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CDFA Tax Increment Finance Update - July 26, 2022

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Tax Increment Finance Update
July 26, 2022
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Tax Increment Finance Update

Features

Invest in Your Professional Development at CDFA's Virtual Summer School
CDFA Virtual Summer School is offering three different training courses, all held online during August 1-4. Learn from expert practitioners and experience CDFA's most interactive educational event of the year! These courses also qualify for the CDFA Training Institute's Development Finance Certified Professional (DFCP) Program and scholarships are available.

Dalton, GA City Council, School Board Approve Tax Financing for Downtown Hotel
Both the Dalton Board of Education and the Dalton City Council voted to approve an agreement that will provide almost $1 million in tax increment financing for a hotel in downtown Dalton. Because the project is in the downtown tax allocation district (TAD), it is eligible for tax increment financing.

Baltimore, MD Spending Board Approves $39.3M in TIF Bonds for Harbor Point
Baltimore's spending board approved $39.3M more in tax increment finance bonds for the city's Harbor Point development, the final piece of public financing for the high profile waterfront project. In 2013, the city approved $125 million worth of public financing for Harbor Point in what's known as tax increment financing or TIF bonds.

Louisville, KY Urban League Releases Recommendations for West End TIF
A report that the Louisville Urban League commissioned and released this month on the West End Opportunity Partnership urges leaders to partner with current residents, Metro Government, and nonprofits to ensure the tax increment financing district helps - rather than displaces - those living in the area's historic, predominantly Black neighborhoods.

Brownfield Sites in Midtown Cleveland, OH Could Rejuvenate Section of the City
Four brownfield projects in and around the southeastern edge of Midtown Cleveland have received state funding, enhancing their chances of coming to fruition and paving the way for a concentrated revitalization of a blighted area of the city. The highest profile project of the four is the long-vacant Warner and Swasey building near the corner of Carnegie Avenue and East 55th Street.

Bluffton, SC Issues TIF Bond for Capital Improvements in Renovation Project
The town of Bluffton unanimously voted to approve the nearly $60.5 million budget for fiscal year 2023, which includes a proposed TIF bond that will accelerate the much-anticipated completion of the New Riverside Barn Park. This project would renovate the barn to create an event space plus parking, trails, open fields for community events, site furnishings, destination playground, lighting, landscaping, and safety cameras.

Eastside Revival in Oklahoma City, OK
Northeast Oklahoma City could get its first hotel in decades with developers of Eastpoint on NE 23 preparing to build a $26 million boutique operation with a restaurant, bar, event space and retail. The Pivot Project, which along with community builder Sandino Thompson developed Eastpoint, is applying for $3,880,000 in tax increment financing (TIF) for the development.

Aurora, IL Plans Tax Increment Financing District to Fund 246-Unit Apartment Project
A new tax district has been established in Aurora to help fund a new residential project on the western side of the Chicago suburb. Aurora aldermen approved steps to create a new tax increment financing district to help fund a new 246-unit apartment complex on North Broadway. The new district, the East River Bend TIF District, will contribute to the $6.7 million in incentives the city promised to DAC Developments, the group developing the new apartment building.

Upcoming Events
CDFA Virtual Summer School

SSBCI Learning Series - Aligning your SSBCI Strategy with Federal Funding Priorities
July 29, 2022 - 1:00 PM Eastern
The fifth and final module of the SSBCI Learning Series will focus on how to align your SSBCI programs with other economic initiatives.

CDFA Infrastructure Finance Learning Series: Preparing for Federal Grant Applications
Tuesday, August 9, 2022 - 1:00 PM - 4:00 PM Eastern
Applying for federal grants is a competitive process that requires a significant amount of time and planning prior to submission. It is essential for applicants to know how to navigate the available funding sources and prepare the necessary information to apply well in advance. This session will provide guidance and best practices on the various components of a federal grant application.

Tax Increment Finance News

Financing Package for Little Falls, MN Apartments Nearly Complete
Morrison County Record | Jul. 22 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Oconomowoc, WI Authorizes Move Forward with TIF Agreement for Redevelopment Project
Milwaukee Journal Sentinel | Jul. 20 | Community Development | Economic Development | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Sudenga, IA Expansion Gets County TIF Deal
Northwest Iowa | Jul. 20 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

CRA Panel Approves TIF Contracts for Housing, Twin Rivers Projects in North Platte, NE
The North Platte Telegraph | Jul. 20 | Economic Development | Redevelopment | Rural Development | Tax Increment Finance (TIF)

Redevelopment Plan Would Bring More Apartments to Downtown Lincoln, NE
Lincoln Journal-Star | Jul. 13 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Mill on Main Building in Oshkosh, WI's Sawdust District to Highlight City's History and Landmarks
Oshkosh Northwestern | Jul. 13 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Fortville, IN Looks Toward Road Extension in TIF District
Greenfield Daily Reporter | Jul. 12 | Access to Capital | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Bennington, VT TIF Program Extended by State Board
Bennington Banner | Jul. 12 | Access to Capital | Economic Development | Infrastructure Finance | Tax Increment Finance (TIF)

$4M Investment Paves Way for New Industrial Uses in Rockford, IL
Rockford Register Star | Jul. 12 | Brownfield Financing | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Bloomington, IN Gives Final Go Ahead for Broadband Project
Indiana Public Media | Jul. 11 | Infrastructure Finance | Tax Increment Finance (TIF) | Broadband

Omaha, NE's TIF Approvals in First Half of 2022 Far Exceed 2021 Total
Omaha World-Herald | Jul. 8 | Access to Capital | Economic Development | Redevelopment | Tax Increment Finance (TIF) | Urban Development

Killington, VT Gets Master TIF District Designation
Mountain Times | Jul. 7 | Economic Development | Infrastructure Finance | Tax Increment Finance (TIF)

Bloomington, IN Gives Final Go Ahead for Broadband Project
Indiana Public Media | Jul. 6 | Infrastructure Finance | Tax Credits | Tax Increment Finance (TIF)

Austin, TX Formulates $98M Financing Plan to Cover Colony Park Gap
Austin Monitor | Jul. 6 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

More Housing Developments on Track for Princeton, NJ
Princeton Daily Clarion | Jul. 5 | Economic Development | Housing Finance | Incentives | 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
info@cdfa.net

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