Tax Increment Financing

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Tax Increment Financing ("TIF") is a financing method by a local government to subsidize small businesses for redevelopment and improvement projects in community.

Local use


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In 2010, Charlottesville City Council used the TIF to draw a county business into the city. Since the end of 2010, Architect Bill Atwood has been developing the multiple-use Waterhouse project (ongoing as of May 2011). Atwood collaborated with the City officials to attract businesses into the new building by providing tax incentives and financial supports. One business is Worldstrides, which has maintained its base in Albemarle County, considers relocating itself to Waterhouse with the financial incentives by the City.

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