Tax increment finance is a popular development finance tool generally used to address blight, promote neighborhood stability and inspire district-oriented development. The first video in this collaborative series developed by The International Council of Shopping Centers (ICSC) and The Council of Development Finance Agencies (CDFA) outlines how tax increment financing works to encourage economic development and investment.

There have been 58 TIF projects approved in Grand Island with a projected value of $250 million. Of those, 35 involve housing. All of the properties have diverted about $59.5 million in property taxes from taxing entities, though six projects have been paid off. When all of those properties are back on the tax rolls, there will be about $5 million in annual property tax revenue.

Officials say several developers have recently inquired about additional incentives that might be available for infrastructure such as street improvements, utilities and parking. Jennifer Oswalt said the Downtown Memphis Commission has long had the legal ability to approve TIFs for site-specific projects, but had never seen a demand for such a program.

The Springfield City Council unanimously approved one of the largest tax increment financing requests in the city's history by authorizing the YMCA to use $5.9 million from two TIF districts for its new $35.7 million location in Enos Park. It will also be one of the first times the city will authorize "porting," when a project in one TIF district draws down funds from an adjoining district.

Destination Medical Center (DMC) has doubled the number of approved private-development projects. Four developments by three companies received the nod for a total of $27.33 million in tax-increment financing. Those unanimous votes by the DMC Corp. board greenlight projects promising a combined $342.9 million in private investment to the DMC district.

The council approved amending TIF district 5 — the city's only distressed district — to combine portions of land within the current TIF district 5 with other land that will make up TIF district 15. There are still no plans for the new TIF 15, City Planner Brad Hentschel said, but the addition of the city's newest district could be beneficial to future growth and development.

Ottawa's plans for a sprawling tax increment financing district to fund development along Route 71 northeast to Interstate 80 has received the endorsement of the La Salle County Board. The proposed TIF was sparked by the need for a sewer line to the city by a Road Ranger and Shell gas station.

Avenue 82, which is being developed by Kansas City-based EPC Real Estate Group, will be on the northeast corner of 82nd Street and Metcalf Avenue. EPC hopes to redirect $5.8 million in public financing toward development costs. The four-story building will span 67,529 square feet and will include a 2,774-square-foot event space. 

The proposed TIF is consistent with the city's comprehensive and downtown plans. South Milwaukee is looking to make a total expenditure of $5,745,000 to undertake a number of projects in the city's project plan. The total includes cost of acquiring land, public infrastructure, services, development incentive, and other costs. 

Intro Tax Increment Finance Course
August 9-10, 2018 - Pittsburgh, PA

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