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CDFA Tax Increment Finance Update - January 24, 2023

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Tax Increment Finance Update
January 24, 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 25-26, 2023! 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.

Businesses in Chicago, IL Looking to Expand Downtown Could Get $300K Boost
A program that would give grants to small businesses looking to revitalize the LaSalle Street corridor passed a critical hurdle. The program would direct $5 million in tax-increment finance dollars to jumpstart a Small Business Improvement Fund for storefronts along Chicago's LaSalle Street corridor in the Loop.

The CDFA Federal Policy Conference is back!
CDFA is excited to host the 2023 Federal Policy Conference on April 11-12 in Washington, D.C.! This conference is a unique opportunity to gather with other professionals from across the country who work to support redevelopment projects, small businesses, rural development, and more. Join this national community to share best practices and learn how federal changes, like the Inflation Reduction Act, will influence your work in 2023. Don't miss out on discussions with federal financing experts - register today!

Detroit, MI Mayor Announces New Loan Program for Downtown Housing
Detroit Mayor Mike Duggan announced a new financing tool for developers to build more affordable housing in downtown Detroit, and the first project expected to get loans to create new subsidized units is the District Detroit development with a $24 million investment. The DDA's funding comes from grants, contracts, interest on loans, and captured tax increments on approved developments.

Call for Proposals - CDFA Minority Capital Loan Guarantee Program
The CDFA Minority Capital Loan Guarantee Program is a 10-year, $18 million loan guarantee program, supported by the Robert Wood Johnson Foundation, to help development finance agencies in the United States deliver capital in a more equitable manner. CDFA is now accepting proposals from those interested in participating in the program. To be considered, download the Call for Proposals for submission criteria and register to attend the informational webinar on February 7 at 2 PM (Eastern).

State Auditor Releases Annual TIF Legislative Report for Minnesota
State Auditor Julie Blaha has released the annual Tax Increment Financing (TIF) Legislative Report for 2021 activity reported in 2022. "TIF districts are ending early more often – and that's good news," said Auditor Blaha. "Early decertifications show that once planned costs are paid, authorities are closing districts and reaping those benefits."

Core of Nebraska's Oldest City, Bellevue, NE, Poised for Renewal
The proposed Bridge Flats, containing 53 luxury rental units and about 18,000 square feet of street-level retail space, was described as the first phase of an anticipated downtown revitalization called the Frontier District. The city approved a $2.4 million tax-increment financing subsidy for the apartment building.

Multiple Large Kansas City, MO Projects Should See Progress in 2023
As the New Year gets underway, transformative project activity in greater Kansas City won't begin and end within the downtown urban core. Under recent incentive terms, GaleHart could access as much as $140 million in tax increment financing and community improvement district revenues during the next 32 years.

Lake Zurich, IL Establishes New TIF District to Spur Investment in 409-Acre Industrial Park
Lake Zurich hopes to use a newly approved tax increment financing district to spur investment in the town's 409-acre industrial park. Typically lasting 23 years, Village officials said the objectives of the new TIF district include reducing blighted conditions, enhancing the village's tax base, and encouraging private investment within the industrial park.

Upcoming Events
SSBCI Learning Series - Compliance: Program Reporting Requirements

CDFA // BNY Mellon Development Finance Webcast Series: P3 Financing Approaches for Broadband Infrastructure
Tuesday, February 21, 2023 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Webcast Series, experts will highlight the resources available for financing broadband, discuss navigating the use of P3 for broadband, and share first-hand knowledge of their successes utilizing P3 financing for broadband projects.

CDFA Food Systems Finance Webinar Series: Bonds & Food Systems
Tuesday, February 28, 2023 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Food Systems Finance Webinar Series, we take a deeper look at a method of financing that has been building infrastructure, industry, and agriculture for over a century and explore its applications within the food system.

Tax Increment Finance News

Spring Hill, TN Encourages TIF Program to Fund Crossings Mixed-Use Development
Columbia Daily Herald | Jan. 19 | Community Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Decade at Sanford Sports Complex in Sioux Falls, SD Points Toward Exciting Future
SiouxFalls.Business | Jan. 18 | Community Development | Redevelopment | Tax Increment Finance (TIF)

New South Side San Antonio, TX Tax Zone Looks to Catalyze Development
San Antonio Business Journal | Jan. 18 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

The Lofts at Headwaters Park in Fort Wayne, IN Receives TIF Funding
WANE-TV | Jan. 17 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Clearwater, FL Takes First Step in Bringing Renaissance to North Greenwood
Tampa Bay Times | Jan. 13 | Community Development | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Baltimore, MD Uses Bonds for Its Glitziest Developments
The Salem News | Jan. 12 | Bond Finance | Housing Finance | Tax Increment Finance (TIF)

Tulsa and Jenks, OK City and Tribal Leaders Announce Lake Along Arkansas River Corridor
KJRH-TV | Jan. 12 | Economic Development | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF) | Tribal Finance

Midland Plaza Owner Asks Kewanee, IL Officials for Money to Aid Expansion
Kewanee Star Courier | Jan. 11 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Council Approves Plan Modification for New Business in Hastings, NE
Hastings Tribune | Jan. 10 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Council Considers $23M in City Support of Indianapolis, IN Apartment Developments
Fox 59 | Jan. 9 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

EGLE Awards $5.8M to Clean Up Four Detroit, MI Sites for Redevelopment
The Detroit News | Jan. 5 | Brownfield Financing | Community Development | Healthcare | Housing Finance | Tax Increment Finance (TIF)

Warren County, OH Approves Tax Financing Extension for Racino
Hamilton Journal-News | Jan. 4 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Rutland City, VT Earmarks $150K for TIF Effort
Rutland Herald | Jan. 4 | Economic Development | Infrastructure Finance | Local Finance Program | Redevelopment | Tax Increment Finance (TIF)

Three Affordable Housing Projects Move Forward in Saint Paul, MN
City of Saint Paul | Jan. 3 | Bond Finance | Housing Finance | Tax Credits | Tax Increment Finance (TIF)

Construction Starts on $115M Hilton-Flag Hotel in Louisville, KY
Louisville Business Journal | Dec. 30, 2022 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Edina, MN City Council Makes Approvals on Housing, TIF, and 2023 Budget
Hometown Source | Dec. 29, 2022 | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Hotel Trio Gets TIF Deadline Extension in Waco, TX
Waco Tribune-Herald | Dec. 29, 2022 | Economic Development | Local Finance Program | 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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