Diff of TaxIncrementFinancing r1

Revision 1, 2025-10-24T15:31:00Z, by PortageRoute.
+ = Tax increment financing =
+ Tax increment financing, '''TIF''', freezes the taxable value of property in a district at a base year. Taxes on value above that base — the increment — go into a district fund and are spent on improvements within the district rather than distributed to the general taxing jurisdictions.
+ Great Falls has '''five''' districts:
+ * the [[DowntownUrbanRenewalDistrict]]
+ * the West Bank Urban Renewal District
+ * the East Industrial Park District
+ * the Central Montana Agri-Tech Park Industrial District — see [[AgriTechPark]]
+ * the Great Falls International Airport Industrial District
+ = How a request works =
+ An applicant asks the City to spend district funds on a project. Staff bring a resolution, the [[CityCommission]] sets a public hearing, the hearing is held and the Commission votes. The record for 2025-2026 includes requests from the [[PublicWorksDepartment]] itself for infrastructure and signage, from the Downtown Development Partnership, from Clearwater Federal Credit Union, and from the airport.
+ Not all pass easily. Resolution 10603, allowing the City to use up to an additional $382,690 in Downtown district funds, carried '''3-2''' at [[CityCommission2025-10-07]] with Commissioners McKenney and Wilson dissenting.
+ = The 2025 law change =
+ Senate Bill 3 of the 2025 legislature amended MCA 7-15-4234 and 7-15-4282 to require any municipality using TIF to have a formally appointed advisory committee. Great Falls answered by consolidating all five districts under one body — see [[SuperTifAdvisoryCommittee]].
+ Districts also issue bonds against the increment; see [[JanickiIndustriesProject]] for the largest recent example.
+ ----
+ Tax Increment Financing: https://greatfallsmt.gov/1118/Tax-Increment-Financing-TIF
+ Super TIF committee: https://greatfallsmt.gov/1128/Super-Tax-Increment-Financing-TIF-Adviso
+ [[DowntownUrbanRenewalDistrict]] · [[Categories]]
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