CDFA Tax Increment Finance Update - January 23, 2018

Tax Increment Finance Update
January 23, 2018

Features

Bill Would Allow Small West Virginia Cities to Create TIF Districts

Lawmakers are eyeing a plan that would allow every city in West Virginia, no matter how small, to create tax increment financing districts — a power that is currently reserved for counties and a handful of the state's largest cities.

Nonprofit Spotlight: Columbus-Franklin County Finance Authority

Established as a port authority in 2006 under Ohio law, the Columbus-Franklin County Finance Authority helps private, nonprofit and public sector projects obtain access to capital through its bond fund and programs for tax-exempt financing and energy efficiency improvements. It has provided capital to nearly 60 projects through $1.6 billion in bond financing and $1.8 billion in total investment.

Reining in TIF: Duluth, MN Works to Use Subsidy More Sparingly

A 2017 analysis by Ehlers & Associates shows that 2.8 percent of Duluth's property tax base was tied up by tax-increment financing agreements. That's a smaller share of the tax base pie than St. Louis Park, St. Paul, Minneapolis and Bloomington had encumbered, but more than St. Cloud, Rochester and Moorhead had set aside for tax-increment financing purposes.

Delaware County, IN Touts Jobs Created, Money Recovered

Delaware County government's economic development efforts helped create 131 new jobs and more than $17 million in new investment in 2017, officials heard in a recent report. The Creation of a new TIF district, an RLF in Yorktown and using economic development income tax (EDIT) funds toward projects in rural towns have also spurred development.

$400M Plan Proposed to Save the Salton Sea Involved the Creation of an EIFD

The "North Lake Vision" proposed by Fourth District Supervisor V. Manuel Perez involves the creation of an "enhanced infrastructure finance district" that would issue bonds for the North Lake projects, to be repaid through property, sales and hotel taxes. The supervisor's office says revenues from all proposed tax sources would total around $1 billion.

Downtown San Pedro Businesses Push for Curbside Dining Platforms within BID

The City of San Pedro, Business Improvement District wants to launch a pilot program this year that will explore how cities such as Long Beach have been able to make use of curbside street space to install dining platforms. The Platforms will be able to be placed in front of various dining establishments within the Business Improvement District.

Two BIDs Move Closer to Being Established in the Bronx

An effort to create a business improvement district in Throggs Neck along East Tremont Avenue that supporters believe will uplift local business and create a more vibrant retail mix is moving forward. It next stop is the NYC Department of Small Business Services.

Mayor Breaks Tie; City to Give $1.1M in Additional TIF Funds

Mayor Jim Langfelder provided the tie-breaking vote at Tuesday's city council meeting to give $1.1 million more in tax-increment financing funds to a historic restoration project in downtown Springfield.

University Park, IL Getting Forensic Audit of Misappropriated TIF Funds

For years, officials improperly shifted tax increment finance dollars into the village's general fund to plug University Park's multimillion dollar budget shortfalls, officials acknowledge. The transfers created a massive TIF debt from which University Park must now dig out.

TIF Supporting New Grocery in Oklahoma City

A new Save-A-Lot will provide access to fresh foods for many in one of Oklahoma City's food deserts and is being supported by a tax increment finance district. Honor Capital, a veteran-owned small business that aims to eliminate food deserts across the country, initiated the deal.

Upcoming Events

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.

CDFA Brownfields Redevelopment Financing Webinar Series:Reimagining Brownfields as Transit Oriented Developments
March 8, 2018 - 2:00 - 3:30 PM Eastern

Transit oriented development (TOD) is a type of urban development that maximizes housing, retail, office, and other amenities near public transit. This growing movement to create walkable, vibrant communities often begins with the effort to revitalize blighted properties and activate economies. CDFA has partnered with Smart Growth America to demonstrate how communities can develop financing strategies to transform brownfields into transit oriented developments. This free webinar will showcase community redevelopment projects and explore the financing tools that made them possible. This webcast is designed for professionals who work directly with brownfield sites as well as economic development professionals and communities interested in shaping programs to enhance redevelopment financing opportunities.

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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
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