Tax Increment Financing (TIF) is a public tool that reallocates newly generated tax dollars for up to 25 years for supporting development or redevelopment in certain limited areas of a city, town, or county. In Oklahoma, the terms and conditions for using TIF are provided in the Local Development Act (62 O.S. §§850-869), enacted by the State in 1992 and has been amended several times. Tax Increment Financing is used to help generate private development projects, through the funding by tax dollars, for public improvements and other eligible project costs.
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