From the Johnson County Daily Journal:
Greenwood wants to set aside money to redevelop its downtown and is considering using a funding method that has raised concerns with other projects in the city.
The city wants to set up a tax-increment financing district, or TIF district, around downtown or expand one of the existing ones to set aside property taxes from new development and properties that increase in value. That money would then go toward projects to improve downtown, such as redesigning streets to help with traffic flow, widening sidewalks and bringing in new businesses.
Greenwood currently has a TIF district that collects property taxes from new development on the east side of the city and one around Greenwood Park Mall, which together collect about $7.1 million per year in property taxes, city controller Adam Stone said.
http://www.dailyjournal.net/view/local_story/City-considers-new-taxing-dist_1376011706/#.UgRwb8_D-P8
