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CDFA Tax Increment Finance Update - April 26, 2022

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Tax Increment Finance Update
April 26, 2022
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Tax Increment Finance Update


Rochester, MN City Council OKs Financial Help for Housing Project
The City Council approved public financing for the Manor Hills project that is planned to be built. It's described as a 72-unit workforce housing project. The city council approved nearly $860,000 in tax increment financing funds. The Minnesota Housing Agency has also awarded tax credits for the project, which had an initial estimated cost of nearly $21-million.

City and Austin, TX Housing Finance Authority Announce Available Funds
Austin Housing Finance Corporation (AHFC) would like to invite the development community to apply for financial assistance through our Rental Housing Development Assistance (RHDA) and Ownership Housing Development Assistance (OHDA) programs. AHFC will also provide access to the Homestead Preservation District Tax Increment Reinvestment Zone, the University Neighborhood Overlay district, and other Transit-Oriented Developments.

Vermont TIF Report: Program Increases Education Fund and Economic Opportunity
The Vermont League of Cities and Towns has released an independent analysis of Vermont's Tax Increment Financing (TIF) program that concluded that TIF helps Vermont meet its smart growth goals, promotes long-term planning, and contributes to net-growth in the Education Fund. The report comes as the Vermont Legislature considers expanding TIF to smaller, rural communities through "project-based TIF."

Wichita, KS Approves New Tax Incentives to Spur Development Around Ballpark
Wichita's City Council voted to approve the use of approximately $8.6 million in pay-as-you-go tax increment financing and about $900,000 in industrial revenue bonds to support private development just east of Riverfront Stadium. City officials say the TIF district will generate $23.8 million in tax revenue critical to paying down the debt service for the construction of the 2-year-old stadium.

Ketchum, ID Urban Renewal Agency Advances Plan for Downtown Housing Project
The Ketchum Urban Renewal Agency is developing a plan to enter a public-private partnership with a real estate developer to build on a set of parcels. The half-block, which covers roughly a half-acre immediately north of the Limelight Hotel, is currently being leased to the city government for use as a public parking lot. It uses TIF to fund a variety of improvement projects.

Blight Study Helps Improve Cheyenne, WY
As the city of Cheyenne grows, so does the need for development and renewal. Under state statute, a property that has experienced deterioration or neglect may be eligible for remediation for hazardous materials, re-development and tax increment financing. 3 areas in Cheyenne are considered "blight". With the URA and TIFF'S continued success, Cheyenne is set to be a bustling city of re-development and growth.

Aurora, IL Moving to Create TIF District as Incentive for $70M Apartment Development
The city of Aurora officially announced its intent to develop a tax increment financing district as an incentive for a $70 million apartment development on the east bank of the Fox River downtown. Called the East River Bend TIF District, it would be part of the 246-unit, $70 million DAC Developments. Parts of the proposed TIF district are within the city's existing TIF District Number One, and other parts are located within TIF District Number Six.

City Council Approves TIF to Support Redevelopment of Brownfield in East Providence, RI
The City Council approved a TIF supporting the $100M redevelopment of a long vacant brownfield and former industrial site into a new residential development that includes market rate and affordable housing units. The new development will also include public access to the Seekonk River and Omega Pond for the first time since the 1880's.

Upcoming Events
Advanced Tax Increment Finance WebCourse

CDFA-Bricker Webinar Series: Organizing PACE Programs
Tuesday, May 3, 2022 - 2:00 PM - 4:00 PM Eastern
In this session, PACE experts will provide an overview of the different PACE program models throughout the country and review the critical aspects of good program administration, along with how some Programs go "above and beyond."

Intro Housing Finance WebCourse
May 23-24, 2022 - Daily: 12:00 - 5:00 PM Eastern
The Intro Housing Finance WebCourse will explore how the development finance toolbox can be utilized to support a myriad of housing challenges and opportunities as well as how development finance agencies can become key partners in housing development in their community.

Tax Increment Finance News

Demolition Begins at Fayetteville, AR Hotel
Arkansas Online | Apr. 24 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Former Clara City, MN Junior High Building to Be Razed with Eye Toward Future Housing Development
West Central Tribune | Apr. 22 | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Missoula, MT City Releases New Tax Increment Tool to Break Down City's Finances
Montana Right Now | Apr. 22 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Cedarburg, WI Common Council OK's New TIF District
Greater Milwaukee Today | Apr. 21 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Sturgis, SD Annexes Area Along Avalanche Road for Development
Black Hills Pioneer | Apr. 21 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Charleston, IL City Council Approves $1M for Sister City Phase II Project
Daily Eastern News | Apr. 21 | Economic Development | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

How New Housing Developments Could Impact Schools in Springfield, OH
Springfield News Sun | Apr. 21 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Property at Former Inn to Be Remodeled, Clinic Expanding in Great Falls, MT
Great Falls Tribune | Apr. 20 | Economic Development | Member News | Redevelopment | Tax Increment Finance (TIF)

Developer Looks Back at Renovation of First National Center in Oklahoma City, OK
The Oklahoman | Apr. 19 | Redevelopment | Tax Increment Finance (TIF)

Plan Would Add 50 Duplexes in East Norfolk, NE
Norfolk Daily News | Apr. 19 | Economic Development | Housing Finance | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Development Incentives Headed to City Council in Independence, MO
The Examiner | Apr. 18 | Bond Finance | Community Development | Incentives | Tax Credits | Tax Increment Finance (TIF)

Legislation to Help Gibraltar Add Housing for Door County, WI Workers
WLUK-TV | Apr. 17 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Colona, IL to Move Forward with New TIF
The Quad-City Times | Apr. 14 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

New Workforce Housing Development Sees Great Progress in Spearfish, SD
NewsCenter1 | Apr. 14 | Community Development | Housing Finance | Rural Development | Tax Increment Finance (TIF)

Council Approves TIF Plan for Downtown Apartments in Marshall, MN
Marshall Independent | Apr. 13 | Economic Development | Infrastructure Finance | Tax Increment Finance (TIF)

Marysville, OH City Council Approves TIF for Plaza Development
Union County Daily Digital | Apr. 12 | 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


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