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CDFA Tax Increment Finance Update - June 28, 2022

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Tax Increment Finance Update
June 28, 2022
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Tax Increment Finance Update


$354M TIF Request for Omaha, NE Streetcar, Affordable Housing Headed to City Council
A key step in the creation of Omaha's proposed streetcar system will come before the City Council with the request of up to $354 million in tax-increment financing. City Council members will consider a redevelopment agreement between the City and the Omaha Streetcar Authority that outlines guidelines for the creation and funding of the proposed streetcar project, including the use of TIF.

Dive Into Development Finance with CDFA's Virtual Summer School
CDFA Virtual Summer School is a week-long series of courses presented by the CDFA Training Institute. CDFA Virtual Summer School will offer three different training courses, all held online. Learn from our 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 Program! Scholarships are available to attend this event.

Madison, WI May Again Use TIF to Boost State Street and Downtown
Madison is looking to use TIF to fund low-cost housing and infrastructure near downtown and state street. TIF would deliver funds for State Street amenities, repairs and upgrades; $4.2 million in grants to small businesses that suffered during the COVID-19 pandemic and social protests of 2020; and $15 million to help finance public elements of the proposed, roughly $140 million redevelopment of the State Street-Campus Garage.

Huntsville, AL Paints Positive Picture of TIF Performance
Finance Director Penny Smith said Huntsville TIFs have contributed directly to continued growth and public improvements. TIFs allow municipalities to borrow money for projects within a designated district and then repay bonds using property tax proceeds. Utilizing TIF proceeds also positively impacts the City's financial footing, as rating agencies view a successful TIF as a sign of a stable local economy.

Covington, KY Officials Get State Approval for $45M TIF District
Kentucky economic development officials have signed off on a plan that will allow Covington to set up a $45.5 million tax-increment financing district that includes the site of a former Internal Revenue Service facility. Leaders in the Northern Kentucky city across the Ohio River from Cincinnati plan to redevelop a 31.6-acre tract next to the Northern Kentucky Convention Center. The IRS data processing center, which closed in 2019, encompasses 23 acres of that plot.

Community Development Agency Approves Construction of Senior Townhomes in Lexington, KY
The Community Development Agency approved a development agreement for the construction of senior townhomes along the newly paved portion of 18th St. in northwest Lexington. Hamilton Builders is requesting around $650,000.00 in tax increment financing (TIF) funds. Without the TIF funds, the project could not go forward due to financiers' concerns about the ongoing supply chain issues and rising inflation.

Worthington, OH City Council: High North Plan Gets Boost Through Grant, TIF Deal
Worthington City Council has approved an economic-development grant and tax-increment-financing package to facilitate work on the High North project proposal. Council earmarked a $2.5 million grant to help developer Direct Retail Partners with construction of a portion of the High North proposal, which aims to rebrand and redevelop the Shops at Worthington Place mall at 7227 N. High St. into a mixed-use commercial space.

Planned Black Box Theater in Omaha, NE Moving Forward Following TIF Approval
A dilapidated building on North 24th Street will enter its second act after renovations transform the space into a theater. The $6.4 million project is on track to move forward after the Omaha City Council's approval of $354,672 in tax-increment financing.

Upcoming Events
Intro Public-Private Partnership (P3) Finance WebCourse

CDFA // BNY Mellon Development Finance Webcast Series: Development Finance and the Cannabis Industry
Tuesday, July 19, 2022 - 2:00 PM - 3:00 PM Eastern
In this webcast, we will explore the creative financing approaches that are providing capital to the emerging cannabis industry, and the economic benefits to states that have legalized the sale of recreational and medical marijuana.

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

Twelve-Year Extension Proposed for Congress/Canal TIF District in Chicago, IL
The City of Chicago | Jun. 24 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Dallas, TX Allocating $150M in Tax Breaks for Three Big Projects
The Dallas Morning News | Jun. 24 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

New TIF Districts Approved in Hancock County, IN
Greenfield Daily Reporter | Jun. 22 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Planning for the Future: Traverse City, MI Tackles DDA, Master Plan, Bike/Mobility Studies
The Ticker | Jun. 21 | Economic Development | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Group Receives Tax Breaks for Riverside Apartments in Fargo, ND
InForum | Jun. 20 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

New TIF Districts Move Forward in Greenfield, IN
Greenfield Daily Reporter | Jun. 17 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Muscatine, IA Council Moves Closer to Establishing TIF District Along Riverfront
Muscatine Journal | Jun. 17 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Marysville, OH to Improve Area of New Scotts Warehouse Facility
Marysville Journal-Tribune | Jun. 15 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Joliet, IL Plans to Expand TIF for Rock Run Crossings
Shaw Local News Network | Jun. 12 | Access to Capital | Economic Development | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Outlet Mall TIF Request Goes Before Commission in Osage Beach, MO
Lake News Online | Jun. 10 | Access to Capital | Economic Development | Housing Finance | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Could Oakland, CA Take a Page Out of the A's Plan to Build More Affordable Housing?
The Oaklandside | Jun. 10 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Enid, OK to Consider Two New Incentive Agreements for Wind Energy Business
The Norman Transcript | Jun. 9 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Timeline Theater Development, Uptown Social Services Building Rehab in Line for $12M in Chicago, IL Funds
Block Club Chicago | Jun. 9 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Plan for Transforming Office Building in Beachwood, OH Into Luxury Apartments Gets Council Backing
Cleveland.com | Jun. 9 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Bartholomew County, IN Takes ‘Baby Steps' on Redevelopment TIF
The Republic News | Jun. 8 | Access to Capital | Economic Development | 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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