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CDFA Tax Increment Finance Update - July 27, 2021

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Tax Increment Finance Update
July 27, 2021
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Tax Increment Finance Update

Features

Attend the CDFA Intro Housing Finance Course
The Intro Housing Finance WebCourse will begin with an introduction to the complex world of housing including introducing terminology and landscape of the housing space in community development. During this course, speakers will walk through the multitude of diverse capital sources layered into housing deals based on the type of housing being developed. Attendees will delve into innovative case studies from across the United States.

Wisconsin TIF - 2020 in Review
Baker Tilly is sharing their inaugural Wisconsin TIF Data Book. This report summarizes key metrics, trends and insights on Tax Increment Financing (TIF) in this state. TIF is the most powerful economic development financial tool for Wisconsin municipalities. Since 1975, Wisconsin communities have used TIF to eliminate blight, revitalize neighborhoods, generate new tax bases, and create jobs.

Council Gives $17.5M in TIF Financing for Proposed Warhorse Casino in Omaha, NE
A new $220 million casino planned in south-central Omaha was given a tax break by the Omaha City Council. The proposed major renovation is planned at 63th and Q, turning Horsemen's Park into the WarHorse casino. While TIF funds are used often and usually granted with little pushback, this was different because Nebraska just recently legalized gambling and a casino that has never been TIF financed.

Ohio H.B. 110 (Budget) Bill Highlights: New TIF Law Changes
Ohio's recently enacted budget bill – has changed the definition of "Public Infrastructure Improvement" in R.C, 5709.40(A) to add language which will now permit off-street parking facilities to be financed with PILOTs, including those off-street parking facilities in which all or a portion of the parking spaces are reserved, when such reserved use is determined to be necessary for economic development purposes.

Rural Economic Development Tax Increment Finance Helps Expand a Utah Business
The Utah Governor's Office of Economic Opportunity announced that Barnes Bullets, LLC will expand its Utah headquarters, adding up to 116 new high-paying Utah jobs in the next eight years. Barnes may earn up to 50 percent of the new state taxes it will pay over the five-year life of the agreement in the form of a Utah Legislature-authorized Rural Economic Development Tax Increment Finance (REDTIF) tax credit.

Deadwood, SD Approves $10.5M TIF for ‘the Ridge' Development
The Deadwood City Commission approved a Memorandum of Understanding with TRD, LLC for the Preacher Smith Property regarding a proposed annual appropriation Tax Increment Financing (TIF) of $10.5 million. The estimated project cost is more than $13.9 million, with an estimated $10.5 million of those TIF-eligible costs.

Metro Government Budget Commits $10M to TIF District in West Louisville, KY
Mayor Greg Fischer allotted $10 million in his budget, which was approved by Metro Council towards the TIF district. Another $10 million in private funding will now need to be raised before the state contributes its promised $10 million. The state legislature created the new taxing district to cover nine west Louisville neighborhoods.

City of Tulsa, OK Approves $16M Tax Increment Finance District
The Tulsa City Council has approved $16 million to develop land near East 36th Street North and MLK Jr. Boulevard which will use TIF financing. The money will be used to create a multi-use building that includes residential units, a hotel, and retail space.

Madison, WI TIF District Closure Will Deliver $30M Windfall
One of Madison, WI's most potent development tools ever, which helped change downtown's look and image by supporting marquee and modest projects, is leaving a projected $30 million surplus plus $4.9 million for low-cost housing as the city moves to put it to rest.

Commission Approves Changes to Rural Housing Incentive District in Hays, KS
The Rural Housing Incentive District (RHID) section was added to the city of Hays' economic development policy in 2013. It's been utilized just once. An RHID captures the incremental increase in real property taxes created by a housing development project for up to 25 years, allowing the developer to recoup the cost of infrastructure development.

Upcoming Events
CDFA Virtual Summer School

Intro Tax Credit Finance WebCourse
September 29-30, 2021 - Daily: 12:00 - 5:00 PM Eastern
The Intro Tax Credit Finance WebCourse examines the application of tax credit programs in greater economic development finance efforts. This course discusses the practical application of tax credit programs including brownfields, new markets, low-income housing, historic preservation, and state-specific programs.

