Edina has used tax increment financing as a public finance tool to initiate community improvements since the 1980s. Large-scale mixed use and commercial projects, such as Centennial Lakes, Edinborough Park and 50th and France would not have been possible without the use of TIF.
TIF is used in Edina to:
Provide funding for public improvements without increasing the tax levy
Deliver affordably priced housing not provided by the private market
Redevelop sites in a way that increases the tax base and delivers public improvements and benefits that would not otherwise be provided by the private market
Attract investment that grows the local economy and enhances the community
The City will consider TIF requests for projects that satisfy community development goals and comply with applicable City policies. The City Council will consider whether or not to provide local funding.
Application fee: $5,000 due at time of application and additional $5,000 due prior to preparation of binding agreement(s). (Application fees defray staff expenses and are nonrefundable.)
Other fees for additional City services (rezoning, permits, etc.) and all third-party costs related to evaluation, consideration and implementation of TIF assistance are the responsibility of the applicant.