That just isn't correct. I think a lot of people are confused about this. Someone correct me if I'm wrong here.
When a company invests in vacant land, the property value and tax assessment typically increase. To encourage investment, companies may receive a tax incentive, exempting them from paying a percentage of the increased tax assessment. However, they must still pay the pre-development tax rate. The city does not provide cash payments to the developer, and the tax revenue from the developed property does not decrease.