As one of the owners of three of the largest office buildings along Park Place, Mark Beffort is hoping that lessons learned over the past three years of Project 180 construction might spare his tenants at least some of the pain experienced elsewhere during the downtown makeover.
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A tax increment finance district, also known as a TIF, allows a city, town or county to use tax money generated by a new development to pay for public improvements in the development area. Improvements associated with redevelopment projects can be supported by bonds, with the debt to be repaid by money generated within the TIF district. The TIF for the new Devon Tower will last for 25 years and projects were started three years ago through a $95 million loan from the company to the city that will be paid back from assessments and longer-term revenue bond financing.