Economic Incentives Committee

Overview

The Economic Incentives Committee shall review project proposal applications with Tax Increment Financing (TIF) and similar methods of public financing, and make recommendations to the Mayor and City Council for action. The Committee shall create, and as required, amend ordinances, policies and administrative forms to establish operational parameters and rules of order within the context of these guidelines.

What Is Tax Increment Financing

Tax Increment Financing (TIF) is a public financing method that is used as a subsidy for redevelopment, infrastructure, and other community improvement projects. The original intent of a TIF is to stimulate private investment in areas that need economic revitalization. Through the use of a TIF, municipalities typically divert future property tax revenue increases from a property or area to an economic development or public improvement project in the community.

Examples of projects in Amesbury that have been funded through TIF programs include DesignWerkes, Hampton Inn and Maples Crossing.