TIF for Jobs
With the historic and unprecedented economic recession provoked by the COVID-19 pandemic devastating communities, businesses and families, we need tools and resources to recover. Tax Increment Financing (TIF) will help communities across the state recover, grow construction jobs and catalyze the growth of additional jobs, spark re-investment and foster vibrant communities.
What is Tax Increment Financing?
Do you wonder how TIF could work in your community? Check out this great video produced by the City of Kent.
Learn More About TIF
TIF captures a property’s appreciated value by using its increased property taxes to finance infrastructure improvements that benefit a designated area. Local jurisdictions that use TIF benefit from improved public infrastructure, increased economic development, and local job growth.
TIF Advocates in WA State
Advocates from the Association of Washington Cities, Washington Public Ports Association, Washington Economic Development Association and NAIOP, among other organizations worked to get TIF legislation approved in 2021. Washington State’s approach to TIF does not raise property taxes on residents but allows new development to pay for much-needed public infrastructure.
TIF 101 webinar with WEDA and WPPA
On November 17 WEDA and WPPA hosted an introductory webinar on TIF where we covered:
The basic structures of TIF programs
The ways in which TIF programs could help finance and expedite development
How you can get involved in supporting the TIF coalition in the 2021 Legislative Session
If you missed the live session, you can watch a recording of the webinar here!
Monday, December 14, at 9:00 am - Via Zoom
Communications Plan & Advocacy Tools: The TIF for Jobs coalition will use an online advocacy platform to foster a strong and unified voice supporting the TIF bill prior to and through the 2021 legislative session. We will also have monthly advocacy coordination virtual meetings for the TIF for Jobs coalition you are welcomed to join. Just let Suzanne at WEDA know if you would like to be added to those.
Thank you for all that you are doing to help our state respond and recover to the COVID-19 crisis.