The Council of Development Finance Agencies (CDFA) is pleased to announce that Representatives Stephanie Murphy (D-FL) and Darin LaHood (R-IL) have introduced the Modernizing Agricultural and Manufacturing Bonds Act (MAMBA) in the U.S. House of Representatives as H.R. 5422. MAMBA would modernize the Internal Revenue Code (IRC) as it relates to small issue bonds, specifically the private activity bond rules for first-time farmers and manufacturing bonds.

The $567,300 contract approved by redevelopment commission will keep the project moving forward through its completion. The project is funded primarily through tax increment financing, or TIF funds, which are received on commercial and industrial properties within the TIF district.

The Arlington City Council voted to approve an $810 million expansion of the city's Entertainment District, which would include another Lowe's hotel and a new convention center.

The Zionsville Redevelopment Commission wants to create a tax increment financing district at Holliday Farms to help pay for a pedestrian bridge, walking trails, an amphitheater and infrastructure at the nearly 600 acre mixed-use development. If the TIF district is approved, the various projects could collectively cost about $20 million.

Greenbrier County Commissioners have authorized the issuance of up to $20 million in tax increment revenue bonds. The funds thus raised will be used for infrastructure projects that will benefit the White Sulphur Springs TIF District, a geographic area that also encompasses the unincorporated community of Caldwell and other acreage in and around the Spa City.

The revised $90.2 million mixed-use redevelopment plan includes an estimated $15.2 million from a tax increment financing, $9.6 million from sales tax on a community improvement district for the project site, and $3 million in sales tax exemption from industrial revenue bonds issued for the project. The original plan was a $113.3 million project with $31.9 million in public funding.

The St. Paul City Council voted 7-0 on Wednesday night to approve $53 million in tax diversion at the former site of the Ford Motor Co.'s Twin Cities Assembly Plant in Highland Park. The 26-year tax increment financing agreement will effectively allow the master developer, the Minneapolis-based Ryan Cos., to devote more than $2 million annually toward the cost of new city-owned infrastructure at the 122-acre site, money that would otherwise flow to the city's general fund.

A $400 million development plan for the downtown should take care of three of the city's most problematic properties when it comes to revitalizing the waterfront. The Pawtucket Tax Increment Financing district legislation passed by the General Assembly in June and the federal opportunity zone designation for the proposed project area are two major factors in making this project feasible.

Fundamentals of Economic Development Finance WebCourse
January 29-30, 2020 - Daily: 12:00 - 5:00 PM Eastern

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