Tax increment financing (TIF) districts help municipal governments stimulate redevelopment in designated areas. The property tax increment generated from improvements within the district is used to encourage new development in the area.
Types of projects
- Redevelopment of property
- Public infrastructure improvements, including streets, sewer and water
- Site Work
- Building rehabilitation
The Effingham Tax Increment Financing Program was initiated in 1987. The City of Effingham has three districts located throughout the community. The creation of the TIF districts has lead to many public infrastructure improvements. The Central Redevelopment Project Area and the South Central Industrial Project Area have a building façade program.
- Central Redevelopment Project Area (2000) - created to upgrade infrastructure in the downtown and the older areas surrounding it.
- Outer Belt West Project Area (2001) - created to assist in infrastructure improvements on the new Outer Belt West
- South Central Industrial Project Area (2003) - established to promote development in the eastern portion of the business park area.