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CDFA Tax Increment Finance Update - August 24, 2021

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Tax Increment Finance Update
August 24, 2021
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Tax Increment Finance Update

Features

Nulu Hotel in Louisville, KY to Source Locally, Train New Employees as Part of $1.8M TIF District
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.

Wood Dale, IL Considers $66M Luxury Apartment Complex in TIF District
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.

An Innovative New Tool for Washington Communities to Create Jobs
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 City Panel Approves $600M To Finish Cabrini-Green Redevelopment
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 Bedding Company Expanding Headquarters, Adds 4,200 New Jobs
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.

North Platte, NE Residents Now Can Apply for ‘MicroTIF' for Home Improvements
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.

How Georgia Economic Developers Help Create Jobs, Incentives to Bring Major Employers
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.

Evolution of Tax Increment Financing: Indiana, Kentucky, Ohio, and West Virginia
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.

Upcoming Events
SSBCI Learning Series - Module I

CDFA Rural Development Finance Webinar Series: Best Practices for Rural Development Finance Agencies
Tuesday, August 31, 2021 - 2:00 PM - 3:00 PM Eastern
During the third installment of the CDFA Rural Development Finance Webinar Series, discover best practices of development finance agencies to help you identify the right partner for your projects.

CDFA Federal Financing Webinar Series: The Federal Role in Financing Broadband
Tuesday, September 14, 2021 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Federal Financing Webinar Series, experts will discuss how federal financing tools can be used to fund 5G broadband networks.

Tax Increment Finance News

Green, OH Hopes to Carve Out New Development District
Akron Beacon Journal | Aug. 23 | Access to Capital | Economic Development | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Bloomington, IN to Open Fourth Street Garage
WISH-TV | Aug. 23 | Economic Development | Infrastructure Finance | Tax Increment Finance (TIF)

Cedar Lake, IN Expands TIF District
NWI Times | Aug. 20 | Economic Development | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Sioux Falls, SD Council Approves Cherapa Place TIF
Argus Leader | Aug. 20 | Access to Capital | Economic Development | Infrastructure Finance | Tax Increment Finance (TIF)

Gadsden, AL Opens Park Boulevard That Connects Much of East Gadsden Riverfront
The Gadsden Times | Aug. 18 | Infrastructure Finance | Tax Increment Finance (TIF)

Manchester, IA City Council Pushes for More Housing
Manchester Press | Aug. 18 | Housing Finance | Infrastructure Finance | Tax Increment Finance (TIF)

$4M Gym Project Gets Tif Funding in Princeton, IN
Princeton Daily Clarion | Aug. 18 | Community Development | Economic Development | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Merrillville, IN Road Improvements Enter Final Phase
NWI Times | Aug. 18 | Infrastructure Finance | Tax Increment Finance (TIF)

Palatine, IL Seeks District 15 Support in Extending Downtown TIF
Journal & Topics | Aug. 18 | Economic Development | Infrastructure Finance | Tax Increment Finance (TIF)

Kenosha, WI Plan Commission Backs Pair of New Tax Increment Financing Districts
Kenosha News | Aug. 10 | Economic Development | Housing Finance | Infrastructure Finance | Tax Increment Finance (TIF)

Norton, MA Voters Support Tax Break for New Business
The Sun Chronicle | Aug. 10 | Economic Development | Redevelopment | Rural Development | Tax Increment Finance (TIF)

Beloit, WI Could Close Tax Increment Districts Ahead of Schedule
Beloit Daily News | Aug. 9 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Lied Place Residences in Lincoln, NE in Line for More TIF Money
Lincoln Journal Star | Aug. 5 | Economic Development | Tax Increment Finance (TIF) | Urban Development

New Braunfels, TX Approves Policy on Special Zones
Herald Zeitung | Aug. 3 | Economic Development | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Waterloo, Iowa Council Will Consider New Project in University Avenue TIF District
The Waterloo-Cedar Falls Courier | Aug. 2 | Access to Capital | Economic Development | Redevelopment | Tax Increment Finance (TIF)

TIF Projects Resume in South Walton, FL
WJHG-TV | Aug. 2 | Economic Development | Infrastructure Finance | Tax Increment Finance (TIF)

Restaurant Takes Over Old Bank Building in Lake Zurich, IL
Daily Herald | Aug. 2 | Food Systems Finance | Public-Private Partnership (P3) 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
info@cdfa.net

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