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No.
Approval of a Tax Increment Financing Plan is not a tax rate increase.
The incremental taxes referred to in the name are those new property
taxes resulting from construction or rehabilitation of buildings,
new earnings taxes resulting from increased construction or rehabilitation
of buildings, new earnings taxes resulting from increased employment
on the site, and sales taxes resulting from new retail activities
on the site. It is these new taxes that are used to pay for development
costs. |
