Considering all the downsides of tax increment financing (TIF), you have to wonder why public officials continue to use it. Is there that much joy in playing Santa with other people’s money?
Whatever the reason, like death and taxes TIFs are here to stay. Officials and their lucky beneficiaries love them, and the public doesn’t seem to care — at least not enough to make an organized, political difference.
Nonetheless, it’s worthwhile to remind ourselves from time to time why they are such a bad idea.
For a listing of 20 reasons why TIFs are a really, really bad idea for any city, and especially in Iowa City, click here.