Designs for a downtown Billings makeover are underway. A big part of the project includes a traffic conversion from 1-way streets to 2-way streets that are safer for pedestrians and better for commerce. What’s especially interesting is how Billings plans to pay for the improvements; it’s with a Tax Increment Financing District (TIF).
Why does it matter in Minot? We’re also using TIF districts, but with a much different approach. Thus far, Minot’s TIF projects have been limited to properties controlled by a single developer. Billing’s approach is to create a large district and use the district-wide tax increments to pay for infrastructure and other improvements throughout the district.
