A Tax Increment Financing (TIF) District is an economic development mechanism available to local governments in Ohio to finance public infrastructure improvements. A TIF works by locking in the taxable worth of real property at the value it holds at the time the authorizing legislation was approved. Payments derived from the increased assessed value of any improvement to real property beyond that amount are directed towards a separate fund to finance the construction of public infrastructure defined within the TIF legislation.
Troy currently has one TIF, the Troy Towne Park TIF. Early financed improvements to this area included road and utility infrastructure with historic designed lights and landscaped pedestrian paver walkways. A very attractive location for retail and dining establishments as well as entertainment and shopping. Several prime lots are still available to develop with intrastate highway exposure.