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CDFA Tax Increment Finance Update - April 23, 2024

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Tax Increment Finance Update
April 23, 2024
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Tax Increment Finance Update


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.

Chicago, IL to Borrow $1.25B for Economic Development, Affordable Housing Projects
The Chicago City Council voted 32-17 on Friday to borrow $1.25 billion during the next five years to fund a wide-ranging slate of projects designed to expand the supply of affordable homes and good-paying jobs. The approval represents a major win for Mayor Brandon Johnson, who has touted the proposal as a way to make Chicago a more equitable place to live by "investing in people" and expanding the city's economic capacity — without raising taxes on Chicago property owners.

Chicago, IL City Council Approves $9M in TIF for Ogden Washtenaw A2
The Chicago City Council has approved $9 million in Tax Increment Finance (TIF) funding for Ogden Washtenaw A2, the latest phase of Ogden Commons. Located at 1312 S. Talman, the project is a collaboration between The Habitat Company, Lawndale Real Estate LLC, and Sinai Health System. 

Pieces Come Together to Support to Barisi Village Project in Corpus Christi, TX
Barisi Village will be a European-style village that could include 210 townhomes, 1,350 multi-family units, a 120-room hotel, shopping and dining options, a nine-hole golf course, and a number of social spaces for people to enjoy. The project will take at least 10 years and be done in three phases.

New Affordable Housing Complex in Rapid City, SD Gets Preliminary Approval
The Tax Increment Finance District (TID) Review Committee of Rapid City, SD granted preliminary approval for the establishment of the Camden Heights Affordable Housing/Infrastructure District. The estimated cost for the Camden Heights project exceeds $79.6 million, with projected TID costs of approximately $12.4 million. Financing for the endeavor will be a collaborative effort between the City of Rapid City and the developers.

City of Gulfport, MS to Use TIF Bonds for Promenade Project
The City of Gulfport has passed a resolution authorizing tax increment financing revenue bonds in an amount of up to $5.2 million for various infrastructure improvements. The Tax Increment Finance (TIF) Bonds will fund roadway enhancements, landscaping, and utilities — hopefully bringing in new businesses that will ultimately benefit locals.

Cavaliers to Break Ground on New Cleveland, OH Training Center by Late 2024
The Cleveland Cavaliers hope to break ground on a new downtown practice facility before the end of 2024, putting the project on track to open by late 2027. Cleveland City Council will see a Tax Increment Financing (TIF) proposal for the building. That arrangement would let Bedrock fund the project, in part, by pledging future property tax revenues from development to paying off construction debt.

Work Begins to Transform Missoula, MT Superfund Site Into Vibrant Neighborhood
A former 100-year-old lumber mill site on Missoula's Northside will be redeveloped with the construction of 89 homes and more than 200 apartments as part of the Scott Street-Ravara housing development. Building off the neighborhood plan, the city created an urban renewal district in 2015 to help finance Northside development using Tax Increment Financing (TIF).

Upcoming Events
Intro Revolving Loan Fund WebCourse

CDFA Food Systems Finance Webinar Series: Financing Food Systems with Revolving Loan Funds
April 30, 2024 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Food Systems Finance Webinar Series, panelists will discuss how revolving loan funds can be used to support small businesses, entrepreneurs, and microenterprises to strengthen local and regional food systems. The discussion will also identify how these tools can help unlock affordable capital for socially disadvantaged farmers and ranchers.

SSBCI Learning Series - Leveraging SSBCI for the Greenhouse Gas Reduction Fund
May 7, 2024 - 2:00 PM - 4:00 PM Eastern
Creating new and expanding existing small businesses will be critical to the success of the Greenhouse Gas Reduction Fund (GGRF). During this session, panelists will provide insights on how local SSBCI practitioners can leverage SSBCI to bring GGRF dollars to their communities.

Tax Increment Finance News

Kingsport, TN BMA Approves TIF for Proposed Dealership at Westside Inn Property
WJHL 11 | Apr. 16 | Community Development | Economic Development | Redevelopment | Tax Increment Finance (TIF)

City of Rock Island, IL Breaks Ground on $8.7M Downtown Revival
WQAD 8 | Apr. 15 | Community Development | Redevelopment | Tax Increment Finance (TIF)

What You Need to Know about the Classen Corridor TIF Idea in Oklahoma City, OK
Oklahoma City Free Press | Apr. 14 | Community Development | Economic Development | Tax Increment Finance (TIF)

Developer Asks Louisville, KY for $20M Subsidy for Urban Government Center Project
WDRB.com | Apr. 10 | Community Development | Redevelopment | Tax Increment Finance (TIF)

Richmond, VA Pitching New Financing Plan for Diamond District Amid State Sales Tax Uncertainty
Richmond BiZSense | Apr. 8 | Community Development | Redevelopment | Tax Increment Finance (TIF)

Quincy, IL Using $200K Budgeted for QRDC on Different TIF Projects and Infrastructure
KHQA | Apr. 5 | Community Development | Infrastructure Finance | Tax Increment Finance (TIF)

Chicago, IL Mayor Seeks More Than $150M in TIF Assistance for La Salle Street Revamp
Chicago Sun-Times | Apr. 3 | Community Development | Economic Development | Housing Finance | Tax Increment Finance (TIF)

Teams Invited to Submit Proposals to Develop Affordable Housing in Portland, OR
Portland.gov | Apr. 1 | Community Development | Housing Finance | Tax Increment Finance (TIF)

Five-Year Extension Requested for Charles Hotel, Parking Garage Project in Kalispell, MT
Flathead Beacon | Mar. 27 | Community Development | Economic Development | Tax Increment Finance (TIF)

Proposed Redevelopment Plan Could Bring New Life to Former Store in Lincoln, NE
1011 NOW | Mar. 26 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Cleveland, OH City Council Oks Downtown Tax Increment Financing Overlay District
News 5 Cleveland | Mar. 25 | Community Development | Economic Development | Tax Increment Finance (TIF)

U.S. Venture Development Agreement Secures Headquarters Coming to Appleton, WI
NBC 26 | Mar. 20 | Economic Development | Redevelopment | Tax Credits | 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


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