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CDFA Tax Increment Finance Update - February 23, 2021

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Tax Increment Finance Update
February 23, 2021
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Tax Increment Finance Update

Features

CDFA Releases Policy Priorities for the Biden-Harris Administration
Development Finance Solutions for Building Back Better: Policy Priorities for the Biden-Harris Administration outlines 18 key development finance policies, including reforms to Opportunity Zones. Built in collaboration with development finance agencies across the country and several key advocacy partners, this paper provides a roadmap for the new administration to use development finance solutions to address the numerous interconnected challenges facing the U.S. economy.

More Oversight Sought for $30M 'Competitiveness Fund' with Foundation Park Plan in Sioux Falls, SD
The Sioux Falls City Council was largely supportive of a plan that would see nearly $100 million invested in the newly-formed tax increment financing district #23 in Foundation Park, passing it to a second reading in a 7-0 vote Tuesday evening. But several city councilors raised questions about one aspect of the plan — a $30 million "economic development competitiveness fund" intended to give extra flexibility in luring businesses to build in the district.

Eastern Iowa Meat Processors Awarded TIF, Tax Benefits for Planned Expansions
The Iowa Economic Development Authority Board has awarded tax benefits to two Iowa meat processing companies that plan to expand to help meet increasing demand for locally sourced products. Building projects planned by the two companies represent more than $18.6 million in capital investment and create 63 jobs, nearly half of which will pay over $17 an hour.

Distressed Communities and the Role of Economic and Tax Incentives
The Pew Charitable Trusts recently released a report on how state policymakers can better direct what the report refers to as place-based, or geographically targeted economic development efforts, to help people living in those communities. This discussion includes tax increment finance, Opportunity zones, tax credits, and other financing programs.

Townhome Project to Provide Affordability and Historic Preservation in St. Petersburg, FL
The St. Petersburg City Council unanimously approved a lease and development agreement between the City and Exact Shell Dash LLC to develop an affordable and energy efficient townhome project. The proposed project site is currently owned by the city, which will transfer the land lease with a small fee sale to the developer and use $386,000 in tax increment financing (TIF) funds from the Affordable Housing Redevelopment Loan Program to subsidize construction costs, in alignment with the South St. Petersburg Community Redevelopment Plan.

Marion, IA Pursues Major Projects Despite Double Whammy of Pandemic and Derecho
Despite the ongoing financial hits from the pandemic and derecho, Marion plans to move forward with major city projects in the new budget year including a bigger library and improvements to the Seventh Avenue streetscape. This includes a new and larger Marion Public Library - an $18 million project funded by a $3.3 million capital campaign, $5 million in local-option sales tax funding, $3 million in property damage insurance and the sale of the current library site, $6 million in bonding and $1 million in tax increment financing.

Is TIF Worth It? In Case of Crossroads Mall, Omaha City Council Will Soon Decide
A $553 million redevelopment vision for Omaha's Crossroads Mall City is requesting almost $80 million in tax increment financing. The City Council will soon make a decision on this, which would be the largest TIF award in Omaha's history, amid discussion about the impact of using TIF for projects such as this.

Kansas City Approves Deal to Build Northland Soccer Park for Sporting KC, with Conditions
The Kansas City Council voted in favor of a $36 million competitive soccer complex in Northland that would be operated by Sporting KC and paid for by Kansas City via bonds that will be repaid by some of the sales taxes that would flow back to City Hall when several tax incentive projects in the Northland expire. Public improvement funds earmarked for the Northland and some active tax increment financing, or TIF, funding will also pay for the project.

Upcoming Events
Intro Tax Increment Finance WebCourse

CDFA-Bricker PACE Webinar Series: How PACE Gets Utilized Across All Market Segments
Tuesday, March 30, 2021 - 2:00 PM - 4:00 PM Eastern
PACE can be used for new construction, existing building renovations, or refinancing. Each market segment has its own view of why PACE is valuable and this workshop will provide insights and details into each.

CDFA // BNY Mellon Development Finance Webcast Series: Social Impact Investing Credit Ratings for CDFIs
Tuesday, April 20, 2021 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Webcast Series, we will explore how CDFIs, by obtaining a credit rating, can demonstrate the value of making social impact investments.

Tax Increment Finance News

Chicago, IL Panel OK's ‘Audacious' Plan That Imagines a Mixed-Income Fulton Market Community
Block Club Chicago | Feb. 18 | Housing Finance | Tax Increment Finance (TIF)

Burnsville Center Revitalization Plan Could Involve Selling Property, Using TIF
Star Tribune | Feb. 22 | Tax Increment Finance (TIF)

Plans Moving Forward for Michigan City Lakefront Condominiums
What's New LaPorte? | Feb. 22 | Housing Finance | Tax Increment Finance (TIF)

Plan Approved for Riverbank Improvements in North Wichita, KS
KFDI | Feb. 22 | Tax Increment Finance (TIF)

Boardman River Wall Project Could Cost Millions, Reshape Portion of Traverse City, MI Waterfront
The Ticker | Feb. 20 | Tax Increment Finance (TIF)

Starkville, MS Commits Additional $1.2M to TIF at Old Manufacturing Site
The Dispatch | Feb. 20 | Tax Increment Finance (TIF)

New Plaza in Downtown Whitehall, MI Will Warm Sledders, Provide Public Gathering Spot
MLive | Feb. 19 | Tax Increment Finance (TIF)

City Portion of Ice Rink Project in Gallatin, TN Receives Initial Approval
Gallatin News | Feb. 19 | Tax Increment Finance (TIF)

Vermillion, SD City Council Approves New TIF District for Housing Project
Plain Talk | Feb. 19 | Housing Finance | Tax Increment Finance (TIF)

Multiuse Development Ideas Emerge in Carroll, IA Highway Corridor Revitalization Plan
Carroll Times Herald | Feb. 18 | Housing Finance | Tax Increment Finance (TIF)

Dawn Theater Group Forms in Hillsdale, MI to Promote Support
Hillsdale Daily News | Feb. 18 | Member News | Tax Increment Finance (TIF)

Progress Made on Crumb Bakery at the Model Mill Site in Johnson City, TN
Johnson City Press | Feb. 18 | Food Systems Finance | Tax Increment Finance (TIF)

City of Alton, IL to Break Ground on New Community Splash Pad
KSDK | Feb. 18 | Tax Increment Finance (TIF)

Norwalk, IA Plans New Central Development That Will Change the Face of the Community
Des Moines Register | Feb. 17 | Tax Increment Finance (TIF)

How States Can Direct Economic Development to Places and People in Need
Pew Charitable Trusts | Feb. 8 | Economic Development | Federal | Incentives | Opportunity Zones | Tax Credits | Tax Increment Finance (TIF)

MEDC Approves Developments in Grand Haven, MI
Grand Rapids Business Journal | Jan. 28 | Brownfield Financing | Tax Increment Finance (TIF)

Seymour Main Street Receives Funding from TIF District
The Tribune | Jan. 28 | Historic Preservation | 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
info@cdfa.net

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CDFA National Sponsors

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  • MuniCap, Inc.
  • NW Financial Group, LLC
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  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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