Tax Increment Finance Authority of the City of Albion (TIFA)

 The Tax Increment Finance Authority of the City of Albion (TIFA), created in 1982, is a board that discusses and manages the capture of property tax used to promote development throughout the community.

Purpose: To halt the decline of property values, increase property tax valuation, eliminate causes of the decline in value, and promote growth in the Albion Industrial Park and surrounding areas.

The TIFA captures the incremental growth in the district in addition to the base tax base of 1982.  The value of improvements to property located in the district does not go into the overall tax base for the community but is captured instead.  The Authority authorizes the proceeds to be expended in accordance with the tax increment financing plan to fund land developments, infrastructure improvements and provide for economic development services to the community.  Surplus funds may be retained by the Authority for the payment of principal and interest on outstanding tax increment bonds or for other purposes that by resolution of the board are determined to further the development program.

The TIFA Financing and Development Plan, revised in 2013, will remain in effect until amended or replaced.

The TIFA Annual Budget and Annual Audit are part of the City of Albion Annual Budget and Annual Audit.

VIEW the TIFA Annual Budget & Annual Audit