The Tax Increment Financing (TIF) program is designed to serve the diverse needs of the business community and to place the City of Trenton in a more competitive position in working with business and industry to assist them in making the decision to locate or expand within the City’s corporate limits.
The City of Trenton has three active TIF Districts. The original TIF is known as the Broadway Redevelopment Area. This was established to provide a funding mechanism to promote and enhance redevelopment and new development in the downtown area and to induce the investment of private capital. In 2019 two new TIF Districts were established. The “South TIF” is located on the west end of the City, south of Old Route 50. The “North TIF” is also located on the west end of the City, but north of Old Route 50.
Through “redevelopment agreements,” the City may utilize TIF Funds to assist developers, current Trenton business owners, and those interested in establishing businesses within the Broadway Redevelopment Area with the following expenses:
- Land acquisition
- Planning, legal, engineering or architectural services
- Demolition of buildings and clearing of property
- Construction costs of infrastructure improvements
- Rehabilitation of existing structures
- Financing costs