Minneapolis Excess TIFA Revenue Program
In Minneapolis, there was a problem with how to reallocate a considerable excess of tax increment finance revenue. Excerpts from the following article describe how they resolved this issue.
"The city of Minneapolis is embarking on a $400 million Twenty-Year Revitalization Plan (TYRP) that will channel about $20 million in city funds to neighborhoods each year over the next two decades. As a first step, the city's 81 neighborhoods, aided by the city planning department, will hold workshops to determine how the funds will be invested. The workshops will culminate in the preparation of an action plan for each neighborhood.
"... Most TYRP funds will come from the Common Project fund operated by the Minneapolis Community Development Agency and composed of excess tax increment financing revenue from downtown projects, repayment of other development-related loans, parking funds, and recycling of Urban Development Action Grants. Excess revenue from 15 downtown tax increment districts were pooled into the fund last year. The fund is a direct result of a decade of successful downtown development.1
1 "In Minneapolis, Neighborhoods Know Best" Planning. Date unknown.