The City Council approved a TIF supporting the $100M redevelopment of a long vacant brownfield and former industrial site into a new residential development that includes market rate and affordable housing units. The new development will also include public access to the Seekonk River and Omega Pond for the first time since the 1880's.

Gov. Tony Evers signed into law 2021 Act 142, which will help ensure local officials, and those they represent, will be aware of all the tax implications of a decision to use tax incremental financing districts. State Sen. Duey Stroebel, R-Saukville, worked with the bill's proponents, particularly the lead author Sen. Joan Ballweg, R-Markesan, to introduce Senate Substitute Amendment 1.

West Chicago officials are hopeful that the creation of a special taxing district will spur downtown redevelopment. The city council approved ordinances designating a redevelopment project area and a tax increment financing (TIF) district. The new TIF district replaces a larger one that was dissolved by the city council at the end of last year. The newly created TIF district features 122 tax parcels.

A new apartment building near the Beltline in the Peoplestown neighborhood will feature 250 units, all priced at rates affordable to low-income residents. The Beltline set a goal of building 5,600 affordable units within the Beltline tax allocation district. Nearly 3,000 have been created or are in the pipeline.

A long-anticipated water park next to the Mall of America is closer to reality following Bloomington's approval of a significant tax subsidy for the $422 million project. The Bloomington City Council and Port Authority jointly voted to create a tax-increment financing (TIF) district that would generate $105 million for development of the 320,000-square-foot water park by MOA owner Triple Five.

The Dalton City Council and the Dalton Board of Education have approved an agreement that would help finance a mixed-use development. The Township at Hammond Creek is the first phase of a planned 92-acre development that would contain single-family housing, multifamily housing, commercial and retail. The agreement would last 20 years or until the developers collect $5.9 million.

The city of Hillsdale's Tax Increment Finance Authority purchased the vacant theater in 2018, along with the Keefer House Hotel, with the intent of redeveloping the dilapidated and vacant properties to enhance economic development in the downtown. The city's TIFA board took on the redevelopment of the Dawn Theater which has now been completed.

Two downtown development projects are set to receive TIF funding from the city. The Metropolitan and Economic Development Committee of the Indianapolis City-County Council heard presentations from two developers who laid out plans for improvements for 16 Tech and the Stutz Building. More than $12 million in TIF funding will go to the 16 Tech development and includes a new apartment building with 15 affordable housing units.

Aurora City Council committee has recommended taking the beginning step toward establishing a tax increment financing district for a $53.8 million downtown apartment project. The proposed development includes 140 apartments and 20 townhomes between River Street and the Fox River, right at the base of the new pedestrian bridge on the west bank.

CDFA // BNY Mellon Development Finance Webcast Series: Investing in Resiliency with Green and Blue Bonds
Tuesday, April 19, 2022 - 2:00 PM - 3:00 PM Eastern

Intro Tax Increment Finance WebCourse
April 25-26, 2022 - Daily: 12:00 - 5:00 PM Eastern

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