Technical Assistance

Advanced Tax Increment Finance Course

Alaska Industrial Development and Export AuthorityBaker Tilly Virchow KrauseBallard Spahr LLPBNY MellonBricker & Eckler LLPBryan Cave Leighton Paisner LLPBusiness OregonCohnReznickFBT Project Finance Advisors LLCFrost Brown Todd, LLCGrant Thornton LLPHawkins Delafield & Wood LLPIce Miller LLPKeyBanc Capital MarketsKutak Rock LLPMB Financial Bank, NAMcCarter & English, LLPMcGuireWoodsNW Financial Group, LLCSB Friedman Development AdvisorsSquire Patton BoggsStern BrothersStifel NicolausU.S. BankWells Fargo SecuritiesWilmington TrustZ. The Bond Buyer


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CDFA's Advanced Tax Increment Finance Course builds upon CDFA's Intro TIF Course by focusing more concretely on structuring the deal and developing short- and long-term policies. You will also learn about performance monitoring, feasibility analysis and using TIF in conjunction with other development finance tools.

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.


Course Objectives

  • Gain a greater understanding of the complexity of TIF projects
  • Break down and evaluate complex TIF concepts and project pro-formas
  • Review common components of model state TIF statutes
  • Examine critical TIF public policy elements for ensuring maximum program success
  • Understand the typical challenges faced when managing and monitoring active TIF districts
  • Discuss your TIF projects with industry experts
  • Receive a copy of CDFA's Advanced Tax Increment Finance Reference Guide

Topics Covered

  • Model Policies, Guidelines & Procedures
  • Understanding Your TIF Statute
  • TIF Process From A to Z
  • Assessing Project Feasibility
  • Performance Monitoring
  • Managing Active TIF Districts
  • Maximizing TIF By Combining Tools

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

Course Advisor

Tony Smith Tony Smith
CDFA TIF & Tax Credit Course Advisor
SB Friedman Development Advisors
Executive Vice President
Tony Q. Smith is an Executive Vice President with S. B. Friedman & Company, a development advisory firm based in Chicago's Loop. He has extensive experience in financial analysis, public-private deal structuring for complex projects, tax credit... (More)


Wednesday, November 15, 2017

Wed 7:30 AM - 8:00 AM
Breakfast & Registration
Welcome participants, introduce CDFA and set the stage for the course.
Wed 8:00 AM - 8:30 AM
Welcome & Overview
  • Tony Smith, Executive Vice President, SB Friedman Development Advisors
Wed 8:30 AM - 9:00 AM
Understanding You TIF Statute
Understanding your state’s TIF statute is essential to mastering the use of TIF as an economic development finance tool. We’ll look at common components of model TIF statutes from a variety of states. In addition, we’ll discuss issues related to the political process and recommended practices for formulating or revising a TIF statute.
Wed 9:00 AM - 10:15 AM
Model TIF Policies, Guidelines, and Procedures
Ideally, TIF policies should be proactive but flexible. This session will cover the process of establishing a sound TIF policy and typical elements of effective guidelines and procedures. We’ll discuss what should and shouldn’t be included in TIF guidelines, consequences of not following guidelines, and issues related to transparency, due diligence and accountability.
Wed 10:15 AM - 10:30 AM
Wed 10:30 AM - 12:00 PM
TIF Feasibility Analysis and Underwriting
This session will cover three distinct but related elements of project feasibility and underwriting: a) Reviewing real estate market feasibility of a proposed TIF-funded project; b) Developing sound, conservative TIF revenue projections for use in sizing and structuring the transaction; and c) Assessment of the project “financing gap” to determine how much TIF is needed, and what deal structure is most appropriate. Speakers will discuss the technical issues of modeling TIF revenue and pro forma-based gap analysis.
  • Nate Betnun, Managing Director, Stifel Nicolaus & Company, Inc.
  • Tony Smith, Executive Vice President, SB Friedman Development Advisors
Wed 12:00 PM - 1:30 PM
Lunch Session: TIF and the Project's "Capital Stack"
This session will focus on how TIF can fit into the overall financing structure of a project. Topics will include up-front versus “back ended” TIF funding arrangements, and the various methods of packaging TIF funding, including bonds, notes, and “pay as you go.” This session will wrap up with an overview of term sheets and development agreements—the key documents defining the TIF deal.
Wed 1:30 PM - 1:45 PM
Wed 1:45 PM - 3:00 PM
TIF and Capital Markets
Bonds are one of the most important methods by which TIF funds are made available to fund public and private improvements. This session will focus on the major types of TIF bonds, outline key considerations in successful TIF bond issuance, discuss bond market dynamics, and describe how the feasibility of TIF bonds can be enhanced by other tools such as backup special assessments.
Wed 3:00 PM - 3:15 PM
Wed 3:15 PM - 4:30 PM
Performance Monitoring & Managing Active TIF Districts
It is important to understand the typical challenges faced when managing and monitoring active TIF districts. This session will address what you should expect once a TIF deal has been completed and why it is critical to maintain communications with bond investors and the community.
  • Michael Pehur, Development Finance Consulting Director, Duane Morris Government Strategies
  • Dale Royal, VP of Investment Services, Invest Atlanta
Wed 4:30 PM


This course is currently not scheduled for this year. Please check back frequently for more information about when this course will be held in the future.


The Advanced Tax Increment Finance Course qualifies for the CDFA Training Institute's Development Finance Certified Professional (DFCP) Program. Start down the road to personal and professional advancement today.
Early Bird Rates
CDFA Member: $400
Non-Member: $550
Standard Rates
CDFA Member: $450
Non-Member: $600