TIF will not increase taxes to pay for redevelopment. TIF is private capital under state and city control. It creates a long-term annuity for other taxing bodies by encouraging economic development and helps significantly in attracting new industry and business to Harvard creating an improved environment for private investment. This results in an incremental increase in the revenue generated within the TIF district. This increase is captured and used solely for improvements within the TIF district.
Redevelopment is an effective way to breathe new life into deteriorated areas.
New investment creates jobs, boosts the retail climate, improves the value of all property and puts pride back into the community.