Metro Council approved an ordinance establishing a tax increment financing (TIF) district for what will be the new boutique hotel in NuLu called Bunkhouse. Metro Council members — along with the developer and community leaders — agreed on adding a new element to this TIF called a Community Benefits Agreement.

A real estate firm wants to build a $66 million luxury apartment complex at the site of a former bank in Wood Dale. If the project is approved, the TIF will provide about $6.5 million for the property's infrastructure, site preparation, and demolition of the former bank building, according to the city. The proposed apartment complex would offer a mix of studios, one-bedroom, and two-bedroom units.

This session introduced and passed a new law (House Bill 1189) that passed both chambers on bipartisan votes and was signed by Gov. Jay Inslee. This law gives local governments in every corner of Washington an innovative new tool to fund local improvements. Local jurisdictions that use TIF benefit from improved public infrastructure, increased economic development, and local job growth.

Chicago's decades-long struggle to redevelop the former site of the Cabrini-Green public housing development came one small step closer to finishing Tuesday after an advisory panel voted to spend another $600 million on the neighborhood over the next 12 years.

Utah-based bedding company Malouf, announced plans to expand their headquarters, adding 4,200 new high-paying jobs. Malouf could receive a tax credit for up to 50% of its state taxes due to an agreement called the Utah Legislature-Authorized Rural Economic Development Tax Increment Finance (REDTIF). The tax credit incentivizes companies that choose to develop and establish high-paying job opportunities in rural areas of Utah.

City officials can now take applications for the new state program's partial property tax refunds following a 7-0 City Council vote authorizing them. The vote opened microTIF's door immediately for owners of 338 North Platte homes at least 60 years old that stand in areas already designated "substandard and blighted" for purposes of "regular" tax increment financing.

Georgia is regularly touted as being the No. 1 state for business in the country, although there is some disagreement on this. Beating out competitors for major industrial projects is only one part of economic growth in Georgia, but it is one that brings in potentially thousands of jobs at a time and can include significant investments from local governments.

Tax increment finance legislation continues to evolve in many states including legislative changes in Indiana, Kentucky, Ohio, and West Virginia. These changes may provide additional opportunities for local governments or developers looking to utilize TIF to complete their capital stacks. May also provide additional financing opportunities for existing districts and projects.

CDFA Rural Development Finance Webinar Series: Best Practices for Rural Development Finance Agencies
Tuesday, August 31, 2021 - 2:00 PM - 3:00 PM Eastern

CDFA Federal Financing Webinar Series: The Federal Role in Financing Broadband
Tuesday, September 14, 2021 - 2:00 PM - 3:30 PM Eastern

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