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CDFA Tax Increment Finance Update - January 28, 2020

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Tax Increment Finance Update
January 28, 2020
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Tax Increment Finance Update


What's Going On With the Madison Public Market
The total cost to complete the public market is $13 million. Capital costs will be funded through several sources, including city funds, private donations, tax credits and possibly state or federal grants. Instead of allocating $7.5 million from the city's general fund for the project, the mayor's budget uses proceeds from a nearby tax incremental financing district.

West Linn, OR Considers TIF for Waterfront Renewal
For years the City of West Linn has wanted to revitalize the waterfront area along the Willamette River. Two years ago, the City began working on a long-range master plan to redevelop the roughly 100 acres along the river. To finance the development, the City may have to rely on tools like Tax Increment Financing (TIF).

OH Paper Mill Redevelopment Features PACE Bonds
A former paper mill in Hamilton, Ohio is getting a new life with a 235-room hotel, convention center and indoor sports complex redevelopment project, a public-private partnership that will bring $175 million in investment to Butler County. To help fund the project, the Hamilton Community Authority is selling $19.4 million of tax-increment financing revenue bonds, $16 million of taxable community charge bonds, and $50.2 million of taxable property assessed clean energy bonds.

Huntington, WV Uses TIF for an Intergovernmental Payment
Members of Huntington City Council unanimously approved an intergovernmental agreement that will see the city of Huntington loan about $1.8 million to the Huntington Municipal Development Authority for a hillside slip repair at Kinetic Park. All revenue generated from the tax increment financing (TIF) district surrounding Kinetic Park will go toward repaying the city.

Rapid City, SD to Reform TIF Approvals
Rapid City is continuing to reform procedures for approval of tax increment financing districts with a proposed ordinance that would significantly restrict the use of the districts to finance infrastructure. Rapid City first approved the financing program in 1978. While several communities across South Dakota also use tax increment financing districts, Rapid City's usage is more than the next three communities combined.

Milwaukee Tool Buys Land for Menomonee Falls, WI Campus
The development agreement includes other project incentives. Per the agreement, the village will also return to the company 70% of the tax increment generated by the project annually. Mark Fitzgerald, Menomonee Falls village manager, said the agreement is set up in a way that grants Milwaukee Tool maximum flexibility for developing its new campus.

Grand Island, NE CRA Approves TIF for Retirement Village
The Grand Island Community Redevelopment Authority (CRA) approved sending a $5 million tax increment financing request for a new retirement village on to the Regional Planning Commission. The TIF funds will be used for property purchase; site preparation; utility extensions; building plans and engineering; façade; private streets and recreational trails; and legal work, fees, and financial tracking.

TIF To Assist Multi-Phase Project In Dayton, OH
The Motor Car building is being redeveloped by Weyland as an office, light industrial and technology complex. The $18.2 million project gained momentum toward the end of 2019 when Dayton City Commission approved a new tax increment financing (TIF) district, which will assist with the redevelopment of the building by providing a mechanism to finance infrastructure improvements and redevelopment efforts.

Upcoming Events
CDFA Federal Policy Conference

Intro Bond Finance WebCourse
February 26-27, 2020 - 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

Missoula, MT City Council Member Explains TIF
KGVO | Jan. 27 | Tax Increment Finance (TIF)

South Beach, FL Business Improvement District Moves Forward
Olean Times Herald | Jan. 27 | Special Assessment Districts | Tax Increment Finance (TIF)

MO Hotel Developer Calling For Tax Incentives
Times Newspapers | Jan. 27 | Special Assessment Districts | Tax Increment Finance (TIF)

Three Unique Detroit, MI Brownfield Projects Are Moving Forward
Detroit Free Press | Jan. 22 | Brownfield Financing | Food Systems Finance | Tax Increment Finance (TIF)

Grocery Store Developer Asks Tulsa, OK for TIF Assistance
Tulsa World | Jan. 17 | Food Systems Finance | Tax Increment Finance (TIF)

City of Hopkins, MN Will Pay Developer $8M for Parking Garage
StarTribune | Jan. 17 | Tax Increment Finance (TIF)

TIF Will Repay Nationwide for Arena in Columbus, OH
Columbus Dispatch | Jan. 17 | Tax Increment Finance (TIF)

Family Asks DeKalb, IL to Assist Project Costs With TIF
Daily Chronicle | Jan. 16 | Housing Finance | Tax Increment Finance (TIF)

Developer Wants TIF From Waukesha, WI for $30M Development
Milwaukee Journal Sentinel | Jan. 16 | Tax Increment Finance (TIF)

Northrop Grumman Plans Major Expansion in Weber County, Utah
Area Development | Jan. 15 | Tax Credits | Tax Increment Finance (TIF)

Procter & Gamble Expands Box Elder County, UT Operations
Area Development | Jan. 14 | Tax Credits | Tax Increment Finance (TIF)

Sheboygan, WI Plans To Break Ground in Innovation District
TMJ4 | Jan. 14 | Tax Increment Finance (TIF)

13 Megadevelopments That Will Transform Chicago, IL
Curbed Chicago | Jan. 3 | Brownfield Financing | Tax Increment Finance (TIF)

Decade Marks Transformation of Downtown Oklahoma City, OK
The Oklahoman | Dec. 31 | Economic Development | Historic Preservation | Infrastructure Finance | Tax Increment Finance (TIF) | Urban Development

Oshkosh, WI Approves $585K in TIF for Senior Living Project
WHBY | Dec. 26 | Housing 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


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CDFA National Sponsors

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  • Bricker & Eckler LLP
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  • Fifth Third Bank
  • Frost Brown Todd, LLC
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  • Ice Miller LLP
  • KeyBanc Capital Markets
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  • McCarter & English, LLP
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  • MuniCap, Inc.
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  • Wells Fargo Securities
  • Z. The Bond Buyer
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