Developers of business property within a defined area (i.e. business parks, service centers) may receive municipal financing assistance through the use of tax increment financing. The City Commission may create a Tax Increment Reinvestment Zone (TIRZ) where construction of public improvements using tax increment funds is likely to result in significant commercial investment. The cost of improvements within the zone is repaid by the contribution of future tax revenues by each taxing unit that levies taxes on the affected properties. Once the city initiates tax increment financing, counties and school districts may also participate in the tax increment financing program.
The City has historically utilized Tax Increment Reinvestment Zones (TIRZ) as a powerful vehicle to develop and redevelop qualified projects based on City goals and objectives.