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CDFA Tax Increment Finance Update - November 24, 2020

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Tax Increment Finance Update
November 24, 2020
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Tax Increment Finance Update


Deaconess Aquatic Center Will Be 'Showcase' for Evansville, IN
The nearly $30 million complex is funded by title sponsor Deaconess Health System and many other private-sector donors. Public financing sources include the city's Jacobsville Tax Increment Finance District and hotel room tax revenues. 

Tulsa, OK City Council Approves Plan Aimed at Providing Housing Assistance
Typically, the city uses TIF funds to assist developers with their projects and pay for public infrastructure. The plan instead calls for directing the bulk of the funding to housing assistance programs for the approximately 5,000 property owners in the four census tracts bordering the 120-acre business park at 36th Street North and Peoria Avenue.

Chicago, IL City Council Advances Mayor Lori Lightfoot's $12.8B Budget Plan
Mayor Lori Lightfoot's $12.8 billion spending plan for 2021 is close to passing, and includes $350 million in tax increment financing programs to help close the budget gap for 2021. The TIF surplus would provide $76 million for the city's corporate fund and $167 million for the Chicago Public Schools, though Lightfoot is also calling on CPS to reimburse the city for $40 million in school pension contributions the city typically makes for the district.

Cityplace Developers Pursue Labor Union Money; Impasse With City Remains
CityPlace Burlington developer Don Sinex and his three local partners have a new plan to get the money they need to build their project and fill the empty pit in downtown Burlington left by the demolition of the Town Center mall. The first step for Sinex and his new partners in their quest for union financing is to secure approval from the U.S. Department of Housing and Urban Development for the CityPlace project.

Storm Lake, IA's Growth Outpaces Tax Losses
Growth from King's Pointe Resort to the city's industrial areas is outpacing the City of Storm Lake's losses caused by state-mandated valuation rollbacks, a development local economic development officials describe as nothing short of a miracle.

Major Redevelopment Project Breaks Ground in Columbus, OH
When complete, The Peninsula will be a mixed-use neighborhood with up to 1,800 residential units, 2 million square feet of office space, and 400 hotel rooms developed over the next 10 to 15 years. Phase 1 of the project is supported by a $7.22 million New Community Authority & Tax Increment Financing-backed infrastructure bond for funding public roads and utilities, as well as capital lease structures.

Germantown, WI Board Looks Into Adding More Property to TIF District
The village is moving forward on adjusting a tax incremental finance district, paving the way to add more property to a TIF district to allow for development assistance. The board had approved a contract for Ehlers to analyze the possible development and options for how it could be assisted through TIF districting or other means.

Port Covington, MD Project Stalled Due to Coronavirus, Potential Tenants Reaffirm Commitment
The first round of bonds for this project, which were approved in December, have yet to be sold to finance the elaborate tax increment financing deal first approved by Baltimore officials in 2016. Some $148 million of the $660 million in bonds meant to build the infrastructure for the project — to be repaid by the developer through future taxes — were scheduled to be sold in February.

Upcoming Events
Intro Food Systems Finance WebCourse

CDFA // BNY Mellon Development Finance Webcast Series: Educational Facilities Funding Solutions
Tuesday, December 15, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will explore how a myriad of development finance tools are being implemented strategically to support modernization projects and the new construction of educational facilities.

Fundamentals of Economic Development Finance WebCourse
January 27-28, 2021 - Daily: 12:00 - 5:00 PM Eastern
The Fundamentals WebCourse is the foundation for all of CDFA's educational offerings. This course helps attendees understand the variety of development finance tools available, from bonds, tax credits and TIF, to federal financing programs, RLFs, and access to capital lending resources.

Tax Increment Finance News

Janesville, WI Boosters Look to Help Businesses During West Milwaukee Street Construction
Gazette Xtra | Nov. 24 | Tax Increment Finance (TIF)

Brightline, Miami-Dade County Agree to Access Fee for New Commuter Rail System
Miami's Community Newspaper | Nov. 23 | Special Assessment Districts | Tax Increment Finance (TIF)

Columbus, OH Council Lines Up Votes On Development Districts
WOSU | Nov. 23 | Tax Increment Finance (TIF)

Octopi Seeks Incentive for $68M Expansion
Waunakee Tribune | Nov. 23 | Tax Increment Finance (TIF)

City of Norman, OK to Hold Town Hall Over University North Park TIF District
OU Daily | Nov. 20 | Tax Increment Finance (TIF)

New 65-acre Waterfront Neighborhood Offers Financial Incentives for Investors and Developers
Barron News-Shield | Nov. 19 | Opportunity Zones | Tax Credits | Tax Increment Finance (TIF) | Opportunity Funds | Federal New Markets Tax Credits (NMTCs)

Marlborough, MA City Council Approves Tax Break for Proposed CA Biotech Company
Community Advocate | Nov. 19 | Tax Increment Finance (TIF)

$2.1M Office Building Planned in Johnston, IA for Impact7G
Business Record | Nov. 18 | Tax Increment Finance (TIF)

County Council Denies $33M In Tax Abatements For Louis Dreyfus
Times Union Online | Nov. 12 | Tax Increment Finance (TIF)

Dyersville, IA Council Inks $3.9M Development Deal
Dyersville Commercial | Nov. 11 | Tax Increment Finance (TIF)

Sturgis, SD Housing Development Would Add 57 Homes
Black Hills Pioneer | Nov. 5 | Tax Increment Finance (TIF)

Osceola County Group Wins Appeal Of Lawsuit Against County, City Of Harris, IA
Kiwa Radio | Nov. 5 | Tax Increment Finance (TIF)

$13.9M TIF Request Goes to Redevelopment Board
Princeton Daily Clarion | Nov. 4 | Tax Increment Finance (TIF)

Holland, MI OKs Electric Vehicle, Housing Incentive Policies
Holland Sentinel | Nov. 2 | Brownfield Financing | Tax Increment Finance (TIF)

Crystal Township Board Hears Brownfield Request for Dollar General Store
Daily News | Nov. 2 | Brownfield Financing | 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


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