Tax Increment Financing

Tax Increment Financing (TIF) is a technique for financing a capital project or infrastructure from a stream of revenues generated from within a TIF district. Revenues are typically from incremental property taxes, but could include sales or other taxes. This technique is used by local governments with taxing authority or redevelopment agencies (using taxes imposed by the taxing entities) to encourage development in areas where re-development would not otherwise occur.

City of Frostburg, Maryland

Evergreen was engaged by Frostburg, Maryland in April 2006 as financial advisor to Frostburg in connection with the Route 36 Tax Increment Financing project. The project includes the creation of the Route 36 Development District as a special taxing district and provides for the financing or reimbursing of the cost of infrastructure improvements within the district. Evergreen is assisting Frostburg with the designation of the development district, the creation of a special fund, and the issuance of bonds to fund certain public improvements.

City of Salisbury, Maryland

Evergreen was engaged by Salisbury, Maryland in December 2005 as financial advisor to Salisbury in connection with Tax Increment Financing for public improvements connected to the proposed development and construction of the third phase of the Northeast Collector Road Project in the City of Salisbury. Evergreen advised Salisbury on the issuance of approximately $8.4 million in special obligation bonds, secured by the incremental property taxes due Salisbury in the tax increment financing district.

Evergreen also served as financial advisor for the City of Salisbury in connection with the City's issuance of $15 million of special obligation bonds for the construction and development of public improvement for the Village of Salisbury Lake project.