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CDFA Tax Increment Finance Update - December 26, 2023

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Tax Increment Finance Update
December 26, 2023
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Tax Increment Finance Update

Features

Join CDFA for the Return of the Fundamentals of Economic Development Finance Course
Join CDFA as we kick off the new year with the return of the Fundamentals of Economic Development Finance Course on January 24-25, 2024! This course is the foundation for all of CDFA's educational offerings and will help attendees understand the variety of development finance tools available including bonds, tax credits, tax increment financing (TIF), federal financing programs, RLFs, Opportunity Zones, and access to capital lending resources.

CDFA is Hiring a New Vice President of Development Finance
The Council of Development Finance Agencies is now accepting applications for Vice President, Development Finance. This position leads CDFA's development finance practice and is responsible for ensuring CDFA delivers on its research projects, resource collection, educational offerings, partnerships, and content creation. Want to join the CDFA family in Columbus, Ohio? Email your cover letter, resume, salary request, and three professional references to jobs@cdfa.net.

Beaumont, TX's 'State Of The City' Address Unveils Vision For Downtown TIRZ
The City of Beaumont, Texas is investing more than $11 million to fund the Riverfront Park, the downtown plan, hotel feasibility study, and the purchase and demolition of the former AT&T building located at 555 Main Street. The city council approved Tax Increment Reinvestment Zones (TIRZ) which secures funding for the new additions.

Baltimore, MD to Unveil $3B Plan for Vacant Houses, Including New TIF
Baltimore Mayor Brandon Scott will unveil an ambitious $3 billion plan to attack the city's thousands of vacant properties, promising to address a decades-old problem with funding from a newly created Tax Increment Financing Zone (TIFZ) and a yet-to-be-secured state investment.

Bettendorf, IA Considers $11M in TIF Bonds for Pedestrian Bridge
The city of Bettendorf is looking to push forward with a pedestrian bridge to connect development areas near the TBK Bank Sports Complex. The tax increment financing (TIF) in the urban renewal area is estimated to pay for about 75% of the bonds the city would take out for the pedestrian bridge. The remainder would be paid for by the city's debt service levy.

Louisville, KY One Park Plaza TIF Moves Forward for Metro Council to Vote
A financing plan that would send most of the local tax revenue raised at the proposed One Park complex back to its developer over the next three decades is heading to Louisville's Metro Council for approval. The TIF would send 80% of local tax revenue raised at the complex back to Jefferson Development Group, the developer behind the project, over the next 30 years, with a cap of about $114 million.

Pierre, SD City Commission Approves TIF for Apartment Complex
The Pierre City Commission has approved a new tax increment financing (TIF) district to help fund a new 100-unit apartment complex in the city. City officials say the TIF gives Stencil Group, a Sioux Falls-based developer, about $762,000 in deferred property taxes to cover expenses for the project.

City Leaders Fund Childcare Center With TIF District in Madison, SD
Madison, SD, a city of over 6,000 residents, does not have any childcare centers and relies solely on in-home providers. Rollag partnered with the city of Madison to create a tax increment financing (TIF) district with four businesses in the Lakeview Industrial Park. The TIF was approved by Madison city commissioners.

Upcoming Events
Fundamentals of Economic Development Finance WebCourse

Intro Bond Finance WebCourse
March 4-5, 2024 - Daily: 12:00-5:00 PM Eastern
The Intro Bond Finance Course provides an in-depth look at governmental and qualified private activity bonds, with a focus on industrial development bonds (IDBs), 501(c)(3) non-profit bonds, exempt facility bonds, and other special bond programs authorized by the federal government.

2023 CDFA Federal Policy Conference
April 11-12, 2023 - Washington, DC
This conference will discuss the major investments made through recent federal legislation and the development finance challenges that state and local governments continue to face. Panels will feature development finance leaders from the Biden administration, federal agencies, congressional offices, and policy organizations. This two-day, information-packed conference is the most important federal event of the year.

Tax Increment Finance News

Tax Allocation District Planned for Southwest Dekalb County, GA
The Champion Newspaper | Dec. 22 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Financing Tools for Downtown Revitalization
Municipal Research and Services Center | Dec. 20 | Rural Development | Tax Credits | Tax Increment Finance (TIF)

Traverse City, MI DDA Moving Forward on New TIF Plan
Traverse Ticker | Dec. 18 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

City Council to Consider Proposed Great Brook Valley TIF Area in Worchester, MA
Telegram & Gazette | Dec. 16 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Painesville, OH Grand River Walk Development Approved for $6M in Financing
The News-Herald | Dec. 15 | Bond Finance | Economic Development | Redevelopment | Tax Increment Finance (TIF)

North Canton, OH Still Working on Hoover District Tax Agreement
Canton Repository | Dec. 12 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Monroe County, IN Gives First OK for High-Tech Tax Break
B Square Bulletin | Dec. 6 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Brief Introduction to Tax Increment Financing
JD Supra | Dec. 5 | Education | Redevelopment | Tax Increment Finance (TIF)

Share of Chicago, IL Property Tax Revenues Claimed by TIF Funds Grew in 2022
WTTW | Dec. 5 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Trademark Scores Financing for Fort Worth, TX Multifamily Project
The Real Deal | Dec. 4 | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

City of Beaumont, TX to Consider a Tax Increment Reinvestment Zone
Beaumont Enterprise | Dec. 3 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Indianapolis, IN Moves Towards Purchase of the Broad Ripple Park Family Center
WFYI | Dec. 1 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Plano, TX City Council to Consider Tax Reinvestment Zone for Legacy Business Area
Plano Star Courier | Nov. 30 | Economic Development | 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
info@cdfa.net

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CDFA National Sponsors

  • Alliant Insurance Services, Inc.
  • BNY Mellon
  • Bricker Graydon LLP
  • Business Oregon
  • CohnReznick
  • Frost Brown Todd LLP
  • Grow America | Formerly NDC
  • Hawes Hill and Associates LLP
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • Raza Development Fund
  • SB Friedman Development Advisors
  • Stifel Nicolaus
  • The Bond Buyer
  • U.S. Bank
  • Wells Fargo Securities
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