increment Financing works so all members will understand this <br />very valuable funding tool. <br /> <br />Attachments: none <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />________________________ <br />Ben Gozola, AICP <br />Assistant Director of Community Assets and Development <br />Agenda Section: VI <br />Item: 1 <br />Report Date: 6/2/23 <br /> Commission Meeting Date: 6/7/23