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Meanwhile, the pre-redevelopment worth of a website (which existed before TIF approval) is “frozen” during the 15- to 20-yr TIF bank loan period, as well as fastened residence tax profits produced from it continues to get gathered from the owner and dispersed as normal. (The for a longer time 20 years is authorized for “particularly blighted” spots.)
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Mayor Jean Stothert has said frequently that anticipated improvement and better house values sparked by the streetcar ought to create adequate TIF profits to pay back bonds with no requiring a tax increase.