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CDFA Tax Increment Finance Update - April 24, 2018

Tax Increment Finance Update
April 24, 2018
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Tax Increment Finance Update


Affordability is Job No. 1 for New BeltLine Executive
To date, Atlanta Beltline Inc., Invest Atlanta and its partners have funded 2,565 affordable housing units in the Beltline tax allocation district and planning area. The target is 5,600 units by 2030.

Denison, TX Approves $1M Bond for Main Street Work
The design and future improvements will be financed using a Tax Increment Reinvestment Zone, created in 2016. The zone encompasses the majority of downtown Denison and portions of Morton Street and will be used to collect funds from future property tax growth in the district. City staff said more than $165,000 has been collected through the TIRZ.

CDFA Releases Latest in Impact Investing Series
The Small Business Development & Impact Investing White Paper documents the potential for DFAs and Impact Investors to fill the capital gaps facing small businesses, and enable small businesses to grow, create jobs and spur economic and community development.

Indianapolis, IN Theatre Considering, TIF, NMTC, Bonds
The Phoenix Theatre is hoping to get some help from the city of Indianapolis to finalize financing for its $11 million new home. The theatre hopes to finance the project through a $4.5 million bond backed by the city and an allocation of federal New Markets Tax Credits that could generate $2.5 million in equity.

AZ Gov. Ducey Signs Bill Extending Tax Incentives for Rio Nuevo
Rio Nuevo is a Tax Increment Financing district in Tucson. Sponsored by Finchem, the bill overwhelmingly passed both chambers of the state legislature. A recent economic analysis of the district shows that for every $1 the state invests in the district, $10 in private investment was made. 

Duluth, MN Medical District Bill Edges Forward
A bill to establish a medical district in downtown Duluth and encourage $1 billion in investment through a private-public partnership. The package of tax incentives, $184 million in state funding and $20 million from the city, would complement Essentia's own $800 million campus upgrade — an investment the health system calls "historic" and a springboard for further housing and commercial development downtown.

Manhattan City, KS Wants to Create a New Special Assessment District Policy
The Manhattan City Commission provided consensus Tuesday for administrators to create a community improvement district policy. The state approved the Community Improvement District (CID) Act in 2009, allowing a district to establish a new revenue source to finance public or private real estate development within a city or county.

Reflecting on TIF in SD
In this article from the Capital Journal, the nuances of TIF and its many uses are analyzed by comparing two Fort Pierre TIF districts. TIF District 5, is just two years old and is just beginning to generate revenue while TIF District 2 was established almost 10 years ago, but was dissolved by the City Council last year.

Bankers Picked for $10B Foxconn Project
Morgan Stanley will run the books on several deals that are part of about $360 million in local government borrowing planned for the $10 billion Foxconn manufacturing plant in SE Wisconsin.The local borrowing is part of $764 million in local incentives struck under a development agreement with Foxconn.

Cobalt Partners Unveils Plans for $87M West Allis Development in Milwaukee
The developer has also asked First-Ring Industrial Redevelopment Enterprise Inc. for a $10 million allocation of New Market Tax Credits which will allow for about $2.3 million in low interest and interest-only loan payments for seven years. Phase two the Cobalt Partners project will include to new parking structures for which the developer has indicated there will be a request for an additional $10 million to $15 million in tax incremental financing.

Upcoming Events
Intro EB-5 Finance WebCourse

Learn More About CDFA's Free Technical Assistance for Brownfields
May 10, 2018 - 1:00 PM Eastern
The Council of Development Finance Agencies (CDFA) offers free technical assistance to State, Local, and Tribal brownfield financing efforts. CDFA and partners provide resources and expertise related to revolving loan funds, tax credits, tax increment finance and other effective financing tools. 

Tax Increment Finance News

Skyland Town Center in Washington D.C. Gets Financing To Begin Construction
BisNow | Apr. 23 | EB-5 Visa | Tax Increment Finance (TIF)

Commissioners Approve $25M in Bonds to Help Build Downtown Sportsplex in Spokane, WA
Spokesman | Apr. 20 | Bond Finance | Brownfield Financing

Uptown Memphis $95M Revitalization Plan Seeks Buy-In
Commercial Appeal | Apr. 12 | Redevelopment | Tax Increment Finance (TIF)

Highlights from the Online Resource Database

CDFA Texas Webinar: Driving Economic Development with TIRZ
Economic Development | Tax Increment Finance (TIF)
TIF, also known as TIRZ in Texas, is a flexible tool with multiple variations as to the specific revenue sources it can generate and the different ways these revenues are used to support projects financings. During this webinar, presenters will discuss the typical sources for TIRZ repayments including: property tax, sales tax, and special assessments. Our experts will also address the range of ways in which TIRZ funds can be made available to fund projects during or after construction. This webinar will bring TIRZ deal-making and best practices into focus and explore creative ways to maximize this tool in the Lone Star State. 

CDFA Texas Webinar: Driving Economic Development with TIRZ
Economic Development | Tax Increment Finance (TIF)

Twin Cities Mixed-Income Housing Case Studies
Tax Increment Finance (TIF)
Policy brief prepared by MZ Strategies, LLC for the McKnight Foundation Region and Communities Program. Each of the three case studies is discussed in the following pages with information pulled from financial materials, news articles and interviews with developers, city staff and other involved funding partners.

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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