Thus, TIF can become a classic win-win situation if it is used appropriately, with a sound business plan, with accountability and for projects that serve a significant public purpose. Private developers should not receive windfall profits on TIF projects, but such projects likely would not be accomplished without a combination public-private partnership. That same delicate dance of public and private interests is being played out almost anywhere that economic development is desired. Gov. Mike Johanns has proposed public-private partnerships to bring economic development to rural Nebraska. Redevelopment projects for old, abandoned structures or areas are likely candidates for public aid.
Public benefits can justify public dollars for private projects.
The Yancey is a good example. With judicious use of incentives such as tax-increment financing, local officials can encourage even more such good things to happen. Post your thoughts in The Public Forum. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.