CDFA Tax Increment Finance Update - November 27, 2018

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Features

Here's Where Chicago, IL's $1.5B Plus New TIF Districts Would Go

Racing against the electoral clock, the Emanuel administration is moving quickly to lock-in development deals for a series of megaprojects in neighborhoods abutting the central area of the city—potentially providing a huge boost to Chicago's economy but at a cost of what easily could be $1.5 billion or more in subsidies.

Waterloo, IA TIF Use Increased Last Year

The city boosted its use of tax-increment financing for economic development projects last year. Waterloo City Council members voted to file a report with the Iowa Department of Management showing the city's overall TIF obligations grew from $66.4 million to $71.2 million during the fiscal year.

Big Plans for Broadway Corner in Alexandria, MN

A $14 million project proposed for downtown Alexandria would completely change the look of the 300 block of Broadway. The project includes a building footprint of 37,200 square feet and the developer is requesting to receive $3.5 million in TIF over a 13-year period.

Project Gets More Assistance from Columbus, OH

Plans to rehab a former manufacturing site owned by Battelle Memorial Institute at West 5th Avenue and Perry Street are proceeding. Columbus City Council approved tax exemptions for a portion of the 15 acres of property involved. The Council has also approved creating a Tax Increment Financing district for the project.

Newest Tax District Could Relieve Traffic Congestion in Gainesville, FL

Gainesville's west side may be changing after the Gainesville City Council voted to approve a new tax allocation district. The 344-acre district will incentivize property and business owners to build new retail options and fill vacant shopping centers.

Seeking Momentum for Villard Avenue in Milwaukee, WI

A planned four-story residential development on Milwaukee's northwest side has gotten a boost from the city, and if all goes as planned, the project could begin next spring. The project would include 43 affordable apartments and 1,600 square feet of ground level commercial space.

Will New Investment Spur Change for a Struggling Southwest Lansing, MI Corridor?

Investment in the property will near $4.19M. The developer is expected to be reimbursed for $825,262 of that investment, part of a tax subsidy approved by City Council. The land was eligible for a tax subsidy because it is considered a "functionally obsolete" brownfield.

Shelby County, TN Commission Approves TIF for $48M Lakeland Town Center Development

The Shelby County Commission voted to approve a tax increment financing district for the Lakeland Commons Development. The $5.5 million tax increment financing will go toward public infrastructure such as the roadway and utilities needed for the privately funded development.

Indianapolis, IN City-County Council OKs $30M Incentive Deal with Dow Agro Successor

The incentive deal authorizes the issuance of $30 million in economic development revenue notes to Corteva from the city of Indianapolis, which would be paid back with about $5 million annually in tax increment financing funds.

Five Things to Know About the $950M Union Row Development in Memphis, TN

A $950 million mixed-use development in Memphis called Union Row aims to bring apartments, retail, office towers and more to transform a neglected stretch of Downtown near the FedEx Forum. The development team will request a tax increment financing incentive from the Downtown Memphis Commission.

Upcoming Events

Intro Property Assessed Clean Energy (PACE) Finance WebCourse

CDFA - PFM Capital Markets Webinar Series - The Capital Markets Today
November 28, 2018 - 2:00 - 3:30 PM Eastern

Understanding market forces at play in the capital markets is essential to successfully operating a bond financing program. Whether you issue one bond a year or hundreds in multiple categories, it's important to follow the conversation among economists and analysts as they evaluate monetary policy, changes in the capital markets, and movements in stock market indices. What about that flattening yield curve? And will tariffs affect the markets? This webinar will share insights on today's capital market, including insight and the role rating agencies play in the capital market.

Tax Increment Finance News

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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