Tax increment financing (TIF) financing tools work by transferring the property tax revenues that flow from a designated project area to the city, county, and other taxing entities. Additional tax revenue in future years (the “increment”) is diverted into a separate pool, which can be used to pay for improvements directly or to pay back bonds issued against the anticipated TIF revenue.
In California, TIF has historically been used by redevelopment agencies to raise funding for infrastructure improvements, housing and other projects in redevelopment areas. However, with the dissolution of redevelopment agencies as of February 1, 2012, the traditional form of TIF financing is not available. New financing mechanisms such as Enhanced Infrastructure Financing Districts (EIFDs) and Community Revitalization Investment Areas (CRIAs) are opportunities for public agencies to create more economic development within your community.
CALED has created a Technical TIF Committee comprised of expert practitioners, attorneys and consultants to assist in sharing knowledge and resources to help California communities leverage these new tools:
- Frequently Asked Questions about EIFDs and CRIAs
- EIFD CRIA comparison chart
- Click here to download the TIF Booklet
- Primer for cities, counties and practitioners – coming soon!
If you have additional questions regarding these tools or the work of the Technical TIF Committee, please contact CALED at 916-448-8252 or any of our expert Committee Members.
Aaron Laurel, Economic Development & Housing Director, City of West Sacramento (Co-Chair)
James Hamill, Managing Director, CA Statewide Communities Development Authority (Co-Chair)
Constantine Baranoff, Shareholder, Kronick Moskovitz Tiedemann & Girard
Jon Goetz, Shareholder, Kronick Moskovitz Tiedemann & Girard
Lynn Hutchins, Partner, Goldfarb & Lipman LLP
Debbie Kern, Senior Principal, Keyser Marston Associates, Inc.
Larry Kosmont, President, Kosmont Companies
Ellen Martin, Executive Vice President, EPS
Mike Nuby, Manager, Economic Development Services, Southern California Edison
Daniel Rofoli, Consultant, Economic and Housing Development Division, Community Development Commission of Los Angeles County
Nicholas Romo, Legislative Policy Analyst, League of California Cities
Alexa Smittle, Principal, RSG, Inc.
Randy Starbuck, Consultant, A2B Consulting
Rafael Yaquián, Partner, Goldfarb & Lipman LLP
Please check back for information and updates periodically.