The Rochester Committee of the Whole is taking steps to be sure tax incrument financing, or TIFS, are being used the right way.
Put simply a TIF is where increased property taxes from a new development are captured and are then used to help pay for public infastructure, affordable housing, or other things...a rochester city administrator compares it to a tax rebate.
On Monday evening's meeting, Rochester Committee of the Whole members discussed certain projects in the area that qualify for TIFS. They also decided there needs to be more regulations in place when it comes to how to spend that money...especially as DMC projects bring in more TIF money.
An assistant city administrator Terry Spaeth explains the increase shouldn't affect you as a taxpayer.
"Really what this boils down to is its almost like a tax rebate but what it means is that its tax capacity that isnt available to spread costs over for the city."
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