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CDFA Tax Increment Finance Update - February 26, 2019

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Tax Increment Finance Update
February 26, 2019
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Tax Increment Finance Update

Features

Chicago, IL CDC Approves TIF for $7B South Loop Megadevelopment
The Chicago CDC approved the 141-acre Roosevelt-Clark TIF district that would encompass "The 78," a proposed $7 billion megadevelopment south of downtown Chicago. The TIF district could generate as much as $700 million in property tax increments, and the site includes 62 acres of brownfield space.

11 Years Later: TIF District Has Forever Changed Bowling Green, KY
An area in downtown Bowling Green was once a hotbed of crime, but thanks to a TIF District the area has been forever changed. Since its creation in 2008, the TIF District has generated more than $300 million in public and private investments into downtown Bowling Green, and the payroll tax generated in the TIF district has grown by $100 million in a decade.

TIF for $6B Lincoln Yards Megaproject Wins Chicago, IL CDC Approval
The developer of the proposed Lincoln Yards megaproject won approval for $900 million in tax increment financing to support new infrastructure around the riverfront site. The Cortland/Chicago River TIF district still requires various approvals before it's officially established, and its ultimate cost could rise as high as $1.3 billion.

Expanded TIF District Requested for Major $73M Project in St. Louis, MO
A hotel, parking garage and office building are now part of plans to redevelop a major St. Louis intersection, a significant addition to the original retail center proposal that would double the project's price tag to $73 million. The new plans have prompted a request from the developer for an additional $4.5 million in TIF assistance, boosting the total incentive package to $17.9 million.

P3 and TIF District Lead to $50M Expansion of Tulsa, OK Business Park
A Public-Private Partnership between the George Kaiser Family Foundation (GKFF) and the City of Tulsa has resulted in a manufacturer investing $50M for a new facility at a business park. GKFF is donating the park's land, and site development will cost about $10 million which will be paid for by a sales tax renewal package OK'd by Tulsa voters. Tulsa will also develop a TIF district to fund additional investment in the area.

KY State Tax Overhaul Good News for TIF Districts
Some local officials believe that by applying sales taxes to more services in Kentucky and leveling the income and corporate tax brackets, the Kentucky General Assembly also ensured that TIF districts such as the one in downtown Owensboro would capture more future growth dollars.

Central MA Communities Have Different Philosophies for Tax Breaks
A Worcester Business Journal examination of 148 tax breaks given by 19 of the largest Central Massachusetts communities in the past 20 years shows local governments have varying philosophies with how tax breaks should be used as an economic development tool. Worcester has signed 28 such agreements, Leominster has made 21 and Fitchburg has made 18.

Hartford, VT Addresses Possible $1.3M Shortfall in TIF Bond Repayment
In 2011, Hartford, VT officials adopted a funding model in which bonds would be repaid with the additional tax revenue generated by TIF districts. But because of inflation and interest payments that will be due on the bond, Hartford officials project a shortfall of up to $1.3 million over the final seven years of the 20-year bond period.

Micro TIF Districts Planned for Aurora, IL Development Deals
Aurora officials are set to bring forward six major development deals; five of those deals involve some older, historic buildings. All of the plans are to include incentives of some kind — grants, short-term loans, tax credits and TIF districts. Under the plan, the city would allow its current TIF district to expire in 2022, and create smaller "micro-TIFs," targeted for specific developments.

Upcoming Events
CDFA Federal Policy Conference

CDFA - PFM Capital Markets Webinar Series - Financing for Climate Resilience
March, 14, 2019 - 2:00 - 3:30 PM Eastern
The effects of climate change are widespread and varied. Many communities are suffering from more frequent violent storms, severe droughts, and massive forest fires. As climate change becomes an ever-pressing challenge, cities and rural areas are looking to fortify their development and infrastructure in more resilient ways. Climate resilience requires substantial upfront investment and generates benefits over decades, making bond financing an attractive financing option. This session will discuss how cities are addressing the challenges of climate change and the types of bond and financing structures being used to build more resilient communities.

Tax Increment Finance News

As Amazon Rethinks HQ2, Chicago, IL Officials Revive Incentive Package
Curbed Chicago | Feb. 8 | Community Development | Economic Development | Incentives | Local Finance Program | Special Assessment Districts | Tax Increment Finance (TIF) | Urban Development

Colorado Springs, CO Officials Poised to Finalize $16.2M Incentive
The Gazette | Feb. 23 | Incentives | Tax Increment Finance (TIF)

Nashville, TN Council Defers Approval for $3.6M TIF Incentive to AllianceBernstein
Tennessean | Feb. 19 | Local Finance Program | Tax Increment Finance (TIF)

IL Developer Extends Deadline for TIF and PACE
Daily Herald | Feb. 14 | Energy Finance | Property Assessed Clean Energy (PACE) | Tax Increment Finance (TIF)

Onalaska, WI Approves $1.6M in TIF Funds for Waterfront Housing Project
La Crosse Tribune | Feb. 13 | Community Development | Local Finance Program | Tax Increment Finance (TIF)

Westfield, IN Pitches TIF Bond Plan to Fund $35M Downtown Park
Indianapolis Business Journal | Feb. 12 | Bond Finance | Tax Increment Finance (TIF)

Grand Island, NE Creates TIF for Housing Project, Parking District Assessment
The Grand Island Independent | Feb. 12 | Community Development | Local Finance Program | Special Assessment Districts | Tax Increment Finance (TIF)

MN City Council Passes Three Environmental Resolutions
The Eagle | Feb. 12 | Energy Finance | Property Assessed Clean Energy (PACE) | Tax Increment Finance (TIF)

Cedar Rapids, IA Utilizes TIF District and Bonds to Spur Development
The Gazette | Feb. 5 | Bond Finance | Tax Increment Finance (TIF)

Will This Cincinnati, OH Neighborhood Get a SID?
City Beat | Jan. 31 | Special Assessment Districts | Tax Increment Finance (TIF)

Alexandria, MN Gets Grants, Seeks TIFs for Two Redevelopment Projects
Echo Press and Forum Communications Company | Jan. 29 | Access to Capital | Redevelopment | Tax Increment Finance (TIF) | Urban Development

TIF District Allows Waterfront Redevelopment Project to Continue
GateHouse Media | Jan. 29 | Tax Increment Finance (TIF)

Bowling Green, KY TIF District Grows Despite Slow State Payments
Bowling Green Daily News | Jan. 29 | Tax Increment Finance (TIF)

TIF District Approved for Redevelopment of Former AT&T Campus
The Daily Herald | Jan. 28 | Tax Increment Finance (TIF)

Shorewood, IL Trustees Approve TIF District for Town Center Project
The Herald-News | Jan. 25 | 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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