CEDAR RAPIDS — Much typically is said at the start when cities like this one hand out economic development incentives. A developer or business insists the help is crucial, the city justifies its support and the critics fret about giveaways.But those are just the first pages in much longer tales, which often have nice endings, city officials say.Just such an ending is within sight in the sprawling area on Cedar Rapids’ far south side where the Southwest TIF District, created by the city in 1997, will be coming to an end in 2017, say the city’s top two development officials, Gary Kranse and Jennifer Pratt.According to their figures, this area, which encompasses some 6,000 acres and about 9.5 square miles, began with a base property valuation of $39 million in 1997.Today, the property value in the district stands at $228 million, a 478-percent increase.Property-tax revenue based on the base value has continued to come into the local taxing entities — primarily the city, county and school district — since the tax increment financing or TIF district’s inception.The TIF incentive works as the valuation in a district and/or of a project increases in value from the base value because of new development.

Sections:  u.s.   
Topics:  Iowa   Linn County   Cedar Rapids   
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