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CDFA Tax Increment Finance Update - February 28, 2023

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Tax Increment Finance Update
February 28, 2023
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Tax Increment Finance Update


Coming Up Next Month: CDFA's Intro and Advanced Bond Finance Courses!
Join CDFA for our upcoming Bond Finance Week! The Intro Bond Finance Course will take place on March 13-14 followed by the Advanced Bond Finance Course on March 15-16. 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.

Announcing the CDFA-NASDA Foundation Socially Disadvantaged Farmers & Ranchers Access to Capital Program
The Council of Development Finance Agencies (CDFA) and the National Association of State Departments of Agriculture (NASDA) Foundation are excited to announce their partnership to create the CDFA-NASDA Foundation Socially Disadvantaged Farmers & Ranchers Access to Capital Program in response to the USDA Office of Partnerships and Public Engagement 2501 Grant Program. This program will assist socially disadvantaged farmers and ranchers in building successful operations by accessing sustainable business capital.

City Partners with Centro Hispano on New South Madison, WI Facility
The City of Madison, WI partnered with Centro Hispano to break ground on its new cultural and economic hub for the Latinx community. The City is seeking approval of a new Tax Increment Financing district (TID 51) that will provide an estimated $115 million in financial support, including $99 million in TIF funding for South Madison.

Hooksett, NH TIF Running Thanks to Innovative Project Delivery Approach
In 2017 the town of Hooksett approved the creation of a new Tax Incremental Finance District (TIF) that encompasses the Route 3A corridor from Route 93 Exit 10 to Exit 11. In 2018 the town voted to give $2.5 million as seed funding to get the project started. The TIF District revenues would self-fund the costs.

Fargo, ND Leaders Approve $4M Property Tax Break for South University Project
The Fargo City Commission voted 5-0 to approve a $4.5 million tax increment financing plan to support the BLOC apartments and commercial project slated to redevelop the 1600 block of South University Drive. The TIF property tax break is a big step for the project, which as envisioned will be a five-story building, including 127 apartments, 15,258 square feet of first-floor commercial space, and 278 parking spots.

Charleston, SC Affordable Housing Project Becomes First to Use Municipal Bond Funding
Bulls Creek Apartments, in Charleston, SC's West Ashley neighborhood, is a 57-unit affordable housing development geared toward families. It was the first project in the city to be completed using revenue from the city's dedicated $20 million affordable housing bond. The primary funding source was low-income housing tax credit equity, and the city has started using tax increment financing for affordable housing.

Green Energy Eyed as Fuel for Economic Engine at Stone Center in Wheeling, WV
A project to invest nearly a $250,000 into solar panels atop the Stone Center in downtown Wheeling is driven not only by the benefits of renewable energy, but also by an ongoing effort to propel economic development in the heart of the city. The cost of the solar panel installation would be covered by money generated through the city's Tax Increment Financing District.

St. Louis Park, MN Weighs City Loan for Low-Income Apartment Building
A new apartment project in St. Louis Park has received more than $20 million in state tax credits and funds from Hennepin County and the Metropolitan Council, as well as a smaller private loan toward the estimated $28.7 million cost of the building. Still, developer needs $450,000 more and is looking to St. Louis Park to fill the gap through an RLF for affordable housing, seeded with money collected from the city's tax-increment financing (TIF) districts.

Upcoming Events
Intro Bond Finance Course

CDFA-Bricker Webinar Series: Current Landscape of Public Incentives and Financing Options for Green & Sustainable Assets
March 7, 2023 - 2:00 PM - 4:00 PM Eastern
This installment of the CDFA-Bricker Webinar Series will provide an overview of public incentives and financing programs being developed with the passage of the Bipartisan Infrastructure Legislation and Inflation Reduction Act, along with existing programs - such as PACE financing - that drive investments in sustainable building systems and other energy assets.

CDFA Tribal Finance Webinar Series: Tribal Community-Driven Economic Development Solutions
March 14, 2023 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Tribal Financing Webinar Series, speakers will discuss how tribal governments and their partner organizations are working collaboratively to drive sustainable economic development.

Tax Increment Finance News

City Council Approves North Wenatchee, WA TIF District
KPQ News | Feb. 24 | Economic Development | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Oklahoma Legislation Would Require Public Vote on TIF Districts
The Journal Record | Feb. 23 | Economic Development | Legislative | State Finance Program | Tax Increment Finance (TIF)

Planners Recommend Approval of Large Lincoln, NE Housing Project
Lincoln Journal Star | Feb. 23 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Arizona Bill Aims to Ease Housing Shortage by Overriding City Control
Axois Phoenix | Feb. 23 | Economic Development | Legislative | Redevelopment | Tax Increment Finance (TIF)

Historic Detroit, MI Auto Factory to Be Developed into 161 Housing Units
MLive | Feb. 22 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Rogers, MI OKs Term Sheet for Duffy's Downtown Development
Hometown Source | Feb. 22 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Stillwater, OK Business Owner Plans Ambitious Redevelopment
Enid News & Eagle | Feb. 21 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Amherst Schools in Lorain County, OH Agree on TIF Project
The Morning Journal | Feb. 21 | Community Development | Redevelopment | Tax Increment Finance (TIF)

Motor Row Redevelopment in Chicago, IL Wins Key Approval for $10M TIF
Connect CRE | Feb. 15 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Residential TIF District Moves Forward in Nappanee, IN
The Goshen News | Feb. 14 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Woodland Park, CO Downtown Development Authority Approves TIF
Pikes Peak Courier | Feb. 14 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Cleveland, OH City Council approves $1.4M in Funding for East 4th Street Makeover
News 5 Cleveland | Feb. 8 | Community Development | Redevelopment | Tax Increment Finance (TIF)

State Senator from Arlington Heights, IL Files Tax Break Bill, Wants TIF Reform
Daily Herald | Feb. 7 | Economic Development | Legislative | Redevelopment | State Finance Program | Tax Credits | Tax Increment Finance (TIF)

Pontiac, MI City Council Puts New Life Into TIF Districts
Pontiac Daily Leader | Feb. 7 | Economic Development | Tax Increment Finance (TIF)

Northwestern Mutual Plans $500M Milwaukee, WI Campus Expansion
Commercial Property Executive | Feb. 7 | 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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