…by means of tax increment financing (TIF). Before the Council is a proposed revision of the 2004 Retail Incentive Act which will designate Rhode Island Avenue NE, along with various other areas in the City, as Priority Retail Areas.
YES! Rhode Island Avenue is part of this. It is slated to get no more than $15 million in TIF monies to aid in redevelopment. The Act is in its 3rd reading before the Council. Here is the Wikipedia definition of TIF:
Tax Increment Financing, or TIF, is a public financing method which has been used for redevelopment and community improvement projects in many countries including the United States for more than 50 years. With federal and state sources for redevelopment generally less available, TIF has become an often-used financing mechanism for municipalities. Similar or related approaches are used elsewhere in the world.
Here are the areas mapped out that will receive the funding for Rhode Island Avenue NE.
