Mobile Creates TIF District For DIP

The City of Mobile has created a tax increment financing (TIF) district it says will help spur economic growth and incentivize redevelopment in the South Dauphin Island Parkway (DIP) area. The TIF district can use future property tax revenues to support improvements throughout the area, which includes multiple parks, public schools and more than 1,400 acres. Over 30 years, the TIF district is projected to generate more than $20 million to help support investment and economic growth along DIP. The creation of a TIF district does not increase property tax rates. Instead, it sets a baseline for revenue generated from property taxes in a specifically defined area. Throughout the life of a TIF district, if increases in property values generate revenue that exceeds that established baseline, those additional dollars are used to support projects within the special district. As new development and investment increase property values, more funding is collected to support eligible projects in the TIF district. The revenue will be able to support infrastructure projects in South DIP that include streetscaping, landscaping, new sidewalks and biking paths, lighting and drainage improvements, road resurfacing, park amenities and façade improvements at commercial and public properties in the district.