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CDFA Tax Increment Finance Update - May 25, 2021

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Tax Increment Finance Update
May 25, 2021
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Tax Increment Finance Update


Check Out the Intro Housing Finance Course at CDFA's Summer School
The Intro Housing Finance Course will explore how the development finance toolbox can be utilized to support a myriad of housing challenges and opportunities as well as how development finance agencies can become key partners to housing developments in their community. Presenters will delve into innovative case studies from across the U.S. looking at how investment in an effective housing financing strategy can help drive local economic development.

North Freeze Dry Gets Approval to Build New Facility in Minnesota
The Little Falls City Council unanimously approved a resolution to create a tax increment financing (TIF) district for North Freeze Dry, LLC. The new company is a joint venture of Barrett Petfood Innovations and Anchor Ingredients and will include an 87,000-square-foot manufacturing facility in northeast Little Falls. This will be required to complete construction by Dec. 31, 2022.

D.C. Plans $50M Subsidy for Massive Ward 7 Development
D.C. officials plan to pursue a $50M city-backed financing plan for a development in Ward 7, which will become home to the Department of General Services headquarters. Northeast Heights is set to include 1,350 apartments, 32K square feet of additional office beyond the DGS space, and 130K square feet of additional retail. The development team hopes to complete the new HQ by winter 2022.

State of Washington Adopts Tax Increment Financing - What Governments and Developers Should Know
After years of discussion, the State of Washington has adopted a comprehensive tax increment financing law permitting local governments to create "increment areas" and use tax increment financing to fund public improvements with the revenues used to support general obligation or revenue debt. The final bill was passed in the House with a 68-30 vote.

Blaine, MN Approves TIF Money for New Industrial Campus
The Blaine City Council approved approximately $2.7M in tax increment financing May 3 for the development of an industrial campus called Blaine 35, which will consist of three buildings. The first building will go up in 2021, with the others following in 2022; in total, the Blaine 35 project is estimated to cost $35M.

Grand Rapids, MI City Commission Approves Budgets for Economic Development Boards, Commissions
The Grand Rapids City Commission adopted 12 budgets for the 2022 fiscal year recommended by various downtown and neighborhood boards. The budget approval provides reinvestment of just over $43M for community and economic development, including almost $2M in investment through six corridor improvement authorities and a neighborhood business improvement district.

Franklin Park Improving Streets in Anticipation of I-490 Western Access to O'Hare
Franklin Park is planning a series of road improvements to complement the ongoing planned I-490 interchange project, which will allow drivers to access O'Hare International Airport from the west. As part of this project, Franklin Park will complete reconstruction and widen Franklin Avenue starting in the winter of 2022, with completion planned for the fall of 2023.

New Amazon Sorting Facility Coming Near Tulsa, OK International Airport
A new Amazon operations facility with a sortation center is coming to Tulsa, The City of Tulsa announces. The new sortation center is expected to be completed later this year. It will help create hundreds of new jobs, with industry-leading pay and benefits starting on the first day on the job.

Upcoming Events
CDFA Virtual Summer School

CDFA // BNY Mellon Development Finance Webcast Series: How Healthcare is Investing in Communities
Tuesday, July 20, 2021 - 2:00 PM - 3:00 PM Eastern
During this webinar, we will hear from experts on creative ways that hospitals and healthcare systems can be better partners in solving the most pressing issues in our communities.

Intro Tax Credit Finance WebCourse
September 29-30, 2021 - Daily: 12:00 - 5:00 PM Eastern
The Intro Tax Credit Finance WebCourse examines the application of tax credit programs in greater economic development finance efforts. This course discusses the practical application of tax credit programs including brownfields, new markets, low-income housing, historic preservation, and state-specific programs.

Tax Increment Finance News

Camanche, IA Plans Urban Renewal, TIF District
Clinton Herald | May. 23 | Community Development | Tax Increment Finance (TIF) | Urban Development

Lexington, NE Community Development Agency Gives Final Approval for Levander's Body Shop Project
Lexington Clipper-Herald | May. 21 | Community Development | Redevelopment | Tax Increment Finance (TIF)

Council OKs $500K TIF Contribution for Hotel Project in Quincy City, IL
Herald-Whig | May. 17 | Public-Private Partnership (P3) Financing | Tax Increment Finance (TIF)

Bonne Terre, MO City Council Limits Traffic in Alleys
Daily Journal Online | May. 17 | Community Development | Tax Increment Finance (TIF)

Waterville, ME City Council to Consider Approving Lockwood Mills Tax District Request
centralmaine.com | May. 17 | Redevelopment | Tax Increment Finance (TIF)

City Council to Consider Tax Increment Financing in the 5th Ward
The Daily Northwestern | May. 11 | Economic Development | Tax Increment Finance (TIF)

$13.2M TIF Request Granted for YMCA
Princeton Daily Clarion | May. 11 | Community Development | Redevelopment | Tax Increment Finance (TIF)

Covington Incentivizes Rehab of Historic Neighborhood Buildings
The Lane Report | May. 11 | Economic Development | Tax Increment Finance (TIF)

ME City to Conduct Wight Street Redevelopment Survey
VillageSoup | May. 11 | Redevelopment | Tax Increment Finance (TIF)

New Medical Facility Coming to Diamondhead
WLOX | May. 10 | Healthcare | Tax Increment Finance (TIF)

Historic Duluth, MN School Sells for $3M
Star Tribune | May. 7 | Redevelopment | Tax Credits | Tax Increment Finance (TIF)

Vermont Lieutenant Governor Holds Panel Discussion on Tax Increment Financing
WAMC | May. 7 | Public-Private Partnership (P3) Financing | Tax Increment Finance (TIF)

Convent Project Awarded $1.4M in Wisconsin
Stevens Point News | May. 7 | Housing Finance | Tax Credits | Tax Increment Finance (TIF)

After Winning Vote, Upper Arlington Community Center Expected to Open in 2024
ThisWeek Community News | May. 7 | Community Development | Tax Increment Finance (TIF)

Grocery Store, Hotel Part of New Development in Jackson, MS
WLBT | Apr. 28 | Bond Finance | Food Systems Finance | 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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