Tax Increment Financing
The City of East Providence offers developers in the Waterfront District the option of Tax Increment Financing, or “TIF”. Tax increment financing is the use of projected increased local tax revenues from an anticipated development to fund site and area improvements or provide incentives to developers which, in Rhode Island, means property taxes.
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 contact the Executive Director at 435-7500 x11155 for additional information on tax increment financing and fee information.
The TIF application fee, payable to the East Providence Waterfront Commission, is $4,000.00 for TIF requests up to $15,000,000; $5,000.00 for TIF requests $15,000,000 to $30,000,000; and $7,500.00 for TIF requests above $30,000,000. TIF modification or amendment fees also apply.