[CPEO-BIF] New York tax-increment financing

[Lenny Siegel <lennysiegel@gmail.com>]

Effort seeks to ease brownfield cleanups
Plan offers alternative to increasing tax burden


By Nancy Dooling
Binghamton Press & Sun-Bulletin (NY)
January 31, 2008

A Broome County legislator and the Greater Binghamton Chamber of 
Commerce are lobbying the state to change a law that would make it 
easier for local governments to issue bonds to demolish blight and 
remediate older industrial sites.

What makes tax increment financing different from other types of bonding 
is that the bonds are repaid through the increased value of the real 
estate that has been bonded, said Broome County Legislator Jason Garnar, 
D-Binghamton.

"The bonds are repaid -- not with handouts from Albany or by raising 
taxes -- but through the increased value of the real estate in the 
rejuvenated TIF district," Garnar said.

...

For the entire article, see
http://www.pressconnects.com/apps/pbcs.dll/article?AID=/20080131/NEWS01/801310356/1006

-- 


Lenny Siegel
Executive Director, Center for Public Environmental Oversight
a project of the Pacific Studies Center
278-A Hope St., Mountain View, CA 94041
Voice: 650/961-8918 or 650/969-1545
Fax: 650/961-8918
<lsiegel@cpeo.org>
http://www.cpeo.org



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