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CDFA Tax Increment Finance Update - December 27, 2022

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Tax Increment Finance Update
December 27, 2022
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Tax Increment Finance Update

Features

CDFA Food Systems Finance Best Practices Guidebook, Available Now!
Linking development finance and food systems can be a daunting undertaking for any community. Research on the current ecosystem of food systems finance has positioned CDFA to identify key strategies for the path ahead in this work. The Food Systems Finance Best Practices Guidebook defines how traditional development finance tools can be used to launch and expand food and agricultural-related businesses and projects and create successful food systems finance programs at the local and regional levels.

Plans for Luxury Apartments Get Approval From Lincoln, NE City Council
The Lincoln City Council gave initial approval to a project to build a 22-story luxury high rise. The council unanimously found the project conforms to the city-county comprehensive plan, which is the first step toward a redevelopment agreement with the city, which are required by projects that use tax increment financing.

Announcing the Return of CDFA's Fundamentals of Economic Development Finance Course
CDFA is proud to kick off the new year with the return of the Fundamentals of Economic Development Finance Course on January 25-26, 2023! This course will help attendees understand the variety of development finance tools available including bonds, tax credits, tax increment financing (TIF), federal financing programs, RLFs, Opportunity Zones, and access to capital lending resources.

Dallas, TX Approves 20-Year, $390M Plan to Redevelop Hensley Field
The master plan calls for turning the city-owned, 738-acre site of a closed naval air station into a new mixed-use neighborhood. Austin-based design firm McCann Adams Studio, calls for the work to be done in three phases and suggests tax-increment financing as a way to pay for public infrastructure and other improvement costs.

Dekalb County, GA OKs Tax Allocation District for Mall Redevelopment
The DeKalb County Commission has approved a tax allocation district that covers North DeKalb Mall and the areas nearby that will be affected by the upcoming redevelopment of the property. The TAD will fund transportation and mobility upgrades, as well as affordable housing, parks, landscaping and lighting.

Omaha, NE City Council Approves $440M Worth of Bonds for Streetcar
The City of Omaha is one step closer to building a streetcar. The Omaha City Council approved $440 million worth of bonds with the city aiming to pay those off with new development. The city is implementing a creative use of tax-increment financing to fund the project, with new development within three blocks of the streetcar line, in the city's urban core.

Tampa, FL CRA Boosts Funding for Affordable Housing
The City of Tampa's Community Redevelopment Agency (CRA) board on approved a revised budget that makes a major commitment to increasing access to affordable housing. The revised budget allocates more than $20.2 million in new increment revenue and interest earnings toward affordable housing initiatives in Tampa's eight CRA districts.

Bloomington, MN OKs $40M Increase to Mall of America-Area Development Subsidy Fund
Bloomington's City Council and Port Authority voted to nearly double the amount of money available to subsidize development near the Mall of America — such as its long-planned waterpark — while opening the door to other major projects. The move gives Bloomington the ability to spend up to $95.2 million in tax increment financing near the mall.

Illinois House Approves Extensions of TIFs
Illinois lawmakers have approved the extension of tax increment finance, or TIF districts throughout the state. The House voted 95-11 to pre-authorize 12-year renewals for eight TIF districts, including four in Chicago.

Upcoming Events
Fundamentals of Economic Development Finance Course

SSBCI Learning Series - Compliance: Program Reporting Requirements
February 16, 2023 - 2:00 - 4:00 PM Eastern
During the 2023 SSBCI Learning Series, CDFA will elevate conversations and host sessions geared toward successfully implementing new SSBCI programs and financial products, reaching targeted small businesses and business sectors, and effective program reporting and compliance strategies.

Intro Bond Finance WebCourse
March 13-14, 2023 - Daily: 12:00 - 5:00 PM Eastern
The Intro Bond Finance WebCourse provides an in-depth look at governmental and qualified private activity bonds, with a focus on industrial development bonds (IDBs), 501(c)(3) non-profit bonds, exempt facility bonds, and other special bond programs authorized by the federal government.

Tax Increment Finance News

Brooklyn Park, MN Plans to Support Development With Extra TIF on Brownfields Site
Hometown Source | Dec. 22 | Brownfield Financing | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Carmel, IN Council Approves Funding Plan For Palladium Upgrades
Current in Carmel | Dec. 20 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

City Council Eyes TIF to Redevelop Supermarket in Worchester, MA
Telegram & Gazette | Dec. 19 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Chesterfield, MO City Council Approves $353M TIF for Mall Redevelopment
KSDK | Dec. 19 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Proposed Huntington Club Redevelopment Seeks Financing in Washington, D.C.
Washington, D.C. Business News | Dec. 16 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Finance Committee Approves $1.3M in Incentives for Hilton Hotel in Portage County, WI
Stevens Point Journal | Dec. 14 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

San Antonio, TX Developer Seeks Tax Zone for 1,000 South Side Homes
San Antonio Business Journal | Dec. 14 | Economic Development | Housing Finance | Redevelopment | State Finance Program | Tax Increment Finance (TIF)

New Apartments Proposed for Downtown Springfield, IL
The State Journal-Register | Dec. 14 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

TIF Approved for North Lawndale Industrial Complex in Chicago, IL
City of Chicago | Dec. 14 | Brownfield Financing | Economic Development | Infrastructure Finance | Local Finance Program | Redevelopment | Tax Increment Finance (TIF)

Transit TIF to Support 5.6-Mile Southern Extension of CTA Red Line in Chicago, IL
City of Chicago | Dec. 14 | Economic Development | Infrastructure Finance | Local Finance Program | Redevelopment | Tax Increment Finance (TIF)

New Palestine, OH Officials Expanding TIF Area
Greenfield Reporter | Dec. 13 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Dover, DE Considers TIF Districts for Its Future
Delaware Business Times | Dec. 12 | Economic Development | Legislative | Local Finance Program | Redevelopment | Tax Increment Finance (TIF)

New Proposals to Redevelop St. Petersburg, FL's Tropicana Field
Tampa Bay Times | Dec. 9 | Economic Development | Historic Preservation | Redevelopment | Tax Increment Finance (TIF)

Indianapolis, IN Considering Additional $25M for Pan Am Plaza Project
Inside Indiana Business | Dec. 7 | Bond Finance | Redevelopment | Tax Increment Finance (TIF)

Columbus, OH Extends Downtown TIF District Term
The Columbus Dispatch | Nov. 22 | Economic Development | Infrastructure Finance | Local Finance Program | 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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