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CDFA Tax Increment Finance Update - May 24, 2022

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Tax Increment Finance Update
May 24, 2022
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Tax Increment Finance Update


Finally, Solid Research on TIFs
The Vermont League of Cities and Towns last year commissioned a study by the University of Wisconsin and Vermont's Rural Innovation Strategies, Inc., to get down into the weeds of Vermont's TIF program to see what the numbers show. The research paper showed the development generated by the TIFs is over and above the growth that would have occurred without the TIFs.

High Street Parking Lot Redevelopment Proposal Released for Lexington, KY
The Lexington Center Corporation announced the Webb Companies in Lexington and Dallas-based Lincoln Property Company have been chosen to redevelop a 17-acre parking lot across the street from the newly renovated and expanded Central Bank Center on West High Street. The land is part of a tax increment financing district.

Franklin County, ME Approves $235K in Grants From TIF Funds for Projects
Franklin County commissioners voted 2-1 to support the recommendations of the county's Tax-Increment Financing Advisory Committee to award $235,000 in grants to fund three projects as well as Greater Franklin Economic and Community Development. The grant money comes from a tax-increment financing agreement with Helix Generation LLC, an affiliate of LS Power Equity Advisors.

Redevelopment Commission Moves Forward on Sports Park TIF in Auburn, IN
Auburn Sports Group as it looks to build a sports complex that could be a game changer for the City of Auburn and DeKalb County. the sports group received approval from the Auburn Plan Commission and DeKalb County Drainage Board. One of the last major hurdles fell into place with the DeKalb County Redevelopment Commission approving bond counsel to draft paperwork for the formation of a TIF for the development.

Historic Downtown Grand Island Building in Lincoln, NE Coming ‘Back to Life'
Downtown Grand Island's Bartenbach Building is undergoing a major renovation. The historic building at North Locust Street and West Second Street is to become Artisan's Alley. The building was purchased for $550,000 and will benefit from an investment of roughly $1.9 million, including $550,000 in tax increment financing approved earlier this year.

Anderson, IN Redevelopment Commission Approves $6M to Purchase Flagship Building
The Anderson Redevelopment Commission has approved a $6 million bond to go toward the purchase of a building at the Flagship Enterprise Center. The commission voted to approve the funding to purchase the building from Anderson University with the Flagship Enterprise Center providing $1 million to the purchase price.

Breeze Aviation Granted Post-Performance Tax Increment in Provo, UT
the Utah Governor's Office of Economic Opportunity awarded Breeze Aviation Group, Inc., a temporary, marginal tax reduction for its expansion in Utah. The post-performance corporate incentive is part of the Legislature's Economic Development Tax Increment Financing program. As part of the agreement, Breeze Airways plans to bring up to 78 new high-paying jobs and invest $8 million in Utah over the next five years.

Port Approves Financing for $365M in Cincinnati, OH Developments
The Port of Greater Cincinnati Development Authority approved financing measures and other public assistance for three major Greater Cincinnati real estate projects that will bring an estimated $365 million in private investment to the city. The Port issued up to $105 million in bonds for the Three Oaks mixed-use development in Oakley, The District mixed-use development in Clifton Heights, and the Barrister affordable housing project downtown.

Upcoming Events
CDFA Infrastructure Finance Learning Series: Building the Foundation for Infrastructure Projects

CDFA Food Systems Finance Webinar Series: Driving Investment in Regional Food Supply Chains
Tuesday, June 7, 2022 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Food Systems Finance Webinar Series, we will explore opportunities to access capital and leverage federal funds to support new investments in regional infrastructure for food aggregation, processing, storage, and more.

CDFA Federal Financing Webinar Series: Creating More Equitable Environments with the EPA
Tuesday, June 14, 2022 - 2:00 PM - 3:30 PM Eastern
This session of the Federal Financing Webinar Series will highlight the resources available at the U.S. Environmental Protection Agency to encourage development strategies that protect human health and the environment while also creating economic opportunities.

Tax Increment Finance News

TIF Approved for Phillips, NE Venture
Aurora News-Register | May. 20 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Stillwater, OK City Council Expands TIF District for New Industrial Business
Stillwater News Press | May. 20 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

M Building Secures TIF for Renovations in Minot, SD
KX News | May. 17 | Access to Capital | Redevelopment | Tax Increment Finance (TIF)

City Council Approves Plan for Downtown Beatrice, NE Building
News Channel Nebraska | May. 17 | Redevelopment | Tax Increment Finance (TIF)

Blue Core Labs Establishes Operations in Beaver, UT
Area Development | May. 16 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Council Majority Supports Farmer Seed Redevelopment Subsidy in Faribault, MN
Faribault Daily News | May. 13 | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Brownfield Plan Adopted for Downtown Sturgis, SD Development
Sturgis Journal | May. 13 | Redevelopment | Rural Development | Tax Increment Finance (TIF)

Verona, WI Site Receiving Several Million in State and Local Tax Benefits
Endpoints News | May. 12 | Economic Development | Incentives | Redevelopment | State Finance Program | Tax Credits | Tax Increment Finance (TIF)

City Council Asked to Approve TIF for $102M Project in Chattanooga, TN
Chattanoogan.com | May. 11 | Economic Development | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Large Housing Development Proposed in Duluth Heights, MN
Duluth News Tribune | May. 11 | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

City Council Approves $3.9M in TIF for Warehouse Near Eppley Airfield in Omaha, NE
Omaha World-Herald | May. 10 | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Tri-County Mall Redevelopment in Ohio: $200M in Tax Incentives Will Help Build Upscale Apartments, Trails
WCPO 9 News | May. 9 | Bond Finance | Incentives | Redevelopment | Tax Increment Finance (TIF)

Carmel, IN Redevelopment Commission Took Brief Ownership of Former AT&T Site
CURRENT | May. 9 | Bond Finance | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

A Developer Has Proposed Bringing 160 Apartments and Over 60 Homes to Cedarburg, WI
Milwaukee Journal Sentinel | Apr. 30 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Mayes County Commissioners Approve Adding TIF District in Pryor, OK
KJRH-TV | Apr. 28 | 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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