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CDFA Tax Increment Finance Update - September 27, 2022

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Tax Increment Finance Update
September 27, 2022
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Tax Increment Finance Update


Learn How to Catalyze Redevelopment Projects on November 3 in Denver, CO!
Join us at the CDFA National Development Finance Summit, Presented by CHFA, in Denver, CO on Thursday, November 3 for a session on TIF and special assessments and the ways they are catalyzing redevelopment projects. Experts will dive into how TIF has been used by communities throughout the country to channel funding toward improvements in areas where development would not otherwise occur.

Five Massachusetts Economic Development Programs Gain Approval
Five economic development projects, many of which have utlized tax increment financing, have been greenlighted in Massachusetts. The Massachusetts' Economic Assistance Council approved projects that are anticipated to create 373 new jobs and retain another 1,401 across the state while pulling in an estimated $300 million in private investments.

Bonneville, MO City Council Moves Forward with New TIF District
The Bonne Terre City Council gave the green light to proceed with forming a TIF district to revamp the mostly-vacant, 50-year-old Bonneville Plaza strip mall, and heard about various infrastructural initiatives and grant applications that would benefit the city. A Community Development Block Grant project is paying for a number of paving projects around town.

Two Developers Greenlit for Mixed-Use Project in Lincoln Square in Chicago, IL
Two developers got good news this week when Chicago's Community Development Commission approved the sale of city-owned land in Lincoln Square to make way for a mixed-use building. The land will become the property of two developers — The Community Builders Inc. and The Boar Company, Urbanize Chicago reported. An $8 million in tax increment financing was also granted for the project.

City Leaders Need to Invest in Anti-Displacement, Transportation, Housing
A recent National League of Cities report on how entrepreneurial city leaders can shape the future of work cites Federal Reserve data which finds that 53% of employees work remotely or could do their work remotely if employers allowed them to and where 89% of workers cited commuting as the largest reason why remote work was preferable.

EIFD Meets RDA: Meet CA's New TIF!
The City of La Verne successfully closed a privately placed lease financing that provides the first financing to an EIFD. Kosmont Financial Services served as Municipal Advisor to the City. Kosmont Companies Special Districts Group assisted the City with EIFD formation and negotiation of County partnership. The La Verne EIFD is using TIF to pay for the cost of installing various public improvements.

Atlanta, GA Beltline Chooses Route for Final Segment of Northwest Trail
Atlanta BeltLine, Inc. and PATH Foundation have selected a route for the final segment of the Northwest Trail. This will be funded primarily through the BeltLine Tax Allocation District (TAD), philanthropic contributions including $30 million recently announced by The James M. Cox Foundation, and Special Service District bond proceeds.

‘Transformational' $115M Mixed-Use Development Coming to Bellevue, OH Riverfront
A massive, multi-million dollar riverfront development featuring new residential, hotel, office and retail space is coming to Bellevue. The project includes about $115 million in private improvements and $17.5 million in infrastructure improvements. Tax increment financing and industrial revenue bonds will be used to help fund the project.

Upcoming Events
CDFA National Development Finance Summit

CDFA Infrastructure Finance Learning Series: Reviewing the Guidance
Tuesday, October 4, 2022 - 1:00 PM - 4:00 PM Eastern
Experts will provide a detailed review of the released guidance on the Infrastructure Investment and Jobs Act. Presentations will cover the steps to apply, provide an overall timeline for when communities can expect to access funding, and discuss using IIJA funds in coordination with local funding through bond finance, tax credits, tax increment financing, and other development finance approaches.

CDFA Food Systems Finance Webinar Series: Don't Throw Away Opportunity! Creative Financing for Addressing Food-Related Waste
Tuesday, October 11, 2022 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Food Systems Finance Webinar Series, we will explore how innovative partnerships are leveraging creative financing approaches to reduce food-related waste along the supply chain.

Tax Increment Finance News

Warren, MI TIF Authority Seeks Citizen Input on Van Dyke Corridor
Macomb Daily | Sep. 26 | Community Development | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Brewery Coming to Downtown Yorkville, IL
Shaw Local News Network | Sep. 25 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Augusta, ME Officials Sign Off on New Western Avenue Housing Development
Spectrum Local News | Sep. 22 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Chicago, IL Looks to Spark Loop Housing Wave with TIF Money
Crain's Chicago Business | Sep. 21 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Board Recommends $48M Bond for Second Phase of the Bay Project in Sarasota, FL
Your Observer | Sep. 20 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Burlington, VT City Council Approves TIF for Former Typewriter Shop
The Hawk Eye | Sep. 20 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Broadview Heights, OH Expected to Approve TIF for 54 Acres
Cleveland.com | Sep. 20 | Economic Development | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

A $5.3M Restaurant Hub Will Open in Chicago, IL Next Year
Block Club Chicago | Sep. 19 | Access to Capital | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Residential, Commercial Projects Seek Development Dollars in Oklahoma City, OK
The Journal Record | Sep. 19 | Access to Capital | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Fox Lake, IL Looks to Spruce up Route 12 ‘Northern Gateway' with TIF
Chicago Tribune | Sep. 15 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

St. Louis, MO Commission Endorses Tax Breaks for Cortex Tech District
St. Louis Today | Sep. 14 | Economic Development | Redevelopment | Tax Increment Finance (TIF) | Urban Development

Thalhimer-Led Team is City's Pick for Diamond District Project in Richmond, VA
Richmond BizSense | Sep. 13 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Bluffton, SC Approves Additional Funding for New Riverside Barn Park Project
Bluffton Today | Sep. 2 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Large TIF District Eyed for Westside Chattanooga, TN
The Chattanoogan | Aug. 30 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

MEDC Approves Funding Support for Multiple Projects in Detroit, MI
DBusiness Magazine | Aug. 24 | Access to Capital | Brownfield Financing | Redevelopment | State Finance Program | 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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