City of Austin
Tax Increment Financing (TIF)
A funding technique for municipalities that takes
advantage of the increases in tax capacity and property taxes from development
or redevelopment to pay upfront public development or redevelopment costs.
Minnesota law authorizes political subdivisions to grant property tax abatement for economic development (e.g. to encourage business to locate or expand at a location or to redevelop an area). Counties, cities, towns and school districts may grant abatement of taxes they impose.from development
Reduced Land Cost
Considered on a case-by-case basis, land acquisition can be reduced or free, based on high-impact job creation and capital investment factors.
Industrial Revenue Bonds
Cities can issue revenue bonds and use proceeds to acquire and construct industrial sites and facilities. The city then leases these facilities to private industry and uses the rental fee proceeds to retire bonds.
The city of Austin and the Port Authority has loan funds available on a case-by-case basis.