City seeks future TIF funds for Riverfront work now

Bedrock’s downtown riverfront development isn’t just about new buildings, it’s
also about new infrastructure that make those new buildings possible. But funding
for the infrastructure is coming from tax revenues captured from the new buildings,
requiring an incremental approach for both unless future funding is pledged to
move more quickly, which is what Mayor Justin Bibb’s administration wants
to do (Adjaye Associates). CLICK IMAGES TO ENLARGE THEM.

Mayor Justin Bibb’s administration is requesting an important amendment to the city’s riverfront tax increment financing (TIF) district that would do two things. One spells out exactly what infrastructure work would be done. A second would extend the 30-year TIF to 42 years. And the third and perhaps most controversial is that it would pledge undefined future TIF revenues to start infrastructure work now.

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