Hanover, MN

Tax Increment Financing

For certain types of projects, a financing tool called Tax Increment Financing (TIF) may be available.  A portion of taxes paid within a defined project area may be available to fund certain improvements during development or redevelopment of the parcel.  TIF requires City Council action, but conversations regarding the opportunity to utilize TIF funding may begin with the EDA.  Contact City Administrator Jennifer Nash to learn more about this and other economic development tools for your business project.