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The original item was published from 4/5/2023 10:48:52 AM to 4/5/2023 10:55:08 AM.

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Posted on: April 5, 2023

[ARCHIVED] What is Tax Increment Financing (TIF)?

TIF Spotlight

Growth for the City of Buffalo 

The City of Buffalo continues to grow and prosper. With several residential and commercial development projects in the works, we are often asked how much they will cost taxpayers and where the public funding will come from. To encourage growth and development in our city, there are unique funding tools at our disposal.

Development for a Better Tomorrow

The City of Buffalo strives to provide an environment where both residents and businesses thrive. With successful economic development initiatives, additional jobs are created, property values increase, and the community’s quality of life continues to improve. When pursuing development projects, the City considers our community goals, issues that we as a community are trying to solve, and what funding options are available.

Public Funding Tools to Grow and Prosper

Development requires investment. With the right strategy and tools, the City of Buffalo can continue to support our existing residents and businesses while planning efficiently for future growth and maximizing community benefits. Private funding serves as the foundation of these developments, but funding can be limited, so a combination of private and public funding is often used to bring a project to fruition. 

We hope that this video will help residents and business learn more about Tax Increment Financing (TIF).

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