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CDFA Tax Increment Finance Update - May 26, 2020

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Tax Increment Finance Update
May 26, 2020
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Tax Increment Finance Update


Baraboo, WI Expands Business Loans to City Nonprofits
Guidelines of the nonprofit loan program align with the small-business plan, allowing applicants to borrow $5,000 at 0% interest through the end of the year. The city designated $250,000, split between a tax increment finance district fund and Economic Development Fund 986, to be used for the loans.

Sarasota, FL Plots COVID-19 Economic Assistance Program
As residents deal with the economic fallout of the COVID-19 pandemic, city leaders are considering spending $2.3 million to support small businesses affected by the disease. Of the $2.28 million total, $1.35 million would come from the city's economic development fund, $210,609 would come from downtown TIF funds, and $724,000 would come from Newtown TIF funds.

Commissioners Endorse $1.2M TIF Request
Gibson County Commissioners unanimously voted to allow a request by the City of Princeton for use of up to $1.2 million in tax increment finance revenue as local match in a grant application for a $4.2 million city water line replacement project to go to the Gibson County Redevelopment Commission.

Affordable Housing Complex Coming to Logan Square Blue Line Station
In total, the project is expected to cost about $40 million. In addition to tax exempt bonds and already-unlocked $10.1 in Tax Increment Finance (TIF) financing, the project is slated to get approximately $13 million in Chicago Housing Authority financing.

The Federal Reserve's Municipal Liquidity Facility: Providing Financial Relief but at What Cost
Proceeds may be used only to manage the cash-flow impact of income tax deferrals resulting from an extension of an income tax filing deadline, as well as to manage reductions in tax and other revenues and expenses related to the pandemic, and to pay principal and interest on obligations and use the proceeds to buy similar notes issued by "political subdivisions and instrumentalities of the relevant state, city, or county."

Joplin, MO Sees Slight Decline in Monthly Sales Tax Revenue
The mayor said that one thing the city has already done that will help city finances is paying off the Joplin Recovery Tax Increment Financing District, which had been diverting about $1.3 million a year in tax revenue from city coffers to a special tax fund to secure bonds, or loans, to pay for tornado recovery projects. That means tax proceeds will again be going to the city.

Hendersonville, TN Officials Announce TIF Payoff Ahead of Schedule
In a move that officials hailed as a "great success," a financing plan set in motion more than a decade ago paid off, years ahead of schedule. The TIF, tax increment financing, was a cooperative effort of the city of Hendersonville, the Hendersonville Industrial Development Board and Sumner County government.

Kansas City, KS Council Greenlights $25M for Northland Soccer Complex
Kansas City will chip in $25 million for a $43 million tournament-quality soccer complex in the Northland, a project advocates herald as bringing much-needed fields north of the river. The city will cover its costs by extending expiring Northland tax increment financing projects and redirecting the capital improvement and parks sales tax dollars to the soccer complex.

Upcoming Events
Intro Opportunity Zones Finance WebCourse

CDFA-PFM Capital Markets Webinar Series: Impacts of COVID-19 on the Bond Market
Thursday, June 4, 2020 - 3:00 - 4:30 PM Eastern
During the first installment of the CDFA-PFM Capital Markets Webinar Series, we will focus on the market impacts of COVID-19 thus far and what we can expect going forward.

CDFA-Bricker PACE Webinar Series: PACE Program Efficiency - Managing An Effective PACE Program
Tuesday, June 9, 2020 - 11:00 AM - 1:00 PM Eastern
In this webinar, PACE professionals explore best practices in establishing and managing a PACE program and about new efficiencies being developed to drive more effective delivery of PACE programs and projects.

CDFA-ARI Rural Finance Webinar Series: Building the Road to Recovery
Wednesday, June 10, 2020 - 1:00 PM - 2:30 PM Central
During the third installment of the CDFA-ARI Rural Finance Webinar Series, we will discuss the development finance tools that can support rural economies as they rebuild to be stronger than ever.

Tax Increment Finance News

TIF Projects Moving Forward in Butte, MT
MT Standard | May. 26 | Tax Increment Finance (TIF)

Wyoming Council Looks at COVID-19's Affects on City
Home Town Source | May. 26 | Tax Increment Finance (TIF)

As a New Stadium Sits Empty, the Full Effect of a Lost Baseball Season Reaches Close to $1M
KAKE.com | May. 26 | Disaster Recovery & Relief | Special Assessment Districts | Tax Increment Finance (TIF) | COVID-19

Malouf Plans Major HQ Expansion, Receives Tax Incentives From Utah
Cache Valley Daily | May. 22 | Economic Development | State Finance Program | Tax Credits | Tax Increment Finance (TIF) | State Tax Credit Programs

Winchester, IL to Use TIF Funds to Help Businesses
The Telegraph | May. 15 | Disaster Recovery & Relief | Tax Increment Finance (TIF) | COVID-19

Developer Improvements Expected to Begin Soon for Hays Travel Plaza'
Hays Post | May. 15 | Tax Increment Finance (TIF)

Iotron Breaks Ground on Whitley County Expansion
Inside Indiana Business | May. 14 | Tax Increment Finance (TIF)

Gardner, KS Council Approves Water Treatment
The Gardner News | May. 14 | Special Assessment Districts | Tax Increment Finance (TIF) | Water Finance

Are Millions of Dollars in TIF Spending Compliant With State Law
Lake County Journal | May. 12 | Tax Increment Finance (TIF)

Minot, ND Council Makes Decision on ‘Blu on Broadway' Project
KXnet.com | May. 7 | Tax Increment Finance (TIF)

Construction on Temple Lofts in Old Town Almost Ready to Begin
Lansing City Pulse | May. 5 | Brownfield Financing | Tax Increment Finance (TIF)

New TIF District to Help Fund Development
The Tribune | May. 1 | Tax Increment Finance (TIF)

City Seeks $25M Grant for Downtown Streetscape
Times Record News | May. 1 | Tax Increment Finance (TIF)

Paducah, KY Making Repairs Related to Kresge Site
The Paducah Sun | Apr. 30 | Tax Increment Finance (TIF)

Meeting Planned to Discuss Yutan, NE TIF Project
Wahoo Newspaper | Apr. 29 | 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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