Business Community – South Norfolk Tax Increment Financing
South Norfolk, better known to the locals as “SoNo”, is considered Chesapeake’s urban neighborhood. The area’s unique mix of historic homes, new retail shops and waterfront condominiums make it one of the most diverse areas in Chesapeake. Additionally, the South Norfolk Jordan Bridge, the regions’s newest and best commuting option, has made South Norfolk an increasingly popular location for those who live away from where they work.
In 2005, the South Norfolk Tax Increment Financing (TIF) District was established by City Council to provide the largest portion of public funding for the necessary infrastructure enhancements and improvements. Planned projects include public infrastructure improvements serving the South Norfolk Revitalization District, streetscapes, and public transit improvements.
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.