43rd and Main TIF Project Comes to a Close

The City Council finalized a compromise ending the 43rd and Main TIF, Thursday. The plan will pay remaining project costs and redistribute surplus money back to the city. The remaining costs include money for

• Streetscape and sidewalk repair
• S.M.A.R.T Housing Program
• Demolition of the Naughty But Nice building

The 43rd and Main TIF project was created in 1994 and comprises the Southmoreland neighborhood. The council and TIF Commission came to the conclusion that it has served its purpose of rehabilitating the area and therefore did not need to continue.

Tax Increment Financing (TIF) is a development tool that uses future property taxes and other taxes generated by new development to pay for costs of construction of public infrastructure and other improvements. It will oftentimes divert money from school districts and other general funds to sponsor the development.

Read the Resolution - 090347

43rd and Main TIF in the News

• Welcome news about TIF
• TIF project on its way out