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CDFA Tax Increment Finance Update - February 25, 2020

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Tax Increment Finance Update
February 25, 2020
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Tax Increment Finance Update

Features

Check Out the Agenda for the CDFA Federal Policy Conference!
Analyzing the Final Opportunity Zones Regulations? Lunch with Federal Agencies? A Federal Grant Writing Workshop? Modernizing the Federal Economic Development Delivery System? You don't want to miss the CDFA Federal Policy Conference. Check out the agenda and secure your spot today!

VT Governor Looks to Expand TIF
Gov. Phil Scott listed TIF districts as one of the development tools he wants to expand. TIF is a method municipalities can use to finance infrastructure improvements in a designated area. It could be roads, sewer, brownfield remediation, or other numerous types of public improvement.

OH TIFs Are Eligible for One-Time Extension
The Ohio General Assembly significantly changed state law governing tax increment financing exemptions. For certain TIF projects, local communities can extend the exemptions – and, therefore, continue to redirect property tax millage to necessary public infrastructure improvements – up to 30 additional years.

St. Louis, MO Advance Key MLS Stadium Bills
Key legislation needed for the planned Major League Soccer stadium complex on the western edge of downtown advanced at the Board of Aldermen. The board gave preliminary backing to two bills authorizing tax incentives to help fund the project but aldermen must first expand the authority's territory to include the stadium site. The three sales taxes together could generate more than $21 million over 25 years.

CDFA Releases Roadmap to Redevelopment for the Former Native Service Hospital in Anchorage, AK
The Roadmap to Redevelopment Report was developed through a 2-day process that included interviews with numerous stakeholders from the government, agriculture, business, and non-profit sectors. The plan provides a framework for the financing of the redevelopment for the Former Native Alaska Service Hospital.

Guymon, OK Seaboard Agreement Will Bring $100M Expansion
After making history 25 years ago as the first city in Oklahoma to issue a Tax Increment Finance district, Guymon has issued its second TIF for Seaboard Corporation. The City of Guymon's City Council agreed to approve a new Seaboard Expansion Economic Development Agreement for an additional $100 million plant expansion.

Cincinnati, OH Schools Work With City Council on New TIF Reimbursement
The new deal would replace one that began two decades ago that brought a $5 million annual payment to CPS from the city plus a percentage of funds exempt from property taxes through incentives. The city can use tax incentives to draw development to certain areas, but those incentives also draw tax revenue away from schools, potentially hurting the district, according to CPS leaders.

Kirksville, MO Approves Next Phase of Downtown Improvements
The improvements are part of the Downtown Revitalization Program and is paid for with funds from the Downtown Tax Increment Finance district. The city also offers low-interest loans through the TIF to help participating property owners pay their share.

Upcoming Events
CDFA Federal Policy Conference

CDFA // BNY Mellon Development Finance Webcast Series: To TIF or Not to TIF, is TIF the Right Tool For Your Project?
Tuesday, March 17, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series experts will examine the best strategies local governments and analysts are using to determine appropriate TIF assistance levels.

Tax Increment Finance News

Incentive Package Would Help Law Firm Move Into Long Vacant Covington, KY Building
The River City News | Feb. 20 | Bond Finance | Brownfield Financing | Tax Increment Finance (TIF)

Colorado Spings, CO Council Approved $50M for Downtown Upgrades
The Gazette | Feb. 19 | Bond Finance | Special Assessment Districts | Tax Increment Finance (TIF)

IL Senator Proposes Reduction in Life Span of TIF Districts
Daily Herald | Feb. 19 | Tax Increment Finance (TIF)

Aurora, IL Announces Intention to Establish TIF District
Chicago Tribune | Feb. 18 | Brownfield Financing | Tax Increment Finance (TIF)

Developer Seeks TIF in St. Louis, MO Development
St Louis Post-Dispatch | Feb. 12 | Tax Increment Finance (TIF)

Great Falls Ready to Move Ahead With $1.7 M Agri-Tech Drainage Project
Great Falls Tribune | Feb. 12 | Infrastructure Finance | Revolving Loan Funds (RLFs) | Tax Increment Finance (TIF) | Water Finance | Water Finance\Stormwater

Seaboard Food Corp. to Invest $100M in Pork Plant in OK
Food Business News | Feb. 11 | Economic Development | Food Systems Finance | Tax Increment Finance (TIF)

KY Approves TIF for $112M Mixed-Use Development at NKU
The River City News | Feb. 10 | Tax Increment Finance (TIF)

St. Louis, MO Company Coretx Touts $700M Investment
Stltoday.com | Feb. 6 | Tax Increment Finance (TIF)

Battle Creek, MI Uses TIF to Restore Brownfield for Rock Climbing Gym
Battle Creek Enquirer | Feb. 3 | Brownfield Financing | Tax Increment Finance (TIF)

With TIF Deal in Place, Sioux Steel Construction Could Start by August
Argus Leader | Feb. 3 | Tax Increment Finance (TIF)

Elkhart County, IN Uses TIF for Fiber Service
Goshen News | Feb. 3 | Infrastructure Finance | Tax Increment Finance (TIF)

$18M Marriott Hotel Gets Unanimous City Council Vote for TIF Funding
Patch | Feb. 2 | Tax Increment Finance (TIF)

Ashland, KY Awarded $6.8M for Construction of Downtown Convention Center
13 WOWK | Jan. 31 | Tax Increment Finance (TIF)

Chicago, IL's Pullman: A Model for Neighborhood Revitalization?
WTTW | Jan. 30 | Community Development | Historic Preservation | Tax Increment Finance (TIF) | Urban Development


Highlights from the Online Resource Database

Roadmap to Redevelopment Report: Anchorage, AK
Bond Finance | Brownfield Financing | CDFA Original Research | Community Development | Economic Development | Housing Finance | Incentives | Infrastructure Finance | Opportunity Zones | Public-Private Partnership (P3) Financing | Redevelopment | Revolving Loan Funds (RLFs) | Special Assessment Districts | State Finance Program | Tax Credits | Tax Increment Finance (TIF) | Tribal Finance | Urban Development
This report provides financing strategies for the redevelopment of the Former Alaska Native Service Hospital in Anchorage, AK

Effectiveness of TIF in Austin, TX
Tax Increment Finance (TIF)
The City's use of tax increment financing in four TIF districts has resulted in positive benefits, including increased tax revenues, redevelopment of disused property, removal of land from a floodplain, and development of more housing. The City recently adopted new, more specific policies that could enhance the benefits the City realizes from the use of tax increment financing.


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
info@cdfa.net

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CDFA National Sponsors

  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Frost Brown Todd LLC
  • gener8tor
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • Raza Development Fund
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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