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CDFA Tax Increment Finance Update - December 26, 2017

Tax Increment Finance Update
December 26, 2017
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Tax Increment Finance Update

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YMCA of Metro Atlanta to Build New Headquarters
The deal, a partnership between SunTrust Community Capital, McCormack Baron Salazar and Invest Atlanta, included $22 million in New Markets Tax Credits allocation. The deal also included a $2.5 million Westside Tax Allocation District grant from Invest Atlanta.

Incentive-laden Westbrooke Redevelopment Gets Green Light from Shawnee City Council
The council voted 6-2 to provide up to $21.5 million in tax increment financing, or TIF. This economic development incentive will divert incremental gains in property and sales taxes on the site for up to 20 years back to the developers to pay for certain development expenses, such as buying the land and installing infrastructure.

Atlanta's Buckhead Path400 set to Receive $12.66M in City, Federal Funding
The Atlanta City Council voted to allot $5 million in transportation special-purpose local option sales tax (TSPLOST) funding to the project, while the Atlanta Regional Commission included $7.42 million in its transportation improvement program project list that allocates funding from the Federal Highway Administration. Another $240,000 in federal highway funds are slated for design of a Path400 extension from Loridans Drive to the Sandy Springs city limit.

Ridgecrest, CA City Council to Consider at $92K for Park Assessment District Assistance
The Park Assessment District would raise funds by establishing a fee on all parcels within the city based on the special benefit conferred on the property through the assessment. All it would cost property owners $49 a year — and would raise $500,000 annually.

City to Jump-Start East Gateway TIRZ with $6M, New Sewer Line
Infrastructure improvements and $100 million in private investment in east Amarillo are set to kick into gear after the City Council this week gave final approval to a TIRZ along Interstate 40. The first public infrastructure improvement will be a $6M sewer line that will serve the expanding district.

Planned Downtown Clarksville Brewery Expansion Gets Tax Increment Financing
The planned brewery expansion of downtown Clarksville's Blackhorse Pub & Brewery has gained consent from the local Industrial Development Board for tax increment financing assistance.The TIF as approved this week by the IDB essentially covers up to 15 percent of Robinson's "qualifying expenditures" on the brewery expansion for up to 20 years from start-up.

Madison County Approved TIF for Dealership in Ridgeland, MS
Madison County has approved the Sunnybrook automotive TIF (tax increment financing), which will allow a Jaguar, Audi and Land Rover car dealerships to come to Ridgeland. With the county pledging 25 percent of the $33,000, approximately $8,250 every year will go toward retiring the debt, amounting to a total of approximately $123,750 from the county at the end of the 15-year bond life.

Prospect Heights, IL Hands $50k in TIF Funds to Sports Bar for Expansion
The sports bar is in the city's Palatine Road/Milwaukee Avenue TIF district. City officials last week handed over the final payment -- $50,391.01 -- of $500,000 in tax increment financing to Player's Pub and Grill to reimburse the establishment at River Road and Milwaukee Avenue for the final touches of its makeover.

Baltimore County Bill Would Allow Tradepoint Atlantic to Seek Public Financing Help
The company commissioned an economic study from Sage Policy Group that recommended a TIF as a way to help pay for at least part of the estimated $200 million needed for roads, bridges, utilities, stormwater management systems, rail upgrades and port improvements.

Cedar Rapids, IA Looks to Subsidize Ramp in 'Over-Parked' MedQuarter
Cedar Rapids taxpayers are being asked to help underwrite a 450-stall parking ramp for an expansion of Physicians' Clinic of Iowa in an area a 2013 study said is flush with parking — but that, officials say, is inconvenient for this project. Cedar Rapids would pay $8.27 million of the $9.5 million parking ramp cost through bond proceeds, which would be repaid over time by increased taxes generated from TIF.

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CDFA is excited to offer the Brownfields Project Marketplace as an opportunity for communities to receive free technical assistance related to the redevelopment and financing of brownfield projects. Join us online on January 18, to consult with financing professionals and brownfield project experts who can help identify potential resources for your brownfield project.

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Tax Increment Finance News

Council Takes Steps to Maintain Hall of Fame Tax District in Canton, OH
Canton Rep | Dec. 19 | Tax Increment Finance (TIF)

Planned Streetcar Extension Spurs Redevelopment within Established Kansas City CID
KCUR | Dec. 19 | Tax Increment Finance (TIF)

City of Liberty, TX Plans to Create Reinvestment Zone Downtown
The Independent | Dec. 19 | Tax Increment Finance (TIF)

Tax Increment Financing is good for Cape Girardeau Missouri
Southeast Missourian | Dec. 18 | Tax Increment Finance (TIF)

Highland Park, IL Approves New TIF District
Highland Park Patch | Dec. 14 | Tax Increment Finance (TIF)

City Needs Schools, County to Back TIF
South Strand News | Dec. 13 | Community Development | Tax Increment Finance (TIF)



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