Tax Increment Financing (TIF) Open House

TIF is not an acronym most people encounter in their day-to-day, but the term—short for Tax Increment Financing—may rise up in conversations around the City of St.  Joseph in the next few weeks as part of discussions surrounding the Downtown Development Authority and upcoming development opportunities.

To engage in dialogue and facilitate a clearer understanding of TIF programs, the City of St. Joseph is hosting a TIF Open House on Wednesday, October 22 from 4:00 p.m. to 6:00 p.m. at City Hall.

“Naturally, when you hear the word ‘tax’ in a government program, you want to have oversight and ask plenty of questions,” said Kelly Ewalt, Development Director for the City of St. Joseph. “A TIF isn’t a tax increase, or even a new tax, but the program can be a bit confusing to understand. We want to ensure that everyone is well-informed  about topics that are up for consideration at the City level.”

A TIF is a way to help fund improvements in the Downtown district. The program sets a baseline tax rate, and the TIF takes the difference between the new property values and the old and captures that in a fund earmarked for a specific area. When improvements are made in that specific area, they can be taken from the TIF fund, rather than the general fund that supports citywide services and infrastructure.

The event will take on a casual format, serving as more of a Q&A session rather than a public hearing or meeting of elected officials. Attendees can expect a brief  presentation from the City at Cornerstone Alliance, informative slides, public input on potential use for TIF funds, and an invitation to dialogue and answer questions.