With federal and state funding steadily decreasing, cities need to find innovative ways to fund infrastructure, transit and public space improvements to serve more employees, visitors and rising populations. Tax Increment Financing (TIF), backed by increases in tax revenues from large, multi-property districts that benefit from the public improvement, is being used by other cities for transit lines, streetscape enhancements and public parks.
On June 26, the Central Philadelphia Development Corporation (CPDC) invited leaders from Houston and Chicago to speak about how their cities are using TIF districts to invest in transportation and public space improvements and how this might be replicated in Philadelphia.