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CDFA Tax Increment Finance Update - January 26, 2021

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Tax Increment Finance Update
January 26, 2021
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Tax Increment Finance Update


Durango, CO Details Big Plans for North Downtown Area
A plan to boost redevelopment on the north end of downtown could conservatively generate up to $10.3 million in a 25-year period to devote to attainable housing. The most ambitious tier for redevelopment estimated increased property values might bring in $35.7 million to pay for attainable housing.

County Commissioners Sued Over Sewer Tap-in Fees in Township Development
Columbia Township developers have sued the Lorain County commissioners alleging millions of dollars in losses from sewer tap-in fees. The commissioners approved legislation for the creation of three separate tax increment financing agreements in Columbia Township, a decision the filings argue was to avoid the requirements of prior sewer improvement agreements.

Restaurant Coalition Want TIF Funds
The coalition also urged Lightfoot to use tax increment finance funds to help small businesses and restaurants. With the cold weather limiting revenue from outdoor dining, Romanelli argued Chicago restaurants need financial assistance from the city and state now more than ever.

School District Wants County's Road Improvement Plan Funding Voided
Sergeant Bluff-Luton Community School District sued the county, challenging its funding mechanism for the improvements. Attorneys made their final arguments to a judge on whether the Woodbury County Board of Supervisors followed the law in July when voting to use tax increment financing to fund $10 million in improvements for those roads.

Indiana Police Department to Move to Large Downtown Location
Terra Haute Mayor Duke Bennett said the city's bond rating for the sales was BBB+ with a stable outlook for the city's Redevelopment Commission that allowed the city to obtain a 2.7 percent interest rate for a 20-year team. The payments will be covered by Tax Increment Finance dollars.

Illinois House Approves City's Request to Extend TIF District
The Illinois House overwhelmingly approved legislation granting the City of Charleston an extension to the current TIF District due to expire on Dec. 31, 2022, according to State Representative Chris Miller (R-Oakland), who sponsored the legislation.

Port Covington Development to Resume Construction in Baltimore, MD
Baltimore's Port Covington development team will begin the next phase of construction on the waterfront revitalization project with more than 1 million square feet of residential, retail, and office space after finalizing a $650 million financing deal. But closing on the next phase's financing — which included $137 million in tax increment financing (TIF) bonds — ensures that the project's momentum has not been lost.

Former Elementary School to Be Converted Into Affordable Senior Apartments
The building's classrooms would be converted into two studio apartments, 13 one-bedroom apartments, and five two-bedroom apartments. The Des Moines City Council has given Conlin Properties preliminary approval for an estimated $518,278 in tax increment financing over 10 years.

Upcoming Events
Intro Bond Finance WebCourse

Intro Tax Increment Finance WebCourse
March 24-25, 2021 - Daily: 12:00-5:00 PM Eastern
This course brings TIF deal-making and best practices into focus through a two-day program targeting the entire TIF community including economic developers, public agency representatives, bond issuers, legal professionals, developers, financial advisors, and other stakeholders. 

CDFA // BNY Mellon Development Finance Webcast Series: Restoring the Hospitality Industry
Tuesday, April 20, 2021 - 2:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will explore the landscape of the hospitality industry (large and small) and what is being done to ensure the industry may stay afloat.

Tax Increment Finance News

Manufacturer Breaks Ground on $14M, 250-Employee Plant
Loveland Magazine | Jan. 25 | Tax Increment Finance (TIF)

Council Approves Supplemental Appropriation Ordinance
Rapid City Journal | Jan. 25 | Tax Increment Finance (TIF)

Renovation Projects in Des Moines' Highland Park Neighborhood Could Receive $2.2M in Financial Aid
Business Record | Jan. 25 | Historic Preservation | Tax Credits | Tax Increment Finance (TIF) | Federal Historic Rehab Tax Credits

Omaha, NE Crossroads Project Seeks Record $80M in TIF
Omaha World Herald | Jan. 15 | Tax Increment Finance (TIF)

Noblesville, IN Council Pledges $10M TIF Bond to East Bank Apartment Complex
Indiana Business Journal | Jan. 13 | Bond Finance | Housing Finance | Tax Increment Finance (TIF)

Deerfield Village Considers TIF Closure
Cambridge News Independent | Jan. 12 | Tax Increment Finance (TIF)

TIF Proposal Floated to Fund Road Improvements
The News-Herald | Jan. 12 | Tax Increment Finance (TIF)

No Playing Around at This Park as Development Continues in Sioux Falls, SD
Kelo Land Media Group | Jan. 12 | Tax Increment Finance (TIF)

School Board Approves TIF for Mall Reconfiguration
Canton Repository | Jan. 8 | Tax Increment Finance (TIF)

Council Takes up More COVID-19 Items
HNG News | Jan. 8 | Tax Increment Finance (TIF) | COVID-19

New Funding Created for Businesses in Wheeling, IL TIF Districts
Journal & Topics | Jan. 7 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Local Finance Program | Tax Increment Finance (TIF) | COVID-19

Rapid City, SD TIF District Is Set to Move Forward
News Center 1 | Jan. 6 | Tax Increment Finance (TIF)

Detroit, MI Developer Tied to Blighted Islandview Project Received TIF
Deadline Detroit | Jan. 5 | Brownfield Financing | Tax Increment Finance (TIF)

Developers Cut Ribbon on Michigan Meadows
Grand Rapids Business Journal | Jan. 4 | Brownfield Financing | Tax Increment Finance (TIF)

Manufacturer Breaks Ground on $14M Plant in Clermont, OH
Loveland Magazine | Dec. 28 | Incentives | Tax Increment Finance (TIF) | Case Studies

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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