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Tax Increment Financing Projects

Tax Increment Finance Projects (“Project TIFs”) are a type of tax exemption used to incentivize large-scale development projects that promote urban redevelopment. Additionally, they may include public infrastructure improvements.

Similar to Districts TIFs, Project TIFs allow the City to exempt a percentage of the real property taxes associated with the improved value of the property resulting from a development project. The owner instead makes payments in lieu of taxes, also known as service payments, which can be used to cover the project’s debt service or rebated directly to the developer. The City can also reserves service payments made by the developer to fund public improvement projects.

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Goal​

 

Project TIFs encourages investment by offering developers, companies, or other community stakeholders a tool to fund public infrastructure improvements and, in certain cases, broader urban redevelopment projects.

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Who Can Apply?

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  • Developers 

 

Overview of Process

 

Project TIFs are typically considered when a developer submits a financial assistance application for a specific development project. The Department of Community and Economic Development ("DCED") reviews the application in conjunction with additional City departments and provides recommendations to the City Manager. DCED aims to review complete financial assistance applications within 4-5 weeks and provide a conditioned offer or response shortly following the review. Contract drafting and legislative approvals for Project TIFs can take up to 3-4 months

Note: Applicants for certain types of City Business — including development incentives with an estimated value of $100,000 or more per year — will be required to complete the City Business Disclosure Form pursuant to CMC Chapter 119. More information is available on the City Business List webpage.

Timeline​

 

Applications for Project TIFs are received on a rolling basis.

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Interested? Have questions? For more information, contact:

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Marc Von Allmen, marc.vonallmen@cincinnati-oh.gov [Intake]

Michael Banish, michael.banish@cincinnati-oh.gov [Monitoring & Compliance]

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