The long-delayed South Central Waterfront Plan moved closer to implementation after City Council initiated a tax increment reinvestment zone to guide the use of new property tax revenue on the south shore of Lady Bird Lake. The city envisions a walkable, transit-oriented district with a refurbished waterfront, relatively tall and dense buildings, and affordable housing.

The Mountain Urban Renewal Authority and the money it diverts from the Steamboat Springs School District has been discussed in the race for Steamboat Springs Board of Education. The URA was set up in 2004 and has a 25-year life span, making it set to expire in 2029. Since the URA went into place, property valuations in the area have grown by about $55 million.

Proposition 2 expands upon Senate Joint Resolution 8, which amended the Texas Constitution in 1981 to allow local officials to utilize tax increment financing within municipal limits. A form of tax increment financing, known as Transportation Reinvestment Zones (TRZ), is available for areas deemed underdeveloped by a city and is intended to promote public safety and facilitate property redevelopment and traffic movement.

Cleveland City Council approved tax breaks for a project that will involve razing the former Club Azteca, a Mexican American social club on Detroit Avenue, to make way for a new building with apartments and retail space. The council approved tax increment financing for the project, a move that will allow the developer's real estate taxes on the improvement to be invested back into the project.

Banning's city council was given a presentation on a strategy that could assist Banning in acquiring federal loans and grants for targeted projects. A tax increment financing district would benefit the city's infrastructure, as Banning owns its own electric utility, has ample water supply for new homes, and enough capacity to handle wastewater increases through the next decade; though future growth would be dependent on the city's ability to draw water from off-site sources.

A new $287 million development coming to the E-470 corridor in Aurora will bring nearly 5,000 new homes and 53 acres of parks and open space to the area. The Piper Sandler Special District Group helped secure funding for the development. Construction is expected to start in 2022 with completion expected by 2032.

In the late 1800s and early 1900s, local waterways were filled with hundreds of small steamships bringing passengers to various locations around the Sound. A plan developed by Cascadia Center, a nonprofit think tank focused on Puget Sound transportation issues calls for a multiuser fast passenger-only ferry that would dock in Seattle at the site now occupied by the derelict Pier 48. Capital funding could come from the newly authorized state tax-increment financing law, which includes terminals as eligible uses.

More than $1 billion in property tax revenues flowed into Chicago's tax increment finance districts in 2020, reaching an all-time high. The burst of additional TIF revenue will ease the city's budget crisis by allowing Mayor Lori Lightfoot to declare $271.6 million in TIF funds to be in surplus, sending $67 million to the city's corporate fund and $150 million to the Chicago Public Schools, with the remaining amount heading to other taxing districts.

CDFA-Bricker PACE Webinar Series: PACE 2.0 - The Next 10 Years
Tuesday, November 30, 2021 - 2:00 PM - 4:00 PM Eastern

Intro Property Assessed Clean Energy (PACE) Finance WebCourse
December 8-9, 2021 - Daily: 12:00 - 5:00 PM Eastern

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