How Public-Private Partnerships Transformed St. Albans City, VT
In a decade, the city has added $75 million to its tax base, a roughly 60 percent increase, without increasing taxes, according to city manager Dominic Cloud. The key to that success has been public-private partnerships and a tax increment financing (TIF) district. Their economic development strategy also involved addressing barriers to redeveloping in a developed area such as parking and brownfields.
Midway Center Superblock Gets More TIF Funding
Redevelopment of the Midway Center superblock, including the burned-out remnant of Midway Center, is moving ahead with changes to a tax increment financing (TIF) district and an order to demolish the remaining section of Midway Center. St. Paul recently has focused on using TIF to help pay for affordable housing.
Legislation Would Amend TIF Act in Pennsylvania
Under the current law, financing direct improvements of real property is permitted inside Tax Increment Financing (TIF) districts. The law does not provide a means to dedicate TIF proceeds to fund anti-displacement strategies both inside and outside the district. Gainey's proposed legislation would amend the TIF Act to extend TIF district authorization from 20 to 25 years and expand eligible use of funds to include anti-displacement activities inside and outside the district.
Delaware County, DE Saves Hundreds of Thousands on Bonds and Will Repave Streets
Delaware County taxpayers will save hundreds of thousands of dollars thanks to refinancing of bonds — and motorists will see newly repaved roads as a result. The Delaware County commissioners announced the savings and repaving, which was made possible by recent action taken by the Delaware County Redevelopment Commission. Officials said $529,000 will be saved by refinancing capital infrastructure bonds issued through the Morrison Road and Park One TIF districts.
St. Paul, MN City Council Approves Major $209M TIF Expansion
With the goal of jumpstarting major redevelopment, the city council voted 6-1 to allow redrawing, geographically expanding, and adding 10 years to a "tax increment financing" district approved last November for the Snelling-Midway "superblock." The $209.6 million district would span the area between St. Anthony Avenue and University Avenue, and Pascal Street and Snelling Avenue.
Downtown Colorado Springs, CO Sees Development Migrate to Its East; Catalyst Campus Plans Major Expansion
Started just six years ago, the Catalyst Campus for Technology and Innovation is bursting at the seams, triggering an ambitious expansion plan that will cost $68 million for infrastructure and overhaul a part of eastern Downtown. The Catalyst's districts would impose up to 50 mills on property tax bills to fund expansion and 10 mills for operations and administration. The proposal also calls for the authority to issue up to $90 million in bonds to finance the project.
Waco, TX Pledges $700K More for Development Replacing Oak Lodge Motor Inn
Waco City Council approved a Chapter 380 agreement with JKBM Holdings, amounting to sales tax rebates over 10 years. The $700,000 pledge, combined with a previously approved $1.3 million Tax Increment Financing grant from the city, gives JKBM a $2 million head start on the estimated $8.8 million project.
Natural Grocers Confirm TIF Agreement, Moves to Downtown Greeley, CO
The Lakewood-based natural-foods grocer will relocate the outlet downtown. The Greeley Downtown Development Authority approved tax increment financing for the project. The grocery store received approval to retain 100% of the TIF through 2033, less the DDA's 5-mill levy and the 1.5% treasurer's fee. The TIF amount is projected at $45,000 to $50,000 per year, up to $550,000 over the term of the TIF agreement.
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