tax increment financing entity

Liabilities1

1. 470-970Real Estate—General470 Debt

   This subtopic tells a real estate developer when it must record a liability for infrastructure debt issued by a municipality (special assessments) or by a tax increment financing (TIF) entity. The core rule is a presumption of liability recognition when the assessment levied on each individual property owner is a fixed or determinable amount for a fixed or determinable period (470-970-25-1); if the assessment is not fixed or determinable, no obligation is recorded, but credit support features (shortfall make-up, pledged assets, letters of credit) must be evaluated as contingencies under Topic 450 and possibly as guarantees under Topic 460.