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CDFA Tax Increment Finance Update - November 28, 2023

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Tax Increment Finance Update
November 28, 2023
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Tax Increment Finance Update


Join CDFA for Our New Intro Federal Finance Course
Register for CDFA's Intro Federal Finance Course taking place on December 13-14 to learn the federal funding resources available to help advance economic development. Our panel of expert speakers will discuss how federal support tools can work in coordination with other development finance tools for programs and projects on the local level.

Cloquet, MN to Help Finance Upper Lakes Foods Expansion With TIF
The city is granting one of the largest private local employers a subsidy to assist in a 7,000-square-foot addition expected to create 11 new jobs. Upper Lakes Foods is using tax increment financing (TIF) to assist with its construction project. To do so, the city will create a development district and then create a TIF district as part of it.

How Rhode Island's State Housing Agency Plans to Build More Housing in 2024
Rhode Island's new state housing agency is asking for more ammunition in the battle for home affordability, including what would be the largest housing bond in state history. Pryor's budget requests for next year include $124 million in spending with identified funding sources – mostly a $100-million bond – plus more than $78 million in additional provisions should extra money become available.

Carroll, IA Continues Utilizing Tax Increment Financing
Carroll City Council made several motions continuing to take advantage of tax increment financing to drive economic development in Carroll. The council approved two separate resolutions awarding business grants from tax increment funds as compensation for the creation of facilities and jobs.

Utah Flour Milling Planning Large Expansion in Richmond, UT
The Utah Governor's Office of Economic Opportunity announced a significant tax reduction for Utah Flour Milling, an expansion project connected to the growth of Campbell's in Richmond. Utah Flour Milling has committed to creating 31 new high-paying jobs and investing $57 million in Cache County over the next five years as part of their expansion plan. The company will receive tax incentives for the expansion as part of Utah's Rural Economic Development Tax Increment Financing program.

Carpentry Hotel to Open in Dalton, GA Thanks to TAD District
The Carpentry Hotel construction project at the site of a former bank building is in the downtown tax allocation district (TAD), which makes it eligible for tax increment financing (TIF). Taxes that will be collected on additional value created by improvements to the property will go to the hotel for infrastructure improvements to the area that will be made as part of the project.

Killeen, TX Wins Downtown Achievement Award
The City of Killeen's Development Services Division of the Downtown Revitalization program has won the Texas Downtown Achievement award for the Best Economic Game Changer. Following the Killeen 2040 Comprehensive Plan, the Downtown Revitalization Program took a downtown that was known for blight and vacancy and turned the area around by building community pride, supporting local businesses, and with creative use of American Rescue Plan Act and Tax Increment Reinvestment Zone funding.

Corpus Christi, TX City Council Expected to Approve Rooftop TIRZ Development Program
The Corpus Christi City Council is expected to approve a program that will provide Tax Increment Reinvestment Zone (TIRZ) funding to businesses interested in constructing rooftop bars and restaurants downtown. Under the new program, businesses will receive a 50 percent annual reimbursement for expenses related to rooftop development, up to half a million dollars. 

Upcoming Events
Intro Federal Finance WebCourse

2023 Equitable Lending Learning Series: Program Design
December 5, 2023 - 1:00 PM - 4:00 PM Eastern
During this event in the Equitable Lending Learning Series, speakers will discuss how loan fund programs have traditionally been designed, introduce technical strategies and best practices for proactively reducing barriers to capital among prospective borrowers, and share examples of loan funds with replicable program innovations.

CDFA // BNY Mellon Development Finance Webcast Series: Financing Childcare Facilities with Bonds
December 19, 2023 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, experts will discuss challenges faced in financing childcare facilities and share examples of how bond financing can be used to support such businesses.

Tax Increment Finance News

Forest City, IA City Council Invests TIF Funds in Industrial Marketing Plan, YMCA Daycare
Globe Gazette | Nov. 27 | Community Development | Redevelopment | Tax Increment Finance (TIF)

Liberty Hill, TX City Council Proposing Creation of TIRZ in Downtown
Liberty Hill Independent | Nov. 21 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Redevelopment Commission Authorizes Funding for Riverfront Project in Columbus, IN
The Republic News | Nov. 21 | Community Development | Redevelopment | Tax Increment Finance (TIF)

Huxley, IA's Mixed-Use Development Hopes to Bolster Growing Community With TIF
Ames Tribune | Nov. 21 | Community Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Louisville, KY Seeking $2.25M in State Incentives for Pretzel Maker
WDRB | Nov. 20 | Economic Development | Food Systems Finance | Redevelopment | Tax Increment Finance (TIF)

Kenwood Academy Improvements Approved for Chicago, IL City Financing
City of Chicago | Nov. 15 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

University of New Mexico Welcomes Restaurants to TID District
University of New Mexico | Nov. 14 | Economic Development | Food Systems Finance | Redevelopment | Tax Increment Finance (TIF)

Fort Worth, TX's Tax Increment Financing Districts Increase in Value
Community Impact | Nov. 13 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

City Prepares Capital Stack for Design Cap Project in Austin, TX
Austin Monitor | Nov. 9 | Community Development | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Elgin, IL Puts $2.8M More in TIF Money Into Mixed-Use Project After Unexpected Issues
Daily Herald | Nov. 7 | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Joliet, IL Plans Rent Help for Downtown Businesses
Shaw Local News Network | Nov. 2 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Muskogee County, OK Considers TIF District for Infrastructure
Muskogee Phoenix | Nov. 1 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

City of Houston, TX Approves Clear Guidelines for Reinvestment Zones
Houston Public Media | Oct. 31 | Economic Development | Legislative | Tax Increment Finance (TIF)

School Board Approves TIF Agreement for Aurora, IL Casino
Shaw Local News Network | Oct. 31 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Wasatch County, UT Places a Bet With MIDA, and Still Gets Some Tax Revenue in the Deal
Park Record | Oct. 31 | Economic Development | Infrastructure Finance | 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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