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.

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.

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.

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.

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.

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.

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.

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.

CDFA-Bricker PACE Webinar Series: How PACE Gets Utilized Across All Market Segments
Tuesday, March 30, 2021 - 2:00 PM - 4:00 PM Eastern

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

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