Nashville CM Bob Mendes wants a committee to study Tax-Increment Financing (TIF).
The Metro Development and Housing Agency (MDHA) awards funds in order to stimulate development in areas designated by the Metro Council.
Future property tax revenue generated by the development is then diverted to pay down the loan made to the developer (away from things like education).
Impressive was that Mendes is measured in his approach.
Via the Tennessean…
I think there is definitely a place for [tax-increment financing] in how we develop the city, but most people think there’s something shadowy and secretive about it, and we have to address that.