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CDFA Tax Increment Finance Update - November 23, 2021

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Tax Increment Finance Update
November 23, 2021
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Tax Increment Finance Update

Features

Council Committee Approves Tax District for $115M Development in Louisville, KY
A Metro Council committee has approved a tax district for a $115 million development project in the Phoenix Hill neighborhood. The district would include a 130-room hotel, more than 350 housing units, 70,000 square feet of commercial space, and a parking garage. The project would agree to hire within the neighborhood, with priority to current and former residents and a wage floor of $15 an hour.

Charlton Voters OK $11.6M Tax Break Over 10 Years for Amazon's $300M Facility
Voters at a special town meeting Monday approved a 10-year property tax relief agreement with Amazon for its proposed $300 million project. Amazon is planning to develop the approximately 100-acre site into a 2.8 million-square-foot robotics sortation warehouse. The TIF gives an $11.6 million real estate tax break to Amazon over 10 years for the project that is expected to bring the town $65 million in new revenue over 20 years.

Utah Governor's Office Bringing New Distribution Center to Salt Lake City Through Tax Credit Incentive
A new distribution company that is expanding to Salt Lake City, is eligible to receive up to 15% of the additional state taxes that it will pay to Utah, but only under certain circumstances. In an effort to promote rural business development, the Utah Legislature has authorized economic development incentives to help companies expand to Salt Lake City, while bringing high-paying jobs to the community.

The Tiff With TIF
This article analyzes how money, politics, and social inequity collide in Omaha's greatest tool for public development. TIF is the city's most powerful tool to spur development. Since 2006, the city's subsidized more than half-a-billion dollars in development.

Traverse City, MI Real Estate Co-Op Breaks Several Different Molds
Slated to finish construction and open its doors in early 2022, Commongrounds Cooperative will have space for an independent coffee roaster, a local craft distillery, a food hall with a shared commercial kitchen for hourly rental, a childcare facility, a performing arts space, and 24 apartments — 18 of them below-market rate, serving various income levels. But what really makes Commongrounds Cooperative such an atypical project is who owns it and how it was financed.

Embracing Placemaking as a Core State Strategy
To achieve the broader range of positive impact possible with place-based investments, policymakers at all levels should take an integrated approach to transformative placemaking, which enables them to design their strategies and evaluate their results more holistically. This report highlights how Michigan is using state policy to transform its places.

Frisco, TX Works to Expand Tax Increment Reinvestment Zone for PGA Golf Courses
Golf courses associated with PGA Frisco will likely be supported by what some officials call the city's greatest financial tool. These zones, often called TIRZs, collect growth in property tax value of a certain area. Money generated within a TIRZ funds public improvements within the area without creating new taxes. Construction of three public golf courses and related facilities associated with the PGA costs $35 million. The TIRZ expansion would fund $19.1 million of that cost.

Galesburg, IL Prepares to Dissolve Downtown TIF District After Area Doubles in Value
The city of Galesburg is preparing to dissolve a downtown tax increment financing district in place since the mid-1980s that has more than doubled the value of the project area. In all, 25 infrastructure and redevelopment projects have been funded for properties within Galesburg's TIF District 1 since 1985, including multiple projects for the Orpheum Theatre and Discovery Depot Children's Museum along with various businesses.

Upcoming Events
CDFA-Bricker PACE Webinar Series: PACE 2.0 - The Next 10 Years

CDFA // BNY Mellon Development Finance Webcast Series: Affordable Housing Finance - Market Rate/Affordable/Low-Income
Tuesday, December 21, 2021 - 2:00 PM - 3:00 PM Eastern
Affordable Housing has been a hot button issue over the last few years with a focus on what percentage of affordable housing should comprise a residential development. This session will discuss how various tools such as Low Income Housing Tax Credits and Private Activity Bonds play a role in how these decisions are made.

Fundamentals of Economic Development Finance Course
January 26-27, 2022 - Daily: 12:00 - 5:00 PM Eastern
CDFA's Fundamentals of Economic Development Finance Course is the foundation for all of CDFA's educational offerings. This course helps attendees understand the variety of development finance tools available, from bonds, tax credits and TIF, to federal financing programs, RLFs, and access to capital lending resources.

