What is a TIF?

Tax Increment Financing (TIF) is a hidden tax that drains away money in a shadow budget. Area of the city considered to be “blighted” or in need of development are designated a “TIF district.” For the next 23 years, taxes collected from that property are frozen at their current levels. Any money collected above that frozen number goes into a special, separate fund intended to finance further development in the area.

What's wrong with TIFs?

The problem is, no one really knows how much money is in these funds, or how exactly the money is spent. Money that would fund neighborhood schools often goes to well-connected developers instead. Furthermore, the community has little or no say in what kind of development the area receives.

John's solution:

It’s easy to propose blanket TIF reform, but John Arena has a plan to get taxpayers their fair share of the budget back. John believes each TIF should be brought out into the light of public scrutiny and thoroughly examined. TIFs that are not functioning in the interest of the community for which they were created should be dismantled, and the accumulated funds should be returned to the general fund or to education funding to be spent in a fair and transparent manner.