Binghamton, NY (WBNG Binghamton) A New York State Law is altered for effective economic development.
The Broome Chamber of Commerce invited local government and business members to the Riverwalk Hotel to explain Tax Increment Financing or TIF.
It allows municipalities and developers to raise money through TIF bonds.
The funds can be used to repair or extend infrastructure, demolish blighted buildings, or help clean up former industrial sites for new development.
"It's a tool that uses the incremental property tax revenues that result from new economic activity in an area, to pay for some of the initial infrastructure costs that are necessary to support that new development," said Kenneth Kamlet of Hinman, Howard and Kattel, LLP.
TIF has been used effectively in many other states in our country.
But it hadn't been in New York State because of a defect in the original law created in 1984.