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CDFA Tax Increment Finance Update - January 23, 2024

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Tax Increment Finance Update
January 23, 2024
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Tax Increment Finance Update

Features

Join CDFA for the Return of the Fundamentals of Economic Development Finance Course
Join CDFA as we kick off the new year with the return of the Fundamentals of Economic Development Finance Course on January 24-25, 2024! This course is the foundation for all of CDFA's educational offerings and will help attendees understand the variety of development finance tools available, including bonds, tax credits, tax increment financing (TIF), federal financing programs, RLFs, and access to capital lending resources.

Buffalo Grove, IL Approves TIF for $100M Suburban Chicago Development
Schriber's Shorewood Development Group snagged key financial support from Buffalo Grove. The village board approved a commitment of $11 million in tax increment financing (TIF) funding for the redevelopment of the former Rohrman auto dealership property on Dundee Road.

Waco, TX OKs Additional $900K in TIF for Downtown Hotel
Waco, TX approved another $900,000 in tax increment financing (TIF) to add conference space to the downtown Marriott AC Hotel. That amount is in addition to 17,000 square feet of previously planned conference space in the hotel, which has previously received commitments of $14.2 million in city and Tax Increment Financing Zone incentives.

CDFA is Hiring a New Vice President of Development Finance
The Council of Development Finance Agencies is now accepting applications for Vice President, Development Finance. This position leads CDFA's development finance practice and is responsible for ensuring CDFA delivers on its research projects, resource collection, educational offerings, partnerships, and content creation. Want to join the CDFA family in Columbus, Ohio? Email your cover letter, resume, salary request, and three professional references to jobs@cdfa.net.

Plano, TX City Council Designates Legacy Business Area as a Tax Reinvestment Zone
Plano City Council voted unanimously to designate the Legacy Business area as a tax increment reinvestment zone (TIRZ). City staff presented the possibility of establishing a TIRZ to encourage the redevelopment of now-vacant corporate buildings. The designation as a TIRZ will help spur Plano's reputation as a city for innovative medical research.

How Vermont Communities are Working to Turn Problem Properties into Profit With TIF
Municipalities across Vermont are facing a housing crisis, yet many properties could be utilized but haven't been. Now, some communities are working to turn problem properties into profit. The city of Rutland is looking into forming a tax increment financing (TIF) district.

Cleveland, OH Seeks Massive Tax Increment Plan for Downtown Waterfronts
Mayor Justin Bibb will introduce legislation seeking City Council approval for a massive tax increment financing (TIF) district, on a scale never before tried in Cleveland. The plan would implement a program under the TIF Act to create the 'Shore-to-Core-to-Shore TIF District' to create, capture, and leverage growth in Cleveland's Downtown and the near west side to benefit all Clevelanders.

Peoria, IL Distillery Business Planning Major Expansion Through New TIF District
One Peoria, IL business is already in line to benefit from a possible new tax increment financing (TIF) district the city is looking to create in 2024. Black Band Distillery, which currently operates out of a century-old building in the Warehouse District, is looking to expand its operations to a large vacant warehouse.

Upcoming Events
Fundamentals of Economic Development Finance WebCourse

CDFA Tribal Finance Webinar Series: Federal Funding for Tribal Communities
February 13, 2024 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Tribal Financing Webinar Series, speakers from federal agencies will discuss financing tools and programs available to tribal nations to promote community health, restore local economies, and protect our environment.

CDFA Food Systems Finance Webinar Series: Exploring Bonds as the Foundational Financing Tool
February 27, 2024 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Food Systems Finance Webinar Series, speakers will explore the potential for leveraging this foundational financing tool to cultivate resilient and thriving local and regional food systems.

Tax Increment Finance News

TIF Funding Assured for Next 30 Years for Triadelphia, WV Project
The Intelligencer | Jan. 20 | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Columbus, IN Seeks Bids for Riverfront Project in TIF District
The Republic | Jan. 20 | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Oklahoma City, OK Could be Getting a Downtown Grocery Store Thanks to TIF
KWTV-DT | Jan. 19 | Community Development | Food Systems Finance | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Broken Arrow, OK Council Approves New TIF District
City of Broken Arrow, OK | Jan. 18 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Cottage Grove, MN OKs Housing at ‘Gateway' to City With Help of TIF
Finance & Commerce | Jan. 18 | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Scottsbluff, NE Council Approves Uptown Redevelopment Project for TIF
Star-Herald | Jan. 17 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Austin, IN City Council Expands TIF District
The Crothersville Times | Jan. 17 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

By the Numbers: Five Graphs That Explain Evanston, IL's 2024 Budget
The Daily Northwestern | Jan. 14 | Economic Development | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Mitchell, SD Council to Consider Approving TIF
Yahoo! Finance | Jan. 14 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

New Dental Facility Gets Council Approval in Shawano, WI With TIF Assistance
Shawano Leader | Jan. 12 | Community Development | Redevelopment | Tax Increment Finance (TIF)

Gainesville, TX Council OKs New Tax Zone
Gainesville Daily Register | Jan. 5 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Covington, KY Seeking Contractors to Develop Streets, Sidewalks for TIF Funded Project
LINK nky | Jan. 5 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Committee OKs Tax Increment Funds for Project in Washington County, TN
Johnson City Press | Jan. 4 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Shaker Heights, OH City Council Extends TIF for Another 30 Years
Cleveland.com | Jan. 3 | Community Development | Housing Finance | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Proposed 1,750-foot Tower in Oklahoma City, OK Seeking TIF
Finance & Commerce | Jan. 2 | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Great Falls, MT Increases TIF Funding for Infrastructure
The Electric | Jan. 1 | Economic Development | Redevelopment | 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
info@cdfa.net

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