Tuesday, July 19, 2016
What is a TIF? Find out here
Pictured above is a drawing from the Baltimore Sun of the Crescent development in Town Center. We often hear about public support in the form of tax credits or other public support being used to develop private development in Baltimore. Currently there is controversy about the tax credits being discussed with the Under Armour development of Port Covington for their new headquarters. A similar public support arrangement is now being discussed for the Crescent downtown Columbia development. In a nutshell the idea is that the increase in the County tax base with the Crescent development will offset the cost to the County to sell bonds to finance the cost of road infrastructure and a parking garage that are necessary for the Crescent development. These tax credits are usually controversial especially when they are used for building stadiums. To learn more about the plans for how TIF would work here is a link to a Baltimore Sun video story.
Posted by duanestclair at 6:39 AM