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III. How Victoria has used TIF

Before a TIF plan is implemented, the City is required to enact a Development Plan. Victoria

enacted its development plan that includes the downtown area in 19901. This plan also

included TIF District No. 1. Since that time, five more TIF Districts have been created by

the City. A map showing the TIF districts is provided as Figure 2 and tabulation of included

properties is provided in Table 1 (TIF Plan, 2016).

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In each case development of the property within the TIF district was heavily subsidized by an

initial infusion of public capital, in most, but not all, cases obtained by issuing municipal

bonds that would be retired over the certified life of the TIF district. Each TIF district is

examined in more detail in the following sections of this report.