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CDFA Tax Increment Finance Update - October 26, 2021

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Tax Increment Finance Update
October 26, 2021
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Tax Increment Finance Update


Council to Adopt TIRZ, Implement Full South Waterfront Plan in Austin, TX
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.

What is the Mountain URA and How Does it Affect Steamboat, CO School District Funding?
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.

Fixing Texas Transportation
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, OH City Council Approves Aid for Housing Projects
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, CA Could Benefit Economically from CRIA Law
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.

$287M Mixed-Use Development Coming to Aurora, CO
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.

Advocates Push for New Foot-Ferry Service in Puget Sound
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 $1B in Chicago, IL Property Tax Revenues Claimed by TIF Funds in 2020
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.

Upcoming Events
CDFA Virtual National Summit

CDFA-Bricker PACE Webinar Series: PACE 2.0 - The Next 10 Years
Tuesday, November 30, 2021 - 2:00 PM - 4:00 PM Eastern
It has been approximately 10 years since the first PACE programs began. During this workshop, our speakers will provide insights related to expanding PACE assessments to benefit buildings and properties for other non-energy related improvements such as indoor air quality, lead water pipe replacement, surface storm water mitigation, and sewer overflows.

Intro Property Assessed Clean Energy (PACE) Finance WebCourse
December 8-9, 2021 - Daily: 12:00 - 5:00 PM Eastern
The Intro Property Assessed Clean Energy (PACE) Finance WebCourse will explore the process of creating, operating, and maintaining a community-based PACE program. This two-day course will feature a comprehensive overview of PACE including program design, capital markets analysis, investor attraction, legal and regulatory considerations, market potential, and operations.

Tax Increment Finance News

City OKs Infrastructure-Boosting Plan in Palmdale, CA
Antelope Valley Press | Oct. 25 | Economic Development | Infrastructure Finance | Tax Increment Finance (TIF)

Hillsdale, MI Historic Keefer House to Undergo $13M Renovation
Fox 47 News | Oct. 25 | Economic Development | Historic Preservation | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

$6M 'Front Porch' for East Waco, TX Debuts
Waco Tribune-Herald | Oct. 21 | Community Development | Economic Development | Food Systems Finance | Tax Increment Finance (TIF)

The Value of the Amber Union Housing Project in Falcon Heights, MN
Park Bugle | Oct. 20 | Economic Development | Historic Preservation | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Aberdeen, SD City Council Approves TIF District for Citizens Building
Aberdeen News | Oct. 20 | Economic Development | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Biotech Firm Gets Incentives to Move to Beachwood, OH
Cleveland.com | Oct. 20 | Economic Development | Incentives | Tax Increment Finance (TIF)

Carmel City Council, CA Considering Increase in Proscenium TIF Bond Amount to Accommodate Rising Price Tag Since Project Approved 
Current | Oct. 20 | Bond Finance | Tax Increment Finance (TIF)

Redevelopment Commission Considers Bonds for Mixed-Use Development
The Republic | Oct. 19 | Bond Finance | Infrastructure Finance | Tax Increment Finance (TIF)

Commission Approves Midtown TIF in Columbus, IN
The Republic | Oct. 18 | Community Development | Economic Development | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Proposed New $35M Boutique Hotel North of Downtown Tulsa, OK
Tulsa World | Oct. 13 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Carmel City, IN Council Approves $49.5M TIF Bond to Support Republic Airways Project
Current Publishing | Oct. 11 | Economic Development | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Camanche, IA Moves Toward Creating TIF District
Clinton Herald | Oct. 11 | Economic Development | Tax Increment Finance (TIF) | Urban Development

Marshall County, WV Eyeing Another TIF District
WTOV9 Fox | Oct. 7 | Bond Finance | Tax Increment Finance (TIF)

Sheldon, lA Council to Put ARP Funds to Tower
N'West lowa | Oct. 6 | Bond Finance | Disaster Recovery & Relief | Infrastructure Finance | Tax Increment Finance (TIF) | Water Finance | COVID-19

Logansport, IN Looking at First Residential TIF Districts and New Land
Pharos Tribune | Oct. 6 | Economic Development | Housing Finance | Infrastructure Finance | Rural Development | 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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