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WHITEFISH TAX INCREMENT TAX INCREMENT FINANCING (TIF) Photo provided by Brian Schott and Whitefish Convention and Visitors Bureau ---PAGE BREAK--- What is Tax Increment Financing? A method allowed by state law to reinvest the “increment” of new taxes from new development and increased property values back into a certain area of the city to eliminate blight, spur growth, and provide public infrastructure and facilities. Photo provided by Brian Schott and Whitefish Convention and Visitors Bureau ---PAGE BREAK--- What is Tax Increment Financing? (cont ) Financing? (cont.) With TIF, the city can do these types of projects: • Land acquisition • Demolition and removal of structures emolition and removal of structures • Relocation • Planning and analysis g y • General redevelopment activities • Constructing, improving and g, p g connecting to infrastructure Photo provided by Brian Schott and Whitefish Convention and Visitors Bureau ---PAGE BREAK--- TIF End How a Tax Increment Finance (TIF) Provision Works End Date 2020 for Whitefish TIF Tax Value alue Start Date Increment for Development Tax Value for Distribution xable Va 1987 for Whitefish BASE Declining Development Tax Base + Increment BASE g Property Values Tax Value for Distribution Time ---PAGE BREAK--- The Tax Increment Calculation Base Year Value Taxable Valuation x Mill Levy = Taxes Collected Di t d t ll t i b di l l t Directed to all taxing bodies: local governments, schools, state Tax Increment Value Incremental Taxable Valuation x Mill Levy = Incremental T C ll t d Taxes Collected All directed to tax increment program (except university levy) ‐ For FY11, Whitefish increment estimated to be y) , f $3,648,469 ---PAGE BREAK--- How Whitefish Has Used TIF Photo provided by Brian Schott and Whitefish Convention and Visitors Bureau ---PAGE BREAK--- • Street reconstruction and pavement overlay projects • Acquisition and platting of old gravel pit where ParkSide Credit Union and ESC are located • Bicycle and pedestrian paths • Purchased land for Library and O’Shaughnessy Center. Provide infrastructure assistance for WAVE, Library and O’Shaughnessy. • Emergency Services Center Photo provided by Brian Schott and Whitefish Convention and Visitors Bureau ---PAGE BREAK--- Future Projects Downtown Master Plan Projects (Whitefish TIF ends in 2020) j New City Hall Parking Lots and Structures g Boutique Hotel Assistance Help redevelop Idaho Timber and NVH sites? p p Commercial Rehabilitation Loan Program Photo provided by Brian Schott and Whitefish Convention and Visitors Bureau ---PAGE BREAK--- Chuck Stearns City Manager City of Whitefish City of Whitefish P.O. Box 158 Whitefish, MT 59937‐0158 , (406) 863‐2406 [EMAIL REDACTED]