NEW TIF POLICY
Mayor Announces Executive Order
This afternoon, Mayor C. Ray Nagin, announced Mayoral Executive Order CRN 09-02 along with members of the Orleans Legislative delegation and the New Orleans City Council. This Executive Order establishes a City-Initiated Tax Increment Financing (TIF) policy targeted to areas that are blighted, dormant or within established Federal Renewal Communities. TIFs will be used to stimulate commercial and residential development. The new policy will be driven by the geographically defined areas approved by the Office of the Mayor and ratified by the City Council. The TIFs are to be used to finance public improvements, enhance existing public infrastructure, and support investment needs that demonstrate clear public benefit.
TIFs will be used only in geographical areas, identified as Tax Increment Districts (TIDs). TIDs are areas that are dormant, blighted, and in which revitalization would not occur within the foreseeable future but-for the use of the TIF, and where the lack of such development has potential to cause instability or suppressed development in other areas of the City.
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