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WHAT IS TAX INCREMENT FINANCING ? <br /> 11/ <br /> Tax increment financing ( "TIF" ) is a planning and financing <br /> tool which has been used by local units of government since 1973 . <br /> TIF was originally designed by the Minnesota Legislature to <br /> replace the federal urban renewal programs of the 1960 ' s which <br /> were gradually cut back and eventually eliminated. <br /> Simply described, TIF uses the increase in property taxes <br /> resulting from new development to finance qualified public <br /> improvements costs related to that development . It is this <br /> increase or difference between the current property tax on a <br /> parcel of land and the estimated property tax after development, <br /> that is known as the tax increment . • <br /> 411 <br /> CASSERLY MOLZAHN & ASSOCIATES, INC. 6/10/96 <br />