Tools
Below are key financing and redevelopment tools designed to drive economic growth and infrastructure improvements in our region. These programs provide innovative solutions for property owners, investors, and local governments to fund critical projects, enhance sustainability, and revitalize communities.
C-PACE
The Commercial Property Assessed Clean Energy (C-PACE) program is a financing mechanism that enables commercial property owners to secure funding for energy efficiency, renewable energy, and water conservation improvements. C-PACE loans are repaid through a voluntary assessment on the property’s tax bill, which is tied to the property rather than the owner, allowing long-term, low-cost financing that transfers with ownership. This structure helps businesses invest in sustainable upgrades without upfront costs, improving building performance while preserving capital for other needs.
NMTC
The New Markets Tax Credit (NMTC) program is a federal incentive designed to attract private investment into economically distressed communities by providing tax credits to investors who fund qualifying businesses and development projects. Administered by the U.S. Treasury’s Community Development Financial Institutions (CDFI) Fund, NMTCs help finance projects that create jobs, enhance services, and stimulate economic growth in low-income areas. Investors receive a tax credit equal to 39% of their total investment, spread over seven years, making it a powerful tool for revitalizing underserved communities while encouraging private-sector participation in economic development.
TIFs
Tax Increment Financing (TIF) is an economic development tool that helps fund public infrastructure and redevelopment projects by capturing the future increase in property tax revenue generated by those improvements. When a TIF district is established, the property's assessed value is frozen at its current level, and as development occurs, the additional tax revenue from the increased property value is used to repay project costs or finance further improvements. TIF is commonly used to revitalize blighted areas, attract private investment, and support public infrastructure without raising general tax rates.
GIDs
A General Improvement District (GID) is a special-purpose governmental entity established to finance, construct, operate, and maintain infrastructure and public services within a defined area. GIDs are commonly used for road maintenance, water and sewer systems, drainage, and other community improvements, with funding typically generated through property assessments, taxes, or fees paid by benefiting property owners. These districts provide a structured way to support development and enhance public services without relying solely on municipal budgets, ensuring that necessary improvements are funded and maintained over time.
Redevelopment
Districts
A Redevelopment District is a designated area where local governments use targeted strategies to encourage economic growth, revitalize blighted properties, and improve infrastructure. These districts leverage financial tools like Tax Increment Financing (TIF) and public-private partnerships to fund redevelopment projects, attract investment, and stimulate job creation. By reinvesting increased tax revenues from property value growth, Redevelopment Districts help transform underutilized areas into thriving economic hubs without imposing additional tax burdens on the broader community.