Carlisle Borough, Pennsylvania is in the early stages of pursuing a Tax Increment Financing (TIF) strategy to leverage money upfront for infrastructure improvements to spur redevelopment of the former Lear/IAC factory site.
“Should it be implemented, the TIF agreement would allow the authority to borrow money in the form of bonds against the anticipated tax revenue that could be generated from drawing future development to the site,” said Perry Heath, borough council president.
“The money borrowed would help pay the upfront costs of installing infrastructure that could create an incentive for developers to put projects on the site,” he added. “It would make it more attractive and development ready.”