The Queen Anne’s County Commissioners yesterday approved the County’s first tax increment financing (TIF) district. The Kent Narrows Development Project was established to provide much-needed infrastructure to support several projects at the Kent Narrows on Kent Island.
TIF provides the opportunity to leverage limited public financing of public infrastructure (i.e., roads, sewers, and utilities) to attract private investment. It encourages the development of specific projects that are in the public interest that would otherwise be too cost-prohibitive.
Counties use TIFs as an economic development tool to spur growth by pledging new tax revenues they otherwise would not receive to pay back bonds used to finance supporting infrastructure.
Stay tuned to Conduit Street for more information.