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CDFA Tax Increment Finance Update - September 22, 2020

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Tax Increment Finance Update
September 22, 2020
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Tax Increment Finance Update


Indianapolis Councilors Unanimously Vote for Indiana Convention Center Expansion
The Indianapolis City-County Council offered unanimous bipartisan support to approve up to $155 million in bonds for the expansion of the Indiana Convention Center, bringing the city one step closer to a transformation of the Pan Am Plaza downtown.

Williams International Expands Manufacturing Plant in Ogden, UT
As an incentive, Williams Internationals may earn up to 20% 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.

Whitefish, MT Tax Increment District Funded Major Projects
For more than three decades, Whitefish's tax increment finance district has been the mechanism for funding major infrastructure and civic projects in the city aimed at eliminating blight while also stimulating the economy.

Terre Haute Regional Airport Trims Proposed 2021 Budget
In a report on the airport's tax increment finance district, the airport expects to receive $84,067 from the district this year, as revenues are down due to a tax appeal paid to Michigan-based Mejier, which filed an appeal of its initial 2015 assessment, winning a tax appeal through 2018.

West Dallas, TX Complex Would Include Affordable Apartments for the Elderly
The developers are seeking as much as $7.68 million in tax increment finance district funding from the city, according to filings with the Dallas Economic Development Committee. To qualify for the funding, the builder would have to provide 80% of the units for elderly households earning 30%, 50%, and 60% of the area's median income.

Sun Prairie, WI City Council Approves TIF 14 Plan
The Sun Prairie City Council on gave final approval for the city's 14th tax increment finance district. The plan for TIF District 14 includes expenditures of $5.8 million, including $3 million for public infrastructure, $1.96 million for development incentives, $772,000 in debt service, and $62,500 in for administrative, planning, and legal expenses.

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.

Upcoming Events
Intro Infrastructure Finance WebCourse

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.

CDFA // BNY Mellon Development Finance Webcast Series: Manufacturing Bonds for Disaster Response
Tuesday, October 20, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will look at how IDBs act as a resilient economic driver by financing the manufacturing facilities that stabilize local economies during crises.

Tax Increment Finance News

Warsaw, IN Plan Commission OKs TIF Plan Amendment Resolution
Times Union Online | Sep. 14 | Tax Increment Finance (TIF)

Bell Tower Restoration Recommended
Sun Prairie Star | Sep. 13 | Tax Increment Finance (TIF)

TIF District Considered as ‘Fix' for Downtown Oakland, ME
Central Maine | Sep. 10 | Tax Increment Finance (TIF)

Woodstock, IL City Council Approves $100K Contract For Proposed Bike Path Connections
Northwest Herald | Sep. 3 | Tax Increment Finance (TIF)

Congress Theater Developer Hit With $24M Foreclosure Lawsuit
Block Club Chicago | Sep. 1 | Tax Increment Finance (TIF)

New Co-op Grocery Opens in Downtown Kansas City, KS
Wyandotte Daily | Aug. 31 | Bond Finance | Food Systems Finance | Public-Private Partnership (P3) Financing | Revolving Loan Funds (RLFs) | Tax Credits | Tax Increment Finance (TIF) | Case Studies

Spending TIF Funds to Fix Metropolitan Building
Great Falls Tribune | Aug. 31 | Tax Increment Finance (TIF)

Massillon Council Oks $1.25M for Duncan Plaza Upgrades
Canton Rep | Aug. 31 | Tax Increment Finance (TIF)

Hymera, IN Council Establishes Redevelopment Commission, TIF District
Sullivan Times | Aug. 31 | Tax Increment Finance (TIF)

Organized Effort to Put $87M Urban Renewal Plan on Ballot
Lincoln City Homepage | Aug. 31 | Tax Increment Finance (TIF)

What's Next For Norman Forward
The Norman Transcript | Aug. 29 | Tax Increment Finance (TIF)

New York City Regional Center-Managed Entity Receives Third New Market Tax Credit Award for Community Investment Projects
ForexTV | Aug. 27 | Access to Capital | Community Development | Tax Increment Finance (TIF) | Community Development Financial Institutions (CDFIs) | Federal New Markets Tax Credits (NMTCs)

Deerfield, WI Commission Rejects Proposed TIF District Extension
News & Independent | Aug. 26 | Tax Increment Finance (TIF)

Wilton, ME Town Meeting Scheduled
Daily Bulldog | Aug. 26 | Tax Increment Finance (TIF)

Indianapolis, IN to Pump $750K Into Downtown Cameras, Safety Efforts
IndyStar | Aug. 25 | Tax Increment Finance (TIF)

Waystar to Open Operations Center in Utah
Area Development | Aug. 25 | 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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