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CDFA Tax Increment Finance Update - August 28, 2018

Tax Increment Finance Update
August 28, 2018
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Tax Increment Finance Update


TIF Funds Could Lessen Tax Burden of Increased School Budgets in MT
Missoula County Public Schools may receive unexpected funding to add to their budgets after the Missoula Redevelopment Agency agreed to share tax revenue that had been collected to help blighted areas with the schools, city and county. MCPS could receive more than $1 million of property tax money collected from the Tax Increment Financing (TIF) districts.

Forsyth, IL Approves TIF Fund
The Village of Forsyth Board of Trustees approved a TIF grant program to fund exterior improvements to businesses. The new program allows businesses within the TIF district to receive matching grants up to $10,000 for improvements to exteriors, facades, attached signs, lighting, landscaping and other features, according to a new release

Beaver Dam, WI Approves New TIF District
The next step in the process of redeveloping the area around a shopping center on the north side of Beaver Dam was approved by the Common Council. A new tax increment financing district covers most of the Heritage Village Mall and the empty properties around it. The district will allow the city to offer incentives such as grants or loans to developers to try to attract them to the area.

Resetting The Atlanta BeltLine's Focus on Equitable Development
The Atlanta BeltLine Redevelopment Plan initially projected that funding through seven bond issuances from a tax allocation district set up in 2005 would raise $240 million for affordable housing by 2030. Unfortunately for the BeltLine, the economy tanked a few years after the creation of its tax allocation district, and to date, only two bonds have been issued, raising $25 million.

Memphis, TN Begins First Phase of TIF Fund Improvements
It's been about two years since the Highland Strip TIF was first created by local development officials to improve public infrastructure in the area surrounding the University of Memphis. Now with the necessary funds in place, the first public enhancements from the Highland Strip TIF are scheduled to begin soon at the intersection of Highland Avenue and Walker Street.

Cleveland, OH OKs Incentives to Help Overhaul of Downtown Eyesore
City Council approved a tax incentive program to help clear the way for redevelopment of a downtown Cleveland eyesore. Council, at the request of Mayor Frank Jackson's administration, approved a tax increment financing package that will support a $78-million makeover for the long-empty John Hartness Brown complex on Euclid Avenue. 

Rochester, NH Approves $2.43M More in TIF
Rochester, NY and the developer of The Ridge Marketplace have reached an agreement in which the city will bond another $2.43 million to aid the construction of the Exit 15 plaza's second phase. The agreement between the city and developer Waterstone Retail brings the city's total bonded amount to $7.43 million.

TIF Zone Approved in Fort Wayne, IN
The Fort Wayne, IN Redevelopment Commission has approved the creation of a new tax increment financing district for the area encompassing the $220 million Electric Works redevelopment project. The new tax increment financing district could be used to fund $7.1 million in public improvements needed to support the development.

Upcoming Events
CDFA National Development Finance Summit

Intro Brownfields Finance WebCourse
September 26-27, 2018 - Daily: 12:00 - 5:00 pm Eastern
During this course, attendees will walk through the entire brownfields redevelopment process from understanding the basics of brownfields and legal and regulatory challenges to unearthing the myriad financing tools available to both clean-up and build-up these contaminated or polluted sites.

Tax Increment Finance News

Brookings County, SD Creates New TIF District
Brookings Register | Aug. 24 | Tax Increment Finance (TIF)

Mequon, WI Expands TIF
Journal Sentinel | Aug. 23 | Tax Increment Finance (TIF)

Council Approves Greenway Along Old St. Mary's Hospital
News Tribune | Aug. 22 | Brownfield Financing | Tax Increment Finance (TIF)

Middletown Mall Redevelopment Large Part of Proposed TIF District
WV News | Aug. 22 | Brownfield Financing | Tax Increment Finance (TIF)

Monmouth, IL Downtown TIF Extended
The Register-Mail | Aug. 22 | Tax Increment Finance (TIF)

The Council of Development Finance Agencies is a national association dedicated to the advancement of development finance concerns and interests. CDFA is comprised of the nation's leading and most knowledgeable members of the development finance community representing public, private and non-profit entities alike. For more information about CDFA, visit www.cdfa.net or e-mail info@cdfa.net.

Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300

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