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CDFA Tax Increment Finance Update - July 25, 2017

Tax Increment Finance Update
July 25, 2017
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Tax Increment Finance Update


City Council Moves Forward with TIRZ in Jersey Village Crossing, TX
The TIRZ will allow the city to take tax revenue generated in Jersey Village Crossing and place it into a separate fund that can be used for structural improvements and enhanced infrastructure in that area. It will exist for a period of 30 years.

The Future of One Big Sky Center in Billings, MT Rests On TIF Vote
Decisions about extending a One Big Sky Center deadline and $3.5 million in requested Tax Increment Financing money for the expansion and repair of the Alberta Bair Theater will be the council's final two business items at the next meeting.

Bridgeport, WV Weighs Pro and Cons to Moving Tax-Exempt Entity to TIF District
The Bridgeport Visitor Center at Charles Pointe is an anomaly at the TIF district development, as it isn't assessed property tax due to its being a government building. However some experts feel that it may add to the other Charles Pointe business enough to offset TIF losses.

Property Tax Deal Proposed for NuCLEus Project in Cleveland, OH
The ambitious project will cost an estimated $542 million, but its property valuation upon completion is expected to be just $250 million. That difference prompted Stark Enterprises to propose tax increment financing (TIF) that would allow it to use future property tax payments to repay construction debt and help close the financing gap.

Housing Hopes Coming True in New Hope, MN TIF Deal
The city of New Hope will contribute $6.574 million in tax increment financing to the $43 million project. New Hope is 98 percent built out and has seen primarily single-family housing built in recent years. The project calls for 183 market-rate units.

What is a STAR Bond?
A STAR Bond is a tax increment financing program which allows city governments in Kansas to issue special revenue bonds that are repaid by all of the revenues received by the city or county from incremental increases in taxes within the designated portion of the city's "sales tax and revenue" (STAR) Bond district. Kansas Legislative Research Department answers other key aspects of a STAR bond.

Proposed Convention Hotel Deal Biggest in Oklahoma City History
Gary Brooks thinks he is facing a complicated financing structure for redeveloping First National Center into a hotel, housing, retail and parking. It's a big deal with a price-tag of $230 million and involves a mix of tax credits and tax increment financing.

$17M in Bonds Will Support Pueblo, CO Riverwalk
"This is the first time in the history of the state of Colorado that bonds will be issued, that are being paid from state sales tax increment funds.  Pueblo is leading the way for all the RTA projects in the state," explained Don Banner, with the Pueblo Urban Renewal Authority.

Tax Credits and TIF Will Support Grand Appliance Headquarters in Racine County, WI
The $8M project is supported by $500,000 in Wisconsin Economic Development Corp. tax credits, $450,000 in tax increment financing from Sturtevant and a $200,000 forgivable loan.

Port Authority Says TIF Funds Needed to Clean Soccer Site in Minneapolis, MN
The St. Paul Port Authority is seeking about $1 million in tax-increment financing from the city to help pay for environmental cleanup at the site of the future Minnesota United FC stadium.

Upcoming Events
CDFA Summer School

CDFA Brownfields Financing Webinar: Hazardous to Healthy: Financing Solutions for Recovering Brownfields
August 31, 2017 - 2:00 - 3:30 PM Eastern
Join CDFA, our technical assistance partners, and experienced brownfield communities as we discuss how the finance toolbox can be used to compliment the redevelopment and cleanup of your brownfield project.

Tax Increment Finance News

City of Rhinelander, WI Conducts Review of TIF Districts
The Northwoods River News | Jul. 25 | Tax Increment Finance (TIF)

Waikiki BID Donates Money to Honolulu, HI
KHON 2 | Jul. 25 | Tax Increment Finance (TIF)

Columbus, OH Metro Park to Redevelop Quarry and Landfill with TIF
Columbus CEO | Jul. 25 | Brownfield Financing | Tax Increment Finance (TIF)

Belleville, IL Approves $1.2M in TIF Money
Belleville News-Democrat | Jul. 17 | Tax Increment Finance (TIF)

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