The Michigan Strategic Fund approved a brownfield redevelopment plan that will capture $92.8 million worth of local and state taxes over 30 years and divert them to the automaker to help support its Mack Engine Plant expansion, a $1.7 billion project that is expected to create about 3,850 full-time jobs in the city.

Cook County tax increment financing districts will bring in a record $1.2 billion for the 2018 tax year. A reassessment contributed to a 12.5% bump in the equalized assessed value of Chicago properties. The reassessment is largely the reason the city's 138 TIF districts generated about $841 million in tax revenue, an $181 million increase from last year.

The fee would allow hotels in the Virgin Islands to add 7.5 percent to their hotel occupancy tax, and to utilize three different tiers according to the developmental phase of the project. Developers would be able to use the money as leverage in order to receive financing or as leverage to recoup some of their original investment.

The Newport city commission is set to approve roughly $45 million in bonds to support the Ovation project, its new music venue, and parking garage. Corporex fronted $30 million to start the project and expects to recoup that investment via the proceeds from the tax increment finance district created to spur the development originally a decade ago.

The $20 million financing package will fund construction as well as the acquisition of equipment. Funding for the project includes the city of Little Falls utilizing its revolving loan fund and a Tax Increment Financing (TIF) package. The expansion into Little Falls is expected to add 60 to 100 new jobs.

The South Shore Double Track Project has a price tag of around $300 million and would shorten the South Bend-to-Chicago commute by 30 minutes. The state of Indiana and federal grants are covering a chunk of the cost and the St. Joseph County Redevelopment Commission has also approved the issuance of TIF bonds to support the project.

The Pensacola City Council voted to refinance $40 million in old debt, as well as to borrow an additional $17.7 million to fund new projects in the city's urban core. The new $17.7 million the city borrows will be paid back using tax increment financing drawn from within that CRA district.

Three major developments promising more than half a billion dollars in development around downtown with approved incentive agreements from the city. A $210M expansion of the Arena District, the $192M North Market mixed-use tower, and the $120M expansion of the gravity project in Franklinton.

CDFA // BNY Mellon Development Finance Webcast Series: Fill In The Gaps with New Markets Tax Credits
Tuesday, September 17, 2019 - 1:00 PM Eastern

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