Harnessing TIF financing for Medellin’s Innovative District
Harnessing TIF financing for Medellin's Innovative District
Applying tax increment financing techniques to help fund infrastructure improvements for an innovation district. Rebel was keen to guide Colombia through in its first ever tax increment finance (TIF) program.
The challenge
Downtown Medellin wants to gain status as the primary economic and business hub of the region. A planned Innovation District should entice technology companies and help redevelop this into a new mixed-use district. We prepared a financial plan to foster innovative and sustainable revitalization.
The approach
The Innovative District will combine business renewal with new residential, retail, professional services and supporting spaces to grow the community. We leveraged our expertise on land value capture to assess the feasibility of innovative finance mechanisms and then evaluated the current infrastructure needs and the build-out of the district
We looked at how TIF could finance current and future demands. A strategic map outlined the process to achieve a successful TIF financing. Following this work, we subsequently advised the Colombian Government on a national TIF policy framework.
Impact
A vibrant mixed-use development will anchor Medellin’s downtown in its re-urbanization process.
