Tax Increment Financing Authority (TIFA)

PURPOSE:

The purpose of the Tax Increment Finance Authority (TIFA) is to promote economic and business development through programs and public improvement projects that create economic opportunity, provide entrepreneurial support, and preserve property values while maintaining the historic nature of Downtown Hillsdale.

The TIFA derives its funds from a geographically defined district. The assessed value of properties located in the district at the time it was created established the baseline value. Any incremental increase in property values above this baseline are captured to be reinvested into the district.

TIFA reporting requirements (See report in supporting documents)