Shoreview Tax Increment Financing

Shoreview is allowed to create Tax Increment Financing Districts for the purpose of redevelopment, economic development, and public infrastructure related to a project. Generally, the costs for development or redevelopment are fronted utilizing pay-as-you- go financing; once complete, the development is then reimbursed from the difference in property tax values between the original value of the property and the value after the project is completed. Projects must meet the “but for” test and align with the city’s Business Subsidy Policy, including specific hiring and wage goals.