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CDFA Tax Increment Finance Update - June 22, 2021

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Tax Increment Finance Update
June 22, 2021
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Tax Increment Finance Update


Ohio Supreme Court Denies Village of Obetz, OH Attempt to Reinstate Expired TIF Exemption
A decision by the Ohio Supreme Court addressed whether a municipality can retroactively reinstate an expired TIF exemption by amending the legislation that authorized the original exemption. The case arose from a TIF ordinance passed by the Village of Obetz in 1997, which enacted a TIF arrangement related to the development of a warehouse located in the Village.

Learn About TIF Bonds at CDFA's Intro Bond Finance Course
The Intro Bond Finance WebCourse addresses the basic requirements for issuing a bond, the rules and regulations that govern tax-exempt and taxable bonds, the major players involved in a bond transaction, and the roles and responsibilities of both public and private sector participants. Plus, attendees will learn about different structures of bonds such as TIF bonds.

Geneva, IL Approves Two TIF Projects Worth Nearly $200K
Geneva aldermen approved two tax increment finance redevelopment agreements Monday -- one for $93,520 and another for $102,770 -- at a special city council meeting. The TIF is set to expire in 2023. Funds will come from the Geneva Fox River TIF created in 2016, according to the agreement.

Winona, MN Port Authority Backs Tax Break for Affordable Housing
Affordable housing projects in Winona, MN received approval from the Port Authority on June 10th, 2021. MWF Properties of Minneapolis, Minn., proposed to build a four-story $15.8-million housing development consisting of 60 apartments, ranging from efficiencies to three-bedroom units and intended for lower-income residents.

Lewiston, ME City Council Approves TIF for Housing Proposal
A proposal is underway to convert Continental Mill in Lewiston into a 72-unit, mixed-income housing development. The Lewiston City Council on Tuesday approved a tax increment financing district that would allow the developer to use a portion of the property tax to service project debt. The development would create 46 units of workforce housing and 26 units of market-rate housing.

Athens, AL City Council Passes Ordinance on 3rd TIF District
The City of Athens, AL will now see its third Tax Increment Financing (TIF) district after a vote during Monday's meeting of the City Council. The Council members voted unanimously to turn the area from south of Bojangles on U.S. 72 and north of Athens-Limestone Drive on the other side of the highway all the way to Forrest Street into a TIF district.

West Chester, OH Paying $2.7M for Work Around I-75 Interchange
West Chester Twp. cut the ribbon on the unique diverging diamond interchange on Union Centre Boulevard and Interstate 75 a year ago and this week the trustees added the finishing touch approving $2.7 million for landscaping. The township originally paid $6 million in TIF cash and financed the rest through TIF-backed bonds.

Indianapolis, IN Tweaks TIFs to Boost Affordable Housing
Indianapolis officials are in negotiations with multiple developers seeking incentives generated by tax-increment financing districts. The Indianapolis-based TWG Development's $58 million Rise on Meridian project on the near-south side is expected to receive $6.5 million in developer-backed TIF bonds after it committed to the city's 30% affordability threshold.

Upcoming Events
CDFA Virtual Summer School

CDFA // BNY Mellon Development Finance Webcast Series: How Healthcare is Investing in Communities
Tuesday, July 20, 2021 - 2:00 PM - 3:00 PM Eastern
During this webinar, we will hear from experts on creative ways that hospitals and healthcare systems can be better partners in solving the most pressing issues in our communities.

CDFA-Bricker PACE Webinar Series: Advancing Multi-Family Housing & Renewable Energy Goals with PACE
Tuesday, July 27, 2021 - 2:00 PM - 4:00 PM Eastern
Certain property and project types have not taken full advantage of PACE, however, during this workshop we'll explore what is being done to advance the goals in these market areas.

Tax Increment Finance News

Franklin County, KY Approves 50% TIF Agreement With Added Conditions
The State Journal | Jun. 21 | Economic Development | Infrastructure Finance | Tax Increment Finance (TIF)

Virginia, IL TIF Funds to Benefit Local Business
Cass County Star-Gazette | Jun. 21 | Economic Development | Infrastructure Finance | Tax Increment Finance (TIF)

Charlotte, MI Approves Special Assessment District That Will Raise $828K a Year for Fire Services
Fox 47 News | Jun. 21 | Infrastructure Finance | Special Assessment Districts | Tax Increment Finance (TIF)

Hotel, Convention Center Plans in Franklin, TN Move Forward
Bowling Green Daily News | Jun. 16 | Economic Development | Housing Finance | Tax Increment Finance (TIF)

I-69 TIF District Moves Forward, Public Hearing Set
Daily Journal | Jun. 16 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

City of Springfield, MO Encourages Community to Attend TIF Redevelopment Plan Meeting
KY3 | Jun. 16 | Economic Development | Historic Preservation | Tax Increment Finance (TIF)

Fenton Chrysler Plant in St. Louis County, MO Revitalized with TIF
Call Newspapers | Jun. 16 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Westgate TIF Lives on in Daviess County, Indiana
Washington Times Herald | Jun. 16 | Economic Development | Tax Increment Finance (TIF)

Orion, IL Hires Firm to Help With 12-Year TIF Extension
Quad-City Times | Jun. 15 | Access to Capital | Tax Increment Finance (TIF)

Group Behind Proposed Casino at Omaha's Horsemen's Park Seeks $17.5M in TIF
Lincoln Journal Star | Jun. 3 | Economic Development | Tax Increment Finance (TIF)

Historic Milwaukee, WI School to Become 82 Residences
Affordable Housing Finance | Jun. 2 | Housing Finance | Redevelopment | Tax Credits | Tax Increment Finance (TIF)

Charleston, IL City Council to Vote on Ending Local State of Emergency
The Daily Eastern News | Jun. 1 | Redevelopment | Tax Increment Finance (TIF)

Broadview Heights, OH to Approve TIF for Aldi, Broadview Eye Center, Car Wash, Other Projects
cleveland.com | Jun. 1 | Infrastructure Finance | Tax Increment Finance (TIF)

Neighborhood Farm in South Bend, IN Gets Boost from Notre Dame Students
South Bend Tribune | May. 29 | Agriculture Finance | Community Development | Food Systems Finance | Social Finance | Tax Increment Finance (TIF)

Highlights from the Online Resource Database

Impact in Place: Emerging Sources of Community Investment Capital and Strategies to Direct It at Scale
Access to Capital | Community Development | Economic Development | Opportunity Zones | Revolving Loan Funds (RLFs) | Rural Development | Tax Increment Finance (TIF)
Recognizing the urgency of the pandemic and related crises, on June 7, 2021, the Federal Reserve Bank of New York approached the U.S. Impact Investing Alliance to write a report about the current landscape of capital sources for community investment and how emerging capital sources and strategies could help shape the future of the field.

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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