Strategy: Establish project area as a Tax Increment Financing (TIF) district. TIF districts pledge a designated area’s projected increase in property tax revenue to finance its municipal improvements. These improvements directly contribute to greater business activity which increase property values. Many of the public infrastructure improvements discussed in the above recommendations could be funded through this means.
Strategy: Federal and State financial incentives. Government incentives can include Small Business Administration 504 and 7a Programs, Alabama’s State Small Business Credit Initiative, Alabama Reinvestment and Abatements Act, Growing Alabama Credit, and Lee Russell Council of Governments Revolving Loan.