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CDFA Tax Increment Finance Update - December 22, 2020

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Tax Increment Finance Update
December 22, 2020
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Tax Increment Finance Update

Features

Making Kenosha, WI's Ambitious Plans a Reality
To facilitate the project, the city would provide a $47.4 million grant to New Kenosha LLC, the developers, to construct needed improvements. The development grant is city-bonded, tax-increment finance funded, and would be used to reimburse the developer for infrastructure and construction.

Popular Eateries and Stores Look to Downtown TIF for Financial Jolt
The Burger Dive, Kibler & Kirch, and a group that wants to bring Your Pie pizzeria downtown, have all applied for funding through the TIF district from the Downtown Billings Partnership. The DBP is overseen by the Billings City Council and is the steward of the TIF funds collected from downtown properties.

Terre Haute, IN Plans to Be in New Police Headquarters by August of 2021
"One of the benefits we got for waiting a little bit was a very, very good interest rate," the mayor said. "Our payments will be covered by the TIF dollars. We did not need any property tax or local option income tax backup, which we always had on all our other redevelopment bonds, mainly because of our bond rating and our financial position.

Nashville, TN to Spend $13.8M for Riverfront Improvements
Mayor John Cooper's agreement establishes a River North Business Improvement District. River North property owners will voluntarily increase their property taxes on certain parcels of land, which in turn will enable Metro to recoup its $13.8 million over time.

Hamilton Safe Breaks Ground on $14M Manufacturing Plant
The Clermont County Community Improvement Corporation will finance new roads, sanitary sewer lines, and gas lines for the project. Union Township will pay off the financing with TIF funds, in which some money Hamilton Safe normally would have paid in property taxes will for a time be used instead for infrastructure improvements.

IEDA Board Awards Tax Credits, TIF to Pet Food Maker
The IEDA board approved $3.3 million in tax credits for Simmons Pet Food Inc, as well as an $800,000 forgivable loan. The company will also receive a nine-year Tax Increment Finance Rebate from the city of Dubuque valued at $2.16 million.

No Tax Increase Needed to Build $54.2M Upper Arlington, OH Community Center
Because City Council has pledged to enter into a tax-increment financing agreement for the project, it's expected Continental would pay up to $17.25 million to a TIF fund rather than in property taxes to Upper Arlington Schools over 30 years.

City Council Approves TIF Deal for Monterey Hotel Development
The Monterey Hotel, after decades of citywide anticipation, will once again become a fully functional member of Janesville's downtown landscape as soon as March 2022. The city council unanimously approved a tax-increment finance deal to aid developers to redevelop the building into 51 apartment units with first-floor commercial space.

Upcoming Events
Fundamentals of Economic Development Finance WebCourse

Intro Bond Finance WebCourse
February 24-25, 2021 - Daily: 12:00 - 5:00 PM Eastern
The Intro Bond Finance WebCourse provides an in-depth look at governmental and qualified private activity bonds, with a focus on industrial development bonds (IDBs), 501(c)(3) non-profit bonds, exempt facility bonds, and other special bond programs authorized by the federal government.

Intro Tax Increment Finance WebCourse
March 24-25, 2021 - Daily: 12:00-5:00 PM Eastern
This course brings TIF deal-making and best practices into focus through a two-day program targeting the entire TIF community including economic developers, public agency representatives, bond issuers, legal professionals, developers, financial advisors, and other stakeholders. 

Tax Increment Finance News

Atlantic, IA to Form Housing Rehab Fund
Atlantic News Telegraph | Dec. 22 | Tax Increment Finance (TIF)

Waunakee, WI Recommends TIF Extension for Affordable Housing Project
Waunakee Tribune | Dec. 22 | Tax Increment Finance (TIF)

Carmel, IN Council to Weigh Issuing $125M in Bonds for City Projects
IBJ | Dec. 21 | Bond Finance | Tax Increment Finance (TIF)

Silvis Mayor: Some City Tax Incentives Are Too 'Sweet'
Quad City Times | Dec. 21 | Tax Increment Finance (TIF)

Tax Bill Payment Methods Outlined During City Council Meeting
Sun Prairie Star | Dec. 20 | Tax Increment Finance (TIF)

$11.17M Construction Bid Awarded for Toyota Project
Princeton Daily Clarion | Dec. 20 | Tax Increment Finance (TIF)

Milton City Council Oks Annexation, TIF Agreement for Chocolate Factory
Gazette Xtra | Dec. 18 | Tax Increment Finance (TIF)

Covington Approves Study for Riverfront, Former IRS Site
Northern Kentucky Tribune | Dec. 16 | Tax Increment Finance (TIF)

China, Me TIF Committee Looks to Re-Allocate Funds Among Projects
The Town Line | Dec. 16 | Tax Increment Finance (TIF)

County Commission Approves TIF for Liberty Plaza
Rapid City Journal | Dec. 15 | Tax Increment Finance (TIF)

Sauk Rapids, MN Passes 2021 General Fund Budget With 4.6% Increase
SC Times | Dec. 15 | Tax Increment Finance (TIF)

East Bank Tower in South Bend, IN Approaches the Finish Line
South Bend Tribune | Dec. 14 | Tax Increment Finance (TIF)

Aurora, IL Official Says Copley Redevelopment Amendment Matter of Timing, Not More Money
Chicago Tribune | Dec. 11 | Historic Preservation | Redevelopment | Tax Credits | Tax Increment Finance (TIF) | Federal Historic Rehab Tax Credits | State Historic Tax Credits

Manufacturer Eyes Dubuque, IA for $80M Project, 271 new jobs
Telegraph Herald | Dec. 11 | Incentives | Tax Credits | Tax Increment Finance (TIF) | State Tax Credit Programs | TIF Bond Process

St. Clair Shores, MI Eyes $6.6M Bond to Improve Lakeside Parks
Macomb Daily | Dec. 9 | Bond Finance | Community Development | 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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CDFA National Sponsors

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  • BNY Mellon
  • Bricker & Eckler LLP
  • Brownfield Superfund Advisory, Inc
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
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  • Frost Brown Todd LLC
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  • KeyBanc Capital Markets
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  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
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  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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