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CDFA Tax Increment Finance Update - September 25, 2018

Tax Increment Finance Update
September 25, 2018
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Tax Increment Finance Update


What Are the Latest Innovations in TIF?
InvestAtlanta is pushing innovation in TIF through programs such as their Community Builders Pilot which aims to provide training and support to small developers as they lead revitalization projects throughout Atlanta. Join CDFA in Dallas, Texas during the 2018 National Development Finance Summit to hear panelists discuss the ever expanding application of TIF in Atlanta.

Governments Can Improve TIF Practices
The Lincoln Institute of Land Policy and Professor David Merriman have developed five recommendations on ways to improve Tax Increment Financing (TIF) for economic development. Their guidance stems from case studies and a review of academic work on TIF theory, practice, and effectiveness.

TIF District Revitalizes Charleston Square, IL
The tax increment financing (TIF) district on Charleston's historic square has served the city well as one of the major restorative initiatives in Charleston, and it continues to do so. The project started in the late '80s in an efforts to spark interest from business owners to revitalize the city's historical square and has since been extended.

Quincy, IL Approves More Apartments in TIF District
Members of the Quincy City Council approved the expenditure from tax increment finance district funds that are collected in the downtown area and must be spent there. In the first three years of the rental rehab program, the TIF District provided $330,000 and had private investments of about $500,000 in 15 upper story apartments downtown.

Franklin, WI OKs New TIF District
A new business park, along with a new tax-incremental-financing district, has been proposed to include industrial, commercial and residential uses. The city's plan commission unanimously recommended hat the common council allow both the creation of the 145-acre TIF District No. 6 along and a proposed project from Bear Development.

Brunswick Approves $800K in Spending for Former Base Redevelopment
The Midcoast Regional Redevelopment Authority is set to spend up to $807,450.29 in tax increment financing funding on public infrastructure projects in the 2019. Street lights, a new connector road and pavement resurfacing are just a few of the projects on deck. The spending comes under a tax increment financing agreement that the town and redevelopment authority entered in 2013.

TIF Districts in WV, but One Tool in the Economic Development Tool Box
TIF districts are being used successfully across the state to finance and develop public and private projects intended to grow the state's economy. The Daily Mail WV feature by Gazette-Mail business writer Max Garland explains in relatively simple terms a much more complex subject: tax increment financing districts.

Omaha City, NE Approves TIF Projects, Totaling $14.3M in Property Tax Incentives
The Omaha City Council signed off on more than $14 million in property tax incentives for six projects, including those to restore condos near M's Pub and to bring the Blackstone Hotel to new life. Supporters said tax increment financing, or TIF, is needed to bring the projects, all in eastern Omaha, to fruition.

City Council Approves New Ballpark for Downtown Wichita, KS
City council members approved the ballpark development during the weekly meeting. The plan includes a stadium of up to $75 million and a pedestrian bridge, similar to the one at the Keeper of the Plains, which will cost $6 million. The new stadium will be paid for by STAR bonds, a tax increment finance (TIF) district, a community improvement district (CID) and bonds.

Milwaukee, WI Advances $8.1M TIF
The Michels Corp.'s $100 million redevelopment of the six-acre site continues to move forward. The Redevelopment Authority of the City of Milwaukee board unanimously advanced a plan to provide $8.1 million in financing to the project's $49 million first phase. The phased project is intended to include a mix of office buildings, apartments, a hotel and commercial space.

Upcoming Events
CDFA National Development Finance Summit

CDFA Federal Financing Webinar Series
February 28, April 12, June 14, August 16, and October 18, 2018 - 2:00PM Eastern
The CDFA Federal Financing Webinar Series is an exclusive, five-part online offering that will convene finance experts, federal agencies, and local practitioners to discuss the development finance programs offered by the federal government.

Tax Increment Finance News

Perham, MN Approves Five-Year Capital Improvement Plan
Perham Focus | Sep. 11 | Incentives | Tax Increment Finance (TIF)

Incentives Requested for Massive Redevelopment Project in Downtown Springfield, MO
Springfield News-Leader | Sep. 24 | Incentives | Tax Increment Finance (TIF)

Calumet City, IL Plans to Create TIF to Revive Shopping Areas
Chicago Tribune | Sep. 24 | Tax Increment Finance (TIF)

Bristol, CT OKs TIF Plan for City's Downtown
Bristol Observer | Sep. 24 | Tax Increment Finance (TIF)

Elmhurst, IL Express Intent to Sign TIF
mySuburbanLife | Sep. 24 | Tax Increment Finance (TIF)

Boyne, MI Main Street Program Looks Back on First 15 Years
News-Review | Sep. 24 | Tax Increment Finance (TIF)

Mattoon, IL OKs Repair Grants for Four Downtown Buildings
Journal Gazette & Times-Courier | Sep. 21 | Tax Increment Finance (TIF)

Council Member in Nashville, TN Rolls out Fourth Bill Targeting Development Dollars
Nashville Business Journal | Sep. 14 | Legislative | Tax Increment Finance (TIF)

Development Gets $5M in TIF Financing from Mequon, WI
Journal Sentinel | Sep. 13 | Tax Increment Finance (TIF)

Kosciusko County, MS to Extend Sewer To Airport Industrial Park
Times Union | Sep. 12 | Bond Finance | Incentives | Tax Increment Finance (TIF)

Portage, IN Eyeing Expansion of TIF District
NWI.com | Sep. 12 | Tax Increment Finance (TIF)

TIF District Prolonged in Utica, IL
The Times | Sep. 12 | Tax Increment Finance (TIF)

Allentown, PA Planners OK Blight Designation, First Step in Tax Subsidy Plan
WFMZ-TV | Sep. 11 | Infrastructure Finance | Tax Increment Finance (TIF) | Urban Development | Water Finance

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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