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CDFA Tax Increment Finance Update - October 24, 2023

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Tax Increment Finance Update
October 24, 2023
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Tax Increment Finance Update

Features

Don't Miss the 2023 CDFA National Development Finance Summit
CDFA is traveling to Philadelphia, PA, for the 2023 National Development Finance Summit November 8-10! Join us for CDFA training courses, targeted breakout sessions, networking events, and workshops you can't get anywhere else. Register today!

Port of Walla Walla, WA Pursues Tax Increment Area for Economic Growth
The Port of Walla Walla is on the cusp of finalizing its plans for the creation of a Tax Increment Financing Area in property the port owns near Burbank and Wallula Gap. Covering an extensive area that spans properties within the Attalia Urban Growth Area, including the Wallula Gap Business Park, and sections of the nearby Burbank Urban Growth Area, this project encompasses a total of 5,877.2 acres.

CDFA Coalition Submits $2B Clean Investment Accelerator for DFAs Proposal Under Greenhouse Gas Reduction Fund Competition
CDFA and its coalition partners submitted a $2 billion Clean Investment Accelerator for Development Finance Agencies (DFAs) proposal for the Clean Communities Investment Accelerator competition under the Greenhouse Gas Reduction Fund. Under this program, CDFA and its coalition partners will launch a 6-year accelerator program designed to serve a community lender network of DFAs to build the expertise and financial capacity of DFAs to fund qualified projects that reduce or avoid emissions of greenhouse gas and other pollutants in low-income and disadvantaged communities.

Tampa, FL Scores $1.75M Federal Grant for Transit Planning With Help of TIF
The U.S. Department of Transportation has awarded the city of Tampa $1.75 million to establish a new office dedicated to accelerating large transit projects. Tampa is looking to take advantage of the property value increase associated with building transit and bike lanes, which could also help fund the new transit projects through tax increment financing.

Missoula, MT Approves Tax Increment Financing for Workforce Housing
The program would provide public assistance to eligible projects that include units that meet affordability requirements, including remaining affordable for 30 years for rentals and 75 years for sales projects.

Northwestern Mutual's $500M Overhaul in Milwaukee, WI Supported by TIF
The project is boosted by a developer-funded tax increment financing (TIF) plan worth $30 million and approved by the city of Milwaukee. Northwestern Mutual will finance all project costs and the city will repay funds to the company by sharing 75% of increased property tax revenue generated once the building is completed. The remaining quarter will be allocated by the city for infrastructure projects.

Fitch Rates Naugatuck, CT's $20M GO Tax Increment Bonds ‘AA'
Fitch Ratings has assigned a rating of 'AA' to the following Borough of Naugatuck, CT obligations. The bonds are scheduled to sell via negotiated sale. The bonds are being issued to fund improvements to the Tax Increment Financing District (TIF) pursuant to a Tax Increment District Master Plan to help generate strategic growth in the TIF district and borough.

Rochelle City, IL Considers $2.5M Bond Issuance for Improvements to Downtown Area
The Rochelle City Council discussed the option of issuing alternate revenue bonds not to exceed $2.5 millionto pay the cost of improvements to the city's downtown tax increment financing district and resolved to move forward and look into the issue further. City staff has identified numerous infrastructure projects needed in the area such as site redevelopment, installation of parking lots, street reconstruction, and other improvements.

Upcoming Events
CDFA National Development Finance Summit

Intro Food Systems Finance Course
November 8, 2023 | 9:00 AM - 4:00 PM Eastern - Philadelphia, PA
The Intro Food Systems Finance Course examines the development finance programs that sustain a local food system and how investments in that system can drive economic development on a broader scale. Topics covered include federal, state, and local sources of capital, stakeholders involved in the financing process, and case studies that showcase the variety of financing programs.

CDFA // BNY Mellon Development Finance Webcast Series: The Latest in Cannabis Finance
November 21, 2023 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, speakers will review the latest regulations affecting cannabis financing and the creative financing approaches providing capital to this emerging industry.

Tax Increment Finance News

City of Houston, TX Approves Clear Guidelines for Reinvestment Zones
Houston Public Media | Oct. 31 | Economic Development | Legislative | Tax Increment Finance (TIF)

Austin Avenue Grocery Store Project up for Waco, TX TIF Incentives
Waco Tribune-Herald | Oct. 20 | Community Development | Economic Development | Tax Increment Finance (TIF)

Palatine, IL Using TIF Money to Boost Appearances of Two Downtown Properties
Daily Herald | Oct. 17 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Flower Mound, TX Calls for Creation of New TIRZ
The Cross Timbers Gazette | Oct. 16 | Economic Development | Infrastructure Finance | Tax Increment Finance (TIF)

Rochelle, IL Approves $2.5M Bond Issuance for Downtown Improvements
Rochelle News-Leader | Oct. 13 | Bond Finance | Tax Increment Finance (TIF)

Worcester, MA Officials Say Ballpark Bond Investment Will Pay Off
The Bond Buyer | Oct. 11 | Bond Finance | Public-Private Partnership (P3) Financing | Tax Increment Finance (TIF)

Terrell City Council Enters Agreement With Texas PACE Authority
inForney | Oct. 11 | Economic Development | Energy Finance | Infrastructure Finance | Property Assessed Clean Energy (PACE) | Tax Increment Finance (TIF) | Water Finance

More City Funding for Urban Renewal Project in Store for Colorado Springs, CO
Colorado Springs Gazette | Oct. 10 | Economic Development | Infrastructure Finance | Tax Increment Finance (TIF)

City Staff Pitch Another Downtown TIRZ to Midland, TX Council
Midland Reporter-Telegram | Oct. 10 | Economic Development | Infrastructure Finance | Tax Increment Finance (TIF)

Loveland, CO Urban Renewal Authority Approves New TIF Agreement With Larimer County
Report Herald | Oct. 10 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Killington, VT Cuts Ribbon on Town Water Project
VT Digger | Oct. 4 | Economic Development | Infrastructure Finance | Tax Increment Finance (TIF) | Water Finance

Fort Myers, FL OKs $22.4M TIFs for New Developments
WGCU | Sep. 27 | Housing Finance | Tax Increment Finance (TIF)

Dallas, TX OKs Plan for Affordable Housing at Landmark Cabana Hotel
The Dallas Morning News | Sep. 27 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)


Highlights from the Online Resource Database

First Half of 2023: Ohio Industrial Project Surge 
Bond Finance | Economic Development | Housing Finance | Infrastructure Finance | Tax Increment Finance (TIF)
Columbus-Franklin County Finance Authority stated that despite stubborn inflation and labor shortages, development continues at a steady pace throughout central Ohio. Deals they closed will help finance a variety of infrastructure projects, and they are proud to say all new housing units they supported qualify as affordable – very much in need around Columbus. Most significant, however, was contributing to the capital stack for more than 1.6 million of industrial space.


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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CDFA National Sponsors

  • BNY Mellon
  • Bricker Graydon LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
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  • Frost Brown Todd LLP
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  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
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  • SB Friedman Development Advisors
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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