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4/26/2008
Special Development Districts

WHAT IS A SPECIAL DEVELOPMENT DISTRICT?
Similar to a TIF, it uses money raised from the sale of bonds to reimburse developers for the cost of infrastructure.Instead of using property tax revenue to pay off the bond, all homeowners within the improved area pay a flat fee. That money is used to pay off the bond.
WHAT IS TAX INCREMENT FINANCING?
It's a way for governments to move along development projects.Although often done to help improve blighted areas, it can be used for any kind of project. A government will sell bonds, and the money raised is given to the developer for reimbursement of infrastructure costs such as sewers or roads.As the development improves the value of the site, the additional property tax that is generated goes to pay off the bond. When the bond is paid -- usually in 20 to 30 years -- the government resumes collecting all the property taxes.

Once the project is complete, the infrastructure paid for through the TIF will be owned by the government or maintained by a public agency. If a project fails or a developer goes bankrupt, the entities that purchased the bonds place liens on the property. The government does not use its own financial resources to cover the debt.

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Latest News:
7/24/2018
  Councilman announces details of redevelopment at former AstraZeneca site
7/18/2018
  We are not developers: Under new ownership the DuPont Country Club will emphasize community
6/9/2018
  Bob Weiner Interview: Preserving & Repurposing Brandywine Hundred and Beaver Valley
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"Bob Weiner has done a great job in developing and constantly keeping a watchful eye over the Talley Day County Park and its dog park. I live on Wilson Road directly across the street from the park. I talk to many pet owners who just love the park. Many have told me that it's very relaxing there and they love the fact that their dogs can play together in a secure environment. When Bob walks around the park with his two dogs he stops to say hi to everyone. He certainly deserves credit for a job "well done" and I thank him for that along with so many pet owners. "

Jo Ann Parent

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