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CDFA Tax Increment Finance Update - September 26, 2023

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Tax Increment Finance Update
September 26, 2023
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Tax Increment Finance Update


Join CDFA at the 2023 National Development Finance Summit
CDFA is traveling to Philadelphia, PA for the 2023 National Development Finance Summit! The NDFS brings together leaders and dealmakers in the development finance industry to discuss best practices, trends, and project financing solutions. Early Bird registration rates end October 13 so register today!

Indianapolis, IN $24M Redevelopment Project Earmarked for TIF
The $24.4 million loan was borrowed from the Indiana Economic Development Commission for a transformative downtown project. It will be used for acquisition and improvement of real property in order to facilitate redevelopment of an area in Indy's Consolidated Allocation Area.

Issuance of Bonds for Downtown TIF Improvements Discussed in Rochelle, NY
The Rochelle City Council discussed the option of issuing alternate revenue bonds not to exceed $2.5 millionto pay the cost of improvements to the city's downtown tax increment financing district and resolved to move forward and look into the issue further. City staff has identified numerous infrastructure projects needed in the area such as site redevelopment, installation of parking lots and sidewalks, and other improvements.

Join CDFA for Our Upcoming Intro Tax Credit Finance Course
Register for CDFA's Intro Tax Credit Finance Course taking place on September 27-28 to learn the application of tax credit programs and their use in greater economic development finance efforts. Our panel of expert speakers will discuss tax credit programs including new markets, low-income housing, historic preservation, and state-specific programs.

Fort Worth, TX Development Eyes Public Funding for $3B
The City of Fort Worth, TX is considering tax incentives to shape 5,200 acres that include the former Veale Ranch into a $3 billion development in Tarrant and Parker counties. Commercial, residential, and institutional development is planned in multiple phases spanning 50 years.

Feds Pledge $1.9B to Fund Far South Side CTA Line Extension in Chicago, IL
Chicago will match the federal grant with $959 million by funneling a portion of the increase in property tax revenues for the next 35 years from land in the 42nd, 3rd, 4th, 11th, and 25th wards alongside the CTA train tracks. The new tax increment financing district is Chicago's second Transit Tax Increment Financing District.

Allentown, PA Approves $91M TIF Project, Including $25M Bond Issuance
The project to convert the former Neuweiler Brewery into a mixed-use apartment and commercial building received a big vote of confidence when the Allentown Neighborhood Improvement Zone (NIZ) Development Authority voted unanimously to approve the Neuweiler Lofts project and a $25 million bond issue to help finance the $91 million project. The NIZ is Allentown's one-of-a-kind tax subsidy zone, which includes the area around the project site at the corner of Front Street and Pump Place.

Chicago, IL Selects $121M Mixed-Use Project for Warehouse Site
A $121 million project that includes mixed-income housing, commercial offices, and retail space was announced to redevelop a historic city-owned property in McKinley Park. The developer's anticipated request for city support could include up to $25 million in tax increment financing (TIF) assistance.

Invest Atlanta Approves Financing for 570 Affordable Housing Units in Atlanta, GA
A $3 million Beltline TAD Increment Grant will finance the new construction of 160 multifamily housing units. Located in the Chosewood Park neighborhood, Englewood Senior will feature senior housing, including 160 units of affordable housing with 21 units at 30% AMI and 139 units at 60% AMI.

Upcoming Events
CDFA National Development Finance Summit

CDFA-Bricker Webinar Series: Traditional Lending Institutions and C-PACE Financing
September 27, 2023 - 2:00 PM - 4:00 PM Eastern
During this installment of the CDFA-Bricker Webinar Series, we will focus on the activities traditional lending institutions are undertaking in the C-PACE market. Previous webinars have touched upon some of the concepts on this topic, but during this session, speakers will provide specific activities for how the concepts have now become C-PACE market activity across the country.

CDFA // BNY Mellon Development Finance Webcast Series: Financing Water Infrastructure Projects
October 17, 2023 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, presenters will examine how communities across the country are addressing challenges in financing water infrastructure projects.

Tax Increment Finance News

Cleveland, OH Eyes Broad Funding Plan to Help Remake Waterfront
Cleveland.com | Sep. 19 | Community Development | Economic Development | Redevelopment | Tax Increment Finance (TIF) | Water Finance

Small Business Program Approves Incentives and TIF Loan in Covington, KY
City of Covington, KY | Sep. 14 | Economic Development | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Nebraska Celebrates City of Tilden's Commitment to New Housing, Infrastructure
KTIC | Sep. 14 | Housing Finance | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Vertical Construction on Pawtucket, RI Soccer Stadium to Start Soon With TIF
Providence Business News | Sep. 11 | Community Development | Redevelopment | Tax Increment Finance (TIF)

Work Underway on $120M Hydroponic Lettuce Farm in Lorena, TX With TIF
Waco Tribune-Herald | Sep. 10 | Agriculture Finance | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Butte-Silver Bow, MT Pursuing Three TIF Plans at Once
Montana Standard | Sep. 8 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Developer Seeks Tax Deal for 70-Megawatt Trenton, ME Solar Farm
The Ellsworth American | Sep. 7 | Green Finance | Redevelopment | Tax Increment Finance (TIF)

Glenview, IL Board OKs $2.5M in Assistance for Downtown Development
Daily Herald | Sep. 6 | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

$68M in Capital Secured for Eden Prairie, MN Multi-Housing Development
JLL | Aug. 29 | Community Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Intensive Care for Hospital Finances: Economic Development Tools in Ohio
JD Supra | Aug. 24 | Healthcare | Property Assessed Clean Energy (PACE) | Redevelopment | Tax Increment Finance (TIF)

Council in Albert Lea, MN Approves TIF Plan
Albert Lea Tribune | Aug. 23 | Redevelopment | Tax Increment Finance (TIF)

Pierre City, SD Takes Step Toward Establishment of Third Business Improvement District
DRG News | Aug. 23 | Community Development | Redevelopment | Tax Increment Finance (TIF)

New Mixed-Income Housing on Its Way to Bozeman, MT
KULR-TV | Aug. 23 | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Walkable, Mixed-Use on a Former Suburban Brownfield in Carmel, IN
Congress for the New Urbanism | Aug. 22 | Brownfield Financing | Community Development | Redevelopment | Tax Increment Finance (TIF)

Waco, TX Seeks $5M Loan to Boost Efficiency at City Buildings, Approves TIRZ
Waco Tribune-Herald | Aug. 18 | Economic Development | Infrastructure Finance | 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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