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CDFA Tax Increment Finance Update - March 26, 2019

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Tax Increment Finance Update
March 26, 2019
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Tax Increment Finance Update


Joplin, MO Recovery TIF Expected to Pay Bonds Off Early
The Joplin Recovery TIF includes virtually all of the disaster area from the May 2011 tornado and was established in 2013. The recovery TIF was originally expected to be paid off in 2033, but now is projected to be paid off by 2020. Once paid off, it's expected to generate more than $3 million in tax revenue.

Missoula, MT Officials: TIF Revitalized Struggling Downtown Area
TIF, often criticized and perhaps misunderstood, saved downtown Missoula from crime, blight and declining tax revenue. According to the director of the Missoula Redevelopment Agency, the area is thriving with businesses, tourism and new investments because of the foresight of city leaders to implement the first TIF program in the area back in 1978.

Red Cedar Development Could Forever Change Lansing, MI
The developers will be reimbursed for infrastructure improvements to the site through Tax Increment Financing, or TIF, subsidies if the brownfield plan is approved. An estimated 400 full-time jobs and 1,000 "indirect" jobs will be created, according to the plans for the $30 million drain restoration project and $250 million development project.

Solar Array Project Moves Closer to Construction
Dirigo Solar LLC is proposing an $8 to $9 million solar array project on nearly 40 acres of land. Among other things, the project hinges on the approval of a 15-year Credit Enhancement Agreement that would establish a TIF district. The survey and site plan were declared completed, moving the project closer to construction.

$9M TIF Created to Fund $92M Grand Avenue Mall Redevelopment in Milwaukee, WI
The $92M redevelopment of the former Shops of Grand Avenue mall is moving forward; the City of Milwaukee's Redevelopment Authority created a $9M developer-financed TIF. Instead of providing the cash upfront to the developer, the TIF district will rebate up to $9M, plus 5.5% interest, to the developers via increased property tax revenue.

Terre Haute, IN Creates TAD to Fund Convention Center
The agreement calls for the Redevelopment Department to provide $3 million up front toward the $32.5 million cost of the center and $500,000 for 19 years in backup financing in the event the city itself is unable to meet its obligations. The department will use downtown TIF funds to meet its obligation toward the convention center.

TIF Created to Support Mixed-Use, 300-Acre Kerbler Development
The development, called the Kerbler Project, is expected to include single-family homes and about 300 condominiums and apartments, a senior-care facility, retail space, offices and "light industrial" buildings. A TIF district was created and is projected to generate $36.7M to support infrastructure improvements and local schools.

Aurora, IL Set to Approve New Downtown Micro-TIF District
The Aurora City Council is set to approve a new micro tax increment financing district for a key downtown block. The downtown TIF is due to expire in two years, and rather than renew it for the entire downtown, city officials are choosing to develop smaller, micro-TIFs for specific projects.

Upcoming Events
CDFA Federal Policy Conference

CDFA // BNY Mellon Development Finance Webcast Series: Emerging Structures for Investing in Low-Income Communities
Tuesday, April 23, 2019 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Webcast Series, our expert speakers will discuss the financing structure that supported Plaza 122, a place based specific solution for a community in need.

Tax Increment Finance News

Economic Development Board Holds TIF Public Hearing, Approves Project
Daily Memphian | Mar. 23 | Access to Capital | Community Development | Incentives | Tax Increment Finance (TIF)

Tax Incentive and Special Assessment Planned for Bayonne, NJ
Hudson Reporter | Mar. 22 | Access to Capital | Incentives | Special Assessment Districts | Tax Increment Finance (TIF) | Urban Development

Merrillville, IN Creating TIF District to Support Multi-Use Housing
Northwest Indiana Times | Mar. 21 | Access to Capital | Community Development | Tax Increment Finance (TIF)

Despite Objections, Wichita, KS Executes Private Development Deal Near Stadium Project
KMUW | Mar. 20 | Access to Capital | Bond Finance | Community Development | Special Assessment Districts | Tax Increment Finance (TIF)

Springfield, IL Approves TIF District for New Downtown Hotel
The State Journal-Register | Mar. 19 | Access to Capital | Tax Increment Finance (TIF)

TIF Funds to Be Redistributed to Morris, IL Taxing Bodies
Morris Herald-News | Mar. 19 | Community Development | Tax Increment Finance (TIF)

Downtown Tourism Development Zone Captures Sales Tax Growth
Daily Memphian | Mar. 17 | Local Finance Program | Special Assessment Districts | Tax Increment Finance (TIF) | Urban Development

Kankakee, IL TIF Proposal Draws Questions from Citizens
Daily Journal | Mar. 15 | Community Development | Tax Increment Finance (TIF)

$150M Investment Announced for Cincinnati, OH
FOX 19 NOW | Mar. 12 | Local Finance Program | Tax Increment Finance (TIF)

Indianapolis, IN Council Votes for TIF Districts
Indianapolis Business Journal | Mar. 11 | Local Finance Program | Tax Increment Finance (TIF) | Urban Development

$14M Bond Financing for Westbrook, ME Project Will Upgrade Transportation Links
Mainebiz | Mar. 7 | Bond Finance | Infrastructure Finance | Tax Increment Finance (TIF)

Belle Plaine, MN Takes First Steps Toward TIF-Funded Apartments
Belle Plaine Herald | Mar. 6 | Community Development | Tax Increment Finance (TIF)

City of Owensboro, KY Unveils New Interactive, Online Map
Messenger-Inquirer | Mar. 6 | Innovation Finance | Tax Increment Finance (TIF)

Chicago, IL's Lincoln Yards Tweaks Plan Again, Adds More Affordable Housing
Curbed Chicago | Mar. 5 | Community Development | Local Finance Program | Tax Increment Finance (TIF) | Urban Development

Petoskey, MI Taking Early Steps to Ready 'Priority' Sites for Development
Petoskey News-Review | Mar. 4 | Brownfield Financing | Redevelopment | 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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