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CDFA Tax Increment Finance Update - October 27, 2020

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Tax Increment Finance Update
October 27, 2020
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Tax Increment Finance Update


Dublin, OH Slates $237.6M in Capital Projects
Matt Stiffler, Dublin's director of finance, said the pandemic has not affected the Capital Improvement Program because the types of funds that fuel it – income-tax revenue and other revenue based on property value, such as tax-increment-financing service payments and property taxes – have been resilient since the pandemic began.

Airport Project Wrapping Up in October
Funding for the Runway 5-23 realignment and extension project is coming from the Seymour Redevelopment Commission using tax increment finance revenue generated from the city's TIF districts, not an increase in property taxes.

City of Wheeling, WV to Proceed With $887K in Paving Projects
Upgrades are also on tap for the Center Wheeling Municipal Parking Garage. An ordinance is being introduced today authorizing McKinley Architecture Engineering to provide engineering services for renovations to the garage. The design work is not to exceed $325,000 and is to be charged to the city's 2018 Tax Increment Financing District fund.

IEDA Board Awards Tax Credits to 3 Company Expansions That Will Create 36 Jobs
The project, estimated at $5.5 million, also will receive more than $1 million in a tax increment finance rebate from the city of Des Moines. The city plans to provide a 50% TIF rebate until the agreement expires in 2035, documents from IEDA show.

Tulsa, OK Creating TIF Districts to Spark Economic Development
TIF districts are typically used by cities to boost areas with businesses, like downtown or main street regions. Tulsa's Chief of Economic Development Kian Kamas said if approved, a Peoria-Mohawk Business Park TIF district would be geared toward helping homeowners instead.

Amazon Purchases Land in Sioux Falls, SD for Planned Facility
Online retail giant Amazon says it has purchased land for the $200 million facility it plans to build in Sioux Falls. The City Council approved the designation of a tax increment financing district for a swath of land that includes the future Amazon site and stretches north to undeveloped portions of the industrial park.

The First CDFA Charter Schools Financing Initiative Paper Is Here! Development Finance Strategies for Charter Schools
CDFA has released the first publication of the CDFA Charter Schools Financing Initiative series, funded with support from the National Alliance For Public Charter Schools. This paper demonstrates how charter schools can access development finance tools and provides real-world examples of how these tools resources have been successfully implemented across the nation.

Aurora, IL Closer to Establishing Two New TIF Districts
The City Council is looking at establishing the Lake and Galena TIF district to accommodate redevelopment of the historic Hobbs Building at Galena Boulevard and River Street. The $13 million project also includes redevelopment of two buildings along River Street next door to the Hobbs Building.

Upcoming Events
CDFA Virtual National Summit: Financing Our COVID Recovery

Reframe, Build, Plan: Restoring America's Local Food Systems
Thursday, October 29, 2020 - 1:00 PM Eastern
CDFA recently released the final publication of the CDFA Food Finance White Paper Series, Advancing Local Food Systems Through Development Finance. Join us for an overview of this publication as we review CDFA's framework for expanding traditional financing and attracting capital to local food systems through the Reframe, Build, Plan approach.

CDFA // BNY Mellon Development Finance Webcast Series: Financing Resilient Infrastructure
Tuesday, November 17, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will analyze how to finance the built environment to mitigate disaster and protect human life.

Tax Increment Finance News

TIF Near Zarley Park Could Fund Intersection Improvement
This Week | Oct. 22 | Tax Increment Finance (TIF)

Chicago, IL Mayor Plans Tax Hikes, Layoffs to Fill $1.2B Budget Hole
Fox News | Oct. 22 | Tax Increment Finance (TIF)

Council Approves TIF Project
Goethenberg Leader | Oct. 21 | Tax Increment Finance (TIF)

Preckwinkle Unveils Plan to Close $410M Budget Gap in 2021 Without Raising Taxes
WTTW | Oct. 15 | Tax Increment Finance (TIF)

What's next for downtown Fargo, ND?
Inforum | Oct. 13 | Tax Increment Finance (TIF)

Spearfish, SD Approves TIF District for Sky Ridge
Black Hills Pioneer | Oct. 12 | Tax Increment Finance (TIF)

Expiring State Historic Tax Credit Could Hinder Future Development, Including in Duluth, MN
Duluth News Tribune | Oct. 9 | Historic Preservation | Opportunity Zones | Tax Credits | Tax Increment Finance (TIF) | Opportunity Funds | Federal Historic Rehab Tax Credits | State Historic Tax Credits

New CDFA Paper Released! Reframe, Build, and Plan to Restore America's Local Food Systems
CDFA | Oct. 7 | Access to Capital | Agriculture Finance | Bond Finance | Food Systems Finance | Revolving Loan Funds (RLFs) | Tax Credits | Tax Increment Finance (TIF) | Case Studies | Case Studies | Understanding Food Systems Finance | Case Studies | Case Studies | Case Studies | Case Studies

Rochester, NY Explores P3 for New, Expanded Library
Med City Beat | Oct. 6 | Community Development | Public-Private Partnership (P3) Financing | Social Finance | Tax Increment Finance (TIF)

Liberty Township: TIF Could Take Tax ‘Burden' off Residents
This Week News | Oct. 2 | Tax Increment Finance (TIF)

Seymour, IN Issuing $9M in Bonds to Pay for TIF Projects
The Tribune | Oct. 1 | Bond Finance | Community Development | Tax Increment Finance (TIF)

City Issuing $9M in Bonds to Pay for Projects
The Tribune | Oct. 1 | Bond Finance | Tax Increment Finance (TIF)

Dubuque, IA Council Approves Development Agreement for Housing Project
Telegraph Herald | Sep. 30 | Tax Credits | Tax Increment Finance (TIF)

Ellsworth Development Authority Plans to Build $12M Rec Center
Rapid City Journal | Sep. 29 | Tax Increment Finance (TIF)

Plans for South Memphis, TN TIF District Provide Hope for Improvement
Daily Memphian | Sep. 24 | Economic Development | 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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