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CDFA Tax Increment Finance Update - March 26, 2024

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Tax Increment Finance Update
March 26, 2024
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Tax Increment Finance Update

Features

Last Chance to Register for the 2024 Federal Policy Conference!
Reserve your spot at the 2024 CDFA Federal Policy Conference on April 2-3, 2024, in Washington, D.C. CDFA, with sponsorship by Ice Miller LLP and Grow America, will bring together leaders from the Biden administration, Congress, federal agencies, nonprofit organizations, and finance agencies who will discuss a range of federal legislative and policy topics. Interact with reps from the Department of the Treasury, the Small Business Administration, and the Environmental Protection Agency. Space is limited; act fast!

Englewood, IL Food Hub Approved For $5M TIF Funding
City Council approved $5 million in tax increment financing toward a "gut rehab" of a 10,500-square-foot restaurant hub in Englewood. Pass the Peas, a casual soul food diner, and Ellie's Urban Grill, a sports and entertainment restaurant, will set up shop in the hub. The space will also have a pop-up kitchen for aspiring restaurateurs and three small offices. The total cost to complete the project is about $7.1 million, and the group has about $2 million in lender financing and $90,000 in equity.

Join CDFA for the Return of the Revolving Loan Fund WebCourse Week!
Revolving Loan Fund WebCourse Week is returning with the intro level on May 13-14 followed by the advanced level on May 15-16. Register for one or both of these courses to learn from experts about developing, implementing, and managing efficient and impactful revolving loan fund programs.

Michigan Expands Building Financing Option for More Affordable Housing
The state of Michigan is expanding the Brownfield Tax Increment Financing (TIF) program in an effort to generate more affordable housing in Michigan. It is no longer limited to brownfields. As enacted, Senate Bills 129, 130, 131, and 132 make it so builders develop affordable housing anywhere in the state as long as it is on non-agricultural land.

Syracuse, IN Introduces $1.6M TIF Bond for New Development
The Syracuse, IN Town Council introduced a tax increment finance (TIF) bond for Rabbit Ridge Development during its regular meeting. The bond will provide 80% of the income from the TIF district to Rabbit Ridge and 20% to the town for 20 years. The owner of the property will purchase the bond for an estimated value of $1.6 million. Funds from the TIF are to be used for engineering and infrastructure costs. After 20 years, proceeds from the TIF will revert to the town and other taxing entities.

Oklahoma City, OK Takes First Step in Establishing New Classen Corridor TIF District
In the first step toward establishing a new tax increment financing (TIF) district, which has the potential to revive undeveloped and derelict properties along N Classen Boulevard, Oklahoma City councilors adopted the first step. The Classen Corridor Revitalization Tax Incentive Fund Review Committee will be responsible for evaluating financial impact assessments for the proposed district.

KEDFA Gives Initial OK to TIF for $1.4B One Park Project in Louisville, KY
State officials have given preliminary tax increment financing (TIF) approval to a proposed $1.4 billion multiuse development at Lexington Road and Grinstead Drive east of downtown Louisville that is pitched as one that can bring the city office tenants not satisfied with traditional space, including prospects now outside Kentucky. The information presented by cabinet personnel at the Kentucky Economic Development Finance Authority (KEDFA) meeting showed the estimated impact of One Park and its infrastructure would be $17.4 billion over the next 30 years.

Missoula, MT Workforce Housing Project, Bond Gets Green Light
The Missoula City Council placed its final stamp of approval on a number of agreements surrounding a large workforce housing project planned for Missoula's Northside Neighborhood project, including its plans to bond up to $9.8 million to make the project work.

Upcoming Events
2024 CDFA Federal Policy Conference

CDFA-Bricker Graydon Webinar Series: Revitalizing Brownfields with TIFs and Special Assessments
April 9, 2024 - 2:00 PM - 4:00 PM Eastern
Join expert speakers to learn how communities are diversifying their capital stacks by using tax increment financing (TIF) and special assessments to reimburse brownfield-related costs incurred while redeveloping these contaminated, functionally obsolete, blighted, historic, or otherwise eligible properties.

Intro Revolving Loan Fund WebCourse
May 13-14, 2024 - Daily: 12:00 PM - 5:00 PM Eastern
The Intro Revolving Loan Fund Course offers an in-depth look at RLF program development, implementation, and management. During this course, attendees learn the essential elements needed to operate a successful RLF program and discuss programs making a difference in communities throughout the country.

Tax Increment Finance News

Belleville, MO's First Cannabis Dispensary Gets $800K in TIF Deal
St. Louis Post-Dispatch | Mar. 22 | Cannabis Finance | Economic Development | Tax Increment Finance (TIF)

Corsicana, TX Approves Incentives for Retail Development
Corsicana Daily Sun | Mar. 20 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Chicago, IL City Council to Mull $1.25B of Bonds
The Bond Buyer | Mar. 20 | Bond Finance | Economic Development | Tax Increment Finance (TIF)

Spokane, WA Opens Application Process for West Quadrant TIF Advisory Committee
City of Spokane, WA | Mar. 15 | Housing Finance | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Cincinnati, OH City Council Aims to Turn Vacant Downtown Offices Into Residential Units
WCPO-TV | Mar. 13 | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

New Bedford, MA Council OKs Tax Deal to Develop Downtown Lot into 45 Apartments
The Standard-Times | Mar. 12 | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

City of Marquette, MI Expands DDA's Tax Increment Financing Plan
Upper Michigan Source | Mar. 12 | Redevelopment | Tax Increment Finance (TIF)

Tax Increment Financing Reinvestment Zone Gains Approval in Sulphur Springs, TX
KSST Radio | Mar. 7 | Economic Development | Tax Increment Finance (TIF)

Broken Arrow, OK Amphitheatre Construction Begins With Help of TIF
Fox 23 News | Mar. 7 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Niles, IN OKs $1.2M TIF for James Beard Award Winner to Open Restaurant
Yahoo! News | Mar. 5 | Food Systems Finance | Redevelopment | Tax Increment Finance (TIF)

Developer Working on ‘Financing Partnership' to Build Two Stadiums in Chicago, IL
WGN-TV | Mar. 5 | Community Development | Redevelopment | Tax Increment Finance (TIF)

Public Incentives Increase Under Updated $861M Omaha, NE Mall Makeover Plan
Nebraska Examiner | Mar. 4 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Salt Lake City, UT May Pay $900M to Fund Potential MLB Stadium, Increase Hotel Tax
Idaho Capital Sun | Feb. 28 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Dorchester County, SC and YMCA Reveal $12M Sports Complex Project
WCIV | Feb. 28 | Community Development | Redevelopment | Tax Increment Finance (TIF)

Planned Southern Dallas, TX Retail Center Gets Green Light
Dallas Business Journal | Feb. 28 | Economic Development | Redevelopment | 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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