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CDFA Tax Increment Finance Update - February 27, 2024

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Tax Increment Finance Update
February 27, 2024
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Tax Increment Finance Update


Coming Up Next Month: CDFA's Intro and Advanced Bond Finance WebCourses
Join CDFA for our upcoming Bond Finance Week! The Intro Bond Finance WebCourse will take place on March 4-5 followed by the Advanced Bond Finance WebCourse on March 6-7. Register for one or both of these courses to learn from experts about how to bring economic growth to your community by utilizing the vast resources of the bond finance industry.

New TIF District Coming to the South Side of Evansville, IN
After a formal vote from the Evansville Redevelopment Commission, from Washington Avenue down to the Veterans Memorial Parkway will become a tax increment financing (TIF) area. To break it down: first, Kentucky Avenue becomes a TIF district. Then, the city pushes for new business and development in the area. Finally, once the businesses are functioning and paying taxes, all of that new development raises money to pay for what it costs to redevelop the area in the first place, and the area itself benefits as a whole.

Applications Now Open for the 2024 Caren S. Franzini Fellowship
The Caren S. Franzini Fellowship was created to develop and recognize outstanding women in the field of development finance for their leadership and dedication to the advancement of the industry. This 6-month fellowship program, run through the CDFA Foundation, is open to women employed by a CDFA member organization who have worked in the development finance industry for less than 10 years. Apply by Friday, March 15!

Abbotsford, WI Gives Witmer Furniture TIF Incentive
A local business will be getting $41,912 back from the city of Abbotsford after applying for a tax incremental finance (TIF) incentive through the city. Witmer Furniture, which is located on the west end of the city, asked for 20% of new increment after the company put on a 20,000-square-foot addition that cost the company $962,000 in 2022.

Vermont Governor Joins Officials to Celebrate Successful TIF Project in Winooski, VT
Vermont Governor Phil Scott was in Winooski to celebrate the pending closure of the city's 20-year tax increment finance (TIF) district. The $175 million TIF district plan created new multi-story mixed-use buildings, a parking structure, refurbished older buildings, redesigned traffic patterns, and installed new infrastructure.

Toby Rittner Featured in The Bond Buyer, Discussing Bonds & TIF to Support Casino Development in Aurora, IL
Toby Rittner, CDFA President and CEO, was interviewed by The Bond Buyer to discuss the city of Aurora's strategic use of bonds and tax increment financing (TIF) districts to support a new casino development. Within the $360 million total cost, the city's $50 million will come from a taxable bond issue, with the bonds paid back using revenues from the increment of one of Aurora's TIF districts. While sharing TIF components, Mr. Rittner also addressed the importance of trust, transparency, and inclusiveness.

Fort Myers, FL CRA Approves $30M Tax Increment Rebate for Royal Palm Development
Fort Myers Community Redevelopment Agency (CRA) Board of Commissioners approved a tax increment rebate request for the development of The Royal Palm Hotel & Residences. The more than $30 million in tax increment financing (TIF) will be broken up into three separate phases of the project. The site is on a 2-acre parcel known as Royal Palm Towers in the historic river district, overlooking the Fort Myers Yacht Basin to the northwest.

Developer to Get $24.5M From TIF for Elk Grove, IL Gateway Corner Project
Public funds will help pay a quarter of the costs of a $100 million transformation of the oldest shopping center in Elk Grove Village. The developer will construct two retail buildings totaling 45,000 square feet; a five-story, 270-unit apartment building with 8,000 square feet of ground-floor retail, a 530-space parking deck, and 16 townhouses.

Upcoming Events
Intro Bond Finance WebCourse

CDFA // BNY Mellon Development Finance Webcast Series: The Re-emergence of Bond Banks
March 19, 2024 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, panelists will discuss the importance of bond banks, explore their roles, and focus on how they help communities move forward.

CDFA-TEDC Webinar: Creative Approaches and Strategies for Bond Financing
March 20, 2024 - 10:30 AM - 12:00 PM CT
During this installment of the CDFA-TEDC Webinar, speakers will introduce the different types of bonds relevant to economic development practitioners, explore the significant role these tools play in mobilizing capital, and how to best deploy this form of financing.

Tax Increment Finance News

Meridian, MS Council to Consider TIF Bond for Crossroads Development
The Meridian Star | Feb. 26 | Bond Finance | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Rochester, MN's Bold Move: Tax Incentives to Meet Mayo Clinic's Housing Surge
BNN Breaking | Feb. 25 | Economic Development | Healthcare | Redevelopment | Tax Increment Finance (TIF)

St. Paul, MN Commits Nearly $32M for Affordable Housing
Star Tribune | Feb. 20 | Community Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Chicago, IL Mayor Pitches Borrowing $1.25B for Housing and Development
WBEZ | Feb. 20 | Bond Finance | Community Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Peoria, IL TIF Talk: Here's How They Work, and What They Do
WCBU | Feb. 20 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Jackson Park TIF District Expands in Seymour, IN
Seymour Tribune | Feb. 16 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Grand Rapids, MI Seeks to Add Property to Downtown Taxing District
Crain's Grand Rapids Business | Feb. 14 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Stevens Point, WI TIF Exception Passes Senate
WSAU | Feb. 13 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Anderson, IN Approves $5.4M Bond for Manufacturing, $10M TIF Bond
Yahoo! Finance | Feb. 9 | Bond Finance | Tax Increment Finance (TIF) | Industrial Development Bonds (IDBs) | TIF Bond Process | TIF Bond Process

Charlotte, NC May Offer Developers TIF to Revive Uptown Office Conversions
Axios Charlotte | Feb. 6 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Logan County, OK Proposed TIF Districts to Fund Selected County Roads
Guthrie News Page | Feb. 5 | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Salem, IL Grade School Board Approves 12-Year Extension of City's TIF
Southern Illinois Now | Jan. 27 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Butler County, OH Company Planning Expansion Project With Help of Potential TIF
Journal-News | Jan. 27 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

How Tax Incentives Could Drive More Development in Mecklenburg County, NC
Axios Charlotte | Jan. 25 | Economic Development | Redevelopment | 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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