Business Community – Greenbrier Tax Increment Financing
Once known as the world’s largest outdoor nursery, Greenbrier is the most popular business district in Hampton Roads. This dynamic area contains three million square feet of office space, eight million square feet of retail space and nearly four million square feet of retail space, making it the largest mixed-use development in Hampton Roads.
In 2004, City Council unanimously adopted the formation of a Tax Increment Financing (TIF) district for Greenbrier in recognition of the area’s strengths as a vibrant place to live, work and play. Planned projects include improved pedestrian access, parking decks, City Park improvements, a new internal transit system and streetscapes.
Tax increment financing, “TIF Districts”, allow local governments to direct a portion of identified incremental tax revenue toward community improvement projects in a specially established district for the purpose of spurring redevelopment or providing economic development benefits. The first TIF law was passed in California in 1952. Since then, in accordance with U.S. and state laws, tax increment financing has become an effective tool for local governments to support economic development projects.