Top Andover, KS Tax Increment Financing Lawyers Near You

What Is Tax Increment Financing?

Tax increment financing (TIF) is a special tax treatment cities and states give certain areas of land to incentivize redevelopment. Examples of projects that tax advantage of tax increment financing include:

• Redeveloping vacant buildings and unused structures
• Developing a sports complex
• Cleaning up polluted land and properties
• Improving downtown business districts
• Financing infrastructure improvements

What Are Some Examples of Situations Where I Might Need a Tax Increment Financing Lawyer?

If you are trying to develop unused or blighted areas of Andover, tax increment financing can generate investment in the development projects. This is a way to motivate investors to help fund a project that will pay for itself with increased tax revenue from a growth in property value. You should consider hiring a lawyer who specializes in TIF compliance at the beginning of your project.

How Can a Tax Increment Financing Lawyer Help Me?

Tax increment financing is a way for cities to develop projects that will cover the initial investments from their own increased property value. Taxpayers may not want to support outright spending projects. Taxpayers may be more willing to support TIF projects because they pay for themselves over time. A tax increment financing lawyer can help with:

• Legal counsel and guidance
• Identifying the right financing projects
• Drafting the tax increment financing agreements
• Tax structuring to recuperate project investments

What Could Happen if I Don’t Hire a Tax Increment Financing Lawyer?

Tax increment financing projects are complex. These projects require extensive investigations into the property, zoning, stakeholders, property owners, land use restrictions, and environmental issues. Without hiring a TIF lawyer, your project could face many complications, including:

• Toxic tort litigation
• Community opposition
• Zoning restrictions
• Lack of financing

What Are the Top Questions When Choosing a Tax Increment Financing Lawyer in Andover?

When you look for a TIF lawyer, ask questions to make sure they are the right person for the job. Many lawyers offer consultations so you can understand your options and get specific legal advice. The top questions to ask include:

• What experience do you have in handling tax increment financing projects in Kansas??
• What is your approach to starting a TIF project?
• What potential legal strategies may be applicable to my case?
• What are the potential consequences and penalties if there are problems with the project?
• How will you communicate with me through this legal process?

Tips for Hiring a Tax Increment Financing Lawyer

When you are looking for the right lawyer, find someone who will protect your interests, represent your needs, understand your case, know your goals, and have the necessary experience. Some tips for finding the right lawyer include:

• Ask for recommendations
• Research lawyers online
• Schedule consultations
• Review experience and expertise
• Talk about fees and billing
• Trust your instincts