TIF - tax increment financing
Iowa law allows municipalities to establish urban renewal areas to finance public improvements such as streets, sewers, sidewalks, and other infrastructure related to residential, commercial, or industrial development; to redevelop slum or blighted areas; to fund private economic development; and to finance construction of low and moderate income housing. The primary source of funding for urban renewal projects in Iowa is tax increment financing. Tax increment financing is a method whereby a portion of the property taxes levied by all taxing authorities within a tax increment financing district (urban renewal area) are reallocated to the municipality that is undertaking the urban renewal project. Certain property tax levies are exempt from reallocation to the municipality.
To probe further - check out the Iowa Legislative Guide Agency publication:
“Legislative Guide to Urban Renewal and Tax Increment Financing” www.legis.iowa.gov/docs/Legis_Guide/2012/LGMJD000.PDF
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