The Intro Tax Increment Finance WebCourse offers an in-depth look at the guiding principles and appropriate application of TIF. This course brings TIF deal-making and best practices into focus through a two-day program targeting the entire TIF community including economic developers, public agency representatives, bond issuers, legal professionals, developers, financial advisors, and other stakeholders.
This course qualifies for the CDFA Training Institute's Development Finance Certified Professional (DFCP) Program. Start down the road to personal and professional advancement today.
By attending, you will:
- Learn the building blocks of TIF and essential best practice principles
- Dissect TIF deals from start to finish including community buy-in, redevelopment planning, bond issuance and post-project monitoring
- Understand TIF bond issuance and mechanics
- Examine project- and district-based TIF approaches
- Explore the benefits of using special districts, credits and overlays
- Receive a copy of the Tax Increment Finance Best Practices Reference Guide
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You will learn through:
- Real life case studies
- Interactive, small group exercises
- Presentations from industry experts
- A comprehensive resource guide
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Topics covered include:
- The basics of TIF
- How to create a TIF
- Typical improvements
- Site-specific vs. district-wide approaches
- Addressing community buy-in
- Financing variations
- Credits and overlays
- Case studies
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Who should attend?
- Bond issuers
- Economic development professionals
- Community development professionals
- Broker, dealers and underwriters
- Elected officials
- Government and nonprofit finance officers
- Corporate trustees
- Legal counsel
- Underwriters
- Commercial bankers
- Accountants
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Course Advisor:
Tony Q. Smith serves as the Council's Tax Increment Finance Course Advisor providing expertise, leadership and direction for CDFA's Training Institute. Smith's' vast experience in project and real estate finance provides a deep knowledge-base to help guide CDFA's educational elements related to tax increment finance.
Tony Q. Smith, AICP is a Practice Leader with S. B. Friedman & Company, a development advisory firm based in Chicago’s Loop. Tony is a real estate analyst with experience in public/private deal structuring, negotiations, tax increment financing (TIF) analysis, New Markets Tax Credits, and area revitalization strategies. He has assisted municipalities such as the City of Chicago, City of Milwaukee, and suburban Illinois communities in creating TIF districts, negotiating TIF contributions to public/private deals, and evaluating TIF feasibility for a range of front funding instruments.
On behalf of the City of Chicago, he also led the process of successfully applying for a $100 million allocation of New Markets Tax Credits in the 2006 federal competitive round. He is currently assisting the City in implementing its New Markets program. Tony holds a Master’s in City Planning, a Post-Master’s Certificate for study in Transportation and Infrastructure Planning, and a B.A. in Urban Studies and Environmental Studies, all from the University of Pennsylvania. He is a member of the American Planning Association, the Urban Land Institute, and the Congress for the New Urbanism.
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The following is the preliminary agenda for this course. This agenda will be updated and modified slightly to accommodate speakers and content. However, the main areas of content as outlined in this agenda will be covered. All times in Eastern Standard Time (EST).
| 12:00 – 12:30 pm | Welcome and Overview |
Welcome participants, introduce CDFA and the CDFA Tax Increment Finance Coalition (TIFC) and set the stage for the day’s events.
| 12:30 – 1:45 pm | Setting the Stage: The Basics of TIF |
TIF has quickly become one of the nation’s most popular development finance tools. As such, it is imperative for development finance professionals to have a solid understanding of how TIF works to build a successful toolbox of financing programs. This session will focus on understanding what TIF is and why communities use it to achieve economic development objectives.
| 2:00– 3:15 pm | TIF Legal & Procedural Nuts & Bolts |
Creating a TIF district, whether for a larger long-term redevelopment of an area or for an individual site/project, requires an understanding of the legal, technical, policy, and strategic issues related to TIF in your state along with careful attention to detail. While TIF usage varies from state to state, the tool is typically used to fund only certain portions of a development. This session will look at the legal and procedural nuts and bolts of creating a TIF along with the main types of development activities that TIF can fund and district vs. site-specific considerations.
| 3:30 – 4:15 pm | TIF Financing Variations |
TIF mechanics are wide in scope, as are the range of revenue sources that can be included in TIF financings. Presenters will discuss the typical sources for TIF repayments including: property tax, sales tax, and special assessments. The range of ways in which TIF funds can be made available to fund projects during or after construction will also be addressed, including “pay-as-you-go,” developer financing, revenue notes, traditional TIF revenue bonds, and TIF bonds combined with or enhanced by other funding sources.
| 4:15 – 5:00 pm | The Most Overlooked TIF Element: Addressing Buy-in and Public Policy |
TIF is designed to be an instrument that facilitates physical and economic improvements. However, TIF use also requires community input and political support. The buy-in process is one of the most important aspects of development, yet it is frequently overlooked. This session explains how cities engage and incorporate input from citizens, business owners, school districts, and neighboring or overlapping jurisdictions.
| 12:00 – 1:15 pm | The Basics of TIF Underwriting and Deal-Making |
Underwriting and structuring are critical elements of any TIF transaction, with significant effects on the project’s chances of success or failure. Due to TIF’s role as a public financing source, the underwriting process can also become heavily intertwined with public decision-making about TIF projects. The panelists will provide an introduction to the three main components of TIF underwriting: market analysis, revenue projections, and financial feasibility/”gap” analysis. They will also discuss core elements of a TIF deal, including term sheets, deal components, and development agreements. A case study will be presented to help illustrate these concepts.
| 1:30 – 3:15 pm | Understanding TIF Bond Financing |
This session will focus on one of the core methods by which TIF revenue streams are monetized to fund project costs: bonding. The panelists will discuss the process and mechanics associated with these bonds, and the various considerations that go into when and how to bond. The session will also cover key elements of the bond rating process and why most start-up TIF bonds are issued as “Not Rated”, discuss pricing and sales of bonds, and the necessary on-going monitoring and continuing disclosure process. The case study will be discussed in detail with an analysis of the decisions made related to the bond financing.
| 3:30 – 5:00 pm | Combining and Leveraging TIF with Other Tools |
This session will focus on one of the core methods by which TIF revenue streams are monetized to fund project costs: bonding. The panelists will discuss the process and mechanics associated with these bonds, and the various considerations that go into when and how to bond. The session will also cover key elements of the bond rating process and why most start-up TIF bonds are issued as “Not Rated”, discuss pricing and sales of bonds, and the necessary on-going monitoring and continuing disclosure process. The case study will be discussed in detail with an analysis of the decisions made related to the bond financing.
The course will take place on the web through GoToWebinar, an online distance learning software. The course will meet each day from November 12-13, 2013 from 12:00-5:00 pm (EST). Participants must have access to a computer and phone to attend the WebCourse. Participants receive instructions for logging into the WebCourse in a follow-up email after registering. Course materials are mailed to participants approximately one week before the course.
This course qualifies for the CDFA Training Institute's Development Finance Certified Professional (DFCP) Program. Start down the road to personal and professional advancement today.
Register before October 18, 2013 for Early-Bird Rates.
| Early-Bird Registration | Standard Registration |
| Member | $400.00 | $500.00 |
| Non-Member | $500.00 | $600.00 |
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