TIF can be used for land assembly and acquisition, demolition, infrastructure development, to match federal grant sources and to provide developer incentives. Local governments benefit from higher property tax revenues once the bonds are retired and may receive more wage taxes if the development project results in a creation of new jobs. TIF can also advance broader policy objectives, such as MBE/WBE programs, linkage programs such as affordable housing, and public amenities such as open space.
Please call 401/435-7530 if you have any questions about TIF or the Waterfront District.
The total TIF fee is 1% of requested TIF assistance:
- $2,500 initial application fee
- $10,000 retainer for consultant fees (not included in 1% fee) Payment of up to $50,000 for consultant fees (inclusive of $10,000 retainer) above and beyond 1% fee
- $2,500 when TIF plan is approved by the City Council.
- Balance of fees upon successful closing of bond.
- Annual fee of .5% of annual increment (or outstanding principal balance).