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CDFA Tax Increment Finance Update - August 27, 2019

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Tax Increment Finance Update
August 27, 2019
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Tax Increment Finance Update


Fiat Chrysler Gets Another $92.8M for Mack Avenue Plant Project
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, IL TIFs Generate $1.2B
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.

U.S. VI Bill Seeks to Expand Hotel Development Act
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.

Newport, KY Set to Approve $45M in Bonds for Ovation Project
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.

Ground Broken for $20M Manufacturing Facility in Little Falls, MN
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.

$300M South Bend, IN to Chicago, IL Rail Project Moves Forward
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.

Pensacola, FL Uses TIF for Downtown Improvements
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.

Columbus, OH Extending TIF and Assessments for Several Projects
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.

Upcoming Events
CDFA National Development Finance Summit

CDFA // BNY Mellon Development Finance Webcast Series: Fill In The Gaps with New Markets Tax Credits
Tuesday, September 17, 2019 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, learn from expert speakers as they discuss their plans for the recent allocation of New Markets Tax Credits, past projects, and best practices.

Tax Increment Finance News

PACE Distributes $70K for Building Renovations
The Dispatch.com | Aug. 26 | Special Assessment Districts | Tax Increment Finance (TIF)

Skokie, IL Developers Detail Plans $400M Downtown Project
Chicago Tribune | Aug. 21 | Tax Increment Finance (TIF)

$90M Mixed-Use Development Planned Next to Fort Knox Gate
WDRB | Aug. 20 | Tax Increment Finance (TIF)

Starkville, MS to Consider TIF for Retailer on Highway 12
The Dispatch | Aug. 17 | Tax Increment Finance (TIF)

Topeka, KS Partnership Proposes TIF District to Spur Downtown Revitalization
WIBW 13 | Aug. 15 | Opportunity Zones | Tax Increment Finance (TIF)

El Dorado Explores TIF Project
The Garden City Telegram | Aug. 15 | Bond Finance | Tax Increment Finance (TIF)

Waukesha, WI Plan Commission Backs New TIF
GM Today | Aug. 15 | Tax Increment Finance (TIF)

Kenosha, WI Seeks Approval for $2.5M TIF
Kenosha News | Aug. 8 | Infrastructure Finance | Tax Increment Finance (TIF)

TIF Used to Convert Streets in Cincinnati, OH
Cincinnati Business Courier | Aug. 8 | Tax Increment Finance (TIF)

Waterville MI Planning Board, City Council Move Lockwood Mills Project Forward
Central Maine | Aug. 7 | Brownfield Financing | Housing Finance | Tax Credits | Tax Increment Finance (TIF)

Former La-Z-Boy Site Land Transfer for Demolition
Monroe News | Aug. 7 | Bond Finance | Brownfield Financing | Tax Increment Finance (TIF)

Rockford, IL OKs Deal to Revamp Former Trekk Building
RRstar | Aug. 5 | Brownfield Financing | Tax Increment Finance (TIF)

Edgewood, D.C Uses TIF for Mixed-Use Development
Curbed | Aug. 1 | Tax Increment Finance (TIF)

East Chicago, IN Learning From TIF Failures
nwi.com | Jul. 28 | Tax Increment Finance (TIF)

Missoula, MT City Council May Use TIF for Hotel
Missoulian | Jul. 23 | 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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