CDFA Tax Increment Finance Update - September 24, 2019

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Tax Increment Finance Update September 24, 2019	Subscribe View Archives

Features

CDFA Food Finance White Paper Series: Food Systems & Targeted Tools

This white paper is part of a series examining the potential creation of a food systems asset class which supports the market growth of local and regional food systems. This paper focuses specifically on targeted financing tools that can be used to geographically target local and regional food system developments.

Milwaukee, WI Primarily Used TIF to Pay for Streetcar

Milwaukee's reliance on tax increment financing (TIF) to fund its streetcar system is unusual compared with how other cities have funded their streetcars, according to a new report by the Wisconsin Policy Forum. The city used $59 million in TIF funding to construct the first phase of the $124 million Hop and is proposing to use another $51.8 million for extensions.

Lexington, KY Approves up to $4.4M in TIF

A tax incentive package worth up to $4.4 million for a shopping center won approval from the Lexington city council. If approved by the state, the total amount the developers could recoup through tax breaks is $4.4 million — approximately $3.6 million from the city and $800,000 from the state.

Kent Narrows TIF District Formed in MD

The Queen Anne's County Commissioners voted unanimously to pass a resolution that creates a Tax Increment Financing (TIF) District, the Kent Narrows Development District. The funds could be used to pay debt service on bonds issued for infrastructure improvements at Kent Narrows, primarily water and sewer service.

MA Economic Assistance Council Approves New Policy

The Massachusetts Economic Assistance Coordinating Council approved a new policy. The approved policy maintains that the council "generally will require that any state incentive tool under the program must be paired with a corresponding local contribution," naming tax increment financing agreements or special tax assessments as examples.

Overland Park, KS Pushes Demolition with TIF

Excited to see the hotels demolished, the City Council approved nearly $6 million in incentives, through tax increment financing, or TIF, and a 1% community improvement district sales tax levied on the site. Grammer agreed to build a $39 million commercial development, with a self-storage facility, restaurant, and retail, plus a four-story hotel.

Redevelopment Planned for Hotel in Downtown Missoula, MT

The Missoula Redevelopment Agency on Thursday approved roughly $560,000 in tax increment financing to assist the project, dubbed The Wren. The funding helps cover improvements to the public right of way, along with alley upgrades and the costly relocation of overhead utility lines.

Fox Theater in Stevens Point, WI Receives TIF Funding

The committee ultimately voted 3-2 to give $250,000 in TIF money to CREATE to be used toward the first phase of the project, which includes addressing safety concerns, demolition and preserving the façade of the Fox Theater building.

Upcoming Events

CDFA National Development Finance Summit

Georgia Opportunity Zones: Driving Peach State Investment (2019)
October 10, 2019 - Atlanta, GA

Join the Georgia Opportunity Zones: Driving Peach State Investment conference, in partnership with GEDA, on October 10, 2019 for a special one-day conference hosted at the offices of Seyfarth Shaw LLP in Atlanta. This event will feature a number of economic development finance experts from around the state discussing Opportunity Zones and the development finance tools, authorities, resources and approaches, and how these can affect the Georgia economy going forward.

CDFA // BNY Mellon Development Finance Webcast Series: Analysis of the 2018 CDFA Volume Cap Report and Capital Markets Review
Tuesday, October 15, 2019 - 1:00 PM Eastern

The annual CDFA Volume Cap report is an essential outline of national private activity bond issuance trends and is used by issuers, researchers, trade groups, and political offices to understand the private activity bond landscape. During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will examine the recently released Volume Cap Report in fine detail as well as discuss the fourth-quarter outlook of the capital markets.

Tax Increment Finance News

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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