Monday, June 18, 2012

"incentives to sweeten the deal"

The Milford Daily News writes about the use of the TIF by local communities to help businesses:
... Tax Increment Financing agreements, commonly called TIFs. 
The deals, agreed upon between a municipality and a business, give companies a break on property taxes on new value they add to a property. 
The tax breaks start off larger at the beginning of a deal, then decrease over the life of the agreement, until the company is paying 100 percent of the taxes on the property. 
The tax breaks do not apply to already existing value — only to whatever value a company may add to a property.

Read more: http://www.milforddailynews.com/news/x836133214/Communities-using-tax-deals-to-attract-businesses#ixzz1y8V0IYm0

Franklin has used the TIF to help with local businesses:
Hamilton Storage Technology received a TIF as approved by the Town Council in Sep 2011
http://www.franklinmatters.org/2011/09/real-time-reporting-legislation-part-1.html

The TIF was discussed during the Economic Development Summit
http://www.franklinmatters.org/2010/10/franklin-ma-is-looking-to-do-business.html

Franklin created the Economic Development Area and the TIF back in 2008
http://www.franklinmatters.org/2008/09/live-reporting-resolutions-approved.html