HOW TIF WORKS
The CRA uses TIF to fuel community-driven change that otherwise may not occur. TIF is essentially the increase in real property tax revenue (after the base year) within the neighborhood. This is captured in a fund and dedicated for neighborhood improvements such as housing, streets, sidewalks, parks, and much more. While some TIFs focus on commercial areas, redeveloping downtown areas, tourist attractions and even suburbs, the Binghampton TIF is different. This TIF is guided by the community’s priorities, which provides the unique opportunity to partner with organizations, small businesses, and residents to engage and invest in the revitalization of the community.
The CRA will work alongside Binghampton Development Corporation (BDC) to implement the priorities of the Binghampton TIF. This TIF was created at the request of the BDC. Because substantial reinvestment has occurred, the TIF will use the increase in property tax to invest into the neighborhood.
The CRA, with assistance from the BDC, Center for Transforming Communities (CTC) and Development Studio, led a community engagement process to determine the priorities for roughly $26 million in TIF funding over the next 30 years.
The following priorities were determined by residents and stakeholders:
- Strong community spaces, which support increased community activities as well as more recreational and employment opportunities for youth.
- Clean, activated, and attractive neighborhood, beautified through gardens, art, and community clean-ups.
- Affordable opportunities, affordable housing, and affordable commercial space.
- Safe and connected neighborhood with new pathways and improved transportation infrastructure.