Mike Andreana Highlighted in Hartford Business Journal Article on Tax Increment Financing
Connecticut municipalities are reaping the benefits of a new version of an old economic development tool, Tax Increment Financing (TIF), that uses new or incremental tax revenue generated by a completed project to repay the costs incurred to fund it. The 2015 law revision, which co-chair of Pullman & Comley's Public and Private Finance practice Michael A. Andreana helped to create, made it more accessible and provided opportunity for municipalities to have control over project oversight and fund allocation.
Mike continues to consult on establishing TIF districts throughout the state. He was quoted in the Hartford Business Journal article that covers the multiple ways TIF is used across Connecticut municipalities. Mike explains that there was more risk for municipalities under the previous legislation, but "now that we have successful examples, towns are more interested in looking at TIFs. It's more in the mainstream now, but it took some courage for the first few to jump into it and for people to see it being successful."