CDFA-Bricker PACE Webinar Series: Best Practices for Marketing & Selling PACE Across All Market Sectors
Tuesday, September 29, 2021 - 2:00 PM - 4:00 PM Eastern
Now that the PACE marketplace has been "built", how does it become mainstream so that all property owners know about PACE? This workshop will explore proven methods for marketing and selling PACE to contractors, economic development agencies, commercial real estate professionals, and ultimately the property owner.

Tax Increment Finance News

Prospect Heights, IL City Council Approves Final Resolutions for TIF District
Journal & Topics | Jul. 19 | Housing Finance | Infrastructure Finance | Tax Increment Finance (TIF)

Bedford, IN TIF District Generates Approximately $2.2M for Redevelopment Commission
WBIW | Jul. 13 | Bond Finance | Economic Development | Redevelopment | Tax Increment Finance (TIF)

TIF Funding Approved for Toyota Indiana YMCA in Gibson County, IN
WFIE | Jul. 13 | Redevelopment | Tax Increment Finance (TIF)

Indianapolis, IN Council Approves TIF Funding for Elanco HQ
WISH-TV | Jul. 13 | Bond Finance | Redevelopment | Tax Increment Finance (TIF) | Urban Development

A New Year, A New TIF for Delayed Sioux Falls, SD Project
KELO | Jul. 12 | Economic Development | Tax Increment Finance (TIF)

American Packaging Corporation Adding New Plant and Jobs in Cedar City, UT
Utah Business | Jul. 8 | Economic Development | Food Systems Finance | Incentives | Tax Increment Finance (TIF)

Rockford, IL City Council Amends Amerock Hotel TIF to Include Water Power Lofts
WIFR-LD | Jul. 7 | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Great Falls, MT Approves New Downtown Urban Renewal District Tax Increment Financing Programs
Great Falls Tribune | Jul. 7 | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Elk Grove Village, IL TIF to Fund Redevelopment of Newly Annexed Motel and Former Nightclub Site
Daily Herald | Jul. 6 | Redevelopment | Tax Increment Finance (TIF)

Commission Approves TIF Financial Agreement for University Heights Project in Jasper, IN
Dubois County Free Press | Jul. 6 | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Pekin Council Passes Budget Amendment, Tax Increment Financing Agreements With Businesses
Pekin Daily Times | Jun. 30 | Access to Capital | Economic Development | Tax Increment Finance (TIF)

TIF Approved for Park Improvements Across Chicago, IL
City of Chicago | Jun. 30 | Access to Capital | Community Development | Redevelopment | Tax Increment Finance (TIF)

Delphi, IN Redevelopment Commission Votes to Pursue Residential TIF
Carroll County Comet | Jun. 30 | Access to Capital | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Nearly $9M in TIF Money Approved to Help Restore Garfield Park in Chicago, IL
WTTW | Jun. 28 | Access to Capital | Community Development | Green Finance | Redevelopment | Tax Increment Finance (TIF) | Urban Development

Columbia, IL TIF Success
Republic Times | Jun. 23 | Access to Capital | Community Development | Economic Development | Education | Infrastructure Finance | Tax Increment Finance (TIF)

TIF Finances Could Help Businesses Make Bigger Impact in Stillwater, OK
Stillwater News Press | Jun. 23 | Access to Capital | Economic Development | Tax Increment Finance (TIF)

City Foundry TIF Advances After Developer Pledges $1.8M to Affordable Housing
St. Louis Post-Dispatch | Jun. 23 | Access to Capital | Economic Development | Housing Finance | Tax Increment Finance (TIF)


Highlights from the Online Resource Database

Wisconsin TIF - 2020 in Review
Access to Capital | Community Development | Disaster Recovery & Relief | Economic Development | Tax Increment Finance (TIF)
Baker Tilly is sharing their inaugural Wisconsin TIF Data Book. This report summarizes key metrics, trends and insights on Tax Increment Financing (TIF) in this state. TIF is the most powerful economic development financial tool for Wisconsin municipalities. Since 1975, Wisconsin communities have used TIF to eliminate blight, revitalize neighborhoods, generate new tax bases, and create jobs.


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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