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CDFA Tax Increment Finance Update - July 24, 2018

Tax Increment Finance Update
July 24, 2018
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Tax Increment Finance Update


CDFA & ICSC Tax Increment Financing Video Series: Tax Increment Financing Explained
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.

TIF Projects Help Fill Housing Shortage in Grand Island, NE
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.

Memphis, TN is Activating a TIF Incentive to Support Developers
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.

Springfield, IL Authorizes YMCA's $5.9M TIF Request
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.

Four Projects Receive TIF Financing in Rochester, MN
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.

Chippewa Falls, WI Moves Ahead With TIF Updates
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.

County Gives OK for Ottawa, IL Route 71 TIF Pact
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.

Overland Park, KS Approves TIF for $20.7M Office Project
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. 

South Milwaukee, WI Looking to Use $6M in TIF to Revitalize its Downtown
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. 

Upcoming Events
CDFA Summer School

Intro Tax Increment Finance Course
August 9-10, 2018 - Pittsburgh, PA
This course brings TIF deal-making and best practices into focus through a two-day program targeting the entire TIF community including economic developers, public agency representatives, bond issuers, legal professionals, developers, financial advisors, and other stakeholders. 

Tax Increment Finance News

New TIF Bond Created for McCook, NE Hotel
McCook Gazette | Jul. 18 | Tax Increment Finance (TIF)

TIF 101: Tax Increment Financing and How Stillwater, OK Plans to Use It
Stillwater News Press | Jul. 12 | Tax Increment Finance (TIF)

City of Crandon, WI TIF District Brings in City Revenue
The Forest Republican | Jul. 11 | Tax Increment Finance (TIF)

TIF Considered for Mennonite Hospital Site in Bloomington, IN
WJBC | Jul. 10 | Tax Increment Finance (TIF)

Downtown Sedalia, MO TIF District Grows With Lamy Building Addition
Sedalia Democrat | Jul. 3 | 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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