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CDFA Tax Increment Finance Update - October 22, 2019

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Tax Increment Finance Update
October 22, 2019
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Tax Increment Finance Update

Features

TIF District Could Improve Downtown Infrastructure in Toledo, OH
Toledo City Council is considering establishing a new Tax Increment Financing (TIF) area that would take the taxes generated from increased property values and use it specifically for public improvements within the designated TIF area.

The Virgin Islands Are Considering a TIF District
The bills are designed to use tax and other incentives to boost the economies of St. Croix, St. Thomas and St. John, particularly the downtown areas. Both measures – Bill No.33-0129 and Bill No. 33-0143 – were voted out of the Committee and sent to the Rules and Judiciary Committee for further consideration.

Cincinnati, OH Looks To Expand Economic Development Tool
Cincinnati officials are proposing to expand a program that captures increased tax revenue from private economic development to pay for public improvements in some city neighborhoods. Right now the city has 20 Tax Increment Financing (TIF) districts and is proposing to create 15 new ones. The original ones were created in 2002 and 2005.

Framingham Council Considers New TIF
Developer Washington Square Ventures (WSV) wants a tax-increment financing (TIF) agreement worth $1.6 million for its redevelopment of the building at 59 Fountain St. The developers approached Mayor Yvonne Spicer earlier this year with the request after encountering higher-than-expected renovation and environmental cleanup costs.

Local IDB Moves to Create Tax Increment District to Aid East Chattanooga, TN
The Chattanooga Industrial Development Board voted to approve an application for a tax increment district on 20 acres on and near the site of the former Harriett Tubman housing facility to reinvest property taxes from a new $61 million factory into new retail, housing or commercial development next door.

Baltimore, MD Tourism Improvement District Expected to Bring in $3.75M
The city's tourism industry will get an estimated $3.75 million boost this fiscal year with the launch of the new Baltimore Tourism Improvement District. The idea behind the district is to raise more money for promoting Baltimore tourism through a fee borne by visitors.

TIF Helps Retrofit Grocery Store and Revitalize Neighborhood
Its revitalization began as Paul Gothra opened up Gothra's Neighborhood Market in the building that was formerly a Marsh grocery store until the chain went bankrupt in 2017. When Gothra indicated his intent to buy and renovate the lots, the City stepped up to help. It put $131,000 of Tax Increment Financing money toward improvements for the block in an effort to raise property values and taxes.

New $500M Development Planned for Downtown Memphis, TN
Union Row, Phase 1, is a mixed-use project with apartments, a hotel, retail, office space and a grocery store. The price tag for Phase 1 is $500 million, and close to $1 billion with additional phases. A combination of private equity, public loans, tax credits, and revenue from a 30-year TIF (tax increment financing) will pay for Union Row.

Upcoming Events
CDFA National Development Finance Summit

CDFA // BNY Mellon Development Finance Webcast Series: Unlocking Capital for Native American Communities
Tuesday, November 19, 2019 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Webcast Series, we will discuss financing tools for Native American-owned businesses to assist in strengthening tribal nation's local economies.

Brownfields In-Person Project Marketplace
November 7, 2019 - Tampa, FL
CDFA is bringing a unique technical assistance opportunity to Colorado in conjunction with this year's National Developmetn Finance Summit in Tampa, FL. During the Brownfields Project Marketplace, communities will be presenting their current brownfield redevelopment projects to our audience and advisors in exchange for financing recommendations specific to their projects. Summit attendees are encouraged to listen to the community presentations and engage in constructive discussions and networking. Participating communities are eligible to receive free registration for CDFA's National Development Finance Summit on November 6-8.

Tax Increment Finance News

Missoula, MT gastroenterologists plan $7M clinic
KPAX | Oct. 18 | Tax Increment Finance (TIF)

Newest Plans for West Dearborn, MI
Sun Englewood | Oct. 17 | Tax Increment Finance (TIF)

EDGE Board Approves New TIF District in Raleigh
WMC Action News | Oct. 17 | Tax Increment Finance (TIF)

Kalispell, MT Considers TIF Plan to Fix Problematic Intersection
NBC Montana | Oct. 17 | Infrastructure Finance | Tax Increment Finance (TIF)

Aurora, IL Continues to Look at Special Tax District for Fox Valley Mall
The Beacon-News | Oct. 17 | Tax Increment Finance (TIF)

No Funding for Affordable Housing Project in MN
Winona Post | Oct. 17 | Housing Finance | Tax Credits | Tax Increment Finance (TIF)

New London, WI Is Looking to Build Riverfront Development
Waupaca County News | Oct. 17 | Revolving Loan Funds (RLFs) | Tax Credits | Tax Increment Finance (TIF)

Butte, MT Considers 5th TIF District
Montana Standard | Oct. 16 | Tax Increment Finance (TIF)

Hard Hat Tours Fundraising of Egyptian Theatre
Daily Chronicle | Oct. 14 | Tax Increment Finance (TIF)

Historic Hobbs Building May Use Tax Credits, TIF
Chicago Tribune | Oct. 14 | Historic Preservation | Infrastructure Finance | Special Assessment Districts | Tax Credits | Tax Increment Finance (TIF)

North Mankato, MN Looks to TIF for City Improvements
The Free Press | Oct. 14 | Tax Increment Finance (TIF)

Amer Sports Expands Ogden, UT
Area Development | Oct. 14 | Tax Increment Finance (TIF)

Commercial Activity Booming Along Interstate Corridor in Terre Haute, IN
Tribune Star | Oct. 9 | Tax Increment Finance (TIF)

Chattanooga, TN Plans to Use TIF to Fund Bonds for Redevelopment
Chattanooga Times Free Press | Oct. 9 | Bond Finance | Tax Increment Finance (TIF)

Developer Assembling Land for Hotel
Urban Milwaukee | Oct. 4 | Energy Finance | Green Finance | Historic Preservation | Opportunity Zones | Property Assessed Clean Energy (PACE) | Tax Credits | Tax Increment Finance (TIF)

Lebanon, IL Creates TIF District for New Family-Owned Grocery
Belleville News | Sep. 27 | Food Systems Finance | 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
info@cdfa.net

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CDFA National Sponsors

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  • Z. The Bond Buyer
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