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CDFA Tax Increment Finance Update - August 25, 2020

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Tax Increment Finance Update
August 25, 2020
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Tax Increment Finance Update

Features

Iowa Developer Backs Away From Proposed Downtown Wausau Development
Wausau Business Development Specialist Sean Fitzgerald told Wausau Pilot & Review that Merge's request for 20 percent tax increment financing assistance was "not realistic," though Wausau continues to keep the door open for future projects with the group.

Perkins Homes Redevelopment to Add More Market-Rate Units
The community revitalization project, funded in part with a $30 million grant from the U.S. Department of Housing and Urban Development, will now be composed of 2,172 units between the Perkins, Somerset and Oldtown areas, according to a supplemental tax increment funding application.

Indianapolis, IN to Pump $750K Into Downtown Cameras, Safety Efforts
Indianapolis plans to spend nearly $1 million on safety resources in its downtown, an environment that business owners say has been worsening in the wake of recent protests and the ongoing coronavirus pandemic.

Waystar to Open Operations Center in Utah
Waystar may earn up to 15% of the new state taxes it will pay over the seven-year life of the agreement in the form of a Utah Legislature-authorized Economic Development Tax Increment Finance tax credit. The GOED Board has approved a post-performance tax credit not to exceed $408,959.

Aldermen Put Final Touches on TIF Bond Repayment
The Poplarville Board of Aldermen passed a bond resolution that means the city will move forward with issuing the Tax Increment Finance Bonds. The bonds cannot exceed $595,000 and will be used to reimburse the developer for some of the costs of constructing the College Square Shopping Center Project.

Methodist Hospital Expansion Exposes Tax Tensions
The deal, however, will exacerbate a challenge already weighing on Marion County: huge swaths of land exempt from property taxes and off the tax rolls because they are owned by hospitals, educational institutions and other not-for-profits and are being used for purposes related to the groups' missions.

Share of Chicago, IL Property Tax Revenues Claimed by TIF Funds Grew 5% in 2 Years: Report
The share of property taxes collected by the city and then claimed by Chicago's tax increment finance districts has grown 5% in two years. Demolishing the record set the previous year, $926 million poured into the city's 136 TIF funds in 2019, 10% more than in 2018. That accounts for approximately 36% of the nearly $2.6 billion in property tax revenue banked by city officials.

City Block Represents $21M Investment
"This project is part of the larger TIF project, which covers all of downtown — roughly 315 acres of downtown and the City Block project is the keystone development project that will make the TIF work," said Axt.

Upcoming Events
Intro Infrastructure Finance WebCourse

CDFA // BNY Mellon Development Finance Webcast Series: Investing in Childcare Facilities
Thursday, August 27, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will showcase various childcare facilities financing programs from across the country and highlight projects that have successfully utilized these tools.

CDFA-Bricker PACE Webinar Series: PACE Program Capitalization
Tuesday, September 22, 2020 - 11:00 AM - 1:00 PM Eastern
PACE program financing can be provided through private third parties, public bonds, or a combination of both, and within those options, there are many creative approaches being implemented across the nation. In 2017, The Kresge Foundation made a $3 million program-related investment into the St. Paul Port Authority's "Trillion BTU" and "MinnPACE" loan programs. This was a first of its kind PRI to help the community on-board PACE. This webinar will explore this and other creative methods that communities can utilize to capitalize their PACE program.

CDFA Food Systems Finance Webinar Series: Financing Food Systems Entrepreneurs
Tuesday, September 29, 2020 - 2:00 PM Eastern
During this installment of the CDFA Food Systems Finance Webinar Series, development finance professionals from around the country will describe their strategies for supporting local entrepreneurs in moving their business from idea to execution.

Tax Increment Finance News

When Will Tax Revenues Rebound? It Depends on the Tax
Governing | Aug. 21 | Access to Capital | Community Development | Disaster Recovery & Relief | Tax Credits | Tax Increment Finance (TIF) | COVID-19

The Conversion of a Historic Former Milwaukee School to Veterans Housing is to Get $950K in City Cash
Milwaukee Journal Sentinel | Aug. 20 | Historic Preservation | Tax Credits | Tax Increment Finance (TIF) | Federal Historic Rehab Tax Credits | State Historic Tax Credits | Understanding TIF

Windsor Locks Sports Complex Would Use TIF Money to Finance Project
Hartford Business | Aug. 20 | Bond Finance | Tax Increment Finance (TIF)

Effingham, IL Considers Tax Hike to Cover Deficits Caused by COVID-19
Effingham Daily News | Aug. 19 | Tax Increment Finance (TIF)

NPR Officials Get CRA Project, Budget Projections
The Suncoast News | Aug. 19 | Tax Increment Finance (TIF)

TIF 14, Bougie Building OK'd
Sun Prarie Star | Aug. 16 | Tax Increment Finance (TIF)

The Impact of Projects Facilitated by the Texas Sales Tax for Economic Development
TEDC | Aug. 14 | Access to Capital | Economic Development | Tax Increment Finance (TIF)

Details Emerge for Proposed Inglewood, CA People Mover
Urbanize LA | Aug. 13 | Bond Finance | Infrastructure Finance | Innovation Finance | Tax Increment Finance (TIF)

City Sells 1.7 Acres of Land Near Fort Custer Industrial Park to BCU for $17k
Battle Creek Enquirer | Aug. 13 | Tax Increment Finance (TIF)

Iowa City, IA Puts TIF Districts' Unused Funds Toward Climate Goals
Iowa City Press-Citizen | Aug. 4 | Energy Finance | Green Finance | Local Finance Program | Resiliency | Tax Increment Finance (TIF) | Case Studies | Case Studies

D-428 Compromise on Misspent TIF Money Tabled by Joint Review Board
Daily Chronicle | Jul. 31 | Tax Increment Finance (TIF)

TIlton, IL Creates New TIF District
Commercial-News | Jul. 30 | Tax Increment Finance (TIF)

What You Need to Know About Indianapolis, IN Proposed Convention Center Expansion
IndyStar | Jul. 29 | Tax Increment Finance (TIF)

Expiring TIFs and Other Questions About Tax Bills
OakPark.com | Jul. 29 | Tax Increment Finance (TIF)

Sturgis Approves New TIF District
Black Hills Pioneer | Jul. 29 | 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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CDFA National Sponsors

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  • BNY Mellon
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  • Bryan Cave Leighton Paisner LLP
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  • MuniCap, Inc.
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  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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