“But For” Developments
Developments unlikely to occur “But For” the creation of a TIF
TIF bond structures vary by location, shaped by state statute and by municipal “but for” standards. A TIF district is typically a large area containing multiple parcels. Working with the municipality, a developer can negotiate a single-site or project-specific bond tied to one parcel, carving a discrete instrument out of the broader district.
- Outright purchase of TIF and incentive bonds at competitive valuations
- Flexible structuring across the capital stack, from senior to gap funding
- Decisive diligence — most valuations returned within days, funded in weeks
- Discretion and continuity from first call through closing
Expertise
Single-site structures give the developer more control
A single-site TIF gives the developer more control over the terms of the agreement. Hageman Capital carries finance, real estate, and state-law expertise in-house and coordinates directly with the municipality on bond structure, which raises the ceiling on TIF value and on the proceeds a sale can generate.
- Outright purchase of TIF and incentive bonds at competitive valuations
- Flexible structuring across the capital stack, from senior to gap funding
- Decisive diligence — most valuations returned within days, funded in weeks
- Discretion and continuity from first call through closing
Know the Difference
TIF districts vs. single-site TIFs.
TIF districts
Establishing a TIF district is a significant undertaking for any municipality, deferring property tax increments that could go toward other public benefits. These incentives aim to improve targeted blighted areas — improvement that would likely not occur “But For” the creation of the TIF, as projects would otherwise be fiscally infeasible.
Single-site TIFs
For a developer, targeting a parcel within an existing district opens a route to project capital. A project or single-site TIF created with the municipality captures the increment from that development alone and produces dedicated bonds that can be monetized.
Bonds as an Asset
The bond is a separate asset from the real estate
A TIF bond is a distinct asset from the development that supports it, and should be underwritten as one. Hageman Capital's structuring draws on decades of commercial real estate finance and development experience alongside dedicated TIF expertise. Real estate sits at the center of every TIF transaction.
- Outright purchase of TIF and incentive bonds at competitive valuations
- Flexible structuring across the capital stack, from senior to gap funding
- Decisive diligence — most valuations returned within days, funded in weeks
- Discretion and continuity from first call through closing
Developer perspectives
The Hageman team's expertise in commercial real estate, TIF, and public-private partnerships has been an extremely valuable resource for our team. Having Hageman Capital as a financing partner also provides us a great deal of credibility with our investors, construction lenders, and municipal partners. They are a great group of people who care about how their involvement in a project can help achieve extraordinary outcomes.
Shelby Bowen, President & Partner, Rebar Development
Hageman Capital was an integral partner of Buckingham for our Carmel Midtown AT&T project. They actively engaged in the process and identified potential pitfalls. Their contribution extended to generating creative solutions within the team and legal framework. As we look to the future, Hageman Capital has earned a top position on our list.
Christopher W. Myrvold, CFO & Head of Real Estate, Buckingham
Working with Hageman Capital to finance TIF bonds was a great experience, they made the process simple and transparent. We appreciate their partnership and willingness to solve complicated issues fairly and quickly.
Fede Boscaini, Director of Development & Finance, Gershman Partners
All Project Types
TIF applies across commercial real estate asset classes
Across multifamily, commercial, industrial, and mixed-use development, TIF can move a project from infeasible to buildable. Hageman Capital purchases the bonds outright and works on structure so the incentive reaches its full value.
- Outright purchase of TIF and incentive bonds at competitive valuations
- Flexible structuring across the capital stack, from senior to gap funding
- Decisive diligence — most valuations returned within days, funded in weeks
- Discretion and continuity from first call through closing
Project Value
TIF converts municipal support into project capital
Every additional dollar of sponsor equity lowers the project's return. Monetizing the incentive raises capital without that contribution, and turns developments that would not otherwise pencil into completed assets.