Get the latest news alerts: at Twitter.

Salisbury Post

KANNAPOLIS, N.C. – North Carolina voters approved tax increment financing, or TIF, in 2004.

TIF bonds allow cities and counties to borrow money without voter approval for public projects. Local governments define a redevelopment area called a TIF district, which in Kannapolis consists mostly of the

Officials pledge the new revenues, or "incremental revenues," generated by property taxes in the TIF district to repay bond debt.