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CDFA Tax Increment Finance Update - October 23, 2018

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Tax Increment Finance Update
October 23, 2018
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Tax Increment Finance Update


How is Dallas, TX Utilizing TIF?
Dallas, Texas is finding new and innovative ways to use TIF to support the development of key historic structures and districts throughout the city. Join CDFA in Dallas, Texas during the 2018 National Development Finance Summit to hear how TIF was used to support the Dallas Design District transformation and the redevelopment of Old Dallas High School.

Aurora, IL to Carve out a New Downtown TIF District
The city of Aurora intends to establish its ninth tax increment financing district. Although the city's district would be new, it would actually be old, because it's being carved out of the city's first TIF district, in downtown Aurora. City officials estimate the assessed value of the land in the TIF after its expiration in 23 years would be between $5.5 million and $6.5 million.

Kalamazoo, MI Passes Taxing Tool for Downtown Development
The new system will collect a portion of property taxes on development, but from a new TIF district that reaches other areas of the city.Taxes would be reinvested into things like streetscape furniture, improvements to pedestrian and bicycle traffic routes, a more robust event schedule and inviting public spaces.

Nashville, TN Considers Further Restrictions on Tax Abatements
Nashville Metro Council Member Bob Mendes has proposed requiring that property tax abatement deals hold school districts harmless. In other words, should this policy take effect, the city would only be allowed to offer tax abatements for corporations for the non-school portion of the property tax bill.

TIF OK'd for Redevelopment in Grand Rapids, MN
The Grand Rapids City Council approved the establishment of a TIF district for the development plan for the former Sawmill Inn hotel and restaurant site. The proposed TIF district would be a redevelopment district and held to additional requirements pertaining to substandard condition of the existing building and lot coverage within the district. 

Evanston, IL to Receive Roughly $1M with the Closing of Downtown TIF District
Evanston will receive around $1 million at the end of the year with the closing of a tax increment financing district in downtown Evanston. Since the TIF district was established in 1994, property values overall have risen from $26 million to $86 million.

Developer Gets TIF to Clean up Site for Development in Shakopee, MN
The Shakopee City Council, acting as the Economic Development Authority (EDA), approved a contract for private development that will allow a local developer to remove bad soil from a site with assistance from tax increment financing. To ease the financial burden involved with cleaning up the site, the EDA unanimously approved a soils condition TIF plan for the developer. 

$133M Development Proposal Seeking Financial Help from City of Chicago, IL
The multi-phase venture would eventually cover approximately 12,000 square feet of commercial and retail spaces. To make the development possible, the coalition is asking that certain costs — which have to meet the criteria laid out in the state's tax increment financing law — be reimbursed, according to the draft agreement.

Bowie, MD City Council Advances South Lake Development Plan
Bowie City Council advanced the 1,885-unit South Lake development by approving an annexation plan for the parcel and giving an initial okay to a tax increment financing plan. The developer, NAI Michael, is seeking $31.5 million in tax increment financing to complete the public portion of the project.

Upcoming Events
CDFA National Development Finance Summit

Intro Housing Finance Course
November 7, 2018 - Dallas, TX
The Intro Housing Finance Course will begin with an introduction to the complex world of housing including introducing attendees to the terminology and landscape of the housing space in community development. During this course, experts will walk through the multitude of diverse capital sources layered into housing deals based on the type of housing being developed. Attendees will lastly delve into innovative case studies from across the U.S.

Tax Increment Finance News

Developers Seeking TIF for Housing Projects near Downtown Omaha, NE
Omaha World Herald | Oct. 23 | Tax Increment Finance (TIF)

Peru, IL Keeps Eye on Downtown TIF
News Tribune | Oct. 22 | Tax Increment Finance (TIF)

Committee Urges TIF for Project in Durant, OK
Durant Daily Democrat | Oct. 22 | Tax Increment Finance (TIF)

Portland, ME Expands Zones, Options for TIF
The Forecaster | Oct. 22 | Tax Increment Finance (TIF)

Portage, WI Council OKs New Tax District
Portage Daily Register | Oct. 22 | Tax Increment Finance (TIF)

$300M Development Planned in Downtown Omaha, NE
KMTV | Oct. 22 | Community Development | Tax Increment Finance (TIF)

Montpelier, VT Eyes Extensive Future Development in New Downtown TIF District
The Bridge | Oct. 22 | Tax Increment Finance (TIF)

Warren, MI OKs $4.3M for Construction of Second Civic Center
Macomb Daily | Oct. 22 | Brownfield Financing | Tax Increment Finance (TIF)

Tax Plan Eyed for Utility Work in Middletown, RI
NewportRI.com | Oct. 22 | Tax Increment Finance (TIF)

Carver Council, MN Takes Step Toward TIF
Chaska Herald | Oct. 22 | Tax Increment Finance (TIF)

Hoopeston, IL Extends TIF Districts
Commerical News | Oct. 22 | Tax Increment Finance (TIF)

Town of Lisbon, WI Approves TIF District
GMToday | Oct. 19 | Tax Increment Finance (TIF)

New Iberia, LA Council to Consider TIF
KATC | Oct. 17 | Tax Increment Finance (TIF)

Tulsa, OK Officials May Turn to Tax Increment Financing
Public Radio Tulsa | Oct. 17 | Tax Increment Finance (TIF)

Mitchell, SD Set to Finalize TIF Process Change
The Daily Republic | Oct. 17 | Tax Increment Finance (TIF)

How TIFs Spur Economic Development in SD
KSFY | Oct. 17 | Tax Increment Finance (TIF)

TIF District Approved in Kansas City, KS
Wyandotte Daily | Oct. 17 | 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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