The development of a new type of food business in downtown Toulon has taken a big step forward with the City Council's approval of $127,500 from tax increment financing. That commitment, together with at least $20,000 from private investors and an anticipated $130,000 small business loan, should enable the purchase and renovation of a building for the combination restaurant-deli-fresh food mart.

Facing pressure from Chicago Mayor-elect Lori Lightfoot and an incoming class of adversarial aldermen, the City Council's Finance Committee postponed votes supporting $2 billion in tax increment financing (TIF) for the Lincoln Yards and The 78 megadevelopments. Lawmakers will have more time to review the TIF for the riverfront megadevelopments.

Downtown Grand Island is witnessing a surge in construction, renovation and investment not seen in many decades The value of downtown property has risen significantly due to the infusion of private investment and renewed interest in Grand Island's downtown as a desired location. Tax increment financing (TIF) has also played a pivotal role in seeding developer investment.

The new development includes 194 market rate-apartments and first-floor commercial, retail and restaurant space, and a park. The city plans to add $500,000 to the project from TIF and turnback taxes. The J.A. Woollam Foundation is pledging $1 million to the Lincoln Parks Foundation as lead donors in support of the new park.

The Missouri Senate has passed and sent the House a bill that would prohibit using tax increment financing plans in flood plains. The new law wouldn't be retroactive, so if passed, it wouldn't impact existing TIFs. However, it does include language that limits an amendment to an existing TIF. Even if the bill becomes law, it won't stop all development in flood plains.

Developers looking to rehab an old hospital and turn it into a boutique hotel could lose their $2.5 million tax increment financing incentive on the City Manager's recommendation. In response, the developer will file a federal lawsuit against the DeKalb, IL City Manager.

The Great Falls City Commission voted unanimously to spend $470,000 in tax increment district funds for improvements at two downtown parking garages, which are in tough shape and vital to a strong downtown. Surveillance cameras and new lighting will be installed. Replacing sealants and joint systems is also planned along with water-proofing work.

The Department of the Treasury just released its second round of proposed regulations on Opportunity Zones. These rules are designed to make compliance easier for opportunity fund investors.

CDFA // BNY Mellon Development Finance Webcast Series: Strategies to Support Your Local Venture Capital Ecosystem
Tuesday, May 14, 2019 - 1:00 PM Eastern

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The Department of the Treasury just released its second round of proposed regulations on Opportunity Zones.

The Hatchery Chicago is a non-profit food business incubator that enables local entrepreneurs to build and grow successful businesses. Accion, the area's largest microlender, and ICNC, which runs one of the largest business incubators in the country, are the joint venture partners and building owners. The City of Chicago and its affiliates provided a portion of the land, grants, tax increment financing, and new markets tax credits to help reduce the debt the project must carry.

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