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CDFA Tax Increment Finance Update - April 28, 2020

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Tax Increment Finance Update
April 28, 2020
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Tax Increment Finance Update

Features

Kansas City, MO Proceeds with $43M Soccer Park
To build the fields, the city plans to extend a tax-increment financing, or TIF, district in the Northland to provide $17 million to the project. Kansas City would also issue $25 million in special obligation bonds — repaid by capital improvements and parks sales taxes — to provide $25 million.

Saco, ME Creates Emergency Fund to Offer Loans to Businesses, Nonprofits
The Saco City Council has approved a new COVID-19 emergency loan fund to help local businesses and nonprofits. Funds for this program will come from the City of Saco's Tax Increment Financing (TIF) District revenues, and the program will be administered by the Southern Maine Finance Agency.

Joplin, MO Council to Take up Termination of Tornado-Recovery TIF District
Council will be asked to approve an ordinance that would dissolve the expansive Joplin Recovery Tax Increment Financing District. It was established in 2012 after the Joplin tornado to generate money for recovery projects. Termination of the 3,100-acre district — said to be the largest ever created in Missouri — will free up sales and property taxes that went into the TIF to go to the city, the Joplin School District, and others.

Windsor Locks, CT Officials Set TIF Fund at $223K
The Board of Selectmen and Board of Finance have set the 2020-21 Tax Increment Fund budget at $223,000. This year, the town has used the fund for the downtown TIF microloan program, which funded start-up and existing small businesses, maintenance for the new lower canal trail picnic area, and a consultant for a public market business plan.

Janesville, WI Tweaks Multifamily Residential TIF Policy
The Janesville City Council voted to tweak its multifamily residential tax increment finance policies to prioritize development downtown and in other areas within the city. The city made TIF assistance available for multifamily residential projects after a 2018 housing summit.

Mankato, MN Council Approves $36M Redevelopment Plan for City-Owned Lot
Both projects require city subsidies, mainly tax-increment financing that would allow property taxes on the development to be used to help cover project costs — 16 years worth of property tax payments for Cohen-Esrey and 20 years for SWMHP.

Fifth & Main Project Likely to See Delay Due to Pandemic
The tower's deteriorating condition in recent years has caused its assessed value to drop, negatively impacting revenue coming into the Downtown Tax Increment Financing District. Because of that, city officials have sought to remove the Fifth & Main property from the Downtown TIF and make it its own tax increment finance district.

Key COVID-19 Response Strategies for Development Finance Agencies
Development finance has always been at the forefront of recovering from natural disasters and economic challenges. The emergence of the COVID-19 crisis requires a unique and targeted response by the federal government, state and local development finance agencies (DFAs), private banks, and philanthropy. The following set of strategies and recommendations is designed to help DFAs evaluate their portfolios and determine whether modifications are needed for their bonds, tax increment finance, and revolving loan fund programs.

Upcoming Events
Intro Tax Increment Finance WebCourse

CDFA-ARI Rural Finance Webinar Series: Tools, Programs, and Opportunities Within Rural America
Wednesday, May 6, 2020 - 1:00 PM - 2:30 PM Central
During the second installment of the CDFA-ARI Rural Finance Webinar Series, we will continue to explore what responses and resources are available to reduce the impact of the COVID-19 crisis on rural America.

CDFA-Bricker PACE Webinar Series: PACE 101 - The Basics of PACE Financing
Tuesday, May 12, 2020 - 11:00 AM - 1:00 PM Eastern
During this installment of the CDFA-Bricker PACE Webinar Series, learn about the basic principles of PACE financing from experts from across the field including the origins and laws of PACE financing, current market trends, and eligible technologies including energy efficiency and alternative energy technologies.

CDFA // BNY Mellon Development Finance Webcast Series: Historic Preservation Financing
Tuesday, May 19, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will explore the challenges of historic preservation projects and how financing tools can be combined to make preservation projects possible.

Tax Increment Finance News

Princeton, IN Seeks TIF Pledge for Water Main Project
Clarion | Apr. 27 | Tax Increment Finance (TIF) | Water Finance

Perry Nudgers Group Tackling Morgan Building for Next Renovation Project
Raccoon Valley Radio | Apr. 27 | Tax Increment Finance (TIF)

The URA in the Williamson Era
Public Source | Apr. 27 | Tax Increment Finance (TIF)

Final Funds Granted to Hotel Maytag Developers
Newton Daily News | Apr. 24 | Historic Preservation | Tax Credits | Tax Increment Finance (TIF) | TIF Bonds | Federal Historic Rehab Tax Credits

San Antonio, TX City Council Approves $25.8M Emergency Fund to Help Residents
Fox San Antonio | Apr. 23 | Tax Increment Finance (TIF)

Council Gives Green Light to TIF Project
McCook Gazette | Apr. 23 | Bond Finance | Tax Increment Finance (TIF)

Norfolk, NE City Council Approve Plans for New Strip Mall Using TIF
WJAG | Apr. 22 | Economic Development | Tax Increment Finance (TIF)

Banking Group Plans New Building in Urbandale, IA
Business Record | Apr. 22 | Tax Increment Finance (TIF)

Convention Center Work Begins In Downtown Terre Haute, IN
Tribune Star | Apr. 21 | Tax Increment Finance (TIF)

Pekin, IL Grapples with Budget
Pekin Times | Apr. 21 | Disaster Recovery & Relief | Tax Increment Finance (TIF) | COVID-19

HMDA Seeks $1.9M Loan for Kinetic Park Hillside Repairs
Herald Dispatch | Apr. 21 | Tax Increment Finance (TIF)

Sheldon, IA to Use TIF Funds to Pay for Infrastructure Improvements
KIWA Radio | Apr. 16 | Tax Increment Finance (TIF)

Monmouth, IL Proceeds With TIF Plan
The Register Mail | Apr. 8 | Bond Finance | Brownfield Financing | Tax Increment Finance (TIF)

Affordable Housing Complex Proposal Awarded $1.5M In Federal Tax Credits
Block Club Chicago | Apr. 8 | Tax Credits | Tax Increment Finance (TIF)

Paducah, KY Eyes Environmental Assessment for Build Project
Paducah Sun | Apr. 4 | Tax Increment Finance (TIF)

Lake Station, IN Pursues Economic Growth
NWI.com | Mar. 29 | 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
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  • Fifth Third Bank
  • Frost Brown Todd, LLC
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  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
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  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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