A new tax increment financing (TIF) zone may be established to help pay for infrastructure that will support the proposed FiveSouth project, a large mixed-use development to be constructed across from the Bismarck Event Center.
The infrastructure upgrades, including roads, utilities, and a public parking garage, are expected to total $35 million. According to a Bismarck Tribune article, the TIF district is the only means that the city is willing to appropriate public funding towards the project.
A different TIF district targeted at downtown improvements was established in 1979. A TIF raises funds through the appreciated value of property following improvements.