Tax Increment Finance News

City Pledges TIF Revenue for Downtown Project
The Republic | Nov. 22 | Economic Development | Food Systems Finance | Housing Finance | Innovation Finance | Tax Increment Finance (TIF)

Cleveland Whiskey Receives TIF for New HQ, Distillery, Tasting Room in Cleveland's Flats
Cleveland Business Journal | Nov. 22 | Economic Development | Tax Increment Finance (TIF) | Urban Development

Local Officials Celebrate the Extension of the Enos Park, IL TIF
Fox Illinois | Nov. 22 | Community Development | Economic Development | Infrastructure Finance | Tax Increment Finance (TIF)

North Platte Planning Commission to See Beef Plant's Redevelopment Plan
The North Platte Telegraph | Nov. 22 | Agriculture Finance | Economic Development | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Finney County, KS Commission Approves Establishment of TIF District
The Garden City Telegram | Nov. 22 | Economic Development | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Proposed Eaton Township, OH TIF Would Help Renovate Fire Station
The Chronicle Telegram | Nov. 22 | Economic Development | Infrastructure Finance | Tax Increment Finance (TIF)

Vacant Downtown Des Moines, IA Lot to Be Site of Five-Story, Mixed-Use Building
Des Moines Register | Nov. 17 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Fairway, KS Creates TIF District for Apartment Project at Site of Vacant Office Complex
Shawnee Mission Post | Nov. 15 | Economic Development | Housing Finance | Tax Increment Finance (TIF)

$5.3M Subsidy OK'd for Affordable Homes in North Lawndale Neighborhood
Chicago Sun-Times | Nov. 15 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Port Board OKs Financing for Meijer Mixed-Use Project in Cleveland, OH
Crain's Cleveland Business | Nov. 12 | Economic Development | Food Systems Finance | Housing Finance | Tax Increment Finance (TIF)

State Incentive Brings Plant to Rural Utah
Utah Business | Nov. 12 | Economic Development | Rural Development | State Finance Program | Tax Credits | Tax Increment Finance (TIF)

Richmond, KY Proposes Downtown TIF District to Revitalize Deteriorating Structures
Richmond Register | Nov. 10 | Economic Development | Incentives | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Edina, MN Approves Plan That Would Shutter Perkins Restaurant, Replace It With Apartment Building
Bring Me The News | Nov. 10 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Duluth, MN May Boost Aid, as Cost of Converting Old High School to Housing Soars
Duluth News Tribune | Nov. 8 | Economic Development | Housing Finance | Innovation Finance | Redevelopment | Tax Increment Finance (TIF)

Windsor Heights, IA Approves TIF Agreement With Developer for Aldi Project
Des Moines Register | Nov. 8 | Food Systems Finance | Tax Increment Finance (TIF)

TIF for Downtown Apartment Project Approved by Willmar, MN City Council
West Central Tribune | Nov. 8 | Economic Development | Housing Finance | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

The Marketplace Blends Shopping and Living, Brings New Charm to Uptown Watertown, SD
Watertown Public Opinion | Nov. 8 | Economic Development | Housing Finance | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Eagle, CO Voters Show Approval for Ballot Question Authorizing $27M in Downtown Development Bonds
Vail Daily | Nov. 3 | Bond Finance | Infrastructure Finance | Tax Increment Finance (TIF) | Urban Development

Downtown Traverse City, MI Embraces Change
Traverse City Record-Eagle | Nov. 1 | Economic Development | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Edina, MN Considers TIF District for Perkins Site Redevelopment, Roadway Improvements
Sun Current | Nov. 1 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)


Highlights from the Online Resource Database

State Resilience and Recovery: Strategies to Reduce Inequality and Promote Prosperity by Creating Better Places
Disaster Recovery & Relief | Economic Development | Education | Housing Finance | Incentives | Infrastructure Finance | Redevelopment | State Finance Program | Tax Increment Finance (TIF)
Federal, state, and local policies profoundly affect nearly every aspect of American neighborhoods, including their economic vitality, their shape and form, their social fabric, and their forms of self-governance. The conditions facing American communities in the years leading up to the COVID-19 pandemic did not appear out of thin air. They were the predictable result of decades of deliberate policy choices at all levels of government.

Quantifying the Placemaking Effect
Economic Development | Incentives | Infrastructure Finance | Redevelopment | State Finance Program | Tax Increment Finance (TIF)
The Michigan Economic Development Corporation's (MEDC) focus on direct community investment is unique among its state-level peers. A strategy of MEDC Community Development Incentives (CDI) Programs is to identify and actualize place-based investment opportunities that may otherwise lie dormant without public support. The goals of place-based economic development programming include the betterment of neighborhoods and commercial corridors to attract occupancy and investment. MEDC asked Dynamo Metrics ("Dynamo") to quantify the impacts of these investments on nearby neighborhoods and commercial corridors.


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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  • Wells Fargo Securities
  • Z. The Bond Buyer
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