Haider-Moranis Bulletin: Understanding just what TIF is and how it works is key to assessing whether it is an appropriate tool for funding an LRT and other infrastructure
Sidewalk Labs, a subsidiary of Alphabet Inc. — the parent company of Google — has proposed to develop a smart mixed-use waterfront neighbourhood in Toronto.
These concerns come on top of earlier questions about who will own the data that Sidewalk Labs plans to collect about the people who will live, work, or pass through its planned waterfront development. Understanding just what TIF is and how it works is key to assessing whether it is an appropriate tool for funding an LRT and other infrastructure along Toronto’s eastern waterfront.
Once the TIF designation is over, the property tax revenue based on current market valuation reverts in entirety to the municipal governments.A 2016 paper published by the Institute for Municipal Finance and Governance at the Munk School at the University of Toronto, explained the workings of TIF. It showed that TIF largely works for small projects under specific economic conditions.
The IMFG paper “found only two examples of TIF where the amount of debt raised was in excess of $1 billion. In both instances, TIF revenue fell short of the forecasted amounts because of the prevailing market conditions, which affected property values.” If service delivery costs over time increase at rates higher than the inflation rate, municipal governments could face challenges delivering the same level of services with restricted budgets.
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