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What is tax increment financing?

New Wichita vice mayor Jeff Longwell lamented to the Eagle last week the lack of public understanding of economic development funding, specifically the tax increment financing district. Reading the comments on a variety of Eagle eco-devo stories over the past four years, it’s impossible to disagree with Longwell.

Boy, it’s not easy to come up with a non-politicized definition of the eco-devo tool on the Internet, but here’s as close as I can come.

Armed with this objective definition, what are your thoughts about the city council’s decision Tuesday to throw in again with Real Development?