Tax Increment Financing (TIF)
TIF is a program designed to encourage property owners to redevelop a blighted or substandard property into something that will promote economic improvements within the city. Both the city and the property owner benefit from this legislation. The upfront costs of development are decreased, but is paid back with the property owners property taxes over the next fourteen years.
Since the property taxes are being used to pay back the original upfront costs, the local schools don’t receive the funding they otherwise would have from that tax. But, having large business come into Waverly under TIF is still a good thing because it brings in jobs, which brings in people, which bring in kids. This means that in general, all local businesses will profit from TIF because they will be able to provide their service to more people.
Day Commercial Park, an area recognized as blighted has now become an area that hosts many large business. With the addition of Tractor Supply Co. and Tecumseh Poultry, among others, that property’s value has increased by 19 million dollars.
If you would like to see a map of Waverly with the redevelopment areas highlighted, please download the Waverly Redevelopment Area #1 Map.