The Area Plan Commission held a special meeting Monday to discuss the potential creation of a Taxable Increment Finance (TIF) District. James Shanahan from Taft Law gave an overview of what TIF is.

TIF is a strategy for targeted redevelopment, in which a municipality creates a boundary for an area for the targeted redevelopment of that area. They then freeze the assessed valuation of the area outlined in the district. As the assessed valuation of the area increases over time, the increment generated by the increase in value over the year with which the assessed valuation was frozen can be collected and used for redevelopment projects in the area.