Tax Increment Financing (TIF) is a tool used by municipalities to stimulate economic development in a targeted geographical area. When a TIF district is established, the property values are frozen at their current rate, meaning that any additional increase after that is captured in the "tax increment." The increment can be used by the municipality to invest in infrastructure and other improvements in the district.
The diagram below demonstrates visually how this process works:
The City of Eudora currently has one TIF district called the Nottingham TIF District, which was established by the City in 2017. The entire TIF district includes nearly 16 acres, incorporating both the Nottingham Center development and privately owned land north of the site.