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CDFA Tax Increment Finance Update - March 23, 2021

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Tax Increment Finance Update
March 23, 2021
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Tax Increment Finance Update

Features

Building More Than 'Just Houses,' Habitat for Humanity Plans Initiative in Tulsa, OK with $40M from New TIF District
The city of Tulsa established a tax increment finance district last year to channel more than $40 million into north Tulsa housing. Habitat for Humanity will be "a key partner in this work" as they shift to a more "holistic approach" to building that involves not just individual houses, but building an entire community.

Historic Austin Town Hall in Chicago, IL Gets Funds for Repairs, Renovations
The Chicago City Council last week approved spending up to $1.5 million in tax increment financing funds to renovate the Austin Town Hall. The money will partially cover costs associated with upgrading the town hall's electrical service, improving ADA access, and remodeling and restoring parts of the interior

'TIF for Jobs' Bill Passed by Washington State Senate Business, Financial Services & Trade Committee
Authorizing Tax Increment Financing (TIF) is one critical action identified by the Washington Economic Development Association (WEDA) for state lawmakers to take in the 2021 legislative session to help communities recover from the pandemic. The Senate Business, Financial Services & Trade Committee has passed the TIF for Jobs bill (ESHB 1189) and further information can be found on WEDA's website.

New Beef Processing Plant Planned for North Platte, NE
A group of cattlemen and investors have formed Sustainable Beef, LLC to build a new small regional beef plant in North Platte, Nebraska. There have been significant disruptions in the packing industry resulting from a major fire at a nearby beef plant and the COVID-19 pandemic. The proposed plant will cost more than $200 million to construct and will likely need tax increment financing in the capital stack to make this project a reality.

Oregon Community Explores TIF District to Stem Displacement of Vulnerable Neighbors
The Cully Association of Neighbors in Portland, Oregon is developing an innovative plan to use tax increment financing to prevent displacement of vulnerable families from the neighborhood through the creation of a Community-Led Development District. Three-percent annual increases in tax revenue over 20 years would be set aside in a fund that would largely be directed towards investments in affordable housing.

Gardiner, ME to Support Boys & Girls Clubs with TIF Revenues
Elected officials agreed to commit $500,000 toward the Boys & Girls Clubs of Kennebec Valley for its new building over several years. The money would come from the city's fund balance and from revenue from the Libby Hill Tax Increment Financing district, so the donation will have no impact on Gardiner's tax rate.

Michigan Strategic Fund Approves $173.6M in Projects Across State
The Michigan Strategic Fund of the Michigan Economic Development Corporation approved projects and initiatives that are expected to generate a total capital investment of $173.6 million and create 473 jobs. This includes community revitalization brownfields projects in Detroit, Holland, and Alma.

TIF in West Bend, WI Nears Final Approval for $9.7M Toward Projects, Including Brewery Site
The creation of a new tax incremental finance district, including more than $9.7 million in city projects and to assist significant redevelopment at the West Bend Brewery site, is nearing final approval in the city of West Bend, Wisconsin, as the required public hearings this week saw no input from the public and only brief discussion from the Plan Commission.

Upcoming Events
CDFA-Bricker PACE Webinar Series: How PACE Gets Utilized Across All Market Segments

CDFA // BNY Mellon Development Finance Webcast Series: Social Impact Investing Credit Ratings for CDFIs
Tuesday, April 20, 2021 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Webcast Series, we will explore how CDFIs, by obtaining a credit rating, can demonstrate the value of making social impact investments.

Advanced Tax Increment Finance WebCourse
May 26-27, 2021 - Daily: 12:00 - 5:00 PM Eastern
This course will focus on structuring TIF deals and developing short- and long-term policies. Attendees will also learn about performance monitoring, feasibility analysis, and using TIF in conjunction with other development finance tools.

Tax Increment Finance News

University Avenue Corridor in Waterloo, IA Could See New $13.7M Economic Development District
The Courier | Mar. 22 | Tax Increment Finance (TIF)

Overland Park, KS Development Costs Decrease as Developer Wins $8M State Grant
Shawnee Mission Post | Mar. 19 | Housing Finance | Tax Increment Finance (TIF)

Manufacturer Eyes $2.5M Investment, TIF Support in Cascade, IA
Telegraph Herald | Mar. 19 | Tax Increment Finance (TIF)

‘A Game-Changer for the Community': Clear Lake, IA Proceeds with Another Development Project
Globe Gazette | Mar. 17 | Tax Increment Finance (TIF)

A Small Grocer is Coming to West Baltimore, MD as Part of Larger Neighborhood Redevelopment Effort
Baltimore Sun | Mar. 17 | Bond Finance | Food Systems Finance | Social Finance | Tax Increment Finance (TIF)

TIF for Italy-Based Food Manufacturer Approved in Gloucester, MA
Gloucester Daily Times | Mar. 17 | Food Systems Finance | Tax Increment Finance (TIF)

Camden, ME Considering Partnering with Private Marina to Develop Its Harbor
Bangor Daily News | Mar. 17 | Infrastructure Finance | Tax Increment Finance (TIF)

Tech Company to Bring 1,000+ Jobs to Utah with Support from TIF
ABC4 | Mar. 11 | Tax Increment Finance (TIF)

Missouri State Sen. Koenig's Bill Limiting TIFs in Flood Plains Passes Senate Unanimously
Call Newspapers | Mar. 8 | Legislative | Tax Increment Finance (TIF)

Monmouth, IL Sees Growing Interest in Small Businesses Utilizing Established TIF Districts
WGIL | Mar. 5 | Local Finance Program | Tax Increment Finance (TIF)

New Life Coming to Downtown Springfield, IL
WAND17 | Mar. 4 | Historic Preservation | Tax Increment Finance (TIF)

New Low-Income Apartments Planned for Des Moines, IA with TIF, LIHTC
Des Moines Register | Mar. 2 | Housing Finance | Social Finance | Tax Credits | Tax Increment Finance (TIF) | Low Income Housing Tax Credits (LIHTCs)

Nashville, TN Proposes Changes to TIF Areas
Brown County Democrat | Mar. 2 | Tax Increment Finance (TIF)

$6.9M TIF District Created for Kingsway Elevation District in St. Louis, MO
nextSTL | Feb. 28 | Brownfield Financing | Tax Credits | Tax Increment Finance (TIF)

Edwardsville, IL Could Approve $1.9M of TIF Disbursements
The Edwardsville Intelligencer | Feb. 24 | 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

  • Baker Tilly
  • BNY Mellon
  • Bricker & Eckler LLP
  • Brownfield Superfund Advisory, Inc
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
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  • FBT Project Finance Advisors LLC
  • Frost Brown Todd LLC
  • gener8tor
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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