CDFA Tax Increment Finance Update - April 23, 2019
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Features |
$127K TIF Funds Allocated for Toulon, IL Restaurant, Deli, and Fresh Food Mart
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.
Chicago, IL City Hall Delays Controversial TIF Votes for Lincoln Yards Megaproject
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, NE Development Surging Thanks to Revitalization Efforts
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.
P3 and TIF to Fund 10-Acre Lincoln, NE Development
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.
MO Senate Passes Law Banning TIFs in Flood Plains
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.
Hotel Could Lose $2.5M in TIF Funds as Developer Threatens Lawsuit Against City Manager
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.
TIF to Fund Major Downtown Improvements in Great Falls, MT
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.
Treasury Releases Second Tranche of Proposed Regulations for Opportunity Zones
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.
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Upcoming Events |
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Tax Increment Finance News |
Chicago, IL Neighborhood Could Get New Public Plaza Thanks to $1.5M TIF
Block Club Chicago | Apr. 22 | Access to Capital | Tax Increment Finance (TIF) | Urban Development
Hotel Seeks TIF to Help Fill $6M Financing Gap
Post Bulletin | Apr. 20 | Access to Capital | Community Development | Tax Increment Finance (TIF)
Historic Rehab Proposed for Apartments in Downtown Des Moines, IA
Business Record | Apr. 20 | Historic Preservation | Housing Finance | Tax Increment Finance (TIF)
Redevelopment Agency Approves TIF Funding for Missoula, MT Townhome Project
Missoula Current | Apr. 19 | Access to Capital | Housing Finance | Tax Increment Finance (TIF)
TIF Deal in Works With Mentor, OH to Fund Improvements at Project Site
News Herald | Apr. 19 | Access to Capital | Community Development | Tax Increment Finance (TIF)
Pocatello, ID to Discuss Potential TIF for Urban Project
Local News 8 | Apr. 17 | Tax Increment Finance (TIF) | Urban Development
Owensboro, KY Set to Receive First Reimbursement from State for TIF Districts
Owensboro Times | Apr. 17 | State Finance Program | Tax Increment Finance (TIF)
Austin, TX Conducts Study on Financing Infrastructure in South Shore District
Austin Monitor | Apr. 16 | Bond Finance | Economic Development | Infrastructure Finance | Tax Increment Finance (TIF) | Urban Development
Manufacturer Seeks Creation of TIF to Help Fund Facility Expansion
The Eagle-Tribune | Apr. 11 | Access to Capital | Tax Increment Finance (TIF)
Can Hoboken, NJ Rejuvenate Its Business Community with a SID?
NJ.com | Apr. 9 | Economic Development | Public-Private Partnership (P3) Financing | Special Assessment Districts | Tax Increment Finance (TIF)
North Yarmouth, ME Approves First TIF District in $3.2M Budget
The Forecaster | Apr. 8 | Rural Development | Tax Increment Finance (TIF)
Bluffton, IN Provides TIF for Industrial Development
Fort Wayne Business Weekly | Apr. 5 | Access to Capital | Economic Development | Tax Increment Finance (TIF)
Tuscon, AZ Affordable Housing Capital Stack Filled by Bonds, TIF, Tax Credits
Arizona Business Daily | Apr. 5 | Bond Finance | Housing Finance | Tax Credits | Tax Increment Finance (TIF)
Flint, MI Grocery Project Would be Financed through CDBG, NMTCs, and TIF
MLive | Mar. 27 | Brownfield Financing | Food Systems Finance | Tax Credits | Tax Increment Finance (TIF) | U.S. Dept. of Housing & Urban Development (HUD) | Housing Finance
Waterford, MI Brownfield Approved for $12.9M Tax Increment Financing
MI Headlines | Mar. 26 | Brownfield Financing | Tax Increment Finance (TIF)
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Highlights from the Online Resource Database |
Treasury Releases Round Two of Proposed Regulations for Opportunity Zones
Federal | Opportunity Zones | U.S. Dept. of Treasury
The Department of the Treasury just released its second round of proposed regulations on Opportunity Zones.
The Hatchery Chicago Fact Sheet
Community Development | Economic Development | Food Systems Finance | Tax Credits | Tax Increment Finance (TIF)
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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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.
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Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300
info@cdfa.net
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