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CDFA Tax Increment Finance Update - March 27, 2018

Tax Increment Finance Update
March 27, 2018
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Tax Increment Finance Update


Campbell County, KY Okays Energy Project Assessment District, Paving Way for PACE Energy Financing
The Campbell County Fiscal Court approved legislation creating a county-wide Energy Project Assessment District  (EPAD) that will allow property owners to obtain special financing for energy-efficiency upgrades to commercial, industrial, nonprofit, agricultural, and multi-family properties throughout the county.

The Village of Sister Bay, WI Planning Second TIF District
The Village of Sister Bay is looking to develop a second tax increment finance district (TIF) along the southern corridor of Highway 57. The TIF, crafted by former Sister Bay village administrator Bob Kufrin, seeks to finance approximately $1.6 million in sewer and water connections to the proposed wedding barn development on Fieldcrest Road.

The Ridge Asking City of Rochester, NH for $5M More in TIF Money for Expansion
The developer of The Ridge has requested the city bond several million dollars more in order to help it begin phase II of the Route 11 shopping plaza. Waterstone Retail principal Josh Levy told the City Council on Tuesday night that his company needs $5 million because several phase II items will come at a greater cost than they did in phase I. Those items include excavation, grading, the disposal of surplus materials and mitigating the impact on the property's wetlands.

New TIF Approved to Help Fund Cook's Redevelopment of GE Site in Kokomo, IN
Cook Group Inc. will receive $5 million in county tax revenue to help cover some of the cost to renovate the former General Electric Appliances plant. Overall, Cook plans to invest $125 million into renovating the site. Improvements plan include a 1.5-mile public walking path around the property, landscaping, redevelopment of office and manufacturing space and parking lot improvements.

Iowa City Council Extends Deadline for Iowa City Marketplace TIF Requirements
The Iowa City Council has agreed to give owners of the Iowa City Marketplace more time to meet missed requirements in order to receive $1.75 million in tax increment financing rebates.

Baltimore Officials Plan to Seek up to $100M Subsidy for East Baltimore Development Plan
Baltimore Housing officials next month plan to ask for a city subsidy of between $50 million and $100 million to help redevelop a wide swath of East Baltimore, including an overhaul of the Perkins Homes public housing complex.

City of El Paso, TX Looking to Expand Medical Center of the Americas TIRZ
The City's proposal aims at growing the TIRZ to approximately 400 acres from just under 70 acres. The City created the zone in 2013 to help encourage development for the Medical Center of the Americas (MCA) campus. The TIRZ revenue stream will be used to fund public improvements within the zone's boundaries.

Submit Your Proposal to Present at the 2018 CDFA National Summit
CDFA needs your help to source deals, projects and programs and will be accepting submissions for potential deals, projects and program presentations. If selected, each speaker will be given one complimentary registration to attend the CDFA National Summit.

Boynton Beach, FL Moves Forward with $118M Redevelopment
Boynton Beach officials have given the final OK to pay about $118 million to redevelop 16 acres off Boynton Beach Boulevard into a pedestrian-friendly, town center to live, work and play.

PFA to Provide $140M in TEBs for Hotel Project
The Public Finance Authority will issue $140 million of tax-exempt bonds on behalf of the Lombard Public Facilities Corporation to refinance the Westin Lombard Yorktown Center in Lombard, IL. The restructuring frees up money to reinvest millions in necessary facility upgrades and improvements to the hotel.

Upcoming Events
Intro EB-5 Finance WebCourse

CDFA Federal Financing Webinar Series
February 28, April 12, June 14, August 16, and October 18, 2018 - 2:00PM Eastern
The CDFA Federal Financing Webinar Series is an exclusive, five-part online offering that will convene finance experts, federal agencies, and local practitioners to discuss the development finance programs offered by the federal government.

Tax Increment Finance News

Special Assessment District for Trash Removal, Recycling Eyed in Bridgman, IN
Harbor Country News | Mar. 26 | Special Assessment Districts | Tax Increment Finance (TIF)

Sullivan Considering Tax Incentive for Hotel in Downtown Bristol, TN
Times News | Mar. 22 | Tax Increment Finance (TIF)

Shakopee, MN Approves TIF Redevelopment District
Cision PR Newswire | Mar. 14 | Tax Increment Finance (TIF)

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Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300

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