[Winona Online Democracy] As I understand the process - the government unit which establishes the TIF locks in the tax values at the then current values. The county and schools continue to get taxes but at the locked in rate. All increase in value and the taxes over the base line go to the TIF until the TIF is reimbursed at which time the TIF is dissolved and the other government units then start to receive their fair share. During the process the owners of the property pay the same taxes as they would if the TIF didn't exist with the TIF capturing all the increases in taxes for the repayment.
Paul Double -----Original Message----- From: [EMAIL PROTECTED] [mailto:[EMAIL PROTECTED] On Behalf Of [EMAIL PROTECTED] Sent: Thursday, March 17, 2005 1:10 PM To: WOD Subject: [Winona] Paying for the Pelzer project [Winona Online Democracy] Could any of you WODs explain, in plain English, how establishing a Pelzer Street area tax increment district would make up for the six million dollar shortfall? And don't assume I know how a TIF works, because I keep forgetting. I sort of think that the money comes from the increased taxes that economic activity and property values that a project generates. Those taxes would be dedicated to paying off indebtedness incurred by the project. J. Finn _______________________________________________ This message was posted to Winona Online Democracy All messages must be signed by the senders actual name. No commercial solicitations are allowed on this list. To manage your subscription or view the message archives, please visit http://mapnp.mnforum.org/mailman/listinfo/winona Any problems or suggestions can be directed to mailto:[EMAIL PROTECTED] If you want help on how to contact elected officials, go to the Contact page at http://www.winonaonlinedemocracy.org _______________________________________________ This message was posted to Winona Online Democracy All messages must be signed by the senders actual name. No commercial solicitations are allowed on this list. To manage your subscription or view the message archives, please visit http://mapnp.mnforum.org/mailman/listinfo/winona Any problems or suggestions can be directed to mailto:[EMAIL PROTECTED] If you want help on how to contact elected officials, go to the Contact page at http://www.winonaonlinedemocracy.org
