A new version of an old economic development tool tax increment financing is gaining traction among municipal leaders and developers who say it carries little risk and great reward, with several Greater Hartford projects serving as proof of its potential.
Tax increment financing, commonly referred to as TIF, is a development finance tool that uses new or incremental tax revenue generated by a completed project to repay the costs incurred to fund it.
The developer who created the Assembly Room upscale dining hall in downtown New Britain is opening Prohibition, a bar, on the first floor of a newly renovated apartment building on Arch Street.