Amending a TIF Plan for Project Cost Increases
If an authority expects to exceed the estimated cost of a project stated in the TIF plan, the plan can be amended prior to the increased costs being incurred. Please note that an amendment to increase the estimated cost of a project requires the same notice and hearing required for approval of the original plan. A notice and hearing is required even if financing costs are reduced so that the total estimated costs are not increased.
When the estimated costs of the project are increased, the authority must submit a TIF Plan Collection Form as well as the TIF plan modification through SAFES.
Last referenced September 3, 2021 in the State Auditor's E-Update.