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CDFA Tax Increment Finance Update - March 22, 2022

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Tax Increment Finance Update
March 22, 2022
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Tax Increment Finance Update


City Council Approves TIF to Support Redevelopment of Brownfield in East Providence, RI
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.

New TIF Transparency Bill Signed Into Law in Wisconsin
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.

Chicago, IL Approves New Downtown TIF District
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.

New Beltline Development in Atlanta, GA to Include 250 Affordable Units
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.

Bloomington, MN Officials OK Tax Subsidy for Water Park Near Mall of America
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.

City Council, School Board Approve Tax Deal With Developers in Dalton, GA
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.

Historic Dawn Theater Open Once More in Hillsdale, MI
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 Indianapolis, IN Development Projects Receive TIF Funding
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, IL City Council Exploring TIF District for $53M Project
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.

Upcoming Events
Intro Revolving Loan Fund WebCourse

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
To support local communities and our environment, innovative financing solutions have been created to allow corporate or personal investors to invest in these bonds. Experts in this session will discuss the market for green and blue bonds, public engagement, and ways to invest in resilient infrastructure projects.

Intro Tax Increment Finance WebCourse
April 25-26, 2022 - Daily: 12:00 - 5:00 PM Eastern
The Intro Tax Increment Finance WebCourse offers an in-depth look at the guiding principles and appropriate application of TIF. Topics discussed include the basics of TIF, negotiating and structuring TIF deals, understanding various financing structures, and combining TIF with different capital sources.

Tax Increment Finance News

City of Janesville, WI Approves TIF Deal With Living Wage Requirement
GazetteXtra | Mar. 16 | Economic Development | Innovation Finance | Redevelopment | Tax Increment Finance (TIF)

Glenwood, IA Designates Arbor Hills Urban Renewal Area
KMALand | Mar. 16 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Mutual of Omaha Seeking Over $68M in TIF for Proposed Skyscraper in Omaha, NE
Omaha World-Herald | Mar. 16 | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Developer Secures Financial Commitment for City Block Hotel
The Paducah Sun | Mar. 14 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Jaffrey, NH Approve Bonds for Sewer Work and Water Project
Monadnock Ledger-Transcript | Mar. 14 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Fort Myers, FL Approves $8.2M Tax Rebate for Affordable Apartment Development
WFTX-TV | Mar. 14 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Greenville, MI Celebrates Final Payment on Streetscape Bond
The Daily News | Mar. 11 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Former Huntley, IL Fire Station to Be Turned Into Restaurant and Apartments
Daily Herald | Mar. 11 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Cambridge, IL Board Approves TIF Agreement for Kringle Designs
Geneseo Republic | Mar. 9 | Redevelopment | Tax Increment Finance (TIF)

How Mount Prospect, IL Might Spur Redevelopment in ‘Depressed Area' of Village
Daily Herald | Mar. 9 | Housing Finance | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

City Panel Approves $20M Subsidy for Congress Theater Project in Chicago, IL
Crain's Chicago Business | Mar. 8 | Historic Preservation | Redevelopment | Tax Increment Finance (TIF)

Tax Subsidies Sought for Renovation of Old Car Dealership in Mankato, MN
Mankato Free Press | Mar. 6 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Butte, MT Business Park Flying High as Tax Sunset Nears
The Montana Standard | Mar. 6 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Mount Prospect, IL Hopes Planned TIF District Spurs Redevelopment
Daily Herald | Mar. 3 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

TIF to Be Used for Baylor Basketball Arena in Waco, TX
WacoTribune-Herald | Mar. 1 | 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


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