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CDFA Tax Increment Finance Update - May 23, 2023

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Tax Increment Finance Update
May 23, 2023
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Tax Increment Finance Update


Join CDFA for Our Upcoming Intro Tax Increment Finance Course!
Register for CDFA's Intro Tax Increment Finance (TIF) Course taking place on June 14-15 to learn the guiding principles and appropriate application of TIF. Our panel of expert speakers will discuss TIF deal-making and best practices highlighted by projects from around the country.

Water Street in Tampa, FL Makes Big Economic Waves
Water Street is only halfway done, but downtown Tampa is already reaping the benefits of its transformation. The massive 56-acre development has nearly doubled the footprint of downtown Tampa and will be a showpiece for the future of sustainable urban waterfront design. Water Street is the single largest private development investment in the history of Tampa Bay.

Washington State's TIF Fix Expected to Spark Infrastructure Projects
Washington Gov. Jay Inslee signed into law a bill that expands the eligible uses of a tax increment financing program to spur infrastructure and economic development projects in the state. One project likely to move ahead thanks to the signing of HB 1527 is the redevelopment of Terminal 1 at the Port of Vancouver where 40,000-square-feet in development is planned along the waterfront.

Rochelle, IL Utilizes TIF Districts to Encourage Developments
The Rochelle City Council unanimously approved a tax increment financing (TIF) agreement with Breakthru Beverage. The developer requested a TIF redevelopment agreement with the city to close "their potential funding gap" and to assist with property redevelopment. The agreement consists of reimbursement of $700,000 of $1.7 million of TIF-eligible expenses and 85 percent of the increment created by the site redevelopment.

The Confluence Marks Next Phase for Waterloo Greenway Parks System in Austin, TX
The Confluence is the latest move in the city's work to revitalize the area around Waller Creek and turn the frequently flooded waterway into a community asset and magnet for development. The Greenway Conservancy has raised $12 million, with the city contributing $27 million from a tax increment reinvestment zone created to cover Greenway costs.

Omaha, NE Had Record-Breaking Year in 2022 with $159M in TIF Loans
A $600 million downtown skyscraper. A $220 million casino. Several large mixed-use developments. Those massive projects made 2022 a record-breaking year for tax-increment financing loans in Omaha. The $159 million comes from 23 redevelopment agreements approved by the Omaha City Council.

Santa Rosa, CA Moves Forward with New Tax District to Spur Growth Downtown
Santa Rosa is pursuing a new economic development tool that city officials hope will drive more private investment into the city's urban core. The City Council unanimously adopted a resolution of intention — the first step in a lengthy process — to form a new financing district that would use a portion of property taxes to pay for infrastructure improvements and other projects.

North Charleston, SC Approves $6M Purchase of 400 Acres for Urban Park
The city of North Charleston is planning to make a $6 million purchase of about 400 acres of land around Ingleside Boulevard, property that will be used to develop what the city is calling an urban park. To pay for the land purchase, $3 million is being provided in Charleston County Greenbelt funds, $1 million in city tax-increment finance district funds, $1 million from the South Carolina Conservation Bank, and $1 million from the U.S. Fish and Wildlife Service.

Upcoming Events
Intro Tax Increment Finance Course

CDFA // BNY Mellon Development Finance Webcast Series: Advancing Equitable Economic Development with Affordable Housing
June 20, 2023 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, panelists will demonstrate how investment in affordable housing advances equitable economic development with a discussion of innovative financing approaches that can help these projects succeed.

CDFA Food Systems Finance Webinar Series: Targeted Tools & Food Systems
June 27, 2023 - 2:00 PM - 3:30 PM Eastern
In this installment of the CDFA Food Systems Finance Webinar Series, we will highlight unique financing structures that drive food systems investment within a geographic footprint.

Tax Increment Finance News

Sun Prairie, WI City Council OK's Agreement for Two-Story Commercial Building
Sun Prairie Star | May. 22 | Brownfield Financing | Economic Development | Redevelopment | Tax Increment Finance (TIF)

City of Jenks, OK Reveals Plans for New Shopping Destination
KOKI-TV | May. 17 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

City Funding Could Help Bring More Affordable Housing to Lasalle Street in Chicago, IL
Block Club Chicago | May. 9 | Housing Finance | Redevelopment | Tax Increment Finance (TIF) | Urban Development

Elwood, PA Council Approves $6M Bond for New Swimming Pool
The Herald Bulletin | May. 9 | Bond Finance | Community Development | Tax Increment Finance (TIF)

Project Gets $1.1M in State Assistance in North Mankato, MN
Mankato Free Press | May. 9 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

TIF Approved for Downtown Housing Project in Yankton, SD
Yankton Daily Press & Dakotan | May. 8 | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Indiana Farm Bureau Touts Legislative Successes that will Benefit Farmers
Brownfield | May. 8 | Agriculture Finance | Healthcare | Legislative | Rural Development | Tax Increment Finance (TIF)

$1.7M for Conservation Projects on Michigan Lakes and Streams
WWMT | May. 5 | Economic Development | Redevelopment | Tax Increment Finance (TIF) | Water Finance

St. Clair Shores, MI to Unveil New Pier at Blossom Heath Park
The Detroit News | May. 5 | Community Development | Redevelopment | Tax Increment Finance (TIF) | Urban Development | Water Finance

Kosciusko County, IN Planners Give OK to TIF
Times Union Online | May. 3 | Redevelopment | Tax Increment Finance (TIF) | Water Finance

Solar Project Seeks TIF in Millard County, UT
Millard County Chronicle Progress | May. 3 | Energy Finance | Green Finance | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Andover, MA Voters OK Deal to Bring 600 New Jobs
The Eagle Tribune | May. 1 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Bricking Ybor's Seventh Avenue to Restore Historic Look in Tampa, FL
Tampa Bay Times | Apr. 28 | Historic Preservation | Infrastructure Finance | Tax Increment Finance (TIF)

TIF Zone Votes to Annex Swath of Waco, TX Industrial Park
Waco Tribune-Herald | Apr. 27 | Economic Development | Local Finance Program | Redevelopment | Tax Increment Finance (TIF)

Ports Partner to Deliver Public Infrastructure to Reynoldsburg, OH Development
Columbus-Franklin County Finance Authority | Apr. 26 | Bond Finance | Economic Development | Housing Finance | Infrastructure Finance | Local Finance Program | 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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