CDFA Tax Increment Finance Update - October 24, 2017

Tax Increment Finance Update
October 24, 2017

Features

Wisconsin Supreme Court to Hear Major Case on TIF Districts

The Wisconsin Supreme Court has agreed to hear a case raising constitutional questions about tax incremental finance districts, a case filed more than two years ago by the Wisconsin Institute for Law & Liberty on behalf of a group of Eau Claire taxpayers.

Rosemont Illinois Plans To Extend, Expand TIF Districts

the new TIF would consist of the six-acre Rosemont Theater site, bordered by Balmoral, River Road, Technology Boulevard and Fashion Outlets Way. Village staff said the TIF could include a budget up to $63 million.

$261M Project Will Transform STL Skyline

$105 million in bonds issued by the St. Louis IDA and underwritten by Stifel join a complex financing package that will spur a $261 million downtown St. Louis project. The project will support the construction of a new hotel, apartment building, and retail space.

Plans for 15-Story Exchange Building in Downtown Kalamazoo Moves Ahead

The project is being supported by a $6.4 million Michigan Community Revitalization Program loan and an agreement by the Michigan Strategic Fund Board to allow the project to capture $7.7 million in local and school taxes. Kalamazoo's Downtown Development Authority is also contributing TIF funding of $1.3 million and Downtown Kalamazoo Inc. is providing a grant of $150,000.

City Ponders Uptown Theater Rehab in Racine, WI

The plan also proposes that $10 million to be allocated in 2021 for property purchase and construction costs. The city would use $5 million of a tax increment financing district bond and $5 million from private development to fund the project.

Financing Approved Plan for East Side Sports Complex in El Paso, TX

The cost of the park will be around $21M. $10M from the 2012 quality of life bonds will help pay for the park but the city approved the use of PID and TIRZ to cover the remaining gap.

TIF in Cape Girardeau, MO has Sparked Major Redevelopment

Two projects have been approved for TIFs since April 2016, which has spurred $25.6 million in private investment in Cape Girardeau.

Cedar Rapids Logistics Company Proposes $30M Warehouse and Distribution Space

Cedar Rapids City Council members will consider granting conditional approval of $2.3 million in tax breaks for the project over 10 years under the city's high quality jobs exemption of its economic development program.

$60M Strip Mall in Chicago Needs A New TIF District

A proposed $60 million strip mall, dubbed "Edens Collection," would bring retailers and restaurants to a nine-acre abandoned factory site in North Mayfair. But that plan depends in part on an unspecified amount of funding to come from the creation of a new TIF district,

Savage, MN Approves TIF for Oil Site

The Savage City Council has approved the establishment of the tax-increment financing district to redevelop the former Valley Oil site for light industrial businesses. Over the life of the 25-year tax-increment financing district, the city will recoup about $890,000.

Greeley, CO Pushes TIF, PABs to Spur Development

Greeley, CO officials have put together a broad-ranging financial incentive plan to spur more downtown development. The incentives include DDA tax increment funds, a downtown redevelopment fund, tax credits, and private activity bonds for affordable housing.

Upcoming Events

CDFA National Development Finance Summit

Brownfields In-Person Project Marketplace
November, 16, 2017 - Atlanta, GA

CDFA is bringing a unique technical assistance opportunity to Georgia in conjunction with this year's National Development Fianace Summit. During the Project Marketplace, communities will be presenting their current redevelopment projects to our audience and advisors in exchange for financing recommendations specific to their projects. Summit attendees are encouraged to listen to the community presentations and engage in constructive discussions and networking. Participating communities are eligible to receive free registration for the Summit.

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