Recently the City of Minden implemented the Tax Increment Financing Program (“TIF”), an economic development incentive program. The program is designed to assist with the development of commercial properties within four TIF Districts with the goal of creating jobs for the citizens of Minden.
The TIF program increases the sales tax and hotel occupancy tax by 2% ONLY within each of the four TIF Districts, not the entire city. The extra 2% is utilized by the existing or new property owner to reimburse them for improvements to their investment. In return, the property owner is required to create