Tax Increment Financing, or TIF, is a tool authorized by the West Virginia State Legislature to help counties and municipalities finance redevelopment projects and help promote economic activity in distressed areas. TIF funding makes it possible to go forward with projects that otherwise would not be built. This helps drive private development and increase new businesses.
Tax increment financing captures the projected increase in property tax revenue gained by developing a discrete geographic area and uses that increase to assist in paying for projects. TIF benefits make it possible for distressed areas to improve by attracting private development and new business.
In 2008, the City of Morgantown designated CNRC as “developer” of the Tax Increment Financing project for the Sunnyside TIF District. Hence the moniker “Sunnyside Up”.
For more in-depth information on Tax Increment Financing, please click here.
Sunnyside has also been designated an “Opportunity Zone” through the federal “Investment in Opportunity Act”, which provides incentives to significantly increase the scale of private investments in vulnerable and underserved areas at a low risk to investors.