Jeff Taylor On The T.I.F. Scam...

" As detailed by Daniel McGraw in the January issue of Reason, tax increment financing, or TIF, is the crystal meth on crack of local government re-development tools. TIFs allow developers and government officials to work together to "earmark" projected tax revenue increases from a new project to help fund that same project. The funding can either pay for government bonds floated on the new development or directly subsidize that development. But in either case, both developers and government win. Politicians get a shiny, new, multi-million project to take credit for with little upfront cost and developers get below-market financing and other subsidies. Everyone wins except the general public. The average tax-paying schmo has to pay for general government services for the free-riding new development."