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CDFA Tax Increment Finance Update - May 23, 2017

Tax Increment Finance Update
May 23, 2017
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Tax Increment Finance Update


West Chester, PA BID Recognized with Great American Main Street Award
The borough's Business Improvement District (BID) is one of the three winners of the 2017 Great American Main Street Award from the National Main Street Center Inc. West Chester is the first Pennsylvania community to be recognized with this distinction in nearly 20 years.

Needham, MA Town Meeting Approves NBCUniversal Tax Break
Following town meeting approval, the town will issue a 10-year tax Increment financing (TIF) plan. During the first four years, 70 percent of the increased valuation would be exempted, five in the fifth year, and 1 percent for the remaining five years.

Construction of Kidzeum set to begin by July 1 in Springfield, IL
President of the Kidzeum board, said Thursday the start date was made possible by the Springfield City Council's decision this week to award the project an additional $130,000 in tax increment financing funds, which enabled Kidzeum to reach its $6.9 million fundraising goal.

Sister Bay, WI TIF District Not Likely to Pay Off Before It Expires
The Village of Sister Bay is not likely to pay back all of its debt within the Tax Increment Finance district before it expires, according to a village audit. This could lead to increases in property taxes and service rates for village residents.

Schools, Local Governments Split Over Effect of Annexation for Project in Warren County, OH
The annexation, currently pending, will enable the project - which has already been granted $10 million in subsidies - to avoid payments to the local school district in lieu of taxes set aside to help pay for the project through tax incremental financing (TIF).

TIF Funding Moving Forward in Springfield Township, PA
The funding for Springfield Township's Tax Incremental Financing project is moving along as expected. The $13M TIF loan will be split between the school district, sewer district and Township.

MiThrive Development Package Heads to Governor
The legislation, Senate Bills 111-115, is a modification of Brownfield Tax Increment Financing (TIF) under which developers are encouraged to tackle otherwise unattractive projects by allowing them to capture a portion of new state tax revenue generated by the revitalized Brownfield sites.

County Approves Financing for Wichita Downtown Development Project
Sedgwick County commissioners have voted to approve a TIF district by Wichita, KS. The project will include a multi-use pathway for the neighborhood and the renovation or reconstruction of Lawrence-Dumont Stadium as a multi use stadium for other sports, concerts and special events.

Joplin Recovery TIF Could Be Paid off Early
The Joplin, Mo., Recovery Tax Increment Financing District that covers the disaster zone and downtown could be paid off in four to five years, as much as 13 years early at its current rate of growth, the Joplin City Council was told Monday night.

HB 69: Ohio Reps Still Weighing TIF-Exemption Bill
A proposed state law that would exempt some township fire and emergency-medical districts from having property-tax revenue redirected as part of tax-increment-financing agreements has a final hurdle to clear before a vote in the Ohio House of Representatives, but how the vote might go remains unclear.

Upcoming Events

Best of the Best Guidance on NMTC Applications
May 24, 2017 - 1:00 PM - 2:30 PM Eastern
This year's allocation of New Markets Tax Credits is now open for applications, and CDFA is here to help guide you through the process before the June 21st deadline. Tune into this webinar to hear a panel of expert speakers discuss the tips and tricks that they have learned through many years of working with this program.

CDFA Brownfields Financing Webinar: Reviving Commercial Activity on Former Manufacturing Sites
June 15, 2017 - 2:00 - 3:30 PM Eastern
Join CDFA, our technical assistance partners, and experienced brownfield communities as we discuss how the finance toolbox can be used to compliment the redevelopment and cleanup of your brownfield project.

Tax Increment Finance News

Paxton, IL Motel to Get Reimbursed $85,000 Through TIF district
Ford County Record | May. 23 | Tax Increment Finance (TIF)

TIF District Aids Construction of Infrastructure Projects In White Hall, WV
The Fairmont News | May. 23 | Tax Increment Finance (TIF)

After Clearing ‘Jungle,' Bradenton, FL Officials Celebrate First Redevelopment Project
Bradenton Herald | May. 23 | Tax Increment Finance (TIF)

BID Floated for Congress Heights in Advance of Basketball Arena's Arrival
Washington Business Journal | May. 18 | Tax Increment Finance (TIF)

Illinois Should Consider TIF Reform
Northwest Herald | May. 9 | 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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