TIF is a real estate development tool applicable to industrial, commercial, intermodal transportation area and residential projects. The Kansas legislature created the program in 1976. TIF, also known as a redevelopment district, uses the increase in real estate tax revenues and local sales tax revenues to retire the bonds sold to finance eligible redevelopment project costs (K.S.A. 12-1770 et seq.) or to reimburse the developer on a pay-as-you-go basis. Monies raised through TIF may be used for eligible redevelopment project costs approved by the city, such as land acquisition, site preparation, infrastructure, parking structures and other related costs. TIF cannot be used for the construction of privately owned buildings. To receive the benefits of TIF, generally the site must be in a blighted area, conservation area, pre-1992 enterprise zone, intermodal transportation area or other eligible area.
The overall purpose of TIF is to promote economic welfare and the general welfare of citizens within local communities and the state.
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