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DRAFT 5/5/2021 TAX INCREMENT FINANCING AGREEMENT This Tax Increment Financing Agreement (this Agreement) is made and entered into as of ___, 2021 by and between the CITY OF KATAKANA, Licking County,

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How to fill out this tax increment financing

01

Gather all necessary financial information and documents required for the tax increment financing application

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Complete the application form accurately with all relevant details

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Submit the completed application along with supporting documents to the appropriate government authority or agency for review and approval

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Adhere to any deadlines or guidelines provided by the governing body overseeing the tax increment financing process

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Monitor the progress of the application and respond promptly to any requests for additional information or clarification

Who needs this tax increment financing?

01

Local governments looking to stimulate economic development in specific areas

02

Businesses or developers seeking financial assistance for infrastructure improvements or redevelopment projects

03

Community organizations focused on revitalizing blighted or underdeveloped neighborhoods

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What is this tax increment financing?

Tax increment financing is a tool used by cities to stimulate economic development in a specific area by capturing and redirecting the incremental increase in property taxes generated by the project to fund additional improvements within that area.

Who is required to file this tax increment financing?

Property owners or developers who are implementing a project within a designated TIF district are required to file tax increment financing.

How to fill out this tax increment financing?

The tax increment financing form typically requires information about the project, the expected increase in property taxes, the proposed improvements, and how the funds will be used to spur economic development in the designated area.

What is the purpose of this tax increment financing?

The purpose of tax increment financing is to promote economic growth and investment in blighted or underdeveloped areas by using the additional property tax revenue generated by the project to fund improvements and attract further development.

What information must be reported on this tax increment financing?

Information such as the project details, estimated increase in property taxes, proposed improvements, budget allocation, and the intended use of the funds must be reported on the tax increment financing form.

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