How increasing property values help revitalize downtown Farmington
In small cities like Farmington, the downtown is everything. The small, 2.7 square mile community uses its popular downtown to draw in residents and visitors for meals at independent restaurants, movies at the charming Civic Theater and getting fresh air at Riley Park.
The downtown development authority, or DDA, is financed through property taxes. As property values rise, some of the extra tax revenue is funneled to the DDA through tax increment financing (TIF) to help keep the place thriving.
“It’s been a highly effective means to reinvest in our downtown, Kate Knight, Farmington s DDA director, said.